Category: Business

  • FIRS launches USSD code for taxpayers’ satisfaction

    FIRS launches USSD code for taxpayers’ satisfaction

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    In a bid to enhance ease of doing business, the Federal Inland Revenue Service (FIRS), on Wednesday, launched an Unstructured Supplementary Service Data (USSD) Code *829# specifically targetted at improving taxpayers’ satisfaction.

    FIRS chairman, Zacch Adedeji, launched the code at the Revenue House in Abuja as part of activities making this year’s Customer Service Week which has the theme Above and Beyond.

    The initiative makes Nigeria the sixth African country to deploy USSD code for simplifying tax payment processes.

    A statement by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman said taxpayers on any mobile telecommunication network in the country can now get across to FIRS real-time on issues relating to retrieval of Taxpayers Identification Number (TIN), verification of Tax Clearance Certificate (TCC), information on tax types and rates, locate the nearest FIRS office, and as well as get answers to general tax-related inquiries.

    Speaking at the ceremony, Adedeji said the instant messaging protocol demonstrated further commitment of the agency to simplifying tax administration and ensuring that “every taxpayer—whether in bustling cities or remote areas—can engage with FIRS seamlessly.”

    He called on taxpayers to enjoy the benefits that the USSD code offers and utilise the code for all their enquiries.

    “With the *829# USSD code, taxpayers now have the power to: retrieve their Taxpayer Identification Number (TIN), verify their Tax Clearance Certificate (TCC), access information on tax types and rates, locate the nearest FIRS office, and get answers to general tax-related inquiries.

    “Without the need for internet access, all of these services are now available with a simple mobile phone. This technological leap reflects our dedication to creating a tax system that is efficient, transparent, and responsive to the needs of taxpayers”, he said.

    The agency also launched Customer Centricity Guide, a booklet containing policies, processes and procedures to ensure that FIRS keeps the taxpayers in their rightful position as ‘kings.’

    “Equally important is the unveiling of the Customer Centricity Guide. This guide embodies our commitment to putting taxpayers at the centre of our service delivery.

    “It outlines the principles and values that will drive our interactions with taxpayers by ensuring that every engagement is defined by respect, professionalism, and efficiency.

    “The guide serves as a reminder to us all that the taxpayer is not just a client, but a valued partner in nation-building. Through the combination of the *829# USSD code and the Customer Centricity Guide, we are reinforcing a culture of service excellence and making tax compliance not just a duty but an experience that fosters trust and voluntary participation.

    “As we celebrate this achievement, I encourage everyone to make full use of the *829# service and embrace the Customer Centricity Guide. Your feedback will be crucial as we continue to enhance these services and meet the evolving needs of our taxpayers,” he said.

    The national coordinator of Servicom, Nnenna Akajemeli, praised the effort of the FIRS towards taxpayers’ satisfaction, noting that the efforts are evident.

    “There are many things to congratulate the FIRS on. One is the launch of the USSD code *829# and the customer centricity guide. These initiatives which are simplifying tax and ensuring that citizens and taxpayers are delighted at the quality of service you render,” she said.

    FIRS Director, Taxpayers’ Service Department, Loveth Onanuga noted the agency recognized that customer-centricity means more than just satisfying customers’ basic wants, but also going “above and beyond what customers anticipate and astonishing them with great service” in line with the theme of the week.

  • GTCO Denies Allegation On Reports Against Business Activities, Results, Its Executive Management

    GTCO Denies Allegation On Reports Against Business Activities, Results, Its Executive Management

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    GTCO, a global leading financial institution, has refuted the allegations report on the business activities, results and its Executive management.

    This was contained in a statement made available by the Corporation, the statement further said, based on the incessant release of false news reports on GTCO’s business activities, Results and its Management Team.

    The statement reads” it has become necessary to set the records straight and dispel attempts by certain groups to create a false narrative about the GTCO Brand and its Management”

    “The false news articles which are being sponsored using the media, center around baseless allegations against the Group’s business activities and its Executive Management”

    The statement also stated that being a responsible corporate citizen and a first class institution, GTCO Plc has taken swift and decisive legal actions against the various sources of these false reports, and will continue to use the full extent of the rule of law available to safeguard its reputation.

    “We urge all our Customers, Shareholders and Stakeholders to kindly disregard all the allegations being peddled through various media platforms and handles” “All, of our Executive Management team continue to operate in their full capacities as appointed and are not under any financial or regulatory scrutiny as alleged” GTCO said.

  • Market Authority Bill To Strengthen Lagos Business Activities – Lawmakers

    Market Authority Bill To Strengthen Lagos Business Activities – Lawmakers

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    • bill scales second reading at Lagos Assembly

    By Eromosele Ebhomele

    Majority of the lawmakers at the Lagos State House of Assembly on Tuesday supported the Market Authority Bill currently being considered by the legislators.

    The bill scaled second reading on the floor of the House with the Speaker, Rt. Hon. Mudashiru Obasa, committing it to the House Committee on Local Government. The committee is expected to report back to the House in two weeks.

    The bill, if passed, aims to provide for the registration, formation, organisation and operation of market operations in the State.

    Hon. Sanni Okanlawon, chairman of the local government committee, said the bill tries to address some anomalies in the extant law and would make it mandatory for all markets to be duly registered.

    His colleague, Rauf Age-Suleiman, noted that the composition of the board of the bill is all-encompassing.

    The Deputy Majority Leader, Adedamola Richard Kasunmu, noted that the Iyaloja-General belongs in the Market Advisory Council as captured in the bill. As such, it would amount to dual roles if she is added to the Market Board.

    On his part, Hon. Sa’ad Olumoh said the bill makes it mandatory for the appointment of the board members to be ratified by the House. He also noted that the bill would help to scrap situations where traders arbitrarily apportion titles to themselves.

    “Clause 18 talks about an advisory board which the Iyaloja-General is going to be heading. That tells us that our Iyaloja is in a better position to give the necessary advice,” he said.

    While Hon. Stephen Ogundipe said the proposed law would be appreciated by Lagosians, his colleague, Hon. Nureni Akinsanya, urged that the bill should make it necessary for only honest people to gain positions.

    Contributing to the debate, Hon. Aro Moshood emphasised that the bill ensures the cleanliness of markets, their effective management and takes care of gridlocks caused by the activities of traders and buyers.


    Chief Press Secretary to the Speaker of the Lagos State House of Assembly.

  • STAKEHOLDERS CALL FOR A RE-AWAKENING IN THE NIGERIAN NON-OIL EXPORT INDUSTRY AT THE 2024 ZENITH BANK INTERNATIONAL TRADE SEMINAR

    STAKEHOLDERS CALL FOR A RE-AWAKENING IN THE NIGERIAN NON-OIL EXPORT INDUSTRY AT THE 2024 ZENITH BANK INTERNATIONAL TRADE SEMINAR

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    L–R: Executive Director, Zenith Bank Plc, Mr. Adamu Lawani; Executive Director, Mr. Akin Ogunranti; Managing Director, Nigerian Export-Import Bank, Alhaji Abba Bello; Lagos State Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs. Folashade Ambrose-Medebem; Group Managing Director/Chief Executive, Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON; Secretary, National Action Committee, AfCFTA, Mr. Segun Awolowo; Executive Director, Mrs. Adobi Nwapa; Executive Director, Mr. Henry Oroh; and Executive Director, Mr. Louis Odom at the 9th Annual Edition of the Zenith Bank International Trade Seminar on Non-Oil Export held in Lagos… yesterday.

    STAKEHOLDERS CALL FOR A RE-AWAKENING IN THE NIGERIAN NON-OIL EXPORT INDUSTRY AT THE 2024 ZENITH BANK INTERNATIONAL TRADE SEMINAR

    Stakeholders unanimously called for concerted efforts towards adding value to non-oil export products by processing them into semi-finished and finished goods in order to unlock significant economic benefits for the nation. This clarion call was made at the 9th Edition of the Annual Zenith Bank International Trade Seminar themed “Nigerian Non-Oil Export Industry: Awakening the Giant”, which was held on Wednesday, September 4, 2024, at the Civic Centre, Victoria Island, Lagos and virtually.

    In her welcome address, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, highlighted the importance of non-oil export as a catalyst for job creation. According to her, “Our theme “Awakening the Giant,” speaks directly to the untapped potentials within the non-oil segment of the economy and how to optimize them. This involves an increase in the number and volume of exportable non-oil items and value addition to exportable items into finished products. Increasing the number and volume of exportable non-oil products implies more business for you, our esteemed exporters, and increased foreign exchange earnings for our country. In addition, this sector will drive employment generation for Nigerian youths who constitute 60% of the estimated 233 million population, and Zenith Bank is committed to being at the forefront of these efforts.”

    Delivering his keynote address, the Secretary, National Action Committee, AfCFTA, Mr. Segun Awolowo, commended Zenith Bank and its leadership led by the Founder and Chairman of the Board, Jim Ovia, CFR, for its laudable initiative in organizing an annual export seminar targeted towards exploring opportunities for growth in Nigeria’s non-oil export industry and for its consistent exploits in supporting the implementation of the AfCFTA. Commenting on the theme of this year’s export seminar, he added that “In awakening the giant, we must focus on scaling production, productivity and value addition for some specific export products with high potential across three main sectors – solid minerals, agriculture and petro-chemicals. We should also aim to capture at least 5% of the global trade and export volumes for these products. Additionally, in the genie bottle is the services sector, which is not only a major contributor to Nigeria’s GDP but also a key driver of economic diversification, job creation, and innovation.”

    Also in his keynote address, the Managing Director of Nigerian Export Import Bank (NEXIM), Alhaji Abba Bello, emphasized the need to amplify the export of services in order to facilitate economic growth. In his words, “A key area that needs mentioning is the need to intensify efforts to support the promotion of export of services to leverage on the sector’s economic strength in which the services sector annually contributes over 50% to the GDP. Specifically, strategic frameworks need to be developed to complement current Government’s US$620 million programme under the Digital and Creative Enterprise (IDiCE), which is designed to empower youths to create IT and skilled / technical jobs that could promote and expand export of ICT and creative industries products and services.”

    In his goodwill message, the Governor of Lagos State, His Excellency Babajide Olusola Sanwo-Olu, represented by The Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, highlighted the efforts of the Lagos State Government in facilitating non-oil export for the growth of the Nigerian Economy. He said, “This seminar’s theme resonates deeply with the strategic objectives of the Lagos State Development Plan 2052. Nigeria’s creative economy is a powerful engine of growth and a key pillar of our export diversification strategy. Our focus is on value addition—transforming raw agricultural products into finished goods that command higher prices in international markets. For instance, Lagos State is rapidly becoming a hub for the processing of cocoa, cashew nuts, palm oil, and sesame seeds. These products, when processed and packaged to international standards, can significantly boost our export revenues and create thousands of jobs for our citizens. The manufacturing sector offers another promising avenue for export diversification. Our vision is to transform Lagos into a global manufacturing hub, where high-quality, made-in-Lagos products are exported to every corner of the globe.

    Also in his goodwill message, the Governor of Kano State, Engr. Abba Kabir, represented by the Special Adviser, State Affairs, Usman Bala Muhammad, emphasized strategic advantages in economic diversification in non-oil exports. In his words, “Our strength begins with agriculture, which has been the cornerstone of our economy for decades. Kano’s agricultural sector has a strong base that we are leveraging for diversification. However, diversification is not just about increasing crop yields; it is about adding value. Through strategic investments in agro-processing, we are converting raw agricultural products into finished goods, creating jobs, and enhancing local consumption. By aligning our export diversification strategies with global market trends and standards, and leveraging opportunities such as the African Continental Free Trade Area (AfCFTA), we can significantly expand Nigeria’s non-oil exports to African markets and beyond.

    Speaking on diversification, the Governor of Zamfara State, Dr. Dauda Lawal, represented by the Commissioner of Finance, Abdullahi Bello Auta, urged stakeholders to explore other untapped areas for export. According to him, “One major important sector which contributes to non-oil export which is not harnessed and which is giving us a lot of trouble simply because it is not organized is the mining sector. I can tell you with all sincerity and courage that once we are talking of mineral resources in Nigeria, Zamfara state is the hub. There is no single solid mineral that you can talk of that you cannot find here in abundance and in good quality.”

    Zenith Bank launched the Non-Oil Export Seminar in 2015 as an initiative to deepen the discourse on promoting the non-oil export business in Nigeria, and remains committed to promoting the non-oil export sector in Nigeria by identifying emerging opportunities which help stimulate non-oil exports and develop robust financial products as well as incentives for operators in the sector.

  • 50,000 TARGET: FIRSTBANK, NCF EXTEND TREE PLANTING TO FCT

    50,000 TARGET: FIRSTBANK, NCF EXTEND TREE PLANTING TO FCT

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    FirstBank, in partnership with the Nigerian Conservation Foundation (NCF), has launched a major tree-planting initiative to enhance Nigeria’s vegetation cover.

    According to the bank, the initiative, led by Aishatu Bubaram, the Group Executive Commercial Banking, North, FirstBank, the tree planting was part of its 2024 Corporate Responsibility and sustainability programme.

    The bank stated that the tree-planting effort at Government Secondary School (GSS), Karshi, Abuja, which involves planting 50,000 trees, was part of a broader goal to combat climate change by reducing carbon emissions and preserving the environment.

    Bubaram emphasised the bank’s commitment to planting 50,000 trees nationwide at the event. “The essence of planting these trees is environmental conservation,” she said. “These are economic trees that we believe will outlive our generation and benefit future generations.” “FirstBank’s goal, initiated during our Corporate Sustainability Week in 2023, is to plant 50,000 trees by 2024. We are well on our way to achieving this, with 30,000 trees planted this year,” she added.

    “Trees play an indispensable role in our environment. They purify the air we breathe, stabilise the climate, prevent soil erosion, and provide habitats and food for diverse species, including humans. In a world increasingly threatened by climate change, planting trees is one of the most effective ways to restore balance to our ecosystems.

    “By planting trees in Abuja, we are actively contributing to the health and well-being of the city. Each tree planted is a step towards reducing carbon emissions, improving air quality, and enhancing the natural beauty of our urban landscape,” she said.

    Bubaram encouraged other financial institutions and individuals to contribute to a greener Nigeria, emphasising that the impact extends beyond the nation and benefits the global environment.

    Also, the zonal coordinator, NCF, Muhammad Garba Beyo, expressed the Foundation’s dedication to the initiative, aligning with its biodiversity conservation and sustainable development mission.

    “The Nigerian Conservation Foundation established 42 years ago, focuses on biodiversity conservation and sustainable development. Our Green Recovery initiative is designed to improve Nigeria’s vegetation cover, which currently stands at less than 3%—a critical issue given the environmental challenges we face,” he said.

    He highlighted the importance of partnerships and thanked FirstBank for supporting this endeavour. “We are grateful to First Bank of Nigeria Limited for their willingness to support this effort. We assure you that we will take care of the seedlings planted today so that they grow into mature trees,” he said.

    Beyo noted that the choice of GSS Karshi as the planting site was strategic, considering the school’s available space and the ageing trees on the premises.

    Tanko Madugu Wando, the vice principal (Administration) at GSS Karshi, was also present at the event.


    Culled from Leadership

  • FG to introduce new tax law, overhaul revenue administration process

    FG to introduce new tax law, overhaul revenue administration process

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    Executive Chairman of the Federal Inland Revenue Service, FIRS Mr Zacch Adedeji, has revealed plans to introduce a law that would overhaul the process of revenue administration in Nigeria next month.

    He also lamented the fact that Nigeria had no law guiding the digital market in Nigeria, especially the crypto currency.

    Adedeji spoke at the 2024 stakeholders’ engagement with the Senate and House Committees on Finance, organized by the Intergovernmental Relations Department of the FIRS, with the theme “Repositioning The FIRS To Achieve Its Mandate”.

    He explained that the government plans to regulate crypto currency in such a way that it would not be injurious to the economic development of the country, adding that there would be revenue harmonisation, recording and simplifying the tax law that had been in existence.

    He said Nigeria was still using the Stamp Duty Act of 1939 when there was no internet connection, saying this explained the reason President Bola Tinubu set up the tax and fiscal reform committee to change and check the law.

    Adedeji said: “We are on the path of making sure the target of N19.4 trillion target we were given is achieved. We commend the recent windfall levy passed to increase FIRS’ ability to meet target and get more revenue and redistribute the wealth.

    “By September, we are bringing the law that would overhaul all the process of revenue administration in Nigeria, harmonising the revenue, recording and simplifying the tax law that we have. For instance, the Stamp Duty Act of 1939, when there was no internet or connection, is what is still in use.

    “Today we cannot run away from crypto currency but as we stand currently, there is no law anywhere in Nigeria that regulates crypto currency and it is the new thing that is happening and we cannot run away from it.

    “The law we are using today is 1939 law. As at that time, there was no state or local government. That is the reason the President set up the tax and fiscal reform committee to check and change all these law.’’

    Also speaking, the Chairman, Senate Committee on Finance, Senator Mohammed Musa, said the FIRS and the legislators were synergising to come up with a legislation that would give Nigeria the best in getting revenue to address all the challenges facing the country, both in infrastructure and human capital development.

    Musa said: “When you are talking of revenue, in every clime, you need the right legislation and there cannot be right legislation until there is a synergy between the agency collecting this revenue with the people making these laws.

    ‘’We, the Senate and the House of Representatives, work together with the FIRS to give this country the right legislation for tax collection.

    “Those laws are so old that they have been before the independence of this country, they would be modified. I am sure by the time we resume from our recess, the executive would submit the executive bill for us to amend the Act, repeal them and re-enact the one that would go with the current system in the environment.

    “Crypto currency has become the largest way to make money today, and in Nigeria, we do not have a law to guide them. The FIRS and the legislators are synergising to come up with a legislation that would give Nigeria the best in getting revenue to address all the changes that we have, both in infrastructure and human capital capital development.

    “As soon as we resume, we would work on it and we expect the cooperation of Nigerians, corporate Nigerians and individuals. This is a country of over 250 million people and less than 15 per cent are paying tax.

    “This engagement is both timely and crucial as we continue our collective efforts to strengthen Nigerians’ physical framework.

    “The collaboration between the Senate and the House committees on finance underscores the importance of a unified approach in addressing the challenges and opportunities before us.

    “The FIRS, as the bedrock of our revenue generation, has a mandate that is vital to the financial health and sustainability of our nation.

    “Ensuring that the agency is not only effective but also agile in responding to the dynamic demands of our economy is a responsibility that we all share.

    “As the global economy evolves and as our own economic landscape undergoes transformation, there is a pressing need to assess, to reassess, realign and reposition to meet these new realities.

    “This means not only adopting best practices, but also fostering an environment where transparency, accountability and innovation are at the forefront of revenue generation efforts,” he said.

    In his remark, the Chairman, House Committee on Finance, James Faleke, said everybody wanted improvement and development in the nation but noted that nobody wants to contribute to that purse.

    “We are much more interested in sharing, nobody wants to contribute, forgetting that the developed world we always make reference to are developed, based on the resources that every citizen put into the box,” Faleke said.

  • NNPC declares record N3.3tn profit in 2023, announces N2.1tn dividend

    NNPC declares record N3.3tn profit in 2023, announces N2.1tn dividend

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    The Nigerian National Petroleum Company Limited has announced a net profit of N3.297 trillion for the financial year ending December 2023, marking a 28% increase from the N2.548 trillion profit recorded in 2022.

    A statement by Chief Corporate Communications Officer, Olufemi Soneye, on Monday noted that this achievement, the highest in the company’s 46-year history, was disclosed during a world press conference at the NNPC Towers in Abuja.

    The statement said, “The NNPC Limited has released its 2023 Audited Financial Statement (AFS), declaring a net profit of N3.297 trillion at the close of the financial year which ended in December 2023, an increase of over N700billion (28%) when compared to the 2022 profit of N2.548trillion.”

    Speaking at the event, NNPC’s Chief Financial Officer, Umar Ajiya, highlighted the significance of the company’s fiscal performance, attributing it to “strategic foresight and operational resilience.”

    He emphasised that the release of the 2023 Audited Financial Statement (AFS) underscores NNPC’s commitment to transparency and accountability.

    “Our fiscal performance reflects both strategic foresight and operational resilience. Despite inherent challenges in our operational and economic environment, we have improved the productivity and financial performance of this great company,” Ajiya stated.

    The NNPC Ltd Board Chairman, Pius Akinyelure, credited the financial results to the Petroleum Industry Act of 2021, and the dedication of the company’s Board, management, and staff.

    “Akinyelure added that the shareholders of the company have since approved a final dividend of N2.1trn in line with PIA 2021 provisions,” the statement added.

    According to the statement, NNPC Ltd is targeting a crude oil production level of 2 million barrels per day by December 2024.

    The statement said, “In her remarks at the briefing, the Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan said with improvements witnessed as a result of the renewed vigour in the war against crude oil theft and pipeline vandalism, NNPC Ltd is targeting 2million barrels per day crude oil production by the the end of the year.”

    Addressing recent fuel queues in Lagos and Abuja, Executive Vice President, Downstream, Mr. Dapo Segun, urged Nigerians to be patient, assuring that the company is actively working with stakeholders to resolve the distribution and logistics challenges.

    “It would be recalled that in 2021, NNPC declared profit in its operations for the first time. From a loss position of N803 billion in 2018, it reduced the loss further down to N1.7 billion in 2019.

    “However, in 2020, it posted its ‘first ever’ profit of N287 billion, then in 2021, it recorded a N674.1 billion profit and in 2022, the profit grew to N2.548, an unprecedented achievement in its financial performance. The N3.297 trillion profit declared for 2023 is the highest since the Company’s inception, 46 years ago,” the statement added.

    Culled: Punch.

  • EFCC Channels N50bn Recovered Funds to NELFUND, Allocates N2.026bn for Student Loans Across Six Universities

    EFCC Channels N50bn Recovered Funds to NELFUND, Allocates N2.026bn for Student Loans Across Six Universities

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    Correspondent reports that the Economic and Financial Crimes Commission (EFCC) has donated the sum of N50bn to support the Nigerian Education Loan Fund (NELFUND).

    This was disclosed by the anti-graft agency on Tuesday, August 13, 2024, when the Fund’s Managing Director and Chief Executive Officer, Mr. Akintunde Sawyerr, led its management team on a courtesy visit to the EFCC headquarters in Abuja.

    Sawyerr noted that the Fund, an initiative of the President Bola Tinubu-led administration, was designed to provide funding for the education of indigent students.

    The statement obtained on the EFCC’s website partly read, “He (Sawyerr) appreciated the EFCC for the N50bn injected into NELFUND from the proceeds of crime recovered by the commission

    We are aware of the funds from the proceeds of crime extended to NELFUND. We are here to express our gratitude for the gesture. We also want the EFCC to exercise oversight on what we are doing,” Sawyerr said.

    He added that the “youths constitute the most populous, restive but neglected segment of our population. President Tinubu identified this as a major problem and put in place a major solution to address the issue.”

    In his remarks, the EFCC Chairman, Ola Olukoyede, commended President Tinubu for the initiative, which he described as a “policy issue against crimes.”

    He also stated that the lack of parents’ educational support was a contributing factor to children’s involvement in financial crimes.

    He said, “One of the main incentives for cybercrimes is the inability of parents to fund the education of their children. NELFUND is a policy issue against crimes. President Tinubu should be commended for initiating the Fund.”

    The EFCC boss advised the NELFUND management team to ensure transparency in their dealings, which, according to him, would assist in the fight against corruption.

    “Let your hands be clean. I repeat, let your hands be clean. The work entrusted to you is going to help the EFCC fight corruption. Let your systems and processes be transparent,” he urged.

    Olukoyede tasked the NELFUND boss to give reports on the disbursement of its money to the EFCC while stressing his commitment to ensure the N50bn donation isn’t “re-looted.”

    He said, “I will fight to ensure that money pooled together to support NELFUND is not re-looted. We want your management to be giving reports of your disbursement to the EFCC.

    “Don’t sign what is not clear to you. Don’t give in to any pressure. Let your staff know that there is no money to share.”

    Olukoyede called on Nigerians to ensure the success of the NELFUND initiative and that of the Tinubu-led administration.

    On April 3, 2024, Tinubu signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.

    The registration for the programme took off in May with 1.2 million students in federal tertiary institutions across the country – starting the first batch.

    On Wednesday, August 7, 2024, NELFUND announced what it described as a significant milestone, receiving the highest number of student loan applications within 24 hours since the launch of its portal on May 25, 2024.

    Meanwhile, many universities have confirmed receipt of tuition payments for successful student loan applicants by the NELFUND.

    Six federal universities, according to the chart from NELFUND, received N2.03 billion for the 2023/2024 academic session.

    Each of the students will also receive N20,000 monthly, directly paid to them for their upkeep.

    The universities already captured and the amount received are as follows:

    • Bayero University (BUK), Kano, N853.8 million;
    • University of Maiduguri(UNIMAID), Borno, N589 million;
    • Federal University, Dutsin-Ma (FUDMA), Katsina, N305 million;
    • University of Ibadan (UI) Oyo, N201.1 million;
    • University of Ilorin (UNILORIN), Kwara, N52.9 million;
    • University of Benin(UNIBEN), Edo, N24.4million.

    Over 30 federal universities are expected to receive payments for successful applicants.

    The funds released cover the full tuition of over 20,000 students