🇳🇬NigeriaWest Africa
Nigerian SMEs need infrastructure, skills, and digital transformation beyond financing, says FCMB executive
via Punch Nigeria12 min read
George Ogbonnaya, FCMB's Senior Vice President and Divisional Head of Business Banking, states that Nigerian small and medium-sized enterprises SMEs require more than just access to finance to achieve sustainable growth. He emphasizes that critical drivers for growth include reliable infrastructure, such as electricity, efficient logistics, and robust digital networks, alongside skills development and digital transformation. Ogbonnaya highlights that energy costs, particularly, have a significant impact on operating expenses, leading FCMB to invest in renewable energy financing to help businesses reduce costs. He also points out the importance of improving logistics within Africa and providing affordable access to digital tools. Skills development, including management capabilities and specialized expertise, is crucial for entrepreneurs to scale successfully. FCMB, with its history of supporting Nigeria's economic development, aims to be a partner in businesses' growth journeys, especially during challenging economic periods marked by high inflation and rising operating costs. The bank offers tailored financial solutions, leverages alternative data and digital lending models, and seeks funding from development finance institutions to provide affordable financing options. Beyond financing, FCMB focuses on digital enablement, business development, and capacity building, training over 4,500 SMEs annually through various programs. The bank's Business Zone platform, expanded with
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Must ReadThe International Finance Corporation IFC and Standard Chartered Bank have introduced a $300 million risk-sharing facility to enhance access to supply chain finance for businesses across eight African countries, including Nigeria. This initiative aims to address funding shortages faced by firms on the continent. The program is projected to support supply chain and trade finance transactions totaling approximately $1.9 billion over the next three years, benefiting over 500 suppliers, including small and medium-sized enterprises SMEs. The facility will be implemented in Côte d’Ivoire, Egypt, Ghana, Kenya, Nigeria, South Africa, Tanzania, and Zambia, focusing on sectors such as agriculture, healthcare, and manufacturing. The IFC, the private sector investment arm of the World Bank Group, will provide guarantees of up to $150 million, with an initial commitment of $100 million, covering transactions in US dollars and selected local currencies. This risk-sharing structure will cover up to $300 million in supply chain and trade finance assets originated by Standard Chartered in Africa. The program will utilize financing tools like payables finance, receivables discounting, and pre-shipment finance schemes to improve working capital access for smaller businesses, ensuring faster payments for suppliers. Mohamed Gouled, IFC Vice President for Products and Clients, stated that supply chain finance is a rapid way to address the funding challenges in developing economies, particularly fo
Former unified heavyweight champion Anthony Joshua stated he has no regrets regarding the damage inflicted on Jake Paul during their December 2025 heavyweight bout. Joshua, a British-Nigerian, responded to questions about Paul's potential retirement by saying, "I think that’s what was asked of me, and I think I delivered." He broke Paul’s jaw in two places in the sixth round of their fight in Miami, resulting in Paul having two titanium plates fitted and a professional record of 12-2. Paul has been inactive since, acknowledging the possibility of his boxing career ending. Joshua, speaking ahead of his July 25 fight against Kristian Prenga in Saudi Arabia, revealed he had a clear mandate for the Paul bout: "There was a strict message that was given, and a task that was laid upon me, and that was to get rid of Jake Paul and remove him from our beloved sport." He added that the job was "well and truly done." Joshua also credited the fight with reigniting his career after a year away from the ring following his September 2024 knockout defeat to Daniel Dubois. He noted, "A lot of people said, ‘That’s the guy we knew,’ and it felt good to be back." Shortly after the Paul fight, Joshua was involved in a fatal car crash in Nigeria as a passenger, which claimed the lives of two friends and team members, Sina Ghami and Latif Ayodele. His current focus is on Prenga in July, followed by an anticipated all-British showdown with Tyson Fury later in the year. Fury returned in April with a p
Former Super Eagles defender Godwin Okpara supports Victor Osimhen's proposed transfer to Paris Saint-Germain, believing the Nigerian striker would thrive there and contribute to the club's European dominance. Osimhen, who had a prolific season with Galatasaray, scoring 22 goals and providing six assists, has attracted interest from several top European clubs. Okpara, a former PSG player, stated that the move would strengthen PSG and benefit Osimhen, citing his previous success in the French league with Lille. He believes Osimhen's move to PSG would be good for both the player and Nigeria. While PSG is reportedly interested in Osimhen, Atletico Madrid has also entered the race, with initial talks held. Galatasaray is demanding at least €100m for Osimhen, a figure Atletico might meet if Julian Alvarez departs. Osimhen has also drawn interest from Barcelona, Bayern Munich, Chelsea, and Manchester United, but sources indicate he will only leave Galatasaray if the club decides to sell him.
Must ReadFour members of the Al-Shabaab terrorist group have been sentenced to death by hanging by the Federal High Court in Abuja for their involvement in the June 5, 2022, attack on St. Francis Catholic Church in Owo, Ondo State. The attack resulted in over 40 deaths and more than 100 injuries. Justice Emeka Nwite convicted Idris Abdulmalik Omeiza, Al Qasim Idris, Jamiu Abdulmalik, and Abdulhaleem Idris on a nine-count terrorism charge. However, the court discharged and acquitted Momoh Abubakar due to insufficient evidence. Ondo State Governor, Lucky Aiyedatiwa, and the Olowo of Owo, Oba Ajibade Ogunoye, expressed satisfaction with the judgment, stating that justice had been served. The Catholic Bishop of Ondo Diocese, Jude Arogundade, also commended the judgment but noted that the scar from the incident remains with the church. Justice Nwite ruled that the prosecution successfully established the guilt of the four convicts, who were identified as principal members of an Al-Shabaab cell operating in Kogi State and active participants in the church assault. The prosecution presented 11 witnesses and 23 exhibits, including confessional statements and a digital forensic examination report, to prove its case. Governor Aiyedatiwa praised the judiciary and security agencies, calling the verdict a "victory for justice, the rule of law, and for all victims." Oba Ogunoye urged further investigation into anyone else involved in the massacre. Bishop Arogundade reflected on the lasting impact o