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Home Lead-In

FG Seeks World Bank Extension For $100m Women Project

by Clement Uzo
1 year ago
in Lead-In
Reading Time: 2 mins read
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The Federal Government of Nigeria has officially requested an extension of the deadline for the $100 million Nigeria for Women Project (NFWP) from the World Bank. The request, outlined in a letter dated January 23, 2024, seeks to extend the project’s closing date from March 29, 2024, to June 30, 2024, marking the second restructuring attempt to ensure the completion of its objectives.

In a document released on Monday and obtained from the World Bank, it was stated that the restructuring paper seeks the approval of the country director to extend the project closing date of the Nigeria for Women Project (NFWP) by three months. The first restructuring, approved on May 17, 2023, consisted of a 10-month extension and a revision of the results framework (RF) to reflect findings of the project’s mid-term review.

Despite the initial extension, the project has not fully disbursed the funds under Component 2, with 7.46 percent still undisbursed. The extension is deemed necessary to complete livelihood activities and disburse the remaining funds under Component 2.

The NFWP, approved on June 27, 2018, with an International Development Association (IDA) credit of $100 million, aims to improve livelihoods for women across Nigeria by engaging them in economic activities. It is structured around four main components: building social capital, livelihoods program, innovation and partnerships, and project management, monitoring, and evaluation.

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As of March 11, 2024, the project has a cumulative disbursement of $87.34 million, leaving an undisbursed balance under Component 2 of $7.04 million. Despite notable achievements in Component 1, progress in Component 2, particularly in the Livelihoods Program, has been slower than anticipated due to implementation and financial management challenges.

The extension is expected to allow for the completion of pending activities, including the final disbursements of individual grants and the establishment of necessary infrastructures for the Livelihood Collectives. The midline Impact Evaluation suggests a positive impact on important metrics such as female labor force participation and income diversification.

To align with the extended timeline, all pending contracts related to the Livelihood Collectives are expected to be signed by April 30, 2024, with completion by the proposed new deadline.

 

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Lead-In

Providus Bank has acquired the 34% equity stake held by the Asset Management Corporation of Nigeria (AMCON) in Unity Bank Plc, marking a decisive step toward the long-anticipated merger between the two financial institutions. The deal, valued at about N6.5 billion, saw AMCON offload its decade-old holding in Unity Bank to Providus at a price of N3.18 per share, representing a 110per cent premium to the bank’s prevailing market value of N1.50 on the Nigerian Exchange. Industry analysts said the transaction signals a turning point for Unity Bank, which has faced prolonged struggles with weak capitalisation, rising non-performing loans, and declining market relevance. By transferring AMCON’s strategic stake, they noted, Providus has strengthened its hand as it pushes for regulatory approvals to consummate a full merger. AMCON acquired its Unity Bank stake during the 2011–2012 banking sector clean-up after the global financial crisis exposed balance sheet vulnerabilities across second-tier lenders. Its divestment, according to banking sources, underscores the corporation’s gradual exit from long-held equity positions as it focuses on recovering toxic assets and reducing its systemic footprint. “AMCON’s sale to Providus is significant not just for Unity Bank but for the entire financial system,” said a Lagos-based investment banker. “It shows the government is serious about cleaning up legacy interventions while paving the way for stronger private-sector-led banks.” Unity Bank shareholders are set to benefit from the deal’s pricing structure. At N3.18 per share, Providus’ offer more than doubles the bank’s trading value, giving investors a rare premium exit in a market where bank stocks often trade at steep discounts. For minority shareholders, the merger if approvedcould also unlock value by combining Providus’ niche strength in corporate banking and digital services with Unity Bank’s broader retail and SME base. Providus, one of Nigeria’s fastest-growing mid-tier lenders, is widely seen as using the Unity Bank deal to accelerate its ambition of achieving national bank status. By absorbing Unity’s branch network and customer base, the lender would scale its operations beyond its current limited licence, positioning itself to compete more aggressively with tier-one institutions. “The synergies are clear,” said a senior Unity Bank executive familiar with the talks. “Providus brings balance sheet strength and digital innovation, while Unity offers reach and brand equity, especially in northern Nigeria.” Following AMCON’s divestment, the proposed merger will be subject to approval from the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and Unity Bank shareholders. Both banks are expected to present a detailed merger scheme in the coming months, outlining share swap ratios, post-merger governance, and capital plans. Market watchers say regulatory scrutiny will focus on whether the combined entity meets CBN’s revised recapitalisation thresholds, which mandate higher minimum capital bases for Nigerian banks. The Providus–Unity transaction comes amid a wave of consolidation moves triggered by the CBN’s ongoing recapitalisation drive. Several lenders are exploring mergers, acquisitions, or fresh capital injections to meet compliance deadlines ahead of 2026. “This is the first big-ticket transaction of the recapitalisation era,” said a financial markets analyst. “It won’t be the last.”

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