Category: Finance

By Business A.M. 

Payday,a leading Pan-African neobank issuing global  accounts to Africans, has announced a $3 million fund which will be deployed to expand its services to a wider audience and boost talent acquisition.

The seed round was led by Moniepoint Inc, with participation from HoaQ, DFS Lab’s Stellar Africa Fund, Ingressive Capital Fund II and angel investors including; Dare Okoudjou, ounder and CEO of MFS Africa and Tola Onayemi,CEO of Norabase. They join follow-on investors Techstars, Angels Touch, Ingressive Capital & Now Venture Partners. Along with existing investors,Ethos VC, MAGIC Fund, Ventures Platform, Voltron Capital, and others.

The multi-million dollar funding brings Payday’s total investment to date to $5.1 million, following a $2m+ pre-seed round in 2021.

Payday, in a statement, said the new capital raised will be deployed to secure operational licensing in the United Kingdom and Canada, while building out operations in the United Kingdom, where the company has recently been incorporated.

Funding will also be used to boost talent acquisition as the startup’s team complement expands from 35 to 50 employees, as Payday looks to further fuel the future of work through borderless payment alternatives in major currencies.

Launched in June 2021 by Favour Ori, Payday, the first Rwandan company in history to join Techstars, was developed to support African remote workers, freelancers and digital professionals with frictionless, borderless payments, enabling global payment processing from over 130 countries. The startup permits those on the continent and in the diaspora, to send and receive money in USD, GBP, Euros and 20 other currencies, allowing Africans to work remotely for international organisations, and be paid and withdraw money in the currency of their choice regardless of location.

Commenting on the fundraise, Favour Ori, CEO and Founder of Payday said the round of funding will lay the foundation for the continued growth of the company’s platform as it expands its services to a wider audience.

In his words: “We’re amped to scale our platform and reach more Africans, not only on the continent, but around the world. Our passion for empowering individuals and businesses with convenient and secure payment solutions is tangible, and we believe that this funding will allow us to do so on an even greater scale”.

“Our goal remains the same: to make it easy and accessible for anyone to access their payments when on the continent, and with this new funding, we are one step closer to achieving that vision.”

Organisers of the fast-growing consultative event brand, Policy Implementation Assisted Forum (PIAFo), have dedicated the event’s next edition to robust engagement on the pending amendment bill of the National Information Technology Development Agency Act (NITDA) Bill 2021.

The event, now in its fifth edition, is slated for Thursday April 13, 2023 at The Colossus Lagos, 4 Sheraton Link Rd, Maryland, Lagos, with the theme: “NITDA BILL: Towards the Sustainability of Nigeria’s Digital Economy Drive”.

The National Information Technology Development Agency was established in 2007 by the NITDA Act while the NITDA Bill 2021, now pending at the National Assembly, seeks to repeal and re-enact the NITDA Act of 2007.

NITDA is a key agency of the federal government under the Federal Ministry of Communications and Digital Economy, developing and promoting ICT adoption in the country.

While Nigeria’s digital economy is estimated to have attracted over $4.4 billion investment in the last four years, organisers of PIAFo said the event has been designed to boost investments in the space and increase digital deliverables for Nigerians through productive stakeholder consultations to engender an environment for the sustainability of the digital economy drive.

PIAFo, an initiative of Business Metrics Nigeria, has been at the forefront of policy advocacy, policy implementation and policy assessment, especially in the ICT and telecoms sector, as it puts premiums on dialogue for socio-economic prosperity.

Speaking on the event, PIAFo Lead Executive, Omobayo Azeez, said “Nigeria’s digital economy has become a collective project for players across sectors in the public and private spheres. The ICT sector is a lifeline for the economy and this has been proven time and again through its contribution to the Gross Domestic Product (GDP), among other ways.

“In the last quarter of 2022, the sector contributed 16.22% to the GDP, rising from 15.35% in the third quarter of the year. In fact, in the preceding Q2 of 2022, total ICT contribution to GDP was higher at 18.94%.”

Azeez, who doubles as Editor of Business Metrics Nigeria, further said that as the NITDA Bill 2021 proposes certain changes in a view to align with the ever-changing ICT sector, the need for robust consultative engagements with relevant stakeholders is imperative to ensure its seamless implementation and ensure efforts from all ends are integrated for the sustainability of the country’s digital economy drive.

“So, we have designed this forum as an avenue for constructive dialogue for concerned government agencies, players in the ICT and telecoms sector, legal experts and Civil Society Organisations (CSOs) in the country,” he added.

PIAFo’s lead executive further disclosed that the event is planned to be a full-day engaging discussion after which a detailed report shall be issued to reflect aggregate views expressed by discussants with their recommendations in the interest of growing Nigeria’s digital economy.

By Onome Amuge

The Central Bank of Nigeria (CBN),  has released an exposure draft of regulatory guidelines for change of operating licence for banks and Other Financial Institutions (OFIs).

The apex bank, in a circular signed by Chibuzo Efobi, director, financial policy and regulation department, CBN, dated march 28,2023, said the guidelines were drafted due to increasing requests from financial institutions to either upgrade or convert to other license regimes with the aim to provide clarity to eligible financial institutions on regulatory requirements.

The CBN further indicated that the guidelines were applicable to commercial banks, merchant banks, non-interest banks, microfinance banks, primary mortgage banks, payment service banks, and any other institution the regulator may designate from time to time.

According to the CBN, for any institution to be eligible for the operations, such institution shall be under the supervisory purview of the CBN; have no adverse supervisory report to its application; and satisfy any other condition which the CBN may stipulate from time to time.

However, for conversion, the institution must have been in operation for at least five years.

Highlighting prohibitions/restrictions which  applies to eligible banks and OFIs applying for conversion or re-categorization, the circular read, “The bank or OFI shall not, pending when the application is determined: expand or reduce its current banking network;    roll-out new products and services; carry out any new strategic banking activity but the settlement of rights and obligations shall continue until extinguished in accordance with existing terms and conditions;

“Take any business decision after the conversion process has commenced, except in line with the bank’s conversion strategy submitted to the CBN; engage in any banking activity specific to the proposed new license; any other requirement that may be prescribed from time to time by the CBN.”

The apex bank also gave stakeholders a period of three weeks from the date of the circular, to comment/make input on the guidelines, which could be addressed to its director of financial policy and regulation.

By Business A.M.

Fez Delivery, a leading logistics and delivery company, has raised a $1 million seed fund in a round led by Ventures Platform, with participation from Voltron Capital, Acasia Ventures , and other angel investors.

The funding is expected to enable the Nigerian company to deepen its operation in the country and also, support its expansion to other countries in sub-Saharan Africa. It also follows Fez Delivery’s recognition as one of the only two logistics companies in Nigeria to have received investment from Techstars Toronto, an elite global tech accelerator.

Fez Delivery,founded in 2020 by top-performing business operations executive, Seun Alley, considers the logistics industry as one of the fastest-growing industries in Nigeria, spurred by the meteoric rise in online shopping which generated an estimated revenue of $5 billion in 2019 with an expected CAGR of 20.5 per cent from then till now.

Exploiting the size of this opportunity,the three-year-old startup has offered tailored and hybrid solutions that combine physical touchpoints with technology to serve its customers, who are charged on a delivery basis per individual, and on a monthly subscription basis for businesses.

In 2022, the logistics startup completed 200,000 trips and grew revenue by 20 per cent month-on-month. Its clientèle includes the likes of Flutterwave, Kuda Bank, Moniepoint, OPay, Famasi Africa, and Red Bull.

Speaking on how the Fez Delivery will deploy the recent capital, Seun Alley says that the company will continue its push towards leveraging technology to solve real problems.

“With this funding, we are repositioning as a full-fledged tech company focused on last-mile deliveries. While the platform is currently in development, interested parties can sign up to join the waitlist,” she said.

The CEO also disclosed that the company has built an array of tech-enabled solutions; mobile and web apps targeted at individuals, dashboards and APIs for businesses, alongside a wide physical reach that spans all the 36 states in Nigeria, including the FCT.

 Oluwafemi Jose,  the co-founder and CTO, noted that the company’s goal has always been to create something truly transformative.

“We’re excited to use this funding to accelerate our innovation; expand our team, deepen our development efforts and bring more value to our customers and partners,” Jose said.

Dotun Olowoporoku, general partner, Ventures Platform Fund, expressed excitement over the partnership with Fez Delivery as part of its mission to bring efficiency to the logistics industry.

According to Olowoporoku, the logistics industry is characterised by high fragmentation, demand-supply mismatch, and lack of transparency, due to heavy manual processes.

“Seun, a second-time founder, is an excellent operator with a solid vision for the future of last-mile delivery. By developing technology to enable other market players to thrive, Fez Delivery is well-aligned with our investment thesis to support market-creating innovation in underserved industries,” he remarked.

On his part, Toheeb Azeez, marketing manager, Redbull Nigeria, described Fez Delivery as a reliable and affordable delivery service for the company.

“Since their inception. They have a wide reach across all the 774 local governments in Nigeria, which makes it easy for us to get our products to our customers quickly and efficiently. We are also impressed with their customer service, which is always prompt and helpful,” Azeez added.

By Business A.M.

Ebenezer Onyeagwu, the group managing director/chief executive officer of Zenith Bank Plc, has been conferred with a doctorate degree in Business Administration by the University of Nigeria, Nsukka (UNN).

The  conferment,which took place during the 50th convocation ceremony of the university at the weekend, was in recognition of Onyeagwu’s immense achievements as CEO of Zenith Bank as well as his contributions to the growth of the financial services sector in Nigeria and across the African continent.

Speaking during the conferment ceremony,Charles Igwe, the vice chancellor of the University of Nigeria, congratulated Onyeagwu for distinguishing himself in his career and for his service to humanity, which made him worthy to receive the prestigious Doctorate Degree from Nigeria’s first indigenous University.

Onyeagwu, in his acceptance speech, expressed his gratitude to the University of Nigeria for finding him a worthy recipient of the Doctorate Degree in Business Administration of one of the leading universities in Nigeria, considering the very rigorous process of selection of awardees by the institution.
“For me to have been considered and to have passed through the meticulous selection process makes it more dignifying because I have no connection with the university,” he said.

The Zenith Bank chief executive  noted that the award represented a validation of the outstanding corporate governance, ethical leadership, and overall outstanding performance that the multinational financial service provider has recorded.

Onyeagwu dedicated the award to the board and management of Zenith, especially Jim Ovia, the founder and chairman of the bank, who he described as a mentor, leader and a source of inspiration to everyone at the bank and beyond.

He also acknowledged and commended the staff, for being the shoulder and proverbial base of the pyramid upon which his achievements and success as CEO of the leading financial institution in Nigeria rests;the bank’s customers for their unflinching loyalty to the brand; and to his family for their unceasing love and support.

Ikenna Onwuegbuna, the orator of the University of Nigeria, while presenting the citation of Onyeagwu to the assemblage at the 50th Convocation Ceremony,noted that the Zenith Bank CEO,is an alumnus of Auchi Polytechnic, the University of Oxford, England and Salford Business School, University of Salford, Manchester, United Kingdom, Delta State University, Abraka.

Onwuegbuna further disclosed that the Zenith Bank CEO is also an alumnus of Wharton Business School of the University of Pennsylvania, Columbia Business School of Columbia University, and the Harvard Business School of Harvard University in the United States.

Onyeagwu is a Fellow (FCA) of the Institute of Chartered Accountants of Nigeria (ICAN), a Fellow of the Nigerian Institute of Management (NIM), The Chartered Institute of Bankers of Nigeria (CIBN), the Institute of Credit Administrators (ICA) and Senior Associate Member, Risk Management Institute of Nigeria (RIMAN).

The vastly experienced banker and financial expert is the chairman of the Body of Banks’ Chief Executive Officers, Nigeria and chairman of Zenith Pensions Custodian Limited and Zenith Nominees Limited. He is also on the board of Zenith Bank (UK) Limited, FMDQ Holdings Plc and Lagos State Security Trust Fund (LSSTF).

Ebenezer Onyeagwu is also a member of the International Monetary Conference (IMC), the Wall Street Journal CEO Council, member of the African Trade Gateway Advisory Council of the Africa Export-Import Bank (Afreximbank), and member of the Governing Council of the Chartered Institute of Bankers of Nigeria (CIBN). He has also served on the board of Zenith Bank Ghana Limited, Zenith General Insurance, Zenith Securities Limited, Zenith Assets Management Company, Zenith Medicare Limited, and Africa Finance Corporation (AFC).

Onyeagwu’s track record of excellence has also seen him win several individual awards, including being named Bank CEO of the Year in 2019 by Champion Newspaper, Bank CEO of the Year in 2020, 2021 & 2022 by BusinessDay Newspaper, CEO of the Year in the 2020 and 2021 SERAS Awards, and CEO of the Year in 2022 by Leadership Newspaper.

The SEC-regulated crowdfunding intermediary, Obelix, marks a hundred days since it commenced operations and has vowed to continue to empower Small and Meduim Enterprise Businesses.

According to a statement on Friday, the company said it operated a funding portal, monieworx, enabling 3 SMEs to raise 100 million from its retail investor community.

The company said during this the portal has consistently paid interest to investors every Friday in keeping with its proposition of weekly coupon payments. In addition, It is noteworthy that the 30-day and 45-day notes hosted on the portal have been fully redeemed.

“While returns on traditional investments are typically received monthly, quarterly, and sometimes yearly, monitor has introduced weekly interest payments. The increased frequency of payments gives investors greater control over their cash flow,” the company said.

“Obelix is proud to announce zero default by the 3 SMEs that raised funds on the portal. This attests to the advantage of investing through regulated crowdfunding portals. Businesses fundraising on Monieworx must go through a thorough vetting process that ensures only the most promising ventures with established and viable business models can secure funding from the growing community of investors on the platform.”

Obelix said it recently introduced an improved version of the Monieworx web and mobile apps; allowing investors to conveniently view their investment portfolio through a quick-access dashboard that consolidates their account balance, token balance, and income in a single view.

“With this latest upgrade, investors can effortlessly participate in crowdfunding campaigns and manage their investment portfolio more efficiently from the device of their choice.

“This notable achievement highlights Monieworx’s unwavering commitment to providing user-friendly solutions that adapt to the changing requirements of its users.”

Obelix is an SME financier in Nigeria that recognizes the growing potential of crowdfunding as a transparent and simple financial solution, delivering substantial benefits to the local economy. Crowdfunding enables investors of all economic backgrounds to support worthwhile projects; driving innovation and growth in Nigeria.

By Cynthia Ezekwe

The World Trade Organisation (WTO) has identified access to trade finance as a major driver of  a company’s competitiveness in the international market, and a boost to trade growth in Africa

Ngozi Okonjo-Iweala, director general of the intergovernmental organisation that regulates and facilitates international trade,stated this in a video presentation delivered to a trade finance workshop in Kigali, Rwanda, organised by the WTO and International Finance Corporation (IFC), with the support of the Rwandan government.

Okonjo-Iweala, who underscored the importance of trade finance for boosting trade growth in Africa,described  trade finance as the lifeblood of trade.

Citing a trade finance survey by the African Development Bank (AfDB) which disclosed that the continent rejects about  80 billion worth of requests for trade finance annually, the WTO DG pointed out that the significant shortfall in financing has an adverse impact on African entrepreneurs, especially small business owners.

To salvage the situation, the Nigerian economist stressed the importance of dismantling financing barriers for small traders in Africa to increase their participation in global trade. She also welcomed the opportunity for dialogue among banks, local government agencies and businesses, noting that this could lead to better cooperation.

Speaking further, Okonjo-Iweala outlined the key findings of the WTO-IFC joint study  on trade finance gaps in the four largest economies of the Economic Community of West African States (ECOWAS) – Côte d’Ivoire, Ghana, Nigeria and Senegal, issued in 2022.

According to her, the study revealed that  if ECOWAS countries raised the share of trade supported by trade finance to the average African level of 40 per cent, they could gain an extra eight  per cent  in trade flows annually. She added that in  ten years, this would total $140 billion in additional trade.

Commenting on the impact of the Workshop, Okonjo-Iweala that the Kigali workshop is playing an important role in addressing the trade finance gap head-on for small traders, especially women-owned businesses.

“The workshop will improve participants’ awareness of new technologies and banks’ financial requirements for small businesses; Ultimately, more trade finance means greater trade diversification,” she added..

Also speaking at the event,  Makhtar Diop, managing director, International Finance Corporation, disclosed that  one of IFC’s top priorities is to enhance small businesses’ access to trade finance through its global trade finance programme,adding that the programme recently committed a  record of $6 billion in 74 countries.

“African countries can only fully benefit from the African Continental Free Trade Area by bridging the trade finance gap on the continent. In a fragmented world, trade is what brings us together,”he  said.

Diop also highlighted the importance of enhancing the digitalisation of trade finance to improve its reach, increase efficiency and transparency, and reduce processing time and cost for transactions.

By Onome Amuge & Cynthia Ezekwe

Tony Elumelu is the founder of and chairman of Heirs Holdings, a private Investment firm with significant investments in various sectors across Africa, comprising  financial services, power, oil and gas, real estate, hospitality and healthcare.

The astute business tycoon, who is also the chairman of pan-African financial services group, the United Bank for Africa (UBA),  is one whose roles as an entrepreneur, investor, economist, champion of africapitalism, mentor,philanthropist, amongst others, has definitely left an indelible mark across Africa’s social and economic development.

Elumelu is not a stranger to remarkable success and honours some of which include, an inclusion in TIME magazine’s 100 most influential people of 2020,the title of Commander of the Order of the Federal Republic (CON) in 2022, amongst other numerous recognitions.

To mark his 60th birthday, a symposium titled “60 for 60”, was held in honour of his achievements especially on his empowerment of young entrepreneurs across various African countries, who had benefited from his brainchild- The Tony Elumelu Foundation (TEF).

The event saw the Sexogenarian  receive plaudits from sixty young beneficiaries of his incredible impacts across the continent which has seen him fulfill the foundation’s mission of  creating jobs, alleviating poverty, and economically empowering women and other young people.

Temitayo  Johnson Laleye, founder of TJ signature, a sustainability  fashion accessory brand, while speaking on the impact of the non profit organisation, said: “Before I encountered the Tony Elumelu Foundation, I was a confused 17 years old uni student, who had just started a business, I didn’t really know why I was doing it, I just wanted to make extra cash while in school, and upon applying for the first time, I found it to be a really rigorous process, so I was not selected.”

Laleye noted that applying and partaking in the programme helped him to streamline and find his  purpose in his business (TJ Signatures) which has recorded significant growth and is able to train over 2,000 young children and women in underserved communities.

“We have also been awarded the 25 under 25 awards, and we were the youngest recipient of the award because of our contribution to youth employment in Nigeria. Thanks to the training and the funding we received, we have expanded to countries outside Nigeria, to Ghana, to the United Kingdom, to the United States. We are selling and earning foreign investments in Nigeria,” Laleye added.

Monica Demingo, the CEO of Demetrius, a 2019 beneficiary of the  Tony Elumelu Foundation seed capital,said the foundation helped her business gain investor confidence and signed new contracts,

The Zambia based entrepreneur added that her  business is currently employing 21 young men and women, who are breadwinners, taking care of their families.

Sabic Badamasi, the CEO of So clean, a home laundry service in Benin  Republic, said he started his business in 2019, with a capital he borrowed from his mother.

In his words; “At the time I started the So clean laundry service,  I washed with my hands, had no washing machines, and no workers.  In 2019, I first applied for the TEF programme, and was not selected. In 2020, I applied again, but due to COVID, it was postponed. I tried again in 2021 when  I was selected.

 I would like to emphasise that I had double luck that year, because I was selected with my brother that year. I would like to thank you because through the funding, I was able to get more materials, and employ people.

Thanks for the training wee received during the period, we were able to set up our strategies, and today, I am happy to tell you that our sales has tripled, and all this wouldn’t have been actualised without the foundation, and without you , Mr. Tony  Elumelu, so I want to thank you for what you do for African youths; happy birthday sir, keep soaring higher.”

On her part, Linda Kimio the co-founder of Dial A Pad,  a multifaceted platform that seeks to tackle sexual reproductive health issues in women and girls in Kenya, said prior to benefiting from  the Tony Elumelu foundation, she and her sister who is also a co-founder, had no capital or business prototype, but only an  idea of wanting to stop absenteeism of school girls, due to period poverty,

“In 2018, we applied for the TEF programme,  and we got the seed capital of $5,000 with which we were able to come from an idea stage to a legally registered entity. We registered our limited liability company, we got our first prototype, we employed a mechanical engineer to make sure our designs were functional, and we could impact our girls and have the data to back it up.

Now we have impacted 35,000 school going girls that go to school every month without fail, due to this foundation that was just an idea, but the Tony Elumelu Foundation made it a reality. “

Kimio also stated that she got into the TEF women entrepreneurship  programme for Africa, where she got elected as the accelerator at the growth stage and her business got funding of about $40,000. This, she said, has made her able to impact about 105,000 going girls, who will go to school and break that cycle of poverty.

“Our message from Dial A Pad is you have shown us what democratising wealth can do and wealth creation in Africa; you have gone before us, and we are going to trailblaze after you, and democratise access to quality education for every school going girl in Africa, and from the thousands of girls who sent me here with greetings, we want to say thank you so much,’’she added.

Delivering a good will message, Ama Harris, one of Elumelu professional alumni said: “About thirty years ago, I arrived in Nigeria as a Liberian refugee. Today I stand in front of you as a 2021 TEF alumni, and the director of the Root Cellar Steps Education Centre. We provide learning programmes and education for people and children in low income communities, underserved communities.”

Harris said the funding from TEF enabled her establishment to digitalise its educational programmes.

“Our students comes from homes where there is no electricity, no access to digital learning, so imagine how difficult it is for our  teachers to help them understand learning concepts, we were stuck, but with our funding from TEF, we were able to get a generator, television, projector, and bring to Life, all of those things that brought you life learning to our students,” she said.

According to Harris, since the TEF funding, the Root Cellar Steps Education Centre has taught phonics to over 5,000 students from different communities, employed 25 teachers, and has been open for the past five years.

Delivering her concluding remarks, she said: “Thank you sir. Without you, this will not have been possible.  You have changed the narrative for us, for who an African entrepreneur is, and have proven that a single individual through his philanthropic efforts can effect change.

Today is your birthday sir, some of us have come out of curiosity; we needed to see that person that would invest millions of his hard earned money on us  to say thank you, for believing in us.

On behalf of all your TEF alumni,  as you celebrate your 60th birthday,  we want to assure you that as we leave this hall to our various countries, homes, offices, and communities, we leave with a new commitment to think Africapitalism, live Africapitalism, and act Africapitalism, because only in that way will we be giving you a present that will last long beyond your lifetime.’’

By Luther Animashaun

The Central Bank of Nigeria (CBN), said it has released not less than N12.65 billion to the Anchor Borrowers Programme (ABP) in the first two months of 2023.

Godwin Emefiele, the CBN governor, stated this in a communique issued at the  end of the 290th meeting of the apex bank’s monetary policy committee (MPC).

According to Emefiele, the total sum that has been disbursed under the flagship agriculture scheme since inception in 2015, currently stands at N1.09 trillion.

Giving a breakdown of the initiative, he said: “Between January and February 2023, the bank disbursed N12.65 billion to three agricultural projects under the ABP.

“It brings the cumulative disbursement under the programme to N1.09 trillion to more than 4.6 million smallholder farmers cultivating or rearing 21 agricultural commodities on an approved 6.02 million hectares of farmland.”

The  CBN Governor also stated  that the apex bank is not only dedicated to boost the agricultural sector but also, other sectors of the economy which is why it has released the sum of N23.70 billion under the N1.0 trillion real sector facility to eight new real sector projects in agriculture, manufacturing, and services.

According to Emefiele, cumulative disbursements under the real sector facility currently stands at N2.43 trillion disbursed to 462 projects across the country, comprising 257 manufacturing, 95 agriculture, 97 services and 13 mining sector projects.

He further disclosed that the CBN released N3.01 billion under the Nigerian Electricity Market Stabilisation Facility (NEMSF-2) for capital and operational expenditure of electricity distribution companies (Discos), bringing the cumulative disbursement under the facility to N254.39 billion.

He said that the facility was aimed at improving liquidity status of the Discos, and aiding their recovery of legacy debt.

By Habeeb Adamu

 The Nigeria Export-Import Bank (NEXIM), an export credit agency which focuses on the development and expansion of the non-oil sectors of the Nigerian economy, said its   efforts to develop regional trade, and promote bulk movement of commodities through the Nigerian waterways has received a boost, following the successful survey and navigational charts of the lower River Niger in Abuja.

The survey and charting, which  was jointly undertaken by hydrographers of the  Nigerian navy and Nigerian Inland Waterways Agency (NIWA), with financing support from NEXIM and Afreximbank, is aimed at ensuring navigational safety of the lower River Niger to enhance hinterland and coastal trade.

Speaking at the launch of the initiative held in Abuja, Abba Bello, managing director/chief executive of NEXIM Bank, said the Nigeria Export and Import Bank is a trading banking system, which had deliberated policy initiatives to bridge maritime infrastructure links towards gloomy logistics cost to foster trade with the promotion of regional sea link projects.

“As a special purpose vehicle under a public-private-partnership framework, Sealink essentially aims to enable the Bank to significantly broaden the national export basket,’’ he said.

Bello also pointed out that as a Special Purpose Vehicle (SPV) under public-private-partnership framework, Sealink essentially aims to enable the bank to significantly broaden the national export basket.

According to him, the cessation of the use of the Burutu port in the mid-1970s substantially led to a considerable level of disuse of the river channel for mercantile trade, leading to the siltation of the channel over the years that resulted in navigational challenges.

This, he explained, informed the decision of NEXIM to partner with Afreximbank, the Nigerian Navy and NIWA to undertake the survey/charting exercise.

Benedict Oramah the president of Afreximbank, who was represented by Remigius Nwachukwu, the bank’s regional manager, commended NEXIM, the Nigerian Navy and NIWA for supporting regional trade in Africa. He also reiterated Afreximbank’s commitment to provide support to stern investors with bankable projects to take advantage of emerging business opportunities in the marine logistics sector.

Also speaking at the event, Shamsuna Ahmed, minister of finance, budget and national planning, who was represented by Mohammed Ali, director, home finance, explained that the adoption of regional sealink projects by the ministry is part of its ministerial initiatives to promote and attract private sector investments in maritime logistics infrastructure.

On his part,Jaji Sambo, minister of transport, affirmed the ministry’s commitment to the successful attainment of the overall objective of the project in line with the federal government’s vision for the holistic and sustainable development of the maritime sector and the Inland waterways.