- Afrexim Signs $1.1bn Loans with Dangote, Elumelu’s Heirs Holdings
The African Export Import (AFREXIM) Bank, has signed a memorandum ( MOU)of understanding with both the Dangote Group of Companies and Tony Elumelu’s Heirs Holdings Foundation for a loan of 1$billion and $.1billion respectively.
The two deals, were signed at one of the sessions at the 24th Annual General Meeting of the bank holding in Kigali, Rwanda.
At the signing ceremony, AFREXIM Bank’s president, Dr. Paul Oramah, said the deal was part of the bank’s bid to expand businesses in Africa through disbursement of N9 trillion ( $25 ) billion in the next five years.
He said the bank, had set for itself target of strengthening businesses in various sectors of the economy within the region to bring a major change in the prevailing situation whereby once there was crash in commodity prices, it would send economies of most countries into recession.
He said the regional bank, which was currently focusing its core strategy on promoting intra-African trade, promoting industrialisation and export of manufactured goods as well as maintaining trade financing leadership in Africa, was already making its business supportive and promotion impact in many countries within the continent.
The AFREXIM Bank boss, commended the president of Dangote Group, Alhaji Aliko Dangote for his business efforts describing him as pride of Africa.
Listing Dangote group among the African business Champions, the continent could boast of Oromah, stated, “A number of African champions have emerged creating manufacturing capacities and fostering the emergence of regional and continental supply chains. For instance:
“The Dangote Group has cement plants in about 14 African countries and is now the largest supplier of cement in Africa. The Group will by 2018 open one of the largest refineries in the world. The refinery, with capacity of about 650,000 bpd, can supply the total refining requirements of West Africa.”
Speaking, Dangote thanked the bank for the loan saying it would be judiciously utilised in expansion of the group’s investment. He said the group had investments in 14 African countries adding that its main business in those countries was cement.
He said in its effort to expand its business frontiers, the group had to contend with competition, some of which comes from top government officials of the host countries.
He said the group, had relied on legal appeals to surmount such problem.
The group, according to him, surmounts problem of high production cost in most of the African countries by generating its own power directly from the national grid.
He said even in the midst of the resistance, the group, paid its taxes to these countries and creates employment for their citizens.
He regretted the existing border challenges in the region adding that 30 per cent of business cost was from border challenges.
He called for ease in intra-Afrcan businesses as was the case in Asia and Europe.
He encouraged young investors in the country to believe in their abilities, adding that this was the beginning of their success.
Speaking, founder of Heirs Holding Foundation, Tony Elumelu, expressed delight in the bank’s effort to strengthen businesses in the region.
He said the foundation would utilise the Loan to advance its vision of growing and empowering young entrepreneurs.
He advised political and economy leaders in the region to make their economic environment more predictable.
Elumelu, who gave the advice while sharing his business experience at one of the sessions at the meeting also challenged private sector business operators to transform African countries into investment destination by encouraging young school leavers who had penchant for entrepreneurship to set up their own businesses.
He observed that 99 per cent of young Africans who had flair for entrepreneurship were out of job due to lack of support.
He said his business experiences, point to the fact that Africans could expand on their existing level of investment by creating right environment, learning to save and invest in the continent, save and allow their money work in the continent instead of taking them abroad, invest for immediate profit and save for the future as well as invest in the youths who were the future leaders by empowering them financially and otherwise.
He cited example with his experience in the Heirs Holding Foundation saying just last year about 90,000-would-be young entrepreneurs, submitted applications for aid from the foundation but only 1000 were taken while the rest were thrown out.
He challenged private sector investors to pick some out of these and empower and develop them for establishment.
Sterling Homes Plans To Reduce Housing Deficit
Sterling Homes Limited has said it is committed to working with the government through private public partnership to reduce housing deficit in all the geo-political zones in the country.
The Managing Director, Mr Kunle Adeyemi, said this during an event on the company’s rebranding organised as part of its 10th year anniversary in Lagos on Friday.
During the event, the company while expressing commitment to excellence and customer satisfaction, unveiled its new logo with colours to define its mission and objections.
“We want to be present in all the six geo-political zones on Nigeria by providing affordable luxury homes, excellent torch. So for us, there is a need for us to rebrand and have a new direction and vision.
“We want to partner with the government on the present housing deficit; we want to embrace a public, private partnership with the government to reduce the deficit in every geo-political zone.”
The managing director said that one of its unique selling points was its after sales services which was top notch.
He said it ensured that its customers were taken through the journey of actualising their dreams of becoming home owners.
While noting that everyone deserved to have a comfortable home despite the economic situation, he said it had designed a structure payment plan with zero interest in some cases to help intending home owners.
He said it also had provisions for high breed options and developing areas to accommodate various income levels.
Before the end of the year, he said, Sterling Homes would be establishing new presence and projects in other regions.
Mutual Benefits Drives Financial Inclusion
Mutual Benefits Assurance Plc says it is committed to deepening financial inclusion and creating easy accessibility for insurance in the country.
A statement from the firm on Friday said it expressed this commitment when it inaugurated its South-West region franchise operations in Ibadan, Oyo State.
The Managing Director, Mr Femi Asenuga, said this was part of its efforts to develop the insurance business and create values.
He said, “The role we all have to play is to be ambassadors of Mutual Benefits.
“A franchise is a well-known word and the way Mutual Benefits practices franchise is in our normal style of creating and adding value; we never rest.”
Asenuga said that the firm was working with stakeholders to increase awareness and take its message to the grassroots.
In developed economies, he said, insurance firms owned banks. He regretted that this was not the situation in Nigeria.
He said the firm would provide stakeholders with the platform and support to make them excel as a member.
The Managing Director, Mutual Benefits Life Assurance Limited, Mr Ademola Ifagbayi, appreciated the stakeholders and urged them to take advantage of the franchise.
The Group Managing Director, Odua Group, Mr Adewale Raji, in his address, advised stakeholders to be committed and showcase good character and integrity.
He said, “The Odua investment is owned by the six South-West governments and it is in our interest when economic, businesses and investment spreads across the South-West states.
“This is an opportunity for us to strengthen insurance penetration within the South-West states.”
CAC Sets Three-Hour Circle For Company Registration
The Corporate Affairs Commission on Sunday stated that following the successful deployment of an end-to-end registration module, it was now prioritising the reduction of the registration circle for new companies to just three hours before the end of year 2021.
Registrar-General of the commission, Garba Ababukar, gave the indication at a dinner in honour of the Chairman, Governing Board, CAC and Nigerian Ambassador Designate to the Kingdom of Spain, Ademola Seriki.
The commission disclosed this in series of tweets posted via its Twitter handle on Sunday.
“To achieve the target, the registrar-general said the commission was making arrangements to empower over 400 approving officers with working tools to process and approve registration applications either from home or anywhere necessary,” the agency stated.
Abubakar noted that the challenges of COVID-19 pandemic had adversely hampered CAC’s delivery timeline.
He, however, said the CAC was resolutely committed to serving its customers despite being forced to operate with less than 50 per cent of its workforce.
While bidding farewell to Seriki, the registrar-general said he received the news of his appointment with mix feelings as CAC was going to miss his tremendous support and guidance.
The Minister of Industry, Trade and Investment, Niyi Adebayo, described the outgoing CAC Chairman as a man of immense pedigree and endowed with enormous potential to justify the confidence reposed in him by the president.
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