Connect with us


Standard Chartered commits $1bn to finance firms helping fight against Covid-19


Standard Chartered has announced it would commit $1bn of financing for companies that provide goods and services to help the fight against Covid-19, and those planning the switch into making products that are in high demand to fight the global pandemic.

According to a press statement seen by WuzupNigeria on Monday, companies in scope include all those associated with helping tackle Covid-19, including manufacturers and distributors in the pharmaceutical industry and healthcare providers, as well as non-medical companies that have volunteered to add this capability to their manufacturing output – goods in scope include ventilators, face masks, protective equipment, sanitisers and other consumables.

MORE READING!  UNN to build African Centre for Law, good governance– Dean

Simon Cooper, CEO of Corporate, Commercial & Institutional Banking at Standard Chartered, said:

“Clearly there’s a cost for companies to switch into these hugely in-demand items, so it’s an area where we can potentially help them get these processes up and running more quickly; and at the same time, we want to make sure that existing manufacturers and service providers get the support they need.”

The bank intends to provide at least $1bn of financing to those companies in the form of loans, import/export finance or the working capital facilities that they use for day-to-day business operations to help them tool up, and help existing manufacturers get their products to market.

MORE READING!  COVID-19 surge: Nigeria begins emergency operations as cases pass 42,000

Standard Chartered is also trying to identify companies that may wish to switch into or add anti-virus products to their output but haven’t indicated that they will do so at this stage.

“Our industry teams are looking across our client base and, given our understanding of clients’ current manufacturing processes, we’re assessing which companies might want to consider adding these items to their production line,” Simon added.

All financing will be subject to companies having received regulatory approvals to manufacture the goods.

MORE READING!  COVID-19 will hinder giving Pa Fasanmi befitting burial - Fayemi

The bank will continue to serve all of its clients during what is a challenging period for all companies, from small businesses to large multinationals.


Shoprite exits Nigeria 



Africa’s biggest grocery retailer, Shoprite, is exiting the continent’s most populated country, Nigeria, after 15 years.

According to a report by News 24, the Cape Town-based retailer has started a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria, it said in a trading statement for the 52 weeks to end June released on Monday.

MORE READING!  COVID-19 will hinder giving Pa Fasanmi befitting burial - Fayemi

South African retailers have struggled in the Nigeria market and most recently Mr Price has exited the market after Woolworths did the same six years ago.

In the statement, Shoprite said the results for the year do not reflect any of their operations in Nigeria as it will be classified as discontinued operation.

MORE READING!  Police arrest 12 protesters against Israel’s Benjamin Netanyahu

International supermarkets (excluding Nigeria) contributed 11.6% to group sales and reported 1.4% decline in sales from 2018. South African operations contributed 78% of overall sales and saw 8.7% rise for the year.

As a result of lockdown, customer visits declined 7.4% but the average basket spend increased by 18.4%.

Continue Reading


Ogun clears air on COVID-19 test for exit students



The Ogun State Government has clarified its position on the imposition of N25,000 COVID-19 test fee on exit class students in private secondary schools in the state, hours after parents protested the decision.

The Special Adviser to the State Governor on Basic and Secondary Education, Mrs Ronke Soyombo, said the government is expected to bear the full costs of the COVID-19 tests for the students of government-owned schools while parents and owners of private schools are expected to do the same for their students.

She insisted that the presentation of a COVID-19 free certificate by the students will form a major prerequisite for allowing them into boarding schools across the state, as the schools reopened on Monday.

MORE READING!  UNN to build African Centre for Law, good governance– Dean

Soyombo said the clarification became necessary to remind the general public, particularly parents and operators in the education sector, of the government’s position on the protest, staged by the parents.

“This is part of the measures being put in place to avoid community transmission of the COVID-19 pandemic amongst our children in the boarding facilities and invariably, the state as a whole.

“A key additional requirement is the presentation of a certificate of negative COVID-19 test before a student is admitted to the boarding facility in both public and private schools in the state.”

“All private school owners are also expected to ensure that all their boarding students are certified COVID-19 test negative before being admitted into their boarding facilities.

“To further assist the private schools, Ogun State Government has negotiated a huge discount in the cost of COVID-19 Test with some healthcare service providers,” Soyombo said.

She noted that private school owners and parents are free to engage any other service provider of their choice as long as it is certified by the NCDC as an accredited COVID-19 Test centre.

“Indeed, certificate of negative COVID-19 test from other locations across the country will be tenably provided, as usual, it is from an NCDC certified centre and the test has been performed within 72 hours of the date of resumption.”

“Should any private school owner and parents desire a waiver of COVID-19 test requirement for boarding students, a joint representation of the school owner and the parents should be made to the government and this shall be considered on a case-by-case basis,” she said.

Speaking further, Soyombo said only boarding facilities directly operated by schools will be allowed to operate to enable the government to properly monitor their compliance with COVID-19 protocols.

MORE READING!  Doctor accuses colleagues of disobeying Covid-19 protocols in Cross River

She, however, enjoined parents and school owners to work together to ensure that the health and safety of the students are given priority.

Continue Reading


Nigeria records 304 new Covid-19 cases



As the nation continues its fight against the pandemic, 304 new cases of COVID-19 have been recorded on Sunday night, the total number of confirmed cases of the deadly virus is 43841.

This was disclosed by the Nigeria Centre for Disease Control (NCDC) via its official Twitter handle.

According to the NCDC’s tweet, Lagos recorded 81 of the 304 cases, followed by FCT with 39, Abia with 31 and Kaduna 24.

MORE READING!  We do surgeries using flashlights of mobile phones, NAGGMDP chair in Ekiti reveals

The rest are: “Rivers-23, Plateau-16, Cross River-13, Ebonyi-12, Ondo-12, Ekiti-11, Edo-11, Benue-10, Nasarawa-10, Ogun-6, Gombe-5”.

20308 COVID-19 patients have been discharged out of the 43841 total confirmed cases in the country.

However, the infection has claimed 888 lives.

Continue Reading