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Sanwo-Olu approves three-month moratorium on MSMES N2.8b loan

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The three months moratorium on loans to Micro, Small and Medium Enterprises (MSMEs) granted by Lagos State Governor Babajide Sanwo-Olu is a reprieve of about N410 million, it was learnt yesterday.

There will be no interest payment on the N2.8 billion loan given out by the Lagos State Employment Trust Funds (LSETF). Sanwo-Olu broke the news as he announced the state government’s new palliatives to cushion the effect of the Coronavirus pandemic on micro and medium-scale businesses.

The loan beneficiaries, who cut across various sectors of the economy, now have their repayment of principal and accruing interest deferred.

“We are supporting small businesses. At LSETF, we have 1,170 SMEs and 2,160 micro enterprises across sectors in agriculture, education, information technology, food processing, transport and so on with total outstanding loan balance of over N2.8 billion. We are granting a three months moratorium on principal and interest worth over N410 million. This will go a long way to reduce the pressure on these businesses as a result of the economy freeze occasioned by COVID-19,” he said.

Sanwo-Olu said the state would be providing a free meal to 100,000 young people across communities in Lagos on a daily basis, which he said, would be decentralised with each local council having its food kitchen domiciled at a pre-arranged location agreed upon by residents.

The governor also said that residents of each local council would know the food vendors to be engaged by the government for the feeding programme.
Besides, Sanwo-Olu said additional 250,000 vulnerable persons already identified in social registers of the Lagos State Residents Registration Agency (LASRRA) would be getting conditional cash transfer as a form of support for them in the period of the lockdown. The beneficiaries, he said, would not be part of the people that had already got relief food packages from the government in previous weeks.

He said the new palliatives were carefully drawn out to bring succour to greater number of residents eking out a living from daily wages. Those that will benefit from the new food distribution, Sanwo-Olu said, would include religious bodies, traditional worshippers, ethnic groups, political parties’ members, artisans and members of tertiary institutions within the state.

He said: “We have been able to meet the 200,00 households that we planned for in the first segment of the food stimulus package programme, and we still have a large quantity of food items in our procurement and warehouses. In this regard, we have identified various stakeholders that we will be giving these palliatives to in large quantity.

“We will now be sending these relief items to religious bodies, all tertiary institutions in Lagos, associations of all ethnic nationalities that are resident in Lagos, dwellers of riverine communities and various groups of artisans. We will also be sending food items to members of the main opposition political party and those of other political parties operating in Lagos. We will be sending food packages to women groups, youth organisations and market traders.”

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Senator Ifeanyi Ubah dies at 52

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The Senator representing Anambra South in the National Assembly, Ifeanyi Ubah, is dead.

Ubah, who was the Chief Executive Officer of Capital Oil, was said to have died in a hotel in London, the United Kingdom, on Saturday.

He would have been 53 on September 3.

Senate spokesperson, Yemi Adaramodu, confirmed Ubah’s death to our correspondent on Saturday.

He said, “It’s confirmed, but I am sending an official statement soon.”

Ubah, who was re-elected into the 10th Senate under the Young Peoples Party, had last year defected to the All Progressive Congress.

In September 2022, Ubah escaped assassination when he was attacked by gunmen on his way to Nnewi in Enugwu-Ukwu in Anambra State.

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JUST IN: Edo state Assembly impeaches Deputy Governor Shaibu

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The Edo State House of Assembly, on Monday, impeached the state’s Deputy governor, Comrade Philip Shaibu.

The impeachment followed the adoption of the report of the seven-man investigative panel set up by the Assembly to probe allegations of misconduct against Shaibu.

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JUST IN: Olubadan of Ibadanland, Oba Lekan Balogun joins ancestors at 81

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The Olubadan of Ibadanland, Oba Lekan Balogun has joined his ancestors after a brief illness.

He joined his ancestors at the age of 81.

It was gathered that the late monarch was taken to the hospital Wednesday morning having stayed indoor throughout Tuesday on account of slight malaria fever, though, he was hail and hearty on Monday during which he personally received few guests that paid him congratulatory visits on his second year anniversary on that day.

Making this announcement was the Baba-Kekere Olubadan and his younger brother, Dr Kola Balogun in a statement by the Personal Assistant (Media) to the late monarch, Oladele Ogunsola.

According to the statement, Dr. Balogun disclosed that Oba Balogun would be buried at his Aliiwo ancestral home by 4.00pm on Friday according to Islamic rites just as he said that the State Governor Seyi Makinde, though already verbally informed, would be formally notified early in the morning.

The late Olubadan was the first most educated to have emerged as Ibadan monarch, a British trained P.hd holder, a former university lecturer, former member of management staff of Shell British Petroleum, former gubernatorial candidate of the defunct Nigeria People’s Party, NPP, former Senator and a successful business man.

His last official outing was the Olubadan Advisory Council’s meeting which he presided over last Saturday where the decision to derobed Mogaji Akinsola, Olawale Oladoja was taken.

He however, on Tuesday instructed the Ekerin Olubadan, Oba Hamidu Ajibade to midwife a small committee to deliberate on last Friday’s decision on what should be the position of Ibadan Zone in the proposed newly reconstituted Oyo State Council of Obas and Chiefs.

The decision of the small committee was earlier on Thursday ratified by the Olubadan Advisory Council at a meeting presided over by Otun Olubadan and the former governor of Oyo State, High Chief Rashidi Ladoja and was to be taken to the late Oba Balogun for his signature Friday morning so as to meet the deadline for submission to the state Commissioner for Local Government and Chieftaincy Matters later in the day.

The late Olubadan is survived by wives, children and grandchildren.

Announcing the passage of the monarch, Governor Makinde, in a statement, stated that Olubadan, who joined his ancestors late Thursday evening at the University College Hospital, UCH, Ibadan, described him as an epitome of royal excellence and a great achiever, who made great marks on Ibadanland in just a little over two years of his reign.

He expressed his condolences to the Olubadan-in-Council, the Oyo State Traditional Council and the people of Ibadanland and Oyo State, praying to God to grant repose to the soul of the deceased monarch.

Makinde said: “With total submission to the will of God, I announce the passing unto glory of our father, His Imperial Majesty, Oba Dr. Mohood Lekan Balogun, Alli Okunmade II, the 42nd Olubadan of Ibadanland.

“A mighty Iroko has fallen; Oba Dr. Balogun has joined the ancestors.

“In Kabiyesi, Ibadanland had a cosmopolitan and well-experienced Olubadan, who made indelible marks on the sands of history and achieved greatly within a short while.

“On behalf of the Government and good People of Oyo State, I condole with the immediate family of the Oba Dr. Balogun, the Olubadan-in-Council, the Oyo State Traditional Council and the people of Ibadanland.

“It is my prayer that God grants repose to the soul of our late monarch.”

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