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Tinubu Commends President Buhari On Payment Of N5000 Stipend To Poor

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THE National Leader of the All Progressives Congress, Asiwaju Bola Ahmed Tinubu, has commended President Muhammadu Buhari for the commencement of the payment of N5,000 each to the poor and most vulnerable under the Conditional Cash Transfer programme of the present administration.

The programme was part of the cardinal promises of Buhari during the 2015 campaign.

Asiwaju Tinubu said the stipend for the poor was a sign of the Buhari-led APC government’s commitment to people’s welfare.

He said in a statement by his Media Office: “I commend President Buhari for keeping faith with his campaign promise. I commend him for empathizing with the poor and the most vulnerable among us.

“The payment could n’t have come at a better time than now. The stipend is a sign of the government’s commitment to people’s welfare. We must all unite to beat poverty and bring prosperity to the land.”

Tinubu again called for support for the present administration, saying with such, the government would soon turn things around for the benefit of the people.

President Buhari had started the payment of N5,000 each to one million poor Nigerians under its Conditional Cash Transfer programme, which is one of his cardinal campaign promises.

Under the programme, the President had promised to empower one million poor and most vulnerable with the N5,000 monthly stipend each.

The programme is under the government’s Social Investment Programmes, where N30,000 monthly stipends were earlier paid to 200,000 youths under the N-Power programme, which began in December 2016, and the School Feeding programme.

The commencement of the N5,000 payment was announced on Monday in a statement from the Office of the Vice-President, Prof. Yemi Osinbajo.

The statement, signed by the Vice-President’s spokesman, Laolu Akande, said the first batch of payment would cover nine states.

Akande said some of the beneficiaries had started receiving their payments since December 30, 2016.

Akande had said funds for the payments to beneficiaries in Borno, Kwara and Bauchi States were released last week to the Nigeria Inter-Bank Settlement System, the platform that hosts and validates payments for all government’s SIP.

He said the funds for another set, which included Cross Rivers, Niger, Kogi, Oyo, Ogun and Ekiti States, would follow soon to complete the first batch of beneficiaries.

According to Akande, the nine pilot states were chosen because they had an existing Social Register that successfully identified the most vulnerable and poorest Nigerians.

He said the registers emerged through a tried and tested community-based targeting method working with the World Bank while other states were developing their social registers and would be included in subsequent phases.

Akande said the Federal Government would commence community mobilisation for the creation of the social registers in more states to expand the scope and reach of the Conditional Cash Transfer across the country.

 

 

 

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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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