FCMB secures $50m IFC loan for SMEs

International Finance Corporation, a member of the World Bank Group, has  approved $50 million loan for First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs).

The loan is to enable SMEs sustain businesses disrupted by the COVID-19 pandemic.

Mutual Benefits posts N3.6b profit

Mutual Benefits Assurance Plc has  recorded a profit after income tax of N3.61 billion in the year ended 2019, a 214 per cent increase from N1.15 billion recorded in 2018.

According to the firm, its gross premium rose by 18 per cent from N15.84 billion in 2018 to N18.7 billion last year.

AXA Mansard records N21b gross premium

Despite the challenging operating environment, AXA Mansard Insurance Plc, in its unaudited financial report 2020, has announced a Gross Written Premium (GWP) of N21.08 billion as at March, 2020 up by 21 per cent from N17.42 billion in same period in 2019.

The company’s Net Premium Income also grew N8.25 billion, up 39 per cent from N5.95billion in March 2019.

Global eWaste sees 21% rise as Africa generates 2.9 metric tones

A record 53.6 million metric tonnes (Mt) of electronic waste was generated worldwide in 2019, up 21 per cent in just five years, according to the UN’s Global E-waste Monitor 2020, released on Monday.

The new report also predicts global e-waste – discarded products with a battery or plug – will reach 74 Mt by 2030, almost a doubling of e-waste in just 16 years. This makes e-waste the world’s fastest-growing domestic waste stream, fueled mainly by higher consumption rates of electric and electronic equipment, short life cycles, and few options for repair.

Google launches Nonprofits initiative in Nigeria

Google has launched ‘Google for Nonprofits’ in Nigeria, which aims to empower not-for-profit organisations by providing them with free premium services.

For organisations that qualify, Google for Nonprofits gives access to a collection of premium apps – the same tools large enterprise corporations use – at no cost. Once approved, qualifying nonprofits can gain access to programmes such as Google Ad Grants, G-Suite for Nonprofits, YouTube’s nonprofit programmes, and more. These assist nonprofit organisations to work more quickly and efficiently to reach a wider audience, spur more supporters to take action, and tell their story in a more compelling way.

‘NPA has no Secret Account with Us’ – Unity Bank

Unity Bank Plc has refuted the claim by a certain whistle blower that the Nigerian Ports Authority operated a secret account containing $1bn with the bank.

The bank, in a statement on Tuesday, said, “We hereby state categorically that the said claim is false, baseless and lacking in merit whatsoever.

Nigeria, other African oil exporters’ll lose $34bn – IMF

The impact of the COVID-19 pandemic is estimated to cost NigeriaHow To Obtain Export License In Nigeria. and other oil exporters in Africa a total of about $34bn in revenue.

According to the International Monetary Fund, the projected decline in revenue is attributable to the dwindling global crude oil prices.

Chinese bank, Sinosure to fund $2.6bn Ajaokuta-Kano pipeline

The Bank of China and Sinosure, a Chinese export and credit insurance corporation, are to fund the $2.6bn Ajaokuta-Kaduna-Kano gas pipeline, the Federal Government said on Tuesday.

Also, two Chinese firms will work along with their counterparts in Nigeria to execute the project, which was officially inaugurated virtually by the President, Major General Muhammadu Buhari (retd.), on Tuesday.

Nigeria Government may force DSTV to Charge per View

The Federal Government of Nigeria has disclosed plans to force the Digital Satellite Television, owned by MultiChoice, a South Africa-based cable service provider, to provide pay-per-view options to Nigerian subscribers.The government also said it has amended Nigeria broadcasting code to prevent DSTV from monopolising its channels and contents.

Man Goes On Spending-Spree After Defrauding South African Government Of N128M

In South Africa, a fraudulent Unemployment Insurance Fund (UIF) payment has resulted in a packer at a paint warehouse becoming an instant millionaire.

Tshepang Phohole received a 5.7 million rands (128 million naira) payout from the UIF which was supposed to go to 1,400 workers for lockdown relief. Instead, he and his family allegedly defrauded the state and went on a massive spending spree. The UIF payment was originally meant to go to CSG Resources, a labour brokerage company, but instead, the funds landed up in Phohole’s account.