Npower News On Npower Payment, FG Grant And Federal Government Loan

According to Npower News, beneficiaries of Npower should kindly note that Npower has not started yet, and payment to beneficiaries of Npower has not commenced yet. Npower will resume and Npower payment will recommence when Betta Edu is cleared of all crimes relating to misappropriation of public funds, as we speak the investigation is still ongoing and has not been concluded by the anti-graft agency the Economic and Financial Crimes Commission (EFCC).

According to Npower News on the FG grant otherwise known as the federal government grant, beneficiaries of Npower should kindly note that the federal government grant is not meant for only beneficiaries of Npower, but for individuals into businesses, the first phase of the disbursement of the FG grant to 100,000 businesses was concluded on Thursday 18th April 2024, although there was supposed to be massive disbursement of the FG grant yesterday according to the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, but the ministry is yet to receive the next batch of the Beneficiaries that qualify for the FG grant from the local government, once the list of beneficiaries is received by the ministry then the next phase of FG grant disbursement will commence, beneficiaries are kindly advised to exercise patience as the FG grant will be done in batches. To qualify for the FG grant the applicant must have passed the nin verification process and must own a business with an annual turnover of less than ₦3,000,000, the FG grant has closed for now.

According to Npower News on the federal government loan, the federal government loan is still ongoing and beneficiaries of Npower, and individuals with a registered business can apply for the federal government loan.

According to Npower News the Federal Government Loan Eligibility Criteria is as follows:

1) The loan amount is up to ₦1,000,000

2) Applicants applying for the federal government loan must have an existing business that must be in operation for one (1) year

3) Start-ups must be a registered business

4) Applicants applying for the federal government loan must provide CAC business registration documents

5) Applicants applying for the federal government loan must provide company’s Bank Statement(s) for a period of one (1) year (for existing business)/ Chief Promoter’s (Director or Business owner) Bank Statement(s) for a period of one (1) year (for startups)

6) Applicants applying for the federal government loan must have required monthly turnover and other things as may be requested by the bank

7) Applicants applying for the federal government loan must have a personal guarantee of the promoter

8) Applicants must have an acceptance of BVN Covenant (Global Standing Instruction- GSI), and any other thing that may be required by the bank

9) Monthly equal installment (no moratorium) over a period of 3 years

10) Manufacturers up to ₦1,000,000,000(Working Capital or Asset Financing)

11) Applicants applying for the federal government loan must have at least six months business/corporate banking relationship

12) Applicants must provide CAC business registration documents

13) Applicants must provide 12 months bank statement for other bank

14) Other documentations that may be required by the bank

Security:

As may be required by the bank

Repayment term:

i) Asset Financing

Six Months moratorium on principal and interest, five years repayment period for asset financing only

ii) Working Capital Financing

Twelve months equal installment of principal and interest

Frequently Asked Questions With Respect To The Federal Government Loan

Q. How will I know if I qualify for the federal government loan?

A. The criteria are provided above

Q. What are the terms of the federal government loan?

A. The federal government loan term is 36 months for MSMEs and Manufacturers (Working capital) is 12 months, while Manufacturers (Asset financing) has a 60-month tenor with a six-month moratorium.

Q. What if I don’t meet the criteria? Will I be considered for the federal government loan?

A. No you will not be considered for the federal government loan 

Q. What is the interest rate of the federal government loan?

A. The interest rate for the federal government loan is 9% per annum.

Q. Is there a moratorium period for the federal government loan?

A. There is a six-month moratorium period for Manufacturers applying for asset financing only.

Q What if I cannot pay back the federal government loan?

A. If you cannot pay back the federal government loan, the bank will apply all legal measures to recover the federal government loan from the borrower.

Q. Can I apply with a partner company for the federal government loan?

A. Applicant must have a registered business either as a Sole proprietorship, Partnership, or a Limited liability company

Q. Is there an age limit to the federal government loan application?

A. Yes, applicants/promoters of the company have to be 18 years and above.

Q. How long will it take from when I apply to when I get the federal government loan?

A. Getting the federal government loan, is dependent on your bank; however, it is typically expected to take 2 weeks.

Q. Can I apply for the federal government loan with different companies?

A. No, multiple applications will be disqualified.

Q. What are the repayment terms of the federal government loan?

A. Equal and consecutive monthly repayment of principal and interest for the tenor of the loan.

Q. How do I know the status of my federal government loan application?

A. You can check the status of your federal government loan application by logging into your profile. Once your federal government loan application has been forwarded to your bank for processing, you should follow up with your bank for updates.

Q. Can I reapply if my federal government loan application is rejected?

A. You may be able to reapply for the federal government loan if the reason for the rejection is a minor issue. You will be notified of the rejection and advised to provide additional information.

Q. When is the deadline for the submission of federal government loan applications?

A. Deadline will be communicated later.

Npower News: Betta Edu, Sadiya Umar Farouq, Not Yet Cleared Of Alleged Misappropriation Of Public Funds

According to Npower News, the Economic and Financial Crimes Commission (EFCC) says it has not cleared Betta Edu and Sadiya Umar Farouq of alleged fraud, suspended Minister for Humanitarian Affairs and Poverty Alleviation, Betta Edu and Sadiya Umar Farouq are still undergoing investigations over allegations of corruption carried out at the Ministry for Humanitarian Affairs and Poverty Alleviation of the government of Nigeria.

The Economic and Financial Crimes Commission (EFCC) clarified in a statement on Sunday that it “has not cleared anyone allegedly involved in the fraud.”

“Investigations are ongoing and advancing steadily. The public is enjoined to ignore any claim to the contrary,” the statement by EFCC’s Head of Media and Publicity, Dele Oyewale, read in part.

The suspended minister of the ministry for Humanitarian Affairs and Poverty Alleviation, Betta Edu, and Sadiya Umar Farouq, are among key serving and former officials that the Economic and Financial Crimes Commission (EFCC) has questioned with respect to the allegations.

Both Betta Edu and Sadiya Umar Farouq are being investigated by the Economic and Financial Crimes Commission (EFCC) over alleged misappropriation of multi-billion naira social welfare funds meant for vulnerable Nigerians.

Ms Sadiya Umar Farouq served in former President Muhammadu Buhari-led administration. EFCC in January interrogated Sadiya Umar Farouq over allegations of corruption in the handling of ₦37,100,000,000 social intervention funds which includes Npower during her tenure.

In January, President Bola Ahmed Tinubu suspended Betta Edu from the ministry for Humanitarian Affairs and Poverty Alleviation after a leaked memo triggered controversies about suspicious financial transactions Betta Edu authorised in the ministry for Humanitarian Affairs and Poverty Alleviation.

After months of investigations into the malfeasance by the Economic and Financial Crimes Commission (EFCC) without no information officially revealed to the public about its outcome, speculations became rife that Betta Edu and Ms Sadiya Umar Farouq might have been cleared or the matter swept under the carpet.

Both Betta Edu and Sadiya Umar Farouq have also separately claimed through their lawyers that the Economic and Financial Crimes Commission (EFCC) has found nothing against them.

The latest of such endeavours was a letter by the lawyer of Betta Edu to the BBC, insisting on Betta Edu's innocence and warning against defaming her.

ONGOING DISCREET INVESTIGATIONS 

But the Economic and Financial Crimes Commission (EFCC) said it has extended its ongoing discreet investigations to other fraudulent dealings involving the humanitarian and poverty alleviation ministry and its past and former officials.

The Economic and Financial Crimes Commission (EFCC) said it had linked “several interdicted and suspended officials of the Ministry” to the alleged fraud.

“Discreet investigations by the EFCC have opened other fraudulent dealings involving Covid -19 funds, the World Bank loan, Abacha recovered loot released to the Ministry by the Federal Government to execute its poverty alleviation mandate.

“Investigations have also linked several interdicted and suspended officials of the Ministry to the alleged financial malfeasance,” the statement said. It added that beyond individuals, banks and their managing directors are also being investigated for the alleged crimes.

The statement said, “It is instructive to stress that the Commission’s investigations are not about individuals. The EFCC is investigating a system and intricate web of fraudulent practices.

“Banks involved in the alleged fraud are being investigated. Managing Directors of the indicted banks have made useful statements to investigators digging into the infractions.

“Those found wanting will be prosecuted accordingly.”

BACKGROUND 

In January, President Bola Ahmed Tinubu suspended Betta Edu from the Ministry for Humanitarian Affairs and Poverty Alleviation after a leaked memo triggered controversies about financial transactions Betta Edu authorised in her ministry.

The scandal was reported including the approval of payment of hundreds of millions of naira into private accounts of civil servants.

Betta Edu has come under criticism from Nigerians for ordering the transfer of ₦585,200,000 into the private bank account of a civil servant, who is the accountant in charge of federal government grants for Vulnerable Nigerians.

Betta Edu had issued a memo to the Accountant General of the Federation in December 2023 ordering the said amount to be paid into the civil servant’s private bank account.

The transfer violates statutory provisions of Nigeria’s Financial Regulations 2009, which are meant to prevent fraud and other forms of corruption.

In addition, the EFCC is probing the suspended National Coordinator of the National Social Investment Programme Agency (NSIPA), Halima Shehu, regarding alleged ₦37,100,000,000 fraud in the ministry.

President Bola Ahmed Tinubu equally suspended the social investment programmes including Npower, following issues of financial misappropriation.

EFCC PRESS STATEMENT

Setting the Records Straight on Investigations of Humanitarian Ministry

The Economic and Financial Crimes Commission, EFCC, has noticed the rising tide of commentaries, opinions, assumptions and insinuations concerning its progressive investigations into the alleged financial misappropriation in the Ministry of Humanitarian Affairs, Disaster Management and Social Development.

At the outset of investigations, past and suspended officials of the Humanitarian Ministry were invited by the Commission and investigations into the alleged fraud involving them have yielded the recovery of N32.7billion and $445,000 so far.

Discreet investigations by the EFCC have opened other fraudulent dealings involving Covid -19 funds, the World Bank loan, Abacha recovered loot released to the Ministry by the Federal Government to execute its poverty alleviation mandate. Investigations have also linked several interdicted and suspended officials of the Ministry to the alleged financial malfeasance.

It is instructive to stress that the Commission’s investigations are not about individuals. The EFCC is investigating a system and intricate web of fraudulent practices. Banks involved in the alleged fraud are being investigated. Managing Directors of the indicted banks have made useful statements to investigators digging into the infractions. Those found wanting will be prosecuted accordingly. Additionally, the EFCC has not cleared anyone allegedly involved in the fraud. Investigations are ongoing and advancing steadily. The public is enjoined to ignore any claim to the contrary.

On the issue of the works of the Commission against Naira abuse, dollarization of the economy and the enforcement of all extant laws relating to them, the EFCC appreciates the avalanche of public awakening, support and involvement demonstrated so far. Increasingly, members of the public are drawing the attention of the Commission to video recording of abuse of the Naira by Nigerians from all walks of life. These gestures amply demonstrate rising consciousness of the public to the sanctity of our national currency and the need for collaborative engagement to sustain the tempo.

To this end, the Commission will always investigate and prosecute anyone involved in the abuse of the Naira. Old videos being exhumed and flying around for the attention of the Commission are noted as the Commission is sensitive to the fact that its Special Task Force against Naira Abuse and Dollarization of the economy commenced operations on February 7, 2024. However, going forward, new videos of such infractions will be investigated and prosecuted.

At the moment, the Commission is investigating several celebrities involved in Naira abuse. Many of them have made useful statements to the Commission and many more have been invited by investigators working on the matter. The EFCC will not relent in its no-sacred-cow mode of operations and the public should be wary of running afoul of laws against the crime.

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