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Citibank Grants N500m Loan To Microfinance Bank

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The Citibank has granted a N500 million loan to Accion Microfinance Bank (Accion MFB) as part of efforts to promote the development of the microfinance sector in Nigeria.
The bank’s Country Public Affairs Officer for Nigeria and Ghana, Lola Oyeka, made the announcement in a statement she issued in Lagos, recently.
According to her,the grant will fund Accion’s loan portfolio and support the development of approximately 5,000 micro and small enterprises in the country.
She also said the loan agreement would support the Central Bank of Nigeria (CBN)’s National Financial Inclusion Strategy (NFIS).
According to her, it will also reduce the number of excluded population by bringing them into the formal banking fold.
She further stated that the loan was part of a long-term business partnership between the Citi Inclusive Finance, Citi’s specialised unit for microfinance and inclusive finance transactions.
The bank’s country public affairs officer also named the Overseas Private Investment Corporation (OPIC) and the U.S. government’s development finance institution as part of the partnership.
The partnership intends to provide financing in local currencies to leading microfinance institutions operating in frontier and emerging markets around the world, according to her.
The bank cited a survey by the Enhancing Financing Innovation and Access (EFInA), stating that as at 2012, about 39.7 per cent or 34.9 million adult Nigerians were excluded from financial services.
CBN’s NFIS focuses on working with financial institutions to increase access of the unbanked population to banking products under affordable terms and conditions.
This is with the overall objective to empower people, promote savings culture, increase productivity and reduce poverty.
Citibank, Nigeria CEO, Akin Dawodu, reinstated the bank’s commitment to working with Microfinance partners in support of the national financial inclusion strategy.
“This, we intend to do by availing credit to micro and small enterprises in Nigeria.
“We are delighted to partner with microfinance enablers such as OPIC and Accion MFB for the benefit of SMEs and micro-entrepreneurs, thereby contributing to the economic development of the country,’’ Dawodu said.
MD/CEO Accion MFB, Mrs Bunmi Lawson, said funding from Citibank would enable the MFB to expand its financial services to a larger number of micro-entrepreneurs across the country.
“This will lead to economic empowerment and job creation for more Nigerians.
“We hope that other financial institutions will emulate Citibank by providing loans to the Microfinance banks which will, in turn, ensure that we truly meet the credit needs of the average Nigerian entrepreneur.
“Accion MfB core values, business philosophy and methodology have continued to distinguish it as the leading Microfinance Bank in Nigeria,’’ Lawson said.
Accion Microfinance Bank is listed on the London Stock Exchange as one of the companies to inspire Africa in 2017.
It has won the Lagos State Enterprise (LEAD) award for Best Microfinance Bank in Lagos State multiple times.
It has also won the EFInA award for the Service Provider that Deepens Financial Inclusion in Nigeria for its impact on socio-economic development.
“OPIC is committed to helping underserved populations gain access to more finance opportunities,’’ said Acting OPIC President and Chief Executive Officer, Dev Jagadesan.
“OPIC recognises the positive impact that microfinance institutions have on local economies throughout frontier markets.
“We are proud to partner with Citi and Accion Microfinance Bank to expand access to financial services in Nigeria.’’
Citibank, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions.
It provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, and securities brokerage among others.

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Adeniyi’s Impersonator Faces Trial, Knows Fate, July 3

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The Federal High Court sitting in the Central Business District of the Federal Capital Territory, Abuja, has conducted a hearing of one Ibrahim Shu’aibu, a 50-year-old man, for assuming the character of the Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, among other distinguished personalities in Nigeria, to commit fraudulent activities.
The Nigeria Customs Service (NCS) had in January addressed the media about the suspect’s apprehension by the Service’s Police Unit following his involvement in fraudulent activities, which included luring numerous citizens to pay him money for the issuance of job appointment letters.
During the court hearing, the lead Counsel of the NCS, Abidemi Adewumi-Aluko, said the accused was arraigned on a nine-count charge to which the defendant pleaded not guilty.
Justice Binta Nyako, the Presiding judge, adjourned the hearing to Wednesday, 3 July 2024, and ordered that the accused be remanded with the Nigerian Correctional Service pending the fulfillment of bail requirements.

By: Nkpemenyie Mcdominic, Lagos

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Trans-Border Trade Setback: Shippers’ Council Pledges Support For ITC 

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The Nigerian Shippers’ Council (NSC) has expressed readiness to support the International Trade Centre (ITC) as part of measures toward resolving challenges faced by trans-border traders and trade facilitation.
Executive Secretary, Nigerian Shippers’ Council, Barr. Pius Akutah, disclosed this in Lagos last Friday, when  delegates of ITC, paid a working visit on a fact finding mission.
While harping on the role of the Council as an ombudsmen in port operations, Akutah emphasized that trade facilitation is a major initiative of the NSC, pledging to provide the necessary support to ensure the success of the study brought forward by the ITC team.
He noted that the study will strengthen the Council’s ability to formalize informal trade at border areas, gather statistics, and plan for trade volumes.
Akutah stated that the focus of the study is on agricultural products, as a significant area of potential for Nigeria, not only in the African region, but also globally.
He expressed optimism that the study will help develop skills and improve operations at the Border Information Centre (BIC) managed by the Council.
“Trade facilitation is one of the major aspect of what we do so we are going to give you the necessary support to achieve the success that is desired.
“The study will help us to plan and develop more skills in terms of what we do at the Border Information Centre. Shippers Council is a partner and I want us to take our partnership to the next level that will focus on engagement with our stakeholders”, Akutah noted.
Speaking earlier during the courtesy visit to the NSC headquarters, Associate Programme Officer, ITC, Richard Eke- Metoho, who led the delegation, said the visit to the Council was part of the team’s ongoing study to identify areas for improvement in trade facilitation, particularly at border crossing points.
He stated the importance of collecting data from the Nigerian Shippers’ Council, which manages a border information center at Seme-Krake border.
According to him, some of the identified challenges faced by traders and truck drivers using the Seme-Krake border, a key trade route is the number of checkpoints and lack of scanners.
He said information collected by the team will not only identify existing trade facilitation measures that are working effectively, but also lead to the development of new trade facilitation measures that address the challenges faced by traders
He said, “We are here to collect experience from the Nigerian Shippers Council.
“From our interactions with the Shippers Council, we keep finding similar problem faced by traders, most especially on the number of checkpoints and scanners that are really needed especially for transporters and truck drivers.
“It is still an ongoing study. The more information we collect right now, the more it will help us to make more informed decision process. At the end of the study, we will be able to develop a report that will pinpoint all the main obstacles that traders are facing”.

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Customs Condemns Attack On Officers In Katsina

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The Nigeria Customs Service (NCS) has condemned the brutal attack on its officers and men at the Gamji Makaho checkpoint in the Dankama area of Katsina State on April 17, 2024, which claimed the life of Customs Assistant II Auwal Haruna.
The Service vowed that it would stop at nothing in securing justice for the victims of the attack.
NCS also said it would rejig its anti-smuggling operations while strengthening collaborations with other sister security agencies as part of measures to reinforce the fight against smuggling.
Speaking on the resolve of the management to pursue the matter to its logical conclusion, Comptroller General of Customs, Bashir Adewale Adeniyi extended his heartfelt condolences to the family and colleagues of CA II Auwal Haruna.
He disclosed that the service, in close collaboration with other security agencies, is tirelessly working towards “apprehending the perpetrators of this reprehensible act and ensure they face the full consequences of the law.
“Violence against our officers is utterly unacceptable, and we will pursue every avenue to bring those responsible to justice.
“The safety of our personnel and the security of our borders remain paramount. We are committed to working with traditional rulers, government bodies, and sister agencies to combat this heinous crime against our personnel”.
He further reaffirmed the unwavering commitment of the service under his watch to combating smuggling and other cross-border crimes, adding that the Service will not falter in its mission to uphold the laws of the land and protect the interests of the Nigerian people.
The CGC said: “Intelligence available to us indicates that certain unpatriotic community members are harbouring suspected accomplices involved in this heinous crime.
“We implore these individuals to embrace patriotism by aligning with the laws and refraining from condoning illegality. It is in the best interest of our communities and nation to collaborate with law enforcement agencies to root out criminal elements and ensure that justice prevails”.

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