- Jaiz to Commence Disbursement of $20m SMEs Fund
The Managing Director, Jaiz Bank Plc,Hassan Usman has said the bank would soon begin the disbursement of the $20m facility for operators in the Small and Medium Enterprises sector of the economy.
He said this on Thursday in Abuja during a chat with journalists.
The bank had in March signed the agreement with the Islamic Corporation for the Development of Private Sector to finance the Small and Medium Sized Enterprises with $20m (N6.1bn).
The ICDP is an arm of the Islamic Development Bank.
The amount would be provided to SMEs in key sectors of the economy such as industry, communications technology, health, manufacturing, and agriculture among others.
Responding to enquiries by our correspondent on the loan, Usman said the bank would soon begin the disbursement, adding that the fund would be disbursed before the end of the year.
He said, “On the SME financing line from the ICD, when you have signed publicly that is when you start to do the work and tidy up to make sure the agreement and all the conditions precedent are met.
“We have finished all of that and we have lined up a number of customers desirous of benefiting from this facility and very soon we will start to disburse to these customers.
“We believe that before the end of this year, we would have done if not all of the disbursement of the $20m but substantial part would have gone before the end of this year.”
He said the bank had commenced a five year strategic plan to enable it provide better services to its customers.
For instance, he said the bank had increased its visibility in Lagos by opening more branches, adding that this would be extended to other regions of the country.
He said, “We are having a balance sheet size that is growing by 20 per cent year-on-year and our branch network has increased from 27 to 32 and we hope to increase this to 40 branches before the end of the year.”
On funding for agriculture, he said that the Central Bank of Nigeria had reviewed it’s framework of the commercial agricultural credit scheme to accommodate the funding structure of the bank.
He said, “The Central Bank and the Federal Government have been trying to ensure that financing get to the farmers. To address the challenges, they came up with the Anchor Borrower Scheme and similar schemes.”
Seplat Appoints Emeka Onwuka as CFO, Executive Director
Seplat Named Emeka Onwuka as CFO and Executive Director
Seplat Petroleum Development Company Plc has appointed Mr. Emeka Onwuka as the Chief Financial Officer (CFO) and Executive Director of Seplat, effective from August 1, 2020.
In the statement signed by Mrs. Edith Onwuchekwa, Company Secretary and Chief Governance Compliance Officer, and released through the Nigerian Stock Exchange, Mr. Onwuka has more than 30 years of experience in financial services within Sub-Saharan Africa.
“He has acted as the voice and face of major financial institutions in Nigeria as former Group Managing Director /CEO of Diamond Bank Plc and former Chairman of Enterprise Bank Limited. Mr Onwuka is a Partner at Andersen Tax Nigeria and holds various Board positions as Chairman; FMDQ Securities Exchange Limited; Director FMDQ Holdings Limited; Director, Ecobank Nigeria Limited; and Director, Bharti Airtel Nigeria,” the Company stated.
“Mr Onwuka received his B.SC. in Political Science from the University of Nigeria, Nsukka and holds an MBA from the University of Benin. He is a Chartered Accountant, a Fellow of the Institute of Chartered Accountants of Nigeria, a Fellow of Chartered Institute of Taxation of Nigeria. He has attended executive programs at the Lagos Business School, Wharton Business School and Harvard Business School.
“Mr. Onwuka holds the Nigerian National Honour, Officer of the Order of the Niger (OON). The Board of Seplat is confident that the wealth of knowledge and experience he brings will be a great addition to the Company.
“This announcement is being made in accordance with Rule 4 of the Nigerian Stock Exchange Amended Listing Rules.”
TAJBank Joins e-Commerce Giants- Launches Nigeria’s 1st Ethical Online Mall
TaJBank Launches Ethical Online Mall
Abuja Nigeria July 8th, 2020 Nigeria’s most innovative Non-Interest Bank, TAJBank, has announced the highly anticipated launch of TAJMall, the nation’s first ethical online shopping mall.
The highly anticipated launch of the e-commerce site, which held recently, is coming closely on the heels of the commencement of its Agency Banking Network which began in June across thirteen (13) states in the country.
To celebrate this milestone, the brand will be holding a week long TAJMall campaign from 6th – 11th July 2020 to sensitize and also reward its new customers to its platform.
“This is a great milestone as we present a fully customer focused e- commerce platform offering 100 percent authentic brands from highly vetted vendors. Our mission is to rebuild trust in the online shopping niche, hence the emphasis on our platform being an ethical shopping mall. We want to deliver on our promise and make this an enjoyable and safe experience not just for our customers, but also for our numerous trusted vendors as well,” said Founder/COO TAJBank, Hamid Joda.
“Our customers place absolute trust that goods will be delivered exactly as requested, and we do not take that trust lightly, he added.
The brand expressed commitment to continuously deploy technological tools on it’s new e- platform to maintain optimal customer service delivery and ensure shopping on TAJMall remains a productive and hassle free experience.
Customers who log onto the tajmall.ng platform (or download the app), will have the opportunity to enjoy massive price slashes, shopping coupons, free shipping and other incredible offers. The Bank also intends to offer financing to its customers who shop on the mall.
“Well beyond our exciting line up of activities, they are assured the highest level of value each time they make a purchase on TAJMall. Our marketing insights have shown that there is an increasing need to match the kind of variety in product offerings that customers yearn for with the exceptional shopping experience that may at times be lacking. We aim to make that an unmatched experience right from the moment our customers visit our mall to the receipt of their items,” affirmed Co-Founder/CMO, Mr Sherif Idi.
Customers shopping on TAJ Mall are guaranteed 100% authenticity, official warranties from the brands, and a 5 day return policy at no extra cost to the customer.
Warren Buffet to Give Out Another $2.9bn, Total Donations Now $37bn
Warren Buffet Gives Away $2.9bn, Total Donations Now $37bn
Oracle of Omaha, Warren Buffet, has announced his yearly charitable donations to the five philanthropies he picked to donate most of his fortune to.
The billionaire plans to give out 15.9 million class B shares of Berkshire Hathaway worth $2.9 billion to the five philanthropies. This will bring his total philanthropic donations to $37 billion since 2006.
Buffet, who has promised to give away about 99 percent of his fortune, still hold 248,734 Class A shares of Berkshire valued at around $67.5 billion.
However, before he began given out his shares, Oracle of Omaha held 474,998 Class A shares of Berkshire, which would have worth about $129 billion as of today.
Forex4 days ago
Naira-USD Exchange Rate to Hit N430 – Report
Finance7 days ago
DSS Arrests EFCC, Acting Chairman, Magu
Forex7 days ago
CBN Starts Using N380/$ Official Rate, Expects to Make it Official Soon
Finance6 days ago
CBN Spends $11.5bn in Q1 2020 to Support the Economy and Dwindling Naira
News1 week ago
Fire Guts Central Bank of Nigeria Office in Gombe
News3 days ago
British High Commission to Start Accepting Visa Applications From Nigerians Soon
Stock Market1 week ago
Flour Mills, Dangote Cement, Vitafoam Disclose Insider Dealings
Finance4 days ago
Access Bank in Talks to Acquire Cavmont Bank