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How Presidency Picked Beneficiaries Of The N5000 Stipend

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The federal government late last year commenced the implementation of paying N5000 monthly stipend to the nation’s poorest. This action has been applauded by many, while many are skeptical as to the bases by which the government came to collate beneficiaries of the scheme, and what exactly made one entitled to benefit from it..

Senior Special Assistant to VP Yemi Osinbajo on Media and Publicity, Laolu Akande, has explained how the Presidency picked beneficiaries of the N5000 stipend.

Akande in the statement released yesterday, said the Community-Based Targeting (CBT) model of the World Bank was used in 2015 to identify most of the beneficiaries.

According to Akande, the vulnerable Nigerians had been picked by the last administration during an exercise carried out by World bank which was certainly devoid of any manipulations or fraud. Akande said in eight of the nine pilot states, the process had taken place at least two years ago through the World Bank-supported programme under an agreement entered into with the state governments.

“This is an entirely fair and transparent process and short of mischief, there is no way you can describe this process as partisan. The president is president of the entire country and the SIPs are for all Nigerians as the case may be. First, the officials at federal level, working with the state officials, identify the poorest local government areas, using an existing poverty map for the state, then the local officials identify the poorest communities in the LGAs and we send our teams there.

The first thing our team does after selection of the LGAs is to select members of the NOA, the LGA and community officials to form the CBT team. Then we train the selected officials on how to conduct focus group discussions at community level. These focus groups comprise women, men, youths as the community determines. After training them, the CBT teams go to each of their communities to sensitize the leaders, including traditional rulers, on the CBT process and the necessity for objectivity and openness in the process.

At that meeting, they firm up a date to convene a community meeting at a designated location within the community. On the set date, discussions are held in the local languages, using terminologies that resonate in that community. The CBT team will explain to the community the purpose of the gathering; that is, to determine the parameters of poverty upon which persons can be described as poor and vulnerable within the context of that community.

The CBT teams will then engage each group (men, women and youths) in the conversation around the criteria and parameters for determining the poorest people. The groups would then be encouraged to identify those households that fall within the criteria that the community itself determines, and told that the information is required for government’s planning purposes. Various poverty criteria have been thrown up so far. In some cases, people have said it’s the number of times they eat, it’s the number of times the fumes of firewood go up from the house, the size of farmland or type of crops grown. Then, the groups resume in plenary and report back the criteria and parameters discussed.

The CBT team would then compile the criteria and parameters and ask each group to return to their break-out sessions and now begin to identify the households in the community that have been identified as fitting the criteria and parameters. Once that’s done at the groups, everybody comes together again with names compiled by each group. Now, when the same name is featured in at least two of the three groups, it is deemed qualified to be listed on the social register. At this stage, we now enumerate the members of the household and open a bank account for each of the care-givers by capturing the biometric data of households identified as among the poorest and vulnerable.”

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EVENTS

Nigeria Selects “Mai Martaba” As International Feature Film (IFF) Contender For 2025 Oscars

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Mai Martaba as international feature film contender | fab.ng

The Nigerian Official Selection Committee has selected the epic Hausa film, Mai Martaba as its contender for the International Feature Film (IFF) category at the 97th Academy Awards. The Committee announced in an official statement that they selected the film to contend for the Oscars because of its theme and visual appeal.

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MUSIC

Don Jazzy Announces Tega Oghenejobo As The New President Of Mavin Records

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Tega Oghenejobo As The New President Of Mavin Records | fab.ng

On Tuesday, October 29, 2024, Michael Collins Ajereh, the visionary founder of Mavin (Records) Global, better known by his stage name Don Jazzy, announced a significant expansion within the company. He announced Tega Oghenejobo as the new president of Mavin Records.

Tega has been an integral part of Mavin’s journey. Now, his position as President has elevated his status in the company. In addition, he has been in the existing role of Chief Operating Officer (COO).

Don Jazzy expressed his admiration for Tega’s passion and resilience. He acknowledged his ability to spot these qualities in Tega from the early stages of their professional relationship.

He said,

I’m proud to announce @TEGAMAVIN expanded role as President and COO of Mavin. I am often praised for being able to spot and raise superstars, but I can proudly say the most genius thing I have done in my life was being able to spot the passion and resilience in Tega.”

“From the early days, I’ve watched him be curious about the business, build teams, develop executives, and ensure our talents have sustainable careers from the start. His commitment to growing Mavin and shaping the future of African music has been relentless, and I’m confident that with him in this role, we’ll continue to break new ground and achieve even bigger milestones for our artists and company,” he added.

Accepting the appointment gracefully, Tega Oghenejobo said,

“I’m honored to step into this new role as President & COO of Mavin Records. It means embracing new challenges, setting new goals, and reaching new heights. Thank you, Supreme Leader @donjazzy, for your unwavering belief and trust in me to lead the Mavin team.”

Check here for more updates.

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BUSINESS

Moniepoint Reaches African Unicorn Status With $110 Million Funding Boost

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Moniepoint reaches African unicorn status | fab.ng

Moniepoint Inc., a leading fintech company in Africa, has successfully raised $110 million in equity financing. This is to power the dreams of millions of businesses and their customers across the continent and the diaspora.

The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund. It is a premier fund focused on Africa.

Additionally, new investors joined the funding round. This includes a leading African private equity firm, Google’s Africa Investment Fund and Verod Capital. Existing investor, Lightrock, a global impact firm, also participated.

Tosin Eniolorunda and Felix Ike founded Moniepoint (formerly known as TeamApt) in 2015. Initially, it focused on providing infrastructure and payment solutions for banks and financial institutions. It has since grown into Nigeria’s leading business banking provider, trusted by millions of businesses.

The capital raised will be used to accelerate growth for Moniepoint across Africa.

Further, that entails building an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.

Moniepoint’s exceptional contributions to Nigeria’s financial services sector have been widely acknowledged, along with its enviable track record of serving customers across Africa.

Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding $17 billion, all while operating profitably.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., expressed his excitement about the successful funding round and the company’s plans to expand its offerings and reach across the African continent.

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