E-Financial
Ibom FADAMA Microfinance Bank Set to Commence Operations
All is now set for commencement of operations at the Ibom FADAMA Microfinance Bank located in Uyo, the Akwa Ibom State capital, the Board Chairman, Umo Eno has said.
The chairman made this known shortly after an on-the-spot inspection of the facility to ascertain the state of preparedness for operations.
He noted that the bank was ready to commence operations having fulfilled every operational condition and waiting for the final inspection by the regulatory body, the Central Bank of Nigeria (CBN).
According to him, the Ibom FADAMA Micro Finance Bank is basically a financial institution for farmers and other Small and Medium Scale Entrepreneurs adding that it is the desire of the bank to see that every good business idea has access to funds.
Eno urged Akwa Ibom people, especially the youths to embrace farming adding that farming is a goldmine with enormous benefits.
The Board Chairman himself a renowned entrepreneur said the bank is part of the Governor Udom Emmanuel-led administration’s initiative to stimulate the economy, encourage farming and other SMEs in the state.
He commended the state governor for his disposition to support farmers and SMEs in the state and to improve the living condition of every household.
The Board Chairman who was conducted round the facility and with a brief chat with the staff members at every section, expressed satisfaction with the state of affairs and preparedness to commence operations.
On her part, the Managing Director, Mrs. Imaobong Michael Etuk, said the bank would serve as a growth partner to Akwa Ibom farmers and SMEs who will be willing to partner with the bank adding that when flagged off, farmers in the state would witness appreciable growth in their income levels through readily available and affordable facility to fund their business ideas.
According to her, “Ibom FADAMA Microfinance Bank is a promise fulfilled to the people of Akwa Ibom State to ensure that every farmer and small scale entrepreneur that has a business idea, has access to funding, training and other necessities to get the business running. That is why we call ourselves growth partner.”
She therefore advised farmers and SMEs in the state to rejoice as the Ibom FADAMA Micro Finance Bank is their answered prayer, adding “His Excellency, Governor Udom Emmanuel has delivered on his promise to better the lots of Akwa Ibom people.”
FCMB Capital Markets Ltd. successfully led the issuance of GLNG Funding SPV Plc’s ₦11.85 billion 10-Year Series 2 Senior Guaranteed Fixed Rate Infrastructure Bond, which closed in February. This milestone underscores investor confidence in Nigeria’s clean energy transition.
The bond, issued by GLNG Funding SPV Plc and sponsored by Green Liquified Natural Gas (GLNG) as part of its capital-raising plans, is a key step in financing the construction of a mini-LNG plant with a liquefaction capacity of 200,000 standard cubic meters of gas per day.
The facility will help bridge Nigeria’s power supply gap and offer industries a cleaner, cost-effective alternative to diesel.
The issuance was backed by InfraCredit, an AAA-rated infrastructure credit guarantee firm, and is expected to generate over 500 direct and 2,000 indirect jobs, supporting Nigeria’s sustainable economic growth.
“FCMB Capital Markets remains committed to financing projects that drive clean energy adoption and long-term economic impact,” said Ikechukwu Omeruah, Managing Director, FCMB Capital Markets Limited.
“We appreciate the trust placed in us by GLNG and the invaluable role played by InfraCredit and investors in enabling the successful conclusion of this transaction.”
As gas adoption accelerates in Nigeria, a 2022 Clarke Energy report estimates that manufacturers could save up to 30% by switching to gas from the grid and as much as 80% compared to diesel.
FCMB Capital Markets, a part of FCMB Group, has been instrumental in raising over ₦3 trillion in debt and equity capital for leading corporate organizations in Nigeria over the past five years, reinforcing its position as a key player in the country’s capital markets.
Nine leading Nigerian banks collectively generated N14.26 trillion in interest income in 2024, reflecting a 119.55% increase from N6.49 trillion in 2023.
This surge is attributed to the Central Bank of Nigeria’s Monetary Policy Committee raising benchmark interest rates to combat inflation, which reached 34.80% by the end of the year.
Among the banks, Zenith Bank recorded the highest actual income increase, while First Holdco led in percentage growth. Access Holdings, UBA, GTCO, Stanbic IBTC, FCMB Group, Fidelity Bank, and Wema Bank also reported significant gains.
However, a portion of this income was derived from non-performing loans, raising concerns about the sustainability of these earnings.
In contrast, the manufacturing sector faced operational costs of N2.5 trillion, with high interest and energy expenses straining growth. Industry leaders have called for a halt to further rate hikes, warning of potential risks to the real sector’s recovery.
This financial dynamic underscores the contrasting fortunes of Nigeria’s banking and manufacturing sectors. What are your thoughts on these developments?
In a bid to woo global capital and enhance investor’s confidence, Nigeria’s top financial leaders presented a unified front at a strategic investment forum hosted at the Nasdaq MarketSite in New York.
The event was organised by the Central Bank of Nigeria (CBN) in collaboration with Nigerian Exchange Group (NGX Group), JPMorgan, and the African Private Capital Association (AVCA).
The exclusive gathering brought together leaders from the Nigerian diaspora, global investment institutions, and corporate executives for insightful dialogue on the country’s evolving financial landscape and its readiness to attract global capital for sustainable growth.
Governor of the CBN, Olayemi Cardoso in a fireside chat with Nobel Prize-winning economist Dr. James Robinson, outlined Nigeria’s monetary policy direction, growth prospects, and efforts to deepen its financial markets.
He reaffirmed the CBN’s commitment to disciplined policy management, market-friendly reforms, and enhanced transparency to foster a stable, investor-friendly environment. Cardoso also stressed the importance of strong collaboration between regulators like the CBN and market operators such as NGX Group, describing it as critical to building a resilient financial system and mobilising long-term investments.
Temi Popoola, Group Managing Director/CEO of NGX Group, moderated an engaging discussion on how Nigeria’s reforms are repositioning the country as an increasingly attractive destination for global capital.
“Today’s dialogue marks a pivotal step in reshaping global perceptions of Nigeria’s investment story,” said Popoola. “The candid engagement between policymakers, market operators, and investors reflects the real progress Nigeria is making. NGX Group remains committed to supporting reforms that strengthen market structures, drive innovation, and accelerate economic growth.”
While investors welcomed Nigeria’s reform agenda, they emphasized that sustained confidence will require consistent FX policies, lower transaction costs, reduced regulatory friction, clearer direction on non-oil revenue reforms, an improved ease of doing business, and continued transparency in monetary and fiscal communication.
The forum ended on an optimistic note, with participants expressing strong confidence in Nigeria’s economic prospects and its potential for deeper integration into global financial markets, provided reform momentum continues.
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