By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s premier lender, Wema Bank Plc on Wednesday secured a $10 Million development loan from pan-African development finance institution, Shelter Afrique to boost real estate and mortgage financing in Nigeria.
Segun Oloketuyi, managing director/chief executive officer (CEO) of the Wema Bank said the facility once again underscores the confidence of local and international partners in the bank’s capacity to handle transactions of this nature.
‘’Wema Bank is deeply committed to supporting the growth of real estate and affordable housing financing in Nigeria by providing access to loans as well as other value added services, including financial advisory from its expert team of corporate banking professionals,’’ he affirmed.
On his part, James Mugerwa, MD of Shelter Afrique said his organisation remained committed to providing affordable housing in Africa and its partnership with Wema Bank through the granting of the loan was another step in the right direction.
‘’Strong mechanism have been put in place to ensure that viable projects get access to this fund,’’ Mugerwa added.
The CEO at Shelter Afrique also praised the unique nature of the transaction which not only provides project funding; but includes mortgage financing.
In July, Wema Bank announced it has secured over $50 million dollars in trade lines from various foreign correspondent banks and development finance in excess of 20 million dollars to support SMEs amongst others.
According to Nigeria’s premier lender, through this development, it has reaffirmed its capacity to handle large international trade transactions, provide necessary finance and support for SMEs whilst also underscoring the confidence of foreign financial institutions in the Bank’s risk management systems.
The bank had always said that it remained committed to providing the value-adding financial support to various sectors of the Nigerian economy – especially as it relates to SMEs.
The Nigeria’s mid-tier lender in October said its profit after tax (PAT) for the third quarter (Q3) ended September 30, 2014 climbed up 33.5 percent to 2.130 billion from 1.596 billion in the corresponding period of 2013.
Similarly, the lenders profit before tax (PBT) grew 28.7 percent to 2.506 billion naira from 1.947 billion naira in the Q3 of 2013.
However, gross earnings dropped 8.4 percent to 26.134 billion naira in the review period of 2014 from 28.542 billion naira posted in the same period of 2013, the bank said in a filing with the Nigerian Stock Exchange (NSE).
