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Access Bank Raises N442 Billion Capital through Syndicated Tier II Facility

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Access Bank Raises N442 Billion Capital through Syndicated Tier II Facility

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

In a significant stride towards fostering economic growth, Access Bank PLC, sub-Saharan Africa’s largest bank by customer base, has celebrated a landmark moment in its partnership with the Dutch Entrepreneurial Development Bank (FMO).

(L-R): Michael Jongeneel, Chief Executive Officer, FMO and Roosevelt Ogbonna, Managing Director/Chief Executive Officer, Access Bank Plc
Back row (L-R): Lisa Sherk, Head of Investment Analytics, Blue Orchard; Antti Partanen, Investment Manager, FinnFund, and  Adeola Ukoha,  Coverage Manager Africa, British International Investment at the signing of a N442.5bn (USD295 million) syndicate Tier II Facility agreement in Hague, Netherlands… recently.

The occasion marked the signing of a monumental syndicate Tier II Facility agreement of USD295 million (equivalent of about N442,500,000,000), underscoring a relationship that has flourished for over two decades.

Access Bank’s collaboration with FMO began in 2003, reflecting a shared commitment to economic development in Nigeria. This latest agreement, the third of its kind arranged by FMO for Access Bank, goes beyond a mere financial transaction, and serves as proof to the deep-rooted trust and synergy between the two institutions.

This historic agreement is the largest syndication in FMO’s history. This substantial investment is the result of a collective effort involving a syndicate of Global DFI partners, each playing a crucial role in strengthening Nigeria’s private sector.

The syndicate includes esteemed names such as British International Investment (BII), Belgian Investment Company for Developing Countries (BIO), BlueOrchard, FinDev Canada, Finnfund of Finland, Norfund of Norway, Oikocredit, and Swedfund of Sweden.

This financial infusion is earmarked to empower local small and medium-sized enterprises (SMEs), with a particular focus on underserved segments such as youth- and women-owned businesses, agricultural enterprises, and very small enterprises.

The ceremony, attended by dignitaries including H.E. Amb. Oluremi Oliyide, Nigerian Ambassador to the Netherlands, and representatives from the Dutch government, saw Roosevelt Ogbonna, MD/CEO of Access Bank PLC, express profound gratitude to FMO for their unwavering support and emphasise the bank’s commitment to becoming the world’s most respected African bank by adhering to global best practices and maintaining high standards of accountability.

“Today marks a significant milestone in our longstanding partnerships with FMO. This monumental syndicate Tier II Facility agreement underscores the deep-rooted trust and synergy among our institutions.

“This facility not only enhances our capital reserves, but also strengthens Africa’s trade capabilities and export potential. Putting these funds to use, we aim to catalyse growth across various sectors, stimulate business development, create jobs, and deepen financial inclusion, aligning with Access Bank’s mission to drive progress and development throughout the continent and beyond.”

In his remarks, Michael Jongeneel, CEO of FMO, stated: “We extend our gratitude to our longstanding partner, Access Bank, and our syndication partners for their outstanding cooperation and collective effort in making this loan facility a reality. The syndicated loan provides significant support to SMEs in Nigeria, particularly underserved segments such as women and young entrepreneurs, aligning perfectly with our shared strategy to enhance financial inclusion and empower local entrepreneurs in the agribusiness and SME sectors.”

Marchel Gerrmann, representing the Dutch government, and members of the syndication partners—BII, Finnfund, and BlueOrchard—were among the distinguished guests who witnessed this agreement.

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No directive for workers to change salary accounts — FG

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No directive for workers to change salary accounts — FG

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H


The Office of the Accountant General of the Federation has clarified that no instruction has been issued for federal workers to switch the financial institutions linked to their Integrated Personnel and Payroll Information System salary accounts.


According to a statement released by Bawa Mokwa, Director of Press and Public Relations, on Monday, the OAGF assured employees that IPPIS prioritises their welfare and would not implement any measure likely to cause confusion or undue alarm.


The clarification follows concerns over potential directives that could require employees to change their bank accounts for salary payments, as some banks undergo system upgrades.


The OAGF stressed that any request to change salary accounts remains a personal decision for each worker and that the IPPIS Office has not issued any general order to this effect, as there is no justification for such a directive.


The OAGF also urged financial institutions to enhance customer confidence by ensuring consistent and reliable service delivery to individuals who have opted to domicile their salaries with them.


It highlighted the role of designated agencies in assessing the health and stability of financial institutions and expressed confidence in these agencies’ capacity to fulfil their duties.


The statement read, “The OAGF explained that any application for a change of salary account is always a personal decision of the worker concerned, adding that the IPPIS Office has not issued any general directive to this effect as there was no reason to do so.


“The OAGF tasked financial institutions to implement necessary strategies to boost customer confidence and guarantee efficient fulfilment of their obligations to persons whose salaries are domiciled in such financial institutions, as well as to Nigerians in general.


“The OAGF noted that there are agencies statutorily mandated to determine the health and viability of financial institutions and expressed optimism that these agencies are up to the task.”


Employees with legitimate reasons to update their salary accounts on the IPPIS platform were advised to adhere strictly to official procedures for such changes.
Culled from Punch

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NDLF: NITDA, CISCO, LAUNCH DIGITAL LITERACY TO PRODUCE MARKETABLE GRADUATES

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

As part of its continued efforts at reforming the economy for sustained inclusive economic growth and actualising the presidential target of equipping 70% of Nigerian citizens with digital literacy and skills by the year 2027, the National Information Technology Development Agency (NITDA), through its National Digital Literacy Framework (NDLF), has launched the Digital Literacy For All Initiative(DL4ALL) at the Nassarawa State University, Keffi towards incorporating digital literacy into the institution’s curriculum.

DG NITDA, Kashifu Inuwa, Prof. Saadatu Liman, VC, NSUK alongside dignitaries, members of management staff of NITDA and NSUK, officially flagging off the DL4ALL initiative at the Nassarawa State University Keffi, Nassarawa State.

This initiative, launched in collaboration with CISCO and Nasarawa State University Keffi (NSUK), aims to ensure that students at every educational level achieve digital literacy before graduation and to support the presidential target of 70% digital literacy amongst its citizenry by 2027.

Giving his special address at the launching ceremony, the Director General of NITDA, Kashifu Inuwa CCIE, expressed his excitement at the remarkable milestone achievement, that the ecosystem collaboratively made in ensuring inclusive access to digital literacy for all.

“It is a pivotal moment for our relationship of building the ecosystem in terms of bringing the industry, the academia and the government to work together,” he noted.He stated that with Cisco’s support and government-backed frameworks, digitally proficient graduates who will plug seamlessly into the workforce would be produced rather than mere degree holders.Citing projections from the World Economic Forum which estimates a global talent shortage of 85 million people by 2030, potentially resulting in 8.5 trillion dollars in unrealised annual revenue, Inuwa averred that Africa and Nigeria in particular, have a tremendous opportunity to fill the gap.

While emphasising the President’s directive of driving economic transformation through technology and skills development, Inuwa stated that it was essential to build a digitally skilled workforce that would accelerate the country’s economic growth and development.

“In a world we live in today where digital is a lifestyle, digital literacy is no longer optional, but it is a necessity because we need it to be included in everything we do. Today, to be digitally included economically, and financially, you need to be digitally literate, so you need to have the fluency to navigate the digital world,” he mentioned.

Speaking on the NDLF that was developed which birthed the DL4ALL initiative, the NITDA DG mentioned that the initiative would help build a digitally savvy population that cuts across all sectors because Information Technology is pervasive.

Enumerating the core competencies of the framework which are; device and software operation, information and data literacy, collaboration and communication, digital content creation, safety, and lastly, problem management, Inuwa asserted that the competencies will allow students to safely and effectively use technology in creating content, managing data, solving problems and collaborations with students in other universities.

He explained that the launch of the DL4ALL at NSUK aligns with Nigeria’s mission of achieving digital sovereignty and would empower students not just to secure jobs but to create them, particularly through entrepreneurship programs that encourage students to start businesses before graduation.

While urging the students to embrace technology as a limitless platform that will inspire them to be innovative and fearless, Inuwa said “I believe with technology, your limitation is your imagination because with the ubiquitous data we have today, unlimited connective and massive processing power, you all can achieve whatsoever you imagine.

”Earlier in her welcome address, the NSUK Vice Chancellor, Prof Sadaatu Hassan Liman described the partnership between the university and NITDA as a transformative one that will allow students at the university to leverage the DL4ALL programme in acquiring digital skills that will enable them to thrive in the 21st-century global landscape.

She noted that the programme is not only empowering the students but positioning the university as a regional leader in Information and Communications Technology and emerging technologies.

“This strategic integration of cutting edge technologies into our academic offerings will open up a lot of opportunities to our students and staff as well, allowing them to develop critical thinking, problem-solving and innovative mindsets required to navigate the rapidly evolving digital world,” she said.

The highlight of the ceremony was the unveiling of the DL4ALL in NSUK emblem which was done by the dignitaries at the event.

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NITDA Issues Guidelines for IT Projects, Regulatory Instruments

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

As part of effort to gaar up The National Information Technology Development Agency (NITDA), the agency is seeking public feedback on several draft documents related to Information Technology (IT) projects and regulations.

August24news.com gathered that this aligns with NITDA’s commitment to an open and collaborative rulemaking.

The legal Documents Open for Public Review are Guidelines for Licensing IT Projects Clearance Compliance Assurance Firms 2024; Regulatory Guidelines for Electronic Invoicing in Nigeria; Guidelines for Software Development; and
Guidelines for Software Testing.

NITDA is also proposing the amendment of the Guidelines for Clearance of IT Projects for Federal Public Institutions (FPIs). guidelines, initially issued in 2018.

The Guidelines for Licensing IT Projects Clearance Compliance Assurance Firms 2024 aims to ensure that IT projects within Federal Public Institutions (FPIs) are managed and implemented according to approved and established standards, regulations, and best practices.

The instrument will regulate and professionalise the clearance of IT projects, ensuring that FPIs IT projects and initiatives are effectively conceptualised, designed, evaluated, and compliant with relevant Federal Government extant rules and standards in line with the Federal Government’s digital infrastructure goals and the Renewed Hope Agenda.

The Regulatory Guidelines for Electronic Invoicing is designed to promote transparency and deepen the use of technology for e-government automation as well as support the fiscal development of Nigeria through prudent administration of government revenue.

The guidelines will improve tax compliance, enhance efficiency and enhance standardisation and interoperability, thereby ensuring that Nigeria is ready for international digital commerce.

The Guidelines for Software Development establishes the minimum requirements for the development of software to be used by Nigerian government entities.

It ensures that all software meets quality, security, and operational standards, promotes the growth of the local software testing market, and enhances the efficiency and effectiveness of government services.

The objectives of the guideline are to ensure that software is fit-for-purpose, meeting functional and non-functional requirements, and protect government institutions from operational risks through security, reliability, and performance standards.

To Participate:
These draft documents have undergone internal review and stakeholder consultations. NITDA now invites the public to contribute their feedback by reviewing the documents available for download at: https://nitda.gov.ng/draft-regulatory-instruments/
Public participation is crucial for NITDA to develop comprehensive and effective regulatory instruments.

By considering diverse perspectives, NITDA can ensure these guidelines best serve the needs of the IT industry and promote the development of a thriving digital economy in Nigeria.


Stakeholders are advised to send in their review to regulations@nitda.gov.ng on or before 26th November 2024.

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