Polaris Bank Wins ‘Best in MSME Lending’ Award at MSME Finance Awards 2024

Polaris Bank has been recognized as Nigeria’s top bank in lending to Micro, Small, and Medium Enterprises (MSMEs) at the inaugural 2024 MSME Finance Awards, organized by Nairametrics and The Economic Forum.

Held at the Civic Centre in Victoria Island, Lagos, the award acknowledged Polaris Bank’s sustained commitment to supporting MSMEs through various funding channels. The bank’s efforts in delivering accessible finance and promoting the growth of these vital businesses earned it the title of ‘Best in MSME Lending.’

In his acceptance speech, Polaris Bank’s Managing Director, Kayode Lawal, expressed gratitude for the recognition and emphasized the key role MSMEs play in driving Nigeria’s economy. He stated, “We are honoured to receive this prestigious award, recognizing our commitment to empowering Nigerian MSMEs. These businesses are crucial to national economic growth, and we are glad our dedication to accessible financing has made a tangible impact.”

The MSME sector is a major contributor to Nigeria’s economy, accounting for about 48% of GDP and employing approximately 80% of the workforce, according to the International Labour Organisation. Recent data also shows a 3.5% increase in the sector’s employment contribution, reinforcing its importance to the country’s economic stability.

Polaris Bank’s recognition reflects its ongoing efforts to enhance the sustainability and growth of Nigeria’s MSMEs.

Iran Extends Airspace Closure Amid Rising Tensions with Israel

Iran has prolonged the closure of its airspace, suspending all flights until Thursday morning, as it braces for potential Israeli retaliation following a missile attack launched by Tehran on Tuesday evening. The missile strikes targeted three Israeli air bases and the headquarters of the Israeli intelligence agency Mossad, in response to the reported killings of Hamas leader Ismail Haniyeh, Hezbollah Chief Hassan Nasrallah, and an Iranian general.

According to the Iranian aviation authority, the airspace closure is aimed at ensuring aviation security, and all flights in and out of Tehran remain cancelled. Israeli officials have vowed to respond to the attack, further heightening tensions in the region.

UEFA Champions League Matchday Two Results – October 1, 2024

The second matchday of the 2024-2025 UEFA Champions League saw several exciting fixtures on Tuesday, October 1, with some standout performances across Europe.

The most significant result was Borussia Dortmund’s emphatic 7-1 victory over Celtic, while Manchester City cruised to a 4-0 win against ŠK Slovan Bratislava, with Erling Haaland continuing his prolific goal-scoring form. Arsenal defeated Paris Saint-Germain 2-0 at the Emirates, marking a strong comeback after their opening draw in the competition. Nigerian striker Victor Boniface secured a crucial 1-0 win for Bayer Leverkusen over AC Milan.

Full Results – October 1, 2024:

  • Salzburg 0-4 Brest
  • Stuttgart 1-1 Sparta Praha
  • Inter Milan 4-0 Crvena Zvezda
  • Borussia Dortmund 7-1 Celtic
  • Barcelona 5-0 Young Boys
  • Bayer Leverkusen 1-0 AC Milan
  • Arsenal 2-0 Paris Saint-Germain
  • PSV 1-1 Sporting CP
  • Slovan Bratislava 0-4 Manchester City

Fixtures for Wednesday, October 2, 2024:

  • Shakhtar Donetsk vs. Atalanta – 5:45 p.m.
  • Girona vs. Feyenoord – 5:45 p.m.
  • Liverpool vs. Bologna – 5:45 p.m.
  • RB Leipzig vs. Juventus – 8 p.m.
  • Benfica vs. Atlético Madrid – 8 p.m.
  • Dinamo Zagreb vs. Monaco – 8 p.m.
  • Lille vs. Real Madrid – 8 p.m.
  • Aston Villa vs. Bayern Munich – 8 p.m.
  • Sturm Graz vs. Club Brugge – 8 p.m.

Eguavoen Seeks Long-Term Contract as Super Eagles Coach, Urges NFF for Patience

Super Eagles caretaker coach Augustine Eguavoen has called on the Nigeria Football Federation (NFF) to offer him a long-term contract if they want him to continue leading the team permanently. Speaking to Brila FM, the 58-year-old emphasized the need for patience and realistic expectations, acknowledging that winning is not always guaranteed in football.

Eguavoen, who is managing the Super Eagles for the fourth time, said, “It will be a tough one. You have to give me a long-term contract with patience and clauses in that contract because winning is not guaranteed every week or day.”

Despite the team’s struggles in the 2026 FIFA World Cup qualifiers, Eguavoen remains optimistic, encouraging a positive mindset and the determination to win each remaining game. He also stressed the importance of approaching every match as if it were a final, as narrow victories could still lead Nigeria to qualification.

Eguavoen is set to lead the Super Eagles in their upcoming 2025 AFCON qualifiers against Libya, with the first match scheduled for October 11 at the Godswill Akpabio International Stadium in Uyo. The return leg will take place in Benina four days later.

Over 150 Passengers Missing After Boat Capsizes in Niger State

At least 150 passengers are missing following a boat accident in Mokwa Local Government Area, Niger State. The tragedy occurred on Tuesday, October 1, 2024, when a boat carrying over 300 people, mostly women and children, capsized during a journey for the Maulid celebration.

The passengers were traveling from Mundi Community to Gbajibo Community when the boat overturned on the River Niger, near the Jebba Dam.

Alhaji Abdullahi Baba-Arah, Director General of the Niger State Emergency Management Agency (NSEMA), confirmed the incident. He stated that rescue efforts are ongoing, with 150 individuals already rescued by local divers and volunteers. Baba-Arah assured the public that search and rescue operations will continue, with further updates to follow.

Ndume Urges President Tinubu to Employ Military Contractors Against Boko Haram

Senator Mohammed Ali Ndume, representing Borno South, has called on President Bola Ahmed Tinubu to consider hiring military contractors to assist in the fight against Boko Haram terrorists in Borno State. His plea follows a recent attack by the militants in Ngoshe, Gwoza Local Government Area, where six farmers were killed and five others, including women, were abducted.

In a statement, Ndume acknowledged the commendable efforts of the military and the Civilian Joint Task Force (JTF) but stressed that they are inadequately equipped to tackle the insurgency effectively. He argued that employing military contractors, who would collaborate with the existing forces, could provide a significant boost to the operations against Boko Haram and also address banditry in the North West.

He stated, “All across the world, governments hire military contractors to engage in certain places. President Bola Ahmed Tinubu can consider this as a short measure. These contractors will work with our military and Civilian JTF, who understand the terrain. They will come with their equipment and military hardware, and in a very short time, they’ll eliminate those Boko Haram terrorists.”

Ndume further suggested that the federal government could subsequently recruit more youths into the military to strengthen the force over time, aiming to increase troop numbers to at least one million.

Current Dollar to Naira Exchange Rates and Concerns Over Rising Interest Rates

As of October 2, 2024, the black market exchange rate for the US dollar to the Nigerian naira has been reported at a buying rate of N1695 and a selling rate of N1700. This information was shared by sources within the Bureau De Change (BDC) and reflects rates as of October 1.

The Central Bank of Nigeria (CBN) continues to distance itself from the parallel market, advising individuals seeking to engage in foreign exchange transactions to use their respective banks. In contrast, the official CBN rate for the dollar stands at a buying rate of N1600 and a selling rate of N1601.

In related news, the Manufacturers Association of Nigeria (MAN) has voiced strong concerns regarding the recent increase in the Monetary Policy Rate (MPR) from 26.75% to 27.25%. The association’s Director General, Segun Ajayi-Kadir, emphasized that this hike in interest rates will exacerbate production costs and lead to higher prices for finished goods.

Ajayi-Kadir highlighted that manufacturers now face borrowing costs exceeding 35% on credit facilities, which will significantly hinder their competitiveness and ability to expand production capacity. He pointed out that the continuous rise in interest rates has already resulted in over N730 billion in capital expenses for manufacturers during the first half of the year, stifling innovation and growth within the sector.

Port Harcourt Refinery Fails to Meet Production Rollout Deadline Again

The Nigerian National Petroleum Company Limited (NNPC) has missed yet another deadline to commence fuel production at the Port Harcourt refinery in Rivers State, marking the seventh time operations have been postponed. Promises from the Federal Ministry of Petroleum Resources and the NNPC regarding the refinery’s operational start have repeatedly fallen short.

The NNPC’s Chief Financial Officer, Umar Ajiya, previously indicated that the refinery would begin operations in September 2024, following a delay announced in early August. However, as of the end of September, the NNPC has not provided any updates on the status of the refinery.

Attempts to obtain information from the NNPC regarding the refinery’s progress were met with silence. Meanwhile, Maire Tecnimont SpA, the contractor responsible for the refinery’s rehabilitation, stated that they would provide a project completion update by October 2, 2024.

Since December 2023, NNPC has issued various assurances to the public, promising that the refinery would soon begin refining and selling petroleum products. However, those promises have yet to materialize.

With the refinery designed to process 210,000 barrels of crude oil daily, expectations had risen after NNPC claimed it had achieved mechanical completion of rehabilitation work. Yet, operational start dates have been continuously pushed back, contributing to widespread frustration among Nigerians who have long awaited the revival of the nation’s refining capacity.

The continued delays have forced Nigeria to rely heavily on imported fuel, incurring significant financial costs, while criticisms mount regarding the government’s handling of the refinery’s rehabilitation. As the country looks forward to the refinery’s operations, there is hope for an end to fuel imports and a reduction in petrol prices.

Global Leaders Condemn Iran’s Missile Strikes on Israel

World leaders, including those from the US, Canada, Germany, and former British Prime Minister Rishi Sunak, have condemned Iran’s recent missile attacks on Israel. On Tuesday night, Iran launched approximately 200 missiles targeting key Israeli military bases. While no casualties were reported, Iran’s military claimed that 90% of the missiles hit their intended targets, including airbases and strategic facilities.

US Secretary of Defense Lloyd Austin, Canadian Prime Minister Justin Trudeau, and German Chancellor Olaf Scholz denounced the attacks, expressing support for Israel’s right to defend itself. These leaders also called for de-escalation in the region to prevent further conflict.

Federal Government Publishes New Withholding Tax Regulations, Effective 2025

The Federal Government has officially gazetted the 2024 Withholding Tax Regulations, which will take effect on January 1, 2025. The new regulations provide tax relief for various businesses, including Small and Medium Enterprises (SMEs) with an annual turnover of less than ₦25 million, through rate reductions and exemptions from withholding tax.

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, announced that the regulations were published on October 2, 2024. While implementation is set for 2025, early adoption may be allowed starting from July 2024, subject to approval from the Federal Inland Revenue Service and the Finance Minister.