The Chartered Institute of Stockbrokers (CIS) has unveiled Roll of Honour for 57 companies and 24 individuals that supported acquisition and renovation of its new corporate headquarters.

As part of its strategic positioning for enhanced training and certification of securities professionals in Nigeria, the institute had acquired and renovated a state-of -the art office at highbrow Ikoyi axis of Lagos.

Welcoming guests at the unveiling of the Roll of Honour and inauguration of special facilities in the new head office, President, Chartered Institute of Stockbrokers (CIS), Mr Olatunde Amolegbe appreciated all institutions and individuals that contributed towards acquisition and renovation of the new secretariat and appealed for others’ support.

Amolegbe explained that the institute needed more funds to enable it operate optimally, given its strategic roles of capacity building, certification and advocacy.

“As the training and certification body within the capital market, our institute requires sustainable financing that goes beyond members’ annual subscription. I therefore, request that our regulators take a second look at the funding structure within the capital market with the objective of accommodating the CIS in the structure.

“By this, an arrangement could be made that provides CIS with annual grants from the various regulatory bodies and platforms within the market. This will no doubt enhance the institute’s ability to discharge its statutory roles optimally,” Amolegbe said.

In his goodwill message, Director-General, Securities and Exchange Commission (SEC), Dr Lamido Yuguda explained that the institute played crucial roles in Nigeria and its influence in the market had continued to grow.

Yuguda who was represented by the Commission’s Director of Monitoring, Mr Isyaku Tilde, noted that the institute had through its training, produced seasoned professionals who had contributed in many ways to the development of the market.

“I am confident that with the acquisition of this new secretariat, the institute will be more efficient and better empowered to effectively and efficiently perform its duties and responsibilities.

“The CIS plays an important role in the Nigerian capital market and over the years. Its influence on the market has continued to grow. In particular, the CIS , has through its training programmes produced seasoned professionals who have in several ways contributed to the development of the market and the improvement of standards and practices,” Yuguda said.

Group Chief Executive Officer, Nigerian Exchange (NGX) Group, Mr Oscar Onyema said the NGX would continue to support the institute in various capacities, given the relevance of stockbrokers to the nation’s economic growth and development.

Special Guest of Honour and Nigeria’s oldest practising stockbroker, Otunba Olasubomi Balogun in his remarks said his establishment of the first Nigerian wholly owned stockbroking company, CSL Securities had continued to endear him into the capital market operations and pledged to remain committed to the ideals of the institute.

Former Director General of NGX, Professor Ndi Okereke- Onyiuke, who is also a stockbroker, urged stockbrokers to be proud of the profession noting that they are the heart of the market and  without stockbrokers, securities exchanges cannot thrive.

The Nigerian Exchange (NGX) Limited is concluding arrangements to implement structural changes that will deepen the market and strengthen competitive edges of the Exchange as a hub for foreign and domestic investments.

Chief Executive Officer, Nigerian Exchange (NGX) Limited, Mr. Temi Popoola said the NGX has experienced strong track of growth over the course of its six decades of operations and is set to consolidate these achievements in the period ahead.

He spoke against the background of the 60th anniversary of the commencement of operations of NGX.

According to him, from the view of the number of securities listed now, the types of securities listed and types of business activity, the NGX has performed creditably well over the past decades.

“Over the next few months, we expect to deliver some positive structural changes building on our existing activities in this regard,” Popoola said.

He said the Exchange is collaborating with the apex regulator, the Securities and Exchange Commission (SEC), to digitalise the market and make sure that investors can buy and sell securities easily.

He noted that the Exchange on its part is doing its bit to coordinate the activities of players across the entire investment value chain to create an experience where within the space of minutes, a transaction can be initiated and completed.

“This is particularly important given that the next generations of investors are typically on their mobile phones, and until we can meet them there the value we can deliver to them will be limited,” Popoola said.

He also revealed that the Exchange is looking at strategies as to how to attract more foreign capital.

According to him, while attracting foreign capital is largely based on the macroeconomic environment of the nation, NGX continues to address factors within its immediate control to provide a conducive environment for these investments.

“We recognise that investors look into the quality of the companies and asset classes available before making investment decisions. As such, we place significant emphasis on governance, as well as the rules guiding the behavior of Issuers in our market. On the trading side, we also consider factors around the ease in settling transactions, resolving complaints, finding the right infrastructure and engaging the right intermediaries,” Popoola said.

He pointed out that the increase in domestic participation on NGX in few months was a testament of the financial power of Nigeria as a whole while adding that the Exchange will look to drive local participation and at the same time, position itself to attract investments.

He expressed optimism on the future of the Exchange especially with the possibilities advancements in technology provide.

“We may not be able to wrap our minds around the potential that technology will open up to us, but I am confident that the Exchange of the future is one that will offer a diversified range of capital raising opportunities, as well as sophisticated investment products that meet stakeholders’ needs,” Popoola said.

Shareholders of Oando Plc yesterday held their long-awaited 42nd Annual General Meeting (AGM) with a unanimous expectation that the integrated energy group would soon resume dividend payment after satisfying regulatory requirements.

The AGM, held at the Wings Office Complex, Victoria Island, Lagos, came in the wake of an out-of-court settlement with the Securities and Exchange Commission (SEC) who hitherto, suspended the company’s AGM in 2019.

In line with COVID-19 restrictions on large gatherings, shareholders were represented by proxies of their various associations while other shareholders were allowed to join the hybrid virtual-physical AGM online.

Excited by the resumption of yearly meeting, shareholders commended the board and management of Oando for their steadfastness and commitment towards the ideals of the company and harmonious relationship with all stakeholders.

They urged the board and management to redouble efforts at creating value for shareholders.

All resolutions presented at the AGM were approved, including the re-appointment of Ernst and Young as auditors, the directors were authorised to fix the auditors remuneration; election of Dr. Ainojie Irune to the Board of Directors; re-election of Oba M. A. Gbadeb, Mr. Olufemi Adeyemo and Mr. Tanimu Yakubu as directors; election of audit committee members, and approval of the remuneration of non-Executive Directors.

A shareholder, Patrick Ajudua commended the management of Oando for remaining resilient during the trying period noting that the company worked tirelessly to see to the resolution of the regulatory issues.

“It is in light of this that we, the shareholders, are delighted and supportive of the management,” Ajudua said.

Another shareholder, Alhaji Kabiru Tambari underscored the importance of the annual meeting as a place for decisive decisions about the affairs of the company and shareholders including approval of annual reports and dividend payment.

“Today is a historical day for us shareholders. I thank the management and board of the company and I congratulate my fellow shareholders for this achievement. This is the only way we can benefit from the company through capital appreciation because, without AGM, there will be no talks of dividends,” Tambari said.

A shareholders’ leader, Mr. Sunny Nwosu said the next major target for Oando should be payment of dividend to shareholders.

“The best thing that would happen to us following the resolution of the SEC dispute is to declare a dividend for shareholders. It will be in the interest of shareholders if this is brought up at the next AGM,” Nwosu said.

Group Chief Executive, Oando Plc, Mr. Adewale Tinubu reiterated the commitment of the group to its core values of teamwork, respect, integrity, passion and professionalism, which it would continue to apply in its operations and engagement with stakeholders.

According to him, the group’s ethos has been driven by these values, and the group has evolved and succeeded year after year.

“The ultimate test of our capacity to be sustainable is having challenges. We’re ready to face them and deal with them when they come; ready to ensure that we apply these same principles and maxims in dispute resolution. We appreciate everyone who played an active role in enabling us to reach a resolution with the SEC,” Tinubu said.

He assured the shareholders of management’s commitment towards creating value for and protecting the interest of all shareholders.

Meanwhile, shareholders also authorised the board of directors “to negotiate, take all such actions and enter into all such transactions, agreements and appropriate settlements with the Securities and Exchange Commission in relation to the investigations, findings, dispute and settlement arising from and relating to petitions brought by Ansbury Inc, an investor in Ocean and Oil Development Partners Limited (OODP) and Alhaji Dahiru Mangal, against the company and certain of its directors, and to likewise do all things necessary to settle all disputes between the company, the said directors and the petitioners and to ratify and confirm all actions hitherto taken by the management of the company towards resolving the said disputes”.

Despite the economic headwinds imposed by the COVID-19 pandemic, the business outlook for Guinness Nigeria Plc, a subsidiary of Diageo Plc, in its audited results for the period ended June 30, 2021 revealed gross revenue growth of over N60 billion compared to N104 billion in the preceding year, just as it recorded a 110 per cent increase in profit after tax, with double digit revenue growth across all key categories despite the impact of COVID-19 restrictions and ongoing economic challenges.

Operating profit increased by 177 per cent benefitting from lapping significant impairments in the prior year and reduced administrative expenses arising from productivity savings.

Commenting on the results, Managing Director, Guinness Nigeria Plc, Mr. Baker Magunda said the performance of fiscal 2021 showed that the business delivered growth despite the challenging external environment characterised by COVID-19 restrictions and high inflation.

“This was supported by improved product mix and headline price increases in key brands. Gross margins declined by 3% driven by inflationary pressure, a shift towards more expensive can products given at-home consumption trends, and forex devaluation impacting some materials,” Magunda said.

The company however revealed that its net finance costs remained on similar level as last year despite the lower debt position, due to the devaluation of Naira impacting the foreign currency denominated trading balances.

“Tax was impacted by a one-off historic charge. Profit before tax increased to N5.8 billion, a 134 per cent growth versus same period last year; and distribution expenses increased by 22 per cent versus last year behind volume growth due to efficiency improvements across distribution channels.

“Going into the new fiscal year, we are conscious of the continued challenging operating environment with double-digit inflation and pressured consumer income spending. However, we will continue to focus on our strategy – optimising our route to consumer, innovating at scale to satisfy our consumers and improving cost control – as we continue to emerge stronger from the current crisis. We remain confident about the execution and resilience of our Total Beverage Alcohol strategy as a key driver of sustainable growth in the market,” Magunda said.

Chairman, Guinness Nigeria Plc, Dr. Omobola Johnson assured that the board will continue to support management in its efforts to sustain global best practices aimed at consistently delivering business growth for stakeholders.

“We remain confident that the strategy is comprehensive and robust, and that we are making the right investments in the company to ensure our long-term competitiveness,” Johnson said.

Lafarge Africa Plc’s share price has the potential to rise by as much as 57 per cent to hit N34.44 per share, after the cement company recorded double-digit growth in the bottom-line in the first half.

In its latest stock review, Cordros Securities stated that it has reviewed its pre-tax profit forecast for Lafarge Africa to N71.83 billion from previous estimate of N42.64 billion, translating to earnings per share of N3.43 as against prior estimate of N2.17.

“Consequently, we retain our “BUY” rating on the stock;” the investment firm stated.

Lafarge Africa’s first half report for the period ended June 30 2021 showed that second quarter 2021 standalone profit after tax grew by 25.7 percent to N19.19 billion while earnings per share settled at N1.19, bringing total first half earnings per share to N1.76.

The report indicated that the double-digit growth in net profit was driven by a combination of topline growth of 29.4 percent and reduction in finance cost of 71.5 percent, of which offset the increases in operating expenses which rose by 61.3 percent and cost of sales which grew by 42.6 percent.

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“Over the rest of the year, we expect sustained growth in earnings due to favourable price and volume mix and moderation in finance cost given its low leverage position;” the report stated

According to analysts; with revised earnings per share of N3.43 for 2021, dividend per share could be N1.55 by the end of the year, implying a dividend yield of 7.3 percent based on the price of N22 per share in recent days.

Analysts said price increment and sustained volume growth will support revenue. Turnover had grown by 20 percent in first half on the back of improvement in cement sales and aggregate and concrete sales.

The report noted that the double-digit growth in cement sales was price-driven given the higher increase in price per tonne compared to volumes. Without downplaying the strong demand from individual homebuilders as disclosed by management, analysts pointed out that low base in the prior-year further aided the volume growth.

Management of Lafarge Africa had noted that margins were pressured by the pass-through impact of the naira devaluation on dollar-denominated cost items, namely gas contracts, spare parts and strategic raw materials.

Analysts said they expected price increments implemented at the start of the year and improved fixed cost absorption associated with the recommissioning of Ewekoro Line 1 to support margins in second half of 2021.

“For 2021 estimate, we estimate EBITDA growth of 37.8 percent, but forecast EBITDA margin will moderate to 35.3 percent by year-end from 36.5 percent in first half 2021;” the report stated.

Low leverage to cushion impact of cost pressures on pre-tax profit as the growth in second quarter 2021 pre-tax profit was also supported by the deceleration in finance cost, which is reflective of Lafarge’s deleveraged balance sheet.

Notably, gross debt fell to N19.75 billion as of first half 2021 following the redemption of its N34.08 billion bond this year. In addition, management has guided that there are no plans to embark on significant borrowings in the short term. As a result, analysts expected no material increase in leverage with overall interest expense estimated at 44.2 per cent by the end of 2021.

The Federal Government yesterday listed its latest tranches of the Federal Government of Nigeria (FGN) Savings Bonds (FGNSBs) on the Nigerian Exchange (NGX) Limited, paving the way for bondholders to trade on their securities.

The government had earlier this month issued two-year and three-year tenured savings bonds in continuation of its monthly issuances.

A total of 204,965 units of the 8.864 per cent FGNSB August 2023 bond valued at N204.965 million were listed at par value of N1000. The two-year tenured bond has a maturity date of August 11, 2023.

Also, a total of 603.248 million units of the FGNSB August 2024 bond valued at N603.248 million were listed at par value of N1, 000. The three-year tenured bond has a maturity date of August 11, 2024.

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The coupon payment for the new tranches of the FGNSB, which pays interest rate or coupon quarterly, is November 11, February 11, May 11 and August 11.

NGX stated that the additional listing of the debt instruments further reaffirms its leading position as a multi-asset securities exchange providing investors access to equities, diverse fixed income securities, Exchange Traded Products (ETPs), mutual and other investment funds.

The FGNSB was introduced in 2017 as a mass instrument for nationwide mobilisation of savings and investments. Minimum subscription to the FGNSB is usually N5, 000 while the bond pays coupon or interest rate on a quarterly basis.

Usually, the minimum subscription to the bonds, offered at N1,000 per unit, is N5,000 or five units and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.

GTI Securities Limited, one of the authorised distribution agents for the FGNSB, noted that the savings bonds help to deepen national savings culture while providing opportunity to all Nigerians irrespective of income level to contribute to and benefit from national development.

According to the stockbroking firm, FGNSB enables all Nigerians opportunity to participate in and benefit from the favourable returns available in the capital market.

GTI Securities noted that the savings bonds are acceptable as collateral for loans by banks and can be sold for cash in the secondary market before maturity.

The bonds are usually listed on the stock exchange for trading, thus providing liquidity for investors who want to exit before maturity.

Savings bonds are good for savings towards retirement, marriage, school fees and house projects among other targets while assuring on its safety as the bonds are backed by the full faith and credit of the Federal Government of Nigeria.

By Tofunmi Sanusi

The Nigeria Solidarity Support Fund (NSSF), a platform established primarily to supplement efforts to mitigate the adverse economic effects of the COVID-19 is seeking $50 million to implement its programmes.

NSSF is a non-profit organisation created as a partnership between the international advocacy organisation, Global Citizen and the Nigeria Sovereign Investment Authority (NSIA).

NSSF is renewing calls for support and financial donations to the fund to implement its programmes which include supporting vulnerable members of the population, strengthening the country’s healthcare system and reskilling the Nigerian workforce for a post-pandemic world.

The strategic priority for NSSF for 2021-2022 is to “ensure that one million Nigerians are vaccinated against Covid-19.”

The Fund is calling on philanthropists, corporate organizations, Nigerians at home and in the diaspora, public sector institutions and international donor agencies to join hands and support this initiative which has been created by Nigerians for the benefit of Nigerians.

Chairman, Global Citizen Nigeria, Babatunde Folawiyo said with the appointment of Dr. Fejiro Chinye-Nwoko as General Manager of the fund, all the necessary governance structures are now in place and the work of the fund has begun in earnest, with the immediate priority being to support the national COVID-19 vaccination programme.

“The NSSF is now well established and with $2.4 million raised thus far, we need to build on this and grow the fund towards its goal of $50 million. The funds will be channeled towards acquiring vaccines and ensuring that Nigerians are well informed about the need for the vaccination,” Folawiyo said.

According to him, working with carefully selected partners, NSSF’s goal is to ensure equitable distribution and application of the vaccinations as well as adequate education and awareness about the benefits of getting vaccinated.

Chinye-Nwoko said the fund was ready to serve the people of Nigeria.

“We strongly believe the pandemic is above all a health crisis and ending this health crisis will result in a durable end of the economic crisis. We look forward to the support of the Nigerian people, as together we can help each other for the good of the whole country,” Chinye-Nwoko said.

Governed by a Statutory Board of experienced and reputable members, the Board of NSSF has selected and is in the process of engaging top tier professional services firms, PWC and KPMG to handle grants administration and monitoring & evaluation, respectively.

By Taofik Salako, Deputy Group Business Editor

Nigeria’s largest quoted company and Africa’s biggest cement producer, Dangote Cement Plc has listed three tranches of bonds worth N50 billion on the Nigerian Exchange (NGX) Plc and FMDQ Securities Exchange, the first series of bonds under the cement group’s pace-setting N300 billion bond issuance programme.

The three tranches included three-year, five-year and seven-year bonds. These included the three-year 11.25 per cent senior unsecured fixed rate bond due in May 2024, five-year 12.50 per cent senior unsecured fixed rate bond due in May 2026 and the seen-year 13.50 per cent senior unsecured fixed rate bonds due in May 2028.

A total of 3.64 million units of the three-year bond were listed while 10.45 million units and 35.91 million units of the five-year and seven-year bonds were listed, all at par value of N1,000. All the three bonds had been issued on May 26, 2021 and will mature on May 30 of their respective redemption year.

The three bonds which were issued on semi-annual coupon payment basis have already started payment of fixed coupon rate since May 2021 and will continue on May 30 and November 30 of every year.

Dangote Cement plans to be issuing medium to long-term debts under its N300 billion bond issuance programme. The bond issuances will however depend on the prevailing market conditions.

According to the plan, Dangote Cement will use the net proceeds from the debt issuances to finance capital expenditure mainly around its expansion projects as well as refinancing of short-term debt and working capital.

Group Managing Director, Dangote Cement Plc, Mr. Michel Puchercos, stated that the bond issuance allowed the group to move a step further in achieving its expansion objectives.

According to him, the net proceeds would be deployed to projects instrumental in supporting the group’s export strategy while improving its cost competitiveness.

“We thank the investor community for their continued support in the management of Dangote Cement and their successful participation in the bond issuance,” Puchercos said.

Chief Executive Officer , Absa Capital Markets Nigeria Limited, Mr. Sadiq Abu  said the firm was pleased to have acted as lead issuing house on the transaction noting that the success of the issuance and positive investor response amidst market uncertainty was indicative of Dangote Cement’s strong credit profile and market positioning.

“We thank the board and management of Dangote Cement Plc for the opportunity to continue to support the company in its fund-raising efforts,” Abu said.

The N300 billion debt capital raising signifies the commitment of the cement group to continuous balance sheet restructuring after it floated its maiden debut bond of N100 billion in 2020. The maiden bond issue was fully subscribed, making history as the largest single corporate bond issue in the Nigerian capital market.

Dangote Cement had also raised N50 billion in additional short-term debt capital through issuance of commercial papers (CPs). Dangote Cement offered Series 15 and 16 under its N150 billion commercial paper (CP) issuance programme.

Dangote Cement is Africa’s leading cement producer with nearly 46Mta capacity across Africa. it is a fully integrated quarry-to-customer producer, with a production capacity of 29.25Mta in its home market, Nigeria. Obajana plant in Kogi state, Nigeria, is the largest in Africa with 13.25Mta of capacity across four lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta and Gboko plant in Benue state has 4Mta.

In addition, Dangote Cement has  operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).

By Taofik Salako, Deputy Group Business Editor

Lafarge Africa Plc has emerged as one of the five top-performing companies blurring the gap in gender roles and encouraging equality and diversity within its ranks.

The recognition of Lafarge Africa comes on the heels of the recent IFC Gender Equality study, conducted in partnership with Nigerian Exchange Limited (NGX) to assess gender gaps at 30 leading companies listed on NGX.

Speaking during the virtual launch of the Nigeria2Equal (N2E) Peer Learning Platform and Gender Gap Assessment Report in Lagos, Group Managing Director, NGX Group, Mr. Oscar Onyema noted that as the first multi-stakeholder country project focused on reducing gender gaps in Nigeria’s private sector companies, Nigeria2Equal is unique in its design to ensure a quantitative approach to improving gender equality amongst the participating companies through careful research.

According to him, the programme’s approach to celebrating industry best practices and promoting the application of gender-smart solutions at the firm and sector level is best in class and will be celebrated for years to come.

Lafarge Africa’s Country Chief Executive Officer, Mr. Khaled El Dokani, represented by Communications, Public Affairs & Sustainable Development Director, Mrs. Folashade Ambrose-Medebem spoke on the Business Case for Achieving Gender Parity in Nigeria: From the CEO’s Perspective’.  He said Lafarge was extremely delighted for the recognition.

“At Lafarge, we are further driven by narrowing the gap which is a particular nuance in the manufacturing sector. To underscore this, we have set ambitious diversity and inclusion targets.

“We have also put frameworks in place for the achievement of these targets such as female to male employment ratio, especially in core production and operations. We have also adopted a bottom-up approach to further bridge this gap through some of our social impact programs like the Technical Skills Development Programme and the female truck drivers’ program of the Lafarge Driving Institute. Of course, being a signatory to the Nigeria2Equal Programme affords us greater opportunities to achieve set targets,” El Dokani said.

Director, Organisation and Human Resources, Lafarge Africa Plc, Gbemiga Owolabi  said Lafarge Africa believes that its success is directly linked to how diverse and inclusive it is .

“We continue to improve on our various employee initiatives towards ensuring that every employee has the same opportunity, irrespective of gender, to excel,” Owolabi said.

The Gender Gaps Assessment Report is an independent review of the thirty most capitalized companies listed on NGX’s Premium and Main Boards, using the proprietary Equileap Scorecard™.

The report investigates the extent of gender gaps in Nigeria’s private sector, establishes best practices, or challenges, for closing gender gaps, and provides a basis for participating companies to identify top priority areas to address through the implementation of the Nigeria2Equal program. It sets the context for the Nigeria2Equal Peer-Learning Platform by providing market-specific data on the evidence for the business case while highlighting priority issues that promote or hinder women’s participation as leaders, employees, and entrepreneurs.

The launch of the Peer-Learning Platform and Gender Gap Assessment Report are key milestones of the collaboration between NGX and IFC for the Nigeria2Equal program. The event also served as a platform to onboard Lafarge Africa Plc and the other participating companies that have made a commitment to improving gender equality in the areas of women’s employment, entrepreneurship, and advocacy within their respective companies.

Thirty six per cent of board seats at Lafarge Africa Plc are occupied by women and the organization has an unending drive to attain the United Nation’s Sustainable Development Goals (SDGs) as it anchors its sustainability pillars on Climate and Energy, Circular Economy, Environment, and Community to drive innovation while also focusing on the social pillars of Education, Empowerment, Health and Safety and Shelter and Infrastructure.

By Taofik Salako, Deputy Group Business Editor

Forest Capital, the investment subsidiary of Farmforte Limited, has acquired Kayvee Microfinance Bank as part of its strategic imperative to create greater synergy between socio-economic empowerment, agriculture and the finance sector.

Speaking on the acquisition, Co-Chief Executive Officer, Farmforte Limited,  Osazuwa Osayi, said the strategic acquisition demonstrated commitment to continuously improve the firm’s portfolio and effect economically sustainable developments, primarily across the agri-value chain.

“Our multi-pronged enterprise growth strategy is ever-reliant on the financial and technological advancement of our growing 112,000 smallholder farmer network, which will be up to one million by the close of 2022. With a widely heralded generation of disruptive banking services, and wider sector focus on mobile-first, personalised banking, we are structuring a world class and formidable agriculture services ecosystem via Forest Capital,” Osayi said.

Also speaking on the acquisition rationale, Managing Director,  Forest Capital, Paul Okunaiya noted that as Africa’s digital financial services sector grows exponentially in the next few years, the transaction underpins the desire for a necessary symbiosis between the unbanked and private entities pertaining to access, relevance, and ultimately trust.

According to him, with about 350 million adults un-served by the financial services industry in sub-Saharan Africa, there is more emphasis on financial inclusion, and Forest is poised to provide much-needed solutions to individuals andcorporates, from farmers to entrepreneurs, and industries at large.

He said Forest will bridge the access to requisite financing across the agriculture value chain for small to medium scale farmers, infrastructure and supply chain operations, distributors, wholesalers, and retailers, last mile delivery and Agric tech-driven startups.

A Tier-1 digital microfinance bank operating under the licence of the  Central Bank of Nigeria (CBN), Kayvee MFB leverages technology to provide savings and lending platforms to support the CBN’s financial inclusion strategy.

Forest’s short term strategic diversification plans include a ramp up of its investment advisory services, the development of high yield portfolio investments, and the build out of Forest Bank, modern digital interface based on the rapidly evolving concept of application programming interface (API)-driven embedded finance.