Page 56, THISDAY, Vol. 16, No. 5782
Monday, February 21, 2011
Banks Move to Raise Agric Sector Lending
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"OWing the resolve of the Central Bank of Nigeria (CBN) to encourage banks' lending to the agriculture sector. banks have re-organised their agric departments with a view to increasing credit to the
sector. THISDAY findings showed that banks that hitherto had apathy towards lending to the sector
have now created agriculturnl
desk to facilitate lending to fanners. Head of C01pOrate Affairs. Mribank Pic. Mr. Moshood Isamotu, explained that Afribank has revitalized its agric unit. He added that a1tllOUgh the unit had existed for some time, the bank had to do more following a directive by the apex bank. Isamotu who spoke in a telephone interview added: "We have always had an agric desk, but it became more active with the directive of the CBN that all banks should set up an agric unit. You know a lot of banks are running away from funding the
ByjDbinna Chima sector because of the risk. but the Commercial with Agriculture Credit Scheme, all that is beginning to change." Some other bank officials, who pleaded anonymity. also confirmed the development. CBN Deputy Governor. Financial System Stability (FSS), CBN. Dr. Kingsley Moghalu. said last Wednesday that the banking watchdog has directed all banks to open an agric desk to boost credit to the
sector. Moghalu insisted that the sector must become part of the development of the Nigerian economy. "You can make a lot of money by trading, but banks need to have a much bmader view of the whole concept of the banking reform. H you (banks) continue to lend, to blue chip companies because you think
they are safe. at the negligence of the agric sector, I think the system is being distorted," Moghalu stated. CBN Governor. Mallam
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tent, online tr'ansactional services, customer experience and the general speed performance of the site. Last year, Skye Bank effect-
ed the redesign and structural upgrades of its website and con-
tents to ensure that it is more user friendly as weU as provide useful and value adding information in a fast and efficient
manner. The bank stated that its website has been structured into segments to ensure that products and services available are efficiently targeted at particular segments to facilitate the transfer of information strategically. "Moving away from the former style of providing information based on product and service gmups, which translated into the loss of valuable information
istration. 1ms led to the revival of schemes such as the Agriculturnl Credit Guarantee Scheme Fund (ACGSF), the Commercial Agriculture Credit
Scheme (CACS), among others. The apex bank recently revealed that a total N92 billion had been disbursed so far to fanners underCACS.
Dangote Assures Shareholders on Returns
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gote Cement Pic has sured its shareholders of nhanced returns on their
investment路 from expansion in the scale of operations of its business, mainly front additional lines in Obajana Cement
and the commencement of production at lbeshe plant. A stitement from Dangote quoted the Special Adviser to the President of Dangote Group, Eng. Josel'h Makoju, to have said that the mcreased pr0duction of the company will
lead to more revenue and returns to the company and shareholders. . "By the middle of this year, when the new lines in Obajana and lbeshe start production, the local capacity and output will be far more than the local demand
Skye Bank Rated High on Website web Site Jurist report by Phillips Consulting rated Skye Bank Pic as the bank with the second best operational website among the 24 banks in 20 IO. According to a statement by the bank, in the report released last week, Skye Bank's website scored a total of 79.4 per cent to lead other banks in the 20 IO Bank Ratings. The banks. according to the Web Jurist report, were rated based on six measuring criteria namely aesthetics, technicality and functionality, website con-
Banusi Larnido Sanusi, has always emphasised that redirection of bank lending to the agriculturnl sector is one of the priority programmes of his admin-
of cement and that will set the pace for exportation of our products. 1ms will lead to increased products. more revenue for the company and hetter returns for the shareholders" He added that shareholders are the ultimate beneficiaries of
the expansion projects based on their contributions to the finn. Dangote Group had in 20 IO paid shareholders about N60.21 billion in dividends. representing retums from four of her company listed on the Nigerian Stock Exchimge (NSE). From the annual reports and accounts of the listed compa-
nies, Dangote Sugar Refinery paid a dividend of N 12 billion. which translates into N I per share while legacy BCC paid N3.9 billion, translating into a dividend of N I per share. NASCON paid a dividend of N 1.325 billion amounting to N0.50 per share. while Dangote Flour Mills paid N4 billion translating into NO.SO per share.
FCMB, Others Facilitate Afren's $450m Offer
F
irst City Monument Bank (FCMB) Pic and other offshore banks have facilitated Afren's $450 million Notes Offer in London. Afren Pic, a public limited company incorporated under the laws of England & Wales and listed on the Main Market of the London Stock Exchange (NSE), successfully complet-
to ensure that our customers can
ed a Notes
access information that will benefit them in the long run", the statement explained. Web jurist is the result of research conducted into website best practices and effectiveness with the aim of identifying the strengths and weaknesses of websites as a business platfOiTIl in the digital world.
$450million 11.5 per cent Senior Secured Notes due 2016. FSMB stated in a statement signed by its Brand Marketing Officer, Mr. Remi Njoku that it acted as Initial Purchaser and Co-Manager to the debt capital raising. According to the statement,
Issuance of
to participate in a large ticket
transaction of this nature". "Afren Pic will use the net other professional parties to the transaction included Deutsche Bank Securities, Goldman Sachs International, BNP Paribas and Global Hunter Securities LLC. FCMB's Divisional Head, Investment Banking & Financial Markets. - Mrs. Bukola Smith, was quoted to have said: "FCMB's role as an Initial Purchaser of the Notes and a Co-Manager to the debt Capital raising helped in ensuring full subscription to the Notes and successful completion of the exercise. It further demonstrates the capacity and ability of a Nigerian Bank
issue proceeds to refinance some of its existing loans, while Iarger proportion will be used for capital expenditure and general corporate pu1pOSes, which will enable the
company to further achieve its growth strategies. "The Note was rated by.. Standard and Poor's Rating Services as B-, ",hile Fitch Ratings assigned it B. Afren have applied to have the Notes admitted to listing on the of the Official List Luxembourg Stock Exchange and to trading on the Euro MTF Market:' the statement added.