NEWS
African Guarantee Fund Announces Response to Economic Impact of COVID-19
African Guarantee Fund for Small and Medium-sized Enterprises (AGF), has today announced its COVID-19 response aimed at reducing the uncertainties facing financial institutions in Africa as a result of the global coronavirus pandemic. AGF’s COVID-19 response is built on the imperative need for commercial solutions over and above the regulatory efforts already provided by the various central banks and governments in the continent.
African Guarantee Fund’s response sets the platform for economic stabilization, followed by an economic revival through AGF’s newly developed COVID-19 Guarantee Facility that will, firstly, provide more comfort to financial institutions to restructure facilities that become non-performing because of COVID-19 and, secondly, provide commercial stimulus to the financial sector with the aim of mitigating the deterioration of SMEs’ perceived risk.
Commenting on the announcement, AGF CEO, Mr. Felix Bikpo said, “The consequences of COVID-19 pandemic will continue to have escalating negative effects on SMEs in Africa both on the supply and demand sides. Consequently, we must assume that there follows a deterioration of these SMEs’ creditworthiness. This is likely to increase the cost of credit for the financial sector which will surely increase their reluctance to finance the SME sector if there is no external stimulus. It is because of this that we must develop a commercial response in addition to the regulatory responses given by the different central banks and governments in the continent. Therefore, in line with our mandate we have launched the COVID-19 Guarantee Facility.”
AGF will also continue to use its technical assistance support to increase the capacity of financial institutions in their risk assessment of SMEs during the crisis period. This will allow analyzing the impact of the pandemic on the financial institutions, so as to forge the best possible responses to adapt effectively.
The African Guarantee Fund recently received a third time AA- Rating by Fitch, which was first assigned in November 2017, a first for a guarantee fund in Africa.
“This exceptional rating is a sign of confidence and trust in AGF’s operational excellence, particularly now that financial institutions are in need of cushioning to continue lending to SMEs, who hold the key to the economic recovery of their respective countries,” concluded AGF CEO, Mr. Felix Bikpo.
Since inception, AGF has boosted SME lending in Africa by issuing guarantees to financial institutions thereby unlocking loans worth USD 2.5 Billion.
A Lagos based young entrepreneur, Emmanuel Umoga, has emerged the first N1million grand prize winner at the inaugural draw and cheque presentation ceremony of the lottery platform, TYLgames in Lagos.
The TYLgames grand launch and cheque presentation that took place at Calabar Hall in Surulere, Lagos at the weekend saw another 29 gamers being presented with their winning cheques ranging from N10, 000 to N500, 000.
TYLgames, a gaming (Lottery) platform is designed to positively touch gamers’ lives one game at a time. The focus is on gamers rather than on the gaming platform; placing in their hands the power to transform their lives with each game they play hence the acronym “TYL”.
TYL is an Instant Play, Instant Win, instant cash out game played on SMS, USSD, and Mobile Web platforms with the short code 33088. There are currently two games available to choose from, an instant numbers game tagged “SHOKI” and “SHAFFLE” which is a daily raffle game. With N100 game cost, a player can win up to N100,000 instantly and up to N1,000,000 in 24 hours by dialing or texting to 33088 or *33088# for USSD respectively.
According to the Managing Director/Chief Executive Officer of Humber Group, owners of TYLgames, Mr. Andrew Humber-Osofisan, “TYLgames is an innovative luxury product that is designed to positively touch gamers’ lives in real time.”.
“You can change your life with N100”, Andrew Humber-Osofisan said. “Currently, there are two games available to choose from, SHOKI and SHAFFLE. SHOKI is an instant number game while SHAFFLE is a daily raffle game. Every time you dial *33088#, you win a SHAFFLE ticket that qualifies you for a draw that will be done every night, making you stand to win up to N1 million. Every successful play is charged N100.”
On transparency, he said, the regulatory authorities and Lagos State government are fully involved hence the platform desire to be credible and transparent
The Managing Partner of Cognitio Communications, Mr. Sam Osunsoko, referred to TYLgames as a vision of empowerment due to the fact that it came at a time when the economy has suffered at the hand of COVID 19 pandemic.
“TYLgames gives you the opportunity to win different range of prizes that can help you cushion the effect of the current economic hardship” he said.
Mr. Bola Shodipo, Former Special Adviser to the Lagos State government on Revenue and Taxation, who encouraged and mandated the managers of TYLgames to make sure the platform is fair to the gamers, stated that state government is to ensure growing opportunities that can increase the GDP of the state. “TYLgames is an economic activity that can grow the GDP of Lagos State and by extension, the Federal government”, he said.
The Deputy Director/Coordinator National Lottery Regulatory Commission, Lagos Zonal Office, Mrs. Onuzulu Priscilla Nkiru, ascertained that TYLgames is approved and that Humber Group has been doing the right thing from day one. She encouraged gamers to shout out if there is any reneging on promises made.
An elated Umoga who narrated his experience said, “I saw the game online and I played. I played only once and my number was picked. It is very refreshing to know that game like this exist in Nigeria. I want to encourage Nigerians to play this game because it is valid,” he said.
Amongst the thirty winners who emerged during the inaugural draws Umoga, the grand prize winner of N1 million, Mr. Opeoluwa Ogundibo and Mr. Kehinde Sadik were present at the cheque presentation ceremony.
Residents of Olomore Housing Estate in Abeokuta North Local Government Area of Ogun State and Motorists have again appealed to the State Governor, Prince Dapo Abiodun to urgently repair gapping potholes and bad portions of Olomore, Brewery roads.
Both residents and motorists had insisted that the areas has not had it as bad as it had been in the past two to three years under the past administration of Senator Ibikunle Amosun.
The Community Leaders, Businessmen, Traders and Commuters in the areas have called on the governor to factor Olomore, Brewery roundabout into the key areas he would pay attention to, noting that it has been very difficult for people of the areas to ply the roads as they usually arrived lately to their various destinations.
A Community Leader, Elder Jacob Fagbounge said that it was pathetic that Prince Dapo Abiodun-led administration had forgotten the people of the area, noting that no roads in Olomore Housing Estate was motorable, as even the link road had been in deplorable situation as such.
He said that it took the Community Development Associations (CDAs) of Olomore to take the bull by the horn in repairing the roads during the lockdown period, saying that no refund was made to them by the State Government till date.
“We need to repair the roads by ourselves during the lockdown period, as we find it very difficult to ply the road, though it was a self-help projects but now that it is beyond our capacity, Governments needs to come to our aid by putting the roads in better condition for the betterment of our people,” Fagbounge said
Solomon Ajakanri, a motorist, who plies Olomore- Brewery road, said it was sad that such a terrible road was still existing in Nigeria, while describing the road as a death trap, Ajakanri called on both the Federal and State Governments to take urgent steps to fix it.
“Imagine, a journey from Olohunda to Abeokuta that is supposed to be for one hour take well over two hours because of the poor condition of our roads, especially this Olomore and Brewery roundabout,” he said
It will be recalled that in July this year, Ogun State Government said that it was aware of the challenges confronting residents as a result of deplorable conditions of roads spread across the State, but till date most of these roads has not been attended to by the government.
The State Commissioner for Works and Infrastructure, Engr. Ade Akinsanya then stated that all the deplorable roads across the state would be repaired, but those of Olomore, Brewery roundabout, Oke-Ata, Ibara Orile and many more remain same as at filling this report.
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