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Afreximbank, Sterling Bank to Offer Supply Chain Finance in Nigeria

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The African Export-Import Bank (Afreximbank) has partnered Sterling Bank to introduce an innovative supply chain finance product ‘Payables Finance’, in Nigeria.

This is contained in a statement issued by Vincent Musumba, Manager, Communications and Events, Afreximbank on Friday.

The statement said the product, branded as ‘Afreximbank Tradelink,’ was one of Afreximbank’s digital offerings under the umbrella of the Africa Trade Gateway (ATG).

It said ATG provided African corporates and commercial banks with relevant digital tools to access market information and connect with buyers and sellers across the continent for efficient marketing and procurement.

“It also facilitates Know Your Customer (KYC) processes, and promotes trade payments between African countries in local currencies.”

The statement said ‘Payables Finance’ enabled suppliers to access financing from the banking system by obtaining early payment for invoices that have been approved for payment by their corporate buyers.

“The buyers continue to receive trade credit from the suppliers, and the suppliers finance their working capital through the early payment received, enabling them to grow their business.

“ The financing cost is linked to the credit rating of the corporate buyers, thereby making this product particularly valuable for Small Medium Enterprises suppliers who may face challenges in accessing bank finance at competitive pricing.”

The statement said ‘Payables Finance’ was the fastest-growing trade finance product globally and there was an enormous opportunity for African businesses to benefit from it.

It said the partnership with Sterling Bank was a unique and innovative arrangement that leverages the complementary strengths of both institutions to provide a comprehensive market-led solution to Nigerian corporates and their suppliers.

“Under this arrangement, Afreximbank will provide financing to corporates and banks in both US Dollars and Euros while Sterling Bank will manage financing in Naira.

“Suppliers of Nigerian corporates can thus benefit from financing in both local and foreign currency as per their requirements.”

The statement quoted Haytham ElMaayergi, Executive Vice-President, Afreximbank Global Trade Bank, as saying “ Afreximbank identified supply chain finance as a solution for improving access to trade finance in Africa.

“The bank embarked on a journey to increase penetration through financial intervention and capacity building.

“The bank’s Factoring Working Group has done extremely well to provide lines of credit to support factoring and has actively promoted factoring across the continent in collaboration with other institutions.”

ElMaayergi said that the introduction of ‘Payables Finance” was the next step on the bank’s roadmap for supply chain finance across Africa.

“African businesses now have the opportunity to harness the potential of this product.

“This product has been widely adopted globally, at an accelerated pace by learning from the experiences of other regions and using the latest technologies which have been developed,” he said.

The statement quoted Gwen Mwaba, Director & Global Head Trade Finance, Afreximbank, as saying “the launch in Nigeria is a first step in Afreximbank’s plans to introduce ‘Payables Finance’ across Africa in partnership with leading African financial institutions.

“The product will deploy world-class technology and a collaborative delivery model.

Mwaba said the product would also contribute towards the achievement of the bank’s strategic objective of reducing the trade finance gap in Africa, particularly for the SME segment.

It quoted Chukwuka Onuaguluchi, Ecosystem Banking Head, Sterling Bank, as saying “Sterling Bank is committed to meeting the trade finance needs of Nigerian corporates and their suppliers.

“We are proud to introduce this much-needed product in partnership with Afreximbank for the benefit of Nigerian businesses,” he said.

The statement said Afreximbank provided both US Dollar and Euro financing to businesses in its member countries across Africa and in Caribbean Community (CARICOM) member countries.

It said the unveiling in Nigeria would be followed by similar partnerships in other African countries to expand local currency financing capability across the continent in a phased manner.

The statement said the adoption of the product would be supported by capacity-building events to increase awareness of supply chain finance and its benefits.

It said the product rollout in Nigeria was complemented by a workshop targeting corporate institutions and banks, in collaboration with Woodhall Capital, a leading finance company in Nigeria.

“Underpinning the delivery of these new financial products is a market-leading supply chain finance platform, developed by UK-based fintech Demica, a leader in working capital solutions.

“Demica works with the world’s leading banks to power their supply chain finance solutions. In 2021, the company established a partnership with Afreximbank to extend this technology to banks across Africa.”(NAN)

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Eight Students Die, Three Injure in Jos Road Crash

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From Jude Dangwam, Jos

The Vice Chancellor of the University of Jos, Prof. Ishaya Tanko has confirmed the sad death of 8 students of the University to a road crash involving their Toyota bus with a truck in the metropolitan city of Jos.

He disclosed that one of the students was being prepared for surgery in the early hours of Thursday at the Jos University Teaching Hospital while others were receiving medication at the Bingham Teaching Hospital.

The Federal Road Safety Corps (FRSC) Plateau State Command disclosed that the accident occurred opposite Unity Bank Zaria Road, Jos, at around 2:30 am.

The Plateau State Sector Commander of the Corps, Olajide Mogaji explained that seven people lost their lives on the spot, while another victim died in hospital, bringing the total number of fatalities to eight.

According to the Command’s statement, the crash involved a trailer and a bus, which was carrying eleven passengers, all male students of the University of Jos, opposite Unity Bank Zaria Road, Jos, at around 2:30 am.

Mogaji said eyewitness accounts revealed to the corps emergency teams that the bus was speeding and engaged in wrongful overtaking, leading to the loss of control and the crash.

The Sector Commander has appealed to drivers to avoid night trips, excessive speed, and dangerous driving, saying, “The government needs you alive, and wants you to live life to the fullest in this festive season and beyond.”

The FRSC noted that the incident is still under investigation, while urging the public to report crashes or road emergencies to their toll-free emergency number 122 at all times for prompt responses.

The victims were said to have been coming back from a welcome special party for new students when the unfortunate incident occurred with the vehicle carrying the male students while the other vehicle carrying the female students escaped the tragedy.

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UNICEF Hails Bayelsa as Champion of Primary Healthcare Devt in Nigeria

From Mike Tayese, Yenagoa

The United Nations Children’s Fund (UNICEF) has commended the Bayelsa State Government for its deliberate efforts at improving primary healthcare delivery, especially in the area of immunization in recent years.

The Country Representative of UNICEF in Nigeria, Wafaa Saeed, gave the commendation, on Wednesday, when she led a delegation on a courtesy visit to Government House, Yenagoa.

Saeed said what she saw during her visit to some health facilities and her random interactions with some mothers in the state, corroborated the positive reports UNICEF has been receiving about Bayelsa in terms of immunization.

The special UN envoy, who described Bayelsa as champion of healthcare delivery and a shining spot in the country, noted that the state has achieved an impressive performance in its immunization indices from 2021 to date.

She attributed the improvement in the health indicators of the state to purposeful leadership, commitment and accountability being provided by the present administration.

While assuring the Bayelsa of UNICEF’s readiness for collaboration to improve nutrition for children as well as unlock resources for healthcare development in the state, the Country Rep, however, urged the Governor Douye Diri-led administration to sustain its efforts in the health sector.

She said, “We are really impressed with what Bayelsa is doing… Bayelsa State has also committed its financing of immunization campaigns from the state budget, and a special one (immunization) in-between.

“Also there is a monthly allowance and support you have continued to give from GAVI. These are some of the things that have really increased the number of immunized children and improved the performance of the state.

“In 2021, the number of children not immunized in Bayelsa was 71 percent; that means seven out of ten kids were not immunized. But between then and now, there is a big difference due to the leadership, commitment and accountability we are seeing in Bayelsa State.

“You have been a champion of primary healthcare and a champion of immunization. And I really look to have Bayelsa not only a champion of states in Nigeria but in our continent and the globe.”

In a response, Governor Douye Diri represented by his deputy, Senator Lawrence Ewhrudjakpo, reaffirmed the determination of his administration to prioritize investments in the health sector.

He said plans were underway to review the state primary healthcare board law with a view to not only sustaining the extant primary healthcare funding model but also expanding it through effective private sector contributions, especially from corporate organizations operating in the state.

Diri thanked the Country Rep, Ms Wafaa Saeed, for her kind words of encouragement and also acknowledged the support of UNICEF, WHO, Bill Gate, Dangote Foundation and other development partners, noting that Bayelsa could not have recorded its present achievements in the health sector without their collaboration.

His words: “We also want to thank you profusely for supporting our programme. We thank UNICEF, the WHO, Bill Gate Foundation, Dangote Foundation and others for your support. We really appreciate what you have done for our state.

“As a government, we know where we are going. A man who knows where he is going cannot be misled. We are focused and will continue to redouble our efforts in the health sector.

“You talked about sustainability. That is very important to us, and so, we are looking at the principal law, which is the Primary Healthcare Development Board Law. We are looking at some areas of that law to bind the hands of whoever that comes after us.

“That is to ensure that even if the administration after us will not have the motivation and passion to provide leadership for primary healthcare like the present governor is doing, the law will compel them to do so.”

The UNICEF Country Representative was accompanied on the visit by the Chief of Field Service, Judith Leville, UNICEF Health Consultant, Dr. Makio Perekeme, the Chief Field Officer, Anselm Audu and a health specialist, Eghe Abe, among others.

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Mutfwang Pledges Support for Minister of Defence in Fight against Insecurity

From Jude Dangwam, Jos

Plateau State Governor, Caleb Mutfwang, has paid a courtesy visit to the newly appointed Minister of Defence, Gen. Christopher Gwabin Musa (Rtd), assuring him of his total and unwavering support in the collective effort to defeat insecurity in Plateau State and across Nigeria.

The Director of Press and Public Affairs to the Governor, Gyang Bere on Thursday disclosed that the Governor has expressed delight over Gen.

Musa’s appointment, describing it as a “strategic and timely decision” in confronting the country’s intricate and evolving security challenges.

Mutfwang noted that the Minister’s vast experience and proven professionalism would significantly strengthen ongoing national security interventions.

“We must now focus on finding solutions to the challenges confronting us. Whatever has happened in the past should not deter us. The time has come for all of us to join hands and holistically address our security concerns,” Mutfwang emphasized.

The Governor reiterated his support for the establishment of State Police, acknowledging concerns about possible abuses, but stressing that the nation must collectively develop safeguards and ensure operational efficiency.

Gen. Christopher Musa expressed gratitude for the Governor’s visit, assuring him of a robust and productive collaboration in addressing security concerns in Plateau State and the country at large.

He commended Governor Mutfwang for hosting the Plateau Unity Christmas Carols and Praise Festival, describing it as a unifying initiative.

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