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CBN disburses N198b agric funds to farmers


HE Central Bank of Ni eria (CBN) has distursed a cumula· tive N198.173 billion to 258 beneficiaries participating in the Commercial Agricur. ture Credit Scheme (CACS). The beneficiaries also com· prise 30 state governments that accessed the sum of N38.0 billion, as al July this year. TIle amount, given out in the last four years, was part of the N200 billion mapped out by the apex bank for the

Slorl•• by Co llin. Nw. z.

P~~=' lnception in 2009, t he CBN has re leased the sum of NJ98.173 billion for rlisbursemen t to 258 benefi· ~ I aries made up of 228 pri· vate promoters and 30 State Governments that accessed the sum of N38.0 billion, ~ Ihe apex bank said in circu· lar posted on its website yes.. terday. It said thai during the period unde r re\"iew Uu ly 2012), the sum of N2..589 bil-

Lion was released tosix banks wi th respect 10 seven CACS roieets bringing total reo Ceases by the CBR since in· bmr~. In 2009 10 NI98.I73 The da ta showed tha t Fed· eral Ca~ital Territory (FCT) accesse<l NO.SO billion each from UBA and UBN Pic respectively; Bauchi State gOI NI.O billion each from UBA and Union Bank of Nige ria Pic respectively while "Riv· ers Stale acCH$ed N4.0 bil· lion from Zenith Bank. Pia·

RenCap: Diamond Bank may slash dividend lAMOND Bank Me is IikeIv to lower its dividend payout ratio and capitalise the: bulk of 2012earnings to boost its Carital Ad· equacy Ratio (CAR , RenaisSianO! Capital (RenCa!':), an irtYeStmmt and A5t'i!.J'dI (Inn, has

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In an e mailed report ob· tained by nit NlJtiotl, RenCap the lender has threepronged plans targeted at achieving this objedive. Fustly, it wanted to /'alSt' OIpi· tal from De...e!opment.,Rna1'1(1! Institutions (DFts) from where it got 5100 milUon in second quarter 012012 from AFREXlM at seven per cent. Mo re recently, it raised 570 mHlion from the lnll'mational FIJ\MICe Corporation (IFC) at six per ~l

"Diamond Bank rft:ently ronduded a 570 milion c0nvertible tier two capital raising from the lntematima.l Finanoi! Corpocation (1FC). This is a seven· year fully convertible t : rr thai forms ~ of the

teau State equally accessed N2.0 billion from Fideli ty Bank among others. TIle apex t)ank said thai the numbe r 'Of Sl ate Govern· ml'!nts participating in thl'! Scheme stands at 30, adding that these State Govenunents ac:ces.sed funds for on·lending to farmers' unions, coopera t ives and financing of othe r a reas of agricu lt u ral interventions in their vari· ous States. The data also showed tha t from January to September 201 1, the sum of N1263 billion was released to fou r banks, wi th .-es peet to 11 CACS p rojects. Also, from inception to date 16 banks, namely; Access Bank Pk, fideli ty Bank, First Bank of Nige ri a, Gua ranty T r ust Barik, Oceanic Bank Pic, Skye Bank, Stanbic IBTC, Union

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Bank of r ia, United Bank for Afnca, Unity Bank Pic, Zenith Bank Pic, Dia· mond Bank Pic, Sterling, Citibank, Mainstream Banlt and Wema participated un· der the scheme. An analysis of p rojects fi· nanced underCACS by value chain sholVed that out of the 147 CACS p rivat e sector sponsored projects, produc1l000accounted for 44 percent and dominated the itCth'lties funded while process in g gulped 42.18 per cent. These activities were d istantly followed by mllrket· ing. storage and inp ut supplies, whiCh registeied seven per cent, 6.12 per cent and 0.68 per cenl respectivel}'. With reta rd s to val ue of

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Unity Bank wins ISO certification fur information security U


~~bIuune~af. lei" thecmtral Bank oll\..'igeria

(CBN) ~ the minimwn ea pita! Adequacy Riltio (CAR) fO( Nigerian Danks wilh inter.

NlIT Bank Pic has won the certification of Interna t iona l

standards, said the certifica· tion is (or a period of three

~~~d~~d~ti~n (ISO) for ~~~ r..,~irt:f:~~~~e~~o~a~; I f "· ·f· .

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lemational ~~ Thi d' RenCa

ISMt w hich is an intema. tional re<:ognition fo r the • an k' s management prac· tices covering people, process Md technology in the area. of inlonnation proceM. a notice to the Bank. this


newa 0 Inc cerll Icallon. Indus try analysIS believe the fea t acnieved by the bank puts it on international perl. estal Ha financial brand"and guarantees its customers peace of mind in the area o f mformation integrity. Only three other Nigerian bankS· First Bank ofNigeria. Pic, Fidelitv Bank Pic and Access Bank' P ic have at·

world's largest developer of volunta ry internationlll

standndisation status. Rea cting to the ..:ertifica·



formation security. Th~ certification accord· I'fied




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in -<,"V\I,as iIsCAR , ,, infirstl~:

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this internallonal

ti,m Ihl! Managin~ Director J nlt)' Banl:: Pic, Ado "" aHka ;.tid the achievement is indi :lllive of the hard .....JI ks l.llf, Managementafld Bt.a -<:I of fhe BanK: had pul in 0\ e;' the rears since the bank a rn e int" existence abou t six y.als a3(1. "',Jch more, Wanka said, it is P tet ~i the larger plan to nll:venHe the bank and pl<lce it Oil a position 10 com· ~ ·t( locall), and intemation· .lIy n e fl.nna! presentation of th~ ~rt jfale to the bank is t)poded to take place in 5eptember this yea.-. 01