Access Bank secures N442bn FMO capital in historic Tier II facility agreement
Business a.m.
Michael Jongeneel, chief executive officer, FMO; and Roosevelt Ogbonna, managing director/chief executive officer, Access Bank Plc at the signing of a N442.5bn (USD295 million) syndicate Tier II Facility agreement in Hague, Netherlands… recently.
Access Bank PLC, a leading financial institution in sub-Saharan Africa with the largest customer base, has achieved a significant milestone in its long-standing partnership with the Dutch Entrepreneurial Development Bank (FMO).
The development marked the signing of a historic syndicate Tier II Facility agreement of $295 million (N442,500,000,000), a testament to the flourishing relationship between the two institutions that has spanned over two decades.
The longstanding partnership between Access Bank and FMO, established back in 2003, has been a testament to their shared vision of promoting economic development in Nigeria.
The most recent syndicate Tier II Facility agreement, arranged by FMO for Access Bank, is a powerful symbol of the trust and seamless synergy between the two institutions.
Access Bank’s Tier II Facility agreement, spearheaded by FMO, stands as a testament to the powerful impact of strategic partnerships in driving economic growth. The landmark agreement, valued at $295 million, marks the largest syndication in FMO’s history and reflects the significant role that global development finance institutions (DFIs) play in fostering private sector development in Nigeria.
Access Bank’s partnership with FMO and the syndicate of global development finance institutions is committed to driving economic inclusion by empowering local small and medium-sized enterprises (SMEs).
The $295 million financial infusion is specifically targeted towards supporting underserved SMEs, including those owned by women and youth, as well as agricultural enterprises and very small businesses.
The ceremony, hosted in the Netherlands, brought together esteemed figures such as the Nigerian Ambassador Oluremi Oliyide, members of the Dutch government, and Access Bank’s MD/CEO, Roosevelt Ogbonna, to celebrate the strategic partnership between the bank and FMO.
Ogbonna seized the opportunity to express his deep appreciation to FMO for their long-standing support and reaffirmed the bank’s dedication to achieving its vision of becoming the world’s most respected African bank by embracing international best practices and upholding the highest standards of accountability.
Ogbonna stated: “Today marks a significant milestone in our longstanding partnerships with FMO. This monumental syndicate Tier II Facility agreement underscores the deep-rooted trust and synergy among our institutions.
“This facility not only enhances our capital reserves, but also strengthens Africa’s trade capabilities and export potential. Putting these funds to use, we aim to catalyse growth across various sectors, stimulate business development, create jobs, and deepen financial inclusion, aligning with Access Bank’s mission to drive progress and development throughout the continent and beyond.”
In his remarks, Michael Jongeneel, CEO of FMO, stated: “We extend our gratitude to our longstanding partner, Access Bank, and our syndication partners for their outstanding cooperation and collective effort in making this loan facility a reality. The syndicated loan provides significant support to SMEs in Nigeria, particularly underserved segments such as women and young entrepreneurs, aligning perfectly with our shared strategy to enhance financial inclusion and empower local entrepreneurs in the agribusiness and SME sectors.”
The historic agreement was further enriched by the presence of distinguished guests, including Marchel Gerrmann, representing the Dutch government, and key members of the syndication partners, as well as key members of the syndication partners, British International Investment (BII), Finnish Fund for Industrial Cooperation Ltd. (Finnfund), and BlueOrchard (a global impact investment manager), were present to witness the signing of the historic agreement between Access Bank and FMO.