First Bank Invests N3.28b In Smeeis

By Eddyson Lugangwa Posted 26 April 2006 @ 01:40 pm EET     Print     Reprint     E-Mail     Comments

Nairobi (IBTimes.com) - First Bank of Nigeria Plc has invested a total of N3.281 billion between 2001 and first quarter of 2006 out of the N5.536 billion set aside for the Small and Medium Enterprises Equity Invest-ment Scheme (SMEEIS), just as First Funds Limited, a subsidiary of First Bank partners with Zans Foods & Beverages Limited.

The Group Managing Director/CEO, First Bank Nigeria Plc, Mr. Jacob M. Ajekigbe disclosed this last weekend at the opening ceremony of Zans Foods & Beverages Limited in Oyo State saying "In this equity investment, the First Bank Group in accordance with our age-old tradition, has scored another first, as it is important to place it on record that Zans Foods & Beverages is the first canned fruit juice-producing company in Nigeria."

He commended the management of Zans Foods for setting up the company with installed automated fruit juice processing unit to be producing about 31.5 million cans of juice per annum.

According to him, "With this equity partnership, we have again reinforced First Bank's resolve to be at the forefront of the country's economic development through our support for Small Medium Enterprises (SMEs).

He disclosed that the bank has invested N3.281 billion that covers over 50 partnerships in sectors like agriculture, manufacturing, tourism, education, oil and gas, mining, telecommu-nications, technical services, food processing and pharmaceuticals.

Addressing audience at the ceremony, Ajekigbe stated that the bank's deliberate intervention in the micro finance sub-sector was to achieve sustainable poverty reduction, wealth creation and employment generation.

In his words: "We in the First Bank Group are aware that a critical challenge facing our country in the 21st Century is that of achieving sustainable human, social and economic development. This, we also know, depends, to a large extent, on our capacity not only to broaden the scope of our collective knowledge, but also to widen our skills base. For us as Nigerians to compete favourably in an expanding knowledge-based and capital-intensive global economy, we need adequate empowered entrepreneurs."

To this extent, he encouraged Nigerians to develop their entrepreneurial skills, assuring that First Bank will continue to render advisory and financial assistance to entrepreneurs.

He disclosed that First Bank has contributed immensely in entrepreneurial development saying "Many farmers, traders and merchants have received encouragement beyond the supply of capital in their diverse enterprises. We have also continued to partner with LEAP Africa, a non-profit organisation, in organizing the Business Leadership Programme for some of the bank's SME customers across the country."