Fidelity bank banner UBA banner
Finance Ministry clarifies suspension of YouWin programme

By News Express on 01/04/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 854


The Federal Ministry of Finance has given reasons for the suspension of disbursement of cash under the YouWin 3 programme.

The ministry in a statement issued on Friday in Abuja by its Director (Information), Salisu Na’Inna Dambatta pointed out irregularities observed in the selection process of beneficiaries as revealed by a whistleblower.

It recalled that the current administration inherited YouWin as an ongoing programme, which had made legally binding commitments of grants to 1,500 entrepreneurs.

“The administration decided that those commitments should be honoured. It was in that regard that a batch of awardees under YouWin 3 was submitted to the Minister of Finance, Mrs. Kemi Adeosun, for cash disbursement totalling N611, 821, 910 million.”

Danbatta also disclosed that allegations were received from an anonymous whistleblower, which provided documentary evidence of irregularities in 10 cases out of the batch. The Minister was said to have directed that an internal investigation be conducted to determine the veracity of the alleged fraud and report the findings to her for necessary action.

“The substance of the allegations was that an awardee was the child of a former Director in the Ministry and there were a number of cases where married couples each benefitted.  This raised concerns about the integrity of the original selection process, which took place in 2014.

“The position of the Ministry is that investigations are ongoing under the Presidential Initiative on Continues Audit (PICA) who will review each suspected case to determine whether any irregularity occurred.  In the interim, disbursements of this batch have been suspended.

It is on record that the original YouWin programme midwife 3, 900 enterprises within four years, and was just one of the multiple intervention programmes to create jobs at the time.

“This administration initiated a review of the YouWin programme with a view to ensuring sustainability.  That review acknowledged the success of the original YouWin programme but also found among other limitations, that awardees were overly focused on the grant aspect of the programme and few had been able to secure other forms of funding to grow their businesses despite each receiving up to N10 million in grants.  In that regard, the Ministry redesigned the programme and re-launched it as YouWinConnect to focus more on continuous enterprise education which will build the capacity of young entrepreneurs across range of disciplines.

“By so doing, YouWinConnect expects to develop entrepreneurs who can attract funding from wide range of sources currently available and take advantage of new funding sources.  The funding element of YouWinConnect will now take the form of a Venture Fund which will take equity stakes in new and growing businesses.
x

Source News Express

Posted 01/04/2017 1:37:03 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Printing and logistics sectors record huge gains from...

Ogun Community Health Insurance Scheme targets 3.5 million...

Breaking News: Military, Boko Haram in fierce battle...

Fuel Subsidy: FG to pay 23 marketers N94...

Insulted by ungodliness? Then be ready to make...

Pandemonium in London court as Adebolajo and Adebowale...

Proshare and NASD Plc form strategic partnership to...

Brazil 2014 World Cup: KESHI’S BROTHER OPENS CAN...

Faulty aircraft: NCAA demands incident report from Aero...

Treasures of creative industry in Nigeria yet to...

APC accuses NJC of jungle justice, demands reversal...

Nigerian professionals unfold plans to create one million...

 

Latest News Missing DELSU student found dead with tongue, breasts severed Fayose’s trial: We moved N1.2bn cash in three planes —Witness APC fortunes bleak unless Oshiomhole resigns, South-South aggrieved aspirants insist Kwara people planning Saraki’s retirement from politics — Oshiomhole David Mark’s daughter dumps PDP for APGA As President, I’ll make difficult decisions to fix Nigeria: Atiku APC threatens to expel Okorocha’s son-in-law, Abe, Shittu, others Minister expresses worry over 2.5m malnourished children in Nigeria APC appoints Peace and Reconciliation Committees Air Force hits Boko Haram workshop, staging post Chicago hospital shooting leaves 4 dead, including police officer and gunman Three arrested in Australia after 'ISIS-inspired' terror plot foiled

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (422,570 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (390,697 views) Shameless Genevieve Nnaji exposes breasts in public (323,774 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (272,361 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (244,744 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (227,770 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (209,534 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (191,089 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (176,408 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (168,866 views) Lagos plane crash: Journalist releases victims’ names (165,440 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (152,276 views)

 

Zenith Zero Balance First Bank chat banking

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (74) Business & Economy (3,801) Business Verdict (54) Columnists (964) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (568) Features (670) Global Business Monitor (311) International (2,706) Interview (167) Live Commentary (28) Love Matters (146) Maggie's Blog (38) News (40,683) Opinion (1,145) Pidgin (13) Politics (7,804) Religion (903) Sports (1,780) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera