He’s a good man, Savannah
Yobe state governor is outdoing his peers
Good morning, Big Brains. You know how I said I made smart money decisions over the weekend? While writing today’s newsletter, I realised it probably wasn’t that much of a smart decision because the investment platform I use is involved in some drama I don’t endorse.
- Margaret
Word count: ~ 1, 000
Reading time ~ 4 mins
Let’s get into today’s edition:
Yobe state governor is outdoing his peers
Risevest is doing gbas gbos with Nigerian authorities
The Big Deal
Yobe state governor is outdoing his peers
In a world of swindlers, Yobe State Governor Mai Mala Buni is a gentleman. Nigerian politicians are always up to something interesting, but this time, there’s good news.
Governor Buni has just kicked off the second round of a $2,525,000 interest-free loan for 101 communities and farmer groups in Yobe State, and if things go well, we’ll all be eating good.
The fund which he announced on Saturday, January 26 is expected to do three major things: drive economic growth, create employment, and, most importantly, put money in the people's pockets. But here’s the best part —of the 7,340 slots available in this program, the governor said 4,825 slots will go to youths. This is a big win in a country where we’ve seen politicians “empower” youths with shoe polish (we’re coming back to this).
This fund also has an impressive history. Last year, 10 pilot communities in Damaturu and Nguru LGAs received $25,000 each (₦32.5 million)—and they made the most of it. According to the governor, these communities have already started repayments to give other communities a chance to benefit from the program.
Why is this a big deal?
For many reasons, this is a big W in our books. Let’s start with the fact that youths, who form 60% of Yobe’s population, are mostly poor and unemployed. The governor’s decision to give more slots to young people seems strategic and intentional. It won’t completely solve the state’s unemployment problem, but it’s a good start.
We’ve also developed a soft spot for the barest minimum, considering what Governor Buni’s colleagues have put us through. In 2018 for instance, the former Borno State Commissioner for Higher Education, Usman Jaha, distributed “welfare” packages containing shoe polish, oranges, and other items to youths. Jaha defended the relatively generous act by claiming he “empowered youths based on their peculiar needs.”
You’d think it doesn’t get worse than that, but in 2020, Murtala Gwarmai, Senior Special Assistant (SSA) on youth development to the state’s former Governor, Abdullahi Ganduje, also “empowered” about 40 youths with donkeys, building blocks, roofing sheets, motorcycles, bicycles and other items. He (like his colleague) claimed that was what the youths needed at that point in their lives.
Governor Buni’s empowerment program is more sustainable and well-thought-out than the insane things we’ve witnessed in the name of empowerment. It also benefits Nigerians all over the country. Since the World Food Programme (WFP) predicted that 33.1 million Nigerians would experience food insecurity in 2025, there’s no better time to invest in agriculture than now.
We hope Governor Buni sends an “I’m better than all of you” text to the Nigerian governors’ WhatsApp group. We need to see some healthy competition.
Risevest is doing gbas gbos with Nigerian authorities
Relax, nothing is happening to your $2 – at least that’s what Risevest, a financial investment platform, said.
On Friday, January 24, the Securities and Exchange Commission (SEC), Nigeria, released a statement to warn Nigerians against investing with two unregistered platforms: Risevest Cooperative Multipurpose Society Limited and Stecs Multipurpose Cooperative Society.
That must have ruined the chances of enjoying Sunday rice for Risevest’s communications department (not us dropping bars) because they released a statement a few hours after the SEC’s warning to clear things up.
According to the company, Risevest Cooperative Society is legit and registered under the Cooperative Society Laws of Lagos State, with Registration No. 17080. The statement also said that Risevest operates in partnerships with Meristem Trustees Limited (licensed by the SEC) and Chaka Technologies Limited, an SEC-approved digital sub-broker, to keep things official.
“These structures empower us to manage and invest our users’ funds in both local and global markets,” the company said. Basically, they’re saying they’ve dotted all their I’s and crossed all their T’s to stay on regulators’ good sides and protect users’ money.
In response to the SEC’s statement, Risevest said it has already reached out to the commission for clarity. But for now, it’s business as usual.
This isn’t the SEC’s first time calling out an investment platform. They pulled a similar move with Bamboo and other investment platforms four years ago. Judging by the fact that Bamboo now has over 500,000 registered users, SEC’s warning didn’t hold much water. We don’t know what’s at play here but as always, we’ll be keeping our eyes open for new developments.
This Week’s Big Question
“What's your take on a possible TikTok ban in Nigeria?”
Laura’s response - “Man! I’ll start by implementing proper waste management across the country but I’ll start with Lagos”.
You can also share your response here, and if it’s as interesting Laura’s, we’ll feature it in the next edition.
The Big Picks
Timileyin Ajayi Pleads Not Guilty To Salome Adaidu’s Murder: Timileyin Ajayi, the alleged killer of Salome Adaidu, has been brought before the High Court of Justice in Lafia, the capital of Nasarawa State.
Meranda Officially Assumes Office As Lagos Assembly Speaker: Mojisola Meranda, the Speaker of the Lagos State House of Assembly, has officially taken up her position in the Speaker’s office at the Assembly Complex.