45332 - DCM Access Bank Total Return Swap

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Summary of Investment Information

Project Number

45332

Company Name

Plover SARL

Date SPI Disclosed

May 23, 2022

Country

Nigeria

Region

Africa

Projected Board Date

Jun 24, 2022

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Mar 26, 2025

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Jun 28, 2022
Signed : Jun 30, 2022
Invested : Feb 17, 2023

Sector

Commercial Banking - General

Project Description

The proposed project consists of a senior secured US$-denominated financing of up to US$150 million to Access Bank Plc (the “Bank”), the largest commercial bank in Nigeria by total assets. The project will enable the Bank to provide working capital and trade finance facilities to enterprises in Nigeria, including Small and Medium Enterprises (“SMEs”).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	50.0
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Syndications	Loans to SME Borrowers
Syndications	Short/Medium Term Loans to Corporates
Straight Senior Loan	Loans to SME Borrowers
Straight Senior Loan	Short/Medium Term Loans to Corporates

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

E&S Category Rationale / Risks and Mitigation

The project will support trade and working capital lending to SMEs and corporate clients. The Bank's portfolio that will be supported under the project include sectors such as manufacturing, construction and real estate, and information and communication. The project will not support coal-related activities, or higher risk business activities that may include: a) involuntary resettlement, b) risk of adverse impacts on indigenous peoples, c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage or d) significant occupational health and safety risks. The environmental and social (E&S) risks of the supported sectors are expected to be medium, thus the project has been categorized as FI-2 in accordance with IFC's Sustainability Policy. The key risks and impacts of the project stem from the Bank's ability to maintain and implement its management system to adequately identify and manage the potential environmental and social risks associated with the sub-projects supported under this Project. These risks are typically associated with occupational health and safety issues, pollution prevention, waste and wastewater management, labor and working conditions issues, biodiversity, and community impacts, among others. For this project, IFC's applicable E&S requirements will be screening against the IFC Exclusion List, and Nigerian E&S laws and regulations. Access Bank's existing human resources policies and procedures are aligned with IFC's Performance Standards 2. As part of the project, the Bank will be required to: (i) maintain its ESMS procedures; (ii) meet Life & Fire safety requirements; (iii) remain committed to applying the labor standards established by the IFC Performance Standard 2; (iv) provide E&S training to staff; (v) review monitoring report template, and (vi) provide reports as requested by IFC.

Access Bank is an existing IFC client with an E&S management system (ESMS). The ESMS includes an E&S policy, roles and responsibilities, and tools and procedures on loan review and categorization, screening and monitoring. The E&S procedures which are applied to the Bank's entire portfolio, include screening against the IFC Exclusion List and Nigerian local and national laws. For high-risk clients, assessment is conducted against IFC Performance Standard. The ESMS is implemented by a dedicated E&S risk management team that includes an E&S manager and E&S analysts. The Bank's risk management committee receives E&S reports on a regular basis.

Contacts

For Inquiries About the Project, Contact

Access Bank Plc
Seun Bamidele Olufeko
Group Head, Project & Structured Finance
234 70 60 41 41 23
Seun.Olufeko@accessbankplc.com
Plot 14/15, Prince Alaba Oniru Street, Oniru Estate Victoria Island, Lagos, Nigeria
www.accessbankplc.com

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IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Task Title & Description	Anticipated Completion Date
Staff Training	12/15/2022
Provide ESDD and monitoring reports	08/31/2022

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