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AfDB approves $35m facility for Ecobank affiliate

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The board of African Development Bank has said it has approved a $35m unfunded risk-sharing facility to support the trade finance activities in Africa of EBI SA, an affiliate of EBI Transnational Incorporated.

A statement on its website said the facility was approved on November 19, 2021.

The Director for Financial Sector Development at AfDB, Stefan Nalletamby, said the renewal of the partnership with Ecobank came at a time when most African issuing banks were battling with the negative impact of the COVID-19 pandemic.

Nalletamby said, “Institutions are facing severe constraints in obtaining adequate facilities from international banks to support African small businesses and local corporates involved in international trade.
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“The facility will support more than 50 issuing banks operating in 35 African countries and is projected to catalyse close to $300m worth of trade transactions over a three-year period.”

The statement said the facility aligned with the acute market demand for trade finance in Africa in agriculture, transport, construction, health and manufacturing.

According to AfDB, the facility is consistent with the bank’s High Five strategic priorities, specifically industrialise Africa, integrate Africa, and Feed Africa.
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“It is also in line with the operational priorities of the bank’s financial sector development strategy, which promotes increased access to finance for small businesses and widening and deepening African financial markets,” the statement said

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Wale Thompson demands N50mln from UBA over alleged copyright infringement

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Juju music crooner, Wale Thompson of Lalale Friday fame, is set to begin a legal battle with Africa’s global bank, United Bank for Africa, over an alleged infringement on his copyright.

In a letter by the musician’s lawyer, Justin Ige, written to the CEO of the bank, it was alleged that the bank deliberately used his hit song LALALE FRIDAY on the verified social media handle of the bank to promote a #throwback Friday in 2017 without his consent.

According to the legal counsel, the act violates the copyright of Wale Thompson as enshrined in the constitution of Federal Republic of Nigeria.

It reads ‘Our client’s copyright is guaranteed under Nigerian copyright act CAp C28 LFN 2004 and unauthorized use of our client’s musical work to support and promote your business and brand amount to infringement on our client’s copyright”

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The letter however asked the bank to compensate the artist to the tune of fifty million naira as a restitution for the infringement and failure to do this will lead to litigation.

It was gathered that bank neither responded to the letter nor yanked off the music from its social media page.

 

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ALSO READ  I don't hate Funke Akindele but..., Soso Soberekon opens up about actress crashed marriage
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Clearing agents to FG: Increase age limit of imported vehicles to 15 years

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Clearing agents have asked the federal government to increase the age limit of vehicles coming into the country to 15 years.

Kayode Farinto, acting national president of the Association of Nigerian Licensed Customs Agents (ANLCA), said this in a felicitation message to Muslims on this year’s Eid-el Kabir celebration.

The Nigeria Customs Service (NCS) had recently reduced the age limit of imported vehicles from 15 years to 12 years, warning that any vehicle older than 12 years shall be impounded.

In the statement, Farinto also said the country’s automotive policy should be reviewed.

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“The age limit on imported vehicles needs to be reviewed to at least 15 years from the current 12 years. The entire auto policy is a scam that has continued to enrich a few individual Nigerians at the detriment of our economy,” the statement reads.

“With the introduction in the last 10 years or more, we are unable to produce ordinary radiator, meanwhile few people are smiling to the banks with our money under the guise of being local assemblers and manufacturers. It is high time we revised this policy.”

Farinto further emphasised the need for the federal government to have a consistent policy in the maritime industry, adding that frequent changing of transportation ministers is detrimental to stakeholders’ businesses.

“This trial and error of the government must be stopped forthwith, just when we thought there is eureka in the transportation ministry, the government decide to change the minister to bring a new person that will start learning and commence visitation in the next three months,” the statement adds.

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“We are stagnant and not really moving forward with these retrogressive steps every time and it is encouraging neocolonialism.

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“The federal government in line with international best practices needs to reorganise and reorientate the management of Nigeria Customs Service from the present moribund one.

“The present one has continually brought confusion to the trading community with her high-handedness, without control and checks to the extent that the federal ministry of finance has lost her supervisory role, hence the high level of non-professionalism of the service to the nation.”

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I don’t hate Funke Akindele but…, Soso Soberekon opens up about actress crashed marriage

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Talent artist manager, entertainment personality and CEO of White Lion Global, Soso Soberekon have shed light on his deteriorated relationship with actress, Funke Akindele Bello.

The former manager of a music label, Five Star Music had left many believing he hated the actress with his years of beefing her and her now separated husband, JJC Skillz.

Soso Soberekon and JJC Skillz had a public fallout in 2020 when Soso campaigned for Jonathan.

Soso had taken to his Instagram page to plead with his fans to vote for Jonathan and JJC Skillz had replied him with angry emojis questioning why Jonathan should be voted for.

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A pissed Soso fired back as he noted how Funke Akindele campaigned for APC and Buhari, yet they still betrayed her.

Replying him, JJC Skillz told him to get his facts right as his wife never campaigned for Buhari.

He added that Soso was only trying to be defensive because he joined PDP and insinuated that he had been bribed by politicians.

Throwing a lifetime shade at him, Soso stated that he wouldn’t trade words with him as ‘his husband’ Funke was his friend.

Clarifying things, Soso Soberekon made it known during a question and answer session with his fans that he doesn’t hate the actress.

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However, he admitted that he has some questions for her whenever they meet.

“No I don’t hate Funke, but I have some questions to ask her when I meet her”.

Soso Soberekon had subtly shaded JJC Skillz after he announced separation from his wife, Funke Akindele.

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JJC had announced the end of his 6 years old marriage to Funke Akindele, as he also admitted that the marriage had been having issues for the past two years.

He divided the internet when he revealed that Funke sent him out of the house.

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While reacting to this, Soso Soberekon threw shades at JJC Skillz who he perceived to be the wife in the broken marriage.

“As a man, no matter how hungry you are, never become wife”.

Soso Soberekon and Funke Akindele

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