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Heritage Bank To Disburse CBN’s N100bn Loan To Health, Sells FX To SMEs, Education Sectors, Others

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As part of proactive measures to cushion the effect of the COVID-19 and revamp the nation’s dwindling economy, Heritage Bank is set to disburse the N100billion set aside by the Central Bank of Nigeri

This is in line with the apex bank’s policy to introduce another intervention scheme directed to the health sector, which is known as the NGN100 Billion Credit Support for the Healthcare sector (the Scheme). Specifically, the scheme is to provide credit to indigenous pharmaceutical companies and other healthcare value chain players intending to build or expand capacity.

Also, the CBN resumed provision of foreign exchange to all commercial banks for onward sales to parents wishing to pay schools fees and small medium enterprises (SMEs) with plans to make essential imports needed to revamp economic activities across the country.

In particular, the CBN is resuming the provision of over US$100 million per week for both categories. Meanwhile, Heritage Bank serves as a conduit which will assess and channel the profiles of interested applicants to the CBN while using its platforms to create awareness for the scheme.

The CBN has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.

To access the N100bn loans provided by the CBN for firms in the healthcare sector, a corporate entity must submit its application to a participating financial institution (PFI) which could be either a Deposit Money Bank or a Development Finance Institution of its choice with a bankable business plan.

It stated in its latest guidelines that the PFI must appraise and conduct due diligence on the application; and upon approval by the PFI’s credit committee, the application would be submitted to the apex bank with relevant documents attached.

The CBN would process and disburse funds to the PFI for onward release to the project, it added.

The CBN stated that the PFI must receive and review applications submitted by its customers; undertake due diligence based on normal business considerations, and bear the credit risk.

They must also issue offer letters and forward qualified applications to the CBN; disburse the released funds to successful applicants; monitor the project and recover the loans from the beneficiaries, and maintain adequate records of all beneficiaries and facilities.

It requires the PFIs to register all movable assets with the National Collateral Registry; forward periodic returns in the prescribed format on the scheme to the CBN; comply with the guidelines, and carry out any other duties as the CBN may prescribe from time to time. According to the CBN, eligible participants under the scheme comprise healthcare product manufacturers – pharmaceutical drugs and medical equipment; and healthcare service providers/medical facilities – hospitals/clinics, diagnostic centres/laboratories, fitness and wellness centres, rehabilitation centres, dialysis centres and blood banks, among others.

Others include pharmaceutical/medical products distribution and logistics services; and other human healthcare service providers as may be determined by the CBN from time to time.

Eligible activities under the scheme would include manufacturing of pharmaceutical drugs and medical equipment; establishment/expansion/upgrade of basic and specialised healthcare facilities; and medical/pharmaceutical supplies.

Others are medical/pharmaceutical research and development; distribution of medical/pharmaceutical drugs and supplies; Manufacturing of medical/pharmaceutical drugs distribution technology; and any other healthcare value chain activity as may be prescribed by the CBN.

The CBN said the term loan had a maximum of N2billion per obligor; and the interest rate under the intervention would not be more than five per cent per annum up until February 28, 2021; and that interest on the facility would revert to nine percent as from March 2021. To access further details on the modalities, interested persons and institutions can logon Heritage Bank’s website (www.hbng.com).

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Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 28th March 2024

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What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 27th March, below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1310 and sell at N1330 on Wednesday 27th March 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today

Buying Rate N1310
Selling Rate N1330

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate 1415
Selling Rate 1416

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

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Yemi Cardoso Policies Paying Off As Exchange Rate Posts Best Gain In 6 Weeks

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JomogNews Nigeria reports that the exchange rate between the Naira and the Dollar strengthened to N1,431/$ on Friday, March 22, 2024, closing the week on a positive note.

This Nigeria news platform understands that data from the FMDQOTC, where the exchange rate is officially set, revealed that the official currency gained 1.52% at the close of business, continuing a rally that has now lasted 7 days.

The Naira has now gained over 12% in one week, suggesting the central bank’s policies, implemented aggressively since February, are beginning to show success.

The exchange rate closed at N1,431/$1, the best rate since February 5th when it closed at N1419.86/$1

According to the FMDQ, the Naira recorded an intra-day high and low of N1,468/$1 and N1,301/$1 respectively, while the NAFEX rate is currently N1,381.35/$1.

Daily turnover was $199.7 million culminating in a total turnover of $1 billion this week alone suggesting that improved liquidity is now been experienced in the market.

Nigeria’s external reserve position is currently $34.3 billion and is expected to rise to $35 billion according to projections from the apex bank.

On the parallel market where the exchange rate trades unofficially, traders still quoted between N1400-N1480/$1 depending on who is buying or selling.

The UK Pounds also fell below N2000/£1 in the parallel market.

Yemi Cardoso Interventions paying off

JomogNews Nigeria reports that Yemi Cardoso led Central Bank of Nigeria’s (CBN) recent policies have played a pivotal role in the strengthening of the Naira against the dollar, a trend highlighted by the significant appreciation in its value over the past week.

Among the measures that have contributed to this positive outcome, the CBN’s strategic interventions in the foreign exchange market stand out.

Traders who spoke to Nairametrics suggest the central bank was active in the official market during the week. The CBN likely sold over $50 million according to one trader with knowledge of the matter.

By increasing the supply of dollars, the apex bank is addressing the demand-supply mismatch that is perceived to have previously led to the Naira’s depreciation.

The CBN’s rigorous enforcement of foreign exchange regulations has curtailed speculative activities, contributing to exchange rate stability.

The recent strengthening of the Naira comes as a significant relief to the Central Bank of Nigeria (CBN), which had been facing considerable scrutiny over the currency’s depreciation.

This scrutiny intensified with the introduction of the willing buyer, willing seller model, aimed at creating a more transparent and market-driven forex trading environment.

However, critics suggest this may have exacerbated the currency crisis, especially as Nigeria’s external reserves were not robust enough to support such a move. They also pointed to its impact on inflation.

The exchange rate’s impact on inflation is profound, given the correlation between the two.

In Nigeria, where the economy is significantly import-dependent, a weaker Naira makes imported goods more expensive, thereby fueling inflation.

The rise in the February inflation rate to 31.7%, coinciding with a period of notable depreciation of the Naira, underscores this dynamic.

A stronger Naira can help temper inflationary pressures by making imports less costly, contributing to overall price stability.

For most Nigerians, a stronger Naira signals potential economic recovery and stability and that the country might be on the verge of overcoming some of its economic challenges.

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Heirs Holdings Launches Maiden Television Commercial, Tells Bold Story Of Transformational Investment In Africa

Heirs Holdings has an investment portfolio which spreads across twenty-four countries worldwide, this is as intimidating as the significant milestones it has achieved since it launched in 2010 with a bold strategy to focus on the African continent and unlock its socio-economic potential

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Heirs Holdings has launched its first-ever television commercial. The newly released television commercial (TVC) showcases the company’s diverse portfolio, spanning the power, energy, financial services, hospitality, real estate, healthcare and technology sectors while highlighting its commitment to driving positive change and sustainable development across Africa and beyond.

With its compelling narrative, the commercial is captivating audiences worldwide, shining a spotlight on Heirs Holdings’ vision, and commitment to improving lives and transforming the continent.

Link to the HH’s TVC:

https://www.youtube.com/watch?v=c1G4MzBO7SU

 

In 2010, Tony O. Elumelu, CFR, founded Heirs Holdings after making significant strides in reshaping Nigeria’s banking industry. Elumelu made history when he led the biggest merger in sub-Saharan Africa at the time, combining Standard Trust Bank Plc with the older, more established United Bank for Africa (UBA), which at the time was Nigeria’s 3rd largest financial services institution. In establishing Heirs Holdings, Elumelu’s goal was to transform the African economy through strategic long-term investments in sectors critical for Africa’s progress.

Speaking on the new TVC, the Company’s Group Head of Marketing and Corporate Communications, Clari Green, said that in its thirteen years of existence, Heirs Holdings has established a reputation for being consistent in creating value while driving Africa’s social and economic agenda.

She stated, “Heirs Holdings has an investment portfolio which spreads across twenty-four countries worldwide, this is as intimidating as the significant milestones it has achieved since it launched in 2010 with a bold strategy to focus on the African continent and unlock its socio-economic potential,” while listing some of the key milestones which include:

  

  • In 2011, Heirs Holdings identified its first strategic investment opportunity, acquiring a controlling stake in Transcorp, leading the organisation into an era of year-on-year growth and expansion into the power sector.

 

  • Transcorp Power acquired 100% ownership and management of Ughelli Power Plc, with 972 MW installed capacity, but actual production of only 160MW. Transcorp Power surpassed the five-year performance target of 670MW set for it in 2013 by the Federal Government of Nigeria through the Bureau of Public Enterprises (BPE), by increasing the available capacity of Ughelli Power Plant from 160MW to 701MW within four (4) years of taking over the Plant. Last year, Transcorp Power became the first power generation company to be discharged from post-privatisation monitoring.

 

  • Afriland Properties Plc, a real estate investee company of Heirs Holdings grew its portfolio size to over N12 billion and has become one of the largest land banks in Nigeria. 

 

  • Heirs Holdings founded Avon Healthcare Limited (Avon HMO), which celebrated a decade of unwavering commitment to exceptional healthcare last year, impacting over 230,000 lives through 2,500 hospitals across the world, paying over N24bn ($32m) in claims in 10 years.

 

  • In 2015, Heirs Holdings’ philanthropic arm, the Tony Elumelu Foundation launched its flagship Entrepreneurship Programme committing US $100 million to identify, train, mentor, and fund 10,000 African entrepreneurs over 10 years, across 54 African countries. Today, the Tony Elumelu Foundation has surpassed its initial goal by directly funding 20,000 entrepreneurs and has provided over 1.5 million young Africans with access to training via its digital platform, TEFConnect.

 

  • Heirs Holdings successfully acquired OML17 from Shell, TOTAL, and ENI in a $1.2 billion transaction, the largest oil and gas transaction in Africa for the year 2021. OML 17, operated by Heirs Energies, has a peak production of over 80 MMSCFD (million standard cubic feet per day) of gas at its gas plant in Agbada, Rivers State.

 

  • In 2021, Heirs Holdings launched digital-first insurance companies rebranded as Heirs Insurance Group, a formidable family of three insurance brands offering General Insurance, Life Insurance, and insurance broking services, to democratise access to insurance and drive financial inclusion. The Group’s commitment to simplifying the insurance experience has led to its rollout of digital and mobile service channels, as well as the launch of innovative customer-first initiatives such as the first digital insurance Experience Centre.  

In the same vein, 2024 is shaping up to be an amazing year for the Heirs Holdings Group. With the year just nearing the end of its first quarter, Heirs Holdings (HH) has continued in its track record of success.

The year started for HH with a surge as the market capitalisation of its Nigerian Exchange (NGX) listed investee companies skyrocketed to an astounding N2.4 trillion, with two of the companies, United Bank for Africa, and Transcorp Group’s hotel subsidiary, Transcorp Hotels, crossing the one-trillion-naira mark, joining the league of SWOOTs. 

In another significant stride, Transcorp Group orchestrated the successful listing of Transcorp Power, one of its power subsidiaries, on the main board of the Nigerian Exchange (NGX). 

This move not only further bolstered the company’s portfolio but also injected an additional N1.8 trillion into the market capitalisation of NGX. In less than two weeks Transcorp Power’s market capitalisation grew to over N2.8 trillion. With a combined generating capacity of approximately 2,000 MW between itself and its sister company, Transafam Power, Transcorp Group’s power subsidiaries account for 15.5% of the total installed capacity in Nigeria.

Additionally,  Heirs Energies, a subsidiary of Heirs Holdings, recently announced a further expansion of its gas supply business, supplying the recently commissioned 188 MW power plant operated by Geometric Power Limited, located in Aba, Abia State. Heirs Energies also supplies gas to TransAfamPower Limited, with a capacity of 966MW, and First Independent Power Limited (FIPL), with a capacity of 541MW, as well as local distribution companies, gas-based industries, and other industrial customers, directly contributing to Nigeria’s industrial and economic growth.

Over the course of thirteen years, Elumelu built Heirs Holdings into a symbol of business excellence, becoming a dominant force in Africa’s corporate sphere as a transformation expert. Not only is Heirs Holdings generating socio-economic prosperity, but it’s also spearheading and championing African-centric solutions on a global scale, through its philanthropic arm, the Tony Elumelu Foundation.

Amidst these triumphs, Heirs Holdings unveiled yet another ambitious venture: the launch of its new subsidiary, Heirs Technologies, a world-class digital transformation company, set to define excellence in the technology sector.

However, the crescendo of Heirs Holdings’ remarkable year came with the highly anticipated launch of its pioneer television commercial on CNN International. The unveiling of this commercial marks a pivotal moment for the company as it embarked on a new chapter of global visibility and engagement.

As Heirs Holdings continues to chart new frontiers and push the boundaries of possibility, the launch of its pioneer television commercial echoes the broader narrative of Africa’s transformative potential, heralding a future filled with endless possibilities and opportunities for growth and prosperity for the ‘Heirs’ of the African heritage.

 

 

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