SMALL AND MEDIUM SCALE ENTERPRISES (SMEs)

In line with the renewed emphasis on domestic production, the Bankers' Committee had come up with an initiative known as the Small and Medium Industries Equity Investment Scheme (SMIEIS). The Scheme required banks to set aside 10% of their annual profit before tax for investment in the real sector of the economy. Real sector financing under this initiative covers the following activities:

• Agro Allied Industries
• Information Technology and Telecommunication
• Manufacturing
• Educational Establishments
• Services
• Tourism
• Solid Minerals
• Construction and any other activity as may be determined from time to time by the Bankers' Committee.

  This SBU has responsibility for managing the Bank's investment under the scheme.

  In addition, Union Bank is at the forefront of a consortium of three banks that established an affiliate company, Unique Venture Capital Management Company Limited, for the purpose of managing and investing part of the 10% PBT of the banks concerned.

  For more information contact:
  Assistant General Manager
  Special Products Department
  17th Floor, Stallion Plaza,
  36, Marina, Lagos.
  Tel: 266403, 2644347
  Fax: 2669371, 2644328

  Managing Director/CEO
  Unique Venture Capital Management Company Limited
  5th Floor, 40 Marina, Lagos
  Tel: 2644150, 2644155,
  Fax: 2644158