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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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Benue state govt offers free beer to residents for New Year’s eve celebrations

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By Kayode Sanni-Arewa

As part of the ongoing Benue Carnival festivities, the Benue State Government has announced the distribution of free Zeva Draft Beer to residents in celebration of New Year’s Eve.

The Executive Governor of Benue State, Rev. Fr. (Dr.) Hyacinth Iormem Alia approved the gesture. The event will kick off at 5 PM on December 31, 2024, at IBB Square, Makurdi.

Dr Raymond Asemakaha, Managing Director of the Benue Investment and Property Company Limited (BIPC), revealed this in a statement on Tuesday. He described the initiative as an opportunity for citizens to come together and celebrate Benue’s rich heritage and unity.

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“This is a unique opportunity to enjoy the flavours of Benue while engaging with family and friends. You are to drink responsibly,” the statement read.

The carnival, which had been dormant since the administration of former Governor Gabriel Suswam, has been revived by the current government to promote cultural pride and engage the youth positively.

The festivities have already featured colourful displays, with socio-cultural groups parading through Makurdi in vibrant costumes on Monday

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Minority Caucus Congratulates Nigerians on New Year, Calls for Urgent National Reforms

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By Gloria Ikibah

As Nigerians join the global community in celebrating the New Year 2025, the Minority Caucus of the House of Representatives has extended heartfelt congratulations to all Nigerians, both at home and abroad, for witnessing the dawn of the year in peace and tranquility.

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In a statement jointly signed by House Minority Leader Rep. Kingsley Chinda, Minority Whip Rep. Dr. Ali Isa J.C, Deputy Minority Leader Rep. Aliyu Madaki, and Deputy Minority Whip Rep. George Ozodinobi, the caucus reflected on the challenges of 2024, describing the year as “palpable, worrisome, and fearful,” and highlighted its impact on citizens’ personal growth.

The statement reads: “Today, being the first day of Year 2025, whilst, like other parts of the world, we are full of excitement, it gives us another opportunity to have sincere reflections and objective introspection about the journey of our dear country thus far. Fact is, Nigeria’s progress has been marked by significant challenges that hinder our individual growth and collective prosperity.

“True, the situation of our country, particularly in 2024, was palpable, worrisome, and fearful that it stifled the personal development of many citizens. From spiraling inflation to corrosive poverty and debilitating hunger, it was pathetic for citizens. How about accentuating unemployment, alarming insecurity, and other disturbing multi-sectoral indices of under-development?

“As the country enters 2025, it is necessary to reiterate that just as Nigeria has issues of governance and lack of inclusive economic growth, there is an urgent and timely need to ingeniously address challenges of infrastructure deficits, mindless corruption, youth unemployment, and widespread insecurity.”

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The caucus urged all Nigerians to leverage the nation’s diversity as a strength and work collectively towards fostering peace, unity, and development.

“No doubt, Nigeria is a blessed nation with enormous potentials, and our diversity remains one of our greatest assets. In 2025, we admonish us all to harness the strengths embedded in our differences to build a nation that works for all citizens. Since no tribe, ethnicity, and group, no matter how powerful, can do it alone, we solicit for the collaboration and synergy of all and sundry. Through these, and other imperatives including believability, inclusivity, and mutual trust, Nigeria can overcome every difficulty and achieve sustainable and enduring achievements.

“As we collectively forge ahead as a nation in 2025, we encourage us all to recommit and reconnect to the values of peace, unity, and development, with the realization that the future of Nigeria rests on our ability to stay united and work together towards the fulfillment of common goals, desires, and aspirations.”

The caucus reaffirmed its dedication to the well-being of Nigerians, pledging to remain steadfast in addressing national issues through legislative action.

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“As a responsive and responsible Caucus, we assure Nigerians that, further to our commitment to the general well-being of citizens, we will in 2025, and subsequent years in the lifespan of the 10th House of Representatives, remain resolute and focused in every national issue that requires legislative inquisition and actions.”

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Just in: Tanker fire guts popular Lagos police station

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Tanker fire has razed a section of Okokomaiko Police Station, Lagos State Police Command.

The tanker reportedly caught fire while discharging diesel into the storage tank of a hotel that shares same fence with the police facility, reports Daily Trust.

The incident created a stampede as both the staff of the hotel and policemen attached to the station fled from their offices for fear of being trapped in the fire.

It was learnt that the fire started from the engine of the truck and quickly spread to the storage tank of the vehicle.

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Witnesses alleged that the fire spread to the police station before any help could come.

One witness identified simply as Tolupe stated that the truck driver abandoned the vehicle when the fire escalated and fled.

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