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(d) The amount of N21,842,579,074 (USD 65,989,665) represents the outstanding balance on five on-lending
facilities granted to the Bank by the European Investment Bank (EIB) in May 2013(USD 25m), September 2013
(USD 26.75m) , June 2014 (USD 14.7m) , September 2015 (USD 27.9m) and March 2016 (USD 27.1m) for a year
of 6 years each for the first three and year of 8 years each for the last two. The average annual effective interest
rates are 3.48%, 2.97% , 3.18%, 2.97% and 2.97% respectively. From this creditor, the bank has nil undrawn
balance as at 31 December 2017.
(e) An on-lending facility of USD 50 million was granted to the Bank by the International Finance Corporation (IFC) in
November 2013 (USD 50m) for a year of 5 years. The principal amount was repayable semi-annually from
December 2014 while interest is paid semi annually at 4% above 6months LIBOR. The facility matured in June
2017 and has been fully paid out to the counterparty International Finance Corporation (IFC).
(f) The amount of N17,641,213,289 represents the outstanding balance on the on-lending facility granted to the
Bank by Central Bank of Nigeria in collaboration with the Federal Government of Nigeria (FGN) in respect of
Commercial Agriculture Credit Scheme (CACS) established by both CBN and the FGN for promoting commercial
agricultural enterprises in Nigeria. The facility is for a maximum year of 7 years at a zero percent interest rate to
the Bank however, a management fee of 1% deductible at source is paid by the Bank under the on-lending
agreement. The Bank did not provide security for this facility.From this creditor, the bank has nil undrawn balance
as at 31 December 2017.
(g) The amount of N2,186,572,371 represents an outstanding balance on the intervention credit granted to the
Bank by the Bank of Industry (BOI), a company incorporated in Nigeria for the purpose of refinancing or
restructuring existing loans to Small and Medium Scale Enterprises (SMEs) and manufacturing companies.
The total facility has a tenor of 10 years. A management fee of 1% deductible at source is paid by the Bank under
the on-lending agreement and the Bank is under obligation to on-lend to customers at an all-in interest rate of
7% per annum. Though the facility is meant for on-lending to borrowers in specified sectors, the Bank remains
the primary obligor to the BOI and therefore assumes the risk of default of customers. From this creditor, the
bank has nil undrawn balance as at 31 December 2017.
(h) The amount of N10,975,438,589 represents the outstanding balance on intervention credit granted to the Bank
by the Bank of Industry (BOI), a company incorporated in Nigeria, to be applied to eligible power and airline
projects. The total facility has a maximum tenor of 13.5 years. A management fee of 1% deductible at source
is paid by the Bank under the on-lending agreement and the Bank is under obligation to on-lend to customers at
an all-in interest rate of 7% per annum. Though the facility is meant for on-lending to borrowers within the power
and aviation sectors, the Bank remains the primary obligor to the BOI and therefore assumes the risk of default
of customers. From this creditor, the bank has nil undrawn balance as at 31 December 2017.
(i) This relates to borrowings of Access Bank Plc from Access Finance BV in respect of the dollar guaranteed notes
issued by Access Finance B.V., Netherlands which is due on 25 July 2017. The notes were issued on 25 July 2012
for a year of 5 years with the principal amount repayable at the end of the tenor while interest on the Notes is
payable semi-annually at 7.34%, in arrears on 25 January and 25 July in each year. In Oct 2016 , USD 112,997,000
out of USD 350,000,000 was exchanged at a premium for a new note issued by Access Bank Plc .The annual
effective interest rate is 7.57%. The notes matured on 25th July 2017 and was fully redeemed at maturity.
(j) The amount of N6,260,347,857 represents the outstanding balance on intervention credit granted to the bank
by the Bank of Industry (BOI) under the Special refinancing and Restructuring intervention fund, with a 10 year
tenor which is due on the 31 August 2024. The bank has a 36 months moratorium on the facility after which
principal repayment will be charged quarterly. Though the facility is meant for on-lending to borrowers in
specified sectors, the Bank remains the primary obligor to the BOI and therefore assumes the risk of default of
customers. From this creditor, the bank has nil undrawn balance as at 31 December 2017.
(k) The amount of N65,230,346,639 represents the outstanding balance on the state salary bailout facilities granted
to the bank by the Central Bank of Nigeria for onward disbursements to state governments for payments of
salary of workers of the states. The facility has a tenor of 20 years with a 2% interest payable to the CBN.
The Bank is under obligation to on-lend to the states at an all-in interest rate of 9% per annum. From this creditor,
the bank has nil undrawn balance as at 31 December 2017.
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Annual Report & Accounts 2017