26

Jul

Access Bank Will get $280 Million In Funding From DFC, Helping Small Businesses In Nigeria

The United States International Development Finance Corporation (DFC) signed a $280 million loan agreement with Access Bank on Monday to help Small and Medium Enterprises (SMEs) in Nigeria. Scott Nathan, CEO of DFC, and Roosevelt Ogbonna, managing director of Access Bank Plc in Nigeria, signed a commitment document for $280 million in funding. The loan would assist in closing the funding gap for SMEs and advancing financial inclusion in Nigeria, including the bank’s commitment to helping women-owned and led firms. “DFC’s investment in Access Bank demonstrates the United States’ support for private-sector-led development in Nigeria and across West Africa,” Nathan […]

04

Jul

AMCON Retrieves N1.4 Trillion From Uncooperative Bank Debtors

The Asset Management Corporation of Nigeria has recovered nearly N1.4 trillion from obstinate debtors of Nigerian banks. Ahmed Kuru, AMCON’s Managing Director/Chief Executive Officer, stated this at a House of Representatives Committee on Banking and Currency retreat with AMCON management and other stakeholders. He stated that the Corporation has recovered almost N1.4 trillion, which includes cash N681 billion, property forfeiture N279 billion, share forfeiture N140 billion, and other strategic assets N208 billion. Similarly, Polaris Eligible Bank Assets have recovered a total cash recovery of about N116.9 billion from the date of acquisition to the present. The AMCON MD/CEO, who was[…]

24

Jun

The African Development Bank Will Develop Investment Banks For African Youthful Entrepreneurs

Akinwumi Adesina, President of the African Development Bank (AfDB), announced on Wednesday that the multilateral lender would soon establish investment banks for young entrepreneurs on the continent. Speaking at the Commonwealth Business Forum in Kigali, Rwanda, Adesina questioned the structure of the continent’s existing commercial banks. He claimed that Africa’s present financial institution model was not built to benefit youth and that if 21-year-olds tried to receive loans from banks, they would demand 40 years of tax receipts in order to dissuade them from seeking financial assistance. The AfDB president emphasized that the Youth Entrepreneurship Investment Banks would focus on[…]