Business
Microfinance Bank To Disburse N300m Credit
BaoBab Microfinance Bank has opened a new branch at Alaba International Market, Lagos, setting aside N300m to lend to traders to boost their businesses.
The Chief Executive Officer (CEO) of the bank, Mr Olanrewaju Kazeem, said this at the inauguration of the branch on Saturday in Lagos.
He said the Alaba branch was the 10th branch of the bank in Lagos State aside seven others in Kaduna State.
“At Alaba branch, the bank has 50 Portfolio Managers for effective mentoring of clients beyond their businesses,” he said.
The Tide source reports that bank’s investors include International Finance Corporation (IFC), Goodwill and Proparco and Bank of Paris.
BaoBaB Microfinance Bank operates in 13 African countries and China, with headquarters in Paris.
“The countries include Burkina Faso, Democratic Republic of Congo, ivory Coast, Madagascar, Mali, Nigeria, Senegal, Tunisia, Zimbabwe, China and Paris among others,” Kazeem said.
According to him, the bank obtained its National Practice Licence in 2016, and caters for Small and Medium Enterprises (SMEs).
He said the bank, which has successfully disbursed over 112,000 loans to the tune of N32bn, would open more branches to get closer to its 65,000 customers.
Kazeem said the bank also hoped to disburse N25bn nationwide in the future.
He also said the bank had employed 400 Nigerians to enable its loan portfolio to be effectively managed.
The Divisional Police Officer (DP0), Alaba Area Command, Insp Abubukar Ali, commended the bank for opening a branch at Alaba International Market.
He said the police would ensure the safety of the bank and its customers.
Ali, however, urged the bank to support the Nigeria Police Force, especially those working in the area, with modern technology and gadgets that could help to curb crime.
The Vice Chairman of Ojo Local Government, Mrs Idowu Olusola, also commended the bank for opening a branch at Alaba International Market.
She said the local government would support the bank to achieve its objective.
Olusola appealed to traders to repay loans they would obtain from the bank to guard against its collapse.
“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.