Business

NEXIMbank, AFDB commences training on launching of Factoring Service in Nigeria

Published

2 years ago

July 31, 2023

Joel Ajayi

In its determination to promote and drive factoring Service as an alternative financing instrument to traditional lending to support Small and Medium Scale Enterprises (SMEs) the NEXIMbank, AFDB has launched factoring training activity to elevate the knowledge of factoring in an emerging markets.

While Speaking on Monday in Abuja on the occasion of the FAPA Grant workshop Training Programme on the launching Factoring activity, the Managing Director and Chief Executive Nigerian Export-Import Bank NEXIM Abba Bello expressed that there is need to promote financial inclusion and Macro, Small and Medium Enterprises MSMEs development for economic growth and employment generation in the country and beyond.

While highlighting the numerous benefits of the training to Nigeria and Africa Region, Mr Bello said the workshop wil facilitating the mainstreaming of the informal sector into the financial sector of the economy with the attendant benefits of access to finance/ working capital support, thereby enhancing financial inclusion of MSMES.

“It will broadening the supply chain financing with alternative funding window for emerging SMES with no credit records / history, thereby enhancing their export trading and employment generation potentials.

“Creation of a regulated funding environment for SMEs to operate, grow and sustain their operations without depending on tangible collaterals to secure institutional funding support.

“Ensuring Nigeria’s readiness to competitively trade under with attractive payment terms for buyers of Nigerian goods and services in all sectors of the economy, thereby broadening the national export basket.

“Facilitating the growth and development of the trade credit insurance market, and other key financial infrastructure that will engender a sustainable factoring ecosystem.”

He however, said that the training will no doubt facilitate capacity building and technical skills acquisition preparatory to the introduction of factoring service in Nigeria.

In his addressed the Head , Client Relations, Anglophone West Africa Representative of the Regional Chief Operating Officer, Mr Peter Olowoloni reiterated that Afreximbank, will not relent in its efforts at supporting SMEs, factoring companies, banks and corporates in Africa with the requisite financing, capacity building and technical assistance amongst other interventions.

According to him, as the implementation of the AfCFTA gathers pace and with the immense opportunities it provides for SMEs, Afreximbank has redoubled its efforts towards providing an institutional stimulus for SME financing through its factoring strategy.

“Our factoring strategy is complemented by our Supply Chain Finance product/platform and SME development programme. The latter is deployed through financial intermediation using commercial banks and trade finance intermediaries and includes technical capacity building and training of SMEs. Afreximbank has prioritised thought leadership and awareness campaigns on factoring in Africa and in 2023, we are undertaking a series of events to drive factoring.

“In March, we convened a webinar in collaboration with Making Finance Work for Africa (MFW4A), FCI and Association of African Development Finance Institutions (AADFI). The event saw over 150 participants from the development finance sector, commercial banks and financial institutions participating and focused on rallying these key capacitors while developing their technical skills in factoring.

“The time is now for Africa to take its development destiny into its own hands. The reality is this, SMEs have to be included in intra-African trade as direct or indirect exporters, to guarantee success of the AfCFTA.” He disclosed.

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Business

FG To Seize Mortgaged Property of Defualting Retiring Public Servants

Published

2 weeks ago

April 23, 2025

The Gleamer

Joel Ajayi

Federal Government Staff Housing Loans Board will henceforth seize mortgaged properties of retiring federal public servants who failed to fully repay the housing loans advanced to them by the board.

In a statement issued by the Staff Housing Loans Board Head, Information & PRU Obiechina Ngozi on Wednesday in Abuja reveals that this is in accordance with the Public Service Rules 021002 (p) as issued by the Office of the Head of the Civil Service of the Federation.

The OHCSF sent out the memo as a reminder for the federal public servants who are about to retire to adhere strictly to the provisions of the Public Service Rules.

The memo reads; “I am directed to bring to your attention the provision of Public Service Rule (PSR) 021002 (p), which mandates all public servants to obtain a Certificate of Non-indebtedness to the Federal Government Staff Housing Loans Board (FGSHLB) and any MDA Staff Multipurpose Cooperative Society, as issued by the OHCSF, as a prerequisite for retirement.”

“Further to the above, it should be noted that in the event of exiting the service prior to full repayment of the housing loan advanced by the FGSHLB, the Board shall exercise its legal right to seize the mortgaged property.”

Speaking on the above, Salamatu Ladi Ahmed, Executive Secretary, FGSHLB, reiterated that the warning is also for retired officers who defaulted.
She stated that the management of the Board, on its part, is compiling the list of all retired federal public servants who are still owing the housing loans they obtained while in service, to be sent to relevant regulatory agencies to recover the debts from them.

FGSHLB is committed to ensuring that all public servants comply with this rule and obtain the necessary Certificate of Non-indebtedness before retirement, and urge all those affected to take immediate action and settle any outstanding debts or liabilities with the Board.

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