The Nation Newspaper

Tag: facility

  • Hotels.ng secures $1.2m facility

    Nigeria’s online hotel booking agency, Hotels.ng has secured $1.2million (about N240 million) investments from international investors.

    The investment came from international investors including seed-stage technology fund, EchoVC Pan-African Fund and Omidyar Network, the investment vehicle of eBay founder, Pierre Omidyar.

    In a sector plagued by dearth of indigenous investors, Hotels.ng has become the only e-commerce company in Nigeria with the most indigenous investment of up to 90 percent, having also received seed investment of $225, 000 (about N36 million) in 2013 from Lagos-based venture capital firm, Spark.ng.

    Started in 2013 on the heels of e-commerce revolution in Nigeria, Hotels.ng has spearheaded online hotel booking in the country with over 7,000 hotels listed from across the country.

    The company said with the closure on this investment round, the company is now strategically positioned to invest further in its technology capacity and further expansion across Africa.

    Speaking on the investment, Founder/ CEO of Hotels.ng, Mark Essien said: “We’re forging ahead into relatively uncharted territory e-commerce in Africa is a massive market to conquer, but there are no hard and fast prototypes from which to follow. We cannot simply replicate western models here. We have to build our own blueprints from scratch, which takes significant investment, both in terms of time and money.

    This additional capital will allow us to realise the next stage in our ambitious growth plans, which will see us consolidate our position as Nigeria’s market leader in online hotel bookings, with a view to expanding our service into other African markets.”

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    For Ory Okolloh, investments director at Omidyar Network: “Omidyar Network knows firsthand the power of e-commerce to drive social and economic development. Hotels.ng hits all the marks of an investment with positive impact by leveraging online technology to connect buyers and sellers, supporting local small and medium businesses, and boosting consumers’ confidence in digital channels.”

    On his part, the Managing Partner, EchoVC Pan-African Fund, Eghosa Omoigui said: “We were attracted to the Hotels.ng opportunity in part due to the vision, leadership and integrity of its founder, Mark Essien, and the relentless execution the team displayed in building a profitable and robust e-commerce business in a challenging, but ultimately exciting market. Mark represents the type of high-quality and high-conviction African techpreneur that our fund is tasked with investing in. Hotels.ng is now in the very best position to continue on its upward trajectory of being West Africa’s foremost online travel and hospitality platform. Following a competitive selection process, we’re delighted to be an integral part of helping fuel their next stage of meteoric growth.”

    Internet access in Nigeria is predicted to grow from 16 percent of the population to 50 percent by 2025, propelling the country’s digital economy forward and driving more people online to facilitate offline activities. Hotels.ng is one of the country’s most exciting Internet start-ups and is a market leader in the online and e-commerce hotel sector. Looking to capitalise on Nigeria’s growing tourism industry, which currently represents 3.2 per cent of the country’s GDP, the company is now tasked with facilitating millions more online transactions for the buoyant hospitality market.

     

     

  • Firm renovates LUTH facility

    The Chief Executive Officer of Sujimoto Construction, Sijibomi Ogundele has renovated the Male Orthopeadic Ward E2 of the Lagos University Teaching Hospital (LUTH), Idi-Araba, Mushin in Lagos, in fulfilment of part of its corporate social responsibility initiative

    Speaking at the unveiling of the renovated facility, Sijibomi said he was born in the hospital and therefore wondered what he could actually give back to it.

    He said he visited the hospital’s Male Orthopedic Ward E2 and decided to upgrade the bad condition of the toilet facilities.

    Sijibomi further said that one of the heads of departments told him that about one thousand people make use of the facility every month, which really inspired him to offer the gesture.

    The entrepreneur, however, promised that his company would continue in goodwill activities that will have a strategic impact in the life of people.

    The Head of Department, Nursing Services, Adetayo Taiwo, lamented that the place is always flooded with water, adding that patients did not enjoy good toilet facility until when Sijibomi came to their aid.

  • Wema Bank, Shelter Afrique sign $10m facility

    Wema Bank, Shelter Afrique sign $10m facility

    Wema Bank Plc has secured a $10 million development finance loan to support the real estate sector for Shelter Afrique, a Pan-African development finance institution focused on financing affordable housing in Africa.

    Speaking at the signing ceremony in Lagos, yesterday, the bank’s Managing Director/CEO, Segun Oloketuyi, said the facility underscores the confidence of local and international partners in the lender’s capacity to handle such transactions.

    He said Wema Bank is deeply committed to supporting the growth of real estate and affordable housing financing in the country, by providing access to loans as well as other value-added services, including financial advisory from its expert team of corporate banking professionals.

    Oloketuyi said Wema Bank remains a premier financial institution and Nigeria’s longest surviving lender with branches spread across 125 locations, adding that the bank provides a host of corporate banking, retail banking, electronic banking, treasury and trade services to its customers.

    The Managing Director, Shelter Afrique, James Mugerma, said his organisation remained committed to providing affordable housing in Africa, stating that the partnership with the bank through the grant of this facility, is another step in the right direction.

    He said strong mechanisms have been put in place to ensure that the viable projects get access to this fund. He also praised the unique nature of this transaction which not only provides project funding but also includes mortgage financing.

  • Community seizes Chevron’s facility

    Community seizes Chevron’s facility

    Koluama community in Southern Ijaw Local Government Area of Bayelsa State barricaded yesterday an oil facility belonging to Chevron.

    It was gathered that youths and elders relocated to the facility in the morning, demanding compensation for the January 16, 2012 explosion of KS Endeavour, a gas rig operated by Chevron.

    The incident led to the death of some of the company’s workers and caused gas leak.

    A member of Chevron cluster group, the KEFFES Board, Seleipre Matthew, said the community took over the facility in the morning.

    He said the action was taken after the community waited in vain for Chevron to compensate them for the explosion.

    Seleipre said the facility seized by the protesters is located offshore Koluama, 30 metres from the exploded oil rig.

  • Ecobank, BNDES Brazil partner on $20m facility

    Ecobank Nigeria has signed a $20 million line of credit with Brazilian Development Bank BNDES.

    The facility will address special funding needs of customers and non-customers of Ecobank that import goods from Brazil.

    BNDES, also known as National Bank for Economic and Social Development, is one of the largest development banks in the world, with financial net worth of $27.40 billion and total assets of $353.37 billion in 2013.

    Executive Director, Corporate Banking, Ecobank Nigeria, Ms Foluke Aboderin, said the partnership was driven by demands from customers and importers requiring competitive financing to purchase products from the international markets, particularly Brazil.

    According to Aboderin, the partnership underscores Ecobank’s pedigree in trade financing in Nigeria. “This partnership offers a seamless solution to companies that import goods from Brazil,” she said.

    “We encourage all goods importers to avail themselves of the opportunity that this funding arrangement provides by approaching Ecobank. We expect it to generate a sizeable boost in trade flows between both countries.”

    Under the deal, the executive director explained, importers and exporters negotiated export terms and conditions, and once commercial negotiation is finalised, the exporter or agent bank in Brazil submits the transaction to BNDES for approval.

    The areas of interest for the import facility include agricultural products, engineering and construction equipment, oil and gas, industrial goods, electronics, and confectionary, among others.

  • Stanbic IBTC Bank secures $100m facility for SME, energy financing

    Stanbic IBTC Bank secures $100m facility for SME, energy financing

    In its bid to support the economic growth and development of the country, Stanbic IBTC Bank has received a USD100 million Line of Credit (LOC) from the African Development Bank (AfDB) for on-lending to small and medium-size enterprises (SMEs) operating in various sectors of the Nigerian economy.

    It was gathered that part of the fund will also be applied to the financing of renewable energy and energy efficiency projects in Nigeria, in line with the requirements of the Clean Technology Fund (CTF).

    According to information made available to The Nation of the total amount, Stanbic IBTC Bank will fund SME projects in Nigeria with USD75 million, while USD25 million will be used for the funding of renewable energy and energy efficiency projects. Stanbic IBTC Bank is the first Nigerian bank to receive CTF’s approval.

    Speaking, the Chief Executive of Stanbic IBTC Bank, Mr. YinkaSanni, said that the bank will continue to partner with reputable institutions to create avenues for growth and development of the Nigerian economy. “We will continue to explore various channels of credit to empower small and medium-sized businesses. We recognise that the SME and energy sectors form an integral part of the Nigerian economy as a whole. As a result, we will remain at the forefront to empower our clients and help them achieve their business goals,” he added.

    “We appreciate the trust bestowed upon us by the African Development Bank in granting us this facility which is devoted to the funding of SMEs, energy and energy efficiency projects in Nigeria,” Sanni noted.

    The USD100 million LOC to Stanbic IBTC Bank was approved by AfDB’s board of directors on Wednesday, 26 March 2014 and April 13th 2014 in Tunis. In approving the LOC, the board of directors emphasised that the SME sector represents a strategic pillar for Nigeria’s quest to modernise and improve its economy. The AfDB highlighted financial inclusion as part of CBN’s drive to diversify the Nigerian economy.

  • Wema Bank secures $70m facility from foreign banks, DFIs

    Wema Bank secures $70m facility from foreign banks, DFIs

    Wema Bank has secured $70 million facilities from foreign correspondent banks and Development Finance Institutions (DFIs) to support its operations.

    Over $50 million of the loans came from the bank’s foreign correspondent banks, while the remaining $20 million loan was from Development Finance Institutions (DFIs).

    In a statement yesterday, Wema Bank said the $20 million DFIs fund would be deployed in funding Small and Medium Enterprises (SMEs) among others in the country.

    The lender said by obtaining the loans, it has reaffirmed its capacity to handle large international trade transactions, provide necessary finance and support for SMEs while also underscoring the confidence of foreign financial institutions in its risk management systems.

    Wema Bank reaffirmed that it was committed to providing value for its customers while also giving financial support to various sectors of the economy, especially the SMEs sub-sector.

    The lender’s recent return to profitability has been hailed as outstanding by industry watchers and investors, given the challenges faced before the new management came on board.

    However, the management’s commitment to the transformation process it put in place has been hugely successful and has seen it return to profitability within four years while also instituting sound corporate governance and risk management frameworks in the process.

  • ECOWAS to establish aircraft maintenance facility

    Worried by the huge of maintaining aircraft out side the continent by indigenous airline operators, the Economic Community of West African States (ECOWAS) Commission is carrying out feasibility studies on how to establish an aircraft maintenance facility in the sub region.

    The Regional Director, Air Transport, Dr Paul Antoine Marie Ganemtore, stated this in Lagos.

    He said soon a working group would set in motion the modalities for the setting up of the facility, which he said would provide a window for carriers in the region to pull their resources together for repairs.

    He said funding for the project would be facilitated by the African Development Bank, which has commissioned some experts to review previous studies carried out on how to achieve the project.

    The ECOWAS director said the regional body was working on how carriers in the sub-region could come together to set up a stronger carrier that could bridge the gap of intra – African connections, which has become obvious after the demise of Air Afrique and some national carriers , including Nigeria Airways Limited and other carriers,

     

     

    He explained that the his visit to Arik Air , in Nigeria is to explore opportunities for partnership on possibilities of where the regional aircraft maintenance facility could be sited .

    He said :” We were invited to visit Arik Air to consider how air transport could foster economic integration in Africa.

    This visit has afforded the team the opportunity to see the working of the airline and its operating capacity.

    We are impressed by the high level of competence, we have seen.

    We have visited the maintenance facility to see what is on ground, in terms of training.”

    He further explained that the ECOWAS Commission will continue to canvass the creation of a conducive environment through harmonised regulation and policy to fast track the growth of air transport in Africa.

    He said :” The role of ECOWAS Commission will simply be to create a conducive environment through policy and harmonised regulatio. For the growth of air transport and regional integration in Africa.

    Our goal is to turn the entire African airspace into a single market through air traffic rights and other measures that will give airlines the edge to enhance their capacities and compete favourably , through the removal of restrictive bottlenecks .

    There is need for airlines in Africa to cooperate in areas of training and capacity building.

    The main target of the commission is to fast track the integration of the region .

    We could cooperate with all airlines in Africa to be competitive and profitable.

    This is key because of the challenge of intra connectivity in Africa.”

    He further said :” Last year, the commission carried out a feasibility study funded by African Development Bank and World Bank to set up a maintenance facility in Africa.

    We are working very hard on this to see the project through .”

  • CBN’s lending facility drops from N6.5tr to N1.1tr

    The Standing Lending Facility (SLF) of the CentralBank of Nigeria (CBN) has dropped from N6.5 trillion to N1.1 trillion.

    Its fall followed the rising liquidity in the system and CBN’s restrictions on the discount window.

    SLF was N1.1 trillion in the fourth quarter of last year, compared to N6.5 trillion in the previous quarter.

    SLF is an overnight fund provided by CBN to support bank’s liquidity.

    The weighted average interbank call rate, which stood at 15.50 per cent in September fell to 11.72 per cent, reflecting improved liquidity condition in the interbank funds market.

    The SLF is granted to banks at 14 per cent in line with the Monetary Policy Rate (MPR). It is available only to banks and discount houses that have executed the Nigerian Master Repurchase Agreement (NMRA) with the banking watchdog.

    The apex bank had stipulated that discount window operations in overnight facilities will be backed by borrower-holdings of the government debt instruments and other eligible securities approved by the bank.

    It said banks, while computing their cost of funds, should employ the weighted average cost of funds computation framework. The applicable cost items will include banks’ interest cost on the different types of deposit liabilities, borrowings from the inter-bank funds market, payments in respect of deposit insurance premium and costs due to reserve requirements. These restrictions have affected banks’access to SLF in the last quarter.

    In its Economic Report for the last quarter that the monetary policy rate, Cash Reserve Ratio (CRR) and liquidity ratio were maintained at their previous levels of 12, 12 and 30 per cent.

    The Net Open Position (NOP) was also retained at one per cent; money market indicators, particularly short tenored instruments were relatively stable. The bank’s discount window also remained open to authorised dealers to access both the standing deposit facility (SDF) and SLF.

    The value of money market assets outstanding stood at N6.2 trillion, an increase of 3.1 per cent, compared with 3.6 per cent recorded at the previous quarter. The development was attributed to the 5.2 per cent increase in FGN Bonds outstanding.

    At N1.6 trillion, currency in circulation rose by 21 per cent, in contrast to a decline of 1.1 per cent at the end of the preceding quarter. The development was attributed, largely, to the 21.6 per cent rise in currency outside the banking system.

    Total deposits at the CBN amounted to N7.3 trillion, indicating an increase of 6.9 per cent, compared with 6.2 per cent at the end of the preceding quarter. The development reflected the 7.5, 14.6 and 5.7 per cent increase in the deposits of DMBs, private sector and Federal Government.

    Consistent with the trends in DMBs’ deposits with the CBN, reserve money (RM), increased by 13.3 per cent to N3.5 trillion, from N3.1 trillion at the end of the preceding quarter.

    Available data from the National Bureau of Statistics (NBS) showed that estimated gross domestic product (GDP) grew by 7.1 per cent, compared with 6.9 per cent in the preceding quarter. The development was attributed, largely, to the increase in the contribution of the non-oil sectors, particularly the industrial sector.

     

     

     

     

     

  • UNILAG medical college seeks GTBank’s support for facility upgrade

    The College of Medicine, University of Lagos (CMUL) is seeking support to revamp its facilities to match the best in the world.

    As it recognised GTbank for excellence in Corporate Social Responsibility (CSR) programmes in health and education in commemoration of its 50th anniversary last week, the Provost, Prof Folashade Ogunsola said the college would like to partner with the bank to reinvent the good old days when its facilities were in top shape.

    The bank’s interventions in Health include the rehabilitation of Mercy Children’s hospital and provision and regular maintenance of equipment; organisation of an annual autism conference to create awareness about the condition; support for the Sickle Cell Foundation as well as the ‘stop cancer’ initiative.

    In the area of education, the bank has adopted schools in Lagos, Kwara, Jigawa and others, sponsored the Lagos State Principals Cup among others.

    Presenting the award to Mr Babajide Sipe of the Corporate Communications and External Affairs Unit at a brief ceremony held in the CMUL board room, Prof Ogunsola said the college had followed the bank’s progress in the financial sector and its activities in the area of education and health and found it deserving of the award.

    Considering the importance of producing well trained healthcare personnel to serve in hospitals, Prof Ogunsola said the college, whose student population has grown from 28 to 1,800 in 50 years, seeks to improve its facilities to deliver its already reviewed curriculum.

    She said: “The College of Medicine has in the last few years been reworking its curriculum and making it more impactful so that the society would feel more of our impact. And for us to get there, we need to have our strategic partners who would work along with us as build better infrastructure, better curriculum and produce even greater doctors. The facilities here need to be improved. To do that, it takes commitment, it takes money, it takes those who would give us ideas and work with the ideas.”

    Responding on behalf of GTbank, Sipe appreciated the college for the honour and assured its management of the bank’s support when such initiative is worked out.

    “The College of Medicine is certainly another good platform and we would be committed to do our bit. We do not know what ideas you want to implement for now but we would be happy to be part of this tremendous effort to improve standards in this institution,” he said.