E-Financial
Aregbesola tasks CBN over Agric Financing
Governor Rauf Aregbesola of Osun State has urged the Central Bank of Nigeria (CBN) to change its attitude towards the state by treating its application for support programme to assist genuine farmers.
The Governor made the appeal at the third anniversary of the Quick Impact Intervention Programme and turning of sod and laying of foundation for the Osun Soil and Food Laboratory Comalex at Free Trade Zone, Abere, Osogbo
He said: “We have embraced the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), which unfortunately is being unduly delayed.
This unproductive delay has its root in the non-operation of NIRSAL. For our counterpart fund of N300 million in the N600 million QIIP 2, we made available our N9 million NIRSAL Premium for its first year of operation.
“Unfortunately, NIRSAL, which was supposed to be in operation was not and could not avail the premium and the money had to be returned to our treasury without the supporting benefits we intended to get for our farmers and for which the Central Bank of Nigeria (CBN) had earlier assured us.”
Aregbesola therefore called on the CBN to hasten action by ensuring that NIRSAL begins operation before the end of the year, saying an effectively functional programme like NIRSAL will boost and speed up agric-financing by the financial institutions.
According to him, “this programme will encourage financial institutions to support a large number of small and large-scale farm-holders and promote revolvability of loans and build up the necessary wide pool of agric-financing expertise in our economy for consistent and sustainable growth and development of agriculture in our country.
“In addition to the loan scheme, QIIP has been working assiduously to implement a variety of other projects. One of them is the Osun Modern Beekeeping, Queen Honey Bee Rearing Project (O-Honey.) We have established a modern apiary with queen bee rearing capacity and extractor – the first of its kind in Sub-Saharan Africa. It is expected that this will boost production and plant pollination in the state, specifically at Odo-Otin Local Government Area.
“The focus of the project includes training of unemployed youths in modern beekeeping and queen honey bee rearing, production of honey and wax, distribution of starter package to beginner beekeepers, increasing bee pollination for increase in crop yield and export of honey. Compensation has recently been paid to the land donors at Oyan, and work is ongoing to complete the construction of the factory and the installation of the honey processing equipment.
“Let me also add that programmes like O’REAP(Osun Rural Enterprise and Agricultural Programme), O’REAP Youth Academy, the Osun Broilers Out-Growers’ Production (O’BOPS), the Osun Fisheries Out-Growers’
Production (O’FOPS); the Osun Beef Value Chain project (O’BEEF), and the Osun Elementary School Feeding and Health Programme (O’MEALS) have effectively seen to the empowerment of many of our people.”
“Additionally, through the Osun Agricultural Development Corporation
(OSADEC), we have distributed 10 sets of gari processing machines; 10 sets of cassava chips machines; and three sets of yam flour processing machines at subsidized prices to interested Cooperative groups and other members of the public.
“We have done the same with agricultural inputs for our farmers who have benefitted from highly subsidized fertilizer, solid herbicides, liquid insecticides, solid insecticides, fungicides and other agro chemicals.
“The subsidy programme to farmers also includes the distribution of improved rice, cassava, palm oil and cocoa seedlings, among many other viable empowerment programmes time will not allow me to highlight.
“Distinguished audience, the Osun Soil and Food Laboratory we are laying its foundation today is another programme that will move the state further in its quest to become a formidable emporium of food production, food security, and economic growth.
“This momentous initiative is a product of the collaboration between our state and the State of Saxony-Anhalt in Germany. Our German partners designed the complex whose foundation we are laying today.
When completed, this laboratory will be a key resource for increasing the quantity and quality of food production in the state, as well as provide jobs for some of our unemployed scientists and technologists.
“The soil laboratory will help ensure that crops are grown in appropriate soils and where soils are nutritionally deficient the lab will provide recommendations for suitable fertilisation. The food laboratory will determine nutritional content of foods and livestock feed, ensure quality in food products and detect or prevent contamination along the entire value chain.
“Any producer intending to export their products overseas will be able to bring their products to the lab and have them tested and certified in line with international standards and best practices. When the products are properly certified, the risk of rejection at the destination ports will reduce.
“This laboratory will further expand and widen the enabling environment for food production and security that this administration has already taken numerous steps to actualise in the state.
“I wish to assure you all that this project will come to fruition. We are starting it and we will complete it. We are also not tired of doing more for our farmers. We are more energised to see to the progressive empowerment of our active adult citizens.
“If in three and a half years we are able to turn the agricultural sector positively around, empower our people, create decent jobs, and engender increased food production, there can be no doubt that with additional four years we will perform more spectacularly.”
FundQuest Financial Services Limited marked this year’s International Women’s Month with a renewed commitment to economic empowerment, hosting the inaugural FundHER by FundQuest Conference.
This initiative brought together over 100 women-led Small and Medium Enterprises (SMEs), providing them with actionable business insights, high-value networking, and, most importantly, access to funding.
Delivering the first keynote address, Dr. Jennifer Seidu, Principal Consultant, JV Management Consulting Limited, underscored the critical hurdles female entrepreneurs face: constrained access to funding, market expansion limitations, regulatory roadblocks, and operational inefficiencies.
She lauded FundQuest’s decisive intervention through FundHER, recognising the initiative as a timely and much-needed response to the financial inequities that women-led businesses encounter.
Joan Ediagbonya, Group Head, Brand Communication and Customer Experience at FundQuest, also reinforced these concerns with data, pointing out that while women own 45 per cent of SMEs in Nigeria, only 10 per cent have access to formal funding. Quoting Michelle Obama, she emphasised, “No country can ever truly flourish if it stifles the potential of its women and deprives itself of the contributions of half of its citizens.”
Similarly, Ms. Olubukola Olaigbe, CEO of Veedic Nigeria Limited, shared how accessing financing from FundQuest facilitated her logistics firm’s expansion, proving that with the right financial support, women entrepreneurs can achieve remarkable business growth.
Speaking on the future of FundHER, Mr. Abiodun Akinjayeju, Managing Director and CEO of FundQuest, made it clear that this initiative is here to stay. In his words; “If you educate a woman, you educate a nation; if you fund a woman’s business, you are funding the economy.”
Fidelity Bank Plc, leading financial institution, released its 2024 full-year Audited Financial Statements, reporting a 210% growth in Profit Before Tax to N385.2 billion.
According to the Bank’s results released on the Nigerian Exchange (NGX) on Friday, 28 March 2025, Gross Earnings increased by 87.7% to N1,043.4bn, driven by 106.9% growth in interest and similar income to N950.6bn.
The increase in Interest Income was led by a combination of improved yield on earnings assets and 51.6% expansion in earnings base to N6.3tn. This led to a Profit After Tax of N278.1 billion, representing a 179.6% annual growth.
Commenting on the results, Dr. Nneka Onyeali-Ikpe, managing director/chief executive officer, Fidelity Bank Plc said, “We are delighted with our 2024 full-year (FY) performance, which showed strong growth across key revenue lines, improved asset quality, and significant traction in our strategic business segments.
“Our impressive results led to a triple-digit increase (210.0%) in Profit Before Tax (PBT), rising from N124.3bn in 2023 to N385.2bn in 2024.”
A further review of the financial performance revealed that the bank’s net interest income increased by 127.1% to N629.8 billion, driven by a high-yield environment in 2024.
To optimize its margin, the bank sustained its asset yields above funding cost by maintaining a high low-cost deposit profile at 92.6%. This led to an increase in its Net Interest Margin from 8.1% in 2023 FY to 12.0%.
Similarly, the bank continued to deepen its market share in both the corporate and retail segments, with customer deposits increasing by 47.9% from N4.0trn in 2023FY to N5.9trn. The increase was driven by strong double-digit growth across all deposit types.
The Retail Banking Business gained significant traction with savings deposits increasing by 28.8% to N1.1trn, marking the 10th consecutive year of double-digit annual growth in savings deposits.
Despite the difficult economic terrain in 2024, the bank has continued to support the real sector of the economy by increasing its Net Loans & Advances from N3.1tn in 2023FY to N4.4tn in 2024FY.
“This remarkable performance demonstrates our capacity to deliver superior returns to our shareholders. In line with our commitment to them, we have declared a final dividend of N1.25 per share, bringing our total dividend for the 2024 financial year to N2.10 per share”, explained Onyeali-Ikpe.
Having consistently paid dividends since 2006, Fidelity Bank will pay investors a total dividend of N2.10 per share for the 2024 financial year, subject to shareholders’ approval at its Annual General Meeting (AGM) on 29 April 2024. The dividend will be paid on 29 April 2025 to shareholders whose names appear on the register of members as of 15 April 2025.
It will be recalled that the bank successfully completed the first phase of its capital raising exercise through a Public Offer and Rights Issue in 2024, which were oversubscribed by 237.92% and 137.73%, respectively.
The positive result is a testament to the strength of the Bank’s franchise in the capital market. A total of N175.9bn was recognized as fresh capital in 2024 financial year from the exercise, which had a positive impact on its Capital Adequacy Ratio (CAR) at 23.5%.
The bank plans to conclude the second phase by Q3 2025, ahead of the Central Bank of Nigeria’s deadline, which will further strengthen its capital base and reaffirm its attainment of Tier 1 Bank status in the Nigerian Banking Industry.
Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards
The World Bank has approved a $500 million loan to Nigeria to support the country’s Community Action for Resilience and Economic Stimulus Programme.
According to information obtained from the bank’s website on Sunday, the approval, which took place on March 28, 2025, marks a significant step in addressing Nigeria’s economic challenges through expanded access to livelihood support, food security services, and grants for poor and vulnerable households and firms.
The project, officially titled the NIGERIA: Community Action (for) Resilience and Economic Stimulus Program, aims to provide essential support to households affected by economic downturns and to bolster community resilience.
It also seeks to improve food security and create economic opportunities for populations most affected by recent economic disruptions.
According to the World Bank, the program represents a significant step toward addressing systemic vulnerabilities in Nigeria’s economy.
By channeling resources directly to underserved communities, the project should alleviate the burden of rising living costs while fostering sustainable growth.
The $500 million loan is not the only financial commitment Nigeria anticipates this week as two additional funding packages are in the pipeline, awaiting final approval.
One of the loans is valued at $80 million and will focus on accelerating nutrition outcomes across the country.
The second, worth approximately $552 million, is designed to enhance access to quality basic education nationwide as both projects are scheduled for final clearance on March 31, 2025.
These loans are part of the World Bank’s broader strategy to support Nigeria’s development priorities, most especially in areas such as healthcare, education, and poverty alleviation, while the institution emphasized the importance of implementing these programs efficiently to ensure maximum impact.
While the loans aim to address urgent socio-economic needs, Nigeria’s rising debt profile has raised concerns among stakeholders. Under the President Bola Tinubu’s leadership, the country has received approvals for 11 World Bank projects totaling 7.45 billion in less than two years. However, data from the Debt Management Office (DMO) reveal that only 774.99 million (about 16% of the approved amount) had been disbursed as of July 31, 2024.
This slow pace of disbursement has sparked debates about the efficiency of project execution and fund utilization
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