Zenith Bank - Afrikan Heroes

Afreximbank Disburses US$200 million to Zenith Bank Nigeria to Cushion Impact of COVID-19

September 11, 2020

Group Managing Director/Chief Executive of Zenith Bank, Mr. Ebenezer Onyeagwu

The African Export-Import Bank (Afreximbank) has disbursed US$200 million to Zenith Bank Plc Nigeria under its Pandemic Trade Impact Mitigation Facility (PATIMFA).The funds will assist Zenith Bank to continue to maintain foreign currency trade flows impacted by the COVID-19 pandemic. They will also allow Zenith Bank to on-lend to eligible sub-borrowers involved in the manufacture and supply of medical resources needed to combat the COVID-19 pandemic.

Speaking on the facility, the Group Managing Director/Chief Executive of Zenith Bank, Mr. Ebenezer Onyeagwu said: “The Afreximbank facility undoubtedly underscores the confidence reposed in Zenith Bank, and it will enable the bank to contribute to the fight against the COVID-19 pandemic by providing trade finance and foreign currency funding for the importation of urgent medical equipment and raw materials.”

Prof Benedict Oramah, president Afriexim bank

Zenith Bank Plc is Nigeria’s largest bank by Tier-1 capital. The bank serves more than 9 million corporate and individual clients through its network of over 500 branches across Nigeria and its subsidiaries in the Gambia, Ghana, Sierra Leone and the United Kingdom. It also has a representative office in Beijing China, and Dubai (UAE) a branch of Zenith Bank UK.

Prof. Benedict Oramah, President of Afreximbank, said: “The Pandemic Trade Impact Mitigation Facility (PATIMFA) is designed to support and stabilize the foreign exchange resources of African countries, enabling them to support critical imports under emergency conditions. We are pleased to contribute to keeping economies going especially during this pandemic. The role that banks such as Zenith Bank play in Africa is huge. Supporting them to carry out their mandate is our greatest contribution to making sure that African countries and institutions build back better from the shocks of the pandemic.”

PATIMFA was set up in March 2020 to provide financing to assist Afreximbank member countries to adjust in an orderly manner to the financial, economic and health services shocks caused by the COVID-19 pandemic. This 3-year medium-term facility has been availed through direct funding. Afreximbank has already disbursed more than US$3.5 billion under PATIMFA. In addition, the Bank provided a grant of US$3 million towards the COVID-19 Special Fund set up by the African Union as well as to the African Center for Disease Control and other agencies.

Afreximbank has a history of providing support to African economies in times of economic crisis. During the 2015 economic crisis, it introduced a Counter-Cyclical Trade Liquidity Facility under which it disbursed more than $10 billion on a revolving basis to enable member countries to adjust to the adverse economic shocks. That facility helped key African economies to manage that crisis and recover swiftly.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

IFC Invests $100m In Nigeria’s Zenith Bank For Loans To SMEs

June 19, 2020

IFC, a member of the World Bank Group, has announced an investment of up to $100 million in Nigeria’s Zenith Bank Plc to help it increase support to clients and companies whose cash flows have been disrupted by challenges caused by the COVID-19 pandemic.

Ebenezer Onyeagwu, the Group Managing Director/CEO of Zenith Bank

“IFC’s support is essential and will help us respond to challenges resulting from the COVID-19 pandemic. It will allow us to support compelling export initiatives and trade financing for critical goods and materials, especially for the medical and pharmaceuticals sectors. Our partnership with IFC is strong and we are committed to its environmental, social, and governance (ESG) requirements,” Ebenezer Onyeagwu, the Group Managing Director/CEO of Zenith Bank, said.

Here Is What You Need To Know

This investment to Zenith Bank Plc is IFC’s l first investment in Africa through its COVID-19 fast-track financing support package.
IFC’s loan to Zenith is part of its $8 billion global fast-track financing package, announced in March to support business activity and preserve jobs in the face of COVID-19. Close to 300 clients have requested support globally.
The funding will help Zenith, an existing IFC client and Africa’s sixth-largest bank, to overcome challenges resulting from ongoing limited access to foreign currency, working capital, and trade funding.

“IFC’s support for Nigeria’s banking sector will help keep the wheels of Nigeria’s economy turning at a time when it is facing a major challenge from COVID-19. Our experience from past shocks, including the global financial crisis in 2008, has taught us that keeping companies solvent is key to saving jobs and limiting economic damage,” Eme Essien Lore, IFC’s Country Manager in Nigeria, said.

*Africa’s top banks, 2019. Source: Africanbusinesssmagazine*

With the new funding, Zenith will support dozens of businesses in Nigeria’s health, pharmaceuticals, food, and trading sectors, allowing them to strengthen operations, maintain employment, and access critical imports of goods, commodities, and raw materials during these challenging economic times.
Zenith Bank has more than 400 branches in Nigeria and serves over 9 million corporate and individual clients within its global footprint. IFC’s overall portfolio in Nigeria stands at $1.3 billion, in sectors including manufacturing, financial services, infrastructure, and technology.

Interested in procuring loans from Zenith Bank, click here https://www.zenithbank.com/sme-banking/loans/

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.