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

Court Orders Arrest Of Wike-led FCTA Director, 10 Others

Published

1 week ago

May 28, 2025

The Gleamer

By Aliyu Galadima

An Abuja High Court has issued a bench warrant against the director of investigation and prosecution of the FCTA, Joseph Eriki, and 10 others.Justice Suleiman Belgore has issued an order to compel the director and others to appear before the court for a suit filed against them.

The Judge’s decision followed the application of the prosecuting counsel, David Kaswe, who lamented the failure of the efforts to ensure that the suspects appear in court.

Justice Suleiman Belgore of the High Court in Abuja has issued a warrant of arrest against Joseph Eriki, the director of investigation and prosecution of the Nyesom Wike-led Federal Capital Territory Administration ,FCTA, and 10 others.

The judge had issued the order to compel the appearance of Joseph Eriki and 10 others before the court, as they had been arraigned in a suit filed against them by the federal government.

The warrant was issued following an application by the prosecution counsel, David Kaswe, who stated that all efforts to ensure the suspects’ presence in court had failed. Kaswe informed the court that the prosecution had made several attempts to notify the suspects’ lawyers and sureties, but to no avail.

He cited Section 124 of the Administration of Criminal Justice Act ,ACJA, which allows for the issuance of a bench warrant to compel attendance in court.

The court agreed to the application, issuing the warrant to ensure the suspects’ appearance for arraignment on a six-count charge. The charges against the suspects include criminal conspiracy, criminal trespass, forgery, and using a forged document as genuine.

They are also accused of using criminal force to deter a public servant from performing their duty. The suspects allegedly entered a plot of land belonging to Etha Ventures and constructed structures without authorisation, to defraud the company.

According to the prosecution, the suspects fraudulently obtained a consent judgment for the land, which was given to Super Structures Limited. The case has been adjourned until June 4 for arraignment.

The court’s decision to issue a bench warrant highlights the seriousness of the allegations and the need for the suspects to face trial. The suspects are facing a six-count charge, which was filed in February.

The court’s ruling emphasises the importance of a speedy trial and the need for the suspects to be held accountable for their actions.

With the bench warrant in place, the court is taking steps to ensure that the suspects appear in court and face the charges against them

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