Economy
Stanbic IBTC Bank Assures Agribusiness Owners Loans for Expansion
By Aduragbemi Omiyale
One of the aspirations of agribusiness owners is to expand their operations but this has not been mostly achieved because of the paucity of funds.
However, Stanbic IBTC Bank has promised to solve this problem by providing financing solutions for agricultural enterprises to suit their requirements concerning the availability of resources to purchase mechanised farming equipment, as well as the enhancement of seasonal cash flow for industrial production.
The lender stated that it is supporting the sector because of its importance to the country’s economy as it is central to sustainable development and critical for generating employment.
The Head of Agribusiness at Stanbic IBTC Bank, Mr Wole Oshin, said that Nigeria’s ambitions for accelerated and inclusive economic growth were contingent on achieving a vibrant agro-allied sector that can support extensive enterprise development and employment.
He stressed that Stanbic IBTC offered various credit facilities across the agricultural sector that aid value chain players to thrive.
“The available loan facilities are targeted at agribusinesses to provide short-medium term financing needs of crop and livestock producers, processors, their distribution chain and other value chain players. The loans provide revolving working capital (to meet day-to-day operational needs and purchase inputs like seeds, fertilizers, raw materials) and equipment finance solutions to farmers and agribusinesses,” Mr Oshin said.
According to him, some benefits of the Stanbic IBTC agribusiness finance include the availability of gap funding for unforeseen financial needs, maintenance of cash flow and flexibility of repayment terms based on the type of funding. He added that the facility was also versatile and can be utilised for funding resources for small and medium-sized enterprises (SMEs), vehicles and farming equipment.
Furthermore, Mr Oshin added that Stanbic IBTC had intensified efforts towards the improvement of the agro-allied sector by offering free capacity-building sessions to SMEs in the industry, noting that most sessions helped in educating SME owners on key business skills.
He noted that Stanbic IBTC Bank equally provided financing solutions for agricultural enterprises to suit their requirements concerning the availability of resources to purchase mechanised farming equipment, as well as the enhancement of seasonal cash flow for industrial production.
“For instance, Stanbic IBTC committed ₦50 billion to launch a nationwide agricultural finance scheme. The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and signed a memorandum of understanding to boost agricultural productivity and modernisation by facilitating increased bank lending to the sector,” he stated.
Mr Oshin said that Stanbic IBTC has committed these funds for the takeoff of the scheme. The first phase of the scheme is projected to impact thousands of lives through job creation and boost the revenue of farmers and businesses in the agro-allied industry, which is a testament to the financial institution’s efforts to drive inclusive economic growth through agriculture.
He explained that Stanbic IBTC envisioned that the programme would increase farmland output, diversify the revenue base, and provide vital resources and raw materials to the manufacturing sector. He said that the idea of providing financial solutions for agriculture and agro-allied industries as a strategy for accelerated economic growth is gradually beginning to take hold.
“Stanbic IBTC understands that funding the agro-allied industries is a sure way to diversify the Nigerian economy, as these industries are primed to spark off rapid enterprise development in Nigeria,” Mr Oshin noted.
Enhancing credit access to small farmers and agro-based enterprises at low rates of interest will have a far-reaching impact on the micro and macro economy. The growth of the agricultural sector is pivotal to economic development. Stanbic IBTC recognises this and that is why the organisation is intentionally developing initiatives and fostering partnerships that support players in the industry.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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