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Access Bank Plc, EIB Partner To Empower SMEs, Women Through €50 Million Facility

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  • Deal to provide access to finance for SMEs as an effective means to foster economic diversification and inclusive growth.
  • At least 30% of funding will support women-led, women-owned businesses or businesses offering a service or product disproportionally benefiting women.
  • The deal supports Nigeria’s national action plan, which targets the empowerment of young people and women in alignment with the EU’s 2021-2027 Nigeria Multi-Annual Indicative Program (MIP).

Access Bank Plc and the European Investment Bank (EIB), on Thursday, signed a memorandum of understanding, to deploy the long-term financing of 50 million euros, aimed at boosting the financial inclusion of young people and women in Nigeria.

Held with support from the European Union, the execution will contribute to the progress made towards achieving the Sustainable Development Goal number 5, which targets gender equality and empowerment for all women and girls.

Speaking on Access Bank’s longstanding partnership with the EIB and commitment to sustainable finance, Roosevelt Ogbonna, Group Managing Director, and Chief Executive Officer of Access Bank Plc said:

“Our collaboration with the European Investment Bank underscores our unwavering commitment to fostering job growth, promoting gender equality, and championing sustainable business practices across all our countries of operation. At Access Bank, we believe in the potential of women as drivers of economic growth, and this partnership reinforces our dedication to that cause. By providing critical financial resources to female entrepreneurs and managers, we aim to not only expand businesses but also uplift livelihoods and drive economic development in Nigeria.

“As we work towards achieving the national and global development goals, this credit facility exemplifies the shared vision of Access Bank and EIB for a more inclusive and prosperous continent. We look forward to the positive impact this partnership will have on the lives of Nigerian women and the broader economy.”

The funds will be mobilised by Access Bank to finance eligible investments made by SMEs and mid-caps in sectors such as transport, agriculture value-chain, manufacturing, tourism, and services. It will also be targeting businesses owned, run, employing, or primarily serving women, in accordance with the “2X Challenge” initiative, whose criteria are aligned with the OECD gender objectives.

“Since inception, the goal of the “W” Initiative has been to inspire, connect, and empower women with sustainable tools to access true financial inclusion and growth. This is why we are excited about the potential of this agreement with the EIB, as it is a powerful instrument to support women in realising their dreams and aspirations. By providing increased access to funding, we are fostering economic growth and strengthening the foundation of gender equality in Nigeria,” Abiodun Olubitan, Group Head, Women Banking, Access Bank Plc added.

This execution is testament to Access Bank’s pledge to drive sustainable economic growth that is profitable, environmentally responsible, and socially relevant, while helping customers to access more and achieve their dreams. Over the past 17 years, the Bank has consistently demonstrated its commitment to gender equality and women’s economic empowerment, expending over ₦246.46 billion in financing for 3,145,319 women.

 

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 60 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.

BIG STORY

Nationwide Protest: Hon. Amusan Calls For Patience, Restraint

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A former House of Representatives member from Ogun State, Hon. Kayode Jelili Amusan has pleaded with the organizers of the planned nationwide protest tagged ‘End Bad Governance’ slated for August 1, 2024 to reconsider their stance and rather show more understanding and patience towards the many initiatives and programs the Federal Government is deploying towards alleviating the present harsh economic realities the nation is presently facing.

He further advised that rather than embark on protests that may spiral out of control and lead to a breakdown of law and order, as recently witnessed in Kenya, the brains behind the protests should rather seek a way where themselves and representatives of the Federal Government can sit on a round table and they can put their demands forward and even ask for specific timelines to realistic demands, urging that politicizing the situation may not be in the best interest of the nation.

According to Amusan, ‘’the present economic realities of our nation call for a concern and we need concerted efforts, both on the part of the elected government officials and the people being governed to pull through and return our nation to the path of economic recovery. The people have a right to protest and make their grievances known to the government but the truth is, as we have seen with Kenya, protests without identified leaders can be hijacked by people with ulterior motives and then we have a breakdown of law and order. Nigeria cannot afford any at a time like this. What we need is to come together as a people, both the government and the governed and find lasting solutions to the many challenges we are facing as a people. The current economic situation in the country is not one anyone should be proud of, regardless of our political or social standing. As we have seen that the government is putting measures in place to arrest the situation, what we need right now is not a protest but concerted efforts at returning our nation to its days of self-sufficiency and prosperity’’.

Amusan also commended the judiciary and the Bola Tinubu government for the recent Supreme Court pronouncement on local government autonomy. According to him ‘’the local government is the closest to the people, it should be synonymous with rural development, empowerment and any efforts towards strengthening it should be supported’’. The Supreme Court’s landmark judgement included a decision that overturned the longstanding practice where state governments received federal allocations on behalf of local government areas and withheld the funds. Nigeria’s Supreme Court affirmed on 11 July the financial autonomy of the nation’s 774 local governments.

Hon. Amusan, a two-time governorship aspirant in Ogun State is the chairman of Kamson Holdings Limited and represented Abeokuta North/Odeda/Obafemi-Owode Federal Constituency from 2003-2011 in the House of Representative

 

 

 

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BREAKING: Senator Ifeanyi Ubah Dies In London

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Renowned businessman and politician, Senator Ifeanyi Ubah, has reportedly passed away in London.

The Senator from Anambra State had recently joined the All Progressives Congress (APC) and was considering seeking the party’s nomination for the upcoming governorship election in Anambra State.

While details surrounding his death are still limited, sources indicate that he made a financial contribution to the Anambra APC just two days prior.

This news comes shortly after the passing of Chief Emmanuel Iwuanyanwu, President-General of Ohanaeze Ndigbo.

 

More to come…

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IGP Egbetokun Finally Approves Hunger Protest, Asks Organisers To Submit Names, House Addresses, Others

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On Friday, Inspector-General of Police Kayode Egbetokun requested that all groups planning to participate in the upcoming nationwide protest provide their details to the Commissioners of Police in their respective states.

During a press briefing at the Force Headquarters in Abuja, Egbetokun explained that this request is aimed at ensuring a peaceful protest.

Additionally, Egbetokun revealed that the police have received intelligence indicating that foreign mercenaries are involved in the planned protest.

This information has raised concerns about potential violence and unrest, prompting the police to take proactive measures to maintain public safety and order.

By submitting their details, protest groups can help the police to better understand their plans and take necessary steps to prevent any potential disruptions or security threats.

He said, “We acknowledge the constitutional right of Nigerian citizens to peaceful assembly and protest. However, in the interest of public safety and order, we urge all groups planning to protest to provide necessary details to the Commissioner of Police in the state where the protest is intended to take place.

“To facilitate a successful and incident-free protest, they should please provide the following information.”

Other guidelines, according to him, are “stating the proposed protest routes and assembly points. 2. Expected duration of the protest. 3. Names and contact details of protest leaders and organizers.

“Measures to prevent hijacking by criminal elements, including key identifiers for possible isolation of potential troublemakers. By providing this information, the police will be enabled to deploy adequate personnel and resources to ensure public safety.

“Designate specific routes and areas for the protest to avoid conflicts with other events or activities. Establish clear communication channels with protest leaders to address any concerns or issues that may arise.

“Minimize the risk of violence, property damage, or other criminal activity. We encourage all protestors to cooperate with the police, obey the law, and adhere to global best practices for peaceful assembly to guarantee a safe and successful exercise of their rights.”

The top cop said they have been monitoring development surrounding protest threats, saying while some groups call for violent protests, emulating Kenya’s recent events, others advocate for peaceful demonstrations.

“However, some individuals promote peaceful protests with violent undertones, raising concerns about their sincerity. We have our history of violent protests in Nigeria, and I don’t believe we have to look to other countries to note the dangers of unchecked demonstrations.

“We commend patriots who have withdrawn from the protest due to the apparent sinister motives and ignorance of those calling for violence. We note those who have spoken out against any form of protest at this critical juncture, fearing enemies of our country may be manipulating the process.

“We confirm their fears are genuine, as we have credible intelligence on foreign mercenaries’ involvement in this planned protest. The Nigerian police urge all Nigerians to exercise caution and think twice before joining any protest group.”

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