Lekan Paul

The A-Z Of MarketMoni And TraderMoni, By Yinka Ogunnubi

In August 2018, the President Muhammadu Buhari-led administration launched the Government Enterprise and Empowerment Programme (GEEP) through the Bank of Industry (BOI). GEEP has two pillars – the first called Market Moni and the second, Trader Moni.

The Market Moni scheme is a soft loans to traders ranging from N10,000 – N100,000. Traders decide the amount needed to boost their trade as long as it remains within the stipulated range.

The repayment period is for six months and there is 5% administration fee. No interest is charged. There is also a two weeks grace period to pay back. At the end of each payment, beneficiary can apply for a higher value or the same value.

1. You must belong to a registered and accredited market association or cooperative which must be registered with BOI
2. You must have BVN
3. Your market association or cooperative must nominate you for a loan and stand as your guarantor.
4. You must have a business location

So basically, to access Market Moni, you need to belong to a market association or a cooperative. This is because the money will be disbursed through your cooperative.

Now let’s talk about Trader Moni.

Trader Moni is a mobile phone driven initiative scheme. Unlike Market Moni, traders don’t need to be a member of a cooperative to access it. While Market Moni targets micro traders that are a bit structured, Trader Moni is targeted at the ultra-micro enterprises.

With Trader Moni, you can access N10,000 and pay back N10,250 to qualify for N15,000. Once you payback N15,375 you will qualify for N20,000 loan, when you pay back N21,000 you will get N50,000. The repayment period is six months with  zero interest.


To get registered, you need a mobile phone. Once your details are captured by the enumerators (also called agents), and sent to BoI system for validation, you’ll within 48 hours get cash notification in your mobile wallet account. You can either transfer the collateral free loan to your bank account or cash it at mobile money agent around.

In a nutshell, while Market Moni gives out loans from N10,000 – N100,000, Trader Moni gives loans from between N10,000 – N50,000 without beneficiary belonging to any cooperative or association. The repayment period remains six months.

In 2013, Nigeria Bureau of Statistics (NBS), and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), did a survey and they found out thatthe total number of MSMEs in Nigeria stood at 37,067,416 (Micro-36,994,578, Small- 68,168, and Medium-4,670). 68.35% of this number (i.e. 23.3m MSMEs) initial start-up capital was predominantly less than N50,000. This was the justification and it was based on data not politics.

You may ask, why not N1 million or N10m or N50m? This is because there are already other intervention funds like the Central Bank of Nigeria Micro, Small and Medium Enterprises Development Fund (MSMEDF), which gives from N500,000 to N50m to SMEs. To access this fund, you need a business plan, and be registered with the Corporate Affairs Commission (CAC), with a collateral.

How many market women, artisans and traders do you know who can prepare a business plan, register their business with CAC and have sufficient collateral to attract the CBN’s N220 Billion SME loan? Aside from this, the BOI also has a similar loan targeted at SMEs as well.

So what has been happening is that the big SME’s with the strength to do so have been able to access the other intervention funds targeted at SMEs, but those at the micro level have been unable to do so mainly because of structural reasons. This’s why they were targeted with GEEP.

So the idea that this is some vote buying scheme is ridiculous. Don’t go with the crowd. The government has been able to help these traders scale up by supporting their business with micro credit. As many that benefit from this scheme, they in turn add to the nation’s GDP.

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Delta APC Raises Alarm Over Destruction Of Campaign Posters

Abia State chapter of the ruling All Progressives Congress (APC) has raised the alarm over the destruction and defacing of campaign posters of President Muhammadu Buhari and the governorship candidate of the party in the state, Dr. Uche Ogah within Umuahia, the state capital.

In a telephone interview with the Publicity Secretary of the party, Comrade Benedict Godson,  on Wednesday, the party accused the Peoples Democratic Party (PDP) of being behind the defacing and destruction of President Buhari and Ogah’s campaign posters.

APC while warning that the party would no longer watch the ruling party in the state using hoodlums to destroy campaign posters of the President, its gover norship candidate in the state and any other candidate of the party said that henceforth, anybody caught engaging in the wicked act would be dealt with according to the law. According to Godson, the defacing of its candidates’ campaign posters is a sign that the ruling party is defeated already.

He stated that what the party is concerned about at the moment is how to sell ideas of their candidates to the people of the state and ensuring that President Buhari gets maximum votes in Abia State. Godson, while enjoining members of the party and Abians to get their PVCs and be ready to vote out bad government from office come 2019, assured that the party would ensure that the votes of the people counted.

“I want to advice our brothers in the opposition party that this is not the way that democracy is being played. I believe that they have seen that we have come to take over the state and I want to plead with them to gently hand over the mantle of leadership of Abia State to Dr. Sampson Uche Ogah who has come to liberate Abia from bondage come 2019.

“Destruction of billboards and posters Mr. President, Uche Ogah and other candidates of the party is undemocratic and that cannot stop us from returning Mr. President Muhammadu Buhari who has done so well in terms of good roads, constant light, better life for Nigerians and Uche Ogah as both Presi dent and governor of the country and Abia State respectively.

“It is important to say that the PDP government that we have in Abia State has failed Abians in all ramifications. They owe teachers from primary to tertiary. The roads that they claim that they have built have caved in and they cannot justify the amount of money they claimed to have spent on such roads. “The little that we are seeing in the state is being built by the Federal Government through the NDDC.

“We want to assure them that nobody has monopoly of violence and destruction of posters. We are warning the PDP to stop the destruction of our candidates’ campaign posters with immediate effect,” said Godson.

The Nation

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NEMA Receives 193 Stranded Nigerians Return from Libya

The National Emergency Management Agency (NEMA) has received 193 stranded Nigerians the International Organisation for Migration (IOM) evacuated from Libya back to Nigeria.  

The Acting Zonal Coordinator of NEMA, Mr. Segun Afolayan urged Nigerians to desist from stigmatising young Nigerians trying to seek so-called better opportunities outside the shores of the country.  

Afolayan disclosed that the Assisted Voluntary Returnees arrived  aboard of Chartered Tunisia’ Nouvelair airline with registration number TS-INQ and flight number UZ 189 at 8:32p.m. on Thursday.  

A breakdown of the returnees include: 96 females with 81 adult, one child and 14 infants while there are 97 males with 87 adults five children and five infants. “In all, we have 168 adults, six children and 19 infants,” 

 Afolayan further pointed out that it was right for everyone to live free and comfortable lives but the process or the means of seeking the fulfillment of the rights are the ones in contention.  

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FG, Abia Sign Deal For N500bn Enyimba Economic City

The federal government and Abia State, on Friday, penned the N500 billion Enyimba Economic City project at Aba, Abia State, where the federal government has taken 20 per cent equity of N100 billion. The project is a private sector driven.

 Regarded as project capable of sparking industrial revolution in Nigeria, the Enyimba Economic City is a 9, 803 hectares of new economic city, spanning three local government areas of Ukwa East, Ukwa West and Ugwunagbo.

It is located at the centre of the five South-east and four South-south states and is to be designed to drive massive economic expansion of the region and by extension Nigeria. 

The Enyimba City Economic Zone Limited signed on behalf of the Abia State Government while Nigeria Special Economic Zone Company signed on behalf the federal government at a colourful signing ceremony that took place at the Presidential Villa, Abuja.

President Muhammadu Buhari who witnessed the signing, commended the Governor of Abia State, Okezie Ikpeazu for initiating the project and thanked the host communities for their commitment to the project, saying that everyone should be more confident of the success of the project since the Minister of Industry, Trade and Investments, Okechukwu Enelamah, under whose portfolio it falls, hails from Abia State.

The President assured the people of Abia State and other Nigerians of the federal government’s support and cooperation towards similar project anywhere in the country 

President Buhari specifically commended Ikpeazu, and some private sector investors who initiated and midwifed the Enyimba City Economic Zone project.

He said such initiatives were exactly what his administration was desperately looking for to create employment for the populace and boost the national economy as at full capacity, it was expected to create 625,000 direct jobs.


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President Buhari Appoints Nine New Permanent Secretaries

President Muhammadu Buhari has approved the appointment of nine new permanent secretaries in the Federal Civil Service.

According to a release signed by the Head of the Civil Service of the Federation, Mrs. Winifred Oyo-Ita, Saturday morning, the list of the successful federal permanent secretaries and their states of origin are as follows: Dr. Bakari Wadinga, Adamawa; Dr. M.K. Dikwa, Borno; Dr. (Mrs) Ajani Magdalene N. Olor, Delta; Umakhihe Ernest Afolabi, Edo; Mbaeri Maurice Nnamdi, Imo; Babatunde Lawal, Lagos; Mr. Festus Yusuf Narai Daudu, Nasarawa; Abel Olumuyiwa Enitan, Osun and Dr. Musa Hanafi Moriki, Zamfara.

The statement, according to the Director, Communications Office of the Head of the Civil Service of the Federation, said the swearing-in and assignment of portfolios of the permanent secretaries will be announced in due course.

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FG Cites Compensation As A Challenge In Project Implementation

The Federal Government says issues of compensation are major challenges affecting the timely completion of on-going projects across Nigeria.

Minister of State “One” for Power, Works and Housing, Mustapha Baba Shehuri made the remark during an inspection of on-going Federal projects in Bayelsa State.

The minister started his inspection tour in Bayelsa State from the thirty-three point five kilometres Yenagoa, Yenegwe, Okarki Kolo road where work done so far stands at about nineteen kilometres, from where he proceeded to the twenty kilometers Kolo-Otuoke Bayelsa Palm road and ended his inspection in the area at the almost completed Federal Government Secretariat located in the capital, Yenagoa.

The Minister of State “One” for Power, Works and Housing, Mustapha Baba Shehuri who expressed satisfaction that the contractors are back on site, assured that in the next two to three years, all the jobs will be completed.

Mr. Baba Shehuri decried the temporary stoppage of work at the Kolo-Otuoke Bayelsa Palm road due to compensational challenges and called on the people to always play down on compensation because of the general benefit of such projects when completed while promising that the monies would soon be paid to the people for the contractor to return to site.

The project engineer at the Federal Secretariat, Yenagoa, Mr. Isaac Ugwu said all internal works in the building has been completed pending external works.

Earlier, the Federal controller of Works Bayelsa State, Mr. Oseyi Aigbe noted that work at the road projects inspected was also slowed down due to the recent flood in the state.

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Thugs Allegedly Linked To Saraki Disrupt TraderMoni Scheme In Ilorin

Suspected thugs claiming to be supporters of the Senate President, Bukola Saraki, invaded the mandate market and Ipata market in Ilorin, Kwara State, this morning, chasing away petty traders and TraderMoni agents from the markets, disturbing them from carrying on the business of disbursing money to beneficiaries of the TraderMoni scheme.
Eyewitness accounts said that as early as 9am, a small mob, some of them wearing PDP Atikulated T-shirts, stormed the market, led by Alhaja Gazali, insisting that the TraderMoni scheme cannot be conducted in the Mandate market, because the Senate President’s father was the one that donated the land on which the market was built to the government.
According to witnesses, including Bank of Industry (BOI) officials who were at the market to supervise the enumeration and disbursement of the N10,000 collateral free loans, the arrival of the mob caused an uproar in the Mandate market in Ilorin as many of the petty traders who were yet to receive their loans were annoyed that the thugs disrupted the process.
This led to chaos which forced the TraderMoni agents to escape as they were chased away by the thugs who were threatening, intimidating and harassing both the agents and the petty traders who had lined up to participate in the TraderMoni process.
Officials of the Bank of Industry also explained to newsmen that enumeration had been going on in two markets in Kwara State in the last few days and the vice president was expected in the markets on Friday, December 7 (today).
Eyewitness accounts said the thugs said to have been instigated by the Senate President had invaded the market this morning, were boasting that neither the Federal Government nor the VP can come and operate the TraderMoni scheme in a market that “belonged” to the Senate President.
At the Ipata market, where enumeration and disbursement of the TraderMoni loans was also going on, market leaders also reported that a call came about noon today from similar quarters asking the leaders of the market not to cooperate with the enumerators of the TraderMoni scheme. But the market leaders in Ipata insisted and the process of enumeration and disbursement in Ipata market reportedly proceeded without incident.
TraderMoni, which is part of the Federal Government’s Social Investment Programme (N-SIP) under GEEP, is designed to assist petty traders across the country expand their trade through the provision of collateral and interest-free loans from N10,000. The loans are repayable over a period of six months at which point the traders on repayment will receive a fresh N15,000 loan, which rises to N20,000 when repaid.
The microcredit scheme, which has since been formally launched nationwide and the FCT, is expected to reach 2 million petty traders by the end of the year.
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2019: Atiku Not A Threat To President Buhari – Lagos Lawmaker

Hon. Victor Akande, lawmaker representing Ojo Constituency 1 in the Lagos State House of Assembly, has said that President Muhammadu Buhari’s second term bid was not threatened by the candidature of Alhaji Atiku Abubakar of the Peoples Democratic Party (PDP) and others in the 2019 presidential election.

Akande, in an interview with the News Agency of Nigeria (NAN) in Lagos, said the only opposition APC has is the one against itself.

Akande, who recently defected from PDP to APC on the floor of the House, said that Buhari had nothing to fear.

“We cannot be talking about the people who ruled Nigeria for 16 years and have nothing to show for it. We are talking about somebody who has only ruled for three years and is performing.

“Should we be afraid of those who looted the economy. There is nothing to fear about the judgment is for the masses.

“We cannot be fighting corruption and some people will be complaining.

“Things were spoiled for 16 years and another government now came to revive them,we will have to sacrifice and give them time.”

While carpeting those blaming APC for the harsh economy in the country, he said that the party did not cause the current poverty in the land.

He said APC had its manifestos, agenda, and blueprints, saying that these had to be followed gradually, adding that they could not be done overnight.

“We are not magicians. The United States of America did not get to where they are today overnight. Economy that has been bad for 16 years, we cannot perform magic in four years.

“We had to find the root of the problem and that is what President Muhammadu Buhari has done, that is what APC has done.
“They have tried to get to the root cause of the problem and they found a heavy corruption.

“The whole thing fall in the hands of the bourgeoisie and who now came up with propaganda to run down the government.
“The coming together of unscrupulous elements cannot bring down a working government.”

On the conduct of 2019 general elections, Akande advised the Independent National Electoral Commission (INEC) do the needful so that the people would not doubt its integrity.

Akande, who urged the politicians to desist from anything capable of jeorpadising the country’s democracy, advised voters to vote according to their conscience.

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Keyamo Lauds President Buhari For Eliminating ‘Grand Corruption’

Festus Keyamo, a Senior Advocate of Nigeria (SAN), has lauded President Muhammadu Buhari for his commitment to the anti-corruption war.

Keyamo, who was among the discussants at the symposium  on the topic: ‘Leadership,  Good Governance and Nation Building’, stressed that President Buhari’s government has been able to eliminate “grand corruption”.

The Human rights lawyer noted that politicians cross-carpet because they are looking for a safe landing that would give them coverage.

“Whether it is from APC to PDP,  or the other way round,  it is because they are looking for recognition.

“Politicians are united in corruption.  Any politician that does not make fight against corruption an issue,  is not sincere to the followers.

“The problem has always been lack of prudent application of the resources.  And the corruption we are fighting today, started long ago.  Corruption did not start today.

“Nigeria is facing a great crisis and that is what we are suffering in the country.  There should be leadership by example and this is lacking in this country. This is the crisis that we are having in this county today”, Keyamo stated.

While admitting that “small corruption” still exists in the administration, he stressed that President Buhari’s government has created a society where there is no equilibrium.

“We have to create a sane society whether we like it or not”, he added.

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Anti-Graft War: EFCC Recovers N794bn In 3 Years, Says Magu

The Economic and Financial Crimes Commission (EFCC) has announced that it has recovered N794 billion from looters of the nation’s treasury.

Also, the anti-graft agency said over $261 million,  8.1 millions euros and 1.1 million Pound Sterling had been  recovered from corrupt Nigerians.

Chairman of the EFCC, Ibrahim Magu,  disclosed this, on Wednesday,  when he spoke  at a corruption symposium organised by the Rivers Unity House, in Port Harcourt,  Rivers State.

Magu, who was represented by the  Commission’s Head of Operations, Usman Muktar,  informed that the anti-graft czar had secured 703 conviction.

According to him, the feat was recorded between 2015 till date  when the President Muhammadu Buhari-led government came on board.

Magu said, “It is on record that about 90 percent of all the recovery in Nigeria is through the EFCC.

“Between November 2015 till date, we have recovered over N794 billion; we have recovered over 261 million dollars.

“The pounds sterling recovered stand 1,115, 930 million. Euros recovered within the period under review is 8,168,871.13?.

He added that hundreds of property such as filing stations, petroleum products, landed property, jewelries,  automobiles, and  many others,  have been recovered from corrupt Nigerians.

Speaking further, he said, “The EFCC added that 407 mansions were also seized by the Commission and 126 were forfeited finally to the Federal Government, while 281 are under forfeiture.

“We have been able to secure conviction between 2015 and 2018. We have been able to secure 703 convictions.

“The breakdown is as follows: in 2015, we have 103 convictions; in 2016, we have 194 convictions; in 2017, 189 convictions.”


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YIAGA’s Samson Itodo To Speak At NDI’s 35th Anniversary In Washington D.C

The National Democratic Institute has selected Samson Itodo, YIAGA AFRICA Executive Director and Convener of the Not Too Young To Run movement as one of four young, dynamic, democratic representatives from around the world to speak at the organization’s 35th Anniversary Gala scheduled to hold on December 6, 2018 at The Andrew W. Mellon Auditorium in Washington, D.C.

Speaking on the theme ‘Reaffirming Democracy,’ Samson Itodo will share perspectives on how YIAGA AFRICA’s work advances the promise of a truly inclusive democracy in Nigeria and beyond. Mr Itodo represents the continent at this Gala, sharing the stage only with democracy activists from Iran and Russia.

Over 500 guests are expected to attend the gala. They include Members of Congress, Members of the Diplomatic Corps, representatives of the international policy and non-profit communities, as well as the private sector.

 Samson Itodo is also billed to speak at a high-level World Affairs briefing hosted by NDI on December 7, on the 2019 General Elections in Nigeria with the theme ‘Watching Nigeria Vote in 2019: Building Integrity through Election Observation. Other speakers at the event include Dr Pauline Baker, President Emeritus, Fund for Peace, John Tomaszewski (“JT”) Regional Director for Africa, International Republican Institute (IRI), Pat Merloe Senior Associate and Director for Election Programs, NDI. Sophia Moestrup, Deputy Director for Central and West Africa, NDI will moderate the conversation.

Samson will provide critical analysis of issues shaping the 2019 general election in Nigeria as well as the state of preparations of different electoral stakeholders from a civil society perspective. He will share findings from the YIAGA AFRICA Watching The Vote pre-election observations findings and discuss preparations for the deployment of the Parallel Vote Tabulation in the upcoming 2019 general elections.

 YIAGA AFRICA and the Not Too Young To Run movement congratulate NDI on its 35th-anniversary celebration. NDI has consistently inspired hope in democracy through citizen engagement, credible elections and the defence of human rights. Her commitment to the development of civil society and democratic institutions is unparalleled, and YIAGA AFRICA and the Not Too Young To Run movement celebrate this truly progressive partnership.

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Enugu Gov Tasks Contractors On Speedy Completion Of Projects

Enugu State Governor Ifeanyi Ugwuanyi has mandated contractors handling various government projects in the state to ensure that they continue to deliver quality jobs and adhere to the contract completion deadline.

Ugwuanyi, who spoke through his deputy, Mrs. Cecilia Ezeilo, when she paid unscheduled visits to some ongoing projects for inspection, reiterated the state government’s unflinching commitment towards providing quality infrastructure for the people of the state to continue to enjoy more democracy dividends.

The sites inspected include the Ogurute-Mkpamute-Igogoro-Ikpamodo-Okpo-Amaja road and the Ogurute – Umuogbo-Umuopu-Ette road in Igbo-Eze Local Government Area; the Enugu State Waste Management Authority (ESWAMA) dump site road at Ogui, Enugu North L.G.A.

Others include the Igbo Ano Specialist Hospital; the Agbani District Hospital, Nkanu West L.G.A; Nsukka Magistrate Court building and the erosion control project along Ugwogo Nike –Opi Nsukka road.

Mrs. Ezeilo, who was accompanied to the project sites by the Commissioner for Works and Infrastructure, Engr. Greg Nnaji, said that the essence of the inspection was to ensure that the contractors lived up to expectation and “deliver these essential amenities to the benefiting communities on record time”.

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