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Access Bank PLC Signs Landmark Loan Agreement With Japan International Cooperation Agency To Advance Climate Change Measures In Nigeria [PHOTOS]

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Access Bank PLC (Access Bank), Nigeria’s largest commercial bank, has taken a significant stride towards environmental sustainability with the signing of a historic loan agreement with the Japan International Cooperation Agency (JICA). Valued at US$ 75 million, the agreement is JICA’s first private sector investment finance in the banking sector in the Sub-Saharan African region. Citi acted as the sole coordinator and agent.

The ceremony – which held on Monday, February 5, 2024 – underscores a commitment of Access Bank, JICA and Citi to support climate change measures in Nigeria. The use of proceeds of the loan are expected to be used to finance a wide range of sub-projects such as renewable-energy projects, energy-saving projects and agriculture-related projects that contribute to climate change measures.

Roosevelt Ogbonna, Managing Director/CEO of Access Bank PLC, commented on the significance of this partnership, stating:

“At Access Bank, we recognise the urgent need for sustainable solutions to combat climate change. This landmark agreement with JICA reaffirms our commitment to leveraging financial resources for impactful initiatives that promote environmental resilience and contribute to Nigeria’s climate action agenda. By investing in renewable-energy, energy-saving, and agriculture-related projects, we aim to create a positive ripple effect, not only mitigating the effects of climate change but also fostering economic growth and improving livelihoods within our communities. Indeed, this partnership represents a shared commitment to a greener, more sustainable future for Nigeria and beyond.”

Jin Wakabayashi, Deputy Director General, Private Sector Partnership and Finance Department at JICA commented on the importance of implementing this project:

As this project is positioned as the first bank loan facility by JICA’s private sector investment finance in the country, this significantly marks a new milestone in the long history of JICA’s cooperation with Nigeria and has a very special meaning indeed. In addition, we are delighted to have an opportunity of working with such a reputable and quality partner, Access Bank, which has a sophisticated business platform and established track record of climate finance. Under the partnership with Access Bank, JICA’s Facility is expected to be used for projects which contribute to climate change measures in Nigeria, and we expect that this collaboration will be further deepened for the years to come.

Richard Hodder, Global Head of Export Agency Finance (EAF) at Citi commented on the impact of this international partnership:

“At Citi, we are committed to bringing solutions to our clients which facilitate investment linked to the energy transition, to energy security and to the key drivers of economic growth. Citi is proud to partner as the sole coordinator and agent in facilitating JICA’s first transaction in Sub-Saharan Africa under the Private Sector Investment and Finance scheme. Following on from the Citi-arranged DFC (U.S. International Development Finance Corporation) facility to Access Bank in 2022, this partnership is a meaningful roadmap towards TICAD 9 (Tokyo International Conference on Africa Development) to be held in Tokyo in 2025.”

Nigeria, a signatory to the Paris Agreement, has set ambitious targets to reduce greenhouse gas emissions, requiring substantial investments in climate change mitigation and adaptation measures.

Furthermore, the implementation of the deal aligns with Nigeria’s efforts to mobilise private sector funds for climate action, in line with Sustainable Development Goals 2 (Zero hunger), 7 (Affordable and clean energy), 13 (Climate action), and 17 (Partnerships for the goals). Moreover, it resonates with Japanese Prime Minister Kishida Fumio’s vision for a more climate-resilient and sustainable society, as announced at the Partnership for Global Infrastructure and Investment, a side event of the G7 Summit in Hiroshima in May 2023.

Through strategic collaborations and innovative financing mechanisms, Access Bank and JICA together with Citi are pioneering efforts to address climate change challenges, setting a precedent for sustainable development in the region.

 

About Access Bank PLC 

Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 20 countries and over 70 million customers. The Bank employs over 28,000 thousand people in its operations in Africa and Europe, with representative offices in China, Lebanon, India, and the UAE.

Access Bank’s parent company, Access Holdings Plc, has been listed on the Nigerian Stock Exchange since 1998. The Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise, proven risk management and capital management capabilities. The Bank services its various markets through four business segments: Corporate and Investment Banking; Commercial Banking; Business Banking, and Personal & Private Banking. The Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 18 years, becoming one of the continent’s largest retail banks.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.

 

About Japan International Cooperation Agency (JICA)

Established as an Incorporated Administrative Agency under the Act of the Incorporated Administrative Agency – Japan International Cooperation Agency (Act No. 136, 2002), JICA aims to contribute to the promotion of international cooperation as well as the sound development of Japanese and global economy by supporting the socioeconomic development, recovery or economic stability of developing regions. JICA is advancing its activities around the pillars of a field-oriented approach, human security, and enhanced effectiveness, efficiency, and speed.

 

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

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Emefiele Loses Warehouse Built On 1.925 Hectares To Federal Government

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The Economic and Financial Crimes Commission (EFCC) has secured the final forfeiture of a warehouse linked to Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN).

According to The Guardian, top sources revealed that Justice Deinde Dipeolu of the Federal High Court in Lagos issued the forfeiture order on Thursday, December 19, 2024, with the property forfeited to the Federal Government of Nigeria.

The warehouse, built on a 1.925-hectare piece of land located at Km 8 along the Lagos-Ibadan Expressway in Magboro, contained 54 general-purpose steel containers.

The containers were filled with various types of sewing machines.

Earlier, on November 28, the judge had ordered the interim forfeiture of the assets after the Commission filed an application for their forfeiture.

Following the court’s directive for the EFCC to publish the order in two national newspapers, allowing any interested party to show cause why the assets should not be finally forfeited, the Commission later returned to court to request the final forfeiture of the assets.

According to the source, the court also ordered the forfeiture of the land on which the warehouse is situated to the government.

“At the resumed hearing of the matter on Thursday, EFCC Counsel, Rotimi Oyedepo, SAN, told the court that the EFCC had complied with the court’s directives to publish the assets in two national newspapers,” the source said.

“Citing Section 44(2)(B) of the constitution and Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, he prayed the court to grant the final forfeiture of the assets.

“Justice Dipeolu granted the order, making the forfeiture another milestone in the asset recovery drive of the EFCC.”

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10 Feared Dead, Several Others Injured At Catholic Church’s Palliative In Abuja

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A stampede at the Holy Trinity Catholic Church in Maitama District of Abuja on Saturday morning has resulted in several deaths and numerous injuries.

The tragic incident occurred during a palliative distribution event organized by the church to assist struggling residents.

It was reported that chaos erupted as thousands of residents rushed to receive relief items, leading to the deadly crush.

Over 3,000 people, including children, mostly from nearby areas such as Mpape and Gishiri Village, had gathered for the event before the unfortunate incident took place.

Mike Umoh, the National Director of Social Communications at the Catholic Secretariat of Nigeria, confirmed the incident.

“Yes, it’s true, but the details are sketchy,” he said in a brief statement.

On the same Saturday, a stampede in Okija, a community in Ihiala Local Government Area of Anambra State in Nigeria’s South-east, also left many people dead.

According to Premium Times, witnesses reported that the victims had gathered to participate in the distribution of bags of rice donated by a well-known entrepreneur, Ernest Obiejesi, commonly referred to as Obijackson.

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NNPC Denies Misleading Report, Insists Port Harcourt Refinery Operational

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  • says product loading ongoing

 

The Nigerian National Petroleum Company Limited (NNPC) has affirmed that the renovated Port Harcourt refinery is fully operational.

The state-owned oil company clarified that preparations for loading operations were ongoing as of Saturday.

This clarification was made in a statement by Olufemi Soneye, the NNPC’s Chief Corporate Communications Officer, on Saturday.

Soneye was responding to reports suggesting that the refinery had halted loading petroleum products just one month after its reopening.

He confirmed that the refinery is fully functional, with a recent verification by former NNPC Group Managing Directors.

An earlier report by Saturday Punch said that less than a month after the Port Harcourt Refining Company appeared to have resumed production, the facility had stopped working.

Reacting, Soneye said preparation for today’s loading was ongoing at the time of sending out the statement.

“The attention of the Nigerian National Petroleum Company Limited has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.

“Preparation for the day’s loading operation is currently ongoing,” he said in the statement.

He urged members of the public to disregard the report saying the malicious reports were the work of individuals attempting to create artificial scarcity and exploit Nigerians.

“Members of the public are advised to discountenance such reports as they are the figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians,” he stressed.

Olatunji Grace, a social media user with the handle @Tunjigrace, expressed her frustration, questioning the intentions of those who wish for things to go wrong in Nigeria.

She criticised individuals who discredit positive developments, stating, “Who are these people?

Does any other nation have such unfortunate citizens who pray for failure?”

She also expressed disappointment in a report by Punch Newspaper, describing it as “devilish and stupid journalism” that hides behind the guise of a “report.”

Another user, Patrick @Williamskane4, accused news media organisations of working with opposition political parties to spread fake news and misinformation.

He stated, “In collaboration with some opposition political parties, they spread lies, making propaganda their trade.”

Meanwhile, another user, Sarki @Waspapping_, defended the Old Port Harcourt Refinery’s operations, stating that the refinery is fully functional.

He questioned why some individuals and media outlets were spreading false narratives about shortages, claiming they aimed to exploit Nigerians.

Sarki emphasised that such misinformation benefits those who profit from scarcity and high prices and urged Nigerians to see through the lies and support local production efforts.

For decades, efforts to revive the Port Harcourt Refining Company (PHRC) seemed insurmountable. However, under Mele Kyari’s leadership, the once-elusive goal has been realised, signalling a critical step toward achieving energy self-sufficiency. This success is not only a milestone for the NNPCL but a testament to Kyari’s resolve to transform Nigeria’s energy landscape.

The Port Harcourt Refinery Company in Eleme is a sprawling facility divided into a 60,000-barrel-per-day-old refinery, and a new one capable of refining 150,000 barrels per day. The old refinery, operational since 1965, is Nigeria’s first refinery and had remained idle since 1990 when the newer unit became the primary production hub.

After over 30 years of dormancy, the old Port Harcourt refinery, which has a unique configuration where one barrel of crude oil yields a maximum of 23–24 per cent gasoline, was recently reopened by the NNPC Limited amid shock by forces against the revival of the country’s four refineries.

After the $1.5 billion approved by the Federal Government in 2021 for the comprehensive rehabilitation of the refinery had been judiciously spent, the NNPCL under Kyari’s sound leadership, reopened the Old Port Harcourt Refinery on Tuesday, November 26, 2024.

Today, the old Port Harcourt refinery is currently producing straight-run gasoline (Naphtha) blended into 1.4 million liters of PMS daily; 900,000 liters of kerosene; 1.5 million liters of Automotive Gas Oil (Diesel); 2.1 million liters of Low Pour Fuel Oil (LPFO), and additional volumes of Liquefied Petroleum Gas (LPG), also known as cooking gas.

Attempts by sceptics to rubbish the achievement recorded with the 60,000-barrel-per-day Port Harcourt refinery had been roundly repudiated by the NNPCL, workers at the refinery, experts, and delegates from the Presidency, Nigeria Labour Congress, Trade Union Congress, Petroleum and Natural Gas Senior Staff Association of Nigeria, and Nigeria Union of Petroleum and Natural Gas Workers.

 

Credit: The Punch

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