C & I Leasing has listed its N10 billion long-term bond on the Nigerian Exchange (NGX) Limited, paving the way for investors ot trade on the bonds.

C & I Leasing listed the N10 billion seven years 15.5 per cent Senior Secured Fixed Rate Bonds due 2028 under its N20 billion bond issuance programme.

A total of 10 million units of the bond were listed at par value of N1,000. The maturity date for the seven-year bond, which was issued on June 3, 2021 is June 3, 2028.

C & I Leasing had recently raised about N2.26 billion from its existing shareholders, 30 per cent or N970 million short of the leasing company’s target of N3.23 billion. It had sought to raise N3.23 billion from existing shareholders through a rights issue of 539 million ordinary shares of 50 kobo each at N6 per share. The rights were pre-allotted on the basis of four new ordinary shares of 50 kobo each for every three ordinary shares of 50 kobo each held as at the close of business on Wednesday, September 4, 2019.

The offer recorded 70.02 per cent subscription as shareholders picked up 377.39 million ordinary shares of 50 kobo each. The additional shares from the rights issue were listed on the Nigerian Stock Exchange (NSE), increasing C & I Leasing’s outstanding shares at the stock market from 404.25 million ordinary shares of 50 kobo each to 781.65 million ordinary shares of 50 kobo each.

The company would use the net proceeds of the offer to bolster its working capital and increase leasing assets.

C & I Leasing had in January 2019 concluded a massive share reconstruction that saw cancellation of 1.479 billion ordinary shares of 50 kobo each, about 79 per cent of the company’s pre-consolidation issued share capital.

The share capital reconstruction had reduced the leasing company’s outstanding shares from 1.883 billion ordinary shares of 50 kobo each to 404.25 million ordinary shares of 50 Kobo each. Under the share consolidation, four ordinary shares of 50 kobo each were consolidated into one ordinary share of 50 kobo each.

The company had stated that the purpose of the reconstruction was to allow the company to have enough unissued shares to accommodate the conversion of the $10 million loan stock to ordinary shares and to raise more capital through the capital market for business expansion.

By Taofik Salako, Deputy Group Business Editor

 

FMDQ Securities Exchange Limited has listed NSP-SPV PowerCorp Plc’s green bond issuance programme in a major step towards providing long-term funding for the development of Nigeria’s alternative energy system.

NSV-SPV PowerCorp listed its N6.33 billion Fixed Rate Series 2 Senior Unsecured Green Bonds. The bonds were issued under NSV-SPV PowerCorp’s N50 billion bond issuance programme.

The net proceeds of the bond issuance will be used to fund the development of 15mw Pre-Phase 1 Solar Project and the transmission evacuation infrastructure for NSP PowerCorp’s  solar project, further fuelling the development of power in Nigeria.

Globally, the green bond market has shown exponential growth as corporate entities and governments are raising funds from the debt capital markets to finance environmentally friendly projects to support the development of their countries.

Speaking on the successful issuance of the bond, Executive Vice Chairman and Chief Executive Officer, North South Power Company Limited, Olubunmi Peters, said the landmark transaction reinforces the company’s belief and commitment in promoting clean energy generation in Nigeria.

According to him, the issuance also demonstrates growing investor confidence in the company’s business, management team, and long-term strategy.

“We remain committed to unlocking opportunities within the power and infrastructure industry and promoting a sustainable energy solution for Nigeria,” Peters said.

Chief Executive Officer, Stanbic IBTC Capital Limited, Mr. Funso Akere said the issuance reflects the depth and diversity of the capital market.

According to him, the success of the transaction demonstrates investors’ confidence in North South Power, its sector, people, and strategic direction.

“Stanbic IBTC Capital Limited is also extremely grateful to have been given this opportunity by North South Power to add yet another successful green bond issuance to its stable. The promotion of the three pillars of sustainability, that is social equity, economic viability and environmental protection, is one we keep dear to our core strategy and values, as members of Standard Bank Group,” Akere said.

The Nigerian Green Bond Market Development Programme, which provided technical support for the NSP-SPV PowerCorp Plc Series 2 Green Bond, by facilitating crucial engagements between the parties to the transaction and selecting technical consultants for the verification of the green bond, was launched in 2018, to create awareness and drive education required to integrate the principles of green financing into the debt capital market, as a partnership between FMDQ Group, CBI and FSD Africa.

Chief Executive Officer, FMDQ Group, Mr. Bola Onadele. Koko said FMDQ was proud to have supported the NSP-SPV PowerCorp Plc Series 2 Green Bond through the Nigerian Green Bond Market Development Programme.

He noted that as the local partner to the programme, FMDQ provided support by selecting consultants for the verification and credit rating assessment of the green bond, which was executed within a remarkable timeline of estimated two weeks.

“This transaction further proves that the programme’s efforts toward developing a vibrant green bond market are gaining traction as more corporates and subnationals are beginning to explore green debt financing opportunities to raise capital towards pipelines of eligible projects.

Once again, we congratulate the board and management of north south Power and reiterate our commitment to work with our stakeholders to develop the Nigerian green bond market,” Onadele.Koko said.

According to him, FMDQ Exchange, being an Exchange with a passion for sustainable development and green financing in Nigeria, has again proven its unflinching commitment in this regard by providing due diligence and availing its credible and efficient platform for the listing and trading of the NSP-SPV PowerCorp Plc’s green bond.

“The Exchange will remain unyielding in its support for the development of the Nigerian debt capital market through its highly efficient platform for the registration, listing, quotation, and trading of securities, providing access to capital for infrastructural and sustainable development,” Onadele.Koko said.

Director, Capital Markets, FSD Africa, Dr. Evans Osano, added that FSD Africa was also proud to have worked with North South Power on this green bond issuance in Nigeria.

“The climate bond certification implies that North South Power underlying assets have met rigorous scientific criteria in line with the Paris agreement,” Osano said.

FMDQ Securities Exchange Limited has approved the quotation of the FBNQuest Merchant Bank Limited N7.34 billion Series 19 Commercial Paper (CP) on its platform.

The N7.34 billion Series 19 Commercial Paper (CP) was issued under FBNQuest Merchant Bank’s N100 billion CP Programme on its platform.

A commercial paper is a money-market security issued by companies with a maturity of not more than 270 days to get capital from investors to meet short-term debt obligations.

FBNQuest Merchant Bank Limited will use the net proceeds from the issuance to support its short term funding requirements.

FMDQ noted that the timely admission of the CP issue, and in general, all securities on FMDQ Exchange, is reflective of the potential of the Nigerian debt capital market and the commendable level of confidence demonstrated by both issuers and investors in the market.

“In line with the value proposition of FMDQ Exchange, the CP shall be availed global visibility, governance, continuous information disclosure to protect investors’ interest and credible price formation, amongst other benefits derived from the FMDQ Exchange platform,” FMDQ stated.

FBNQuest Merchant Bank  offers an array of financial services, including coverage and corporate banking, financial advisory, debt capital markets, equity capital markets, institutional sales, fixed income currency and treasury and wealth management.

The bank has reiterated its commitment to finding innovative solutions for its client base of high net-worth individuals, small and medium enterprises, corporates, financial institutions and governments, whilst catering to their diverse financial needs.

By Taofik Salako, Deputy Group Business Editor

 

The Oxford Foundry, University of Oxford, United Kingdom, and FMDQ Private Markets Limited, a subsidiary of FMDQ Holdings Plc and largest private capital platform in Nigeria, have launched a global partnership to accelerate the growth of Nigeria’s start-up ecosystem.

The partnership is expected to nurture a future generation of young Nigerian leaders in entrepreneurship, through knowledge exchange and collaboration.

It will also support Nigeria’s future business leaders and high-growth start-ups to access the networks and skills they need to grow and sustain their businesses, create jobs and inclusive socioeconomic growth, and facilitate the growth of Nigeria’s venture ecosystem.

Besides, the partnership supports collaboration and knowledge exchange between the UK and Nigerian angel investment communities, as Nigeria’s community matures. Ventures will be supported to develop market solutions in high-potential sectors such as technology, agriculture, green industries, and healthcare.

Nigeria has one of the largest numbers of technology start-ups in Africa and has been identified as one of the 11 ‘3G’ countries by Citigroup – countries of large growth potential and profitable investment opportunities.

There is an increasing number of programmes to support Nigerian start-ups, with corresponding high demand, implying that there is huge potential and opportunity to create new partnerships to support high growth-potential businesses, and an increased need to access capital. Currently more than 80 per cent of venture and start-up funding comes from an entrepreneur’s personal or family resources.

Through this partnership between Oxford Foundry and FMDQ Private Markets, a bespoke programme will be launched in late 2021, leveraging the University of Oxford’s global, multidisciplinary networks and Nigeria’s entrepreneurship ecosystem to support Nigeria’s future business leaders and high-growth start-ups to access the networks, skills and investment pathways they need to grow their businesses, has been co-created.

The programme is focused on three key areas, to upskill, grow and accelerate, with the facilitation of the training of 20 young Nigerian aspiring entrepreneurs and future leaders through the OXFO-FMDQ Young Entrepreneurial Leaders Programme.

The programme will promote knowledge exchange and shared best practice across Oxford’s and Nigeria’s angel investment communities through roundtables and relationship building initiatives with a view to unlocking vital capital.

It will also lead to the acceleration of five high-potential Nigerian start-ups through a tailor-made OXFO-FMDQ Start-up Bootcamp, to scale up transformative social and economic impact in Nigeria. The programme leverages the Oxford Foundry’s unparalleled assets, including networks, partnerships and a venture building and leadership curriculum delivered by some of the world’s leading experts.

Director, Oxford Foundry, Ana Bakshi said the first global partnership with FMDQ in Nigeria was deliberate as Nigeria has one of the largest number of tech start-ups in Africa, noting that Africa is a continent of immense entrepreneurial talent and high-growth venture potential.

According to Bakshi, there is huge opportunity to invest in the future generation of global entrepreneurs and leaders who will come from across the continent, and this first partnership is an important step to build new relationships and learn from other entrepreneurial ecosystems.

“Now more than ever, it’s vital that we share our resources, access to networks and opportunities, and work together across geographical boundaries to benefit society, create jobs and boost economies. We want to open the Oxford Foundry up to the world, and together, support the next generation of entrepreneurs and leaders to create the purpose-led impact and positive change we all need to see,” Bakshi said.

Chief Executive Officer, FMDQ Group, Bola Onadele. Koko stated that FMDQ was delighted to be the first global partner of the Oxford Foundry, particularly on the laudable initiative, which emphasises the provision of critical support for high-growth start-up businesses.

He noted that it was vital that young Nigerian start-up companies and high-growth small- and medium- sized enterprises (SMEs) are provided with the skills, networks, mentorship and capital required to overcome the barriers to successfully grow and sustain their businesses, thereby creating employment opportunities and supporting poverty alleviation in the country.

“FMDQ Group, through its wholly owned subsidiary, FMDQ Private Markets, is excited to work with a credible partner to deliver the key programmes under the partnership to develop and transform Nigeria’s young entrepreneurs, further entrenching the ethos of the Group’s mission – we collaborate to empower markets for economic progress towards delivering prosperity. Furthermore, this Programme is in close alignment with FMDQ Private Market’s flagship initiative -SCALE (Start-up Capital Access & Liquidity Ecosystem) – aimed at supporting the growth of high-potential Nigerian-based start-up companies, creating a pipeline of sustainable businesses in Nigeria,” Onadele.Koko said.

The Oxford Foundry Entrepreneurship Centre at the University of Oxford was opened by the Chief Executive Officer of Apple, Tim Cook, in 2017, to provide all students and alumni of the University of Oxford, as well as wider communities, the entrepreneurial and technology experiential skills and training they need to succeed in their chosen careers, and to build and lead purposeful, sustainable ventures that benefit people and the planet.

Through local, national, and international partnerships, the Foundry is democratising entrepreneurship and opening up Oxford University’s talent, resources and networks to the world. To date, the 32 ventures on the Foundry’s Accelerator Programme, Elevate, have raised over £43 million since joining the programme, are valued at over £150 million, have created more than 170 jobs globally, and are creating a positive impact around the world across different sectors and industries.

FMDQ Private Markets Limited, a wholly owned subsidiary of FMDQ Group, is an organised platform focused on promoting the inclusion of private companies in the Nigerian capital markets, by providing the much-needed information in the market for private companies’ securities as well as a medium for the disclosure of activities of private companies in the Nigerian debt and equity capital markets, serving as an information repository for the recording of these activities, via restricted access portal, the private companies’ securities information and distribution Portal, and ultimately, improving credibility in the market for private issuances.

FMDQ Group is a vertically integrated financial market infrastructure (FMI) group, strategically positioned to provide registration, listing and quotation services; integrated trading, clearing and central counterparty, settlement, risk management for financial market transactions; and depository of securities; as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries – FMDQ Securities Exchange, FMDQ Clear, FMDQ Depository and FMDQ Private Markets.

The Nigerian Exchange (NGX) Limited has reviewed its sectoral market indices in order to reflect current trends at the stock market.

The half-year review led to the entry and exit of some companies from several indices effective July 1, 2021.

The Exchange explained that the indices were developed to allow investors to follow market movements and properly manage investment portfolios.

Designed using the market capitalisation methodology, the indices are rebalanced on a semi-yearly  on the first business day in January and in July.

The reviewed indices included NGX 30, NGX Lotus Islamic, NGX Pension, Corporate Governance Index, Afrinvest Bank Value Index, Afrinvest Dividend Yield Index, Meristem Growth Index, Meristem Value Index; and the five Sectoral Indices of the Exchange, NGX Banking, NGX Insurance, NGX Industrial, NGX Consumer Goods and NGX Oil & Gas.

Following the review of the indices, United Capital is listed on the NGX 30 index after the delisting of 11 Plc (formerly Mobil Plc) from the local bourse in 2021 as well as from the Oil & Gas index, and Pension index which welcomes Vitafoam Nigeria.

The NGX Lotus Islamic index welcomed Presco and Nigerian Aviation Handling Company (NAHCO) following the exit of Chemical and Allied paints and Cadbury Nigeria Plc. On the Afrinvest Bank Value Index, Fidelity Bank Plc and FCMB Plc will be listed, while United Bank for Africa (UBA) exits the index. Afrinvest Div Yield Index has Dangote Cement Plc on it as the likes of Africa Prudential and Vitafoam exit the index.

Meristem Growth Index admitted AIICO Insurance, Jaiz Bank, Presco and PZ Cussons Nigeria, while Africa Prudential, Ardova, Dangote Cement and Glaxo Smithkline Consumer Nigeria exited from the index.

Meristem Value Index got Ardova, Custodian Investment, Unilever Nigeria and Conoil on index, while Presco, Wema Bank and Nascon Allied Industries exited the index.

It would be recalled that NGX recently announced the rebranding of its indices in line with NGX’s drive to standardise and ensure consistent expression of the brand across touchpoints. All indices were rebranded with a pre-fix, NGX, formerly NSE to promote brand awareness and recognition. The exercise did not, however, affect the computation methodology of the indices.

The NGX began publishing the NGX 30 Index in February 2009 with index values available from January 1, 2007. On July 1, 2008, the NGX developed five sectoral indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors. The sectoral indices comprise the top fifteen most capitalized and liquid companies in the Insurance and Consumer Goods sectors; the top ten most capitalized and liquid companies in the Banking and Industrial Goods sector; and the top seven most capitalized and liquid companies in the Oil & Gas sector.

Furthermore, NGX has collaborated with other capital market players to publish co-branded indices including Lotus Capital Limited, Meristem Securities Limited and Afrinvest Securities Limited.

By Fiyin Osinbajo

An article published recently by the Guardian newspaper’s Helen Oji expressed concern about the future of the Nigeria stock market in the face of waning interest from millennials who are increasingly turning to alternative investment options in micro-finance, fin-tech, and cryptocurrencies. Stakeholders are reportedly worried about losing market patronage on the exit of the older generation, who thus far form the largest segment of investors.

This article piqued my interest and mirrored the outlook of millennial investors I had interacted with in the past who laughed and sighed when I suggested the Nigerian stock exchange as a viable investment option. What I found most concerning was the stark contrast between young Nigerian investors and my colleagues from business school in the UK, who have constantly badgered me to scout investment

opportunities for them in Nigeria. This article examines the long-term potential of Nigerian equities and aims to predict patterns of growth by analyzing policy, social trends and economic data.

A 2008 study investigated the connection between stock market performance and economic growth in Malaysia by using annual data on real GDP growth and the Kuala Lumpur composite index. Findings revealed that causality runs from the stock market to economic activity and not the other way around. Therefore, policymakers have a significant role in ensuring the smooth operations and growth of financial markets. In recent times, a large portion of global stock trading volumes has been driven by retail trade due to the democratization of access to the markets by fin-tech applications. For example, Robin Hood, a fee-less trading app, recorded $350 billion worth of transactions in 2020 alone. Several mobile trading applications have been launched in Nigeria over the past few of years, leading to an uptick in retail trading volumes on the Nigerian

stock exchange (NSE).
One of the most significant events within the fin-tech space in recent times was the first issuance of a sub-broker license for digital platforms to Chaka (a retail trading application). In December 2020, the securities and exchange commission (SEC) released a statement banning Chaka for operating “outside the regulatory purview of the Commission and without requisite registration, as stipulated by the Investment and Securities Act 2007.”

This came on the heels of a draft publication released by the SEC in July 2020 containing proposed rules for collaboration between fin-tech operators and brokers.

Chaka understandably did not realize the need to obtain the license, leading to their temporary ban. Subsequently, a successful dialogue between Chaka and the SEC and led to a resolution and Chaka became the first company to obtain a sub-broker license for digital platforms.

According to TechCabal, Chaka’s CEO noted upon obtaining the license that “We’ve built a great relationship with SEC that we think will be beneficial for the whole ecosystem moving forward.”

This was a major victory for the fintech space as there now exists a clear regulatory framework for innovators and investors to work within. The SEC has a major role in promoting the stock market’s development and expansion over the next few years; ensuring fluid communication with stakeholders will be a significant factor in the growth of investor confidence and the market as a whole.

The Nigerian Stock Exchange was founded in 1961 and has 161 listed companies across a number of sectors. Many of the companies are market leaders within the continent and have expanded their operations significantly with Nigeria as a base. For example, access bank started in Nigeria and now has subsidiaries in the Democratic Republic of the Congo, Ghana, Kenya, Rwanda, Gambia, Sierra Leone, Zambia, and the United Kingdom. Many other companies on the NSE, such as Dangote cement, UBA, and Oando have experienced similar growth and expansion. If this trend continues, it is fair to assume that Nigerian companies will possess a significant market share of the continent’s major

industries. While many young Nigerians have shied away from the NSE, several foreign investors have realized Nigeria’s potential and placed a bet on its growth. Zenith’s bank’s 2nd, 3rd, and 4th largest shareholders are Invesco Limited, Russel Invest Management Limited, and Mirae Global Asset Investments. These three companies are based in New York and London. Most of the blue-chip companies on the NSE have similar patterns in shareholding and in my opinion, this poses a large risk to country’s future growth. It could be argued that if foreign companies increase their dominance in the NSE, Nigeria will miss out on a large portion of dividends from major companies as they would be repatriated to investors outside of the country. A number of Nigerian companies such as GT Bank and Seplat Petroleum Development Company have been able to secure dual listings on the NSE and the London Stock Exchange (LSE). These have enabled access to a far wider pool of investors who have acquired shares in large amounts and driven prices higher over the past few years. Seplat’s share price has risen from 200 Naira per share in January 2016 to 700 Naira as at June 2021.

The global market crash of 2008 led to the Dow losing $1.2 trillion of value in a single day. At this point, investors sold their stocks in panic and left the market in droves. While this was the point of maximum loss, it was also the point of maximum opportunity, and the few who recognized this were able to capitalize and multiply their wealth over the following years. Warren Buffet was one of such investors; during the financial crisis he bought large amounts of shares in American companies, and these investments were primarily responsible for making him one of the wealthiest people in the world.

In 1979 India faced its worst recession to date due to drought, falling oil prices, and political instability. The BSE SENSEX is an index comprising of 30 major companies on the Bombay stock exchange. SENSEX has been one of the best performing indexes in the world, providing a compounded annual growth rate of 16.1% from 1979 to 2019. While economic

shocks at different points in this time period led to temporary weakness, an investment of ₹10,000 in 1979 would have provided a return of over ₹45,0000,000 as of 2019. Macro-economic similarities and Nigeria’s current economic challenges lead me to believe that we stand at a similar crossroad as India in 1979. While many of the companies on the NSE provide value and are growing rapidly, they are significantly undervalued. Investors who capitalize on low stock prices and accumulate shares in market-leading companies may face a similar fate as those who invested in India after its largest recession and global equities in the aftermath of the 2008 financial crisis.

One of my favorite indicators for analyzing stocks is the price to book ratio. According to Investopedia, “Companies use the price-to-book ratio (P/B ratio) to compare a firm’s market capitalization to its book value. It’s calculated by dividing the company’s stock price per share by its book value per share (BVPS)”. Book value per share is derived by subtracting a company’s total liabilities from its total assets. If a company’s

price to book ratio is one, its share capital is equal to its assets minus liabilities, and the company is reasonably valued. A stock with a price to book ratio of 3 or under is generally considered a good buy. However, the retail frenzy surrounding global stocks has driven companies to high price to book ratios in recent times. For instance, Tesla’s P/B ratio is currently at 26; this means that Tesla’s share capital is valued at 26x its assets minus liabilities. This leads me to believe that Tesla and many other similar companies are overvalued. On the other side of the coin lies Nigerian companies. The average P/B ratio for Nigerian banks currently stands at 0.4. As such, the average Nigerian bank is valued at 60% less than its assets minus liabilities.

While I agree with Ms. Oji’s observation on scant youth participation, I disagree that this lack of participation will lead to the loss of relevance and eventual extinction of the Nigerian stock market. Instead, I am led to believe that the country may lose out on dividends and control of Nigeria’s largest companies if the current patterns of shareholder demographics are maintained.

Fiyin Osinbajo is a technology entrepreneur

By Taofik Salako, Deputy Group Business Editor

 

 

NPF Microfinance Bank Plc, a micro-lending financial institution, promoted by the Nigeria Police Force (NPF), will today close application lists for its ongoing equity raising, which offers both existing and new shareholders to invest in the microfinance bank.

NPF Microfinance Bank is simultaneously undertaking a rights issue to raise about N3.4 billion from existing shareholders and a public offer to raise N1.07 billion from the general investing public. Application lists for the hybrid offer opened on June 24, 2021 and will close on June 30, 2021.

The microfinance bank is offering 2.29 billion ordinary shares of 50 kobo each to shareholders on the register of the bank as at the close of business on May 17, 2021 at N1.50 per share. The shares were pre-allotted on the basis of one new ordinary share of 50 kobo each for every one ordinary share of 50 kobo each held.

It is also offering, by way of public offer for subscription, 713.34 million ordinary shares of 50 kobo each at N1.50 per share to the general investing public.

The rights issue will automatically more than double the paid up share capital of the bank. The authorised capital of the bank at inception was N500,000 made up of 500,000 ordinary shares of N1 each. This increased to the current level of N2 billion made up of 4.0 billion ordinary shares of 50 kobo each of which 2.29 billion ordinary shares of 50 kobo each are issued and fully paid up. NPF Microfinance was listed on the NSE on December 1, 2010.

Formerly NPF Community Bank, the bank was incorporated on May 19, 1993 as a limited liability company, under the provision of the Companies and Allied Matter Act cap c20LFN 2004. It provides banking services to both serving and retired officers and men of Nigeria Police Force, its ancillary institution and general banking public. The bank commenced business on August 20, 1993.

By Taofik Salako, Deputy Group Business Editor

 

CWG Plc has assured that investments in innovative technologies and other strategic initiatives will ensure stable growth and returns in the years ahead.

The assurance came as the company presented its 2020 audited report and accounts to shareholders at the annual general meeting in Lagos. The audited report and accounts for the year ended December 31, 2020 showed considerable growth across key performance indicators.

Addressing the shareholders, Chairman, CWG Plc, Mr. Philip Obioha, said the group’s net revenue rose by 22 per cent to N11.7 billion while gross profit rose by 13 per cent to N2.6 billion in 2020.

He attributed the improved performance to gains from the decision taken in 2019 to re-invest in some of the group’s platforms and subscription business.

“We increased our capacity and staff enablement to provide customized development and consulting services on specific platforms and market segment. The Company also invested a lot of time and resources to our innovation Hub. We engaged skilled developers and came up with a compelling value proposition and product roadmap for most of our software applications,” Obioha said.

Managing Director, CWG Pl Mr. Adewale Adeyipo, noted that year 2020 was extraordinary and challenging in many ways as the world experienced an unusual occurrence that  changed our world permanently.

He, however, noted that the company braced the odds in 2020 to deliver significant milestones despite the disruptions experienced globally.

“We achieved healthy growth across all our major businesses. Our financial results reflect robust underlying performance and leadership positions across virtually all our activities,” Adeyipo said.

He outlined that with the reduction in administrative expenses by 21 per cent, net profit jumped by 509 per cent in 2020, indicating better efficiency in 2020 despite the effect of the pandemic on the economy.

According to him, while the company recorded overall growth in revenue of 22 per cent in 2020, its better revenue achievement was growing its platform and subscription business, extending the company’s service portfolio and new partnerships.

“The group ended the year with record profitability and significant market share gains across all our operating geographies, which indicates the remarkable improvements and resilience built into each operating entities despite the impact of the pandemic on businesses across the world,” Adeyipo said.

He said the company continued to maintain its promise to champion the development of technology that enables growth in Africa.

Adeyipo said the application of globalised strategies to improve the CWG brand visibility and awareness was rewarding, noting that CWG received the Infosys Finacle’s  Regional Alliance FY20 award for the Middle East and Africa.

He said to further reinforce the group’s local capacity at the Nigerian Technology Awards, CWG was recognised as the Software Provider of the year, Excellent in cloud infrastructure Development, Tech Service and Support company of 2020.

He assured that the company remains focused on being trans-generational and evolving with emerging global trends that foster Africa’s growth at large.

By Taofik Salako, Deputy Group Business Editor

 

Access Bank Plc has launched the third edition of its Womenpreneur Pitch-a-ton Africa programme, in continuation of the bank’s mandate to empower female entrepreneurs with financial and business skills.

The Womenpreneur Pitch-a-ton Africa programme is designed to provide female-owned businesses across Africa an opportunity to access finance, world-class business trainings as well as mentoring opportunities. It was designed to create an enabling environment for female entrepreneurs to grow their businesses.

Group Head, W Initiative, Access Bank Plc, Ayona Trimnell, said Access Bank has been a leading advocate for women’s economic empowerment in Africa, which explains its motivation for the ‘W’ Initiative that caters to the women economy particularly in the areas of financing, capacity building and creating networking opportunities for women.

She noted that the bank launched the first Womenpreneur pitch-a-ton initiative in 2019 in line with its value proposition to be the number one bank of choice for women in Nigeria, pointing out that the bank has received more than 100,000 applications over the past two years.

“In 2020, despite the pandemic, we were able to expand the programme to other female entrepreneurs across 7 African countries with 3 winners emerging from Sierra Leone, Ghana and Zambia out of 50 finalists. This year we are making the programme bigger and better by increasing the numbers to 100 women entrepreneurs who will emerge as finalists. The programme will also be opening up to a total of 9 African countries – Nigeria, Ghana, Zambia, Rwanda, Mozambique, Kenya, Democratic Republic of Congo, Sierra Leone and the Gambia,” Trimnell said.

According to her, the 2021 Womenpreneur Pitch-a-ton Africa kicked off on June 21.  It will run till August 13, with various exciting programmes during the period, including financial grants, an exclusive certified capacity building programme and business coaching aimed at empowering women.

“Interested female entrepreneurs who meet the criteria of having an existing business for at least  one  year with at least 50 per cent female ownership and between the age range of 18 and 45 years are eligible and required to fill an online application on www.womenpreneur.ng . All online applications will be reviewed and screened by independent business experts to 500 candidates who will be required to send in a 60 second video pitch for the opportunity to be selected as part of the final top 100 candidates who will benefit from an exclusive and certified Mini-MBA and grant prizes.

“The programme is designed as a three-month period comprising 12 weeks of mini-MBA training in collaboration with the International Finance Corporation (IFC) and pitching sessions to a Pan-African Jury panel where the top 100 finalists will pitch their businesses, infusing learnings from the mini-MBA and will stand an opportunity to win financial grants and other consolation prizes.”

As a leading commercial bank in Nigeria, Access Bank has made significant investments aimed at enhancing growth in the Small and Medium-size Enterprise sector. The Bank is also a major advocate for women in business through innovative offerings like the W Power Loan, a discounted financing at 15 per cent interest per annum, for women to grow their business as well as other Business Support Services. The Womenpreneur Pitch-a-ton Africa Programme is the first women-in-business support initiative of its kind in the industry,” Trimnell said.