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Stanbic IBTC launches Africa-China Agent Value Proposition

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7 years ago

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Stanbic IBTC Infrastructure Fund Series II Set To Close 10 June

Stanbic IBTC Bank has launched an Africa-China Agent Proposition (ACAP) which aims to assist Nigerian importers source and validate quality goods, safely and efficiently, from the most competitive suppliers in China. The ACAP offering is expected to revolutionise African importers’ view of China’s supplier universe. It will also ease the cash flow of African importers by providing access to financing while empowering importers with sight and control of the entire importing and logistics process.

The offering, which is expected to connect African importers and Chinese exporters and open China to Africa, was officially launched in Nigeria on Tuesday 21 May, 2019, and will also be launched in Ghana and South Africa with other markets in Standard Bank’s African footprint to follow before the end of 2019.

Currently, Nigerian importers order from only a handful of trusted Chinese suppliers. This limits the negotiating power of African importers while stacking the terms of trade against them. While ordering online provides access to a wider range of suppliers, online imports cannot guarantee the quality of goods. In most cases too, advance payments for goods are required. This is often demanded in cash, without reciprocal guarantees of delivery or quality. This means that Nigerian importers often carry a disproportionate burden of risk in most transactions. Language and cultural barriers are also a challenge for African importers when traveling and negotiating supplier agreements in China.

In response to these challenges, and in light of the vast opportunity that China presents as a trading partner, Standard Bank, the biggest bank in Africa, has leveraged its partnership with the Industrial and Commercial Bank of China (ICBC), the biggest bank in the world, to connect African importers with a dedicated trade agent in China.

“The ACAP offering- underpinned by a letter of credit- will deepen trust in Africa-China trade relationships, guaranteeing African importers access to the best suppliers in China, the best payment terms and the best quality,” said Dr. Manessah Alagbaoso, Head, Africa China Integration, Standard Bank. If any of the terms of the letter of credit are not met, payment will not be made. As such, the offering will, “place African importers in a much stronger negotiating position when it comes to the price, quality and efficiency of importing Chinese goods,” stated Dr. Alagbaoso. At the same time, “Chinese suppliers can be confident that once the terms of the letter of credit have been met, payment will be made in full and on time – guaranteed by Stanbic IBTC Bank or Standard Bank and ICBC,” added Dr. Alagbaoso.

In his remarks, Chief Executive, Stanbic IBTC Bank PLC, Dr. Demola Sogunle, reaffirmed the bank’s objective of constantly exploring opportunities of adding significant value to the businesses of its customers. “Stanbic IBTC has established market leadership in several financial services segments, and our ultimate goal is to continually leverage on our connections, knowledge and experience in delivering impeccable service and value that would similarly make our customers not just get ahead but emerge leaders in their respective business segments and ACAP is another of such enablers”, said Sogunle.

Zhejiang International Trading Supply Chain Co. Ltd (Guomao) is the first Chinese Trade Agent nominated by ICBC to partner with Standard Bank to assist African importers trade seamlessly with China. “Guomao currently has almost 10 000 suppliers that meet the import needs of our clients,” says Dr. Alagbaoso. Where the need of a client falls outside of the supplier base that Guomao currently has, they will source new suppliers for that need after going through a process of new supplier validation and verification.

Guomao will assist Nigerian importers with services such as source the right suppliers, negotiate the best prices and trade conditions, arrange for African importers to travel to China and meet with a broad range of suppliers, provide translators to facilitate trade negotiations and discussions and source and validate the quality of goods. Other functions the agent would offer are to provide quality guarantees on goods from those Chinese suppliers recommended by the trade agent, ensuring that quality meets the expectations of African importers, rectify any quality issues on behalf of the African importer, finance imports based on a letter of credit from Standard Bank and ICBC as required and handle shipping logistics.

With over 20 years’ experience in foreign trade procurement services, Guomao provides a one-stop foreign trade supply chain, supply chain finance, and cross-border e-commerce supply chain service, “able to help Standard Bank’s clients navigate China’s foreign trade supply chain and trade seamlessly,” he added. In time, Standard bank’s ACAP offering will include other Chinese trade agents in other key international trade hubs of China, deepening access to China’s supplier universe.  

Importantly, the ACAP offering will ease the cash flow of African importers. “Since Chinese suppliers will be secure in their possession of an ICBC-underwritten letter of credit, African importers will be able to receive goods before payment is made,” said Dr. Alagbaoso. This will allow African importers to keep cash in the business for growth.

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

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12 hours ago

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April 24, 2026

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PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

*PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

 

To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.

 

UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.

 

In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.

 

Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.

PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.

 

Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.

 

Thank you.

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Business

Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

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15 hours ago

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April 24, 2026

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

 

 

 

Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”

 

Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.

 

The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.

 

This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.

 

Speaking on the collaboration, the Laffmattazz team stated:

 

“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”

 

As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.

 

With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.

 

⸻

 

About Laffmattazz

 

Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.

 

About First Bank of Nigeria Limited

 

First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.

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Business

MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria

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1 day ago

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April 23, 2026

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FirstBank Set to Launch Tailored Financial Services for Blind and Physically Challenged Customers  

MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria

 

 

 

Anyone who has tried to get a loan to buy a house in Nigeria knows the drill: endless forms, property valuation, and eventual down payment of a minimum 25% or more on the property. Sometimes, interest rates could go as high as 30% per annum, while the typical loan limit is N50 million.

 

 

 

Now, FirstBank is making homeownership more attractive.

 

 

 

FirstBank, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan. MREIF loan is a game-changer, offering a single-digit interest rate of 9.75% per annum, with a loan amount of up to ₦100 million and a repayment period of up to 20 years. This is perfect for salaried individuals, including Nigerians in the diaspora, looking to purchase homes in approved locations.

 

The MREIF loan stands out with its lower interest rate, higher loan amount, and flexible equity contribution as low as 10%. This makes it an attractive option for those seeking affordable homeownership.

 

 

 

You are one quick decision away from being a landlord.

 

 

 

If you’ve been waiting for the right time to buy a home, FirstBank’s MREIF Home Loan is the smartest route to owning property in Nigeria today. Visit the FirstBank website https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ to get started.

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