Opinion

Business Mogul, Ozigbo, Provides N100M Personal Guarantee to Small Businesses

Nigerian business mogul and philanthropist, Valentine Ozigbo, has announced a N100 million personal guarantee to small businesses who wish to access the Central Bank of Nigeria’s COVID-19 N50 billion intervention loan.

In a video statement shared on his Facebook, Instagram, and Twitter accounts on Friday, April 17, 2020, Mr. Ozigbo noted the devasting effect of the coronavirus pandemic and the resultant lockdown measures on the economy and called for support for small businesses, which he termed as the “livewire of our economy”.

Ozigbo, who is the immediate past President and Group Chief Executive of Transcorp Plc, announced that in partnership with his charity, the Chineto Ozigbo Foundation, and two microfinance banks in Anambra State, he would provide a N100 million guarantee to support small business in Anambra to access the Central Bank’s loan.

The business leader provided details on how his foundation would be providing support and how small businesses in his home state of Anambra could take advantage of his personal guarantee.

The Central Bank’s N50 billion COVID-19 Intervention Loan is targeted at three categories of households or businesses. They include those hard-hit by the COVID-19 pandemic and those who wish to take advantage of the business opportunities presented by the crisis. Households can borrow up to N3 million while businesses can borrow as much as N25 million. NIRSAL Microfinance Bank (NMFB) is administering the loan.

This is one more in a string of high profile COVID-19 social responsibility interventions, Mr. Ozigbo has implemented in Anambra State, Fides gathered. Already, he has spent over N20 million providing food, hand sanitizers, face masks, and education materials in over 60 communities in the southeastern state.

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