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Ecobank targets MSMEs with N50 billion credit facility

By
Simon Ugwu
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The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has said the bank’s newly sourced N50 billion credit will be deployed to support Micro, Small and medium scale enterprises, MSMEs, and small corporates in the country. He pointed out that the bank recognizes MSMEs as the drivers of post COVID-19 economic recovery for Nigeria, stressing that additional funding support from the bank would further generate and bolster activities in the sector thereby driving the much-needed growth in the country, provide jobs and support wealth creation.

According to Mr. Akinwuntan, “The proceeds of the financing will support MSMEs in the country and is particularly useful for this segment where access to bank loans is considered as the biggest impediment to growth. As MSMEs currently account for about half of the country’s gross domestic product and circa 96 per cent of the total number of businesses, this support will definitely make a positive impact.”

He said, “as an MSME friendly bank, we have been helping them with capacity building; providing simple and easy access to loans in various sectors including manufacturing, agriculture, creative industry, healthcare, general commerce and services. Our robust digital platforms help facilitate transaction convenience for our clients particularly during this Covid pandemic and helped with the ease of doing business. Our award winning Omnilite digital banking platform helps businesses with a wide array of payment services electronically, while our POS machines and Ecobankpay solutions are widely deployed to assist with collections.”

Speaking in the the same  vein, the Executive Director, Commercial Banking,  Carol Oyedeji affirmed that Ecobank Nigeria has been in the forefront in supporting small businesses.

She said, “the bank has entered strategic partnerships with various development institutions to support both funding and risk sharing for MSME lending across various sectors of the economy. Small business owners can therefore avail themselves of this opportunity presented to grow and further expand. ”

Ecobank was recently named among the top 3 banks for SMEs in the Customer Experience Satisfaction survey conducted by a leading audit and professional services company, KPMG Nigeria. Prior to this the bank was given the BusinessDay award for Best Agric Bank in Nigeria.

The N50bn raised was a bilateral funding and provides stable medium-term liquidity to the balance sheet of Ecobank Nigeria. It has positively improved its balance sheet ratios, especially the capital adequacy ratio and is for a tenor of 10 years.

Flour Mills floats bond on FMDQ Exchange

By
Simon Ugwu
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0

 

 

Coming shortly on the heels of the recent Commercial Paper (“CP”) Issuances by Total Nigeria PLC, Valency Agro Nig. Ltd. and Mixta Real Estate PLC, FMDQ Securities Exchange Limited (“FMDQ Exchange” or “the Exchange”), following the due diligence of its Board Listings and Markets Committee has approved the Listing of the Flour Mills of Nigeria PLC (“FMN” or “Flour Mills”) ₦4.89 billion Series 4 Tranche A and ₦25.00 billion Series 4 Tranche B Fixed Rate Bonds under its ₦70.00 billion Bond Issuance Programme on its platform.

The Nigerian economic landscape and business environment has continued to witness disruptions as occasioned by the COVID-19 pandemic with attendant concerns of a prevailing second wave despite global vaccination efforts and restrictive guidelines put in place by governments and advisory bodies. The situation has seen corporates across multiple sectors re-evaluate their financing strategies going into the new year by tapping the debt capital markets as a viable avenue to efficiently raise capital in order to meet their business expansion/working capital needs. The critical role which debt markets play in facilitating sustainable growth and development cannot be overemphasized. The Nigeria debt capital market (DCM) plays an important role in the efficient mobilisation and allocation of resources in the economy and despite the impact of the current times, the market has continued to effectively support corporates looking to expand their business operations. It is in this regard that FMDQ Holdings PLC (“FMDQ Group” or “FMDQ”) in its capacity as a leading market organiser of the Nigerian DCM, amongst others, has continued to provide stakeholders in the Nigerian capital market with a credible and robust platform for capital access, risk management and transfer of value.

As major effects of the pandemic, Nigeria has witnessed rapid inflation characterised by dwindling food security and reduced labour market participation. Flour Mills is strategically positioned to produce and supply products of superior quality and value to the market, thereby, enriching the lives of consumers, customers, communities, employees, and all stakeholders. According to the Group Managing Director/Chief Executive Officer, Flour Mills of Nigeria Plc,  Omoboyede Olusanya, “Flour Mills of Nigeria Plc is delighted to have successfully concluded the issuance of ₦29.89 billion Series 4 (Tranche A & B) bonds under the ₦70.00 billion bond issuance programme. The Bond, which coincided with our 60th anniversary celebration was strongly supported by the institutional investor community and corroborates our strategic objective of sustaining our market leadership position whilst backwardly integrating to increase the use of locally sourced materials to develop and produce unique consumer products in alignment with our mission of “Feeding the Nation, Everyday”. The proceeds of both bonds have been used entirely to refinance our existing commercial paper notes also successfully issued during the pandemic.” Also commenting on the listing,  the Ag Managing Director, FCMB Capital Markets Limited, Abimbola Kasin, stated “FCMB Capital Markets appreciates the opportunity given to us by the Board and Management of Flour Mills of Nigeria to act as the Lead Issuing House on its ₦29.89 billion Series 4 Bond Issuance, being the final and largest Series under the ₦70 billion Bond Issuance Programme registered in 2018.​ The success of this transaction speaks to Flour Mills’ impressive operational and financial performance, and an affirmation of this strength by investors in the bond who subscribed overwhelmingly during a low interest rate environment. Following this success, we expect Flour Mills and our other clients to continue to explore opportunities to raise funds from the Nigerian debt capital markets to diversify their funding sources.”

As the economic impact of COVID-19 continues to crystallise and business organisations strive to rise above the ‘murky waters’, FMDQ Group remains steadfast in contributing towards the emergence of a resilient financial market in Nigeria. As with previous bonds issued under the programme and with all other securities listed, quoted, and traded on the FMDQ Exchange platform, the Flour Mills bonds shall be availed total market visibility through FMDQ Exchange’s website and systems; transparency through their inclusion in the FMDQ Daily Quotations List; governance and continuous information disclosure to protect investor interest; amongst other benefits derived from the preferred admission to FMDQ Exchange.

CBN advises against second lockdown, retains MPR at 11.5 percent

By
Simon Ugwu
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0

 

 

The Central Bank of Nigeria, CBN, on Tuesday advised the Federal Government against the second lockdown.

The CBN position is coming after the Presidential Task Force on COVID-19 extended the eased lockdown in the country on Monday, January 25.

The CBN Governor, Godwin Emefiele  made this known while addressing newsmen after the first MPC meeting in 2021 in Abuja.

Emefiele said the CBN would collaborate on policy implementation with the fiscal authorities to revamp the economy, adding that the bank has secured approval from President Muhammadu Buhari to restructure the Nigeria Commodity Exchange.

According to him, CBN can no longer sit back and watch unscrupulous commodity merchants hoard commodities and force the prices of commodities to be high.

The CBN boss stated the Apex Bank  owns 60 percent of the Nigeria Commodity Exchange, which Emefiele said will take charge of running the exchange to international standard

He further said that the MPC unanimously agreed to retain the current monetary policy stance by leaving Monetary Policy Rate, MPR, at 11.5 percent and retain the Cash Reserves Ratio at 27.5 per cent.

Also retained are the Liquidity Ratio which was left at 30 per cent; and the Asymmetric corridor which was left at +100 and -700 basis points around the MPR.

Peter Obi intervenes in AMCON, Enugu School dispute

By
Simon Ugwu
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The Vice Presidential candidate of the People’s Democratic Party, PDP, in the 2019 general elections, Peter Obi, has called on concerned authorities to see to the amicable resolution of the alleged invasion of Providence High School, Enugu, by the Assets Management Corporation of Nigeria, AMCON, on account of debt.

“I feel for the innocent students affected by this development,” Obi said.

He advised that all disruptions of activities of educational institutions by anybody or organisation in the country should be shelved to avoid further setbacks on Nigeria’s education system.

He made this known in a message to mark the International Day of Education celebrated on January 24. He reiterated his stand that education remains a major contributor to national development which if aggressively invested in by the government would usher the nation into high level development.

Obi lamented that poor funding has continued to tell negatively on the education sector.

“Highly advanced nations like Norway, New Zealand, the United Kingdom and the United States spend 6.4%, 6.3%, 6.2% and 6.1% of their Gross Domestic Product on education respectively. For seven years counting, China’s government budgetary spending on education remained above 4 percent of gross domestic product, GDP, And we can see how these nations have continued to enjoy more developments.

“Sadly, our education investment to GDP in Nigeria have continued to fall below expectations. This has resulted in Nigeria having an army or over 15 million out-of-school children. The few available educational facilities are in very bad shapes with very unfavourable learning environments. How do we then expect our youths to compete with other nations on a global platform?” Obi asked.

Recalling his days as the Governor of Anambra State, Obi said he met an education sector that was almost on life support. But with the massive educational investment embarked on by his administration, education began to flourish in the state.

“Part of the motivations that got me into contesting for the Anambra Governorship seat was the rot in the education system in Anambra State. Before I became the governor, the State dangled between 23 and 24th positions in WAEC examinations. Under my administration, education was prioritised and aggressively funded. Before I left office, Anambra State was taking 1st position in WAEC examinations. This is to exemplify what adequate funding can do to education,” the former Governor asserted.

He called on the Federal Government to see education as the right of every Nigerian child and put measures in place to enable them to have access to at least basic education.

“I urge the government to drastically cut their cost of governance and channel more funds into educational investment. The wastage and flamboyance seen in different public offices should be done away with, so we can invest our resources into more productive ventures like education. Government is encouraged to increase the budgetary allocations for education so as to make a more meaningful impact in that sector, which remains key to national development,” Obi stated.

Fire guts 70 shops in Lagos Market

By
Simon Ugwu
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0

 

The Director-General Lagos State Emergency Management Agency, LASEMA, Olufemi Oke-Osanyintolu, has said that 70 lockup shops have been destroyed by fire in Alade Market in Somolu adding that goods worth millions of Naira were also destroyed by the inferno.

However, an eye witness,Tajudeen Aremu, who was sweeping the market, at the time of the incident, said the fire started few minutes to 1:a.m adding that he saw the fire coming out from one particular shop and within few minutes it extended to many other shops.

But, according to LASEMA, the agency received distress calls on Tuesday at 1.05 a.m. concerning the fire outbreak in Alade Market.

“We commenced fire suppression activities immediately we arrived at Somolu market and investigation revealed that the fire was likely from a voltage surge when power supply was restored.

“LASEMA fire fighters with the Lagos State and Federal Fire Services worked tirelessly to put out the inferno,” he said.

He also urged members of the public to ensure that their appliances were switched off when not in use in order to prevent fire outbreak, pointing out that the extent of goods destroyed by the fire was still being ascertained.

 

NDIC screening at the National Assembly

By
Simon Ugwu
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0

 

 

 

L– R : Special Assistant to the President on National Assembly Matters,  Babajide Omoworare; NDIC MD/CE Nominee, Hassan Bello; and ED, OPs, Nominee, Mohammed Mustapha Ibrahim appearing before the Senate Committee on Banking, Insurance and other Financial Institutions for screening.

 

NPA moves to address Port Congestion with Electronic call-up system

By
Simon Ugwu
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0

 

The Nigerian Ports Authority, NPA, has begun the electronic truck call-up system designed for the management of truck movement and access to and from the Lagos Ports Complex and the Tin Can Island Ports, Apapa, Lagos, as part of measures targeted at tackling the crippling traffic congestion in Apapa.

Under the scheme, all trucks doing business at the ports in Lagos would be required to park at the approved truck parks until they are called up into the port through a new app called “Eto, ” according to a statement by the authority.

Assistant General Manager Corporate and Strategic Communications of NPA, Ibrahim Nasiru, in the statement in Lagos, said, “The Eto application will be responsible for the scheduling, entry and exit of all trucks into the ports with effect from 27th February 2021.

“Therefore, all transporters, trucks owners and truck drivers will be required to download the Eto App from Google play store or sign up at http://eto.ttp.com.ng before the commencement date to enable them register accordingly.”

According to him, in addition to the app, empty containers can only be returned to the ports through the approved holding bays of shipping companies using the Eto platform.

“It is the responsibility of the shipping company to move empty containers from their holding bay to the port. All cargo owners have to do is drop their empty containers at the holding bay of the shipping company. The shipping company will then make the necessary bookings on the Eto platform to return empty containers to the port.

“The management of the NPA solicits the cooperation of transporters, truck drivers, cargo owners, clearing agents shipping companies and all port users in the implementation of the project, which will bring order and sanity to the ports access roads.

“Non-compliance to the use of Eto and its guidelines will result in denial of access into the ports, impounding of trucks and withdrawal of registration/operating license,” Nasiru added.

AMCON takes over Inducon Nig Ltd over N1.3bn debt

By
Simon Ugwu
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0

 

Asset Management Corporation of Nigeria said it has taken over an asset belonging to the Chief Promoter of Inducon Nigeria Limited, John Abebe, over N1.3bn debt.

In a statement on Sunday from the Head, Corporate Communications Department, AMCON, Jude Nwauzor, titled ‘N1.3bn debt: AMCON takes over assets of Inducon Nigeria Limited’ it said this followed the order of Honourable Justice Aikawa of the Federal High Court, Lagos.

“In compliance with the enforcement order, AMCON at the weekend took effective possession of the property situate at Plot12, Block 108, Lekki Peninsula Residential Scheme, Lagos, through its debt recovery agent – Ogunsola Shonibare L.P.“

The court also ordered that the bank accounts of the company and its directors, John Abebe, Olawole Fatimilehin and Ademola Buraimoh, be frozen pending the final determination of the suit.”

AMCON stated that the case of Inducon Nigeria Limited and its promoters had been interminable shortly after the loan was purchased by AMCON during the first phase of Eligible Bank Asset purchases from the defunct FinBank (now FCMB) since 2011.

Since the purchase, AMCON said it had offered the obligor several concessions and explored all avenues to resolve the debt harmoniously, but the obligor and his company had remained recalcitrant and unenthusiastic to repay the huge debt to AMCON.

They had consistently reneged on several promises they made in the past during negotiations, it stated.

It said that this prompted the debt recovery agency to evoke the corporation’s asset tracing powers granted it under the AMCON (Amendment No. 2) Act, 2019. Punch

 

Fidelity Bank to empower entrepreneurs

By
Simon Ugwu
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0

 

 

Fidelity Bank Plc, has finished plans to organise a National Capacity Building Webinar For Small Medium Enterprises, SMEs,  in the country. The programme is part of deliberate efforts to assist entrepreneurs across all sectors of the Nigerian economy develop requisite capacity to unlock their full potentials and take their businesses to the next level of growth.

Targeted specifically at existing businesses operating in critical sectors of the economy including trade and commerce, manufacturing, hospitability, education, entertainment, transportation and agriculture, these virtual sessions will take place across the country on a state-by-state basis, with the maiden edition slated for Enugu State on January 27, 2021 by 10am.

The Enugu event is organised in collaboration with the Enugu State Ministry of Trade and Commerce and the Enugu SME Centre; Small and Medium Enterprises Development Agency of Nigeria, SMEDAN; Nigeria Association of Small & Medium Enterprises, NASME, and Enugu Chamber of Commerce, Industry, Mines and Agriculture, ECCIMA.

Themed “Funding and Financial Management”, the Enugu Edition will have in attendance special guests including  Monica Ugwuanyi, First Lady, Enugu State, Robert O. Anwatu, Managing Director/Chief Executive Officer, Roban Stores, and Chiedozie Atuegwu, Director, Michelle Laboratories Limited.

Other discussants billed to the participate in the webinar are subject matter experts with respect to funding and financial management for SMEs as well  as model entrepreneurs who will share their success stories with participants.

As a financial brand unswerving in its quest to develop the Nigerian economy, the SME Webinar seeks to help the participating MSMEs grow their businesses by educating them on the best measures to take in managing their finances, improving their sales, and developing their business in general.

Speaking on the event, Fidelity CEO, Nneka Onyeali-Ikpe said, “The programme underscores our long-running support for the growth of small businesses which stems from our recognition of MSMEs as critical agents of economic development and transformation in Nigeria and the world at large.

According to Onyeali-Ikpe, the session aims at providing practical information, skills, and resources to help entrepreneurs become better managers of their businesses. The Bank has embarked on virtual SME-based events, to adhere to the social distancing guideline essential to promoting the safety of every participant in view of the COVID-19 pandemic.

Nigerian Petroleum Ministry gives new date for NIPS 2021

By
Simon Ugwu
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0

 

 

The Minister of State for Petroleum Resources, Timipre Sylva has announced new dates for the 2021 Nigerian International Petroleum Summit,  NIPS. The official Oil and Gas meeting of the Federal Republic of Nigeria which will now take place in Abuja from June 6th to 10th, 2021.

“We have had to re-consider the dates in light of the current global pandemic”, Sylva said in a special video broadcast on some television stations and which was also shared the Petroleum Ministry’s official social media handles.

The theme of the summit, “From crisis to opportunities: New approaches to the future of hydrocarbons” aims at charting the way forward for Africa’s oil and gas industry in the post-Covid-19 pandemic era.

The Minister of State for Petroleum Resources said, “while it has been a challenging year for the oil and gas industry due to the impact of the COVID-19 pandemic, the crisis also provides us with the opportunity to re-define our industry for transformative moments.”

The COVID-19 pandemic has indeed engulfed the global economy especially the oil and gas industry. The global level travel bans along with grounding of international flights led to heavy reduction in consumption of aviation fuel across the globe. Partial and complete lockdown strategy which was used to deal with the pandemic further curtailed industrial and commercial activities thereby reducing consumption of fuel further and pushing the oil prices down to $23.36 at a point.

“Let us all, therefore, come together under the platform of NIPS 2021 in our quest to return to the attractive industry performance that lifted the entire economy over the years,” Sylva added.

James Shindi, Managing Director, Brevity Anderson, event producers of NIPS said,  “economies are going through challenging times and one of the sectors that has witnessed significant challenges is the oil sector, globally and in Africa.”

Shindi posited that the evolving economic situation and challenges could provide an opportunity for African oil producing countries to explore how economies can be diversified away from reliance on oil; maximize the local value-added of the oil; increase cross-border trade and investment between African countries and engender creativity through expanding deployment of renewables in the power sector.

The scope of NIPS 2021 has been expanded to incorporate the latest industry trends and topical issues that are at the forefront of every energy leader’s agenda. It has also become the platform for industry players for the public and private sectors to interact, transact and develop agenda for government and support Nigeria’s role in galvanising other global players in addressing challenges in the industry.

With the full backing of the Federal Government of Nigeria, NIPS has over the past three editions, witnessed the highest level of attendance by top decision makers, industry leaders and all stakeholders from both the public and private sectors.

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