Human rights advocate Omoyele Sowore led a demonstration Tuesday at the National Youth Service Corps (NYSC) headquarters in Abuja, calling for the urgent release of Ms. Ushie Rita Uguamaye’s (Raye) discharge certificate.
Human rights activists and legal professionals were outraged by the demonstration after claims of political victimisation and official mistreatment by NYSC member, Raye.
Speaking before the audience, Sowore maintained that the corps member had completed her national service and should have received her discharge certificate right away.
Join our WhatsApp community
The former presidential contender demanded responsibility from the NYSC, accusing it of being a vehicle for political retaliation.
A formal protest letter documenting the alleged victimisation of Ms. Ugumaye, who served with State Code Number LA/24B/8325, was submitted to the NYSC Director-General by attorneys from Inibehe Effiong Chambers during the demonstration.
The letter, dated August 11, 2025, claimed that Ms. Veronica Abela, a local government inspector, had purposefully refused to process Ms. Ugumaye’s biometric clearance in April 2025 because she had criticised the policies of the Tinubu-led administration.
“Our client duly presented herself for the said April 2025 biometric monthly clearance on the 7th day of April, 2025. However, her local government inspector, Ms Veronica Abela, in an act of deliberate and targeted victimisation, refused to screen her,” the letter stated.
The lawyers claimed that Ms. Ugumaye was not given a fair hearing prior to her service year being prolonged, and that her file was taken without justification.
“This extension of our client’s service year amounts to denial of her right to a fair hearing as enshrined in Section 36 of the Constitution of the Federal Republic of Nigeria 1999 (as amended),” the letter read.
The petition also highlighted purported threats made by the Lagos State Coordinator of the NYSC, who reportedly threatened Ms Ugumaye that she would face an extension of her service year after she opposed government policies.
Join our WhatsApp community
Principal Counsel At Inibehe Effiong Chambers, Inibehe Effiong, issued a warning that if the issue was not resolved, more action will be taken.
“Take notice that failure to comply with our demands will leave our client with no option but to immediately lodge a formal appeal with the Presidency and seek redress in court,” the letter added.
The NYSC DG was, unfortunately, unavailable to receive the protesters, as he was reportedly away on an assignment.
Watch the clip here:https://www.youtube.com/watch?v=Dpi36ur8aQA
, the fund will provide credit-risk protection to participating financial institutions, helping them lend to businesses that might otherwise struggle to meet conventional lending requirements. The model is designed to support up to $1 billion in outstanding credit capacity. The initiative will bring together lenders, business-support organisations, investors and other financing partners to create a structured route for eligible businesses to obtain commercial loans. Unlike a conventional loan programme that directly disburses money to applicants, the fund will share part of the lending risk with participating financial institutions. Banks will still assess applications, approve loans and manage repayments. ## How the $200 Million SME Fund Will Work The financing initiative targets businesses that have moved beyond the early stages of development and are ready to borrow to support further growth but face difficulties securing adequate credit. Under the proposed arrangement, eligible businesses can initially access loans in local currency equivalent to $250,000, subject to approval by participating lenders. The initiative aims to make loans of up to $1 million available when fully funded. The fund will work with venture capital firms, business accelerators and other SME ecosystem partners to identify and recommend potential borrowers. These organisations can help demonstrate a business's track record and readiness for debt financing. The fund will then apply its eligibility criteria, guarantee requirements and portfolio-risk assessments. Its assessment process will also use artificial intelligence-powered underwriting and due diligence. Participating financial institutions will retain responsibility for independently evaluating borrowers, deciding whether to approve applications, disbursing funds and monitoring repayments. According to [BusinessDay](https://businessday.ng/technology/article/cascador-sterling-target-sme-collateral-barriers-with-200m-credit-backstop/), the model is intended to reduce the collateral and guarantee burden on businesses with proven commercial traction. Cascador chief executive officer Trish Thomas said Nigerian entrepreneurs often struggle because the capital available to them does not match their business needs or stage of development. She explained that sharing risk with lenders could help more established businesses obtain the financing needed to scale and generate employment. Sterling Bank Group Executive Obinna Ukachukwu said the partnership combines additional credit protection with referrals from venture funds and studios familiar with the businesses they support. This approach, he noted, could give lenders greater confidence to offer larger loans with longer repayment periods. ## Why the Initiative Matters to Nigerian SMEs Access to affordable and appropriate financing remains a significant obstacle for businesses seeking to expand in Nigeria. Many enterprises require capital to purchase equipment, improve production, enter new markets and recruit workers, but conventional lending conditions can make borrowing difficult. Cascador's white paper, *The Multiplier Model*, highlights the wider challenge. According to the organisation, only 22 per cent of businesses in Sub-Saharan Africa have a bank loan or line of credit, compared with a global average of 36 per cent. The new fund seeks to bridge this gap by encouraging commercial lenders to finance businesses that have demonstrated demand for their products or services but cannot easily secure suitable debt. For entrepreneurs, the potential benefits include access to larger loans, longer financing periods and reduced pressure to provide extensive collateral or guarantees. However, the arrangement does not guarantee approval, and businesses will still need to satisfy the relevant eligibility requirements and lender assessments. The fund is also expected to attract contributions from philanthropic organisations, impact investors and development finance institutions to support its risk-sharing structure. ## Back Story: Sterling Bank and Cascador Expand an Existing Partnership The announcement builds on an earlier financing partnership between Sterling Bank and Cascador. In May 2025, the organisations introduced a $2 million Catalytic Fund to provide growth financing to businesses emerging from Cascador's entrepreneur development programme. As reported by [PUNCH Newspapers](https://punchng.com/cascador-sterling-bank-unveil-2m-fund-for-nigerian-smes/), the earlier initiative combined debt financing with business support, flexible repayment arrangements and reduced collateral requirements. The new $200 million fund represents a broader approach, designed to bring additional ecosystem partners into the financing process rather than rely solely on businesses connected to Cascador. Cascador said it had supported 80 ventures since 2019, with those businesses collectively raising more than $150 million in capital. For Nigeria's SME sector, the success of the expanded initiative will depend on how effectively it mobilises funding, attracts participating lenders and makes financing accessible to qualified businesses. If implemented successfully, the model could help more Nigerian enterprises secure the capital needed to grow, strengthen local industries and create sustainable employment.](https://naijaeyesblog.com/wp-content/uploads/2026/10/Sterling-Cascador-768x432.avif)
