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FIRSTBANK secures $150 million Afreximbank Pandemic Trade Impact Mitigation Facility (PATIMFA) to support businesses in Nigeria

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African Export-Import Bank (Afreximbank) has announced the disbursement of a US$150 million finance facility to First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider. The funding was provided under Afreximbank’s Pandemic Trade Impact Mitigation Facility (PATIMFA).

Afreximbank’s US$150 million financial support will be accessible to FirstBank customers that are involved in the manufacturing and importation of products and equipment required to combat the COVID-19 pandemic, as well as initiatives to rehabilitate hospitals and strengthen diagnostic and testing capacity. The loan will also be used for the financing of trade debt payments falling due to avert payment defaults in trade debt obligations. In addition, proceeds of the facility will help beneficiary businesses manage the impacts of the Ukraine crisis.

Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commented: “This new disbursement under PATIMFA is a further proof of the relevance of the programme in helping African economies to recover from the crisis-induced by the COVID-19 pandemic. Since April 2020, when PATIMFA was launched, we are more than proud to have disbursed more than US$7 billion to help Afreximbank member countries manage the adverse impact of the financial, economic and health shocks caused by the COVID-19 pandemic. Through First Bank, one of our trade finance intermediaries, this $150 million facility will help build the resilience of many businesses to the adverse impacts of the pandemic, while helping them overcome the consequences of the current Ukraine crisis.”

Also expressing his delight in the partnership, Dr. Adesola Adeduntan, FirstBank’s CEO, said: “We commend Afreximbank for this impactful financial response. It will immensely contribute to empowering many businesses adversely impacted by the economic shocks caused by Covid-19. The selection of FirstBank as a partner in this initiative is a testament to their confidence in our capacity and proven track record over the years. 

As a Bank that has been woven into the fabric of our society for over 128 years, we remain committed to the success of businesses in our host communities and ensuring they are given the needed boost to sustain their operations and further drive economic growth in the nation.”, he concluded.

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Appeal Court Exonerate Zenith Bank, Upturns High Court Judgement Slam Fine on Real Integrated & Hospitality Limited

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After several months of legal tussle between Zenith Bank Plc v Real Integrated & Hospitality Limited and State Universal Basic Education Board (SUBEB) Gombe State, a three-man panel in the Court of Appeal sitting in Lagos led by Justice Muhammed Sirajo in Appeal No:CA/LAG/CV/262/2022 – have unanimously upturned the Lagos State High Court judgment of Justice O. O. Abike-Fadipe over claims that; on March 8, 2022, there was a breach of contract because on October 7, 2011, Zenith Bank refused Real Integrated to withdraw from its Account No. 1012465427.

 

In her judgment, she directed Zenith bank to pay an interest of 15 per cent per annum on the N872,780,522.84 from May 17, 2011, when the advanced payment guarantees expired till judgment and thereafter at the rate of 10 per cent per annum until final liquidation

 

Through Zenith Bank’s team of counsel led by Prof. Fabian Ajogwu, SAN and Mr Sylva Ogwemoh, SAN, the bank challenged Justice O. O. Abike-Fadipe’s decision of awarding N2,500,000 as the cost of the action in favour of Real Integrated. The legal team via valid argument backed by proofs argued and sought an order setting aside the lower court decision on the ground that it acted in full compliance with its contractual obligations in line with the Advanced Payment Guarantee (APG) contract and that the trial court was wrong. The Court of Appeal, in a unanimous decision on November 23, agreed with the bank’s submission and resolved all the issues raised in its favour. It was gathered that; the 1st Respondent, through its Counsel, E.O Jakpa, argued that the bank breached the contract while SUBEB Gombe State did not contest the Appeal.

Apart from the appellate court setting aside the judgment of Justice Abike-Fadipe, the judge also awarded a cost of N200,000 against Real Integrated & Hospitality Limited and in favour of Zenith Bank. The appeal court further stated that the lower court judgment was upturned on the ground that the trial court was wrong to have presumed that the bank withheld the full account statement of Real Integrated in the light of Exhibit C6 (the comprehensive Statement of Account of Real Integrated), which was tendered by the bank for a limited purpose, adding that there was no need for the lower court to have invoked Section 167 (d) of the Evidence Act, 2011 against the bank.

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CapitalMetriQ Swift Bank Boss, Ambassador Sowemimo Abiodun’s Meteoric Rise

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Unlike the proverbial rattlesnake that crawls through the rocky path without its presence recorded, Ambassador Sowemimo Abiodun has crested his indelible footprints as a highly cerebral computer programmer, financial technologist, diplomat, internet entrepreneur, domain broker, computer media applications and online reputation management expert with an estimated net worth running into millions of Dollars. The billionaire business mogul does not give in to mediocrity.

Those close to the Head honcho of iNet Telecommunications, CapitalMetriQ Swift Bank and InfoMetriQ Data Network disclosed that he is a man destined for greatness because of his ferocious approach to work and his doggedness. While many of his peers were busy investing in frivolities, the Rome Business School Alumni was busy building a business empire that would outlive him.

Today, in the list of youths putting Nigeria on the world map globally, Sowemimo has distinguished himself with his uncommon and outstanding demeanour with numerous laurels and awards to show for it both locally and internationally. For his contribution to the African continent, he was awarded by the Egyptian President Abdel Fatth El-Sisi at the World Youth Forum as the most promising youth in Africa.

On September 25, 2019, at the 74th UN General Assembly, the Permanent Mission of Nigeria to the United Nations, in collaboration with the World Award Foundation and Silicon Valley Nigeria Economic Development (SV-NED), he was also awarded the 2019 SDGs #9 honours in industry, innovations & infrastructure alongside Alicia Keys. Meanwhile, on January 26, 2019, he was conferred with an honorary Doctorate Degree (Honoris Causa) in Information Technology Management, from the Prestigious ICON University of Management Science & Technology.

 

The President & Chairperson of the African Chamber of Innovation Internet Governance & Digital Inclusion has indeed hit a milestone as all his silent prayers to his creator are being answered with the resounding success recorded by his CapitalMetriQ Swift Bank as it has changed stereotypes woven around modern technology banking as it put customers in the Centre of every transaction. Sources say the Bank is now popular for its swift service delivery and its usage of technology as a tool to drive access to mobile banking and access to soft loans. “Sowemimo is a big player in the industry who understands the use of technology in ensuring the bank provides innovative financial solutions to improve quality of life by empowering the economically underprivileged people to become self-reliant and also gain the needed skill to loom large in the financial market.” A source disclosed

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Parthian Partners wins Inter Dealer Broker of the year, lauded for pioneering IDB model in Nigeria

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Parthian Partners Limited, Nigeria’s first interdealer broker and founder of i-invest, the first fixed income investment app in Nigeria, has won the BusinessDay Banks and Financial Institutions (BAFI) Awards for the ‘Interdealer Broker of the Year 2022’ in recognition of its impact and contribution to the overall growth and stability of the fixed income market, its financial performance – credit rating affirmed Bbb+, as well as its innovativeness and growth across different product lines.

 

According to the organisers of BAFI, the Inter-Dealer Broker of the Year Award was initiated this year in recognition of the critical role this little-publicized corner of the fixed income market’s microstructure plays in ensuring its efficiency. “We congratulate Parthian Partners on the celebration of its tenth anniversary. Reading reports of how the journey of building the first interdealer broker in Nigeria, at a time when the regulations did not even exist, attests to the foresight and determination of the founding team and its backers. This is the type of grit to follow the path less travelled that we celebrate at the BAFI Awards,” they explained.

Representatives of Parthian Partners Limited: (L-R) Gafar Bashiru, Senior Associate; Yinka Arewa, CFO; Ronke Akinyemi, Assistant VP; Nonso Nduanya, Head of Brands, Marketing & Communications and Oluwaseun Dosumu, Head of Investment Research, receiving inter-dealer broker of the year award from Ogho Okiti (2nd r), MD, BusinessDav Media Limited.

Commenting on the award, the Group Managing Director of Parthian Partners, Mr. Oluseye Olusoga thanked the staff of the company for their commitment to the actualisation of the company’s vision, while dedicating the award to the firm’s clients. “Since we pioneered the wholesale fixed income financial intermediary model in Nigeria 10 years ago, Parthian Partners has remained steadfast in its commitment to matching buyers and sellers, providing independent data to participants in the fixed income market, enabling confidence in transactions, creating liquidity and price discovery, as well as facilitating the unfettered flow of capital for an efficient market,” he said. He stated that the company will not rest on its laurels but will continue to provide the best services while increasing shareholder value and returns on investment.

 

Now in its 10th year, the BAFI Awards were created to recognise and celebrate organisations, teams and individuals that are achieving excellence in the delivery of financial services across the entire client and customer spectrum.

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