Connect with us
nairametrics

Business News

GTBank, Access Bank, Zenith, FBN, 16 others disburse CBN’s N610.4 billion to farmers  

GTBank Plc, Access Bank, Zenith Bank Plc, First Bank of Nigeria, Citibank Plc and 15 others have disbursed N610.4 billion for 593 projects.

Published

on

Q1 2020, Disrupting Nigerian banks, Evolution of Nigerian banks in 59-years , GTB, UBA, Zenith, Access Banks’ salary advance loans, Can a company operate without a website in 2019? , Banks refund N3.09 billion to customers over claims on excess charges, fraud, others  , Bank CEOs applaud NCC’s decision to suspend USSD charges, GTBank, Zenith, Access, FBN, 10 others spend over N8 billion on CSR, Banking: Evolving trends in the bankers’ market, GTBank, Access, FBNH, Standard Chartered wrestle over women entrepreneurs , GTBank, Access Bank, Zenith, FBN, 16 others disburse CBN’s N610.4 billion to farmers , Credit to government declines, as Credit to private sector hits N25.8 trillion, Banking sector NPLs down, loans up, Non-Performing Loans in Agriculture, construction, others rose to N143.76 billion, Asset seizure: Banks begins recovery of N6.125 trillion borrowed to the oil sector, Customer Experience: GTB, FCMB, Citibank, others emerge best banks in 2019, Nigeria’s top 5 banks spent more than N40 billion on adverts in 2019, Nigerian banks face risky future over low oil prices, coronavirus, Testing the financial strength of Nigerian banks

GTBank Plc, Access Bank, Zenith Bank Plc, First Bank of Nigeria, Citibank Plc and 15 others have disbursed N610.4 billion for 593 projects in the Central Bank of Nigeria’s Commercial Agriculture Credit Scheme (CACS), CBN’s third quarter (Q3) 2019 economic report revealed.

According to the report, while Zenith Bank disbursed N123.91 billion, UBA Plc released N83.53 billion, followed by Sterling Bank Plc, which gave N72.43 billion. FBN (N52.99billion), GTBank (N39.85 billion), Keystone (N30.05 billion), Unity Bank (N29.80 billion), Union Bank Plc (N28.96 billion) and Fidelity Bank (N23.67 billion), among others.

GTBank announces close period ahead of Q3 2019 results

Mr Segun Agbaje, CEO of Guaranty Trust Bank Plc

The fund is made available to participating banks to finance commercial agricultural enterprises at a maximum interest rate of 9%.

In addition, each State Government could borrow up to N1.0 Billion for on-lending to farmers’ cooperative societies and other areas of agricultural development provided such initiatives/interventions are in line with the objectives of CACS.

GTBank 728 x 90

Highlights of the scheme 

  • It has empowered over 1 million people across rural communities as over N600 billion for 593 projects has been disbursed since inception in 2009
  • At end-September 2019, the total amount repaid since inception stood at N368.0 billion at end-June 2019
  • In the third quarter of 2019, agricultural activities intensified, due, largely, to increased rainfall experienced in most parts of the country.
  • Farming activities were centred majorly on the harvest of agricultural produce during the quarter.
  • In a bid to curb the farmers/herders clash and ensure a well-integrated meat/dairy industry, a pilot phase of the Livestock Transformation Plan was flagged off in Adamawa, Benue, Kaduna, Plateau, Nasarawa, Taraba and Zamfara states.
  • The Plan was targeted at supporting the development of the country’s livestock sub-sector.
Access Bank, Scam Alert: Access Bank issues warning to customers over fraudulent acts , Director, West Africa region, IE, Onyekachi Eke, Access Bank lists N30 billion bonds on NSE , Access Bank, Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc, Zenith Bank Plc, Access Bank Plc and United Bank for Africa Plc, A new BVN guideline to curb e-fraud is coming soon - CBN announces 

CEO/Group Managing Director, Access Bank Plc, Herbert Wigwe

The report also disclosed that a total of N1.214billion loan was guaranteed to 9,752 farmers under the Agricultural Credit Guarantee Scheme (ACGS) by the end of Q3 2019. This represented an increase of 41.7% above the level in the preceding quarter but was 14.6% below the level in the corresponding quarter of 2018.

Highlights:  

  • Sub-sectorial analysis showed that food crops received the largest share of N595.5 million (49%) guaranteed to 5,436 beneficiaries
  • Mixed crops got N221.8 million (18.3%) guaranteed to 2,472 beneficiaries
  • Livestock had N174.5 million (14.4%) guaranteed to 690 beneficiaries
  • Cash crops, fisheries and ‘Others’ got N106.5 million (8.8%), N84.4 million (6.9%) and N31.5 million (2.6%), guaranteed to 629, 321 and 204 beneficiaries, respectively.
  • Analysis by state showed that 34 states and the Federal Capital Territory benefited from the Scheme in the review quarter, with the highest and lowest sums of N142.9 million (11.8%) and N2.6 million (0.2%) guaranteed to Adamawa and Jigawa states, respectively.

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Coronavirus

COVID-19 Update in Nigeria

On the 18th of September 2020, 221 new confirmed cases and 1 death were recorded in Nigeria.

Published

on

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 56,956 confirmed cases.

On the 18th of September 2020, 221 new confirmed cases and 1 death were recorded in Nigeria, having carried out a total daily test of 2,609 samples across the country.

To date, 56,956 cases have been confirmed, 48,305 cases have been discharged and 1,094 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 482,321  tests have been carried out as of September 18th, 2020 compared to 479,712 tests a day earlier.

COVID-19 Case Updates- 18th September 2020,

  • Total Number of Cases – 56,956
  • Total Number Discharged – 48,305
  • Total Deaths – 1,094
  • Total Tests Carried out – 482,321

According to the NCDC, the 221 new cases were reported from 18 states- Lagos (59), Abia (46), FCT (22), Gombe (20), Plateau (17), Rivers (11), Bauchi (7), Benue (6), Ekiti (6), Imo (6), Kaduna (4), Kwara (4), Ondo (4), Ogun (3), Osun (3), Bayelsa (1), Edo (1), Kano (1)

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 18,827, followed by Abuja (5,526), Oyo (3,226), Plateau (3,192), Edo (2,611), Kaduna (2,326), Rivers (2,220), Delta (1,799), Ogun (1,758), Kano (1,734), Ondo (1,594), Enugu (1,234), Ebonyi (1,035), Kwara (1,013), Abia (881), Katsina (845), Osun (810), Gombe (799), Borno (741), and Bauchi (689).

GTBank 728 x 90

Imo State has recorded 557 cases, Benue (473), Nasarawa (447), Bayelsa (394),  Jigawa (322), Ekiti (313), Akwa Ibom (288), Niger (250), Anambra (232), Adamawa (230), Sokoto (161), Taraba (95), Kebbi (93), Cross River (85), Zamfara (78), Yobe (73), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

GTBank 728 x 90
Fidelity ads

Continue Reading

Business

BREAKING: Fire guts fuel tanker, vehicles at Anthony, Lagos

The tanker conveying PMS lost control while in motion and subsequently fell sideways.

Published

on

NNPC reacts to Lagos pipeline explosion

There is a fire outbreak, which has gutted a fuel tanker, at Anthony inward Gbagada, Lagos State.

This was disclosed by the Federal Fire Service via its Twitter handle on Friday evening. The incident, which occurred around 10 pm, has razed at least two vehicles.

The agency urged road users to avoid the area and take alternative routes.

Also, the Director-General of the Lagos State Emergency Agency, Dr Olufemi Oke-Osanyintolu, confirmed the incident.

GTBank 728 x 90

He said, “The Agency responded to distress calls and upon arrival at the scene of incident, it was discovered that a tanker with unknown registration number conveying PMS lost control while in motion and subsequently fell sideways.

“This led to an explosion in which two unidentified vehicles were burnt.”

A joint team of responders led by the Federal Fire Service, LASEMA, LASG fire service, LRU fire unit, Nigeria Police and LASTMA are working together to curb the inferno from escalating further.

Details soon …

Continue Reading

Tech News

Facebook to open Lagos office in 2021

When the social media giant comes to Nigeria, it will be its second office on the African continent.

Published

on

Facebook set to award $3 million in Community Accelerator program, Facebook to invest $100 million in media houses as coronavirus crashes their revenue, Facebook to expand Coronavirus Information Centre to Nigeria, 16 other African countries

Social Media giant, Facebook announced it would open an office in Lagos in 2021, its second office in the continent and the first in Africa to house software engineers.

This was announced by Facebook Program Manager, Chimdindu Aneke on social media. “We are opening a Facebook office in Lagos, Nigeria later in 2021,” he said.

He added that the office would be the first in Africa by Facebook for the purpose of engineering and “building for the future of Africa and beyond”.

Media aide to the Presidency, Tolu Ogunlesi quoted Facebook saying, “As part of its continued commitment and ongoing investment in Africa, Facebook today announced it will be opening an office in Lagos, Nigeria – its second office on the African continent.”

GTBank 728 x 90

In 2019, Facebook’s biggest market in Africa was Nigeria with 33 million monthly active users.

Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
deals book
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement