Business
Citibank Grants N500m Loan To Microfinance Bank
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.
For officers and men of the Western Marine Command of the Nigeria Customs Service (NCS), the battle is not over until smuggling is over.
In the wake of Wednesday May, 8, 2024, the ever vigilant officers, acting on a tip-off, intercepted 177 sacks and 61 kegs of 25 litres containing petroleum products, valued at about N8.750,000million.
The items were intercepted along Isalu Creek, Badagry Waterway en-route Benin Republic.
While briefing newsmen, the Command’s Customs Area Controller, Comptroller Paul Bamisaiye, said: “This seizure is most economically significant to the Command at this period of scarcity of Petroleum Products, especially Premium Motor Spirit (PMS) in our cities, and shows the anticipatory posture in our response to economic saboteurs.
“At about 2:330hrs on Wednesday 8th May 2024, while on joint patrol by teams in the Command, credible intelligence was received of the movement of 2 boats laden with what was suspected to be petroleum products concealed in sacks. Upon receipt of the information, the team moved into Isalu creeks, Badagry waterway.
“On sighting the approach of the Officers, the smugglers took to their heels through the shore of the Creek. The loaded boats were then towed to the station at Badagry where preliminary examination was conducted and transferred to Western Marine Command Headquarters, Ibafon, Apapa, Lagos.
“Careful examination at the Command Headquarters revealed that the arrest was found to contain One Hundred and Seventy Seven (177) Sacks and Sixty One (61) Kegs of 25 Litres Premium Motor Spirit (PMS) containing Twelve Thousand Five Hundred (12,500) Liters with a total Duty Paid Value standing at Eight Million Seven Hundred and Fifty Thousand Naira (N8,750,000) only”.
Bamisaiye noted that the action of the smugglers is a contravention of Section 245 & 254 of the Nigeria Customs Service Act 2023 which the service, through Western Marine Command, is responsible for enforcing.
“The Command, under the leadership of Compt. PK Bamisaiye, is poised more than ever to rid the waterways of all acts of smuggling and economy sabotage for the benefit of the growth of economy of Nigeria”, he said
Bamisaiye said so far, no suspect was arrested in the Command’s anti-smuggling operations.
Nkpemenyie Mcdominic, Lagos
Petroleum products being sought by motorists have disappeared from virtually all filling stations within Lagos and its environs, but are now booming in business in retail outlets.
Investigations by our correspondent revealed that while the product could not be got at some of the petrol service stations, activities are in top gear in the local retail outlets where the price has gone beyond the reach of users.
It was also gathered that in some filling stations supplied with the products, preference are often given to retail outlet operators by petrol attendants against the consuming public.
A source, directly involved in the business, said some petrol dealers are cashing on the irregular supply to divert the products to retail outlets where they could easily make their gains.
It was also gathered that some sales representatives in the service of major oil marketing firms indulged in the diversion exercise because of their personal interest.
At the retail outlets a liter goes for N950,00 against the normal N760,to N800 at some stations.
Nkpemenyie Mcdominic, Lagos
The Nigeria Customs Service Board (NCSB) has confirmed the appointment of five Deputy Comptroller-Generals (DCGs) and eight Assistant Comptrollers-General (ACGs) of Customs during its 59th regular meeting.
The meeting, chaired by the Honorable Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, was held at the Nigeria Customs Service Headquarters in Abuja last Tuesday.
National Public Relations Officer of the Service, Chief Superintendent of Customs, Abdullahi Maiwada, who disclosed this in a statement yesterday, gave details of the confirmed appointments as: O.O. Peters (DCG /Commander, Training and Doctrine Command (rtd); B.M. Jibo (DCG Enforcement Inspection & Investigation); and B.U. Nwanfor (DCG Excise, Free Trade Zone & Industrial Incentives).
Others are: S.A. Bomia (DCG, Commander Training and Doctrine Command); and C.K. Niagwan (DCG, Tariff & Trade).
The Assistant Comptrollers General (ACGs) are: B. Imam (ACG Board); A.A.S. Oloyede (ACG, Trade & Tariff); S.K. Dangaldima (ACG/Zonal Coordinator, Zone ‘B’); A. Abdul Azeez (ACG/Zonal Coordinator, Zone ‘D’); S.A. Yusuf (ACG, Human Resource Development); N.P. Umoh (ACG, Training and Doctrine Command); C.O. Obih (ACG/Zonal Coordinator, Zone ‘C’); and S. Chiroma (ACG, Strategic Research and Policy).
The new appointments, according to the statement, were made to fill the vacancies created by some senior officers who recently retired from the Service, noting that the principles of federal character, seniority and merit guided the appointments approved by the board.
“These appointments are a testament to the officers’ exemplary services and dedication to the Nigeria Customs Service. The NCSB remains committed to providing strategic leadership to ensure effective and efficient service delivery for optimum performance”, he said.
While thanking the retired members of the management for their meritorious services, the Comptroller General of Customs, Bashir Adewale Adeniyi, congratulated the newly confirmed officers and charged them to redouble their efforts to ensure the service attains greater heights in its mandates of revenue generation, suppression of smuggling, and trade facilitation amongst others.
Nkpemenyie Mcdominic, Lagos
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