THE NATION TUESDAY, JULY 28, 2015
BUSINESS THE NATION
E-mail:- bussiness@thenationonlineng.net
11 ‘The present challenges we are facing should not deter us from growing our economy. It shouldn’t stop us from investing. It’s just a passing phase. Other countries that we refer to as developed started from somewhere’ •President, Dangote Group, Alhaji Aliko Dangote
Nexim supports Benue agro sector with N4b
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• From right: Group Managing Director, Access Bank Plc, Herbert Wigwe ; Deputy Governor of Lagos State, Dr. Idiat Oluranti Adebule; President, The Nigerian Stock Exchange, Mr. Aigboje Aig-Imoukhuede; President, GBCHealth, Nancy WildfierField and Chairman, Access Bank Plc, Mr. Gbenga Oyebode, during the GBCHealth 2015 Business Leadership Award dinner sponsored by Access Bank at the Eko Hotel, Lagos...on Friday.
HE Nigerian Export Import Bank (NEXIM Bank), has disbursed about N4.14billion in aid of agro-allied industries in Benue State, the Managing Director, Robert Orya, has said., Orya, who made this known during a visit by the Benue State Governor, Samuel Orton, in Abuja, Benue State posesses huge mineral resources, and should be supported in every form of development. He said, “ The projects supported by NEXIM are in three main sectors. Out of the N4.41bn disbursed between 2008 and 2015, 78 per cent, which is N3.21billion was used. Manufacturing took30 per cent, agro processing 42.5 per ent, while services, took 27.5 per cent.
Fear grips bad bank debtors as CBN deadline approaches M
ANY bank debtors are jittery as the Au gust 1 deadline set by the Central Bank of Nigeria (CBN) for them to pay back their loans, or have their names published in the newspapers draws near. The order, the CBN said, followed the rising trend of non-performing loans (NPL) in the industry. A debt recovery officer to one of the banks, who spoke anonymously, informed The Nation that there is high level lobbying going on between the debtors and the banks to ensure that their names are not published. The source said that with several banks threatening to make names of such debtors public, the debtors, who are mostly the superrich within the society, have been reaching out to the banks for a truce. Top commercial lenders, including Stanbic IBTC, Dia-
By Collins Nweze
mond Bank, Sterling Bank, First Bank and Skye Bank, have all given notices to bad debtors to pay up. A lawyer involved in receivership of bad loans, Chief A.A Aribisala (SAN), said that most of the debtors are untouchable. “Receivership is one of the ways we recover loans. I think the Central Bank of Nigeria and banks are resorting to this approach out of frustration. They want to protect the banks. You know the CBN Governor, came from the banks. He knows what the banks are going through in terms of bad loans. The debtors are simply untouchable. Nigerian bank borrowers are simply untouchable.
There are so many of them you cannot touch,” he said. The lawyer said since most of the debtors are untouchable, the best way is to disgrace them. “Disgrace is enough because when the names are published- that is if they will actually have the liver to publish the real names. You will be surprised the names you will see. “Those we see as the rich in the society are the ones owing the banks and don’t want to pay back. They are the top newsmakers. They are the ones that owe the banks. Aribisala said those who want to publish names, know that it is something that those owing will not want to happen. “I only hope the real names will be
Elumelu Foundation, others join forces on global entrepreneurship initiative
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EPRESENTATIVES of the Tony Elumelu Foundation (TEF), Global Entrepreneurship Network (GEN), and Entrepreneurs’ Organization (EO), have come together to answer President Barack Obama’s call at the Global Entrepreneurship Summit in Nairobi, Kenya, to advance entrepreneurship and economic growth around the world. The organisations participated in a formal signing ceremony at the Summit, committing to lead the Spark Global Entrepreneurship initiative. Spark is a coalition that is seeking to mobilize likeminded organisations, companies and investors that collectively generate more than $1 billion in private investment for emerging entrepreneurs by the end of 2017. “The world is full of nascent entrepreneurs with brilliant ideas—but they need stronger ecosystems to help them unleash those ideas and grow them into game-chang-
By Chikodi Okereocha
ing startups,” said Jonathan Ortmans, President of GEN and one of three Spark coalition co-chairs. “Spark increases coordination and collaboration among startup support programs and amplifies their efforts,” he said. The first wave of companies that have stepped forward include Citi, EY, GE, Google and IBM. Two African companies, Rendeavour, the continent’s largest urban land developer, and SkyPower, the largest provider of utility-scale solar power projects in the world, have joined as well. “African entrepreneurship has been the missing link in Africa’s development. The actions of just one entrepreneur sends ripples across a community and entrepreneurship lifts people permanently out of poverty and creates social wealth,” said Tony Elumelu, Founder of the Tony Elumelu Foundation.
He further said, “We all know entrepreneurship, anywhere in the world, is not easy nor is success guaranteed. All stakeholders – the private sector, governments, non-governmental organisations (NGOs) and donors must make a commitment to use their respective powers to address the hurdles facing African entrepreneurs. That is what Spark is all about.” Spark taps into the growing involvement of government programs in helping entrepreneurs start and scale new firms. U.S. Vice President Joseph Biden announced the Spark initiative at the 2014 Global Entrepreneurship Summit in Morocco and outlined the commitments of some of the most active and effective U.S. government programs such as the Presidential Ambassadors for Global Entrepreneurship, Young African Leaders Initiative, African Women’s Entrepreneurship Program and more.
published, but I doubt it. The debtors cannot clean up. Even if you give them three years, nothing will happen because they don’t have the money to pay,” he
said. Meanwhile, the Asset Management Corporation of Nigeria (AMCON), yesterday, asked loan defaulters to immediately regularise their accounts or it would publish their names in line with a directive by the apex bank.
From Franca Ochigbo, Abuja
He said opportunities exist for NEXIM to deepen collaboration in the state, particularly in the area of agro processing to reduce post harvest losses and increase export revenue, adding that this would also help to create jobs and boost internally generated revenue. Agro processing through value addition to agriculture produce fruit, oranges, mango, cashew. “This includes, Vegetables, soya beans, tomatos, hibiscus, cassava, raw yam, cat fish cultivation among others. Creative entertainment industry,solid mineral exploration, etc. “From inception to date, the Bank has granted loans, issued guarantees to Nigerian exporters with some engaged in green field project to the tune of N107. 48bn.though supporting the creation of 64,096 direct jobs, in addition to many indirect jobs and facilitating foreign exchange general US$1.36bn annually through the projects supported.” The Benue State governor , Dr Ortom said there are lots of opportunities to be harnessed in Benue State, stating that he will work with NEXIM Bank to ensure the state moves forward.