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Loans for SME worth 10 Billion Naira – Rosabon

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Who are Rosabon Financial Services?

Rosabon Financial Services is an award-winning market-oriented organization that creates wealth and facilitates growth in Nigeria.  

Rosabon Financial Services is a member of the Concept Group, Licensed by the Central Bank of Nigeria, CBN on April 22, 1993, and is a long-standing member of the Equipment Leasing Association of Nigeria (ELAN), the organization has evolved into Nigeria’s leading Non-Banking Financial Intermediary and Equipment Leasing firm focused on niche and general markets.

What does Rosabon Financial Services do?

Their work draws on over 23 years of experience in the field of finance management, tailoring lease, loans, and investment offerings to meet the financial needs of their customers either in the long or short term.

Achievements of Rosabon Financial Services

Over the years, Rosabon Financial Services have received awards (Local and International) for their outstanding work in the industry, some of which are:

African Financial Quality Service Loans

Award for best practice in Equipment Leasing

Corporate Venturing and Treasury Management 2014

These were given by the Institute for Government Research and Leadership and Best SME Financial Advisory Nigeria, 2015 by Capital Finance International, an affiliate of World Bank and International Finance Corporation and MEA Business Award for Leading Experts in Bespoke Wealth Management Services 2016 – Nigeria (The first of winner of such award in Africa).

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How much loan is Roasabon Financial Services given to SME’s?

Rosabon Financial Services has announced a new loan facility of up to Ten Billion Naira (N10bn) for eligible small businesses and corporate organizations in Nigeria.

Rosabon said in a statement on Sunday that the new facility is a part of its role in supporting businesses in Nigeria, especially in the face of the daring impact of the second wave of the COVID-19 pandemic.

How long does it take to get the loan from Rosabon Financial Services?

The company said businesses registered in Nigeria for more than a year were qualified for the facility, which would be available within 48 hours of application.

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The Managing Director, Chukwuma Ochonogor, stated that this year’s facility was to sustain support for business owners and limit the damage caused by the pandemic in the past year, and also help businesses become more resilient and sustainable in the wake of the pandemic’s second wave.

He said, “We know some business owners have experienced revenue loss, and some are still experiencing the revenue loss. That is why we have introduced loan facilities that will help their business operations to thrive.

“We hope as we journey with our business community by deploying our loan facility and expertise, we will be providing a much-needed financial cushion required to navigate the new normal.”

Ochonogor added that the bigger goal was to boost the country’s economic growth by supporting the businesses and corporate organizations through access to finance in the face of an economic recession and an increasingly tough operating environment.

He also pointed out, that Rosabon had earlier announced a series of loans to the tune of N5bn targeted at small businesses and corporates, healthcare service providers, civil servants, and others to cushion the impact of the pandemic and support the economy.

The company said the interest rate was at a single digit, with repayment tenor put at 24 months.

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Dangote refinery will strengthen Nigerian economy – National Assembly

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Dangote refinery will strengthen Nigerian economy - National Assembly

The Oil refinery being built by Dangote Group will strengthen the Nigerian currency and prevent economic crash down when it starts its operations.

This was stated by the Legislature on Tuesday, during an inspection visit to the site of the Dangote refinery, petrochemicals complex, fertilizer plant, and subsea gas pipeline projects in Lagos.

The Chairman, Senate Committee on Petroleum Industry Bill, Mr Sabo Nakuda, said, “With the new PIB coming up, we intend to visit all the other refineries, not only Dangote refinery”.

“We were in Kaduna yesterday (Monday). We are going to Port-Harcourt and Warri so that we know what the industry entails and what needs to be done to be captured in the bill so that there will be ease of operations.”

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Still, on the refinery, he said, “I’m totally overwhelmed. And looking at this investment here, it is unbelievable that a single individual can confront this kind of project at this time of our economic dispensation.”

Nakuda said outside the job creation, which the project will provide, “I’m sure that by the time this refinery comes on stream, even the local currency is going to be strengthened because we spend millions of dollars importing finished petroleum products.”

He said the National Assembly would give the project all necessary support to ensure that the refinery kicks off.

“If you don’t help this industry, this refinery to come on stream, then, it means the Nigerian economy is going to be doomed,” he added.

On the PIB, he said the lawmakers were working hard, to ensure its passage within the next two months.

The Chairman, Adhoc Committee on PIB, House of Representatives, Mr. Mohammed Monguno, also commended the Dangote Group for the project, saying it would help to diversify the economy and boost foreign exchange reserves.

He said, “The passage of the PIB will make sure that the enabling environment is created by way of legislation for such private investments to thrive, and make the oil and gas industry much more competitive to also attract further investments into the country.”

The Executive Director, Strategy, Capital Projects and Portfolio Development, Dangote Group, Mr. Devakumar Edwin, said the 650,000-barrels-per-day refinery could meet 100 percent of the Nigerian requirement of all liquid petroleum products and would have surplus for export.

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FG Gas expansion to lift 100m out of poverty – Sylva

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The Federal Government’s National Gas Expansion Programme will lift over 100 million Nigerians out of poverty. This was disclosed on Monday by the Minister of State for Petroleum Resources, Chief Timipre Sylva.

“This is a practical demonstration of President Muhammadu Buhari’s commitment to lift 100 million Nigerians out of poverty by using gas value chain as a catalyst for social and economic development in Nigeria”, Sylva Said.

Sylva, while speaking in Ado Ekiti during the inauguration of the NGEP in Southwest Nigeria said, this is geared towards making gas an alternative source of energy for industrial, transportation, and domestic use.

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The minister said, “The programme has its main objective to reinforce and expand gas supply as well as stimulate demand in Nigeria through effective and efficient mobilisation and utilisation of all available assets, resources and infrastructure in the country.

“The programme is driven towards the implementation of Mr. President June 12, 2019 promise to take hundred million Nigerians out of poverty within the current decade by ensuring that locally produced, available, accessible and affordable fuel is sufficiently supplied throughout the country”.

Sylva said Nigeria was richly endowed with mineral resources, specifically, hydrocarbons, crude oil, and natural gas with proven gas reserves of over 200 trillion cubic feet of natural gas, which he said had presented the country with an opportunity to use gas as a catalyst for a social economy renaissance.

Read More: ESN: Ohaneze Ndigbo denounces as harmful, the use of force in Orlu.

Ekiti State Governor, Dr Kayode Fayemi, lauded Buhari’s dedication to implementing programmes directed at improving the lives of the people through job creation, social security schemes, stimulating the economy, and attending to security challenges in the nation.

Fayemi said that his administration would continue to key into life lifting programmes of the Buhari-led administration to improve the standard of living of the people of the State.

He said, “While we are in full support of the Federal Government in the implementation of NGEP in the state, our ultimate goal is to connect the state directly with gas supply via either Ajaokuta in Kogi State or Ore in Ondo State; the two points that offer our state the best opportunity for connection. We, therefore, plead with private sector players and the ministry to assist us in this venture.”

He said his administration recognized the various benefits embedded in the NGEP initiative ranging from reduction of importation of fuel to creation of employment opportunity for the youths and improvement of access to gas for transportation and domestics use at an affordable price in the State.

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Passengers stranded in Kano as tricycle operators stop work

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Passengers have been stranded on Monday morning at various take-points in the commercial city of Kano.

This was caused by the withdrawal of services by tricycle operators, who whose intent is to quietly protest the N100 daily levy.

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The levy is a due assigned to the tricycle operators to pay daily to the state government.

Since the state government has refused to remove the levy, the tricycle took it upon themselves to get into

Numerous workers were stranded at their respective bus stops, while some, whose places of work are within the vicinity trekked.

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