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FIRSTBANK ENHANCES THE EDUCATIONAL SECTOR, SUPPORTS SCHOOLS WITH OVER 10 BILLION NAIRA LOAN

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Nigeria’s premier and leading financial services provider, First Bank of Nigeria Limited, has announced that within the last year, it has supported educational institutions in the country with loans in the sum of over 10 billion naira.

 

The Bank’s support is carried out through its FirstEdu product, an educational solution created to enhance the educational facilities in schools with a view to improving the quality of education across the country.

 

FirstEdu loan is targeted at private Nursery, Primary and Secondary schools to assist the schools in achieving their desired growth in the medium and long-term. The product provides funding to replace old furniture and equipment, pay staff salaries, purchase brand new or fairly-used buses as well as refurbish dilapidated buildings and classroom blocks. With this product, school owners/proprietors can stay ahead to make learning easy and conducive for students.

 

The product enables the schools to access facilities with no tangible collateral, apart from domiciliation of school fees account with the Bank.

 

On the other hand, FirstEdu portal is a modular and robust web-based enterprise portal that enables Tertiary educational institutions manage academic, administrative, professional, logistics and payment challenges.

 

The product features and benefits include; e-Learning, virtual library and facilitation of exchange programmes with foreign educational institutions; academic & student events/time-table/calendar management; school fees payment via the internet; online information and result checking; interactive community forum between students and teachers. It also affords applicants the opportunity of enrolling from the comfort of their homes or any location around the world; no licensing, installation and maintenance cost and plugs avenues for revenue leakages amongst others.

 

According to Chuma Ezirim, Group Executive, e-Business & Retail Products, First Bank of Nigeria Limited, “With FirstEdu, private schools across the various tiers of education in Nigeria; elementary, secondary and tertiary, have the right tool to boost their business to the level they desire. We are pleased to have already disbursed over N10 billion loans to schools in one year and we would continue to support growth in this key sector of our economy.”

 

“At FirstBank, we identify with the impact of the educational sector on the socio-economic activities of the country and importantly the lives of everyone. We remain committed to supporting schools as education is the core and root factor at enabling growth of our economy” he concluded.

 

In need of the right educational solutions to give your school a boost, visit the FirstBank branch nearest to you or contact us on our social media channels; @firstbanknigeria on Instagram; @firstbankngr on twitter and FirstBankofNigeriaLimited on Facebook.

 

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BUSINESS

Ikeja Electric commissions new 33KV feeders to boost supply, expand network

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Persistent in the drive to optimize its services in the sector, Nigeria’s leading electricity distribution company, Ikeja Electric, has commissioned two new Feeders, Igando 33KV and Ijegun 33KV, to further boost supply to customers in the network.

With the completion of these Feeders, beneficiary communities will experience improved power supply, while the project has also enabled better alignment and strengthened network. Areas such as White Sand Joint CDA, Mutairu Alli, Taiwo Olaniran, Boripe, Idi Cashew, Lasisi Ajibade, Harmony, Ire-Akari and environs would benefit from the Ijegun 33KV feeder, while areas including Egan Town, Ajao Jimoh, Imoba 1, Iloilo, Taiwo Along, Abibatu Oseni, Oke as well as Bayas would benefit from Igando 33KV.

Meanwhile, Maximum Demand customers in these areas will also be able to increase capacity within their business for increased production and sales.

Speaking on the project, Head, Corporate Communications, Felix Ofulue explained that Ikeja Electric has consistently strengthened its network through new projects designed to boost electricity supply to customers and create exceptional service.

He said: “At Ikeja Electric, improvement of our network and enhancement of operations is a critical requirement because we are committed maintaining about ensuring efficient service delivery. And it will only get better as we roll out this expansion initiatives. We will continue to strengthen our lines, embark on new projects where necessary, in order to ensure that our equipment and installations are optimized, while also reducing downtime supply in order to satisfy our customers.

“These new projects will address issues of fluctuations, load-shedding on overloaded distribution transformers and perennial faults resulting to frequent downtime within the network as well as improve economic activities due to quality power supply to customers within these communities,” he noted.

Resulting from the new project, the company noted that the alignment carried out in the network made the Shasha 33KV feeder to be moved from T3 100MVA to T2 60MVA, Igando Injection Substation now feeds from Igando 33KV feeder, while Ijegun Injection Substation now feeds from Ijegun 33KV feeder and Egbe 33KV now feeds only line loads.

Ikeja Electric appealed to customers to report issues or faults promptly, ensure protection of Ikeja Electric installations within their locality, pay monthly bills on time and avoid assault on staff of the company. The Disco reiterated that its commitment to provision of quality, reliable and exceptional service delivery, remains the focal point.

The company noted that several strategic projects aimed at bolstering the network are ongoing across its six business unit and will be completed in due time.

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BUSINESS

Heritage Bank, GEZAWA set to transform Nigeria’s agric sector to huge commercial hub

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The Nigerian agricultural sector is set to witness a huge growth, as Heritage Bank Plc the lead settlement bank for Gezawa Commodity Market (GCMX) has collaborated with key stakeholders to revolutionise agricultural value-chain, aimed at providing fully integrated ecosystem for commodity Exchange.

Heritage Bank was appointed as the Lead Settlement Bank and Transaction Adviser to the Gezawa Commodity Market and Exchange Ltd and Memorandum of Understanding (MoU) was signed between the two firms, whilst over 10, 000 farmers in 3000 cooperatives in the 44 local governments of Kano States were hosted.

The partnership between Heritage Bank and the Exchange would facilitate the ease of agro commodity trading in a more structured way, especially with the closeness to the Dawanu, the largest grain market in Africa.

The MD/CEO of Heritage Bank Plc, Ifie Sekibo, who was a panelist at the 2nd GCMX Farmers’ Cooperative Forum in Kano at the weekend, stated that the partnership is targeted to de-risk the sector that would bring about structured and enhanced agro-business and attain food security that leads to economic development.

Sekibo, who was represented by the Executive Director, Jude Monye explained that the partnership which would help bridge the huge gap associated to risk, will fast track effective price discovery mechanism and traceability and enhanced trade settlement services.

Specifically, the bank’s helmsman stated that under the Central Bank of Nigeria’s Anchor Borrowers Programme (ABP) and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Heritage Bank would provide on-lending funding to aggregated farmers in the 2020 farming season to grow various products that will serve as raw materials to the processors, thereby ensuring market linkages and access to the market as well as reduce importation and conserve Nigeria’s external reserves.

According to him, with its assigned position  Heritage Bank would play a pivotal role in ensuring that there would be an effective and readily available platform for market linkages among players in the agribusiness value chain, involving FMCGs, warehouse operators, collateral managers, processors, farmers’ cooperatives to transact in a seamless way that guarantee quality, quantity, payment and delivery.

Speaking the event, the ED/CEO of Nigerian Export Promotion Council (NEPC), Segun Awolowo affirmed that the initiative would help foster diversification of non-oil export trade.

He, however, stated that NEPC would ensure that the primary for the signing of the MoU would be achieve, whilst calling for the need to ensure adequate and seamless supply of agricultural commodities for the business to be sustainable.

The Gezawa Project Consultant, Binchang Binfa, Managing Director of Makarios Global Resource, disclosed, “the ultimate goal was to unlock the vast potential of agricultural value chain via partnerships and synergy with likeminded enterprises, organisations and institutions that will mutually create wealth, generate local employment and contribute significantly to the economic growth and GDP the nation.”

He stated that the Exchange would provide services on price discovery and transparency, increase foreign exchange earning capacity, commodity storage and warehouse receipt system, employment generation of 15, 000 direct and indirect jobs, investment opportunities, increase in non-oil export, ease of doing business, weather report, soil test report, as well as 24/7 online trading of commodities on alive trading platform.

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BUSINESS

CORONAVIRUS: FIRSTBANK DEPLOYS MEASURES TO PROTECT EMPLOYEES, CUSTOMERS AND OTHER STAKEHOLDERS

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Nigeria’s leading financial inclusion services provider, First Bank of Nigeria Limited, has announced proactive measures it has taken to control the spread of the COVID – 19 (Coronavirus) pandemic.

The Bank’s Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney, said “embedded in our corporate strategy is business continuity management that ensures the delivery of products, services and initiatives to our stakeholders and enabling the economy in the long-term with minimal impact.

Therefore, we have employed necessary measures to keep our employees, customers and the general public safe-guarded and sensitised on preventive steps to flatten the curve at the fastest possible rate. These include the deployment of temperature measuring tools; hand sanitisers; face masks and adopting social distancing including utilizing virtual meetings. We have also cancelled owned and partnered planned events in the interim; suspended staff travels and have put measures in place to identify and communicate to staff who are arriving from affected countries to self-quarantine following the established protocols by the World Health Organisation and the government.

In addition, we have been amplifying all necessary official information from relevant health bodies and partners such as encouraging everyone to adhere to good hygiene practices which comprise regular cleaning of all surface areas – for example, tables, door handles – with disinfectants, consistent washing of hands as well as avoiding close contact with people and staying away from crowded environment’’.

Encouraging the use of cashless transactions, Mrs. Ani-Mumuney said; “we implore all our customers to embrace cashless transactions across our self-service platforms like *894# USSD banking services, FirstMobile, WhatsApp Banking, First Online for their needs like funds transfers, various bill payments, credit and internet data recharge and much more. In need of quick loans, these self-service platforms are also designed to meet their immediate needs through our FirstAdvance service”.

For enquiries and complaints, customers are encouraged to contact the Bank’s 24 hours multi-lingual customer care centre, FirstContact, on 01-4485500 or email, firstcontact@firstbanknigeria.com.

She noted that the Bank is committed to protecting the health and safety of all its staff, customers and host communities as together the fight against Coronavirus would be won.

The National Centre for Disease Control (NCDC) should be reached on its Toll-Free Number: 0800 9700 001 for immediate medical attention and advise.

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