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MFB Disburses N50bn Loans to 60,000 Small Businesses

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  • MFB Disburses N50bn Loans to 60,000 Small Businesses

Hasal Microfinance Bank Limited has disbursed loans totalling N50bn to about 60,000 small businesses in Nigeria.

According to the firm’s Managing Director/Chief Executive Officer, Rogers Nwoke, the loans were mainly disbursed to small business owners who could not access funds from the Deposit Money Banks.

Nwoke, who doubles as the President of the National Association of Microfinance Banks, disclosed this on the occasion of Hasal’s 10th anniversary/walk for health programme recently in Abuja, adding that the N50bn was disbursed during a period of 10 years.

He said, “Small businesses and low-income earners find it difficult to get loans because when they have between N5,000 and N10,000 to open a savings account, they go to the DMBs. They find it tough to access loans because they don’t patronise the MFBs.

“In the last 10 years, we have disbursed almost N50bn to about 60,000 people. We have a customer base of more than 200,000. For those who have taken loans and still taking loans, we have recorded close to 60,000 people.

Nwoke added, “So, not just Hasal, many MFBs are giving out loans to small businesses across the country. And as a matter of fact, I am also the President of the National Association of Microfinance Banks and so I am speaking from a position of knowledge and authority.”

He said microfinance banks had been supportive of small businesses in Nigeria and urged small and medium entrepreneurs to support the MFBs across the country.

He said, “The MFBs are established to include everybody into the national financial system. For those who have been excluded and feel that the big Deposit Money Banks do not care for them, let them come to microfinance banks. Our job is to provide banking services to people who want those small loans that the big banks cannot give.

“The MFBs are in a position to give loans. Small business owners should stop rushing to where it would be difficult to access loans for their businesses. When you look for, say N100,000 or N200,000 from a commercial bank, they will tell you to go to a micro-finance bank. So, small businesses need to understand this.”

On the walk for health programme, Nwoke said, “Through this exercise, we are saying you should walk for your heart and health. We realise that people understand work but don’t understand the significance of walking. If you work from Monday to Friday, on Saturday, take a walk around your environment because it is good for the heart and your health.

“We hope to continue to do this, but we chose the occasion of our 10th anniversary to inaugurate it as a corporate social responsibility initiative for not just our customers, but for as many that wish to join in this exercise.”

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 long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

Finance

Debt Market: Dangote Cement Raises N250 Billion in H1, 2020

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Prime Real Estate Development At Eko Atlantic City

Dangote Cement Raises N250 Billion From Debt Market in H1 2020

Dangote Cement raised a total sum of N250 billion from the nation’s debt market in the first half of the year, according to the FMDQ Securities Exchange Limited.

In the statement published on the FMDQ website, the N250 billion debt includes the N100 billion Series 1 Bond raised under Dangote Cement’s N300 billion Bond Programme and the N150 billion Commercial Paper (Series 13-16 Domestic CP Issuance Programme) offered earlier in the year and now listed and quoted on FMDQ Securities.

Mr Michel Puchercos, the Chief Executive Officer, Dangote Cement, was quoted as saying, “This landmark transaction is the largest-ever bond issuance by a corporate issuer in Nigeria.

“It allows us to further broaden our sources of funding by accessing long-term debt at competitive costs from the capital market and builds further on the success of our domestic commercial paper programme.

“The success of these transactions, in the current challenging environment, illustrates investors’ continuous confidence in Dangote Cement’s strategy, strong cash generation and solid credit profile.”

Mr Kobby Bentsi-Enchill, the Executive Director and Head of Debt Capital Markets, Stanbic IBTC Capital Limited, said, “Stanbic IBTC Capital Limited has a long history of partnering with Dangote Cement Plc, and are delighted to have advised on this landmark corporate bond issuance, which reflects the depth and diversity of the Nigerian debt capital markets.”

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Conoil Profit After Tax Declines by 20 Percent in Q1, 2020

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Conoil

Conoil Profit Before Tax Depreciated by 20 Percent in Q1 2020

Conoil Plc, Nigeria’s indigenous oil marketing company, on Tuesday declared a 20 percent declined in both profit before tax and profit after tax for the quarter ended March 31, 2020.

In the unaudited financial results released on the Nigerian Stock Exchange (NSE), Conoil grew revenue by 7 percent from the N35,637 billion filed in the same quarter of 2019 to N38.143 in the first quarter of 2020.

Also, the company’s retained earnings expanded by 8 percent from N14.395 billion in the corresponding quarter of 2019 to N15.556 billion in Q1 2020.

Accordingly, Shareholders’ funds appreciated by 6 percent from N18.566 billion filed in the first quarter of 2019 to N19.728 billion in the same quarter of 2020.

However, profit before tax declined by 20 percent from N468,202 million in Q1 2020 to N382,915 million during the period under review.

The tax paid by the company during the period also declined by 20 percent from N153,025 million in Q1 2019 from N122,533 million in Q1 2020.

The company’s profit before tax declined by 20 percent from N325.178 million in achieved in the first quarter of the corresponding year to N260.382 million in Q1, 2020.

Similarly, earnings per share also declined by 20 percent from 47 kobo in Q1 2019 to 38 kobo in Q1 2020.

Total assets declined from N63.584 billion in Q1 of 2019 to N58.760 billion in Q1, 2020.

Conoil owned equity expanded from N19.467 billion achieved in the first quarter of 2019 to N19.728 billion in the first quarter of 2020.

Total Liabilities declined from N44.117 billion in Q1 2019 to N39.032 billion during the period under review.

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FMDQ Group Admits Dangote N100bn Bond, MTN N100bn Commercial Paper

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Bola Onalede

FMDQ Group Admits Dangote N100bn Bond, MTN N100bn Commercial Paper

The FMDQ Group has said the admission of both the N100 billion Dangote Cement bond and MTN Nigeria N100 billion commercial paper shows the potential of the Nigerian capital market to drive and stimulate economic growth.

The two most capitalised companies successfully raised N100 billion each from the capital market despite the COVID-19 pandemic and economic downturn.

Bode Onadele, the Chief Executive Officer, FMDQ Group, said: “The market has been yearning for corporate benchmarks for pricing and valuation of securities in the debt capital market, and coming at a time when the resilience of the Nigerian financial market is being tested by the impact of the COVID-19 pandemic is even more commendable.

The success of these issuances by the premier and largest business conglomerate in Africa, Dangote Industries, through its subsidiary, Dangote Cement Plc, and the debut made into the Nigerian debt capital market by leading telecommunications giant, MTN Nigeria Communications Plc, lay credence to the untapped and great potential of the Nigerian capital market to support sustainable development in Nigeria, and the confidence of investors, as well as the commitment of FMDQ Group to empower the markets to deliver prosperity to Nigeria and Nigerians.”

Onadele said the inclusion of the two securities on FMDQ validates the innovative and credible capital market solutions championed and efficiently delivered by FMDQ, over the last few years.

“Furthermore, in line with its mandate to facilitate global competitiveness of the Nigerian financial market, FMDQ, through these admissions, has provided the market and its diverse stakeholders – local and international – the much-needed corporate benchmark for the bond and commercial paper markets,” he said.

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