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FirstBank Partners LSETF to Fund Low-Cost Private Schools in Lagos at Attractive Interest Rate
First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced its partnership with Lagos State Employment Trust Fund (LSETF) in a matching fund scheme. The scheme aims to cushion the impact of COVID-19 pandemic on low-cost private schools by ensuring lending at an attractive interest rate.
The programme will provide access to finance where participating schools can each be availed up to N5 million as well as capacity development, business and financial advisory. There will be monitoring and evaluation to ensure prompt loan repayment.
To enjoy this funding opportunity, applications will be submitted via the LSETF portal for screening while successful applicants will be passed on to FirstBank for the loan appraisal and disbursement process. The loan is meant for working capital and asset finance to enable schools resuscitate their practice, acquire needed materials, upgrade their facilities, as well as pay staff salaries in order to bounce back, especially after the lockdown.
This scheme promotes entrepreneurship in Lagos State which is in tandem with the vision of LSETF to create employment and entrepreneurship opportunities for Lagos residents. It has provisions for Micro Enterprises (ME) and Small and Medium Enterprises (SMEs) across all the 57 LCDAs in the 20 LGAs in Lagos State.
Sanwo-Olu, the Executive Governor of Lagos State said the N5 billion Education Loan Programme was a precursor to many more human development sector-specific support programmes that would be unveiled by the LSETF on behalf of the State Government next month.
The Governor explained that the intervention was necessary, given the importance of education to building human capital. He said his administration took education as critical building 21st century economy and realising objectives set out in the T.H.E.M.E.S. agenda.
The beneficiaries, Sanwo-Olu said, will have access to single-digit loan facilities to fund the provision of the amenities and services needed to aid learning.
He said: “It is thus heart-warming to have First Bank of Nigeria electing to be our exemplary partner for this intervention. With their support, players in the education sector would be getting the financial support they need to boost learning at a single-digit interest rate.
“I also commend the Board of LSETF and the management for this significant accomplishment. They have helped the Lagos State Government build an institution that has engendered public trust and elevated the hope of small businesses and young people, irrespective of challenges faced.”
According to Dr. Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited, “at FirstBank we recognise the indelible role played by the education sector in the growth of any economy and this underscores our partnership with Lagos State Government for continuous development of the education services in Lagos State and the nation as a whole. The commitment by the Lagos State Government – including this partnership – to enable schools is quite commendable as this will mitigate the challenges caused by the lockdown on the education sector following the COVID-19 pandemic.”
“With the single-digit funding targeted at about 2,000 low-cost private schools in the State, we are delighted at this opportunity to demonstrate our commitment to the development of education in Lagos State, thereby contributing our quota to further the mandate of the Lagos State Government – in partnership with LSETF – on economic growth, enhanced opportunities for employment and bridging societal gaps in education,” he concluded.
Commenting on the Eduloan programme, Mrs Bola Adesola, Chairperson, Board of Trustees, Lagos State Employment Trust Fund (LSETF) stated that “According to the NESG the Education Sector remains a growth area for job creation and a report on job creation by the NBS states that the Education Sector is one of the top 5 sectors that created over 59m jobs in 2017. This fact is buttressed by the data collected by LSETF in previous loan programmes. The objective of the LSETF-FirstEdu loan is to create employment, improve the quality of education for our youth by providing access to affordable finance to low-cost private schools and vocational training centres.
“We are confident that this intervention fund, which is complemented by our free professional and institutional support structures, will ensure that the education ecosystem in Lagos State will witness an improvement in the overall learning outcomes for our children, while positively impacting on the Lagos local economy through wealth and job creation.,” she stated.
Only recently, FirstBank partnered with the Lagos State government, Robert & John, IBM and Curious Learning with a resolve to enable the education of 1 million Nigerian students through innovative eLearning solutions that will drive sustainable efforts towards improving education for all. As part of the partnership, the Bank donated 20,000 units of e-learning devices to the Lagos State government.
These partnerships reinforce FirstBank’s “You First” brand promise of putting not just its customers first but also the economy of its host communities.
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Aftermath of Visa Revocation: Trump, a Petty-minded Dictator, Soyinka Knocks U.S President
Nobel Laureate, Prof. Wole Soyinka, has sensationally described U.S. President Donald Trump as a “petty-minded dictator” whose rise to power fuelled hate-driven violence and worsened racial tensions in the United States.
Speaking in an interview with BBC News Pidgin on Facebook on Wednesday, Soyinka said Trump’s presidency exposed the “dark side” of America and emboldened acts of hatred, particularly against minorities.
“This is a petty-minded dictator. You see how he deals with his objects of hate,” Soyinka said, barely two weeks after the Trump administration announced permanent revocation of his entry visa to the country.
“We saw that dark side of the American side. There were more killings, extrajudicial killings by the police of black people, of minorities, during that build-up, during the campaign, and on account of hate rhetoric, the hate rhetoric of this individual,” he added.
The Nobel Laureate noted that Trump’s campaign rhetoric normalised hate speech and created a climate of intolerance that had lasting consequences.
Soyinka recalled that he had earlier warned about Trump’s leadership style, predicting that one of his first actions as president would be to target immigrants.
“I saw it and I said, listen very carefully, and you can go and check this, I said, ‘When that man comes to power, the first thing he will do is cancel even the green cards’,” he said.
The literary icon, who has often criticised authoritarian tendencies in global politics, maintained that Trump’s administration reflected a deep moral and cultural decline within American society, particularly in its treatment of minorities.
Headlines
Alleged Genocide: Approach Nigeria’s Security Situation with Understanding, FG Tells Trump
The Federal government has again urged United States President, Donald Trump, to demonstrate understanding in his approach to Nigeria’s security challenges.
The Minister of Information and National Orientation, Mohammed Idris, made the call during a press briefing on Wednesday in Abuja, days after Trump threatened military action against Nigeria over what he claimed is a genocide against Christians in the country.
“We call on our American friends and partners to approach the Nigerian situation with an understanding of its complex realities. Nigeria is a vast, multi-ethnic, multi-religious nation, making significant strides in economic reforms and strengthening its security architecture.
“We believe constructive engagement is the surest and most effective way to achieve peace and stability not only in Nigeria but in any part of the world.
“Nigeria welcomes dialogue, we welcome cooperation, and we also welcome support from foreign nations, including the United States of America, in addressing our shared security concerns,” the minister said.
Idris reiterated the current administration’s commitment to tackling the menace of terrorism, banditry, kidnapping, and other violent crimes in the country.
The minister maintained that the Federal government was winning the war against terrorism with major achievements recorded in the North-Eastern part of the country.
“In March this year, a report by the Global Terrorism Index indicated that terrorist attacks were at their lowest in over a decade in Nigeria. The Nigerian government did not say this; it is the international community that has given out this information,” he stated.
“In the last eight months, the Nigerian military has neutralised over 592 terrorists in Borno State alone. Many of them have been sent to their onward beyond.
“Over 11,200 hostages have been freed, and this is still going on. More importantly, over 124 insurgents and their families have surrendered. They have handed over more than 11,000 weapons to the security agencies,” Idris added.
According to the minister, the current administration has made multi-million dollar investments in modernised equipment for security agencies.
Noting that President Bola Tinubu has always supported the nation’s armed forces, Idris said the Commander-in-Chief has increased the budgetary allocation for the military.
He explained that Tinubu has demonstrated the political will to root out terrorism, rampaging bandits, and other criminal elements terrorising Nigerians.
The minister also highlighted military operations in the North-West region of the country, saying that the onslaught against criminals had led to the surrender of bandits in the region.
Idris cited cases where notorious bandit leaders had been eliminated by military strikes in Niger and Zamfara states.
“In the North-West, especially in Zamfara and Kaduna, 11,250 hostages have been freed, and some of the terror leaders that have made life very unbearable for people there have been neutralised.
“They include Ali Kachalla, Boderi, Halilu Sububu, and many others. All these have been sent to where they belong. Only this August, the military intercepted and killed in one operation over 400 armed bandits who had converged to attack a village in Zamfara State,” he stated.
Last Friday, Trump said Christianity faces an existential threat in Nigeria, describing the alleged killing as a “mass slaughter”.
“Christianity is facing an existential threat in Nigeria. Thousands of Christians are being killed. Radical Islamists are responsible for this mass slaughter,” he wrote.
The US president added that the United States “cannot stand by while such atrocities are happening” and directed Congressman Riley Moore and House Appropriations Chairman Tom Cole to investigate the matter.
“I am hereby making Nigeria a ‘country of particular concern.’ But that is the least of it. When Christians, or any such group, is slaughtered like is happening in Nigeria (3,100 versus 4,476 Worldwide), something must be done!
“I am asking Congressman Riley Moore, together with Chairman Tom Cole and the House Appropriations Committee, to immediately look into this matter and report back to me.
“The United States cannot stand by while such atrocities are happening in Nigeria and numerous other Countries. We stand ready, willing, and able to save our Great Christian population around the World!” Trump wrote.
Secretary of State, Marco Rubio, is putting Nigeria back on the watchlist, reversing a Joe Biden-era policy due to the extermination of Christians, Fox News reports.
The US President, Donald Trump, on Friday, ordered the designation of Nigeria as a Country of Particular Concern, saying that Christians in Nigeria are facing an existential threat. He also called on American lawmakers to investigate the mass slaughter.
A day later, Trump revealed that he had ordered the Pentagon to prepare for possible action in Nigeria as he continued accusing the Federal Government of violence against Christians.
Trump, who posted a statement on his social media handle, said that if the Nigerian government continues to allow the killing of Christians, US troops will be ordered to enter Nigeria and wipe out terrorists.
He said: “If the Nigerian Government continues to allow the killing of Christians, the U.S.A. will immediately stop all aid and assistance to Nigeria, and may very well go into that now disgraced country, “guns-a-blazing,” to completely wipe out the Islamic Terrorists who are committing these horrible atrocities.
”I am hereby instructing our Department of War to prepare for possible action. If we attack, it will be fast, vicious, and sweet, just like the terrorist thugs attack our cherished Christians! Warning: The Nigerian government better move fast!”
However, Fox News is now reporting that Trump’s directive has been carried out as Rubio is putting Nigeria back on the watchlist.
Source: Fox News
