Access Bank Begins Disbursement of N50bn Interest-free Loan

Published

2 years ago

October 26, 2020

Access Bank Plc will today commence the disbursement of the N50 billion interest-free loan and grant it set aside for micro, small and medium size enterprises (MSMEs) that were destroyed by hoodlums in the wake of the protest against police brutality in the country last week.

The Deputy Group Managing Director, Access Bank, Mr. Roosevelt Ogbonna, in a telephone interview with THISDAY, yesterday, said: “From tomorrow (Monday), we would start collecting application from customers. There is an interest-free loan as well as a grant also embedded in that.”

He stated that the loan would be targeted at customers of the financial institution across its MSME business, commercial banking customers as well as corporate banking customers affected by the looting and arson in some parts of the country last week.

According to him, the idea is to support working capital as well as access finance.

He explained: “It has a maximum tenor of 24 months for the access finance and 12 months for the working capital. The structure is flexible and it is to align with the customers’ cash flow. The term facility would have a moratorium period of six months and then we would structure the repayment following the customers’ own cash flow cycle. Both are interest-free.

“For the grant, we have broken it into two. Firstly is that for youth empowerment and community development. The youth empowerment is in two parts. We have a segment of the grant that is focused on supporting the tech industry and we have another that is focused on skill development, which is for those that are for tailors, barbers, mechanics, criteria.

“The idea is that our branches are all over the country, so whatever skill you have, go to any of our branches and you will get whatever support you require.”

The bank had explained in a notice to announce the fund that: “Now more than ever, we remain committed to our purpose of impacting lives positively. In light of the recent occurrences, we will be supporting Nigerian businesses with N50 billion interest-free loans and grants.”

The creative industry comprising the advertising, architecture, the arts and antiques market, crafts, design, designer fashion, film, interactive leisure software, music, performing arts, publishing, software, television, and radio can bridge the unemployment gap in Nigeria if commercial banks in the country are much more receptive to financing them, the Group Managing Director of Access Bank, Mr. Herbert Wigwe, had said.

However, if your business was affected by the recent vandalization and looting, First Bank is requesting you fill their survey form as you stand a chance of receiving financial assistance. Fill form here.

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Breaking: PDP induces people to impersonate political parties, plans press conference.

Published

1 day ago

March 25, 2023

CelebrityPlus

Concerned citizens in Ogun state on Friday raised an alarm over the inducement of some buyable politicians by PDP governorship candidate, Hon. Ladi Adebutu.

The insider source revealed that Adebutu, who lost out in the governorship election of last Saturday, has slated a press conference where some people will impersonate the executives of the Ogun State Chapter of Inter-Party Advisory Council (IPAC) along with few politicians claiming to be Chairmen of registered political parties, with a promise of N2 million naira each.

The press conference slated for Park Inn Abeokuta, owned by Ladi Adebutu’s father will hold any moment from now.

According to the insider source, “Ladi and his party know they cannot win at the Tribunal because they are quoting a wrong section of the Electoral Act 2022, while ignoring the relevant and applicable section of the law. That is why they are bent on inciting and inducing the public instead of going to the Tribunal”

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Billionaire Bizman Femi Egbeoluwa And Wife Murdered In Lagos

Published

4 days ago

March 22, 2023

CelebrityPlus

The Lagos State police force has launched an investigation into the assassination of a couple in the Allen Avenue area of Ikeja Lagos state Nigeira.

Engineer Femi Matthew Egbeoluwa and his wife, Funmi were reportedly killed by unidentified gunmen who broke into their home at 1 Adefolu drive, Allen Avenue between last Friday night and early Saturday. The couple’s house workers were also attacked by the assailants, who left the wife in a pool of blood. The police spokesperson, Benjamin Hundeyin, confirmed the incident and stated that the investigation is ongoing, although no suspect has been arrested at the time of filing this report. The case has been transferred to the homicide section of the state Criminal Investigation Department, Panti, Yaba, for further investigation.

The assassination of the couple has sent shockwaves across Lagos State and has raised concerns about the safety and security of residents. The police force has assured residents that they will leave no stone unturned in their investigation and that those responsible for the crime will be brought to justice.

Engineer Femi Egbeoluwa and his wife were well-known members of their community and their deaths have been met with widespread mourning and tributes. Many have taken to social media to express their condolences to the family and to call for justice for the couple.

The incident has once again highlighted the need for improved security measures in residential areas across Lagos State. It is important for individuals and communities to take proactive steps to ensure their safety and security, such as installing security cameras, strengthening security doors and windows, and being vigilant about suspicious activities in their neighborhood.

The police force has urged anyone with information that could help with the investigation to come forward and provide assistance. It is crucial for members of the public to work together with law enforcement agencies to combat crime and ensure the safety of their communities.

The tragic assassination of Engineer Femi Matthew Egbeoluwa and his wife should serve as a wake-up call to all residents to take the issue of security seriously and work together to make Lagos State a safer place for everyone.