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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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Joint Security Patrol Team wastes Kidnapper in gun duel along Enugu/Ukwu Road

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By Kayode Sanni-Arewa

The Joint Security Patrol team led by the Anambra state police command has neutralized a notorious suspected kidnapper along the Enugu/Ukwu road .

The operation according to the state police command spokesperson Tochukwu Ikenga was carried out with local vigilante group who identified the suspect before he was chased and engaged in an exchange before he was neutralized.

The joint security patrol team was said to have responded to a distress call of the planned attack by the gang members of the suspect, before acting swiftly to the scene and engaged them, which led to some of the gang members escaping with bullet wounds.

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One AK 47 rifle, two magazines and five rounds of live ammunition were recovered from the suspect, as manhunt for the fleeing suspects continue according to the police. The Anambra police command urges residents to remain vigilant and report any suspicious activities in their area to the nearest police station for prompt action.

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Just in: Dangote Refinery reduces price of petrol to N970 per litre

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The Dangote Group has announced a reduction in the price of its Premium Motor Spirit (PMS) to N970 per liter.

This was contained in a statement issued by Anthony Chiejina, the Group’s Chief Branding and Communications Officer, on Sunday.
Chiejina stated that the refinery has lowered its petrol price for marketers from N990 to N970 per liter, providing them with a N20 discount per liter.

Furthermore, he emphasized that despite the price reduction, the quality of the company’s products remains uncompromised.

The statement regarding the price adjustment reads:

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“Dangote Petroleum Refinery has effected a reduction in the prevailing price of its Premium Motor Spirit (PMS) from N990/litre to N970/litre for the marketers.

“As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the Refinery a dream come true. In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being.

While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

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Insecurity! Bandits k!ll 7 farmers, burn 50 bags of maize in Niger state

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Bandits have k!lled seven farmers, including a vigilante, and burnt 50 bags of maize inside a truck in Bangi, Mariga Local Government Area of Niger State.

Sources on Saturday, November 23, told Daily Trust that the victims had gone to bring the harvested maize home from their farm when the bandits ambushed them, k!lled all the occupants in the truck and set the truck.

Bandits have killed seven of our farmers who had gone to farm to bring the maize they had harvested home. The attackers hid and waited until after the victims had loaded the 50 bags of maize into the truck and were about to take off to return home when they opened fire on them. After k!lling the victims, they also set the truck and the 50 bags of maize already loaded ablaze,” a source said.

He said it was difficult for farmers in Mariga to harvest their crops this year due to k!llings and kidnappings by bandits.

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