Access Bank Raises $295 million via FMO Syndicate Facility

Access Bank Raises $295 million via FMO Syndicate Facility

Access Bank Plc has signed a syndicate Tier II facility agreement of 295 million dollars, equivalent to about N442.5 billion, with the Dutch Entrepreneurial Development Bank (FMO) to foster economic growth.

This bank disclosed in a statement on Tuesday in Lagos. The financial institution said that the occasion underscored a relationship that had flourished between the parties for over two decades. It said that Access Bank’s collaboration with FMO began in 2003, reflecting a shared commitment to economic development in Nigeria.

“The latest agreement, the third of its kind arranged by FMO for Access Bank, goes beyond a mere financial transaction and serves as proof of the deep-rooted trust and synergy between the two institutions.

“This historic agreement is the largest syndication in FMO’s history. This substantial investment is the result of a collective effort involving a syndicate of Global DFI partners, each playing a crucial role in strengthening Nigeria’s private sector,” it said.

According to the bank, the syndicate includes esteemed names 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.

The bank said that it planned 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.

Mr Roosevelt Ogbonna, the Managing Director of Access Bank Plc, expressed profound gratitude to FMO for their unwavering support. Ogbonna emphasised the 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 putting these funds to use, we aim to catalyse growth across various sectors, stimulate business development, create jobs, and deepen financial inclusion.

“This aligns with Access Bank’s mission to drive progress and development throughout the continent and beyond,” it added.

In his remarks, Mr Michael Jongeneel, Chief Executive Officer of FMO, thanked the bank for being a longstanding partner and to its syndication partners for their outstanding cooperation and collective effort in making the loan facility a reality. Jongeneel explained that the syndicated loan provides significant support to SMEs in Nigeria, particularly underserved segments such as women and young entrepreneurs.

He said this aligned with their shared strategy to enhance financial inclusion and empower local entrepreneurs in the agribusiness and SME sectors. The ceremony was attended by dignitaries including Mr Oluremi Oliyide, Nigerian Ambassador to the Netherlands, and representatives from the Dutch government.

Also present were Marchel Gerrmann, representing the Dutch government, and members of the syndication partners, such as BII, Finnfund, and BlueOrchard. £Access Bank Raises $295 million via FMO Syndicate Facility Moody’s Affirms Ecobank Ratings, Maintains Negative Outlook