IFC, a member of the World Bank Group, today announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs) so they can sustain business activities disrupted by the COVID-19 pandemic.
The loan, made through IFC’s COVID-19 fast-track financing support package, reflects IFC’s commitment to Nigeria’s private sector following the severe challenges brought by the health and economic crisis. The funds will allow FCMB to support hundreds of businesses with trade financing and working capital loans.
FCMB’s Chief Executive, Adam Nuru, said, “IFC’s loan facility will allow us to keep credit flowing to SMEs as well as corporate companies across all sectors of Nigeria’s economy, including in the health, pharmaceutical, food and trading industries.”
IFC’s Country Manager for Nigeria, Eme Essien Lore, said, “Supporting financial institutions like FCMB is vital to keeping smaller businesses solvent, saving jobs, and limiting economic damage in the face of a challenge as formidable as COVID-19. Although Nigeria has a strong and dynamic private sector, it needs liquidity now to ensure it remains viable during and after COVID-19.”
IFC’s $8 billion global COVID-19 fast track facility was launched in March 2020 to support existing clients through direct lending to affected companies and to financial institutions so they can continue lending to their clients and help to preserve and create jobs.
With a network of 205 branches, FCMB serves more than 4.5 million customers in Nigeria. IFC’s portfolio in the country stands at $1.3 billion in sectors including manufacturing, financial services, infrastructure and technology.
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2019, we invested more than US$19 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
FCMB is the retail and commercial banking arm of FCMB Group Plc, a financial services Group with operations in Nigeria and the United Kingdom. From its early origins as an investment bank, FCMB transitioned into a full-fledged commercial bank in 2012 and has since grown to become one of the top 10 banks in Nigeria by total assets. Through its network of 205 branches, FCMB serves more than 4.5 million customers across Nigeria.
Awoof: Get 2GB For N200 on MTN
With an incredible offer, you can now subscribe 2GB Data plan for N200 on the MTN night plan. MTN Night plan can now be activated from 11 PM and will expire by 6 AM.
Formally, the timing span between 12:00 AM and 5 AM. The new offer can now give you a 2GB data every night on MTN nightlife plan.
If you are not an MTN customer you can also see some other exciting benefits from Glo, 9mobile and Airtel. Get 4 GB on Airtel for FREE, See Activation Code.
Also, learn how to get 10 GB on MTN for FREE
The plan five you 500MB for N50 and 250MB for N25
Meaning, you can only subscribe to 500MB plan four times, which is a total of 2GB for N200, while you can subscribe to the 250MB eight times which will also give a total of 2GB for N200 as well.
How to Activate MTN Pulse Night Plan
- All you have to do is dial *406# and select 3.
- Choose any option of your choice and subscribe to it.
- Dial *131*4# to check your data balance.
- Note that you can only use this plan between 11 PM – 6 AM.
Npower: We will Pay June Stipend and Pay July Next Week-Sadiya (Video)
Batch C Will be Enrolled by the End of The Year
All Owed Stipends will be Paid within the Week
CBN Will Give GEEP, AGSMEIS & ANCHO BORROWER Loans but Not compulsory
Volunteers who Received Double Pay in May Will not be Paid
Batch A and B will start receiving June Stipends in no distant time. The Federal Minister of Humanitarian Affairs, Disaster Management and Social Development has approved June stipend
While speaking with DW News Channel, Sadiya blamed GIFMIS as a slow but effective platform for huge credit transactions like the N-power scheme
This will be the last stipend for Batch A volunteers as they exit the programme, the Federal government is transitioning volunteers into a new level of partnership, whose details are not clear as we speak
Batch B will be eliminated same way by July ending, giving way for Batch C entrance
Here is the brief Transcription of Sadiya Farouq with Binta Zumi on DW Hausa Version
‘‘BINTA ZUMI — What can you tell us about N-Power?
SADIYA — Npower is an initiation of President Muhammad Buhari to help the unemployed graduates
BINTA ZUMI– What is the fate of Npower beneficiaries?
SADIYA — Npower is a programme design for the beneficiaries to be train and exit after two years due to some issues the first batch was not exited but right now we have exited them from the programme and batch B will also be exited by end of this month.
BINTA ZUMI — Does the government have any plan for these exited youths that were disengaged?
SADIYA — Well majority of them have established themselves and they are doing well over 100, 000 of them and those who couldn’t be able to start up any business, we are currently discussing with CBN to give them a loan from GEEP, AGSMEIS and ANCHO BORROWER and other available loans but is not going to be compulsory.
BINTA ZUMI — Some beneficiaries are asking about their June stipend
SADIYA — Those who will received have received it and for the june stipend by next week they should receive it’’
The Interview with Sadiya Umar Farook regarding the Npower Batch A & B beneficiaries are as follows:
The payment of backlogs and June stipends to Npower beneficiaries will commence this week.
Npower Batch A has already been exited from the scheme since June 30th and Batch B will follow them on July 31st, 2020.
The Hon Minister did not talk about transition and exit packages for both batches, but she says they are negotiating with CBN to put us in some plans.
The Hon Minister also did not talk about Batch B devices
Regarding batch C enrollment exercise she said the portal will be close next week but no specific date and time yet.
The minister also said they maybe enroll into the program by the end of this year.
Nigeria Singer Wizkid Hints On Expecting Baby Number 4
Nigeria singer Wizkid who already has three kids from different baby mama’s appears to have dropped a hint on expecting another baby.
See post below:
It seems singer Wizkid is not tired of making more babies.
Recruitment6 days ago
Nigerian Army Recruitment 80RRI 2020 Online Application Form Open – (How to Apply)
Recruitment5 days ago
300,000 Batch B Enrollee to Get N30,000 July Stipend this Week-Ikem
Technology7 days ago
New Trick! Get FREE 2GB on MTN Daily (Secret)
Technology7 days ago
Airtel Weekend Data Bundle for N100 Get 1 GB
Business6 days ago
Inksnation.org Sign in | Registration Portal Resolved
Education5 days ago
University of Ibadan Resumption Date for 200, 300, 400 level students announced
Technology7 days ago
Awoof! Airtel Weekend Data Bundle – Get a Whooping 1GB for only N100
Recruitment18 hours ago
Federal Teachers Scheme(UBEC) Announces Exam Date and Venue