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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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Insecurity: We’ll Win the Battle Against Criminals – Ododo

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Gov. Usman Ododo of Kogi on Wednesday vowed to lead and win the war against criminal elements in the state.

Ododo stated this during the inauguration of the Nigeria Police, Metropolitan Quick Response Unit office complex in Lokoja.

The Ododo administration initiated and executed the project within 90 days, as part of measures to enhance security network in the state.

The governor said his administration would not condone security breach, warning that: “I’m decisive in taking the fight to criminal elements’ hideout to wipe them out completely in the state.

“This is because my administration is not one that will be preoccupied by trying to deal with security challenges without an end.

“I am not here to do my best. I am here to defeat criminals.

“In fact, we are winning the war against insecurity and we are very intentional about our work to strengthen the state’s security architecture.”

The governor reiterated his administration’s commitment to combat crimes and ensure the safety, security of lives and property of the people.

According to Ododo, the Metropolitan Quick Response operation is a proactive step to enhance security and build upon the solid foundation of the state’s security architecture, which started under the administration of Yahaya Bello.

“Nothing would be spared to guarantee safety and security in every inch of the state.

“The Metropolitan Quick Response Squad aims to ensure a safe environment for all residents and visitors in Kogi, with a focus on 24-hour response capability, enhanced intelligence gathering, and community-based approach to policing,” he said.

While commending the security agencies for their dedication and sacrifices, Ododo pledged to prioritise technological enablers to enhance intelligence gathering capabilities in combating emerging security threats.

He acknowledged President Bola Tinubu’s commitment to reverse security challenges nationwide, and pledged continued support to the Federal Government’s war against terrorism.

The governor enjoined residents of the state to be vigilant and to provide credible information to the security agencies to eliminate criminal elements.

The Commissioner of Police, Bethrand Onuoha, commended the governor for his resilience in tackling crimes in the state.

Onuoha said the edifice would give the response squad ample space to operate and help the police and other agencies in dealing with criminal elements.

The quick response squad is a security initiative in partnership with the Rapid Response Squad of the Nigeria Police and the state’s Joint Task Force to tackle criminal activities. (NAN)

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Cleric Urges FG  to Avert Planned Youth Protest

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  The Chief Imam of Lagos State University, Prof. Amidu Sanni,  has advised the Federal Government to do its possible best to avert the planned nationwide youth protest.

Sanni said that the government could  initiate urgent  actions that would reduce the cost of living as a strategy to stop the protest.

The cleric spoke in an interview on Wednesday in Lagos.

Some groups  had  threatened to stage the protest over hardship in the nation.

The protest is proposed to start from Aug. 1 and end on Aug. 10.

Sanni said that the  protest should be avoided because it could be hijacked by hoodlums to cause violence.

“Some political players  may also cash in on the situation for personal reasons.

“Such politicians should be disappointed  by the government through making things easy for the citizens and averting the protest.

“What the national government needs to do is to set in motion, a feasible, visible and sustainable means of addressing food insecurity.

“It should make foods  affordable and available,” the cleric said.

He said that immediate, medium and long-term measures with scalable and verifiable outcomes were urgently indeed. (NAN)

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Tinubu Signs Development Commission Establishment Bills

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President Bola Tinubu has signed into law bills to accelerate development across geo-political zones in the country.

This is contained in a statement by Chief Ajuri Ngelale, the Special Adviser to the President, Media and Publicity, on Wednesday in Abuja.

The statement said the President assented to the North-West Development Commission (Establishment) Bill, 2024, and the South-East Development Commission (Establishment) Bill, 2023.

According to the statement, the North-West Development Commission is set up to facilitate the reconstruction of roads, houses, and business premises destroyed by multidimensional crisis.

It is also expected to tackle poverty, literacy level, ecological problems, and any other related environmental or development challenges in North-West states.

It added that the South-East Development Commission was established to ensure the reconstruction and rehabilitation of roads, houses and other infrastructural damages suffered by the zone.

It is also expected to tackle ecological problems and other related environmental or developmental challenges in South-East states.

“President Tinubu believes in building the nation on the fulcrum of fairness, equity, and unity.

“Hence, he is committed to ensuring equitable development, inclusive governance, and the provision of qualitative services to all Nigerians — no matter where they reside — while knitting even more tightly together the national fabric,” it said. (NAN)

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