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Access Bank Partners Japan International Cooperation Agency to Advance Climate Change Measures

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Access Bank Plc, Nigeria’s largest commercial bank, has taken a significant stride towards environmental sustainability with the signing of a historic loan agreement with the Japan International Cooperation Agency (JICA), National Association of Online Security News Publishers (NAOSNP) can report.

Valued at US$ 75 million, the agreement is JICA’s first private sector investment finance in the banking sector in the Sub-Saharan African region. Citi acted as the sole coordinator and agent.

The ceremony, which held on Monday, February 5, 2024, underscores a commitment of Access Bank, JICA and Citi to support climate change measures in Nigeria. The use of proceeds of the loan are expected to be used to finance a wide range of sub-projects such as renewable-energy projects, energy-saving projects and agriculture-related projects that contribute to climate change measures.

Roosevelt Ogbonna, Managing Director/CEO of Access Bank PLC, commented on the significance of this partnership, stating:
“At Access Bank, we recognise the urgent need for sustainable solutions to combat climate change. This landmark agreement with JICA reaffirms our commitment to leveraging financial resources for impactful initiatives that promote environmental resilience and contribute to Nigeria’s climate action agenda. By investing in renewable-energy, energy-saving, and agriculture-related projects, we aim to create a positive ripple effect, not only mitigating the effects of climate change but also fostering economic growth and improving livelihoods within our communities. Indeed, this partnership represents a shared commitment to a greener, more sustainable future for Nigeria and beyond.”

Jin Wakabayashi, Deputy Director General, Private Sector Partnership and Finance Department at JICA commented on the importance of implementing this project:
As this project is positioned as the first bank loan facility by JICA’s private sector investment finance in the country, this significantly marks a new milestone in the long history of JICA’s cooperation with Nigeria and has a very special meaning indeed. In addition, we are delighted to have an opportunity of working with such a reputable and quality partner, Access Bank, which has a sophisticated business platform and established track record of climate finance. Under the partnership with Access Bank, JICA’s Facility is expected to be used for projects which contribute to climate change measures in Nigeria, and we expect that this collaboration will be further deepened for the years to come.

Richard Hodder, Global Head of Export Agency Finance (EAF) at Citi commented on the impact of this international partnership:
“At Citi, we are committed to bringing solutions to our clients which facilitate investment linked to the energy transition, to energy security and to the key drivers of economic growth. Citi is proud to partner as the sole coordinator and agent in facilitating JICA’s first transaction in Sub-Saharan Africa under the Private Sector Investment and Finance scheme. Following on from the Citi-arranged DFC (U.S. International Development Finance Corporation) facility to Access Bank in 2022, this partnership is a meaningful roadmap towards TICAD 9 (Tokyo International Conference on Africa Development) to be held in Tokyo in 2025.”

Nigeria, a signatory to the Paris Agreement, has set ambitious targets to reduce greenhouse gas emissions, requiring substantial investments in climate change mitigation and adaptation measures.

Furthermore, the implementation of the deal aligns with Nigeria’s efforts to mobilise private sector funds for climate action, in line with Sustainable Development Goals 2 (Zero hunger), 7 (Affordable and clean energy), 13 (Climate action), and 17 (Partnerships for the goals). Moreover, it resonates with Japanese Prime Minister Kishida Fumio’s vision for a more climate-resilient and sustainable society, as announced at the Partnership for Global Infrastructure and Investment, a side event of the G7 Summit in Hiroshima in May 2023.

Through strategic collaborations and innovative financing mechanisms, Access Bank and JICA together with Citi are pioneering efforts to address climate change challenges, setting a precedent for sustainable development in the region.

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Dangote to IPMAN, PETROAN: Claims of Landing Fuel Cheaper Than Ours Means Importing Substandard Products

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In response to allegations by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) about high fuel prices from the refinery, and importing cheaper fuel, Dangote Refinery has said that its ex-depot price of petrol ia pegged at N990 per litre for sale into trucks, and N960 for ships.

While defending pricing strategy, the refinery insisted that its rates are competitive and in line with international standards.

The refinery, in a statement signed by the company’s Group Chief Branding and Communications Officer, Anthony Chiejina, claimed that the assertions made by IPMAN and PETROAN that they can land cheaper petroleum products meant that they were importing substandard products into the country.

“We had lately refrained from engaging in media fights, but we are constrained to respond to the recent misinformation being circulated by IPMAN, PETROAN, and other associations.

“Both organisations claim that they can import PMS at lower prices than what is being sold by the Dangote Refinery. We benchmark our prices against international prices, and we believe our prices are competitive relative to the price of imports. If anyone claims they can land PMS at a price cheaper than what we are selling, then they are importing substandard products and conniving with international traders to dump low quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles.

Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect substandard products when imported into the country.

“Post deregulation, NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks. This set the benchmark for our pricing, and we have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks.

“In good faith, and in the interest of the country, we commenced sales at these prices without clarity on the exchange rate that we will use to pay for the crude purchased.

“At the same time, an international trading company has recently hired a depot facility next to the Dangote Refinery, with the objective of using it to blend substandard products that will be dumped into the market to compete with Dangote Refinery’s higher quality production.

“This is detrimental to the growth of domestic refining in Nigeria. We should point out that it is not unusual for countries to protect their domestic industries in order to provide jobs and grow the economy. For example, the US and Europe have had to impose high tariffs on EVs and microchips in order to protect their domestic industries.

“While we continue with our determination to provide affordable, good quality, domestically refined petroleum product in Nigeria, we call on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty” he stated.

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Customers Get 10% Bonus on Data Through MoneyMaster

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Customers of MoneyMaster Payment Service Bank (MMPSB), Nigeria’s top payment service bank, will now enjoy an attractive 10 percent data bonus offer.

The bank’s commitment to enabling Nigerians to manage their finances through effective offers that make every naira matter is clearly demonstrated through this project, which aims to reward devoted clients and attract new ones.

Glo customers can access the promotion using a number of banking channels, including as the MoneyMaster PSB app, MoneyMaster PSB Web banking, and the USSD banking code *995#.

Customers that reload N1,000 or more will instantly receive a 10 percent data incentive. The data bonus to clients is said to rank among the best in the nation.

Unused data can be rolled over to the next subscription, and the data purchases have a 30-day validity period.

Julius Arhebun, Head of Agency Banking at MoneyMaster, said on the bonus data offer: “We are dedicated to providing our customers with products that improve their lifestyle and assist them in managing their finances.” With this deal, both new and current customers can take advantage of prolonged access to high-quality internet services, whether they want to browse popular websites, stream their favorite content, or keep up with the latest trends on their preferred social networking apps”.

Arhebun further added that: “To enjoy the benefit, existing customers can simply buy a data bundle of N1000 or above from their mobile wallets, savings account or individual current account via our USSD banking code *995#, mobile app or web banking. New customers can enjoy the offer by opening accounts via the USSD banking platform or downloading the mobile application.”

MoneyMaster PSB is a leading provider of innovative digital financial products and services that transform lives and contribute to sustainable living. With a mission to deepen financial inclusion, MoneyMaster has been instrumental in providing financial technology services to bridge the gaps between the banked, underbanked and unbanked population.

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We Did Not Collect Money from IPMAN, Not Obligated to Release Petrol – Dangote Refinery Clarifies

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The Dangote Petroleum Refinery says it has not received authorisation from the Nigerian National Petroleum Company Limited to supply Premium Motor Spirit, popularly called petrol, to members of the Independent Petroleum Marketers Association of Nigeria.

It announced this on Thursday as oil dealers under the aegis of the Petroleum Retail Outlet Owners Association of Nigeria demanded the refinery to release its PMS price, stressing that its silence on this matter had dragged on for so long.

On Wednesday, IPMAN’s National President, Abubakar Maigandi, said his members had gone to the Lekki-based refinery but could not lift petrol for almost four days.

Maigandi was reacting to Tuesday’s comment by the President of Dangote Group, Alhaji Aliko Dangote, that the facility has over 500 million litres of petrol but marketers were nowhere to be found.

Maigandi had said, “If the refinery truly has 500 million litres, then there should be no reason our members couldn’t load after four days. We’re willing to buy the product directly if the refinery is ready to sell to us, but for now, our members can’t access it even after paying.”

The National President of PETROAN, Billy Gillis-Harry, corroborated the position of his IPMAN counterpart, stressing that petrol retailers had approached the refinery on the need to load products but this never worked.

“We have listened to him (Dangote) and as far as I’m concerned what he said is very strange to my hearing. PETROAN had written to him since 2022, we wanted to have a business meeting with him and understand the business dynamics but no way up till now,” Gillis-Harry told one of our correspondents.

However, in a Thursday statement by the Dangote Group Chief Branding and Communications Officer, Anthony Chiejina, the company denied receiving money from IPMAN, saying the IPMAN members’ money was paid to NNPC which did not authorise Dangote to sell the independent marketers.

The refinery said it has no direct dealings with IPMAN yet, though talks are ongoing as regards that.

The statement titled, ‘IPMAN: Setting the Record Straight’, read partly, “The Dangote Petroleum Refinery wishes to clarify that it has not received any payments from the Independent Petroleum Marketers Association of Nigeria to purchase refined petroleum products.

“Although discussions are ongoing with IPMAN, it is misleading to suggest that they (IPMAN members) are experiencing difficulties loading refined products from our petroleum refinery, as we currently have no direct business dealings with them. Consequently, we cannot be held responsible for any payments made to other entities.

“The payment in mention has been made through the Nigerian National Petroleum Company Limited, and not us. In the same vein, NNPCL has neither approved nor authorised us to release our Premium Motor Spirit to IPMAN.”

Speaking further, Chiejina emphasised that the Dangote refinery has capacity to meet the nation’s fuel demand with the ability to load 2,900 trucks per day.

“We would like to emphasise that we can meet the nation’s demand for all petroleum products, including petrol, diesel, and aviation fuel. At present, we can load 2,900 trucks per day and we have also been evacuating petroleum products by sea.

“We advise IPMAN to register with us and make direct payment as we have more than enough petroleum products to satisfy the needs of their members,“ the company stated.

It further advised stakeholders to refrain from making what it called unfounded statements in the media.

“Furthermore, we believe it is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of His Excellency, President Bola Ahmed Tinubu. Conducting business through public speculation is counterproductive and unpatriotic.

“In the interest of our country, we encourage all stakeholders to collaborate and heed the advice of President Tinubu, while promoting a unified approach, rather than engaging in media conflicts and needless propaganda,“ the statement concluded.

Source: The Punch

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