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The European Investment Bank and United Bank for Africa (UBA) have agreed a new EUR 60 million lending programme to support private sector investment across Nigeria. This represents the EIB’s largest ever loan to UBA and will allow UBA to provide longer term loans than currently available to private companies in Nigeria.

The new private sector lending programme was formally agreed on the side-lines of the World Bank Annual Meetings in Washington DC by Ambroise Fayolle, Vice President of the European Investment Bank and Kennedy Uzoka, Group Managing Director and Sola Yomi-Ajayi. Head of Global Financial Institutions at UBA.
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“Private sector investment is crucial for creating jobs and ensuring sustainable economic growth. The European Investment Bank is committed to unlocking investment across Africa and we are pleased to build on past success to strengthen our partnership with UBA that will benefit projects across Nigeria.” said Ambroise Fayolle, Vice President of the European Investment Bank.

Speaking at the signing ceremony, Kennedy Uzoka, Group Managing Director, UBA said “Our growing partnership with the European Investment Bank underlines our long term objective of facilitating the development and growth of African businesses. This facility will enable UBA bridge critical financing gaps for Nigerian companies and deepen our capacity to support their growth aspirations in the local and international market place”

Ambassador Michel Arrion, Head of the European Union Delegation to Nigeria and ECOWAS, described the programme as an example of the catalytic role the EU and its institutions like the EIB are playing to support Nigeria’s economic development. “We look forward to more fruitful partnerships with Nigeria, and particularly with the private sector, which remains the engine of economic growth”.

This represents the first Nigerian operation under the European Investment Bank’s new dedicated Nigeria Private Enterprise Investment Facility, a wider million lending scheme intended to support private sector investment in the country. Under the new initiative private sector entrepreneurs and companies will be able to use loans with a longer tenor than traditionally available to invest and expand activities across a range of sectors.

The new loan will also fund capital expenditure by UBA to strengthen their support for private investment, through expansion of their branch network and improving information technology.

The European Investment Bank has supported infrastructure and private sector investment in Nigeria since 1978.

The European Investment Bank is the world’s largest international public bank and over the last five years has provided EUR 12.8 billion for investment across Africa.

BUSINESS

NOVA Merchant Bank Appointed By The Nigeria Customs Service As A Duty Collecting Bank

Gbemileke Ajayi

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In fulfillment of its commitment to constantly find new ways to serve its customers better, NOVA Merchant Bank has been appointed as a designated collecting bank for Import, Excise and other duties by the Nigeria Customs Service. This will enable the Bank to handle duty payments for its clients in addition to processing and issue custom bonds along with guarantees on their behalf.

According to the MD/CEO, Mr. Anya Duroha, “We are excited about this appointment because it would enhance efficiency and improve turnaround time for duty payments and other services offered by the Nigerian Customs Service for our clients”.

“This development is in line with the commitment of the Bank to be a one-stop solution shop for all trade and financial needs of its clients. The Bank is positioned to provide end to end quality banking services to our clients. I commend the management for obtaining and delivering on this mandate within a short period of time” stated the Chairman, Mr Phillips Oduoza.

NOVA Merchant Bank offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Wealth Management, Trade Services, Transaction Banking, Cash Management, and Digital Banking.

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BUSINESS

GAIM 4 DRAWS: 13 New Millionaires Emerge In Fidelity Bank’s Savings Promo, Begin 2020 On A Happy Note

Gbemileke Ajayi

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Thirteen lucky customers of Fidelity Bank Plc have started the new year on a strong note having emerged millionaires in the third monthly draw of the Get Alert in Millions (GAIM) promo season 4 in Lagos on Tuesday. The bank also rewarded loyal customers with cash prizes worth N16 million in the categories of N2 million and N1 million respectively.

The electronic raffle draw, which was held at the bank’s Broad Street Branch, Lagos Island was witnessed by the relevant regulatory bodies including the National Lottery Regulatory Commission (NLRC), Lagos State Lotteries Board (LSLB) and Consumer Protection Council (CPC). Lucky customers who emerged winners in the draw cut across all regions of the country.

The winners include Dare Abiodun Emmanuel; Ugwu Philomena Nneka; Chinenye Catherine Olunna; Egberi Agbarha Kelvin; Ivang Stanley Oham; Chinelo Loveth Egbuchunem; Dare Abiodun Emmanuel; Itabiyi Gbolahan Olakunle Hassan & Adejoke Jokotade; Larei Chindo; Chigozie Darlington Emoka; Khadijah Umar; Muazzam Ad Maizare; Isabella Chekwube Uche; Omolade Bamitale Olatawura.

Others are Joseph James Abah; Oghenetega Emmanuel Erus; Blessing Chidinma Okafor; Loveline Uche Okonkwo; Nafisat Ali Lawal; Comfort Ita Asuquo; Mohammed Halima Sadiya, amongst others. The bank doled out 19 consolation prizes in form of fridges, television sets and power generating sets.

Speaking during the event, Managing Director/CEO, Nnamdi Okonkwo, noted it is the bank’s 9th promo in 12 years whilst adding that a total of N16 million and 19 consolation prizes will be given out at the third draw. Okonkwo who was represented by the Executive Director, Shared Services and Products, Chijioke Ugochukwu, further added that the draw will see a total of N50 million in cash and 54 consolation prizes to over 93 winners.

“We would have given out a total of N50 million in cash and 54 consolation prizes to over 93 winners. We expect more winners to emerge at subsequent draws because the promo is still on and in addition to the N50 million that we will be giving out, we still have N70 million and several consolation prizes yet to be won”, he said.

Shedding light on how people can qualify for the draw, Head, Savings Group, Fidelity Bank Plc, Janet Nnabuko, stated that both existing and new customers can win by simply topping their account with N10,000 for existing customers or someone opening a new account and building it up to N20,000.

She further disclosed that to qualify for the star prize of N3 million one needs to build his account to N50,000 while aspiring for the grand prize of N10 million, one only has to grow his account to N200,000.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 5 million customers that are serviced across its 250 business offices and various digital banking channels. The bank focuses on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs) and its currently driving its retail banking businesses through its robust digital banking channels.

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Access Bank Breaks Into Cameroonian Market

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Nigerian banking group Access Bank just created a subsidiary in Cameroon. With an initial capital of about XAF14.5 billion, the new subsidiary’s headquarters will be in Douala, Cameroon’s economic capital.

The administrative board of this subsidiary is constituted of seven members with only one Cameroonian, the legal notice published for the creation indicates. These members are Patience Melone, Iyabode Soji-Okusanya, Fatai Oladipo, Abraham Aziegbe, Ibukunoluwa Odegbaike, and Elliz Nzo Azu.

Created for a duration of 99 years, the bank has chosen Price Water House Coopers as its external auditor and will operate in the management of current accounts, savings collection, checks payment and credit granting.

As required by the rules in force, the launch of Access Bank Cameroon’s activities in Cameroon is still subject to the issuance, by the Ministry of Finance and the banking commission COBAC, of various legal notices and authorizations to the bank’s shareholders.

If it succeeds in launching its subsidiary in Cameroon, Access Bank Plc will become the 16th commercial bank to operate in the country and will meet one of its compatriots, United Bank of Africa (UBA), on that market. Let’s note that it is entering the Cameroonian market some years after the departure of another Nigerian group, Oceanic Bank International namely.

Some years ago, Oceanic Bank International took over 54.5% of Union Bank of Cameroon’s (UBC) assets saving it from bankruptcy. However, in 2011, Ecobank had to buy Oceanic Bank International’s assets in UBC, which is a well-rooted bank in the Anglophone regions of Cameroon.

Let’s note that last January 15, 2019, Access Bank Plc’s executive director Victor Etokwu announced that apart from the Cameroonian subsidiary, the banking group would create subsidiaries in two other African countries this year. The banking group will then have 18 subsidiaries in Africa.

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