Access Bank PLC Secures Historic USD295 Million Syndicate Tier II Facility Agreement with FMO
In a landmark move towards bolstering economic growth, Access Bank PLC, the largest bank in sub-Saharan Africa by customer base, has celebrated a pivotal moment in its longstanding partnership with the Dutch Entrepreneurial Development Bank (FMO). The occasion was marked by the signing of a significant syndicate Tier II Facility agreement worth USD295 million, approximately N442.5 billion.
This agreement, the third of its kind arranged by FMO for Access Bank, is the largest syndication in FMO’s history. It underscores a relationship that has flourished since 2003, reflecting a shared commitment to economic development in Nigeria. This latest financial infusion aims to empower local small and medium-sized enterprises (SMEs), with a particular focus on underserved segments such as youth- and women-owned businesses, agricultural enterprises, and very small enterprises.
The syndicate of Global Development Finance Institution (DFI) partners involved in this monumental agreement includes notable entities such as British International Investment (BII), Belgian Investment Company for Developing Countries (BIO), BlueOrchard, FinDev Canada, Finnfund of Finland, Norfund of Norway, Oikocredit, and Swedfund of Sweden. Each partner plays a crucial role in strengthening Nigeria’s private sector.
The ceremony, held in the presence of dignitaries including H.E. Amb. Oluremi Oliyide, Nigerian Ambassador to the Netherlands, and representatives from the Dutch government, featured key remarks from Roosevelt Ogbonna, MD/CEO of Access Bank PLC. Ogbonna expressed profound gratitude to FMO for their unwavering support and emphasized Access Bank’s commitment to becoming the world’s most respected African bank by adhering to global best practices and maintaining high standards of accountability.
“Today marks a significant milestone in our longstanding partnership 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. By deploying these funds, 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,” Ogbonna stated.
Michael Jongeneel, CEO of FMO, also remarked on the significance of the agreement: “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 event, attended by Marchel Gerrmann representing the Dutch government, and members of the syndication partners—BII, Finnfund, and BlueOrchard—was a testament to the collaborative efforts aimed at fostering economic growth and development in Nigeria. This historic agreement not only highlights the strength of the partnership between Access Bank and FMO but also signifies a commitment to creating a sustainable and inclusive economic environment in Nigeria and beyond.
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