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By Samuel Torlumun
One of the challenges of growing the private sector in Nigeria is lack finance to empower businesses. Those who are in businesses and those intending to establish businesses lack access to finance, profitable collaborations and right partnerships for their businesses to thrive. This key challenge has weakened the private sector in the country, increasing dependence and pressure on the already overwhelmed public sector. In other words, the economy has continued to get weaker amidst growing jobless populace.
However, the ray of hope is gradually rising from the horizon as global players with novel vision to change the tide are coming into the private sector. One of such is Financing and Partnerships Africa Limited, (Finpar). Since 2021, when it was established, Finpar has funded several businesses in the country and beyond by linking businessmen to sponsors or financiers.
Established by Dr. Emannuel Ibituase Akinwumi, CPA FCA, Finpar acts as middleman bringing lender and borrower together. Considering his wealth of experience spanning over 35 years in the public and private sectors, Akinwumi has modelled a system that provides proper education for businessmen in respect to collaborations and partnerships.
Apex News Exclusive, spoke with Oluwaseun Mabika, Business Manager, Finpar in Abuja recently on the services and projections of the organization.
What we do
What we basically do is to facilitate finance, collaborations and partnerships. If you have a business, we have a long list of partners who are ready to support it. So, we look at your business and determine which of our partners the business will work-out well with. We are like middlemen, what we do is to make sure that collaborations happen between business owner and the financiers.
What we are doing is to make it easy for people to get what they need in terms of collaborations, relationships and financing.
The chairman has passion for startups entrepreneurship. He doesn’t like it when you can’t do business just because you don’t have money, or information. So, what he does a lot is to advice, or handholding, expert advice and consultation.
He used to be the Head of Private Sector Investment Portfolio at Africa Development Bank. Although he has retired but not tired. He started Finpar and this is where we are now.
Oluwaseun Mabika, Business Manager, Finpar
Areas of Partnership
There is no limitation in the areas of partnerships. It depends on our partners. We offer Development and Bridging Finance, Public-Private Partnership Advisory, Institutional Fund Mobilization, Advisory and Handholding, Project Bankability and Evaluation, and Customized Loan Structuring.
Requirements
It has to be verifiable and viable business. It has to be a business that is registered, recognized by the Corporate Affairs Commission (CAC). We can’t deal with you, if you don’t have CAC documents.
All those things that our partners will need as requirement to lend money, or partner with you for any project. The business has to be verifiable; it has to be viable and real.
When Finpar Started
Finpar started in 2001
Collaborative role of Finpar
We have a long list of clients that we have successfully linked up for business. Sometimes in our capacity, we also bridge. If you are looking for a certain amount of money, and we have the capacity to provide that money, we can offer bridging financing pending when you are able to get it from our partner.
Areas of Coverage
We are not limited to Nigeria alone; we also operate across Africa and also registered in Canada. We are everywhere.
Accessing Finance for Clients
It depends on the business, and the amount involved. One of the challenges, we face is that, a lot of people are just doing business without proper documentation. They don’t have what they need to qualify them to access finance. Aside from that, accessing finances is not a challenge for us. You can’t be doing under the table business and expect us to do magic.
Interest Rates
Interest rates are based on commitment policies. We can only ensure our clients get the best rates by taking their projects to institutions that have an appetite for it.
Concerning Challenges of Ease of Doing Business in Nigeria
What we do is that we give our clients best information on how to carry out their business ventures. Some things are beyond our control that is why we pride ourselves in relationship. This is business, there is nothing one can really do about it.
Follow-up
We do follow-up on our clients, to see how they are doing. We have a great relationship with our clients and our partners. Our chairman still plays and maintains the advisory role, telling them what to do and so on.
Future of Finpar
The future of Finpar is looking bright. Here in Nigeria, we hope that policies will be made easier for businesses to thrive so that we will do business better.
We are looking forward to many clients that we can help facilitate finance, collaboration and partnership.
Challenges
The greatest challenge is documentation. It is important for companies to be properly documented. Clients’ companies need tax clearance, proper registration, annual financial reports and so on.
It should be a business that is operating legally, taking the right records and so on.
Finpar and 2025 Housing Show
Finpar participated in this year’s Housing Show. Our take is that, we want to see a Housing Sector developed. We want to go beyond people coming every year, to talk, without decisive action. Let it be that by next year when people come, they should say ‘from what I leant, I went and applied it and get this result’. It should be more of results. We want to see more infrastructural development.
Creating Visibility for Finpar
We are active in all social media platforms; Instagram, Facebook, and a website which visibly state that, if you want to come to us, these are the requirements.
However, you can never do too much when it comes to education. People need to be aware of what they need to thrive in business in Nigeria. That is what we will be intensifying our efforts to do more.
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