Banking
DBN Holds Capacity Building Summit for Techpreneurs
By Adedapo Adesanya
As part of its commitment to alleviating financial constraints and improving the capacity of SMEs in Nigeria, the Development Bank of Nigeria (DBN) recently held the first edition of its Techpreneur Summit in Lagos.
The summit themed Starting Local, Scaling Global, was aimed at driving conversation in the technology sector and accelerating its impact on the social-economic development of Nigeria, by creating jobs, improving the lives of people, and scaling up Nigeria’s tech presence globally.
Executive Director, Finance/Corporate Services, Mrs Ijeoma Ozulumba, in her opening remarks said “the initiative will avail tech-based businesses and techie minds the platform to network and interact with investors as well as DBN Participating Financial Institutions (PFIs) that can help with finance to actualize or scale up their business.”
She emphasised that the Techpreneur Summit underscores the ambition of the bank since it commenced operations in 2017.
According to her, “This underscore where our ambitions lie in creating a favourable space in the ecosystem for tech. The future is hinged on technology, so apart from the global trend, locally we continue to see that technology is now about 18 per cent of GDP.
“ICT is the fastest-growing sector of the economy. Apart from that, technology and digital transformation is not just a megatrend, it underpins all the other megatrends in finance, engineering, and climate action which is topical right now.”
On the bank’s disbursement, she informed that, “The bank has since it started operations in 2017 given out loans to over 180,000 small businesses amounting to over N400 billion in various sectors of the economy and a lot of that is to tech-based start-ups.
“In 2020, DBN disbursed N190 billion, and 7,000 of those SMEs were accessing funding for the first time. This shows how important this event is to us, and the commitment of the bank to alleviating the financing constraints faced by MSMEs.”
She further added that “Our three-fold mandate is lending, providing partial credit guarantee, and capacity building. The capacity-building aspect is why we are having this summit today.”
Delivering his keynote address, serial investor and MD/co-founder, Trans-Sahara Investment Corporation, and newly appointed MD/CEO Africa Operations, Inlaks Limited, Mr Kyari Bukar, tasked Nigerian techie minds and technopreneurs on developing knowledge-based local solutions that have a universal appeal and can put Nigerian on the global technology table.
“Technpreneurship is about finding solutions, and the solutions better be local and should also have universal appeal. What is happening globally is that factor-based economics are becoming irrelevant, I don’t mean they are dead, I am saying they are not exciting as they used to be.
“Today, everybody talks about a knowledge-based economy. The beauty of tech is that it is the number one catalyst in changing the way we do things. An example is the digitalization of the way we conduct business today,” he said.
Citing the exploits of India in the global tech business landscape, the renowned investor, who started his career at the famous Silicon Valley further stated that Nigeria needs to stop relying on the wealth derived from mineral resources.
He said: “We need to change our dependence on what we pick or drill from the surface of the earth and believe that will make us wealthy, it is wrong. India is exporting $60b a year in software solutions and services.
“Though Africa is coming late to the party, we can develop unique solutions ourselves. The whole world is watching us and ready to invest in us. Whether the government is there or not, when you have the will to create and sell convenience, all you need are strong believers and support.”
Mr Bukar who is also an Independent Director on the Board of DBN, appreciated the bank for organising the Techpreneur Summit, saying it showed the lender’s readiness to partner techpreneurs in the county.
“For DBN, I say this summit is the coming-out party in the tech space. This is one space I believe in, and we would continue to be a partner to techpreneurs. And DBN is ready to be such a partner to all Techpreneurs in the country. This is the first DBN Techpreneur Summit, and I know that we will continue this every year.
“Additionally, when I asked around, I found out that this summit is not just about having a conversation like this, it is for techpreneurs to find the necessary network, and more importantly access to finance on both sides of debt and equity. This shows that DBN is ready to be such a partner to all techpreneurs in the country,” he said.
Other discussants at the event included Iyin Aboyeji (Founder, Future Africa); Yemi Keri (co-founder, RisingTideAfrica/Independent Non-Executive Director, FCMB); Charles Anyanwu (Director, Strategy, Funding & Stakeholder Management, LSETF); Temie Giwa-Tubosun (founder, Life Bank) and Judith Okonkwo (founder, Imisi 3D).
The DBN is a wholesale development finance institution, established by the Federal Government of Nigeria in collaboration with global development partners (The World Bank, AfDB, KfW, AFD, and EIB) to address the major financing challenges facing Micro, Small, and Medium Scale Enterprises (MSMEs) in Nigeria.
By Modupe Gbadeyanka
In its determination to help the government achieve a $1 trillion economy by 2030, the Central Bank of Nigeria (CBN) has introduced two account packages for Nigerians in the Diaspora.
The central bank tagged these account options as the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).
In a circular signed by its acting Director for Trade and Exchange Department, Dr W.J. Kanya, the apex bank stated that the NRNOA allows account holders to remit their foreign earnings to the country and manage funds in both foreign and local currencies, while the NRNIA gives them the opportunity to invest in assets in Nigeria in either foreign or local currencies.
It explained that account holders may maintain both a foreign currency account of a local currency account or both to carry out their transactions or partake in diverse investment opportunities.
It stated that Nigerians abroad will have the opportunity to won any of the accounts from January 1, 2025, subject to meeting KYC requirements.
The CBN said it came up with these account products to improve access for non-residents to opportunities in the Nigerian economy and increased contribution of Diaspora community to the socio-economic developments of Nigeria.
According to the circular, account holders can use their accounts to participate in the country’s Diaspora bond and other debt instruments issued locally, specifically targeted at the Nigerian Diaspora or available to the investing public.
It said the accounts would also serve as a conduit for them to manage their funds directly in a safe and secure environment and reduce the reliance on third parties in meeting local commitments and obligations.
By Adedapo Adesanya
Guaranty Trust Holding Company (GTCO) Plc recently completed the raising of N209 billion out of its targeted N400.5 billion public offer in the ongoing recapitalisation efforts directed by the Central Bank of Nigeria (CBN) to create resilient banks amid rising external shocks in the global environment.
Speaking on this development, the chief executive of the firm, Mr Segun Agbaje, said the equity capital raising has set a strong foundation for accelerated development.
“We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise.
“The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities.
“This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s Banking and Non-Banking businesses,” the banker stated.
GTCO had launched a public offer of 9.0 billion ordinary shares of 50 Kobo each at N44.5 per share, with N209.41 billion realized, representing 52.3 per cent of the total offer size.
The offer garnered substantial interest from domestic retail investors, raised a total of N209.41 billion from 130,617 valid applications for 4.706 billion ordinary shares, fully allotted.
“This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors. This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base,” GTCO stated.
The announcement followed completion of the capital verification exercise conducted by the CBN and the approval of the basis of allotment of the offer by the Securities and Exchange Commission (SEC).
By Modupe Gbadeyanka
No fewer than 30 pregnant women at the Mushin Primary Health Centre in Lagos have received maternity kits from Fidelity Bank Plc.
The gesture from the financial institution is part of its efforts to support improved maternal health in the metropolis.
It was gathered that the items were given to the beneficiaries through the Fidelity Helping Hands Programme (FHHP), a Corporate Social Responsibility (CSR) initiative of the lender aimed at promoting staff involvement in community development under the Great Minds Inductees Class.
“The project was borne out of the need to support pregnant women by providing them with essential materials for a safe delivery,” the Divisional Head for Brand and Communications Division at Fidelity Bank, Mr Meksley Nwagboh, explained.
“Maternal mortality remains a significant public health challenge in Nigeria, with the country accounting for a substantial proportion of global maternal deaths.
“In fact, a 2023 United Nations report indicate that nearly 28.5% of global maternal deaths occur in Nigeria.
“This is an alarming statistic and as a bank given to improving the welfare of our host communities, we deemed it fit to support initiatives to address this challenge in the Mushin community with this donation,” he stated.
One of the beneficiaries, Mrs Mary Olusanya, expressed her heartfelt appreciation for the bank’s support.
“I appreciate Fidelity Bank for helping us. Many pregnant women cannot afford these kits, but this donation ensures that we can have safe deliveries and better healthcare,” she said.
The Medical and Health Officer for Mushin Local Government Area, Dr Kayode Odufuwa, said, “This intervention by Fidelity Bank will help reduce maternal mortality and encourage more women from less-privileged backgrounds to register for antenatal care.”
“On behalf of the Chairman of Mushin LGA, Mr Emmanuel Bamgboye, we want to express our heartfelt gratitude to Fidelity Bank for extending its donation of maternity kits to pregnant women at this centre.
“We appeal for continued collaboration with the Bank to further strengthen healthcare services within the area,” he stated.
On her part, the Apex Nurse and Deputy Director of Nursing Services in Mushin LGA, Mrs Bolanle Odunlami, said, “The donation is a much-needed relief for many mothers who are unable to afford essential delivery kits. Fidelity Bank has truly shown empathy by coming to the aid of our patients, and for that, we are extremely grateful.”
Business Post reports that through the FHHP, employees of the bank identify projects that benefit their immediate community and gather funds to implement them.
The bank’s management then matches this contribution with an equivalent amount and allocates it for the chosen projects.
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