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FCMB Disburses N3.6bn CBN Support Fund to MSMEs

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  • FCMB Disburses N3.6bn CBN Support Fund to MSMEs

First City Monument Bank Limited has given out over N3.6bn to small businesses and women entrepreneurs from the Central Bank of Nigeria’s N220bn support for Micro, Small and Medium Enterprises.

The bank, which is the flagship of FCMB Group Plc, in a statement on Tuesday, said it had been on the lead among other banks as far as the MSME financing was concerned.

To this end, the bank was said to have been recently named as the Best African Small and Medium Enterprises Development Bank of the Year by the African Association of Small and Medium Enterprises.

The pronouncement was made at the second edition of African International Small and Medium Enterprises Economic Summit and Award 2016, which was held in Aba, Abia State.

The AASME is a coalition of micro, small, medium businesses, associations, operators, owners and individual manufacturers within Nigeria, extended into other African countries but headquartered in Aba, otherwise referred to as ‘the China of Africa’.

Some of the members are entrepreneurship and skill development cooperatives, palm kernel producers, import and export groups, garment, textile manufacturers, dealers, investment and development cooperatives as well as leather and allied products cooperatives, among others.

Commenting on the development, the President-General of the AASME, Darlington Onuoha-Kalu, said FCMB’s pedigree and volume of support for the SMEs over the years was commendable.

“Its speed and positive response in various partnerships leading to the establishment, growth and development of small and medium-scale businesses is commendable. The bank is helping to solve the problem of unemployment, leading to skills acquisition and, in turn, the nation’s economic development,” Onuoha-Kalu said.

The bank had single-handedly funded the Aba Mega Mall, which is the world’s first mall with a dry-port and the first of purpose-built smart mall in Africa.

Acknowledging the award on behalf of the Regional Director, FCMB in the South-East and South-South, Mr. Okey Ezeala, the Vice-President and Zonal Head, Owerri Zone, Mr. Okey Ogelle, commended the organisers and the governing council of the AASME for their commitment, desire and the level of organisation towards realising their main objective of truly transforming and growing small businesses into mega firms.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes

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Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes

Nigerian industrialist, Aliko Dangote, is Africa’s richest person for the tenth year in a row.

In the Forbes Africa latest billionaires list, Dangote’s total net worth stood at $12.1 billion, a $2 billion increment when compared to last year. Thanks to the 30 percent increase in the price of Dangote Cement share.

Nassef Sawiris of Egypt followed Dangote with $8.5 billion net worth with the majority of his investments coming from construction and other investments.

In third place was Nicky Oppenheimer of South Africa with an $8 billion total net worth.

Mike Adenuga and Abdulsamad Rabio, the two Nigerians, came fifth and sixth with $6.3 billion and $5.5 billion net worth, respectively.Forbes Africa's billionaires list

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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.

In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).

Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.

“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.

“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.

The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.

It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.

The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.

A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.

In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.

“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.

Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.

“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.

“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”

Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.

Also, read Transcorp Plc Acquires FGN’s 100% Equity in Afam Power for N105 Billion

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