Banking
How Corporate Lending Firms are Shaping Asset Financing in Nigeria
In today’s fast-paced business world, staying ahead of the competition often means having access to the right tools, equipment, or vehicles. Yet, acquiring these assets can strain even the healthiest of budgets, forcing companies to either cut back on growth opportunities or dig into reserves.
This is where asset financing comes in, a lifeline for businesses looking to thrive without draining their cash flow. Through asset financing, companies can acquire necessary equipment or machinery without having to pay the full cost upfront. Instead, they spread the payments over time, ensuring they keep their working capital intact for other pressing needs.
Three years ago, Adebayo Logistics, a small transport company based in Lagos, was on the brink of a breakthrough. They had just landed a significant contract with a large e-commerce company to handle nationwide deliveries. But there was one problem, they did not have enough trucks to meet the new demand.
Purchasing the required vehicles outright would have drained their resources, potentially jeopardizing their ability to pay staff and cover operational costs. That is when they turned to asset financing from CitiHoms Finance Company.
With an affordable and flexible payment plan, Adebayo Logistics was able to acquire the fleet they needed without breaking the bank. Over the next few months, their revenue skyrocketed as they fulfilled the contract and expanded their operations. Asset financing not only enabled them to seize this business opportunity but also helped them grow sustainably.
Today, Adebayo Logistics is one of the fastest-growing transport companies in the region, a testament to the power of timely financial solutions.
Why Businesses Need Asset Financing
- Preserves Cash Flow: Asset financing spreads payments over time, allowing businesses to retain their working capital.
- Quick Access to Equipment: No need to wait until you have saved up for major purchases; asset financing gives you access to the equipment you need when you need it.
- Tax Benefits: Many forms of asset financing come with tax deductions on interest payments, which can further reduce the cost.
- Increased Flexibility: From leasing to hire purchase, businesses have multiple options to choose the plan that best fits their financial situation.
- Protects Against Depreciation: Leasing, in particular, helps businesses avoid the risk of depreciation that comes with owning rapidly outdated equipment, especially in tech-heavy industries.
At CitiHoms Finance, we understand that every business journey is unique, which is why we offer tailored asset financing solutions designed to meet your specific needs. Whether you are a small business looking to expand or an established company aiming to upgrade, our flexible financing plans can help you get the equipment you need to stay competitive.
Do not let capital constraints hold your business back. Contact CitiHoms Finance Company today to explore how our asset financing solutions can fuel your business growth. With us by your side, you will have the tools you need to succeed without sacrificing your financial stability.
Get started now by visiting our website or speaking to one of our experts. Let us grow your business together!
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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