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Wema Bank Shines At Global SME Finance Forum Conference Awards 2024

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…Awarded:

  • SME Financier of the Year (Africa)
  • Platinum Award for Best Financier for Women Entrepreneurs (Africa)

 

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has received two awards of excellence at the Global SME Finance Forum Conference Awards 2024 which held in São Paulo, Brazil between September 16 & 18, 2024. The awards received are SME Financier of the Year (Africa) and Platinum Award for Best Financier for Women Entrepreneurs (Africa).

The Global SME Finance Forum is the world’s leading, technically oriented and geographically diverse platform focused solely on scaling SME financing worldwide. Managed by this Forum, The Global SME Finance Forum Conference Awards is dedicated to acknowledging the effective and successful practices of financiers across the world, honouring the innovative products and services these financiers create for SMEs, recognising the impressive results in expanding finance and services to SMEs, and celebrating these exceptional financial institutions. Wema Bank emerged Africa’s top financier not just for the general SME landscape but also particularly for women-owned SMEs, at the 2024 edition of the annual Global SME Finance Forum Conference Awards.

Reputed as the Bank of choice for Micro, Small and Medium Enterprises (MSMEs), Wema Bank received recognition for its commendable track record of developing innovative, sustainable and significantly impactful products, services, solutions and opportunities for businesses of all sizes across Nigeria. The Bank’s impact ranges from affordable financing options and seamless payment collection solutions to access to market, digital solutions for efficient business operation and management, SME Advisory services, and a vast range of products tailored to the needs of businesses across every part of Nigeria. Through its women-focused proposition, SARA by Wema, Wema Bank continues to tailor its SME offerings specifically for women, helping these women build sustainable businesses and access the resources needed to scale and thrive. The Bank further supports overall growth and well-being of these women with affordable to free healthcare packages. It is beyond doubt that Wema Bank is indeed deserving of its recognition as Africa’s top financier for SMEs and particularly, women entrepreneurs.

Expounding on the Bank’s glaring commitment to empowering MSMEs, the MD/CEO of Wema Bank, Moruf Oseni, articulated the big picture for the Bank. “MSMEs make up the bulk of Nigeria’s economy and they are critical to not only mitigating unemployment and other macroeconomic challenges but also promoting innovation and significantly boosting the economy towards national development. At Wema Bank, we recognise the potential that MSMEs hold as well as the challenges that threaten the maximisation of this potential, and we have made a lifelong commitment to providing viable, seamless, accessible, affordable, reliable and effective solutions tailored to the needs of businesses of all sizes across Nigeria; especially women-owned businesses. There is a rising need for intentionally inclusive empowerment strategies in not only stimulating growth in the SME sector but also bridging the gap in gender equality, and we have undertaken the responsibility of fulfilling that need. As a Bank, our mission is to empower lives through innovation, and as always, we will continue to seek more effective ways to empower businesses for optimal productivity and sustainable growth”.

“We are honoured by the global recognition accorded to us by the Global SME Finance Forum and as we receive these awards, we reiterate our commitment to providing businesses with the resources they need and a bouquet of intelligent solutions that mitigate prevalent challenges and make business management and operation seamless, maximally profitable and efficient. Thank you to the Global SME Finance Forum for the acknowledgement, and also to our valued customers who continue to entrust the future of their businesses and their financial well-being in our hands. This prestigious recognition honours our unwavering commitment to empowering SMEs and fostering innovation in SME finance, further fuelling our drive to consistently go above and beyond in accelerating growth for SMEs and delivering optimum value to every stakeholder. We are indeed the Bank of choice for MSMEs and women across Nigeria, and we will never relent in empowering women to thrive and businesses to scale regardless of economic fluctuations”, Oseni remarked.

Wema Bank continues to raise the standards of banking and financial services in Nigeria, demonstrating a commitment to generating positive impact across diverse verticals, a dedication to exceeding expectations and a passion for empowering lives and businesses for success.

Businesses interested in accessing the Bank’s tailored range of finance options and business-centric solutions are encouraged to visit https://wemabank.com/smes or send an email to [email protected] to get started.

BIG STORY

Lagos State Government To Concession Red And Blue Line Rails For Sustainability, Loan Repayment

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The Lagos State Government has announced plans to concession the operations of the Red and Blue Line rail systems to the private sector in order to ensure their sustainability and repay loans taken for the rail projects.

This announcement was made by the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, during a recent TVC News interview, where he discussed the measures being implemented to ensure the continued viability of the state’s rail systems.

Osiyemi explained that the concessioning process would involve transferring the operations of the rail systems to private sector players for a defined period. This approach is intended to ensure the continued operation and effective management of the rail projects.

“The ultimate game is for all our rail systems we’ve done—that is, the Red Line and Blue Line—there is going to be some concessionairing with the private sector for a period of time to ensure sustainability and continuity,” he stated.

He added, “The concessioning would help pay back the loans taken for the rail projects.”

The commissioner emphasized that the concessioning strategy aims to ensure efficient operations and long-term financial sustainability, in line with the state’s vision for a world-class transportation network.

  • More Insight

Osiyemi further highlighted the substantial financial and technical challenges involved in operating rail systems, describing them as capital-intensive projects that require significant resources and specialized expertise.

To tackle these challenges and build local capacity, he noted that the Lagos State Government has enlisted foreign partners to temporarily manage the operations of the trains.

These partners are expected to not only ensure smooth operations during their tenure but also transfer critical skills to Nigerian personnel. The plan includes a structured training program lasting one to two years, after which the management of the rail systems will be fully handed over to local operators.

“What we have done is we have consulted foreign partners who, of course, would run these trains for a particular period of time and train our people—that is, transfer of skills.”

“They will train our people for one to two years, then hand over for our own management,” Osiyemi explained.

  • Things You Should Know

The Lagos State Government, under its Lagos Strategic Transport Master Plan, has set out an ambitious vision to develop a network of rail systems across the state.

Currently, only the first phases of the Red Line and Blue Line rail systems have been completed, with passenger services already in operation.

The Blue Line is a 27km electric rail line designed for sustainable operations. Its first phase, covering 13km from Lagos Marina to Mile 2, was completed in 2023 and began commercial operations in September, carrying over 2 million passengers to date.

The Red Line, spanning 37km from Agbado in Ogun State to Oyingbo in Lagos, operates on diesel. Its first phase, a 27km stretch, includes eight strategically located stations: Agbado, Iju, Agege, Ikeja, Oshodi, Mushin, Yaba, and Oyingbo.

The construction of the second phases of both the Red Line and Blue Line rail systems is being managed by the China Civil Engineering Construction Corporation (CCECC), which also oversees the operation of the trains.

Beyond the Red and Blue Lines, the state has plans for additional rail systems, including the 68km Green Line (Lekki Free Trade Zone to Marina), the 85.7km Purple Line (Redemption Camp to Ojo), the 48km Orange Line (Ikeja CBD to Agbowa), and the Yellow Line, all aimed at enhancing the state’s transportation network.

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BIG STORY

Lagos Commissioner Tokunbo Wahab Condoles With Families Of Epe Accident Victims

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Condolence Message from the Honourable Commissioner for Environment and Water Resources, Lagos State, Mr. Tokunbo Wahab.

I am deeply saddened by the tragic incident that occurred in our community, Epe, claiming the lives of two promising young adults, a dedicated tricycle driver, and leaving several other people injured. This heartbreaking accident has left our hearts heavy, as we mourn the loss of these young souls who were full of hope and dreams, and an industrious individual who worked tirelessly for his livelihood.

As a member of this community, I extend my heartfelt condolences to the families and friends affected by this terrible loss. I can only imagine the pain you must feel, and I want you to know that you are not alone in this moment of grief.

Let us honor the memories of these individuals by advocating for safety and awareness on our roads. As we move forward, may we find comfort in community and strength in one another. May their souls rest in peace, and may their families find solace and healing in the days to come.

Our thoughts and prayers are with you all.

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BIG STORY

JUST IN: Monday Okpebholo Sworn In As Edo State Governor

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Monday Okpebholo, a serving senator, has been sworn in as the governor of Edo State.

Okpebholo took his oath of office at about 1pm on Tuesday during the inauguration ceremony in Benin, the state capital.

As the candidate of the All Progressives Congress (APC), Okpebholo won the September 21 off-cycle governorship election in the state.

He polled 291,667 votes to defeat Asue Ighodalo of the Peoples Democratic Party (PDP), who came second with 247,274 votes.

Olumide Akpata, the candidate of the Labour Party (LP), came third with 22,763 votes.

Dennis Idahosa was also sworn in as the deputy governor of Edo.

Dignitaries, including Vice-President Kashim Shettima, Abdulrahman Abdulrazaq, chair of the governors’ forum; Philip Shaibu, reinstated deputy governor of Edo; and other governors from the party, were present as Okpebholo took the oath of office.

The new governor later rode in an open-top van around the stadium, acknowledging cheers from supporters.

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