Business

Intervention Funds: Bank Customers, NANTS, Others Seek MFBs’ Involvement

Published

1 year ago

January 29, 2024

Miffed by the recent alleged abuses in the disbursement of poverty alleviation funds by the Ministry of Humanitarian Affairs, some leading banking and development experts have called on the Federal Government to begin to use of Microfinance Banks (MFBs) in the disbursement of such funds in order to achieve the objectives of the poverty alleviation programmes.

Reacting to the reported public finance abuses in the Ministry and its implications for the poverty alleviation drive of the government, a seasoned banker and National Chairman of Bank Customers Association of Nigeria (BCAN), Dr. Uju Ogubunka, told journalists while sharing his views on the need to involve MFBs in the social intervention funds’ disbursement that “there shouldn’t be any doubt that MFBs will best serve the purpose of disbursing the funds to the poor in the country.

Ogubunka, a former Registrar of the Chartered Institute of Bankers of Nigeria (CIBN), justified his stance based on the ‘Micro Finance Policy, Regulatory and Supervisory Framework for Nigeria’ issued by the CBN in 2005, stressing “that MFBs stand shoulder higher among all the other types of banks/other financial institutions to be given the opportunity to handle financial services/affairs of poor people especially, at the rural areas of the country.”

Similarly, the President of the National Association of Nigerian Traders (NANTS, Dr. Ken Ukaoha, said the saga demonstrated the existence of deep-rooted corruption in the public service that should be frontally tackled by the present administration in order to alleviate the prevalent multidimensional poverty in the country.

Specifically, Ukaoha, who is also a legal expert and smallholder farmers’ capacity building proponent, pointed out that channeling social intervention funds through the MFBs will ensure transparency and accountability in the disbursements “as these MFBs are guided by monetary principles in all areas of their operations. More so, accessibility of the funds at the local level where small-scale farmers predominantly operate will be more guaranteed.

“So, I think that government should get the MFBs involved in getting these funds to the beneficiaries to achieve the goals of the programmes. This will also support these grassroots-oriented micro lenders to grow in this very challenging time in the economy”, Ukaoha stressed.

In his remarks, Director-General/CEO, Association of Nigerian Exporters (ANE), Prince Joseph Idiong,harped on the need for the use of MFBs as preferred final channel for disbursement of poverty alleviation funds, saying that this is desirable “when considering their reach to most local areas, though there are still some Local Government Areas (LGAs) in the country that do not have MFBs or Deposit Money Banks (DMBs).”

Specifically, he advocated: “To use MFBs as channel for disbursement of poverty alleviation funds, I prefer the use of MFBs that have strong capitalization, national or regional spread. State Government- owned MFBs could also be used as State Governments can be held responsible.”

Commenting, a former National Chairman of Association of Small-Scale Agro-Producers in Nigeria (ASSAPIN), Hajia Amina Jubrin, said: “The MFBs are best positioned to efficiently disburse these funds in order to achieve the objectives.”

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Business

Court Orders Arrest Of Wike-led FCTA Director, 10 Others

Published

1 week ago

May 28, 2025

The Gleamer

By Aliyu Galadima

An Abuja High Court has issued a bench warrant against the director of investigation and prosecution of the FCTA, Joseph Eriki, and 10 others.Justice Suleiman Belgore has issued an order to compel the director and others to appear before the court for a suit filed against them.

The Judge’s decision followed the application of the prosecuting counsel, David Kaswe, who lamented the failure of the efforts to ensure that the suspects appear in court.

Justice Suleiman Belgore of the High Court in Abuja has issued a warrant of arrest against Joseph Eriki, the director of investigation and prosecution of the Nyesom Wike-led Federal Capital Territory Administration ,FCTA, and 10 others.

The judge had issued the order to compel the appearance of Joseph Eriki and 10 others before the court, as they had been arraigned in a suit filed against them by the federal government.

The warrant was issued following an application by the prosecution counsel, David Kaswe, who stated that all efforts to ensure the suspects’ presence in court had failed. Kaswe informed the court that the prosecution had made several attempts to notify the suspects’ lawyers and sureties, but to no avail.

He cited Section 124 of the Administration of Criminal Justice Act ,ACJA, which allows for the issuance of a bench warrant to compel attendance in court.

The court agreed to the application, issuing the warrant to ensure the suspects’ appearance for arraignment on a six-count charge. The charges against the suspects include criminal conspiracy, criminal trespass, forgery, and using a forged document as genuine.

They are also accused of using criminal force to deter a public servant from performing their duty. The suspects allegedly entered a plot of land belonging to Etha Ventures and constructed structures without authorisation, to defraud the company.

According to the prosecution, the suspects fraudulently obtained a consent judgment for the land, which was given to Super Structures Limited. The case has been adjourned until June 4 for arraignment.

The court’s decision to issue a bench warrant highlights the seriousness of the allegations and the need for the suspects to face trial. The suspects are facing a six-count charge, which was filed in February.

The court’s ruling emphasises the importance of a speedy trial and the need for the suspects to be held accountable for their actions.

With the bench warrant in place, the court is taking steps to ensure that the suspects appear in court and face the charges against them

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