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Left/Right: Kemela Okara, Barrister, Gray’s Inn London, LLB Middlesex, BL , the Manager, Corporate Communications, NCDMB, Esueme Dan-Kikile, Chief Supervisor, Corporate Communications, NCDMB, Obinna Ezeobi during the Capacity Building Workshop for Media Stakeholders on Monday in Lagos.
Nigerian Content Intervention Fund with Bank of Industry $300 and Working Capital & Capacity Building Fund with NEXIM Bank US$30 million has produced 65 beneficiaries.
The General Manager, Nigerian Content Intervention Fund & Treasury Management, Obinna Ofili, stated the above while speaking on the success story of NCIF at the Nigerian Content Development and Monitoring Board, NCDMB, Capacity Building Workshop for Media Stakeholders with the theme” Enhancing Media Competences to Support Nigerian Content in a Gas Economy held on Monday in Lagos.
“Disbursements so far is US$293.26m and N32.85bn. Total balance with BOI is US$31.5m and N3.11bn as at November 2022. Hence, total money creation by Loan disbursements so far amounts to about US$25m and N34bn”, he said.
Successful application closure according to him with NEXIM Bank is US$ 34% while Bank of Industry is NGN 42%.
“Successful application closures NEXIM Bank US$ 34% , Bank of Industry NGN 42%. Total applications received by BOI from 169 companies is US$868.8m and N77.6bn at end of Q3 2022. Total number of beneficiaries is 61 companies so far. Disbursements so far is US$293.3m and N32.8bn”< he noted.
Ofili
The facility according to him has maximum single digit interest rate of 8 percent per annum all-in maximum processing period of 45 working days . “100 percent Credit Risk borne by Fund Manager . No form of intrusion by NCDMB in Credit processing Development of more than 5 specialized Loan Products under the scheme”, he maintained.
“NCDMB collaborated with Development Banks with focus on development and not just Profit NEXIM Bank is focused on financing companies to break into the Service sector in Africa and become big corporates Bank of Industry is the leading DFI in Nigeria with an NPL below 5%”, he stressed.
Speaking further, he said, “NCDMB created teams with requisite skills, hunger to deliver and dedication BOI and NEXIM Bank created well-resourced Departments for Oil & Gas. Teams were duly incentivized and given adequate space and independence to work, both the Leadership and the Teams evolved suitable policies and Working templates”, he stated further.
