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Business News

LSETF suspends loan repayment for SMEs, startups amidst lockdown

The LSETF has suspended the repayment of loan obtained by 11,000 MSMEs and technology start-ups in the state to help reduce the financial burden caused by the Coronavirus outbreak. 

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LSETF suspends loan repayment for SMEs, startups amidst Coronavirus lockdown

The Lagos State Employment Trust Fund (LSETF) has suspended the repayment of loan obtained by 11,000 Micro, Small and Medium Enterprises (MSMEs) and technology start-ups in the state.

This was disclosed by the Acting Executive Secretary of LSETF, Teju Abisoye. According to her, the decision was taken to help reduce the financial burden, which was caused by the Coronavirus outbreak, on the MSMEs.

The COVID-19 pandemic has affected trade and other business activities globally, resulting in SMEs and even larger corporations seeking a halt on repayment of loan. In order to keep the struggling SMEs in business, LSETF has placed a moratorium on credit yet to be repaid.

Some SMEs had obtained loan from LSETF prior to the Coronavirus outbreak for their business growth, however, trade has been stagnant, so the moratorium is part of the relief measure by the state government to assist SMEs amidst the shutdown.

[READ MORE: CBN temporarily suspends settlement of failed Visa and Verve card transactions)

Nairametrics had reported that Lagos State government restricted movements before President Muhammadu Buhari ordered a lockdown in Lagos, Ogun and Abuja. The lockdown is expected to last for 14 days, but with Nigeria still struggling to trace over 6000 contact persons, SMEs and other startups might remain lockdown in Q2.

Abisoye said, “We are passionate and committed to enabling every productive resident in Lagos to dream, grow and succeed in their endeavours. We are keen to help them get access to affordable financial and other institutional support they need to create wealth and employment for our youth, while significantly contributing to building a 21st Century Economy for Lagos in alignment with the State Government’s THEMES agenda.

“We understand that to do this; we must engender an enabling environment for small businesses to operate and thrive. In recognition of the difficulty that businesses may encounter this period, we understand that many of them will not be able to meet their loan repayment obligations.

“Therefore, we hope this announcement will serve as a spark of optimism in anticipation of a quick return to normalcy and business continuity. We also urge them to adhere strictly to the recommendations of the World Health Organisation (WHO) and the relevant health authorities in Nigeria as we all work together to end this pandemic.”

READ ALSO: Age of Start-ups: Familiar path of companies that failed test of time in Nigerian market

Meanwhile, LSETF also suspended the “Lagos Innovates Workspace Vouchers Program”. The program was designed to support and facilitate access to well-equipped workspaces and learnings for potential innovators and founders of start-ups in the Lagos tech ecosystem was suspended for a month due to the lockdown by the government.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Companies

Africa Prudential proposes dividend of N1 billion for shareholders

Africa Prudential Plc has proposed a sum of N1 billion as dividend for shareholders.

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African Prudential could be worth more than N4.55

The Board of Directors of Africa Prudential Plc has proposed a sum of N1 billion as dividend to shareholders for the period ended 31st of December 2020.

This is according to a disclosure signed by the firm’s secretary, Joseph Jibunoh and sent to the Nigerian Stock Exchange, as seen by Nairametrics.

According to the notification, the proposed dividend will be paid electronically to qualified shareholders on the 26th of March, 2021, subject to appropriate withholding tax and approval from the company’s Annual General Meeting (AGM) scheduled a day earlier.

The breakdown of the proposed dividend shows that a sum of 50 kobo will be paid for each outstanding 2,000,000,000 ordinary shares of the company, held by its shareholders, totalling N1 billion. The proposed dividend is 28.6% lower than the 2019 figures of N1.4 billion.

The comparative decline in the company’s proposed dividend for the year might be attributed to a recent dip in profit and other key metrics recorded by the firm in its latest audited financial statement for 2020. For example, the firm posted a profit of N1.45 billion for the year, indicating a decline of 13.98% YoY. In addition, its earnings per share declined by 14.29% to print at 72 kobo.

What you should know

  • Africa Prudential had recently announced the appointment of Mrs Zubaida Rasheed as Director.
  • Africa Prudential Plc, formerly known as UBA Registrars Ltd, was incorporated as a private limited liability company on 23rd March 2006. It was listed in the NSE on 17th of January, 2013.

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Corporate Press Releases

Konga launches revolutionary membership programme, Konga Prime

Konga Prime puts money back into the pockets of subscribers by helping them make great savings.

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Konga, Nigeria’s leading composite e-Commerce giant, has rolled out Konga Prime, a revolutionary membership programme, with a lot of benefits for shoppers.

Konga Prime members enjoy unlimited free shipping, have access to exclusive offers and early bird deals, among others.

The incentives-filled loyalty programme went live on Monday March 1st, 2021.

Specifically, Konga Prime brings together a suite of exciting benefits which delivers great value to subscribers, helping them enjoy exclusive deals and other incentives such as faster deliveries of their orders. In addition, Konga Prime puts money back into the pockets of subscribers by helping them make great savings, incomparable to that offered by any other retail platform.

Furthermore, members of Konga Prime including busy individuals and families get to enjoy premium access to the full range of Konga’s cutting-edge assets. Among these are its powerful e-Commerce engine and online presence as well as the nationwide reach of a growing list of over 31 stores spread across the nooks and crannies of Nigeria. With this, Konga Prime members can take advantage of nationwide delivery of their items as fast as the next day.
Also, members have the added incentive of unlimited free delivery from Konga.com and access to discounts that make shopping faster and cheaper for all categories of shoppers.

Interested subscribers can sign up for Konga Prime here: https://www.konga.com/konga-prime Membership of Konga Prime is available to all customers, effective March 1st, 2021, beginning with Lagos and Abuja, the Federal Capital Territory (FCT). Equally important, Konga is currently offering specially discounted rates for interested subscribers to sign up for Konga Prime. In other words, subscription rates for Konga Prime membership have been slashed by as much as 50% for early bird subscribers.

In Lagos, membership of Konga Prime is currently up for N1,000 a month, as against N2,000 and N2,490 for three months, instead of N4,950 along with a 7-day free trial period. For Abuja, membership rates presently stand at N1,290 a month, as opposed to N2,500 and N3,490 for three months, instead of N6,950.

Meanwhile, the Konga Prime rollout is set to be extended to other states soon.

Vice President, Konga Online, Kenny Oriola, says the initiative is one that will deliver great value for members, including exclusive access to a growing list of special offers. These include unlimited free delivery, early access to exclusive deals as well as partner benefits and rewards.

“This initiative was implemented to provide a platform that allows our esteemed customers enjoy great value, including having their orders delivered to their preferred location for free. Saving time and money is not just the end goal here, but having access to exclusive deals, and mouth-watering discounts on special products also makes this service one to subscribe to.

‘‘Today, we kick-off this initiative in Lagos and Abuja. Subsequently, other states across the country will benefit from this service. We urge all interested subscribers to take advantage of the ongoing discounted rates to sign up for this value-adding programme,’’ he disclosed.

Further, Oriola submits that in the future, Konga will leverage its wide-ranging assets to add additional benefits for members in a variety of services and offerings, adding that the list of benefits will continue to grow over time.

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