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Polaris Bank Recognized for Outstanding Support To MSMEs At 2024 Finance Awards

Polaris Bank has been honored with the ‘Best in MSME Lending’ award at the 2024 MSME Finance Awards, organized by Nairametrics and The Economic Forum.

The prestigious event, held at the Civic Centre, Victoria Island, Lagos, recognized the bank for its exceptional support to Micro, Small, and Medium Enterprises (MSMEs) through various funding initiatives.

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In a press release, Polaris Bank expressed its pride in the recognition, emphasizing its commitment to promoting the growth of MSMEs, a sector vital to Nigeria’s economy.

The bank’s efforts in providing accessible financing options were a key factor in its selection for the award, according to the panel of expert judges.

Speaking at the event, Polaris Bank’s Managing Director, Kayode Lawal, expressed gratitude for the award, highlighting the importance of MSMEs in driving innovation, job creation, and economic growth in Nigeria.

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“We are deeply honored to receive this award, which recognizes our dedication to empowering MSMEs across the country. These businesses are critical to Nigeria’s economic progress, and we are proud to play a role in their success by providing tailored financing solutions,” Lawal stated.

He also commended the organizers for acknowledging Polaris Bank’s efforts and reaffirmed the bank’s commitment to furthering the growth and sustainability of MSMEs.

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MSMEs are regarded as the backbone of Nigeria’s economy, contributing around 48% to the GDP and employing roughly 80% of the workforce.

Recent figures from the International Labour Organisation indicate a 3.5% increase in the sector’s contribution to employment.

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Tinubu Departs for UK On Two-Week Vacation

President Bola Tinubu is set to embark on a two-week vacation to the United Kingdom starting Wednesday, as confirmed by his Special Adviser on Information and Strategy, Mr. Bayo Onanuga.

In a statement titled “President Tinubu Goes on Annual Leave,” Onanuga explained that the trip is part of Tinubu’s yearly leave and will serve as a working vacation, allowing the President to reflect on his administration’s economic reforms.

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Tinubu, who will return to Nigeria after the leave concludes, had just returned from a recent trip to London two weeks ago, where he met with King Charles III.

This marks Tinubu’s 27th international trip since taking office 16 months ago and his fourth visit to the UK.

His other foreign visits include trips to Equatorial Guinea, Guinea-Bissau (twice), Kenya, Benin Republic, South Africa, Ghana, India, the UAE, the US, Saudi Arabia (twice), Germany, Ethiopia, Senegal, and Qatar.

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Iran Shuts Airspace Amid Fears of Israeli Retaliation After Missile Strikes

Iran has extended the closure of its airspace over fears of Israeli retaliation after a missile attack on Israel.

According to Iran’s state news agency ISNA, all flights have been suspended until Thursday at 5 am (0130 GMT) to ensure aviation safety, as confirmed by an aviation authority spokesman.

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The airspace closure was initially implemented over Tehran, grounding flights until Wednesday morning after Iran launched a missile strike on Israel on Tuesday evening.

The attack, carried out by Iran’s Revolutionary Guard Corps, was reportedly in retaliation for the deaths of Hamas leader Ismail Haniyeh, Hezbollah leader Hassan Nasrallah, and an Iranian general.

Iran claimed it targeted three Israeli air bases and the headquarters of Israel’s foreign intelligence agency, Mossad.

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Iran Started What It Can’t Finish; There Will Be Consequences – Israeli PM, Netanyahu

Israel has vowed to retaliate after Iran launched a missile attack on its territory, marking a significant escalation in tensions between the two nations.

The attack, which occurred late Tuesday, saw most of the missiles intercepted by Israeli defense systems, but Iran has warned of further strikes on Israeli infrastructure if its territory is targeted in return.

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In response, Israeli officials have promised swift action, with Prime Minister Benjamin Netanyahu stating that Iran will “pay” for the aggression.

Israel also launched retaliatory strikes, targeting Hezbollah strongholds in Beirut, Lebanon, as part of a broader regional response.

The missile barrage, which included hypersonic weapons according to Iranian state media, was reportedly in retaliation for Israel’s killing of Hezbollah leader Hassan Nasrallah and Hamas leader Ismail Haniyeh in separate incidents.

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Two Israelis were reported injured, while a Palestinian man in the West Bank was killed by debris from the attack.

US President Joe Biden expressed strong support for Israel, with his administration discussing potential responses to Iran’s aggression.

Defense Secretary Lloyd Austin condemned the missile launch as an “outrageous act of aggression,” while National Security Advisor Jake Sullivan warned of “severe consequences” for Iran.

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The conflict marks Iran’s second direct strike on Israel this year, following a previous missile and drone attack in April.

Israeli military forces have responded by launching additional strikes in Lebanon, further intensifying the regional conflict.

UN Secretary-General Antonio Guterres has called for an immediate ceasefire to prevent the conflict from spiraling further.

However, Iranian officials have insisted their missile strike was a justified response to Israel’s actions and have threatened to intensify attacks if provoked.

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We’ll Stop States’ Electoral Bodies From Conducting Council Elections – Reps

The House of Representatives has initiated steps to transfer the authority for conducting local government elections from the State Independent Electoral Commissions (SIECs) to the Independent National Electoral Commission (INEC).

A bill, aimed at amending the Electoral Act of 2022 to give INEC full control over local government elections, passed its first reading last Thursday.

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Titled “A Bill for an Act to Amend the Electoral Act, 2022 to Vest INEC with the Power to Conduct Local Government Council Elections and for Related Matters,” the legislation was introduced by Ikenga Ugochinyere, representing Ideato North/Ideato South Federal Constituency of Imo State, along with 24 co-sponsors.

The bill proposes to amend Section 98 (1) of the Electoral Act, which currently gives INEC the responsibility for overseeing elections into area councils under its supervision.

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The new amendment, if passed, would replace the current provision with one that explicitly gives INEC the exclusive mandate to organize local government elections across the country.

According to the bill’s explanatory note, the amendment aims to empower INEC to manage the elections of chairpersons, vice chairpersons, and council members for all local government areas nationwide.

This move has gained traction among lawmakers and various advocacy groups, who argue that state governors exert too much influence over local government elections through SIECs, undermining the democratic process.

INEC Chairman, Prof. Mahmood Yakubu, has expressed the commission’s readiness to take on the additional responsibility.

In a statement before a Senate and House of Representatives joint committee in July 2024, he confirmed that INEC is capable of handling local government elections, provided the National Assembly amends the law to assign the task to the commission.

Yakubu emphasized that INEC already manages elections for both national and state offices, as well as for the Federal Capital Territory’s area councils, and could easily extend its oversight to all local government elections if given the mandate.

However, for this to happen, an official amendment to the relevant laws is necessary.

Advocates of the bill see this shift as a step toward increasing transparency and accountability in local elections, reducing the potential for political interference at the state level.

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BREAKING: Biden Orders US Military To Intercept Iranian Missiles Targeting Israel

President Joe Biden instructed the U.S. military on Tuesday to assist in defending Israel by intercepting Iranian missiles aimed at the country, the White House announced.

Both President Biden and Vice President Kamala Harris are closely monitoring the situation from the White House Situation Room as tensions escalate between Iran and Israel, ahead of the upcoming U.S. presidential election.

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“The president has directed the U.S. military to support Israel’s defense efforts and intercept any missiles targeting the country,” a White House statement read.

Due to the unfolding events, a call that Biden had planned with rabbis ahead of the Jewish high holiday of Rosh Hashanah has been rescheduled, according to a White House official.

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This isn’t the first time the U.S. has come to Israel’s aid. In April, the U.S. and its Western allies helped Israel fend off an Iranian missile and drone attack, launched in retaliation for an Israeli strike on Iran’s consulate in Damascus.

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Bobrisky: Suspended Officer Trying To Mislead Nigerians, Says NCoS

The Nigerian Correctional Service (NCoS) has confirmed the suspension of two senior officers involved in the controversy surrounding crossdresser Idris Okuneye, popularly known as Bobrisky, while dismissing claims by one of the suspended officers that he had not been formally suspended.

In a viral video, Deputy Controller of Corrections Michael Anugwa denied receiving any suspension notice from the service.

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However, the NCoS spokesperson, Umar Abubakar, clarified in a statement on Tuesday that the officers were indeed suspended following an audio leak that suggested Bobrisky, sentenced to six months in prison, was housed outside the custodial facility.

Abubakar explained that the suspension letters were issued and properly conveyed to the affected officers, including those overseeing both the Maximum and Medium Custodial Centres at Kirikiri, Lagos, as well as other officers involved in alleged misconduct.

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“The Service considers the viral video as an attempt to mislead the public,” the statement read.

Abubakar also mentioned that three additional officers were suspended for their roles in various offenses, and an investigation is underway to determine their culpability.

He assured the public that appropriate disciplinary measures would be taken against anyone found guilty in accordance with Public Service Rules and other relevant laws.

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The suspended officers include Deputy Controller of Corrections Sikiru Adekunle, in charge of the Maximum Security Custodial Centre, Kirikiri; Deputy Controller of Corrections Michael Anugwa, in charge of the Medium Security Custodial Centre, Kirikiri; Deputy Controller of Corrections Kevin Ikechukwu Iloafonsi, in charge of the Kuje Custodial Centre, FCT; and Assistant Superintendent of Corrections Ogbule Samuel Obinna from Ebonyi State.

Abubakar emphasized that the suspension, effective from September 26, 2024, was in line with directives from the Civil Defence, Correctional, Fire, and Immigration Services Board (CDCFIB), and investigations will continue to ensure accountability.

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Kwankwaso Declares PDP ‘Dead’, Says APC Performing Below Average

Senator Rabiu Kwankwaso, the presidential candidate of the New Nigeria People’s Party (NNPP) in the 2023 election, has labeled the Peoples Democratic Party (PDP) as a “dead party” and sharply criticized the All Progressives Congress (APC) for its poor handling of Nigeria’s economic challenges.

Speaking during the NNPP’s National Executive Committee meeting on Monday, Kwankwaso expressed concern over the state of the PDP, noting that internal issues have left the party fractured.

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“The party is imploding and is now in pieces. At this point, it’s clear to everyone that the PDP is dead,” he remarked.

Kwankwaso also lambasted the APC for being out of touch with the harsh economic conditions facing Nigerians.

He scored the ruling party poorly, citing failures in addressing security, poverty, and hunger.

Despite these challenges, Kwankwaso highlighted the growth of the NNPP, describing it as the fastest-growing political movement in Nigeria.

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“In the face of adversity, our party continues to expand,” he added, pointing to his visit to Katsina where he noted the NNPP’s rising influence.

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Iran Fires 181 Ballistic Missiles Into Israel, Officials Say No Casualties Recorded

Iran launched 181 ballistic missiles toward Israel on Tuesday night, with some hitting central and southern regions, according to an Israeli military spokesperson.

Rear Admiral Daniel Hagari confirmed several interceptions of the missiles, though a few still reached their targets.

“There have been impacts in the central and southern areas,” Hagari stated. “We are currently evaluating the situation, and at this time, no casualties have been reported.”

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Nigeria At 64: Okonjo-Iweala Praises Nigerians’ Resilience, Entrepreneurial Spirit Amid Hardship

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As Nigeria celebrates its 64th Independence Anniversary, Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, has commended the country’s resilience and strong entrepreneurial drive despite the prevailing economic challenges.

In a message shared on X (formerly Twitter) on Tuesday, Okonjo-Iweala highlighted the perseverance of Nigerians in the face of tough global and domestic conditions, calling the country one of the most fascinating in the world.

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She wrote, “Despite the difficult times both internationally and nationally, we should recognize that we come from one of the most interesting countries in the world, with some of the most exciting and entrepreneurial people. I’m truly grateful and thank God for this!”

Her remarks came as President Bola Tinubu, in his Independence Day address, reaffirmed his administration’s commitment to reforming the economy.

Tinubu assured citizens that efforts were underway to address the rising cost of living and create a more sustainable future for Nigerians.

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