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Friday, October 22, 2021

ENDSARS: Access Bank To Give SMEs N50bn Interest-free Loan

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Small businesses affected by the #EndSARS protest will be offered an interest-free loan by Access Bank, Law Reporters gathered. Access Bank said it will earmark NGN50 billion as financial support as businesses have been destroyed by thugs who hijacked the peaceful protest.

Access Bank said the fund will be disbursed to assist communities, small and medium-sized businesses, stating that it can’t simply stand by and send messages of solidarity, while continuing ‘business as usual’ without getting the bank’s customers and communities back on-track.

What You Need To Know
Law Reporters had reported that youths in Nigeria protested police brutality and the activities of police unit, Special Anti-Robbery Squad (SARS), leading to the #EndSARS protest across Nigeria. The protest had halted business activities in Nigeria.

The protest lasted for over two weeks before soldiers of the Nigerian Army started shooting the peaceful protesters at the Lekki tollgate – one of the protest ground in Lagos. Following the shooting, thugs went on a rampage, destroying properties across Lagos.

Access Bank And Its NGN50 billion Credit Support
In a statement seen by Law Reporters, Access Bank said, “The events of recent days and weeks have been a difficult period in our country’s history. We have all been anxious, worried, and pained at what we have seen in the media and what we have heard from our customers, our colleagues, and loved ones.

“As one of Nigeria’s largest businesses serving every part of our society, it is our responsibility and duty to make a difference. Corporates cannot simply stand by and send messages of solidarity, and go back to ‘business as usual’ without helping get their customers and communities back on-track.

“Supporting business, large and small, is in our DNA and in recent years we have seen entrepreneurial spirit that filled us with hope and confidence in the future. Our young technology entrepreneurs have been building businesses that are celebrated globally and we have seen SMEs flourish and innovate across the country.

“There has been a setback on this journey and we feel the hurt of our nation. We are committed to restarting businesses quickly but even more importantly to ensure we come out of this stronger and more successful together.”

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