- AfDB Portfolio in Nigeria over $6bn, Says Adesina
The President of African Development Bank (AfDB), Dr. Adewumi Adesina, has said the bank’s total active portfolio in Nigeria is over $6 billion.
Adesina said this in an interview with the News Agency of Nigeria (NAN) yesterday in Abuja.
“The bank supports Nigeria very strongly.
“When Nigeria was going through a tough economic time, we led the world actually in rallying support around for a budget support which we did at 600 million dollars to help build more resilient economy as it shows a better diversified economy.
“If you look at our total active portfolio in the country now, it is over 6 billion dollars.
“Take for example, we invested over 300 million dollars from the private sector part of the bank in Dangote industries – petro-chemical industries and the fertilizer manufacturing companies.
“We also invested over 100 million dollars in the Indorama fertilizer companies as well; they are looking at us to do more, additional 100 million dollars for them.’’
In addition, he said the bank had been supporting the recovery effort of the federal government in the North-east.
He, however, commended President Buhari for the investment made so far in rebuilding the North-east.
“I give the president kudos for all that has been achieved. We have to rebuild the infrastructure – road.
“We have Basic Livelihood Support Programme for over 250 million dollars that we have done for the North-east of Nigeria.
“On agriculture, the Board has just approved a programme called Enable Youth.
“The programme is to create a generation of young commercial farmers in Nigeria; that is about 430 million dollars we are investing in that.’’
Adesina, who won the 2017 World Food Laureate Award in Agriculture in the United States further said that the bank had been doing a lot of line credit in Nigeria for commercial banks to lend to small and medium size enterprises.
He said that the bank had been talking with the Minister of Power about how to help in the power sector in Nigeria.
“We have invested a lot in the transmission companies of Nigeria.
“We are also helping them to have an additional 200 million dollars to post bonds, to be able to raise money to modernise the transmission network in Nigeria.
“I remember during COP 22 in Morocco, I spoke to the Minister of Power, Fasola and I told him to visit Noor Ouarzazate, the largest Concentrated Solar Power (CSP) plant in the World, that was financed by the AfDB in Morroco.
“He said he was very pleased with the idea and we are supporting his ministry now with a big project, we are going to do in Jigawa a project on solar.
“We have a number of states that have approached us and we are looking at various opportunities of supporting from Ogun, we are looking into that; we are looking at Kaduna, Kano States and others.
“Nigeria is a big market for us and we are going forward in terms of our planning investment over the next three years.
“It will be over $4.1 billion that we are planning for Nigeria that will cover agriculture, infrastructure, power sector, basic livelihood in terms of water and sanitation,’’ he said.
Adesina, however, expressed optimism over the implementation of the bank projects in Nigeria, adding that there was a very stringent monitoring system to ensure implementation of set targets.
“We are quite pleased with a lot of progress I have seen on several of the projects that we have in Nigeria.
“Obviously, a lot of improvement is needed in terms of the time it takes to actually sign some of the required agreements; it takes a lot of time. “We are going to do better because the more we can do that, the more we can actually show better impact in Nigeria.
“Having talked to the authority to help us improve the time, it takes between when we approve something and when it is signed, it becomes effective in Nigeria.”
Ecobank To Pay Customers N5 For Every Dollar Received
Ecobank To Pay Customers N5 For Every Dollar Received
Ecobank has implemented the CBN scheme which offers N5 for every Dollar received into domiciliary accounts or as cash over the counter. Korede Demola-Adeniyi; Head, of Consumer Banking, Ecobank Nigeria, who announced this in Lagos stated that the decision is in line with the CBN directive and fully aligns with efforts to encourage the inflow of diaspora remittances into the country.
She noted that the “CBN Naira 4 dollar scheme” is an unprecedented incentive for senders and recipients of international money transfers.
Korede Demola-Adeniyi said that the scheme takes effect from 8th March and will run till 8th May 2021. “Ecobank will pay N5 on every Dollar so beneficiaries will not only get the foreign currency sent from their family and friends abroad, but they will also get extra Naira”, she stated.
Only recently, Ecobank had a first-of-its-kind virtual Diaspora Summit to discuss opportunities for Nigerians living abroad and the various platforms available to assist them with their investment decisions and remittance needs. The event had major players in the remittance space, diaspora audience, government officials and notable stakeholders in attendance.
Further, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan has disclosed that apart from consistent engagement with Nigerians in the diaspora, Ecobank is leveraging its digital technology to make remittances to Nigeria and Africa easy, convenient and affordable.
Mr. Akinwuntan stated that growing evidence has shown a positive relationship between diaspora remittances and economic growth.
“Ecobank will continue to pursue its mandate of helping to enhance the economic development and integration of Africa, through the 33 countries where the bank operates on the continent. Ecobank’s Rapidtransfer and mobile app (Ecobank Mobile) enable Africans, wherever they are, to easily and instantly send money to bank accounts, mobile wallets and agent locations across 33 African countries”, he stated.
Ecobank Nigeria, a member of the Pan African Banking Group is committed to supporting Africans in the diaspora by providing advisory services, remittance solutions, investment options and financial planning schemes. The bank also offers mortgages, treasury bills, capital market instruments, among others.
Peter Obaseki Retires as Chief Operating Officer of FCMB Group Plc
The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.
His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.
The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.
FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).
The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.
For more information about FCMB Group Plc, please visit www.fcmbgroup.com.
COVID-19: CBN Extends Loan Repayment by Another One Year
Central Bank Extends One-Year Moratorium by 12 Months
The Central Bank of Nigeria (CBN) has extended the repayment of its discounted interest rate on intervention facility by another one-year following the expiration of the first 12 months moratorium approved on March 1, 2020.
The apex bank stated in a circular titled ‘Re: Regulatory forbearance for the restructuring of credit facilities of other financial institutions impacted by COVID-19’ and released on Wednesday to all financial institutions.
In the circular signed by Kelvin Amugo, the Director, Financial Policy and Regulation Department, CBN, the apex bank said the role-over of the moratorium on the facilities would be considered on a case by case basis.
The circular read, “The Central Bank of Nigeria reduced the interest rates on the CBN intervention facilities from nine per cent to five per cent per annum for one year effective March 1, 2020, as part of measures to mitigate the negative impact of COVID-19 pandemic on the Nigerian economy.
“Credit facilities, availed through participating banks and OFIs, were also granted a one-year moratorium on all principal payments with effect from March 1, 2020.
“Following the expiration of the above timelines, the CBN hereby approves as follows:
“The extension by another 12 months to February 28, 2022 of the discounted interest rate for the CBN intervention facilities.
“The role-over of the moratorium on the above facilities shall be considered on a case by case basis.”
It would be recalled that the apex bank reduced the interest rate on its intervention facility from nine percent to five percent and approved a 12-month moratorium in March 2020 to ease the negative impact of COVID-19 on businesses.
To further deepen economic recovery and stimulate growth, the apex bank has extended the one year-moratorium until February 28, 2022.
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