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Sterling Bank’s Imperium partners JinkoSolar to revolutionise energy business

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In a groundbreaking move, Sterling Bank Limited’s Imperium Initiative has joined forces with JinkoSolar Holding Co., Ltd. to tackle the import challenges faced by photovoltaic (PV) distributors and solar developers in Nigeria.

The partnership aims to address significant foreign exchange burdens and operational constraints, ultimately driving the adoption of solar energy in the country.

Mr Olabanjo Alimi, Group Head of Transport and Renewables (Digital Renewables and Mobility) at Sterling Bank, announced this transformative collaboration in a statement issued by the bank.

He said the Imperium Initiative seeks to streamline the process for distributors and developers, eliminating the need for them to source foreign exchange at costly rates to fund their PV panel purchases.

As a result, it will significantly reduce costs and make solar energy more accessible to Nigerian households and businesses.

JinkoSolar Holding Co., Ltd, known for its innovation and competitive pricing in the PV industry, is committed to sustainability and expanding energy access in Africa.

Notably, JinkoSolar was the first business to commercialise N-type TopCon Technology under the name Tiger Neo module as solar technology gradually transitioned from P-type to N-type.

Renewable energy is one of Sterling Bank’s strategic investments under its HEART of Sterling initiative, alongside sectors such as Health, Education, Agriculture, and Transportation.

The Imperium Initiative represents Sterling Bank’s commitment to providing alternative power solutions to households, eliminating the need for individuals to make substantial capital investments to power their homes.

Sterling Bank has also demonstrated its commitment to environmental sustainability by powering approximately 60 branches nationwide with solar energy, contributing to over 40 percent of its total branches.

Furthermore, compared to the previous year, the bank achieved a remarkable 35.4 percent increase in the deployment of solar-powered ATMs across Nigeria in 2022.

Jinko Solar, a globally recognised solar technology leader, is dedicated to reshaping the energy landscape and promoting a sustainable future. With a focus on integrated research, development, and manufacturing of photovoltaic products, the company offers comprehensive clean energy solutions and maintains its position as the global leader in module shipments, serving customers in more than 180 countries and regions worldwide.

The collaboration between Sterling Bank’s Imperium Initiative and Jinko Solar holds great promise for the Nigerian solar industry, marking a significant step towards sustainable and cost-effective energy solutions for the nation.

Partnership

Fidelity Bank boosts Nigeria’s Non-oil Exports with FITCC Houston

…Signs $40million deal with AFREXIM Bank and JohnVents Industries for cocoa export

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Standing: Simisola Ojumu, Managing Director, Regius Asset Management (a subsidiary of JohnVents Industries Ltd); and Prof Benedict Oramah, President and Chairman, African Export and Import Bank (AFREXIM Bank). Sitting: Babatunde Ajayi, Chief Strategy Officer, JohnVents Industries Ltd; Mrs Kanayo Anwani, Executive Vice President, Intra-African Trade Bank, AFREXIM Bank; Mrs. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc; and Prof Benedict Oramah, President and Chairman, AFREXIM Bank; at the signing ceremony of a $40million pre-export finance deal for JohnVents Industries Ltd at the Fidelity International Trade & Creative Connect (FITCC) in Houston, Texas, United States of America on Tuesday, 24 October 2023.


The much-anticipated second edition of the Fidelity International Trade and Creative Connect (FITCC) got off to a boisterous start on Tuesday, 24 October 2023 as leading financial institution -Fidelity Bank Plc -hosted a broad range of businesses, regulators, members of the diplomatic corps and other guests to the opening ceremony in Houston, Texas, United States of America.

Tagged FITCC Houston, the two-days event is aimed at achieving several objectives including increasing the pipeline of Nigerian businesses that export into the US market, providing the diaspora market more ethnic product options and enabling exporters to build capacity to improve product quality and meet international standards.

Welcoming participants to the event, MD/CEO, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, said, “Developments on the global scene have necessitated the need to constantly seek viable alternatives as businesses work to stay competitive in a rapidly evolving macro-economic environment. On the supply side, businesses are waking up to the imperative of catering to an international customer base in order to hedge against currency devaluation risks, increase the reach of their products and to ultimately ensure the long-term sustainability of their ventures. Indeed, globalization has emphasized the need for businesses to improve in terms of cross border offerings and collaborations.

“To bridge these gaps, we created the Fidelity International Trade & Creative Connect (FITCC) in 2022 and hosted the inaugural edition of the expo in London last November. At the event, we had over 100 Nigerian businesses connected to United Kingdom business counterparts and deals worth about 200million dollars closed on the spot and post-event. This year, we are taking it a notch higher as we aim to close deals worth about 250million dollars. We have therefore put in place an elaborate experience to help stakeholders achieve this and several other objectives at this expo.

Following the welcome address, keynote and goodwill addresses were presented by the President & Chairman of the Board of Directors African Export–Import Bank (Afreximbank), Professor Benedict Oramah; and Nigeria’s Ambassador to the United States of America, Dr. Uzoma Emenike respectively.

A key part of the event was the exhibition which featured more than 160 Nigeria and US-based businesses active in the fintech, commodities, fashion, cosmetics, service, creative, agriculture and extractive industries in the non-oil sector.

One of the exhibitors and the Founder/CEO, Oriki Spa, Joyce Awosika said, “We look forward to meeting all our amazing customers and we promise them an impactful experience with our products that would leave a lasting impression. We urge them to join us at booth 520 here at FITCC Houston.”

The expo also featured the signing of a $40million pre-export finance facility in favour of JohnVents Industries -one of the exhibitors at the expo. The loan, which has been adjudged as a landmark development by analysts in the exports space -would be provided by AFREXIM Bank with Fidelity Bank acting as the local administrative agent.

“We are delighted to participate in the tripartite loan signing ceremony as it demonstrates the size of the opportunity in the Nigerian cocoa market and its potential to meet the demand of off-takers in the US. The ceremony also highlights the value of our partnership with AFREXIM Bank especially in providing much-needed credit to last mile beneficiaries to upscale their operations and cater to a global market. These align with our objectives for FITCC and we are thrilled to host the formal deal signing event here”, commented an elated Mrs. Onyeali-Ikpe in a chat with journalists at the event.

Day 1 of FITCC Houston closed out with a fashion show dedicated to unique Nigerian pieces. Themed, “The Connect Plus Fashion Show”, the event featured elegantly styled-models adorning distinctive and culturally inspired designs from several Nigerian labels including Bijelly Couture, Eclectic Chique and MODChic. The fashion show also provided networking opportunities for guests and participants.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank was recognized as the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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Adron Games 2023: Lotus Bank Partners Adron Homes on Annual Sporting Event

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Lotus Bank Nigeria confirmed its partnership with the 7th edition of the Adron Games as both organizations struck a partnership deal to showcase the annual sporting event.

In a brief, but meaningful ceremony, the top executive of Adron Sports Foundation paid a courtesy call to the headquarters of Lotus Bank Nigeria to officially unveil the Adron Games trophy.

In an exciting event at Lotus Bank Headquarters, Adron Sports Foundation, one of the leading nonprofit organizations promoting sports in the country, delivered a captivating presentation to Lotus Bank executives.

The occasion marked a significant milestone in the partnership between Adron Sports Foundation and Lotus Bank for the upcoming Adron Games event.

The event showcased the vision and objectives of Adron Sports Foundation and the passion the organization has for promoting sports in the community. The presentation provided a comprehensive overview of the Adron Games event, highlighting its significance in fostering unity, promoting healthy competition, and creating opportunities for young athletes to showcase their talents.

Lotus Bank, known for its commitment to supporting various community initiatives, expressed its enthusiasm for the partnership with Adron Sports Foundation. The bank’s executives acknowledged the importance of promoting sports as a means of improving physical and mental well-being, as well as developing leadership skills and team spirit.

During the presentation, Adron Sports Foundation discussed the various ways in which Lotus Bank will contribute to the success of the Adron Games event. This includes providing financial support, offering resources, and leveraging their extensive network to attract more sponsors and participants.

The collaboration between Adron Sports Foundation and Lotus Bank is expected to have a significant impact on the Adron Games event. With the bank’s support, the event is anticipated to reach new heights and create a positive influence on the sports community at large.

The partnership between Adron Sports Foundation and Lotus Bank is a testament to the power of collaboration and the shared goal of promoting sports excellence. As the excitement builds, both organizations are confident that the Adron Games event will be a resounding success, leaving a lasting legacy in the sporting landscape of the country.

The Executive Director of Lotus Bank Nigeria Mr. Isiaka Ajani-Lawal received the Adron Games Trophy and official merchandise and commended the organiser for the initiative. 

While he also confirmed Lotus Bank as one of the sponsors and Partners of the Games, he stated that the staff of the Bank will also participate in the Games. 

Speaking on this development the Director of Operation for Adron Sports Foundation, Mr. Oladapo Emmanuel reiterated the need for such collaboration to drive an all-inclusive sports development in Nigeria. 

“We are very excited to have Lotus Bank join us for this wonderful initiative. I do not doubt in my mind that this will not only add value to the project but also send a strong message that Sports is a unifying factor”. Oladapo said. 

The Adron Games event will feature competition in over sixteen (16) major sports with medals and cash prizes for all winners.

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Polaris Bank Partners Millwater on stable Power Delivery to Industrial Clusters

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From:L-R; Lagos Deputy Governor, Dr. Obafemi Hamzat; Vice President, Kashim Shettima; Ogun State Governor, Prince Dapo Abiodun; Executive Director Polaris Bank, Chinwe Iloghalu and Deputy Managing Director, Wema Bank, Wole Akinleye at the Agbara Business Roundtable, Ogun State recently.


Polaris Bank has expressed its commitment to partner with Millwater to deliver uninterrupted power to industrial clusters in Nigeria in order to accelerate the industrialization drive of the current administration.


While giving the assurance on the sidelines of the recent Agbara Business Roundtable which held in Agbara, Ogun State, Polaris Bank’s Executive Director, Lagos & Corporate Banking, Chinwe Iloghalu who represented the Bank’s Managing Director/CEO, Adekunle Sonola, expressed the lender’s readiness to provide the required funding to Millwater, a Technical Partner of Niger Delta Power Holding Company (NDPHC) to make the Light Up Nigeria project, a reality.


Polaris Bank is the financial partner to Millwater Limited which is serving as a Special Purpose Vehicle (SPV) and partnering with NDPHC to deliver the Light Up Nigeria project of the federal government.
At the event, Vice President, Senator Kashim Shettima, while noting that Nigeria holds tremendous opportunities for not only investors, but also the people, restated Federal Government commitment to investors and industries to deliver adequate power supply across industrial clusters.


Shettima decried situation where industrial clusters like Agbara had to rely on other sources of power supply other than the national grid, and assured that the Federal Government through the Niger Delta Power Holding Company (NDPHC) is committed to ensuring that clusters like Agbara benefit from cheaper means of generating power in their various factories.


The Business Rountable which drew cream of the Nigerian society across different spectrum had the Ogun State Governor, Dapo Abiodun; Lagos Deputy Governor, Obafemi Hamzat; Minister for Power, Adebayo Adelabu and NDPHC CEO, Chiedu Ugbo all lauding the Light Up Initiatives of the present government which they reckon will fastrack Nigeria’s industrialization efforts.

Polaris Bank has been a strong partner in funding Nigeria’s energy players to deliver value to critical stakeholders and this project which is dear to the heart of the current administration, will not be an exception.


Recall Polaris Bank recently funded the delivery of a full cargo with an indigenous firm to the tune of N13bn, thus enabling the transportation of the 20,000 metric tonnes, or 27 million litres of petrol, to the country. The Bank’s support exemplified the pivotal role played by the financial institution to support the growth of the critical energy sector of the economy.
The event was to launch an initiative to ensure dedicated power supply to industrial clusters across the country, starting with Agbara Industrial Estate.


Polaris Bank, adjudged Digital Bank of the Year 2021 and 2022, is a future-determining Bank committed to the delivery of industry-defining products, and services, across all the sectors of the Nigerian economy.

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