PILOT OF CBN YOUTH CORPS EMPOWERMENT TAKES OFF

The pilot of the Youth Innovative Entrepreneurship Development Programme (YIEDP) launched by the Central Bank of Nigeria on March 15, has taken off with Heritage Bank Ltd as the sole anchor for now.
Henates gathered that a portal has been opened by Heritage Bank through which youths who qualify for the programme can access more information and formally apply.
Under the intervention scheme, serving youth corpers and those who were discharged not more than five years ago qualify to apply.
All they need to do is come up with creative business ideas and bankable business plans to access N3m soft loan as an individual or N10m for a group of between 3 and 5 youths with similar ideas.
Those who were discharged up to five years ago will provide their tertiary institutions certificates and NYSC discharge certificate as collateral while serving ones will pledge their discharge certificate and their institutions certificates.
In addition legal ownership of the sponsored business shall rest with Heritage Bank as additional security apart from third party guarantee.
Businesses eligible for sponsorship include Agro allied, food processing/preservation, Arts & Crafts, Manufacturing/ cottage, ICT, Construction support, power and energy, education and financial inclusion, films and photography, automobile and others.
While launching the programme earlier, the Governor of the Central Bank Mr Godwin Emefiele said that in the pilot scheme about 10,000 youths will be targeted for support within four years.
Besides, he added, those who utilise the sponsorship well will be migrated to other support programmes of the bank as appropriate.
On his part, the Director General of the National Youth Service Corps , Brigadier General Johnson Bamidele Olawunmi said YIEDP compliments Skill Acquisition and Entrepreneurial Development (SAED) started by the NYSC in 2012 and the graduate entrepreneur fund set up in collaboration with the Bank Of Industry.
According to Heritage Bank, the portal through which youths can register will be open for a limited period but applicants can refine their proposal before submission.

Comments

  1. Unknown30 March 2016 at 20:13

    Nice one indeed! But hope transparency will be allowed to take it place without the usual Nigerian factor which is 'Man know Man' or worst still godfatherism. Avoiding this impediment and allowing free for all system,it's only then the program will make remarkable appreciable sense! This is my candid opinion. I am waiting to see the turn out of event as it unfold!

    ReplyDelete
  2. Unknown30 March 2016 at 20:20

    To Henates MD please include whatsapp into 'share it' so as to this information. Sorry! I got it!

    ReplyDelete
  3. Anonymous31 March 2016 at 16:51

    NICE ONE! HOPE TO BE A BENEFICIARY

    ReplyDelete

Post a Comment

Popular posts from this blog

2018: TWO BLOWS TO UNITED CAPITAL PLC.

When a child who in a previous examination scored 80%, comes home with a new report in which he now scores 67.2%, the parents have a right to sit him down and ask how come. So it must be between Nigeria's United Capital Plc and its discerning shareholders since the release of the company's 2018 audited figures. In 2018, all said and done, says the annual report, United Capital ended with 67.2 % profit margin compared to 80.2% in 2017. How come? What comes across from the figures was that the company received 2 blows to the jugular in 2018: Sharp drops in Investment income and fair value gain. Investment income dropped by 10.8% to N4422.8m from N4965.2m while fair value on financial assets plunged by 79.7% to N6.173m from 2017's N30.387m. In view of both drops, the group's gross earnings grew by only 33.9% to N9259.4m despite strong growths in net trading income, and net operating income leap to N757.5m from N143.5m  Other income streams ended with single digit increase....
Read more

KENYA AUCTIONS Ksh 13.84bn Treasury Bonds.

The Central Bank of Kenya (CBK) will from Tuesday December 18 to 27th 2018_ auction Ksh 13.84bn worth of fixed income Treasury Bonds with issue date December 17, 2018. According to official statement from the Director of Financial Markets Irene Njiru on Monday December 17, auction will continue throughout the stated period or close once the target money to be raised is reached, whichever comes first. Bid value will be paid for at most by 2pm December 31, 2018 while auction results will be made public on December 28, 2018 after the scheduled closing date. The bonds are being issued at 12.502% fixed interest at an adjusted average price of Ksh 100.468 for Ksh 100 bond. However, price payable after auction results publication will be average of successful bid prices based and allotment will be on first come first served basis. Meanwhile, the monetary operations and debt management department has released the interest payment schedule for 13 Treasury Bonds due January and February 2019. Th...
Read more

NAIROBI SE's HIGH PRICED EQUITIES.

In the wake of Nigeria's high priced quoted companies posted in this blog a while ago, Henates took a look to at Nairobi Securities Exchange June 23 official list to identify its high priced equities and the outcome was interesting too. Of the 66 companies quoted on the market by June 23, 15 or 22.7% were valued averagely at above 30 times nominal value. A word of caution though: There are two clear differences between the Nigerian stock market list and that of Nairobi: In the Nigerian one most listed companies have par or nominal value of N0.50 as is there is an implied agreement on this. On the other hand, at Nairobi most of the equities do not share common par value, they differ greatly. Then another thing, Nigerian equities are not valued below par, Nairobi ones can and many are so valued. Of the top 15 high priced equities at the Nairobi market, Safaricom topped with because by June 23, at 23.25 Ksh average price, it was valued 465 times its nominal value of just 0.0...
Read more