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British International Investment partners with Access Bank Plc to extend US$60 million trade finance facility across five African countries

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British International Investment partners with Access Bank Plc to extend US$60 million trade finance facility across five African countries

 

 

  • Loan facility will help to ensure the availability of key commodities across import-dependent economies and critical inputs for manufacturing goods, medicine, commodities, construction, food, and agriculture.

  • The programme aims to stimulate African trade volumes by US$90 million and will contribute to SDGs 8 and 9.

  • BII’s second commitment to one of Nigeria’s leading multinational banks.

 

 

 

 

 

British International Investment (BII), the UK’s Development Finance Institution (DFI) and impact investor has announced a $60 million trade finance facility for Access Bank Plc in Nigeria and five of its pan-African subsidiaries. This will strengthen import and export capabilities amongst local businesses and plug the foreign currency supply gap. The programme supports Access Bank’s strategy to enable continental trade and deepens BII’s commitment to bolstering financing environments in fragile economies. BII estimates the loan programme will stimulate African trade volumes by US$90 million.

 

 

British International Investment partners with Access Bank Plc to extend US$60 million trade finance facility across five African countries

 

 

The agreement reinforces BII’s ongoing relationship with Nigeria’s largest commercial bank by assets and facilitates the provision of systemic liquidity during a period characterised by a challenging macroeconomic environment. Higher inflation and rising cost of capital have placed downward pressure on currency performance, both domestically and in the programme’s target markets of the Democratic Republic of Congo, Mozambique, Rwanda, Sierra Leone, and Zambia. Intervention at this critical juncture underlines the key role of BII, and development finance institutions in general, in extending countercyclical support to build economic resilience.

 

 

 

 

 

 

Between 80% and 90% of world trade is estimated to rely on the availability of trade credit, according to the World Trade Organization. Prior to the COVID-19 pandemic, the financing gap stood at US$82 billion in Africa, and it is increasing. Recognising the positive ripple effects of robust trade flows on economies and livelihoods, Access Bank is aiming to provide 15% of trade finance across Africa, by growing the trade books of its subsidiaries.

 

Currency instability in Nigeria can hinder the wider proliferation of dollar denominated trade loans across African markets, constraining countries’ ability to capitalise on opportunities opening up under the African Continental Free Trade Agreement. By specifically targeting import dependent economies – many of which will mark the first engagement with BII’s Trade programme – the improved availability of US dollar denominated trade loans will ensure availability of key commodities and manufacturing inputs for the production and export of goods. The key outcome will be improving livelihoods and preserving jobs for the employees of importers and exporters with limited access to foreign exchange trade loans.

 

With the loans channelled into companies in construction, manufacturing and FMCG, the programme will directly contribute to the UN Sustainable Development Goals 8 (Decent work and economic growth) and 9 (Industry, innovation and infrastructure).

 

Simultaneously, the facility will improve inclusion. Qualifying under the 2X Challenge, aimed at strengthening female participation and leadership in business, Access Bank will ensure the allocation of loans is designed deliberately to advance its gender commitments. In addition, the facility will contribute to BII’s BOLD programme, dedicated to enhancing the availability of finance at more affordable rates to Black, African-owned businesses.

 

Seyi Kumapayi, Executive Director, African Subsidiaries at Access Bank, remarked: “Access Bank is on a purposeful mission to scale intra-African trade and position the continent as a viable market for global trade. Hence, we are thrilled about the tremendous potential that this trade finance facility with the BII affords us across our pan-African subsidiaries. This strategic collaboration not only strengthens our import and export capabilities but also expands our resources to support local industries – especially women-owned businesses – and ultimately drive economic growth. By stimulating trade volumes, we will be playing a key role in fostering long-term economic resilience for the continent, while increasing its attractiveness for increased foreign investments.”

 

Admir Imami, Director and Head of Trade and Supply Chain Finance at BII, noted: “Access Bank is a long-standing partner of BII’s and our new partnership is a significant step closer to narrowing the trade finance gap in Africa, particularly in countries such as the DRC and Rwanda.   

 

Access to finance in fragile states is hugely constrained, often these countries are buffeted by macroeconomic events far beyond their control. BII and Access Bank share a conviction that building the resilience of these businesses by ensuring affordable access to foreign exchange is vital to keep intra-African trade moving and support the growth of inclusive economies.”  

 

Benson Adenuga, Head of Office & Coverage Director for Nigeria, BII said: Our latest commitment to Access Bank reiterates our assurance to this leading multinational institution and to Nigeria. It comes at a time when Nigeria’s fragile economic situation needs additional funding, particularly from counter cyclical investors like development finance institutions. Our funding will help bolster the economy and ensure the availability of staple goods, medicines and food across Africa.”

 

 

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BUA Estate, Abuja, Hosts Successful Iftar, Fostering Community Spirit

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“Africa’s Biggest Giver”- Inside The Telling Video Celebrating BUA Chairman, Abdul Samad Rabiu’s Birthday

BUA Estate, Abuja, Hosts Successful Iftar, Fostering Community Spirit

BUA Estate, a subsidiary of BUA Group, hosted a memorable Iftar celebration over the weekend in the spirit of Ramadan.
The event, held at the Estate’s mosque, brought together over 200 residents of the estate for an evening of prayers, spiritual lectures, supplications and breaking of fast, geared at fellowship, and community bonding.
Hadiza Rabiu, the General Manager of the Estate, expressed that the initiative aimed to support residents in their spiritual journey through the Holy month of Ramadan.  “We are thrilled to have hosted such a successful event. Ramadan is a time for reflection, gratitude, and community. It was an opportunity for residents to socialize and bond with their neighbours’’.
The Iftar celebration was widely praised by attendees, who appreciated the effort and thoughtfulness that went into organizing the event by management.
In her remark, Aisha Sulieman, a resident of the prestigious estate in Kado, FCT, Abuja, stated that seeing so many familiar faces and feeling a sense of community and belonging was wonderful. “We were indeed grateful to the Estate’s management for hosting such a memorable event,’’ she said.
“I wasn’t expecting that level of grand Iftar, but I was quite impressed. It was a wonderful program that brought families together with enough to eat and drink. I would like to express my gratitude to the company and their staff for the kind gesture,” said Adamu Aliu, another resident who was in attendance.
The Iftar celebration is just one example of the many community-focused initiatives undertaken annually by the BUA Estate management team to unite residents and celebrate their shared values and traditions.
About BUA Estate
BUA Estate is part of BUA Group’s real estate portfolio, which features residential, commercial, and mixed-use developments in Nigeria’s key cities. Our mission is to create sustainable properties that meet the demands of Africa’s real estate sector, blending functionality, durability, and aesthetics for clients and homeowners. Our estates include BUA Kado, BUA Hills, BUA Court, BUA Business Park, Abuja, BUA Towers, and The BUA Place, Lagos. www.buaestate.com.

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Despite Hardship, Glo Continues To Make Life Easier For Nigerians By Osho Oluwatosin

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Despite Hardship, Glo Continues To Make Life Easier For Nigerians* By Osho Oluwatosin

Despite Hardship, Glo Continues To Make Life Easier For Nigerians

By Osho Oluwatosin

 

Due to the economic hardship that has affected Nigeria as a country, several sectors, including telecommunications, have had to make necessary reforms and adjustments, especially in terms of tariffs, to reflect the reality of the Nigerian economic situation.

Some players in the sector, like Karl Toriola of MTN, had advocated for a 100% increase in tariffs due to the operational costs his company is enduring as a result of the economic hardship. Others also called for a similar increase, and as expected, the Nigerian Communications Commission (NCC) approved a 50% increase in tariffs in February.

Although several Nigerians complained bitterly due to the fact that several essential commodities are already expensive, in all fairness, an increment was necessary because telecommunication companies also pay high costs for commodities like diesel. If Nigerians continue paying the lower tariffs while operational costs keep increasing, some companies may begin to shut down.

However, if there is any telecommunications giant that has considered the feelings of Nigerians regarding the directives from NCC to increase tariffs, it is Globacom, the only indigenous telecommunications company owned by billionaire Mike Adenuga.

While the likes of MTN implemented a 200% increase and later apologized, Globacom, in its magnanimity and unwavering support for Nigerians, introduced some promos to ease the pain of Nigerians, especially the youth population that makes use of data.

One of the most hardship-alleviating initiatives by the company is the Glo eSIM 5GB free data, which was even extended to customers of other networks. According to the company, customers on other networks can easily use Glo eSIM as an additional SIM card and enjoy 5GB free of charge.

The outlet comes with an introductory free 5GB of data when the customer buys a data plan of N1,500 or more.

Customers already on other networks can now join the Glo network with eSIM as an additional SIM. Existing Glo customers can also enjoy this “SIM-less” freedom.

With the eSIM, customers no longer have to worry about space for a physical SIM on their phones. The eSIM is a software-based digital chip built directly into smartphones or wearable devices, thus eliminating the need for a physical SIM card for customers.

Despite Hardship, Glo Continues To Make Life Easier For Nigerians*
By Osho Oluwatosin

“Globacom is welcoming new customers on its network with the introduction of the eSIM. The eSIM, activated in any Gloworld shop or dealer outlet, comes with an introductory free 5GB of data when the customer buys a data plan of N1,500 or more.

“Customers already on other networks can now join the Glo network with eSIM as an additional SIM. Existing Glo customers can also enjoy this ‘SIM-less’ freedom.
“With the eSIM, customers no longer have to worry about space for a physical SIM on their phones. The eSIM is a software-based digital chip built directly into smartphones or wearable devices, thus eliminating the need for a physical SIM card for customers.”

Likewise, Glo recently announced a 15% bonus on every eTop-up for subscribers; this simply means that for every airtime recharge, customers get 15% added to whatever they bought.

In a press statement issued in Lagos, Globacom said, “In line with our commitment to delivering exceptional value to customers, we have introduced this bonus airtime promotion to help our customers get the most out of their mobile experience. Whether the airtime is used for calls, data, or messaging, this extra boost ensures that customers stay connected with their loved ones and colleagues without interruption. It was introduced to give our esteemed customers unprecedented value for money and a delightful calling experience on the Glo network.”

According to Glo, “The validity of the airtime is 7 days and cannot be rolled over; once the bonus airtime is not used within the validity period, it expires, and the customer forfeits the bonus.”

Furthermore, Glo partnered with establishments like Samsung to ensure Nigerians remain connected to the internet with unprecedented free data. Just recently, the telecommunications giant teamed up with Samsung, the world’s leading manufacturer of electronic devices, to bring a new offer to Glo subscribers. This tantalizing deal allows Glo customers to pre-order the highly sought-after Samsung Galaxy S25 smartphone and enjoy unique benefits.

Globacom is also delighting customers who purchase any model from the Galaxy S25 series with 18GB of bonus data for 6 months under smartphone festival data plans, while they can also secure their pre-order at any Gloworld shop with an advance payment of ₦500,000. Pre-ordered phones will be delivered to customers from February 19 onwards.

Meanwhile, Glo has been engaging in several promos back-to-back for the benefit of Nigerians. Through the Glo Festival of Joy promo, more than 50 Nigerians have won vehicles as luxurious as the Toyota Prado and other home appliances for using the Glo network and recharging regularly.

What about the Glo Lucky Number game? At different times, subscribers have been rewarded with cash prizes ranging from N100,000 to N1,000,000.

All of these and more indicate one thing: Glo is the only indigenous company that cares about the feelings of Nigerians, and these promos are major means through which the populace can be eased from the nationwide economic hardship.

Huge kudos to Globacom.

– Osho Oluwatosin is a journalist and publisher of www.trixxng.com

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Is FirstBank Truly the First?

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Is FirstBank Truly the First in Banking Services? 

Is FirstBank Truly the First in Banking Services? 

 

For decades, First Bank of Nigeria (FBN), widely referred to as FirstBank, has prided itself on being a leader in the Nigerian banking sector. Established in 1894, the financial institution has positioned itself as a pillar of strength and reliability, serving millions of customers and businesses across the country and beyond. However, beneath the grandeur of its century-long legacy lies a series of alleged scandals, boardroom power struggles, and allegations that challenge its claim to excellence in banking services.

 

A Legacy Tainted by Controversy

 

While FirstBank has built a formidable reputation in the industry, recent years have seen the institution embroiled in controversies that have raised serious concerns about corporate governance, transparency, and ethical banking practices.

 

One of the most notable scandals in the bank’s recent history was the leadership tussle that rocked its board in 2021. The Central Bank of Nigeria (CBN) had to intervene after an alleged improper removal of the bank’s Managing Director, Adesola Adeduntan, by the Board of Directors. The regulatory authority deemed the move as a violation of corporate governance principles and reinstated Adeduntan, highlighting concerns of internal wranglings and executive interference within the institution.

 

The power struggle within FirstBank’s boardroom has long been a topic of public discussion in Nigeria’s financial circles. The institution has seen a revolving door of leadership changes, with accusations of alleged undue influence by powerful stakeholders, including billionaire businessman Femi Otedola and former board chairman Ibukun Awosika. Reports suggest that internal factions within the bank often engage in a battle of interests, placing political and personal agendas ahead of the bank’s strategic objectives.

 

Moreover, regulatory authorities have had to step in multiple times to stabilize the governance structure at FirstBank, raising concerns about the institution’s ability to independently manage its affairs.

 

Beyond governance struggles, FirstBank has not been immune to allegations of financial misconduct. In 2022, reports emerged regarding questionable loan approvals and potential insider dealings that put the bank at risk of financial instability. Some of these allegations pointed to loans granted without adequate collateral, benefiting influential figures with ties to the bank’s leadership.

 

Additionally, customers have raised complaints over the years about unethical banking practices, including unauthorized deductions, delayed transactions, and poor customer service. These issues, while common across the Nigerian banking sector, call into question whether FirstBank is truly living up to its legacy as the premier financial institution in the country.

 

Given the crisis engulfing FirstBank, the CBN has maintained a watchful eye over the institution. The apex bank’s intervention in leadership disputes and its mandate for compliance with regulatory frameworks indicate that FirstBank’s operations are not without significant oversight. While such interventions are meant to ensure stability, they also highlight the deep-seated issues within the bank that require continuous monitoring.

 

Despite these controversies, FirstBank remains a dominant force in the Nigerian banking landscape. Its extensive branch network, digital banking initiatives, and financial products continue to serve millions of customers. However, the multiple governance crises, allegations of financial impropriety, and regulatory interventions suggest that the bank’s claim to being the “first” in banking services is increasingly under scrutiny.

 

To maintain its esteemed reputation, FirstBank must prioritize corporate governance, transparency, and customer satisfaction. The banking industry is evolving, and with increased competition from both traditional banks and fintech disruptors, FirstBank must clean its house if it truly wants to remain the leader it claims to be.

 

The question remains: Is FirstBank still the first, or is it just another financial institution grappling with systemic issues? Only time will tell if the bank can rise above its scandals and reaffirm its leadership in the sector.

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