Home » Heritage Bank To Disburse CBN’s N100bn Loan To Health, Sells FX To SMEs, Education Sectors

Heritage Bank To Disburse CBN’s N100bn Loan To Health, Sells FX To SMEs, Education Sectors

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As part of proactive measures to cushion the effect of the COVID-19 and revamp the nation’s dwindling economy, Heritage Bank is set to disburse the N100billion set aside by the Central Bank of Nigeria (CBN).

This is in line with the apex bank’s policy to introduce another intervention scheme directed to the health sector, which is known as the NGN100 Billion Credit Support for the Healthcare sector (the Scheme). Specifically, the scheme is to provide credit to indigenous pharmaceutical companies and other healthcare value chain players intending to build or expand capacity.

Also, the CBN resumed provision of foreign exchange to all commercial banks for onward sales to parents wishing to pay schools fees and small medium enterprises (SMEs) with plans to make essential imports needed to revamp economic activities across the country. In particular, the CBN is resuming the provision of over US$100 million per week for both categories.

Meanwhile, Heritage Bank serves as a conduit which will assess and channel the profiles of interested applicants to the CBN while using its platforms to create awareness for the scheme.

The CBN has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.

To access the N100bn loans provided by the CBN for firms in the healthcare sector, a corporate entity must submit its application to a participating financial institution (PFI) which could be either a Deposit Money Bank or a Development Finance Institution of its choice with a bankable business plan.

It stated in its latest guidelines that the PFI must appraise and conduct due diligence on the application; and upon approval by the PFI’s credit committee, the application would be submitted to the apex bank with relevant documents attached.

The CBN would process and disburse funds to the PFI for onward release to the project, it added.

The CBN stated that the PFI must receive and review applications submitted by its customers; undertake due diligence based on normal business considerations, and bear the credit risk.

They must also issue offer letters and forward qualified applications to the CBN; disburse the released funds to successful applicants; monitor the project and recover the loans from the beneficiaries, and maintain adequate records of all beneficiaries and facilities.

It requires the PFIs to register all movable assets with the National Collateral Registry; forward periodic returns in the prescribed format on the scheme to the CBN; comply with the guidelines, and carry out any other duties as the CBN may prescribe from time to time.

According to the CBN, eligible participants under the scheme comprise healthcare product manufacturers – pharmaceutical drugs and medical equipment; and healthcare service providers/medical facilities – hospitals/clinics, diagnostic centres/laboratories, fitness and wellness centres, rehabilitation centres, dialysis centres and blood banks, among others.

Others include pharmaceutical/medical products distribution and logistics services; and other human healthcare service providers as may be determined by the CBN from time to time.

Eligible activities under the scheme would include manufacturing of pharmaceutical drugs and medical equipment; establishment/expansion/upgrade of basic and specialised healthcare facilities; and medical/pharmaceutical supplies.

Others are medical/pharmaceutical research and development; distribution of medical/pharmaceutical drugs and supplies; Manufacturing of medical/pharmaceutical drugs distribution technology; and any other healthcare value chain activity as may be prescribed by the CBN.

The CBN said the term loan had a maximum of N2billion per obligor; and the interest rate under the intervention would not be more than five per cent per annum up until February 28, 2021; and that interest on the facility would revert to nine percent as from March 2021.

To access further details on the modalities, interested persons and institutions can logon Heritage Bank’s website (www.hbng.com).

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TRIBUTE TO PRESIDENT MUHAMMADU BUHARI, GCFR With a deeply heavy heart and profound sense of personal loss, I join millions of Nigerians and friends around the world to mourn the passing of our former President, Muhammadu Buhari, GCFR. I extend my heartfelt condolences to his beloved wife, Hajiya Aisha Buhari, his children, and his entire extended family. I also condole with the government and people of Katsina State, especially the Daura Emirate, where President Buhari’s journey in life began — a town whose name has become inextricably linked with his legacy. President Buhari’s record of service to Nigeria is almost unparalleled. From the battlefield to the ballot box, he stood as a sentinel of duty. As a military officer, Head of State, and twice-elected President, he offered over five decades of his life to the service of our nation in times of strife and in peaceful times — guided always by a belief in discipline, integrity, and nationhood. What often went unnoticed in public commentary was his unwavering commitment to the core values that bind any serious society: order, punctuality, and accountability. He did not just talk about these values; he lived them. He was perhaps the most punctual public servant I ever encountered — never late to cabinet meetings, always respecting the time of others. It may seem a small thing, but in governance, it is everything. It sets a tone. He had a deep yearning for a society governed by rules, not by impulse. This found early expression in his War Against Indiscipline, a campaign often misread as rigid but rooted in a desire to rebuild a citizenry of order, courtesy, and civic responsibility. I feel privileged to have served in his cabinet — first in the consolidated Ministry of Power, Works and Housing, and later in the restructured Ministry of Works and Housing. President Buhari was not a man to micromanage; instead, he gave you the space and the trust to deliver. With that trust, however, came the highest expectations of discipline, results, and honesty. He had a quiet strength. Yet, within and outside the cabinet, I witnessed his compassion — his deep concern for the poor, the pensioner, the soldier in the trenches, the almajiri child, and the underserved in every part of this country. Under his leadership, the nation confronted formidable challenges: insurgency, economic volatility, a global pandemic, and deep political tension. Yet he remained consistent — never ruled by noise or poll ratings, only by the burden of responsibility and his belief in posterity’s judgment. His death marks the end of a defining chapter in Nigeria’s journey — one marked by sacrifice, moral authority, and patriotic resolve. But even in death, President Muhammadu Buhari leaves behind a living legacy: one of service above self, of discipline without drama, of truth without theatrics. May the Almighty Allah (SWT), whom he served with devotion and humility, forgive his shortcomings and grant him eternal rest in Aljannah Firdaus. Adieu, Mai Gaskiya as you were fondly referred to. Nigeria salutes you. Signed, Babatunde Raji Fashola, SAN CON