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N93.27bn Imo State Debt Profile Worries IEDI

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Group says the people are facing hardship

The Imo Economic Development Initiative, IEDI, made up of Imo elites, has expressed concern over the sad and troubling state of economic development of Imo State.

The group is particularly concerned over the declining state of the economy of the state with its rising debt profile.

Maurice Iwu, chairman, IEDI, in a letter made available to Realnews said as at December 31 2016, according to the Debt Management Office, Imo State was owing N93.27 billion, up from N26 billion in 2011. He stated that a review of the states’ sustainability index, a report which profiles the viability and sustainability of states showed that Imo State ranked number 22 in the whole country, a marked decline from the 17th position it occupied on the same index three years ago (2015).

“We are concerned about our poor position in the ease of doing business ranking in the country. We are currently ranked 34th out of 36 states. With such a dismissal rank, Imo has little or no hope of attracting new businesses to alleviate the unemployment and generally boost the economy of the state. We are concerned about the poor contribution of our legacy industries to job creation efforts, despite considerable government investment in these industries. These legacy industries include ADAPALM, Standard shoe, Cardboard and Packaging, and Resin and Paint Industry,” Iwu said in the letter written on behalf of the group.

The group similarly pointed out the obvious low activity level of international multilateral funding and donor agencies assisted projects in the state. It noted that in the past, funds from these organisations had gone a long way in assisting the delivery of government projects.

Besides, it noted the “low level of participation by the state in federal government intervention funding mechanisms especially in agriculture, health and SMEs activities.”

As if that was not bad enough, it said: “We are concerned about the transportation challenges especially in Owerri municipality. These challenges have been heightened by the stopping of tricycles from plying the roads without the provision of an adequate alternative means of mass transit.

According to the group, the economic stagnation in the state is a big concern, charging: “We believe this is as a result of poor money circulation within the lower strata of the society.”

Hence, the letters advised the state government: “We suggest that government should ensure that salaries are paid as and when due to minimise the hardship in the state. In conclusion, we are of the view that if effort is made, and measures introduced, to improve our rankings in various crucial indices; pay workers, pensioners and contractors as and at when due, key into external and alternative funding sources as well as find a lasting solution to urban mass transit issues; the economy of the state will improve considerably.”

According to Iwu, the IEDI seeks primarily to contribute to the development of Imo State through private sector funding and leveraging on available federal and state governments resources. Its membership is made up of key stakeholders in Imo State including captains of industry, members of the academia, technocrats, retired senior military and security personnel, as well as other professionals of Imo State origin.

The group is interested in various aspects of the socio-economic development of the state and possible ventures that would empower the people, create wealth, reduce poverty – while at the same time yield benefits to promoters.

GrassRoots.ng is on a critical mission; to objectively and honestly represent the voice of ‘grassrooters’ in International, Federal, State and Local Government fora; heralding the achievements of political and other leaders and investors alike, without discrimination. This daily, digital news publication platform serves as the leading source of up-to-date information on how people and events reflect on the global community. The pragmatic articles reflect on the life of the community people, covering news/current affairs, business, technology, culture and fashion, entertainment, sports, State, National and International issues that directly impact the locals.

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Transport

Bolt Shares the Spirit of Ramadan with Kano Drivers-Partners

Reporter: Sandra Ani

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Iftar gathering in Kano by Bolt
The Iftar gathering in Kano organised by Bolt

Bolt, the leading ride-hailing platform, on Thursday, 19th of March hosted an Iftar gathering in Kano to bring together Muslim drivers during the holy month of Ramadan.

The event was not only an opportunity to share a meal but also served as a platform for open dialogue, feedback exchange, and community building within the Bolt driver network.

The Iftar event, held in recognition of the significance of Ramadan, reinforced Bolt’s commitment to supporting its driver-partners and fostering inclusivity across all communities. The gathering provided an environment for drivers to voice their concerns, share their experiences, and engage directly with the Bolt team in a collaborative discussion about improving their experience on the platform.

Speaking during the event, Osi Oguah, the general manager for Bolt Nigeria said: “At Bolt, we recognize the importance of creating a supportive and inclusive environment for our driver-partners.

This Iftar event was more than just a meal,  it was a chance to connect, listen, and understand the challenges and needs of our drivers in Kano. We appreciate their dedication, especially during this sacred period of Ramadan.”

Drivers in attendance expressed their appreciation for the initiative, highlighting the sense of belonging and recognition the event fostered. Many also welcomed the opportunity to discuss ways to improve their overall experience on the Bolt platform, making it a productive and meaningful engagement for all participants.

Nura Muhammed, a driver-partner said: “We want to say thank you to Bolt for this initiative, if my knowledge serves me right, this is the first time a ride-hailing company will organize such an event in Kano. This event has also made it possible for us to share some feedback to them physically and we drivers mostly get to connect through our online platform but today, we’re able to meet physically, mingle and exchange pleasantries”

Bolt remains committed to strengthening driver engagement and well-being, and this Iftar gathering is part of a broader effort to continuously support and empower driver-partners across Nigeria.

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Finance

Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer

Reporter: Ikenna Ugwu

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Flutterwave Ghana
Flutterwave Ghana

Flutterwave, a leading payments technology company in Africa, has broadened its reach in Ghana through the integration of Pay With Bank Transfer, done in partnership with Affinity Bank.

With over 115 million bank transfer payments recorded in Ghana in 2023, this move will ensure that Flutterwave businesses in Ghana can now receive payments seamlessly and securely through a rapidly growing payment method. While Mobile Money leads as the preferred payment type for everyday transactions in Ghana, the recent growth in transactions for Pay With Bank Transfer symbolizes the expanding payment options available for Ghanaian businesses.  

Flutterwave has a track record of driving innovation in the African finance ecosystem, and this new development promises versatility, thereby expanding the pool of customers available to businesses. As a preferred payment method, it also promises faster payments while providing access to a more secure process of transacting which benefits both the sender and the receiver (business).

We are excited to extend our services to the Ghanaian market” says Olugbenga Agboola, Flutterwave Founder & CEOAt Flutterwave, we are driven by the vision of building Africa’s economy. By making payment options like Pay With Bank Transfer available for everyday use, we are expanding access to payments and enabling local businesses to thrive in the economy”

By establishing this strategic partnership,  Flutterwave aims to drive the adoption of the Pay With Bank Transfer option in Ghana, using virtual accounts to allow for secure and transparent payments. This will provide enterprises and small businesses with a simpler way to receive payments and give their customers a seamless process of making payments.

Geoffrey Fiador, Manager, Country Operations and Partnerships, at Flutterwave stated: “By delivering essential payment options like Pay With Bank Transfer for businesses in Ghana, we’re providing an easy way for them to increase their revenue opportunities to grow their businesses. ”

This announcement comes at the heels of Flutterwave’s recent approval by the Bank of Ghana to provide inward remittance services. With a track record of success across Africa, Flutterwave continues to be a trusted partner for businesses in over 34 countries, providing the tools and expertise necessary for success in the dynamic African market.

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GRBusiness

Beer Sectoral Group Appoints Carlos Coutino as Chairman

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Carlos Coutino, BSG chairman
Carlos Coutino, BSG chairman

The Beer Sectoral Group (BSG), a sector under the Manufacturers Association of Nigeria (MAN), has announced the appointment of Carlos Coutino as Chairman of the Group, effective 1st February 2025.

Mr. Coutino takes over from Hans Essaadi, Managing Director and Chief Executive Officer of Nigerian Breweries Plc, who has served as BSG Chairman since December 2022.

The BSG is a trade association of beer manufacturers in Nigeria, comprising Nigerian Breweries Plc, Guinness Nigeria Plc, and International Breweries Plc. The Group plays a vital role in advocating for responsible alcohol consumption and advancing the interests of the beer industry within the Nigerian market.

Mr. Coutino, who currently serves as the Managing Director/CEO of International Breweries Plc, has nearly two decades of leadership experience within the AB InBev Group. A graduate of Industrial Engineering with an MBA specializing in Strategy, he joined AB InBev in 2004 and has since held top-level roles across three continents and seven countries in Sales, Marketing, and Trade Marketing. He will serve as BSG Chairman for a two-year tenure. In this capacity, he will collaborate closely with the Board of CEOs to provide strategic direction for the BSG, ensuring the Group continues to support industry growth, stakeholder engagement, and regulatory alignment.

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