Sterling Bank Plc is aiming to give out loans worth N40 billion in 2019. The lender is also extending the loans from its ‘Specta’ product to non-bank customers and business owners.
Shina Atilola, Divisional Head, Retail and Consumer Banking, Sterling Bank, who made this disclosure said customers patronising Specta can access loans ranging from N10,000 to N5 million, and funds within five minutes through their mobile phones, thereby removing the hassles associated with obtaining regular loans from banks.
According to Atilola, customers from any other bank can get access to loans through its Specta.
Atilola said, “Specta has been for salary earners who have accounts with Sterling Bank. From February 4, you don’t need to have an account with Sterling Bank to be able to access loans from the bank. Also, we are guaranteeing five minutes’ access and experience while using Specta.”
Atilola further made known that the bank was able to give out close to N10 billion loans to over 11,000 customers in the first year in operation, adding that the bank did not record any non-performing loans.
“We have zero per cent NPLs and all loans repayment are up to date and that is what gave the confidence to expand.” Atilola said.
What you should know about Specta
Specta is an online lending platform that offers loans not more than N5 million to individuals, with a goal to create a simple, convenient, and personalised experience for customers.
Specta ensures that customers have access to personal loans without going through the stress associated with obtaining regular loans from banks.
Having recorded zero non-performing loans in the first phase of Specta, Sterling Bank has concluded arrangement to increase Specta’s credit facility by 300 per cent. This implies that from N10 billion in 2018, Sterling Bank is now offering N40 billion in the second tranche of the scheme.
Meanwhile, Sterling Bank Plc’s results for the third quarter ended September 30, 2018 show revenue for the group increased from ₦95 billion in 2017 to ₦115 billion in 2018. Profit Before Tax increased from ₦6.5 billion in 2017 to ₦8.5 billion in 2018. Profit After Tax also increased from ₦5. 9 billion in 2017 to ₦8.2 billion in 2018.
The bank closed at N2.45 on Friday’s trading session on the Nigerian Stock Exchange (NSE).
FG discusses nation’s carrier, Nigeria Air with US Ambassador
The FG has held a discussion with the US government over the establishment of a national carrier for Nigeria.
The federal government has held a discussion with the government of the United States of America over the establishment of a national carrier for Nigeria.
This was disclosed by the Minister of Aviation, Hadi Sirika via his Twitter handle after he held a discussion with the Ambassador at the United States Embassy in Abuja.
He tweeted, “We took the opportunity to discuss investments and opportunities in the aviation sector, including national carrier. The partnership looks promising. USA is the only country we have open skies with. Thanks, Ambassador Mary and the team.”
What you should know
In July 2018, the Federal Government unveiled the branding and livery for the new airline, Nigeria Air, and stated that the carrier would be inaugurated at the end of that year.
Sirika unveiled the carrier at a press conference during the Farnborough Air Show in London that year.
“I am very pleased to tell you that we are finally on track to launching a new national flag carrier for our country, Nigeria Air. We are all fully committed to fulfilling the campaign promise made by our President, Muhammadu Buhari, in 2015. We are aiming to launch Nigeria Air by the end of this year,” the minister had said.
He also stated that the government had obtained the Certificate of Compliance from the Nigerian Infrastructure Concession Regulatory Commission and would go into investor search.
SERAP asks Buhari to probe N39.5 billion duplicated, mysterious projects
SERAP has asked President Muhammadu Buhari to probe the reported N39.5 billion duplicated and mysterious projects inserted in the 2021 budget.
Socio-Economic Rights and Accountability Project (SERAP) has asked President Muhammadu Buhari to probe the reported N39.5 billion duplicated and mysterious projects inserted in the 2021 budget.
This is to know if public funds have been diverted in the guise of implementing the projects and prosecute those allegedly involved including those from the executive and the National Assembly.
The request from SERAP follows a report from BudgiT last week, where they alleged that there are 316 duplicated capital projects worth N139.5 billion in the 2021 budget.
This disclosure is contained in a public statement issued by SERAP on Sunday, May 9, 2021, and can be seen on its website.
SERAP said that the investigation of the alleged duplicated and mysterious projects, which are part of the 2021 appropriation bill of N13.588 trillion, should establish whether public funds have been mismanaged, diverted or stolen in the guise of implementing these projects.
What SERAP is saying in its letter
In the letter dated 8th May 2021 and signed by SERAP, Deputy Director, Kolawole Oluwadare said: “The misallocation of public funds for duplicated and mysterious projects has seriously undermined the ability of the indicted MDAs, and the government to ensure respect for Nigerians’ human rights through developing and implementing well-thought-out policies, plans, and budgets.”
The letter from SERAP partly reads, “BudgIT had in a report last week stated that there are 316 duplicated capital projects worth N39.5 billion in the 2021 budget. The duplicated and mysterious projects are contained in the 2021 appropriation bill of N13.588 trillion signed into law in December 2020.”
These damning revelations suggest a grave violation of the public trust, and Nigerians’ rights to education, health, water, sanitation, and clean and satisfactory environment because the indicted MDAs have misallocated public funds at the expense of the people’s access to basic public services, and enjoyment of rights.”
SERAP urges you to ask the heads of the MDAs involved to explain why they allegedly failed to ensure strict compliance with constitutional and international standards of transparency and accountability in the preparation, processes and decisions on their budgets, and to return any misallocated public funds to the public treasury.”
Investigating and prosecuting any allegations of mismanagement, diversion and stealing of public funds budgeted for the 316 duplicated and mysterious projects would allow your government to use the budget to effectively promote Nigerians’ access to essential public goods and services.”
Publishing the ‘implementation status’ of the duplicated and mysterious projects would allow Nigerians to hold their government to account in the spending of public funds. This is particularly true for marginalized and excluded groups, such as people living in poverty, women, children, and persons with disabilities, as the budget has a disproportionate impact on their welfare.”
We would be grateful if the recommended measures are taken within 14 days of the receipt and/or publication of this letter. If we have not heard from you by then, the Incorporated Trustees of SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest.”
SERAP also urges you to direct Mrs Zainab Ahmed, Minister of Finance Budget and National Planning to publish full details of current ‘implementation status’ of the duplicated and mysterious projects, and any spending on the projects to date, including the 115 projects inserted in the budget of the Ministry of Health; the 23 projects inserted in the budget of the Ministry of Education, and 10 projects inserted in the budget of the Ministry of Water Resources.
The following ministries are reportedly involved in the duplicated and mysterious projects: Ministry of Health with 115 projects; Ministry of Information and Culture with 40 projects; Ministry of Agriculture and Rural Development with 25 projects; Ministry of Education with 23 projects; Ministry of Transportation with 17 projects; and Ministry of Science and Technology with 17 projects.”
Others are the Ministry of Environment with 13 projects; Ministry of Power with 11 projects; Ministry of Labour and Employment with 11 projects, and Ministry of Water Resources with 10 projects.”
The letter was copied to Mr Malami; Professor Bolaji Owasanoye, Chairman Independent Corrupt Practices and Other Related Offences Commission (ICPC); Mr Abdulrasheed Bawa, Chairman, Economic and Financial Crimes Commission (EFCC); and Mrs Ahmed, the Finance Minister.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Okomu Oil proposes dividend worth N6.7 billion for shareholders.
- Ardova Plc confirms appointment of Oladeinde Nelson-Cole as secretary.
- Cadbury Nigeria Plc set to hold 56th Annual General Meeting (AGM) on June 16.
- FCMB Group Plc appoints Muibat Ijaiya as Director.
- Afromedia Plc reports a loss after tax of N27.3 million in Q1 2021.