Naija News
Nigerian bank receives US backing for SME investment
Nigerian bank receives US backing for SME investment
Union Bank of Nigeria has received USD 200 million from the United States’ development finance institution to support SMEs and more inclusive investment.
The United States International Development Finance Corporation (DFC) has provided a USD 200 million loan to Union Bank of Nigeria (UBN), intended to be invested in digitization, small and medium-sized enterprises (SMEs) and female-led businesses.
The 10-year loan is part of DFC’s Women’s Initiative, aimed at supporting female investment, and was originally announced last year, with the first USD 150 million drawdowns taking place on 29 April this year.
UBN is majority-owned by British Virgin Islands-based, Africa-focused investment group Atlas Mara.
READ MORE:
- Nigeria is not affected by U.S. sack of Tillerson, says Federal Government
- NBS Generates N338.94 Billion from January to March Amid Lockdown
- 10 Days Ago, Uk-Based Nigerian Doctor And His Wife Died Of Covid-19
In a statement when the deal was originally announced last year, Atlas Mara executive chairman Michael Wilkerson said: “This funding marks another milestone in OPIC’s ongoing partnership with Atlas Mara in Africa, and the recognition of UBN as a premier Nigerian financial institution poised for accelerated growth. We are grateful for OPIC’s strong commitment to lending in key segments that are critical for economic growth, job creation and women’s empowerment in Nigeria, our largest and most important market.”
UBN chief executive Emeka Emuwa commented: “We welcome this opportunity to partner with OPIC and are well-positioned in Nigeria to further advance lending to key segments of the population, especially SMEs. The 10-year tenor of the OPIC facility provides flexibility to maximize impact across key sectors of the Nigerian economy as we continue to advance proven initiatives including those focused on women’s banking and digitization of the bank’s offerings as UBN leads banking into the future in Nigeria.”
The DFC came into existence in 2018, as a result of a merger between the Overseas Private Investment Corporation and the Development Credit Authority.
DFC received legal advice from White & Case on the deal, whose team was led by Washington, DC-based counsel Suzanne Perry and of counsel Victor DeSantis, who were joined by associates Trevor Martin and Jacqueline Durand, the latter in Miami.
Nigerian legal advice came from Templars partner Chike Obianwu and associate Modupe Dabiri.
Head of White & Case’s agency practice Martin Menski said in a statement: “Such support is particularly important under current circumstances in Nigeria, where the Covid-related collapse in oil prices combined with a broader economic slowdown pose serious challenges for small businesses seeking access to capital.”
Atlas Mara and UBN received advice from a New York team of Clifford Chance lawyers, led by partner Chris Willott, and consisting of associates John McManmon and Isidora Koutsoulias.
Willott said of the agreement: “We are proud to have a part in this inclusive lending initiative and pleased to have helped guide our clients through the process.”
JOIN US ON FACEBOOK
Kogi state governor, Yahaya Bello, has approved the implementation of N30,000 as minimum wage for the workers in the state.
The secretary to the state government, Folashade Ayoade disclosed this on Tuesday after an extensive meeting with the organized labour in Lokoja
She blamed the delay in the implementation on the inability for the committee to meet regularly due to the covid-19 pandemic which has been overcome.
The SSG equally commended the organised labour for their understanding and patience, which she said has resulted into the signing of the implementation of the new minimum wage.
Read Also: FCTA Set to Implement Minimum Wage for FCT Workers
Author: Eunice Johnson, Abuja
The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.
Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas. The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.
He also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022. He added that the CBN would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.
He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.
Read Also: CBN Encourages Nigerians to Accept E-Naira
Author: Gift Wada, Abuja
The Comptroller General of Customs Col. Hameed Ibrahim Ali (Rtd.) has approved the deployment of 37 Comptrollers to various Units, Departments and Commands across the country.
This was disclosed in a release signed on Tuesday by the Customs Deputy National, DC Timi Bomodi for the Comptroller General of Customs.
Among those deployed are the present National PRO of Customs Comptroller Joseph Attah who will assume the office of Area Controller of Kebbi Command, Comptroller AAS Oloyede who shall be moving from ICT/MOD to Tin Can Island Port Command, while Comptroller SI Bomoi to FCT Command. Other postings are Comptroller BA Jaiyeoba to Oyo/Osun Command, Comptroller A Dappa-Williams to Eastern Marine Command, Compt. MA Umar Kano/Jigawa, Compt. KC Egwuh ICT/MOD, Compt. LM Mark Enugu/Anambra/Ebonyi, Compt. T Tachio CTC Kano, Compt. AA Umar Western Marine, Compt. M Dansakwa North Eastern Marine, Compt. AC Ayalogu T & T and Compt. KD Ilesanmi will assume duty as Comptroller Board among others.
Ali in postings released on 7th of February, charged the newly posted Comptrollers to justify the confidence reposed in them by NCS Management by bringing to bear their years of experience and training in trade facilitation and anti-smuggling activities on their new assignment.
Given the enormous expectations of government regarding revenue generation in the current year, the Comptroller General reiterated the need for all Area Controllers and Unit heads to take full charge of the affairs of their Commands by ensuring absolute compliance with extant fiscal policies while leveraging on the efficient management of data to optimize trade facilitation and revenue collection.
Furthermore, the CGC directed all officers to be extremely vigilant in protecting the lives and wellbeing of Nigerians by ensuring the full fortification of our borders against the incursion of smugglers and other cross border criminals.
Read Also:
Customs Raises Concerns over Finance Act as Senate Sets N3trn Target for Revenue Agencies
Comptroller Ali Ibrahim Assumes Duty as New Customs FOU Zone ‘C’ Boss
Nigeria Customs Service Reaffirms Commitment to Gender Equality in Decision-Making
ACG Swomen Charges Trained Officers on Weapon Handling to Remain Worthy Ambassadors Customs
CGC Adeniyi Meets NFIU DG, Reiterates Commitment to Enhance Border Security
-
Revenue Streams2 years agoCommunication Ministry Gives Zero Allocation to Nipost Out of N137.2billion Capital Votes
-
Customs Corner2 years agoCustoms Emerges Champions of 2022, Male, Female National Volleyball Super Cup
-
Newsroom3 years agoNNPC Blames #EndSARS Protests, As Fuel Queues Return
-
ICT5 years agoFinally! Huawei Launched Harmony OS | Let the Rivalry Begins with AndrodOS
-
Naija News6 years agoINEC registers 23 new political parties. YES, RAP, UP, 20 other parties
-
COVID-194 years agoVaccine Trials Starts Round The World: All You Need to Know
-
Customs Corner3 years agoArea Controller, Murtala Muhammed International Airport Command Passes On
-
Foreign2 years agoPhilippines’ Duterte Blocks Bill to Register Social Media Users