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Access Bank Raises N442bn Capital, Signs Syndicated Tier II Facility Agreement

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…say the financial infusion will empower local SMEs
 
By Gloria Ikibah 
 
As a way of fostering economic growth, Access Bank PLC, has celebrated a landmark moment in its partnership with the Dutch Entrepreneurial Development Bank (FMO) by the signing of a monumental syndicate Tier II Facility agreement of USD295 million (equivalent of about N442,500,000,000), underscoring a relationship that has flourished for over two decades.
 
Access Bank’s collaboration with FMO began in 2003, reflecting a shared commitment to economic development in Nigeria. This latest agreement, the third of its kind arranged by FMO for Access Bank, goes beyond a mere financial transaction, and serves as proof to the deep-rooted trust and synergy between the two institutions.
 
This historic agreement is the largest syndication in FMO’s history. This substantial investment is the result of a collective effort involving a syndicate of Global DFI partners, each playing a crucial role in strengthening Nigeria’s private sector. The syndicate includes esteemed names such as British International Investment (BII), Belgian Investment Company for Developing Countries (BIO), BlueOrchard, FinDev Canada, Finnfund of Finland, Norfund of Norway, Oikocredit, and Swedfund of Sweden.
 
This financial infusion is earmarked to empower local small and medium-sized enterprises (SMEs), with a particular focus on underserved segments such as youth- and women-owned businesses, agricultural enterprises, and very small enterprises.
 
Roosevelt Ogbonna, MD/CEO of Access Bank PLC, express profound gratitude to FMO for their unwavering support and emphasised the bank’s commitment to becoming the world’s most respected African bank by adhering to global best practices and maintaining high standards of accountability.
 
“Today marks a significant milestone in our longstanding partnerships with FMO. This monumental syndicate Tier II Facility agreement underscores the deep-rooted trust and synergy among our institutions. 
 
“This facility not only enhances our capital reserves, but also strengthens Africa’s trade capabilities and export potential. Putting these funds to use, we aim to catalyse growth across various sectors, stimulate business development, create jobs, and deepen financial inclusion, aligning with Access Bank’s mission to drive progress and development throughout the continent and beyond”, he said. 
 
In his remarks, Michael Jongeneel, CEO of FMO, stated: “We extend our gratitude to our longstanding partner, Access Bank, and our syndication partners for their outstanding cooperation and collective effort in making this loan facility a reality. The syndicated loan provides significant support to SMEs in Nigeria, particularly underserved segments such as women and young entrepreneurs, aligning perfectly with our shared strategy to enhance financial inclusion and empower local entrepreneurs in the agribusiness and SME sectors.”
 
Marchel Gerrmann, representing the Dutch government, and members of the syndication partners—BII, Finnfund, and BlueOrchard—were among the distinguished guests who witnessed this agreement.
 
The ceremony was attended by dignitaries including H.E. Amb. Oluremi Oliyide, Nigerian Ambassador to the Netherlands, and representatives from the Dutch government.
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Rupture In PDP Governors’ Forum deepens

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By Ojomah Austin.

 

The evolving fall-out, which comes barely days to the contentious National Executive Committee (NEC) of PDP, followed a back and forth between the Federal Capital Territory (FCT) Minister, Nyesom Wike and the Governors forum, who declared support for Rivers State governor, Siminalayi Fubara to be made leader of the party in the state.

After a meeting with some members of the party’s National Working Committee (NWC) in Bauchi on Wednesday, Governor Mohammed, said “According to our party’s constitution, any leadership vacancy should be filled by someone from the region where it originated,” stressing that Damagum would be replaced soon considering that he hails from North East and not the North Central.

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Same day, Makinde, during the groundbreaking of the upgrading of Ladoke Akintola Airport, Ibadan, to an international airport, which was attended by another set of NWC members, led by Damagum, said he would support whatever decision the Damagum-led NWC would take to reposition the party.

Damagum, who is considered a close ally of Nyesom Wike, the Federal Capital Territory (FCT) Minister, was appointed acting national chairman after the removal of Iyorchia Ayu in June 2023.

Meanwhile, the Board of Trustees (BoT) of the PDP led by Senator Adolph Wabara, met with members of the National Assembly caucus in Abuja.

The close door meeting comes barely hours after the BoT met with Wike in Abuja.

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While Wabara refused to comment on the essence of the meeting with the lawmakers, it was noticed that most of the lawmakers didn’t honour the invitation.

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Tears As Man Takes Own Life Over Tinubu’s Govt Hardship

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By Mario Deepromoter

Sad development in Marika village, Kiyawa Local Government, Jigawa, where a 40-year-old man, Jibrin Adamu, committed suicide by hanging himself.

According to eyewitnesses, Adamu’s lifeless body was discovered in a classroom at Miftahul Khairat Islamiyya and Primary School Gurdiba on Thursday.

Police spokesperson DSP Lawan Shiisu Adam confirmed the incident, stating that preliminary investigations revealed Adamu had struggled with mental health issues.

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“Police received a report on Thursday that at about 1830hrs, a tragic incident was reported at the Command headquarters that one Jibrin Adamu ‘m’ age 40yrs of Jigawar Maroka village, Kiyawa LGA has committed suicide by hanging himself over the ceiling at Islamiyya school,” the Police spokesperson told Daily Post.

The Jigawa State Commissioner of Police, CP AT Abdullahi, has instructed officers to conduct a thorough investigation into the incident.

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Just in: Dangote Petrol Now Available at N765.99 Per Litre

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By Mario Deepromoter

11plc, Total Energies, AA Rano, and other marketers have begun lifting Dangote Petrol through Nigerian National Company (NNPC) Trading Limited for N765.99 to retail outlets nationwide.

Findings showed some petroleum marketers who were able to complete their payment process on the NNPC trading payment portal commenced the lifting of petrol earlier this week under the existing agreement between marketers and the refinery.

Tunji Oyebanji, managing director, 11Plc confirmed to BusinessDay on Thursday evening that some marketers have started lifting the products at N765.99 from Dangote Refinery through NNPC who remain the sole off-taker of product.

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“We were among the first marketers to complete the payment on the NNPC portal. We have no direct arrangement with the refinery,” Oyebanji said.

It was gathered that NNPC Retail, 11plc, Total Energies, A.A Rano are among the marketers that have picked up products from the refinery.

He added, “We don’t know the contractual financial arrangement between NNPC and the refinery but what I can confirm is we are buying at N765.99 from NNPC to lift Dangote petrol”.

Efforts to get the Independent Petroleum Marketers Association of Nigeria (IPMAN) to confirm if its members have picked up products at the Dangote Refinery proved abortive at the time of writing this report.

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See also Nigeria’s Petrol Landing Cost Revealed
Adedapo Segun, executive vice-president, downstream at NNPC said marketers cannot purchase petrol directly from the refinery because the product is still sold at a subsidised rate.

“That is the same thing happening with Dangote. I said earlier that Dangote is a company and it is going to sell at market price,” he told Journalists.

According to Segun, “The market value of PMS is still higher than what N766 or N765 or N799 that NNPC is selling.

“The situation has not changed there. So, NNPC’s off-taking is only because the others would not buy at the price Dangote will be willing to sell, which is reasonable.

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“As soon as the price allows for it, you will see the marketers go to Dangote and buy.”

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