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Home Business News

Sterling Bank set to provide credit facilities to IITA trained agripreneurs

Damilare Famuyiwa by Damilare Famuyiwa
September 24, 2018
in Business News, Company News
Sterling Bank, Adegoke
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Tier 2 lender, Sterling Bank Plc has partnered the International Institute of Tropical Agriculture (IITA) to provide loans to potential IITA trained agripreneurs. The bank’s proposed loan scheme which amounts to N10 million will come with a 5 per cent interest rate.

The scheme offers a loan tenure of seven years and moratorium of up to 18 months for the principal and six months for interest.

The agribusiness financing scheme known as the Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS) is a voluntary initiative of the Bankers’ Committee to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and Small and Medium Enterprises (SMEs) as vehicles for sustainable economic development and employment generation.

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Sterling Bank Plc had released its financial statements for the period ended June 2018.

Results for the half year show that interest income increased from N50 billion in 2017 to N62 billion in 2018. Profit before tax jumped from N4.3 billion in 2017 to N6.3 billion in 2018. Profit after tax also jumped from N3.8 billion in 2017 to N6.2 billion in 2018.

About the bank and IITA

Sterling Bank Plc (formerly known as NAL Bank Plc) was the pioneer merchant bank in Nigeria. It was established on November 25, 1960, as a private limited liability company, and was converted to a public limited liability company in April 1992. The bank was listed on the Nigerian Stock Exchange (NSE) on August 17, 1993.

The current entity is a product of the 2006 merger among Indo Nigeria Merchant Bank (INMB), Magnum Trust Bank (NBM), and Trust Bank of Africa.

On the other hand, International Institute of Tropical Agriculture (IITA) is a non-profit institution that generates agricultural innovations that are aimed at meeting Africa’s most pressing challenges of hunger, malnutrition, poverty, and natural resource degradation.


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Tags: agripreneurcredit facilitiesIITAIITA Agripreneur TraineeInternational Institute of Tropical AgricultureSterling Bank Plc
Damilare Famuyiwa

Damilare Famuyiwa

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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