Business

Fidelity Bank Collaborates With PwC On SME Funding

Published

5 years ago

July 5, 2019

Nnamdi Okonkwo, Managing Director, Fidelity Bank, said in Lagos on Wednesday that the bank came up with the initiative tagged, ‘SME Funding Connect,’ to deepen funding, which remained the biggest headache of SMEs.

Okonkwo who was represented by Executive Director, Lagos & South West, Mrs Nneka Onyeali-Ikpe, said the initiative was aimed at providing funding for SMES through the bank’s funding partners, venture capital and Angel investor, among others.

“Fidelity Bank is SME-friendly and we deemed it necessary to do something that directly affects our base as a bank. We have a lot of SME customers who we have worked with and some that we are still working with, and a lot of us know that the SMEs are the engine of any economy that is growing.”

He said there were over 40 million registered SMEs in Nigeria, noting that SMEs contributed 80 per cent of the workforce and could not be ignored.

Also speaking, Mr Osaigbovo Omorogbe, Divisional Head, Managed SMEs, said events for the funding of the SMEs would be carried out in Lagos, Port Harcourt, Kano and one other location to be determined by the bank.

Omorogbe said the Lagos event titled; ‘Entrepreneurship Meets Capital’ would take place on Aug. 7.

He said the funding partners would provide equity capital for SMEs to strengthen growth and development…

“We are not launching a fund, we are not looking to sell any fund to SMES on this paltform. We are creating a platform for everybody in SMEs’ ecosystem to participate. The programme has six focus sectors: manufacturing, technology, entertainment, lifestyles, agriculture value chain among others.”

“The funding will be anchored by PwC, Fidelity Bank is not a funding platform but creating a platform for every SME to meet funds providers.”

The Fidelity Bank SMEs Funding Connect has 3,000 participants, 60 providers, 60 founders, N12 million in grant, six breakout sessions and three networking cocktails.

Omorogbe said the bank had disbursed N2.3 billion under the Central Bank of Nigeria N220bn SME fund programme.

On his part, Nigeria Chief Economist and Partner, PwC, Mr Andrew Nevin, noted that the programme could develop more SMEs, which would in turn contribute to the development of the economy.

“For the past two years, the Nigerian economy has suffered and it has been difficult for banks to lend to the private sector but Fidelity Bank has risen up to the occasion and should be given credit for what they have done in the SME sector, which is the engine room of every economy.

“From the PwC perspective, we are proud to be part of the initiative and we would also want every state involved to be successful, and not only Lagos, so that they can contribute to the growth of Nigeria.”

Business

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

Published

23 hours ago

December 21, 2024

Sahara Weekly

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

Business

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

Published

1 day ago

December 21, 2024

Sahara Weekly

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

Business

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

Published

2 days ago

December 20, 2024

Sahara Weekly

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.

The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.

“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.

The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.

Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.

The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.

This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.