- Targets new industrial clusters for funding
FIDELITY Bank Plc has notified The Nigerian Stock Exchange of the impending retirement of three of its Executive Directors.
They are: Executive Director, Risk, Mrs. Onome Olaolu; Executive Director, Corporate, Mr. John Obi, and Director, Lagos and South West, Mr. IK Mbagwu.
According to the Bank, Olaolu and Obi retired yesterday (June 30,), while Mbagwu has indicated his intention to proceed on early retirement with effect from July 31.
“The retirements are in accordance with the Bank’s Human Capital Policy and predicated on attainment of retirement age by the said Executive Directors. The retirements have been approved by the Board of Directors,” Fidelity Bank said.
The Bank had earlier appointed a new Chief Risk Officer to understudy the out-going Executive Director, Risk and it has concluded the appointment process on successors to the other executive positions.
Recently, the bank said it was targeting industrial clusters to improve its intervention profile in the real sector, especially clusters with small businesses.
Leveraging its Managed SME platform, the bank stated that the bank would continue to increase access to funds by small businesses, adding that three entrepreneurs involved in various forms of manufacturing like paper, nylon and plastic are first beneficiaries of the CBN MSME fund, with a combined credit facility of N80 million.
The bank explained that with N600 million loan portfolio to the Aba cluster to address their common needs, efforts are underway to finance clusters that would have multiplier effects on the economy.
“Today marks a milestone for Fidelity Bank, especially on the disbursement of a specialized catalytic loan for SMEs designed by the CBN. This is not the type of loan granted to conglomerates or oil and gas businesses.
“Fidelity Bank is proud to be a risk taker when it has to do with MSMEs because we believe the sector holds viable opportunities for growth. Though they have no tangible collateral, thereby making it difficult for them to operate, we believe than an improved credit rating system would further aid lending to the sector.
“At an interest rate of nine per cent and a tenor of five years, we believe the intervention fund by the CBN would aid growth of small businesses”, it added.
It noted that with the completion of documentation and other processes, there should be an increased access to the MSME fund.