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CBN COVID-19 Loan: Nigerian business mogul, Ozigbo gives N100m personal guarantee to small businesses

April 18, 2020

Nigerian Business Mogul and Philanthropist Valentine Ozigbo has announced an N100 million personal guarantee to small businesses who wish to access the Central Bank of Nigeria’s COVID-19 N50 billion intervention loan.

New High For Valentine Ozigbo – Independent Newspapers Nigeria
Valentine Ozigbo

In a video statement shared on his Facebook, Instagram, and Twitter accounts on Friday, April 17, 2020, Mr. Ozigbo noted the devastating 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 “live-wire of our economy”.

Valentine Ozigbo

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 an N100 million guarantee to support small business in Anambra to access the Central Bank’s loan. The respected business leader provided details on how his foundation would provide support and how small businesses in his home state of Anambra can take advantage of his personal guarantee.

In keeping with his passion for supporting small businesses for growth, his foundation, @chinetoozigbofoundation is partnering both the VFD Microfinance Bank, and Akalabo Microfinance Bank Amesi to provide N100 million guarantee support to small businesses in Anambra who wish to access the Central Bank’s N50 billion COVID-19 Intervention Fund.

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. 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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