Business News
Health sector’s MSMEs get N1bn credit facility from Access Bank
Access Bank Plc has provided Nigeria’s health sector with N1 billion credit facility, a move believed will boost the country’s economy.
Nigeria’s health sector’s Small and Medium Enterprises (MSMEs), have been supported with a N1 billion credit facility provided by Access Bank Plc.
The money is expected to boost the overall performance of the country’s economy.
While disclosing this development, Access Bank‘s Executive Director in charge of Retail Banking, Mr Victor Etuokwu, said the bank is committed to advancing its role towards supporting the economy.
“We have a huge portfolio where we lend to businesses. Access Bank has the highest loan book in the industry at over N3 trillion. As you know, with our merger with Diamond Bank, we are going to lend more to SMEs and I can say that as it is, we are the bank for SMEs.”
Also addressing the issue of financing in the health sector, the Business Development Director, Medical Credit Fund, Fisayo Ogunsanya, said the health sector had the potential to contribute significantly to the country’s Gross Domestic Product.
Ogunsanya, however, called on entrepreneurs in the sector to take advantage of the opportunities in the external environment by investing in technology that could drive their businesses.
Is the health sector really poised to boost the economy?
Access to adequate financing for the health sector is not only desirable, but also an essential priority for Nigeria.
The country’s health system faces tough and complex challenges at the moment, exacerbated by new pressures such as its aging population, the prevalence of chronic ailments, and intensive use of expensive yet vital health technologies.
The health sector and the economy are, however, interlinked. It is not erroneous to state that wealthier countries have healthier populations. It is also a basic truth that poverty causes infant malnourishment which adversely affects life expectancy.
National income has a direct effect on the development of health systems, through insurance coverage and public spending on health facilities. As demonstrated in 1997 by the WHO Commission on Macroeconomics and Health for a panel of 167 countries, while health expenditures are determined mainly by national income, they increase faster than income.
About Access Bank Plc
Access Bank Plc is a Nigerian multinational commercial bank, owned by Access Bank Group. It is licensed by the Central Bank of Nigeria (CBN), the national banking regulator.
Originally a corporate bank, the organisation acquired personal and business banking platforms from Nigeria’s International Commercial bank in 2012.
Access Bank is presently one of the five largest banks in Nigeria in terms of assets, loans, deposits and branch network.
The merger of Access Bank and Diamond Bank on April 1, 2019, has made Access Bank the largest bank in Sub-Saharan Africa.
Coronavirus
Former Liberian President to sit on WHO review panel of COVID-19 response effort
Ellen Sirleaf has been picked alongside Helen Clark, to serve as co-chairs of the independent panel.
Following stern criticism by US President, Donald Trump, over their handling of the COVID-19 response efforts, the World Health Organization (WHO) has announced it will implement an independent panel to review said response efforts to the pandemic.
To this end, Liberia’s former President and West Africa’s first female President, Ellen Johnson Sirleaf, has been picked alongside former Prime Minister of New Zealand, Helen Clark, to serve as co-chairs of the independent panel. They will be responsible for selecting the other members of the panel, according to the WHO.
WHO’s Director-General, Tedros Adhanom, announced the panel will produce an interim report in a November meeting of global health ministers. Meanwhile, the substantive report would be produced by May 2021.
Tedros also said that the size of the pandemic calls for the need for a “commensurate evaluation, an honest evaluation”, adding that the WHO would be very serious with the preparation of the report.
READ MORE:COVID-19: WHO warns worst is yet to come as firm charges $2,340 for virus treatment
The WHO members in May agreed to an independent review of the organization’s response to the pandemic. Ellen Johnson Sirleaf said the review of the body’s response would be challenging but looks forward to her role in doing what she can contribute to the response of the pandemic’s challenges.
The panel will also report monthly updates on the body’s response and will not only review the WHO’s response but also the International community’s response. Tedros added that it’s time for an honest reflection on the global response, saying a response will help with lessons on the pandemic.
Economy & Politics
Presidency dismisses allegation of Osinbajo receiving N4 billion from recovered loots
The accusation was described to be an obvious campaign of lies and calumny.
The office of the Vice President has reacted to a series of tweets accusing Professor Yemi Osinbajo of instructing the embattled acting Chairman of the EFCC, Ibrahim Magu, to release the sum of N4 billion out of N39 billion that was recovered from alleged looters.
These allegations have been described as “false and baseless”.
READ ALSO: UPDATE: President Buhari appoints Prof. Gambari as new Chief of Staff
A statement that was signed by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, said, “with all emphasis at our disposal, let it be firmly stated that these are totally false and baseless fabrications purposing to reflect goings-on at the probe panel investigating Mr Ibrahim Magu”.
Ibrahim Magu was relieved of his duties this week, after a probe was conducted on his activities as Acting Chairman of the nation’s anti-graft agency. He has since been replaced with Mohammed Umar.
READ MORE: Just In: DSS invites EFCC’s Acting Chairman, Ibrahim Magu for questioning)
Meanwhile, the statement by the Presidency also complained about the recent rise in people being paid to “peddle blatant falsehoods” against the Vice President and says Mr Osinbajo “will not be distracted by these obvious campaigns of lies and calumny”.
The statement added that the online publications “being criminally defamatory in nature” have been referred to law enforcement agencies for investigation.
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OFFICE OF THE VICE PRESIDENT
PRESS STATEMENT
VP @ProfOsinbajo WILL NOT BE DISTRACTED BY CAMPAIGNS OF LIES & CALUMNY pic.twitter.com/HjdGzEJVpI
— Presidency Nigeria (@NGRPresident) July 8, 2020
Financial Services
Stanbic IBTC observes closed period, as directors set to consider H1 results
The directors will also consider a proposal to pay an interim dividend to shareholders.
Stanbic IBTC Holdings Plc announced earlier today that its board of directors will meet on Wednesday, July 29, as part of preparations towards the release of the company’s consolidated and separate audited financial statements for half-year 2020. The directors will also consider a proposal to pay the company’s shareholders an interim dividend.
A statement issued by the Stanbic IBTC to the Nigerian Stock Exchange (NSE) noted that the scheduled board meeting is in tandem with guidelines contained in section 1.2 of the NSE’s rules book.
In the meantime, the bank Hold-Co has already commenced observing its closed period ahead of the release of the half-year financial statements. Specifically, Stanbic IBTC began observing its closed period on June 1st, 2020, the implication being that all insiders and their relatives have been prohibited from trading the company’s shares for more than one month now.
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Note that the Stanbic IBTC’s closed period will continue until the half-year financial statements are released. Part of the statement which was signed by Chidi Okezie (Company Secretary), said:
“In accordance with the provisions of Section 1.2 of the Rules of The Nigerian Stock Exchange (The NSE) relating to Board Meetings and General Meetings of Issuers, we would like to notify The NSE and our Shareholders, that a meeting of the Board of Directors of Stanbic IBTC Holdings PLC (the Company) is scheduled to hold on Wednesday 29 July 2020 at 1:00 pm. The meeting will discuss amongst other items, the Company’s Consolidated and Separate Audited Financial Statements for the Half-year ended 30 June 2020 as well as a proposed interim dividend.
READ ALSO: COVID-19: NSE extends time for submission of audited financial statements
“In view of the above, the closed period for the release of half-year results, which commenced on Monday, 01 June 2020 will continue to be in effect until the release of the Company’s Half-year audited financial statements.”
Recall that the last earnings report that was released by Stanbic IBTC Holdings Plc was for Q1 2020. The unaudited report showed that gross earnings stood at N61.4 billion as against N58.7 billion in Q1 2019, even though interest income for the period declined by 12% year on year to N27.5 billion. Meanwhile, profit for the period stood at N20.6 billion, an increase when compared to N19.2 billion in Q1 2019.
Stanbic IBTC Holdings’ share price closed at N30.25 at the end of today’s trading session on the Nigerian Stock Exchange. Year to date, the stock has declined by nearly -20%.
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