FCMB grants N3b loan to Lagos waste managers Association – First City Monument Bank (FCMB) has granted N3 billion loan to the Association of Waste Managers of Nigeria (AWAMN) in Lagos State.
The credit, facilitated by the Lagos State Waste Management Agency (LAWMA), will boost the working capital of Private Sector Participants (PSPs) in waste collection, aggregation, and recycling. The loan will enable them buy modern equipment such as trucks and up-skill their human resources for smooth and efficient waste management.
FCMB Managing Director, Mrs. Yemisi Edun, said the bank was excited to provide loans to AWAMN members, with the support of LAWMA, to upscale their operations to safeguard the Lagos environment.
Mrs Edun commended LAWMA for striving to maintain the city’s sanitation standards to prevent the outbreak of diseases.
Regional Head, Lagos, FCMB, Adelaja Adeleye, said: “Efficient waste management requires capital intensive equipment without which AWAMN cannot perform optimally. As a financial solutions provider of choice, we are bridging the financing gap in the waste management ecosystem in Lagos with this N3 billion intervention fund. We are optimistic that it will improve the city’s waste management process, starting from collection, transportation and treatment to disposal.”
AWAMN President, David Oriyomi, described the credit line from FCMB as a welcome development. He noted that it would benefit operators and the state because waste managers could access funds at a minimum interest rate.
“With improved access to funding, there will be more trucks in the system and service delivery will be greatly enhanced. No matter how small the income or expected income, every member of AWAMN would have access to this credit facility. For this reason, Lagos residents should expect a more consistently cleaner Lagos”.
Over the years, FCMB has offered significant support to initiatives that ensure environmental protection and sustainability. Since 2016, the Bank has consistently supported the Lagos State Government’s Cleaner Lagos Project to achieve a cleaner environment.
“FCMB recognises that a cleaner and more sustainable environment is key to building a better world for present and future generations,” Edun said.