Jaiz Bank Receives $25m from IsDB to Assist SMEs In Nigeria

Brand Spur
-
0
Jaiz Bank Receives $25m from IsDB to Assist SMEs In Nigeria

Nigeria’s foremost non-interest bank, Jaiz Bank Plc, has received a $25 million shariah-compliant line of financing (LOF) from the Islamic Development Bank (IsDB) to support small and medium scale enterprises (SMEs) in Nigeria.

The deal was signed by Mr Ayman Sejiny, the Chief Executive of the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of IsDB Group, and Mr Hassan Usman, the Managing Director and Chief Executive of Jaiz Bank.

According to the LOF agreement, this will be done to support the SMEs in Nigeria, including those adversely affected by the COVID-19 outbreak.

The contract details indicate that out of the sum of $25 million funds provided, $10 million is allocated under the ICD’s $250 million COVID-19 support package to help the private sector affected by the pandemic by leveraging on the expertise of the banking system of its member countries.

ICD’s line of financing facility will help to expand Jaiz Bank’s customer base by the provision of Shariah-compliant financing in response to a growing demand for Islamic finance to support, among others, COVID-19 affected projects and industries, the statement reads.

Speaking to the agreement, Mr Ayman Sejiny, said, “Continuous cooperation between ICD and Jaiz Bank, the pioneer in Islamic banking in Nigeria, will result in easier access by SMEs to Shariah-compliant financing that will meet their funding needs, as well as assist in keeping businesses open and preserving jobs, which is in line with ICD’s commitments to help the Nigerian economy to overcome the adverse impact of the COVID-19 pandemic and strengthen financial inclusion.

“We have no doubt that this line of financing facility will provide much-needed support to private sector businesses including those which have been affected by the pandemic.”

The IsDB Group Strategic Preparedness and Response Facility is part of efforts by the lender to cope with the COVID-19 crisis and to overcome it with a concrete, actionable blueprint. ICD’s geographical outreach across 55 member countries, along with its network of over 100 financial institutions and 5 regional offices and their local linkages, has doubled its collective capabilities and potential to efficiently mitigate the pandemic’s short-term fallout.

NIRSAL Secures Financing From Banks To Boost Poultry, Cocoa Export

Brand Spur
-
0
NIRSAL Secures Financing From Banks To Boost Poultry, Cocoa Export

The Poultry and Cocoa Value Chains in Cross River State have received a much-needed boost that is expected to generate significant gains for the local and national economies.

This follows the issuance of a 50 per cent Credit Risk Guarantee (CRG) and 20 per cent Interest Drawback (IDB) by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc) on the respective loans of Gbagolo Integrated Farms Limited – a livestock producer and TOAJ Nigeria Limited – a cocoa dealer.

Leveraging on its CRG – an instrument that NIRSAL Plc utilizes to share agribusiness risks with financiers – NIRSAL Plc facilitated the approval and disbursement of N81.8 million and N150 million from Union Bank Plc and Sterling Bank Plc respectively.

While Gbagolo Integrated Farms Limited will use its N81.8 million Term Loan to finance the purchase of 25,000 Point of lay birds, 25,000 capacity battery cages and feeding compliments, TOAJ Nigeria Limited will channel its N150 million Export/Trade Finance facility towards the sourcing and purchase of cocoa for export.

The injection of these finances into the poultry and cocoa value chains in Cross River State will create a positive knock-on effect for players along each segment of both value chains and the agribusinesses’ host communities at large.

Specifically, the purchase of 25,000 Point of Lay birds by Gbagolo Integrated Farms Limited will impact poultry feeds sellers & other inputs suppliers in the pre-upstream Value Chain segment; producers/sellers of Point of Lay birds in the upstream segment, and consumers of Eggs and Spent Layers in the downstream segment.

Meanwhile, TOAJ Nigeria Limited’s facility will support the thousands of farmers who supply its inventory by providing them with a secure, sustainable, and guaranteed offtake market. Furthermore, the export of cocoa will increase Nigeria’s stake in the global cocoa market and boost the country’s foreign exchange earnings.

Speaking during the official launch of the Gbagolo Integrated Farms Limited and TOAJ Nigeria Limited projects in Akpabuyo Local Government Area of Cross River State, NIRSAL Plc’s Managing Director/CEO, Aliyu Abdulhameed enthused that both projects are testaments to the fact that NIRSAL Plc in its bid to realize its vision of “transforming the economy, delivering inclusive growth and positively impacting the lives of Nigerians” supports all sizes of businesses, whether small, medium or large across the length and breadth of the country.

Abdulhameed added that, as a guarantor, NIRSAL Plc’s intervention positively impacts both the lender and the borrower, as well as the overall economy, implying that the lender invests safely and earns competitive returns; the borrower’s capacity utilization and productivity is increased, and the economy reaps the benefits of the backward integration occasioned by increased local production at the expense of importation of essential goods.

He concluded by urging all agricultural value chain stakeholders in the South-South region and the entire country to leverage NIRSAL’s CRG as the collateral required for getting commercial bank financing for their agribusinesses, no matter their size or location.

Union Bank Plc’s Area Business Executive, Mr. Peter Akpaudoh who was also present at the launch event, stressed the value in the suite of NIRSAL’s value offerings. Beyond the credit risk guarantee provided to Gbagolo Farms, NIRSAL PLC is also offering technical assistance and round-the-clock project monitoring, a package that really makes lending to agriculture and agribusiness easy, Mr. Akpaudoh acknowledged.

Indeed, NIRSAL’s value offerings cut across value chains and value chain segments. While credit guarantees, technical assistance, and project monitoring sweeten lending to businesses in the midstream segment of commodity value chains, the innovations and structuring introduced by NIRSAL in the upstream segment also impact the success of projects all through the value chain. Hence, for banks and other commercial lenders, the incentives are too good to resist.

Sterling Bank Plc, Business Executive, Commercial, South-East, Mr. Uchenna Agbowo, said that, at 10 per cent, Sterling Bank has the highest loan book for agriculture amongst commercial banks in Nigeria.

He stated that the bank has been enjoying NIRSAL’s support and will continue to count on NIRSAL for the safety of their agribusiness investments.

Speaking further, Mr. Agbowo affirmed that it is commendable that, “NIRSAL has provided a suitable environment for bank’s investment to be safe and sustainable. TOAJ Nigeria Limited who is into Cocoa aggregation and trading is one of such success stories. Sterling has been at the driving seat of agribusinesses financing and will continue to partner with NIRSAL in providing access to finance for farmers to increase their output.”

In his speech, the CEO of Gbagolo Integrated Farms Limited revealed that it would have been difficult to service the loan they received from Union Bank if not for NIRSAL’s Interest Drawback (IDB) scheme. The company’s poultry department, which received the credit support, has 60,000 birds and runs an on-farm feed mill with four tons capacity mixer per hour.

For TOAJ Nigeria Limited, the success stories are equally manifold. According to the Managing Director, Mr. Taiwo Sunday, NIRSAL’s support has helped the company to acquire a 5,000 MT-capacity warehouse in Osogbo, the Osun State capital. Mr. Taiwo said that the company had been expanding its frontiers to the South-West for the purpose of export and, with NIRSAL’s support, it can now engage more farmers, procure more cocoa, and employ more staff.

Autochek Acquires Cheki In Kenya And Uganda From ROAM Africa

Brand Spur
-
0
Autochek Acquires Cheki In Kenya And Uganda From ROAM Africa

Autochek, a Nigerian automotive technology company, has announced the acquisition of Cheki Kenya and Uganda from Ringier One Africa Media (ROAM) for an undisclosed amount.

Brand Spur Nigeria understands that ROAM acquired Cheki in 2017 and joined a list of online marketplaces and classifieds in its network, such as Jobberman in Nigeria and Ghana.

Autochek said the acquisition of Cheki — an online car platform classified for dealers, importers, and private sellers — is the next step to expand its footprint in East Africa and continue its mission to provide seamless access to auto financing across the continent.

The auto tech firm said part of the agreement would see ROAM Africa transfer ownership and operational control to Autochek.

Etop Ikpe, Autochek founder/CEO, described the acquisition of Cheki Kenya and Uganda as an important milestone for the company, and “we are excited to be working with ROAM Africa once again, building on their achievements over the past years”.

“We are long-time admirers and collaborators of the Cheki brand. Following today’s news, we intend to provide even more trust and transparency in East Africa’s automotive sector, leveraging the unique networks we are now joining together,” he said.

In his remarks, Clemens Weitz, ROAM Africa CEO, said Autochek’s product is unique with a game-changing consumer experience.

“Our Cheki team has built a unique, market-leading brand and a truly remarkable business. Whilst this is good news for everyone directly involved, the ultimate benefactor will be African car buyers and sellers,” Weitz said.

“For ROAM Africa, this deal is more than a very good transaction: It unleashes even more focus on the strategic playbook for our core businesses.

“We have a clear strategy that will further strengthen our leading marketplaces and invest in innovative product solutions.

“The opportunity is now bigger than ever since the pandemic has vastly accelerated digitisation across the continent. In the last two years, our businesses recorded unprecedented growth. Thus, our commitment to connect Africans to opportunities remains strong.”

The company said the new deal will be finalized in the coming weeks.

Per ROAM’s website, Cheki still has operations in Tanzania, Zambia, and Zimbabwe. However, these markets are quite inactive so it is safe to say Autochek has fully acquired all of Cheki’s main operations.

CBN Receives Over 8 Million Applications For COVID-19 Loans

Brand Spur
-
0
CBN Receives Over 8 Million Applications For COVID-19 Loans

The Central Bank of Nigeria (CBN) says it has received over 8 million applications for its COVID-19 targeted credit facility (TCF).

Osita Nwanisiobi, CBN’s corporate communications department director, announced this during a one-day interactive session with organized labour and civil society groups in Enugu state.

The facility was introduced in April 2020 as a stimulus package to support households and small and medium-sized enterprises (SMEs) in the country that were hard hit by the COVID-19 pandemic.

In March 2021, the apex bank reopened applications for the fund.

According to Nwanisiobi, the TCF helped Nigeria exit recession and achieved the current gross domestic product (GDP) growth rate of 5.01 percent.

He added that over 600,000 applicants have benefited from various COVID-19 intervention funds so far.

“If you tell me that there are people who still need COVID-19 facility and who have not received it, honestly, I will agree with you,” Nwanisiobi said.

“We started with about N50 billion. We moved from N100 billion to N300 billion. Today, we are talking about N400 billion. Now the number of applications that we have is over eight million, and we have done over 600,000.

“The governor (Godwin Emefiele) is actually very passionate because he has also seen that what we have done in this regard also helped Nigerians exit recession and to post the kind of GDP that we have, and so he is poised to do more.”

Nwanisobi further said CBN has implemented about 37 intervention programs, particularly in the agricultural sector, to boost the economy, lower inflation, and create more jobs for the youth.

The scheme (TCF) is disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending Microfinance Bank (NMFB) and the exit day for this intervention is on December 31, 2024.

 

Vertiv Introduces New Remote Power Panel And Busway System

Brand Spur
-
0
Vertiv Introduces New Remote Power Panel And Busway System

Vertiv a global provider of critical digital infrastructure and continuity solutions, today introduced two new power distribution systems to simplify data centre management and scalability.

The Liebert® RXA remote power panel (https://bit.ly/38LEbxS ) (RPP) is a flexible and safe solution for high-density power applications in one of the industry’s smallest footprints, while the Liebert® MBX busway (https://bit.ly/3leOMrh) system allows reliable overhead power distribution in data centres of any size, leaving floorspace available for equipment. Both products are now available across Europe, the Middle East and Africa (EMEA).

Many data centres traditionally use purpose-built electrical power distribution systems to feed energy into the server racks. However, custom solutions require longer lead times and are not pre-certified by original equipment manufacturers (OEMs), which could create complications when servicing.

A proven alternative to custom-made systems, in particular for high-density applications, is a standardised RPP, such as the new space-saving Liebert RXA, which can be flexibly placed in data centres, server rooms or network closets. Prebuilt and configured, certified and tested, the Liebert RXA provides out-of-the-box electrical distribution once connected to branch circuits, simplifying facility startup, expansion and overall management of larger data centre networks.

Vertiv Introduces New Remote Power Panel And Busway System-Brand Spur Nigeria
Vertiv Introduces New Remote Power Panel And Busway System-Brand Spur Nigeria

The solution offers flexible features and multiple configuration options to accommodate different site needs and future growth, while optimizing floor space. In addition, this new generation of standardised RPPs provides embedded intelligent monitoring capabilities, and through Vertiv™ Liebert® DPM intelligent power monitoring and system, control can respond faster to any load imbalances, increasing the availability of critical systems and preventing issues that could harm valuable server equipment and cause unplanned outages.

Thanks to its innovative design, the Liebert RXA offers one of the industry’s smallest footprints, while finger-safe features provide heightened safety for operators.

When floor space is simply not an option, the Liebert® MBX busway represents a versatile over-rack solution to provide reliable and scalable power distribution in any sized data centre, with the inherent benefit of also maximising cooling airflow.

This premium modular busbar system offers a variety of capacity and connection options that support enhancements and adaptation with minimal outside support needed, allowing businesses to cost-effectively optimise and adapt power distribution infrastructure over time. The hot-swappable tap-off boxes and adaptive busbar maximise flexibility and availability with continuous power delivery to critical loads even during upgrades and layout changes.

The light and robust aluminium busway track chassis is IP2X certified and IEC 61439-2 compliant, with integrated finger-safe capabilities and ground-first/break-last design to ensure maximum safety while servicing.

“With data centre space at a premium, the influx of more devices and the move to higher densities, there is increasing pressure being put on data centre power infrastructure to be safe, scalable and quick to deploy,” said Giovanni Zanei, senior director for Vertiv’s AC power global offering and EMEA AC power business leader.

“These easy-to-install systems provide packaged power distribution that is compact and flexible enough to meet constantly changing demands. By deploying Vertiv’s power distribution systems, colocation providers and data centre managers can help ensure uptime thanks to high-quality equipment that is built and certified by a global manufacturer.”

Liebert RXA and Liebert MBX join Vertiv’s broad, industry-leading power distribution portfolio (https://bit.ly/3yHLq4E), which includes room-based power distribution units (PDUs) and Geist™ rack PDUs.

Stanbic-IBTC To Pay Interim Dividend, Despite Fall In Profits

Brand Spur
-
0
Stanbic-IBTC To Pay Interim Dividend, Despite Fall In Profits

Stanbic IBTC Holdings Plc on Monday said it will pay interim dividend of 100Kobo, despite the profits and gross earnings falling in the first half of the year.

This is according to the bank’s consolidated and separate interim financial statements posted on the website of the Nigerian Exchange (NGX) Limited in Lagos.

Profit before tax (PBT) of N24.70 billion for the six months ended June 30, represents a decrease of 52.85 per cent for the period ended June 30, compared to N52.40 billion recorded in the comparative period of 2020.

The Group also reported a profit after tax (PAT) of N22.54 billion in the period under review, a fall of 50.13 per cent from N45.20 billion achieved in the same period of 2020.

Gross earnings also fell by 26.06 per cent to N93.59 billion, as against N126.57 billion recorded in the same period last year.

Source: PM News

Lotus Bank Opens In 3 New Locations

Brand Spur
-
0
Lotus Bank Opens In 3 New Locations

LOTUS Bank, a Non-Interest Bank (NIB) in the country has expanded its operations by opening 3 new branches in Lagos, the commercial capital of Nigeria.

The new locations are Idumagbo on Lagos Island, Allen Avenue, Ikeja and Oshodi Transport Interchange on Lagos Mainland, these locations are commercial nerve centers in Lagos and serves as a strong statement from Lotus Bank’s intention to throw its full weight in the financial services sector ring in Nigeria..

The bank said in a statement that these new branches will complement its digital capabilities and enable the offering of better services to its customer base. The Oshodi outlet is a purpose-built Digital Service Centre designed to offer customers an exciting banking experience.

Poised to have its customers experience banking with ease, LOTUS Bank launches with digital offerings, which enable customers to open accounts online on the its website and transact via USSD banking. This is in addition to the issuance of free debit cards to account holders and zero account maintenance charge.

The Managing Director, Mrs Kafilat Araoye stated that, “With evolving digital solutions and a millennial generation coming into centre stage, LOTUS Bank is bringing on board innovative and comprehensive non-interest-compliant financial solutions in investment banking, consumer banking, asset management, private banking, and wealth management.

“At LOTUS Bank, we believe in fairness to all parties in every business transaction. This is a requirement for building any strong economy. Everyone can thrive where fairness prevails. Non-Interest Banking stands for equity and ethics in business, as well as growth for the real sector” she added.

“Financial Inclusion is also a strong motive for setting up LOTUS Bank. The concept of financial inclusion targeting the unbanked and underbanked population cannot remain just a concept but must be seen as an actual necessity, for the nation’s economic growth” Araoye further noted.

With a growth strategy focused on continuously evolving by providing endearing financial products, innovative solutions, and expanding coverage across regions, LOTUS Bank aims to be of service to its current and future customers, who are looking for an alternative banking model in Non-Interest Banking.

Week 36 resumes With N4bn Loss In The Nigerian Stock Market

PFI Capital
-
0
Week 36 resumes With N4bn Loss In The Nigerian Stock Market

Local Bourse Starts the Week in Red, NSE ASI Sheds 2bps

The Nigerian equities market closed negative at the end of today’s trading session as the benchmark index declined by 0.02% to close at 39,252.89 points. This was mainly due to selloffs in bellwether stocks such as DANGSUGAR (-2.25%) and FLOURMILL (-4.17%). Consequently, the YTD loss worsened to -2.53% as market capitalisation decreased by  ₦8.61 billion to close at  ₦20.45 trillion.

The sectoral performance significantly strengthened as four of the five indices under coverage improved. The Banking index, the biggest gainer, improved by 0.48% on ZENITHBANK (0.62%). The Oil & Gas, Insurance and Industrial indices, followed suit, rising by 0.32%, 0.04% and 0.03% on OANDO (1.97%), LINKASSURE (8.93%) and WAPCO (0.45%) respectively. On the flip side, the Consumer Goods index, the only gainer under coverage, declined by 0.41% on DANGSUGAR (-2.25%).

Investor sentiment strengthened in today’s trading session, as market breadth increased to 1.40x from 0.81x. This was illustrated by the advance of 21 stocks, led by LINKASSURE (8.93%) and FTNCOCOA (8.89%) and the decline of 15 stocks, led by GLAXOSMITH (-9.56%) and CHIPLC (-8.62%). Activity level was mixed as total volume increased by 17.00% while the total value decreased by 19.55% as investors exchanged about 210.95 million units of shares worth over N1.38 billion.

We expect bullish momentum to return in the next trading session as the equities market still presents decent opportunities for investors chasing positive real return on investments.

.

Fixed Income

There was relatively bullish sentiment across the bond yield curve as 2 of the 4 bond yields under coverage closed lower, the FGN-JAN-2026 closed higher by 14bps  while the FGN-APR-2024 closed flat at 11.55%.  The yields on the  FGN-APR-2023  and FGN-JUL-2030  bonds compressed by 8bp and 4bps respectively.

Treasury bill yields for the 91 and 364-day papers both compressed by 1bp to close at 3.19% and 6.67% respectively while the yield on 182-day paper closed flat at 4.33%.

We expect a further decline in yields in the next trading session on the back of huge demand from investors and the deliberate efforts of the  DMO to reduce borrowing costs.

Ifedayo Adetifa Appointed As New Boss For Nigeria Centre For Disease Control

Brand Spur
-
0
Ifedayo Adetifa Appointed As New Boss For Nigeria Centre For Disease Control

President Muhammadu Buhari, has approved the appointment of Dr Ifedayo Morayo Adetifa as the new Director-General of the Nigeria Centre for Disease Control.

Adetifa will replace Chikwe Ihekweazu who was recently appointed an assistant director-general of the global health body – World Health Organisation.

This announcement was made by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu in statement on Monday.

Buhari also approved the establishment of a health sector reform committee to oversee the development and implementation of a health sector reform programme for Nigeria. This committee will have Vice-President Yemi Osinbajo as the chairman with members drawn from the public and private sector

According to the statement, the committee will undertake a review of all healthcare reforms adopted in the past two decades and lessons learnt and factor them into the development of the new Health Sector Reform Programme.

It also revealed that Vesta Healthcare Partners and Bill & Melinda Gates Foundation will serve as resources persons and have observer roles in the committee.

 

Kellogg To Spend $45m To Optimise Supply Chain

Brand Spur
-
0
Kellogg To Spend $45m To Optimise Supply Chain

Kellogg has announced a new project designed to drive increased productivity and optimize its North America supply chain network.

The reorganization plan involves shifting the production of various products to optimal lines across the supply chain network, although no production facilities are set to close as a result.

The overall project is set to be fundamentally completed by early 2024, with estimated cumulative pre-tax charges of approximately $45 million and an approximate cash cost of $25 million. Kellogg is setting aside $4 million to cover any employee-related costs, including severance and other termination benefits.

Productivity improvements are expected to commence in 2023.

The investment is subject to collective bargaining obligations.

1...1,8101,8111,812...3,989Page 1,811 of 3,989