Banking
Ecobank Nigeria Announces N70bn Agric Financing Scheme
A strategic partnership has been entered into between Ecobank Nigeria and Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending (NIRSAL) with a N15 billion agricultural investment scheme being the first tranche in agricultural value chain financing.
The partnership between both institutions is in line with the Central Bank of Nigeria (CBN)’s request that banks provide more funding to the agriculture sector.
NIRSAL was set up by the Federal Governmental as an innovative mechanism targeted at de-risking lending to the agricultural sector. It is designed to provide the singular transformational and one bullet solution to break the seeming jinx in Nigeria’s agricultural lending and development.
Announcing the partnership in Lagos during a business meeting with the management of NIRSAL, Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, also disclosed that Ecobank Nigeria had concluded plans to invest at least N70 billion in agriculture financing within the next three years.
He noted that the N15 billion dedicated funding with NIRSAL guarantee is for an initial takeoff tranche and rollovers will be done at the completion of each cycle.
“Agriculture is pivotal to the success and development of any nation’s economy. We are therefore committed to working with NIRSAL to open up the vast opportunities that abound in agriculture. Ecobank has done it in other countries across the continent, so we can do the same in Nigeria.
“This will give us the opportunity to create employment and enable farmers to finance their children’s education with ease. We prefer people to see us not just as a bank, but as a partner who will help them succeed. We are part of the community and we meet the people at the point of their needs,” he noted.
The bank chief stated further that with a larger African footprint than any other bank in the world operating in West, Central, East and Southern Africa, Ecobank is the only bank that spans 36 African countries yet operates a truly integrated African network.
“Ecobank’s unique and largest pan-African platform is designed to help unlock the opportunities of the continent and for the continent, through standardization, fuelling regional integration, trade and investment across borders.
“Due to our sterling performance, we have been severally recognized; Most recently as ‘Best Retail Bank in Africa 2019’ at African Banker Awards and also as Most Admired Financial Services Brand in Africa 2019 by Brand Africa 100,” he said.
In his remarks, Managing Director/CEO of NIRSAL, Mr Aliyu Abdulhameed, urged the bank to harness the opportunities available in financing the agricultural sector leveraging on NIRSAL’s template of geo-cooperatives of 250Ha with a ticket size as much as N65 million, where all the players in the agricultural value chain are locked-in with an end-to-end approach and near zero cash handling system under a de-risked ecosystem to optimize agricultural value chain financing. He stated that this unique approach to agribusiness creates value for both farmers and financiers.
According to Mr Abdulhameed, “At NIRSAL, we work primarily to create value for both financiers and farmers. It is in view of this that we have created innovative tools, techniques, methodologies and established strategic partnerships like this, to create a symbiotic relationship between all actors along the Agricultural value chain.”
The CBN led by Governor Godwin Emefiele has been at the vanguard of investment in agriculture as a key contributor to the country’s economy.
It would be recalled that President Muhammadu Buhari had recently sought the collaboration of Ecobank Group to “institute a special fund to develop agriculture, which will cement its legacy as a bank that helped to transform this region’s economic fortunes.
President Buhari spoke when he had an audience with the ETI board led by the Group Chairman, Emmanuel Ikazoboh.
By Aduragbemi Omiyale
Foremost Nigerian real estate lending institution, Abbey Mortgage Bank Plc, has rebranded to Abbey Bank Plc.
This is to reflect its new status as a full-fledged financial institution as against its previous status as a bank for only the real estate sector.
The company, which trades its securities on the Nigerian Exchange (NGX) Limited, informed the investing community of its transformation.
This was in line with the approval granted by shareholders to the board of the organisation to change the name at an Extraordinary General Meeting (EGM) in January 2025.
The NGX Regulation Limited last week confirmed the name change via a circular signed by Bonaventure Onwuji on behalf of its Head of Issuer Regulation Department.
“Trading license holders and the investing public are hereby notified that the change of name of Abbey Mortgage Bank Plc to Abbey Bank Plc has been implemented by Nigerian Exchange Limited.
“This is in line with the approval obtained from the shareholders of the bank at its Extraordinary General Meeting held on January 24, 2025, and the receipt of a new certificate of incorporation from the Corporate Affairs Commission (CAC).
“Please note that the company’s trading symbol has also been changed from ABBEYBDS to ABBEYBANK,” the notice read.
By Modupe Gbadeyanka
In recognition of its outstanding performance, operational excellence, and commitment to delivering superior Institutional Cash and Trade Finance services, Ecobank Nigeria has clinched the Client Excellence Award.
The accolade was given to the subsidiary of the leading pan-African financial services group, Ecobank Group, by Deutsche Bank.
It recognises Ecobank Nigeria’s consistent achievement of high standards in transaction processing, service delivery, operational efficiency, and collaboration within the global trade finance ecosystem.
It further reinforces the lender’s position as a leading financial institution providing innovative financial solutions that support corporates, financial institutions, and businesses engaged in domestic and international trade.
“The Client Excellence Award recognises institutions that consistently demonstrate outstanding quality, efficiency, and reliability in transaction banking operations.
“Ecobank Nigeria distinguished itself through its commitment to excellence, strong operational controls, and customer-focused service delivery that has created measurable value for clients and counterparties alike,” the Managing Director for Global Head of TFFI and Regional Head of Trade & Lending for the Middle East and Africa (MEA) at Deutsche Bank, Mr Anand Jha, said.
“We are pleased to recognise Ecobank Nigeria’s achievements and appreciate the strong partnership we have built over the years. We look forward to continuing our collaboration in supporting trade, payments, and financial flows that drive economic development across Africa and beyond,” Mr Jha added.
In his remarks, the Coverage Head of Corporate and Investment Bank at Ecobank Nigeria, Mr Segun Anjorin, thanked Deutsche Bank for the recognition, noting that the award reflects the bank’s unwavering commitment to excellence, innovation, and customer-centric service delivery.
“We are honoured to receive the Deutsche Bank Client Excellence Award. This recognition is a testament to our commitment to delivering seamless and innovative solutions that enable our clients to thrive in an increasingly interconnected global marketplace.
“At Ecobank Nigeria, we remain focused on leveraging our extensive pan-African network, digital capabilities, and strategic partnerships to facilitate trade, improve transaction efficiency, and support economic growth across Nigeria and the African continent. We value our longstanding relationship with Deutsche Bank and look forward to further strengthening our collaboration in the years ahead,” Mr Anjorin said.
By Adedapo Adesanya
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of paying insured deposits to customers of the 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN).
In a statement issued on Wednesday by the Head of Communication and Public Affairs Department, Mrs Hawwau Gambo, the corporation said it had been appointed the official liquidator of the failed banks following the CBN’s revocation of their licences, which took effect on July 1, 2026.
The NDIC said its appointment was in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.
The organisation said the affected banks have ceased to operate as licensed financial institutions and are no longer authorised to carry out banking business in Nigeria.
“The NDIC has commenced the process of the orderly closure of the failed banks with their immediate takeover, verification and payment of insured sums to eligible depositors,” the statement said.
It added that depositors and the general public would be informed of subsequent steps in the liquidation process, warning members of the public against conducting transactions with any of the affected banks following the revocation of their licences.
It also cautioned individuals against removing, concealing or tampering with the assets, records or properties of the failed institutions, noting that such actions could amount to a breach of the law and attract sanctions.
Business Post earlier reported that the CBN revoked the operating licences of the 46 microfinance banks after determining that they no longer met the regulatory conditions required to continue operations.
According to the apex bank, the affected institutions were sanctioned for various regulatory breaches, including insufficient assets to meet liabilities, operating without approval, prolonged inactivity, failure to commence business within the stipulated period and failure to maintain the minimum capital required by law.
The apex bank said the action forms part of its efforts to strengthen financial sector stability, protect depositors and ensure compliance with banking regulations.
The affected institutions are spread across several states, including Lagos, Kano, Abia, Kaduna, Kebbi, Ogun, Niger, Plateau, Rivers, Delta, Benue, Cross River, Ondo, Osun, Anambra, Oyo, Bayelsa, Abuja and Akwa Ibom.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz4 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking4 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn