- Fitch Affirms UBA’s Stable Outlook
Fitch Ratings, one of the foremost global credit rating agencies has affirmed the long term issuer default rating of the United Bank for Africa (UBA) at “B”, with a stable outlook.
According to Fitch, the rating of UBA was driven by the standalone creditworthiness of the bank, as defined by its viability rating, which is constrained by Nigeria’s operating environment.
In its latest report, Fitch highlighted UBA’s systemic importance, its well established franchise and internationalisation across 19 African countries, all of which reinforce the rating strength of the Bank.
Furthermore, Fitch viewed UBA’s earnings and profitability positively, especially as it’s reported impaired loans/gross loans ratio (i.e non-performing loan ratio) remained relatively low at around four per cent.
Fitch noted: “Corporate lending dominates the loan book, but much of it is collateralised. UBA’s exposure to the oil & gas sector represents 20 per cent of total loans, lower than the 30 per cent sector average.”
This, it stated was a reflection of the diversified structure of UBA’s credit portfolio and an apparent evidence of the sound risk management of the Bank.
In addition, Fitch noted the improved foreign currency liquidity of UBA, following the successful issuance of a $500 million Eurobond in 2017 and also affirmed the strength of the bank’s local currency funding profile.
According to the rating agency, UBA’s retail deposit is higher than the average of peers and local currency liquidity ratios are high.
“We reckoned UBA maintained a liquidity ratio of 40% through the first nine months of 2017, a notable buffer over the regulatory requirement of 30%, despite the stressed liquidity in the Nigerian banking system within the period.”
As regards capitalisation, Fitch anticipated the bank’s capital ratios to be in line with other large Nigerian banks, noting that the National Ratings of UBA Plc reflects its creditworthiness relative to Nigeria’s best credit and to peers operating in Nigeria.
How to Access Survivalfund Through Official Registration Portal
Here is a Detail Break Down of How You Can Access MSMEs Survival Fund
You can now start registering for the National Micro, Small and Medium Enterprises (MSMEs) Survival Fund instituted by the Federal Government to help small businesses and individuals impacted by COVID-19.
To access survival fund registration portal log on to https://survivalfund.ng
According to Laolu Akande, the Senior Special Assistant on Media and Publicity to the President (Office of the Vice President), “Next week, we are starting the survival fund, which is a part of this plan. From next week, it will be available and people who are potential beneficiaries will be able to get more information on https://survivalfund.ng.”
He said from next week, “the website https://survivalfund.ng will be open for Nigerians who have MSMEs or who are artisans, plumbers, electricians, transport workers, private school teachers or who belong to different categories under the survival fund.”
About 45 percent of beneficiaries of the program are expected to be female-owned businesses while 5 percent is allocated to persons with special needs.
The survival fund includes payroll support for three months, and a guaranteed offtake scheme among others, all under the National Economic Sustainability Plan (NESP).
The Federal Government plans to reach around 1.7 million individuals and businesses through the program.
How to Benefit from MSMEs Survival Fund.
To benefit from National MSMEs Survival Fund, your business must:
—Business owner must have a BVN
—Staff strength of not less than 10 for Payroll Support and 3 for GoS.
Eligibility for the survival fund Nigeria
To qualify for Survival Fund Nigeria, applicants must meet the following requirements:
- For employers of MSMEs
- All the beneficiaries companies must be registered under the Corporate Affairs Commission (CAC).
- Must have staff capacity of not less than 3 persons,
- All the eligible enterprises must be owned by a Nigerian and located in Nigeria.
- Must have BVN.
- Self-Employed Individuals in the following categories
- Service Providers in the transportation sector, i.e bus drivers, taxi drivers, ride share drivers (Uber, Bolt. etc) and Mechanics.
- Artisans: Electricians, Plumbers, etc.
Application portal opening date
The portal will open on Monday, 21st September 2020
The MSME Survival Fund registration portal is survivalfund.ng. Registration for the National MSMEs Survival Fund will begin on Monday, 21st September 2020.
MSME Survival Fund Registration Portal & Information.
Under the National Survival Fund is a Payroll Support Scheme, vulnerable registered businesses will be supported in meeting their payroll obligations of between N30,000 to N50,000 per employee to safeguard the jobs of a maximum of 10 employees over a 3-month period.
In addition to registered businesses, the National MSMEs Survival Fund will also cater to a second category of Nigerians: the Self-employed, including:
- Service providers in the transportation sector, i.e. Bus/Taxi drivers, Rideshare drivers, Auto-Mechanics
- Artisans (Electricians Plumbers etc).
Dangote Cement to Invest N4bn in Projects in Ogun State
Dangote Cement Commits Over N4bn to Projects in Ogun State
Dangote Cement Plc has said it will be spending over N4 billion on various projects in 14 host communities in Yewa, Ogun State.
The company disclosed this on Sunday in a statement signed by Mr Francis Awowole-Browne, the Media and Community Relations Manager of Dangote Industries Limited.
“Since the inception of Dangote Cement in Ibese, in the last eight years of creation in Ogun, we have focused on construction and repairs of roads, the building of blocks of classrooms, construction and repairs of healthcare facilities.
“We have also provided boreholes, some electricity transformers, among others,” he said.
The company listed the projects as the creation of 40 classrooms, three health centres, 22 boreholes and provision of three transformers totalling N4.1 billion.
“Education is power, skill is power, and Dangote cement places a premium on education and skills acquisition; that is why we are encouraging our people to be educated,” he said.
Other ongoing projects were 18 classrooms, four roads, one borehole, one health centre and five transformers estimated at N278 million.
FG to Ease Economic Burden of 1.7m Small Businesses, Individuals
FG to Provide Financial Support for 1.7m Small Businesses and Individuals
The Federal Government has said it will provide financial support for 1.7 million businesses and individuals in the next three months.
The Minister of State for Industry, Trade and Investment, Ambassador Mariam Katagum, disclosed this at the virtual commissioning of the Fashion Cluster Shared Facility for Micro, Small and Medium Enterprises (MSMEs) held at Eko Fashion Hub, in Lagos.
According to the minister, the initiative was borne out of the government’s continued effort at cushion the negative impact of COVID-19 on the people by protecting present jobs while simultaneously creating new opportunities.
She further explained that the administration of President Buhari, through the Economic Sustainability Committee, had launched specific programmes to cushion the negative effect of COVID-19 on small businesses across the country.
She said, “The Federal Government is fully committed to empowering Nigerians; more so in the face of the COVID-19 Pandemic. In this regard, the government, through the Economic Sustainability Committee had announced specific programmes aimed at cushioning the impact of COVID-19 on MSME businesses.
“These programmes include among others, the N75 billion MSME Survival Fund and Guaranteed Off-take Schemes of which I have the honour to chair the Steering Committee for the effective implementation of the projects.
“The project, which will run for an initial period of three months, is targeting 1.7million entities and individuals and has provisions for 45 per cent female-owned businesses and five per cent for those with special needs. The registration portal for the schemes is set to open on Monday 21st September 2020 and I urge you all to take full advantage of the schemes.”
Katagum explained that the Nigerian Economic Sustainability Plan, which was developed by a committee headed by the Vice President, Yemi Osinbajo, was introduced to combat the health and economic challenges brought about by the COVID-19 pandemic.
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