NEWS
Afreximbank, Sterling Bank to Offer Supply Chain Finance in Nigeria
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)
NEWS
Wike Waives C-of-O Fees for Nigerian Law School
By Laide Akinboade, Abuja
The Minister of the Federal Capital Territory (FCT), Nyesom Wike on Thursday gave an immediate waiver of fees for the Certificate of Occupancy (C of O) for the Nigerian Law School’s Abuja campus.
Wike revealed this during a meeting with the school’s management in Abuja.
He also declared an “Emergency” on the construction of staff quarters and other critical infrastructure to enhance the institution’s learning environment.
The FCT Minister while responding to an appeal from the Director-General of the Nigerian Law School, Dr.
Olugbemisola Titilayo Odusote, expressed surprise that the institution had operated without a C of O since moving to Bwari.According to the FCT Minister, “Luckily, the Department of Land is t/here. We are going to waive the fee for C of O for you immediately. But it’s quite unfortunate that since the time they moved the law school to Bwari, they don’t have the C of O. So you’re occupying an illegal institution. I was thinking the first thing the government would have done as the school was coming in was to give you a C of O to show that you are a rightful owner”.
He described the lack of official documentation for government institutions as a trend that his administration is actively correcting.
He noted, “It’s not only you. I think even the Department of State Services, the SSS, they just got their C of O. That’s not encouraging at all”.
The Minister directed the Director of Lands to waive all processing fees for the school’s C of O, and issued a firm directive to ensure the document is processed and ready within one week.
He noted that regularizing the land is essential to move the school from what he colloquially termed an “illegal session” to rightful ownership.
Beyond land matters, the Minister committed the FCT Administration (FCTA) to several high-priority projects aimed at resolving overcrowding and improving staff efficiency.
Wike announced that 10 staff quarters have already been completed and will be commissioned as part of the President’s third anniversary. He further pledged to construct an additional 10 units using existing prototypes to save on design costs.
According to him, work is progressing on two new hostels—one for male students and one for female students—to alleviate overcrowding.
The Minister confirmed he has approved the budget for a new auditorium and questioned why the contractor had not yet moved to the site.
To modernize administrative functions, Wike directed the school to liaise with the FCTA General Counsel, Salman Dako, to explore digitization solutions similar to ongoing efforts at the FCT High Court.
Minister Wike emphasized that these interventions are part of President Bola Ahmed Tinubu’s broader agenda to support legal education and the judiciary.
He noted that the President is currently constructing “presidential apartments” for judges to ensure their security, welfare, and autonomy.
“Anything we can do to help our children, we are willing to do that,” Wike stated.
He also added that the staff quarters must be treated as an emergency project to ensure rapid delivery.
Dr. Odusote congratulated the Minister on his appointment and praised the visible infrastructure developments across the FCT, while highlighting the specific challenges of disrepair and infrastructure deficits facing the Law School.
Foreign News
Study Links Alcohol to Higher Cancer Burden in Australia
Australian researchers on Thursday revealed that alcohol consumption causes a higher proportion of cancers in Australia than previous estimates.
According to a statement of the University of Sydney, the study estimates that around 4.6 per cent of all cancers in Australia are caused by alcohol consumption, which also increases the risk of developing cancer by 19 per cent.
The research, published in the British Journal of Cancer, analyzed alcohol consumption behavior among 225,000 people in the Australian state of New South Wales’ 45 & Up Study.
The study’s lead author Peter Sarich from the University Of Sydney School Of Public Health said “cancer is the leading cause of premature death in Australia.
“While the science on the causes of cancer continues to evolve, the evidence is now clear that reducing alcohol consumption is an effective strategy for preventing cancer.’’
Researchers estimated that over 7,800 cancer cases diagnosed in Australia in 2024 were attributable to alcohol, exceeding earlier estimates of between 2.8 per cent and 4.1 per cent.
The study found cancer risk rises with increased alcohol intake. For every 10 drinks consumed per week, the risk of cancer increased by 19 per cent.
The risk rose by 46 per cent for liver cancer, 27 per cent for cancers of the mouth, throat, larynx and esophagus, 18 per cent for breast cancer, and 16 per cent for colorectal cancer, according to the study.
Sarich said if Australians followed national guidelines of no more than 10 drinks per week, more than 3,700 alcohol-related cancer cases annually could be prevented.
He added that only around half the population is aware that alcohol causes cancer.
NEWS
C’River Debunks False COVID-19 Report, Confirms Only One Case
From Ene Asuquo, Calabar
The Cross River State Government has refuted a publication by online platforms alleging the discovery of 10 new persons with COVID-19 symptoms, describing the report as misleading and inconsistent with the state’s current public health records.
In an official rejoinder issued on Thursday, the Commissioner for Health, Dr.
Henry Egbe Ayuk, clarified that the state still has only one confirmed case of COVID-19, with no additional infections recorded.The clarification follows a report titled “Cross River Identifies 10 More Persons with COVID Symptoms,” which suggested a possible spread of the virus in the state.
However, the Commissioner explained that the ten individuals referenced in the report are merely contacts of the confirmed case, identified through routine contact tracing, and not new or suspected infections.
“As clearly communicated during our press briefing in Calabar on April 21, there are no additional confirmed cases in Cross River State,” Ayuk stated.
He further explained that none of the identified contacts is currently exhibiting symptoms associated with COVID-19, emphasizing that they do not fall under the category of suspected or confirmed cases.
To ensure public understanding, the Ministry outlined key distinctions: contacts are individuals who have had close interaction with a confirmed case; suspected cases are those showing symptoms; while confirmed cases are individuals who have tested positive through laboratory diagnosis.
Ayuk noted that, in line with standard public health protocols, the identified contacts have been placed under home isolation and are being monitored daily by health officials for any signs of the virus.
“This is purely a preventive measure and does not indicate any new infections,” he stressed.
The state government reiterated its commitment to transparency and timely dissemination of accurate health information, urging residents to disregard unverified reports and rely on official updates from the Ministry of Health.
While encouraging continued adherence to basic preventive measures, the Commissioner assured citizens that there is no cause for alarm, as the situation remains under control.

