Business
FCMB, Ekiti To Collaborate On N40bn Dev Projects
First City Monument Bank Plc (FCMB) is to collaborate with Ekiti State Government through its contractor finance programme with the sum of N40 billion already earmarked for disbursement to the scheme.
The bank has also reiterated its interest in assisting the state government in tapping the capital market through a bond issuance programme and acting as structuring and issuing house advisers.
FCMB’s Group Managing Director, Ladi Balogun, who disclosed this when he paid a courtesy visit with other members of the bank’s management to Ekiti State Governor, Dr. Kayode Fayemi, in Ado-Ekiti recently, further noted that civil servants in the state could benefit from the micro lending product facility provided by Credit Direct Limited, a fully owned subsidiary of FCMB.
Credit Direct is a leading micro finance institution which specialises in arranging unsecured emergency loans within 24 hours to mainly public sector workers.
The FCMB boss also revealed that more than 100,000 civil servants nationwide had already benefited from the credit direct scheme.
Other areas he pointed out the bank would be of great assistance to the state included fast tracking of credit to contractors, asset and lease finance and project finance.
The Ekiti State governor, in his response, reiterated his administration’s commitment to building an enduring and mutually beneficial relationship with financial institutions in the country, in order to strengthen the state’s economy.
He expressed his administration’s commitment to the early issuance of an Ekiti State Bond in the capital market, saying it would help the state subsidise its low revenue base.
He also noted that his administration needed money to develop sectors such as agriculture, tourism, infrastructure, health, education, urban renewal initiative and job creation.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.