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Access Bank Secures US-DFC $280m Financing for On-Lending to SMEs

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The United States International Development Finance Corporation (DFC) and Access Bank have signed a commitment letter for $280 million to help address the financing gap for small- and medium-sized enterprises (SMEs).

The US Embassy in a statement issued Monday said the commitment letter was signed by DFC CEO, Scott Nathan and Access Bank Managing Director, Roosevelt Ogbonna in Lagos Monday.

Nathan said the DFC financing for Access Bank would provide needed liquidity given the global economic downturn caused by the COVID-19 pandemic.

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He added that the intervention was expected to support at least 4,000 new SME loans in Nigeria.

Nathan noted that the loan proceeds would be on-lent across more than a dozen sectors in the Nigerian economy, with specific focus on women-owned SMEs, and on loans with longer tenors, which will provide more flexibility to borrowers.

He stated: “The loan will help address the financing gap for small- and medium-sized enterprises (SMEs) and advance financial inclusion in Nigeria, including through the bank’s commitment to supporting women-owned and -led businesses.

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“DFC’s investment in Access Bank demonstrates US support for private sector-led development in Nigeria and throughout West Africa.

“The $280 million loan from DFC will boost financial inclusion in Nigeria and empower women, bolstering the country’s economic growth.”

Also, the US Ambassador to Nigeria, Mary Leonard said she looked forward to discussing with the public and private sectors how DFC funding could be leveraged to unleash the full economic potential of Nigeria through support to the country’s small and medium-sized businesses, financial sector, and climate change-focused enterprises.

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On his part, Ogbonna said Access Bank was extremely pleased to announce the strategic partnership with DFC to support the multitude of businesses across Nigeria who stand to benefit from greater access to finance, especially in an environment that was in need of stronger economic diversification.

According to him, “We look forward to utilising the partnership with DFC in driving further economic expansion and inclusion in Nigeria, with a strong focus on non-oil sectors and women businesses.”

Also, Citi Bank Head of Emerging Markets Corporate Bank, Rizwan Shaikh his bank was delighted to have collaborated with Access Bank and DFC on the significant transaction, which would significantly boost SME corporate activity in Nigeria.

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“This is yet another milestone stride for Citi as it executes a focused local-economy development strategy based on solid partnerships with key clients and development agencies,” he added.

Access Bank Bags Compliance Management System Standard Certification

Meanwhile, in recognition of its commitment to achieving sustainable business continuity, Access Bank has been conferred the MSECB Management System Certificate in accordance with the management system requirements in ISO 37301:2021.

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This feat sees the institution become the first bank to achieve certification against this standard, according to a statement.

The certification which was issued upon review of the bank’s compliance management system contributes to SDGs 8, 16 and 11, affirming its commitment to promoting sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all; promoting peaceful and inclusive societies for sustainable development, providing access to justice for all, building effective, accountable and inclusive institutions at all levels, as well as making cities and human settlements inclusive, safe, resilient and sustainable.

Commenting on the feat, Ogbonna, said, “This certification demonstrates that the bank’s board of directors and management are committed to meeting internationally accepted standards in our global banking operations, particularly in the areas of sustainability and compliance.

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“We believe that attaining this global standard would serve to deepen the trust that our stakeholders have in our institution as we continue to innovatively bridge worlds and connect customers to opportunities.”

The certification, which is valid for a period of three years, is subject to satisfactory surveillance audits and would also be used as a management measuring tool. The tool would be used to evaluate Access Bank’s business continuity policies and operations, sustainability practices and management compliance systems.

Published in April 2021, the ISO 37301 Compliance Management System seeks to provide a certifiable global benchmark for compliance systems.

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“As a leading financial institution, Access Bank continues to promote responsible environmental stewardship and stimulate socially responsible development.

“Its management approach to sustainability is grounded on global best practices and aims to impact across the triple bottom line of people, planet, and profit. Its compliance management strategy has continued to evolve as it constantly seeks to meet the demands of a dynamic and fast-changing world.”

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Headlines

NNPC Foundation Trains Over 3,000 Southwest Farmers in Climate-Smart Agriculture

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In a bid to promote food security and sustainable agricultural practices, the NNPC Foundation has successfully trained more than 3,000 farmers in the South-West geopolitical zone on climate-smart and modern farming techniques.

The training, which concluded on Friday in Ikorodu, Lagos, marked the end of the Southwest phase of the foundation’s pilot programme aimed at empowering local farmers and boosting agro-productivity.

Speaking at the closing ceremony, Managing Director of the NNPC Foundation, Mrs. Emmanuella Arukwe, described the initiative as a milestone in the lives of thousands of farmers.

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“Today marks the formal conclusion of the first phase of a national journey that speaks to resilience, food security, and economic empowerment,” Arukwe said.
“What began as a bold decision to support small holder farmers has translated into tangible action across three geopolitical zones (South-East, South-South, and South-West) in Southern Nigeria.”

She disclosed that a total of 3,860 vulnerable farmers across 10 locations in the three regions were trained in sustainable farming practices that improve productivity and market access.

“This achievement is not just a number, but a milestone in the lives of real people and real communities. We were able to strengthen farmers’ capacity to adapt to climate change,” she added.
“Through the training, we were able to improve access to markets, promote inclusive agriculture and especially gender representation. We also trained them on enhancing food production through sustainable techniques.”

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Arukwe noted that the programme would now move to the North-West, North-Central, and North-East zones as part of its next phase, saying the foundation is committed to supporting livelihoods nationwide.

“This is only Phase One. We will now turn our focus to the North-West, North-Central, and North-East zones. What we have achieved in the South will inform and strengthen our next steps,” she said.
“The NNPC Foundation will continue this mission, to support livelihoods, build resilience, and empower the hands that feed our families and beyond.
We have decided that most times you get a lot of requests from people asking us to give them palliatives and all kinds of things to help them.
But we think it is much better to teach people to fish than just give them fish so they can continue,” Arukwe explained.

Chairman of Ikorodu Local Government, Mr. Wasiu Adesina, while commending the initiative, urged the beneficiaries to apply the knowledge gained to boost productivity and profitability.

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“As we all know, agriculture is the bedrock of any nation. Without agriculture, there will not be a nation, because there will be no food to eat,” Adesina stated.
“It is the farmers that produce our food, and it is important that we train our farmers with new techniques in agriculture, and that is exactly what the NNPC Foundation is doing.

“To the farmers, you have to take advantage of this training and face the farming squarely. In some great countries like the United States and the United Kingdom, farmers are the most richest people in those countries.

“This is because they make a lot of money from farming. We need to inculcate that habit in Nigeria and develop ideas in farming. Even after my tenure, I am going back to farming, so, maybe I will ask the NNPC Foundation to train me so that I also join you to be a farmer.”

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He appealed to the foundation to provide further empowerment for the trained farmers to help them kickstart their agricultural ventures.

“If the farmers have land for farming, I believe the foundation will provide financial aid to keep their farms running,” Adesina added.

Also speaking at the event, the Lagos State Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, represented by the Director of Fisheries, Mrs. Osunkoya Daisi, lauded the Foundation’s efforts in bolstering the state’s food security.

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“On behalf of the Lagos State Government, we would like to express our sincere appreciation to NNPC Foundation for training our farmers and for training all the farmers all over the country,” she said.
“Definitely, the training will help improve food production. We can see the impact of climate change effects in agriculture. I am sure farmers have been equipped with climate-smart agriculture techniques to improve production.”

The NNPC Foundation Ltd/Gte is the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company (NNPC) Limited. It was incorporated in February 2023 to manage the company’s CSR initiatives and enhance Nigeria’s socio-economic development.

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Education

NUC grants ESUT full accreditation for Law, 7 other programmes

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The National Universities Commission, (NUC), has given full accreditation to the Enugu State University of Science and Technology (ESUT), for her Law programme.

According to the Public Relations Officer of ESUT, Mr Ikechukwu Ani, this is contained in a letter addressed to the institution’s Vice Chancellor, Prof. Aloysius Okolie, on Wednesday in Enugu by the NUC.

Ani said that in the letter, the Executive Secretary of NUC, Prof. Abdullahi Ribadu said the report was contained in the result of the October/November 2024 accreditation of academic programmes in Nigerian universities.

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Ani disclosed that other programmes in the institution accredited by the NUC include Master of Science in Business Management; Education Computer Science; Education Physics and Agricultural Engineering.

Other accredited programmes he said were Quantity Surveying; Urban and Regional Planning; and Applied Microbiology.

He said that the letter quoted Section 10 (1) of the Education National Minimum Standard and Establishment of Institutions, Act CAP E3, Laws of the Federation of Nigeria 2004 as empowering the NUC to lay down minimum academic standards for all academic programmes taught in Nigerian universities.

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He said the session also empowers the NUC to accredit such programmes.

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Crime

Court remands 2 over alleged attempted murder

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Court discharges man accused of burning father’s house in Abuja

An Ikeja Magistrates’ Court, Lagos, on Wednesday, remanded two persons, Olaitan Fasasi and Kehinde Tobiloba in a correctional facility over alleged attempted murder.

Fasasi, 40, and Tobiloba, 26, whose addresses were not provided, are being charged with conspiracy, attempted murder and membership of a secret society.

The Magistrate, Mr L.A Owolabi, did not take the plea of the defendants for want of jurisdiction.

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Owolabi directed the police to forward the case file to the Director of Public Prosecution for legal advice.

He thereafter adjourned the case until May 31 for mention.

The Prosecutor, Josephine Ikhayere, told the court that the defendants committed the offences at about 5.02p.m on Feb. 15, at Mushin, Lagos.

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She said that Fasasi, Tobiloba and others now at large, attempted to commit murder by shooting at a resident, Alfred Ademola.

“They armed themselves with a locally made gun. They belong to Eiye Confraternity, a group proscribed by law,”, she said.

Ikhayere said that the offences contravened Sections 230(1) and 411 of the Criminal Law of Lagos State, 2012.

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He said that the actions of the defendants also contravened Section 2(3)(a)(b)(c)(d) of the unlawful societies and Cultism Law of Lagos State Law.

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