Home Features FCMB Signs MoU with PSP Operators To Access N4bn Working Capital

FCMB Signs MoU with PSP Operators To Access N4bn Working Capital

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The Lagos State Waste Management Agency (LAWMA) has secured funding facility for members of the Association of Waste Managers of Nigeria (AWAMN), Lagos chapter.

This to allow members of the association have working capital to service their trucks and run their day to day operations of waste management and disposal.

MD/CEO LAWMA, Mr. Ibrahim Odumboni and President of AWAMN, Mr. Oriyomi

The operators on Tuesday signed a memorandum of understanding with First City Monument Bank, (FCMB).

MD/CEO LAWMA, Mr. Ibrahim Odumboni with President of AWAMN, Mr. Oriyomi and FCMB Representatives

With this agreement in place, AWAMN can now access about N4 billion facility targeted at boosting their working capital and the smooth running of their day to day operations.

This feat is coming just few weeks after the Lagos State government approved a five year working contract for the PSPs, which allows them to function as waste managers in the state with all the legal rights and backing of the government.

Members  AWAMN present at the signing ceremony.

President of AWAMN Mr. David Oriyomi described the MoU as a step in the right direction.

He noted that the agreement will not only benefit the operators but the state at large, as members now have access to funds at a minimum interest rate, giving them the opportunity to change some of their trucks that are obsolete.

With more trucks and liquidity in the system, service delivery will be greatly enhanced and as such, Lagosians should expect a more consistently cleaner Lagos, Mr. Oriyomi said.

He stressed that the amount an operator can have access to is dependent on their income and the size of their area of coverage.

Mr. Oriyomi said: “All operations are not equal and their area of coverage too are not equal so also their income or their respected income.

“The bank will give them the working capital based on their capacity. They will only get access to an amount the operator cash flow can guarantee. No matter how small your income or expected income, every member of AWAMN would have access to this facility.”

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