Business

ETF: LAGOS DISBURSES N5.22BILLION TO 6,462 BENEFICIARIES

Published

8 years ago

May 10, 2018

…To Train 10,000 Skilled Persons Through Employability Support Scheme

The Lagos State Government on Thursday said a total of 6,462 residents with proven business ideas have so far benefitted about N5.22billion from the Employment Trust Fund (ETF) designed to grow the economy and create jobs through provision of credit facilities with minimal interest.

Speaking at the annual Ministerial Press Briefing to mark the third anniversary of Governor Akinwunmi Ambode’s administration held at the Bagauda Kaltho Press Centre in Alausa, Commissioner for Wealth Creation and Employment, Mrs Uzamat Akinbile-Yussuf said the amount so far disbursed constituted a huge part of the total N5.98billion approved for 8,229 beneficiaries since it began disbursement in 2017.

The ETF is an initiative of the present administration in the State through which N25billion is earmarked to be disbursed over a period of four years to provide entrepreneurs, artisans, traders and others with capital to boost their businesses thereby reducing unemployment and increasing wealth among the people.

While reeling out loan disbursement activities of the fund, Akinbile-Yussuf said: “In fulfillment of the Lagos State Government’s mandate, the Fund has now disbursed N5.22billion to 6,462 beneficiaries, out of the approved loans totaling N5.98billion for 8,229 beneficiaries received.

She said in the period under review, the board of ETF approved loans totaling N627,053,826.15 for 643 beneficiaries under the batch four of the scheme, while in batches five, six, seven and eight, N924,696,671.00, N979,704,570.31, N443,859,457.60 and N1,013,485,058.69 were respectively disbursed to 5, 813 beneficiaries.

“For batch one of 2018, the Board approved loans totaling N492,798,560.90 for 1,753 beneficiaries (44 Small and Medium Enterprise (SME), 1,306 Medium Enterprise (ME) and 403 MES). The successful applicants have been contacted to meet the conditions that precede the disbursement of their loans,” she said.

Akinbile-Yussuf said as part of efforts designed to encourage startups in innovation and technology, the State Government launched innovation-driven enterprise program tagged “Lagos Innovates” where access to high quality infrastructure, learning and networks were provided, adding that the projection was to cement the place of Lagos as the leading destination for startups in Africa.

She said the government, through the Lagos State Employability Support Project, has also firmed up plans to produce 10,000 skilled persons within three years to cater for demand in key sectors such as manufacturing, healthcare, construction, entertainment, garment making and tourism and hospitality.

“In addition, the project will place at least 6,000 trained persons in jobs and upgrade the equipment and improve the curriculum at two of Lagos State Technical and Vocational Education Board (LASTVEB’s) Colleges,” she said.

On other achievements of the Ministry in the last one year, the Commissioner said government developed virtual market which is an online portal created to connect artisans and tradesmen with customers in need of goods and services in a secure environment, revealing that the Ministry had commenced partnership with different stakeholders to actualize the initiative.

She said under the tradesmen and artisans capacity building scheme, a total of 1,000 were retrained in 2017 to enhance their efficiency, competitiveness and productivity, while 40 members of Lagos State House Painter Association were trained and engaged by Kansai Plascon Nigeria, as well as 50 others were trained in partnership with Ruff n Tumble under the sustainable development programme.

Besides, she said in recognition of the opportunities in emergence of new technologies especially in addressing the needs of the society to attain sustainable growth and development, the government came up with the concept of developing an ICT hub in Yaba, saying the project would be delivered in partnership with other critical stakeholders.

Also, the Commissioner said the government would soon launch health SMEs to facilitate quality improvement in both public and private sector health facilities through provision of financial support with the support of private sector organizations with the aim of creating wealth and employment.

The State Government, the Commissioner said, also introduced graduate internship programme through the Ministry where a total of 1800 candidates were screened in 2017 out of which 910 were deployed to various private organizations with the view to creating a network contact between the off-takers and the interns.

Bank

Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion

Published

8 hours ago

May 12, 2026

Sahara Weekly

Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion

_By AGP News

*UNITED KINGDOM OF ATLANTIS* — In a move signaling a push into international markets, the Royal Throne of the United Kingdom of Atlantis on Sunday announced the corporate transformation of Atlantian Crown Bank LLC into *Arizona Global Bank LLC*, as part of a wider restructuring to position the institution for global banking and financial innovation.

The announcement was made at a press conference in the UKA capital by *HRM Queen Amb. Cletus C. Leaticia*, Chief Executive Officer of the newly named bank. She told reporters the rebranding marks _“more than a name change”_ and reflects a strategic pivot toward digital finance, cross-border investment, and modern banking standards.

_“This transformation represents our commitment to innovation-driven banking and our vision to become a globally competitive financial institution,”_ Queen Leaticia said.

*Licensing Process Underway*

According to the Department of Financial Administration and Corporate Affairs, which issued the official communication, Arizona Global Bank LLC has formally begun the process of applying for a *Banking Operational Licence* under UKA’s financial regulatory framework.

Once licensed, the bank plans to operate as a modern financial enterprise focused on four pillars:

1. Innovation-driven banking and digital financial solutions

2. Corporate financing and structured investment services

3. International financial partnerships and cross-border trade facilitation

4. Financial inclusion initiatives

Bank officials stressed that the institution will _“maintain strict compliance with all banking regulations and supervisory standards”_ set by UKA financial authorities.

*Strategic Shift Amid Global Ambitions*

Management described the rebranding as part of a broader restructuring initiative to _“strengthen the bank’s international identity, expand its global financial footprint, and align operations with contemporary banking standards.”_

Representatives called the licensing and rebranding process a _“major milestone”_ aimed at supporting economic growth, international trade, and cross-border investment initiatives.

*No Disruption to Existing Commitments*

Addressing potential concerns from clients and partners, management reassured stakeholders that _“all existing institutional commitments, operational objectives, and long-term strategic plans remain fully intact throughout the transition process.”_

The Royal Throne indicated that further updates on the licence approval, commencement of operations, corporate partnerships, and investment programmes will be released through official UKA and Arizona Global Bank LLC channels.

_The Department of Financial Administration and Corporate Affairs, Royal Throne of United Kingdom of Atlantis, issued the official statement._

Bank

Fidelity Bank grows Gross Earnings by 45.6% for FY 2025

Published

9 hours ago

May 12, 2026

Sahara Weekly

Fidelity Bank grows Gross Earnings by 45.6% for FY 2025

Lagos, Nigeria – Fidelity Bank Plc, a leading Nigerian financial institution, has announced its audited financial results for the year ended 31 December 2025, reporting Gross Earnings growth of 45.6% from N1.04 trillion in 2024 to N1.52 trillion in FY 2025, reflecting stronger topline momentum across core business segments.

The Group recorded a Profit Before Tax of N347.7 billion. This performance was underpinned by a 38.7% year-on-year increase in interest income to N1.11 trillion (FY 2024: N803.1 billion) and a 44.7% year-on-year rise in fees and commission income to N113.4 billion (FY 2024: N78.4 billion).

On the balance sheet, total assets grew by 18.6% year-on-year to N10.46 trillion (FY 2024: N8.82 trillion), while customer deposits increased by 16.1% year on year to N6.89 trillion (FY 2024: N5.94 trillion), reflecting continued franchise strength and growing customer confidence in the brand. Net loans and advances declined by 2.4% year-on-year to N4.28 trillion (FY 2024: N4.39 trillion) as customers paid down on their mature obligations.

The Bank also strengthened its capital position during the period, with eligible capital rising to N561 billion, above the regulatory minimum of N500 billion for banks with international authorisation. In addition, capital adequacy remained robust, with Capital Adequacy Ratio of 30.94 percent as at 31 December 2025 (FY 2024: 23.47 percent).

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Business

ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK

Published

11 hours ago

May 12, 2026

Sahara Weekly

ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK

Ms. Zouera Youssoufou, Managing Director & CEO of Aliko Dangote Foundation (ADF) in company with Mr. Ahmed Iya, Head of Community Engagement & Polio Eradication of ADF visited Dr. Rami Ahmad, Vice President (Operations) of the Islamic Development Bank at IsDB Headquarters in Jeddah.

The delegation used the occasion to highlight the activities of the Foundation so far which made great impact on people of all races by enhancing opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden empowerment opportunities for individuals and communities.

Dr. Rami also expressed his expectation of a good and rewarding partnership between the two organisations, as many member countries of the IsDB face pressing debt challenges that constrain their investments in people and livelihoods.