Category: Money

  • Senate okays Alade as AMCON MD, three others as EDs

    Senate okays Alade as AMCON MD, three others as EDs

    The Senate has confirmed four persons nominated by the President Bola Tinubu as Managing Director and Executive Directors of Asset Management Company of Nigeria (AMCON).

    The nominees include the former Managing Director of Guarantee Trust Bank (UK)  Gbenga Alade, who comes in as Managing Director/Chief Executive Officer.

    The Executive Directors are Mr Adeshola Lamidi, Mr Lucky Adaghe and Dr Aminu Mukhtar Dan’amu.

    In a statement, Head, Corporate Communications Department of AMCON, Jude Nwauzor,  stated that the  confirmation yesterday’s plenary came after the screening exercise by the Senate Committee on Banking, Insurance, and other Financial Institutions, chaired by Senator Tokunbo Abiru.

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    The Senator told said the nominees were screened in line with parliamentary rules and found competent to serve as Directors.

    He noted that they have ‘on the job’ experience, just as the nominees also complied with the Code of Conduct rules.

    Abiru added that no petition was raised against their nomination.

    The plenary, which was presided by the Deputy Senate President, Jibrin Barau, dissolved into the ‘Committee of the Whole’ to consider each nominee based on their merit, after which they were confirmed through a voice vote.

  • About 80% businesses in emerging markets hit by climate change

    About 80% businesses in emerging markets hit by climate change

    Nearly four out of every five businesses in many of the countries most vulnerable to the impacts of the climate emergency are already suffering the consequences of a rapidly changing environment.

    The startling finding is contained in British International Investment’s third yearly Emerging Economies Climate Report – a survey of its investee businesses in Africa, Asia and the Caribbean. 

    The report is being launched today at an event hosted in partnership with the Grantham Research Institute on Climate Change and the Environment and ODI, the global think tank.

    The report stated that 79 per cent of companies surveyed said climate change was already impacting their business, up from 68 per cent in 2022.

    It also found that 72 per cent of corporates surveyed had experienced an extreme weather event in the last five years with droughts, floods and heat cited as the greatest cause for concern.

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    Survey responses varied across sectors and business types; financial services or fund managers cited fewer climate impacts, while corporates – particularly agricultural businesses – are facing more significant impacts.

    While 86 per cent of corporates said they are being impacted by physical and transition risks today, 68 per cent of financial services firms said the same.

    Despite many respondents highlighting that acting on climate can be cost-saving and add long-term business value, they also noted they did not have the knowledge and resources to respond to climate risks and opportunities. Respondents to the survey said they would benefit from more technical training on how to respond to the climate emergency as well as targeted investment and policy and regulatory action.

    Managing Director/Head of Climate, Diversity and Advisory, BII, Amal-Lee Amin, said: “Businesses and entrepreneurs across the emerging economy markets in which we operate are on the front lines of the climate emergency. Their businesses are already feeling the significant impacts of the climate emergency.

     “As long-term investors in climate finance, it is the role of BII and others to equip these businesses with the capital and expertise to play a key role in the fight against the climate emergency and to safeguard their long-term viability.”

    Nick Robins, Professor in Practice – Sustainable Finance, Grantham Institute, added: “This report shows the overwhelming demand among firms in emerging economies for targeted investment to enable them to respond to the climate crisis. For business and investors in the Global South, there is now a strategic imperative to scale up capital flows in ways that bring a just transition for workers and communities, shaping the transition so it boosts quality jobs and gender equality.”

  • AfDB, OCP Group sign $188m loan pact

    AfDB, OCP Group sign $188m loan pact

    The African Development Bank and the OCP Group  have signed three loan agreements in Rabat totalling $188 million to help fund the OCP Group’s Green Investment Programme supplying clean drinking water to the towns around three new desalinisation plants.

    The construction of the new modular seawater desalination plants will be funded by the first loan of $150 million from the African Development Bank and the second loan of $18 million from the Canada – African Development Bank Climate Fund (CACF) .

    Owned by the OCP Group, a global leader in soil fertility and plant nutrition solutions, the plants will have a total annual capacity of 110 million m3, and will provide an autonomous source of unconventional water to the OCP Group’s industrial and mining sites.

    Up to 75 million m3 of drinking water will be provided for the towns of Safi and El Jadida and the areas around the OCP Group’s Safi and Jorf plants, and over 1.5 million people will benefit.

    The third loan of $20 million from the Clean Technology Fund (CTF) will be used to fund storage systems for energy generated from renewable sources, supplying the desalination plants and other OCP Group production units.

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    This funding is an example of the support that the African Development Bank, the CACF, and the CTF intend to contribute to combating climate change, both for adaptation and mitigation. It also aims to support the most vulnerable populations, among others, by supplying drinking water and creating jobs, including for young people and women, and in rural areas

    Key components of the OCP Group Green Investment Program, the projects form part of the Moroccan government’s Emergency Plan for Drinking Water Supply.

    Director of the Industrialization and Trade Development Department at the African Development Bank, Mr Ousmane Fall, and Mr Karim Lotfi Senhadj, Finance Director of the OCP Group signed the agreements. Canadian government representatives were also present at the signing, acknowledging the CACF’s contribution and strengthening the shared commitment to combating climate change and women’s empowerment. Moreover, the finalization of this transaction represents the first non-sovereign funding signed by the CACF. It consolidates the long-term partnership between the African Development Bank and the Kingdom of Morocco in its efforts to confront the challenges of climate change.

    “We are proud to be associated with this ambitious project, which provides a strategic response to the increase in hydric stress in Morocco. The project will also help to optimize water-resource management in the OCP Group’s industrial activities by using desalinated seawater,” explained the African Development Bank’s Country Office manager for Morocco, Achraf Tarsim.

    “We greatly appreciate these loans, which represent a significant contribution to our 2023-2027 investment program of $13 billion. Our sustainability objectives aim to achieve 100 percent unconventional water by 2024, 100 percent renewable energy by 2027, self-sufficiency in green ammonia by 2032, and full carbon neutrality by 2040,” declared Karim Lotfi Senhadji, Finance Director of the OCP Group.

    “We are pleased to see that this fund is being deployed effectively in Morocco to contribute to the response to climate challenges. We are delighted to be involved alongside our partners, the African Development Bank and the OCP Group,” commented Jean Touchette, adviser and head of cooperation at the Canadian Embassy in Morocco.

    Over 180 operations in various sectors have been deployed by the African Development Bank in Morocco since 1978, totaling over EUR 12 billion

  • AGF, NDF tackle green SME funding, climate hitches in Nigeria

    AGF, NDF tackle green SME funding, climate hitches in Nigeria

    The African Guarantee Fund (AGF), in collaboration with the Nordic Development Fund (NDF), hosted the 9th Edition of the Green Finance Conference which provided a platform for all stakeholders to dialogue and showcase the many advantages that Green SMEs can contribute to the economy of Nigeria.

    The event was also meant to strengthen their understanding of AGF’s Green Guarantee Facility and how it enables banks on-lend to green and climate-smart projects.

    The event, held under the theme: “The Role of Africa’s Private Sector in The Paris Agreement on Climate Change”, brought together Government representatives, senior executives of financial institutions, key regulatory-policy stakeholders, and Green SMEs to discuss green synergies.

    Speaking at the Opening Ceremony, AGF Group Chief Executive Officer, Jules Ngankam emphasized that the Green Finance Conference is a crucial response to the challenges posed by climate change within a framework of National Determined Contributions (NDC) with a focus on providing enhanced expertise to Africa while proposing practical solutions to addressing financing for smaller and medium-sized enterprises committed to green growth and climate-resilient development.

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    “Our aim is to support the banks to improve, increase or develop their green portfolios.  Through the combination of our Green Guarantee and Capacity Development support, we are able to bridge the knowledge gap between both financial institutions and their customers. This is not only for the SMEs to understand how the lending process works, but also for the financial experts to learn how they can provide solutions tailored to suit the needs of the SMEs,” Jules said.

    Backed by NDF’s support, AGF has been able to support financial institutions through its risk-sharing mechanism, which is crucial to incentivizing banks to provide climate finance to SMEs. NDF Managing Director, Satu Santala said, “We are committed to financing green and inclusive low-carbon and climate resilient growth of African economies to improve the livelihood of communities. Partnerships are at the core of NDF’s approach to climate finance and the African private sector plays a pivotal role in climate action and creating employment.”

  • Coronation Group makes case for private-public partnerships on assets

    Coronation Group makes case for private-public partnerships on assets

    Coronation Group has unveiled its maiden Infrastructure Report. The report, which is a product of detailed research delves into the critical realm of infrastructure financing, spotlighting the increasing importance of private sector involvement in funding infrastructure projects worldwide.

    With public resources often constrained, private sector investment has emerged as a catalyst for bridging funding gaps and unlocking infrastructure projects that spur innovation, create jobs, and stimulate economic activity.

    The Coronation Infrastructure Report elucidates how private sector investments are reshaping the landscape of infrastructure development. It emphasizes the imperative of private sector participation in funding infrastructure projects and underscores the pivotal role that infrastructure investments play in driving economic growth and societal advancement.

    Through rigorous analysis, the Coronation Infrastructure Report meticulously identifies the key challenges and opportunities within infrastructure development, providing invaluable insights to stakeholders. From aging infrastructure to emerging technologies, the report navigates through a spectrum of sectors, offering practical solutions and best practices to propel progress forward.

    In recognizing the transformative power of private sector financing for infrastructural development, the report highlights the importance of fostering an enabling environment that encourages private-sector participation.

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    Managing Director of Coronation Asset Management, Aigbovbioise Aig-Imoukhuede, aptly captures the significance of the maiden Coronation Infrastructure Report, emphasizing its role as a pivotal moment in fostering dialogue on infrastructure financing across Africa.

    “With infrastructure playing a critical role in driving economic growth and societal development, the report catalyzes informed discussions. By shedding light on the challenges and opportunities in infrastructure financing, it lays the groundwork for efforts to address Africa’s infrastructure needs and unlock its full potential” he stated

    Head of Research at Coronation, Guy Czartoryski, highlights the profound commitment embedded within the Infrastructure Report to deliver comprehensive insights into the infrastructure investment landscape.

    “By meticulously analyzing the intricate dynamics of infrastructure investments, the report serves as a beacon of knowledge, guiding stakeholders through the complexities of infrastructure financing across the continent” he added

    With the release of the Coronation Infrastructure Report, Coronation Group reaffirms its commitment to shaping a more resilient, inclusive, and prosperous future.

  • FITC marks IWD with Diamond Women Network inauguration

    FITC marks IWD with Diamond Women Network inauguration

    FITC, the world-class, innovation-led, and technology-driven knowledge institution has marked the 2024 International Women’s Day (IWD) with the unveiling of Diamond Women Network, meant to project the kind of female leadership FITC wants to present to the world.

    The FITC Diamond Women Network was inaugurated to empower women within FITC workforce into achieving their full potential in both professional and personal lives.

    Unveiling the scheme at the fourth edition of the FITC International Women’s Day celebration, held virtually and physically in Lagos, and themed: Inspire Inclusion: Empowering Women in the Workplace, Managing Director/CEO of FITC, Chizor Malize, described the FITC Diamond Women Network as an excellent and strategic Employee Engagement Initiative created to empower every woman within FITC.

    The scheme is also expected to foster meaningful connections at work and build genuine relationships with colleagues that are life changing, impactful and enhance their wellbeing.

    The event was attended by distinguished personalities and industry leaders across the financial service, consultancy, media and FMCG amongst others such as Dr Toyin Sanni, Olusegun Zacchaeus, Dr Adetu, Malik Afegbua.

    In her compelling opening address, Malize, underscored the profound significance of this year’s theme, “Inspire Inclusion”. A key focal point of her address was the imperative to not only celebrate the strides made in advancing gender equality and women’s empowerment but also to introspect on these achievements and actively work towards fostering gender parity in the workplace.

    Emphasizing the essence of driving female inclusion, Malize articulated the commitment of FITC to intentionally cultivate a workplace that empowers women and embraces the diversity within its workforce, currently maintaining a balanced ratio of 51% women to 49% men. She passionately expressed, “we believe women are change drivers, champions of growth, and catalysts for quality and excellence.”

    Malize said: “Women have always been compared to diamonds not only because they sparkle but because of how valuable they are. At FITC, we do not overemphasize the value of every woman, we understand that every woman like every diamond needs to be refined and polished to reveal her true potential, which we believe leads to their true empowerment”.

    According to her, empowering women is fundamental to the health and social development of families, communities and countries, adding that when women are living safe, fulfilled and productive lives, they can reach their full potential. Also, by contributing their skills to the workforce, they help fuel sustainable economies that benefit societies and humanity at large.

    “The objectives of the network are to foster meaningful connections at work and beyond work by building genuine relationships with colleagues and creating support systems that enhance wellbeing. Empower women within the organization by undertaking programs for impact. Provide mentorship opportunities for learning and development and to build future leaders and successors. Inspire women to become better versions of themselves,” she said.

    Concluding her address with a thought-provoking challenge, she posed the question, “What are you doing to identify women of quality and create a space for them at the table?” She urged everyone to earnestly engage in advocacy within the realm of work, advocating for women through mentoring, coaching, and actively promoting, inspiring, and pushing women into roles and responsibilities that amplify their contributions. The call to action resonates as a powerful directive to contribute collectively to the advancement of gender equality and inclusivity in all spheres of professional life.

    The event further unfolded in three important segments: a keynote address delivered by the distinguished guest speaker Dr Toyin Sanni CEO Emerging Africa Group, a thought-provoking panel discussion and the official launch of the FITC Diamond Women Network. The panel segment featured a dynamic group of industry leaders who provided invaluable insights into the role of inspiring women in the workplace. The panel session moderated by Malize featured Olusegun Zacchaeus Partner PwC West Africa, Dr. Janet Adetu CEO JSK Consulting Group, Malik Afegbua CEO Slick city Media.

    In her keynote address, Dr. Sanni, commended FITC for its impactful work in building capacity across sectors in her keynote address. Reflecting on International Women’s Day (IWD), she emphasized the theme, “Inspire Inclusion,” addressing challenges women face in the workforce, such as equal pay, leadership opportunities, and biases.

    Dr. Sanni highlighted global gender disparities in laws and the economic benefits of closing the gender gap. Stressing the need for men as advocates, she called for legal reforms, equitable policies, and supportive social structures. Intentionality was emphasized by all speakers, focusing on creating an inclusive workplace by dismantling biases, promoting women into leadership, normalizing flexible work, and ensuring pay equity. Dr. Sanni concluded by acknowledging the resilience of women, urging them to actively break down barriers and work together towards a future of true equality and inclusion.

    On her part, Dr Adetu, highlighted the significance of personal branding in fostering inclusion. She encouraged individuals to assess their executive presence and take charge of their professional spaces.

    Zaccheaus emphasized the importance of clarity of purpose, productivity, and building a distinct personal brand to overcome challenges and imposter syndrome. He dismissed the idea of glass ceilings, advocating for leveraging technology and solving problems to shape a future where gender distinctions fade away.

    Afegbue urged women to share their stories boldly, emphasizing the power of storytelling in building personal brands and inspiring inclusion.

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    Dr Adetu emphasized the importance of identifying and bridging gaps through empowerment and networking. She outlined ways for women to build confidence, including seeking support, motivation, and inspiration. The 5 As – Attractive, Authentic, Appropriate, Accommodating, and Aligned – were presented as key elements for enhancing executive presence and personal branding. She encouraged individuals to be intentional, authentic, stand out in their environment, be approachable, and align their actions with their personal brand.

    The unveiling of the FITC Diamond Women Network by chief launcher Dr Sanni and Malize was followed by the inauguration of the Excos and induction of all FITC Diamonds.

    As the inductees  took a creed to their commitment, Dr Toyin urged them to include activities such as equipping women reskilling and income generation, also create opportunities to use Ai as it is going to determine the next wave of wealth, job creation.

    In the culmination of the International Women’s Day program impeccably orchestrated by FITC, we witness a resounding triumph that echoes the very essence of the United Nations’ vision for gender equality. FITC’s meticulous approach, blending empowerment, education, and engagement, not only positions the organization as a staunch advocate for women but also as a formidable force propelling the achievement of Sustainable Development Goal (SDG) towards inclusivity and equality.

    The undeniable success of this initiative serves as a testament to FITC’s unyielding dedication to creating a global landscape where every individual, irrespective of gender, not only survives but thrives and contributes meaningfully to society. In conclusion, it is abundantly clear that FITC stands as a beacon of positive change, a catalyst for inclusivity, and a visionary architect shaping a future where diversity is not merely embraced but celebrated as an integral cornerstone of progress.

    FITC is a world-class innovation-led knowledge and professional services firm providing cutting edge Learning, Advisory and Research Services to clients in the Financial Services and other sectors, within and outside Nigeria.

    Established in 1981 as a non-profit organisation limited by guarantee to provide capacity building and serve as a knowledge hub for the Nigerian Financial Services Sector. FITC is owned by the Bankers Committee, i.e., CBN, NDIC, and all deposit money banks in Nigeria.

    For four decades, FITC has been at the forefront of innovative knowledge offerings designed for an array of C-suite executives, directors of banks and other financial institutions.

  • BDAN visits Senate committee, seeks collaborative banking policies

    BDAN visits Senate committee, seeks collaborative banking policies

    Delegates from the Bank Directors Association of Nigeria (BDAN) has called for collaborative banking policies that promote innovation in the industry.

    The call was made during the BDAN’s team, led by its Chairman of the Board of Directors, Mr. Mustafa Chike-Obi, embarked an advocacy visit to the Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru.

    This visit, which aligned with BDAN’s advocacy agenda, underscores the Association’s commitment to fostering collaboration with stakeholders in the banking industry, including the legislative arm responsible for legislation and oversight functions.

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    In a statement, BDAN Chief Executive, Adebukola Orenuga, noted that it recognises the pivotal role of regulatory bodies and legislative institutions in shaping the banking landscape and that BDAN’s advocacy efforts aim to ensure a conducive legal framework and regulatory environment that promotes innovation, stability, and growth within the sector.

    It states: “During the advocacy visit, discussions revolved around policy review and the importance of collaboration between the Banking industry, the legislature and regulatory bodies, thereby emphasising the need for dialogue, transparency, and mutual understanding to address emerging challenges and opportunities.”

    “Senator Mukhail Adetokunbo Abiru and other members of the committee welcomed BDAN’s initiative to engage with the Senate Committee, acknowledging the significance of constructive dialogue between policymakers and industry stakeholders.

    “As BDAN continues its advocacy efforts, the Association reaffirms its commitment to working closely with regulatory bodies, legislative institutions, and all stakeholders in the Banking industry to promote a robust and resilient financial ecosystem that serves the best interests of all Nigerians.

  • Dun & Bradstreet inaugurates new product to empower SMEs

    Dun & Bradstreet inaugurates new product to empower SMEs

    Dun & Bradstreet, a global provider of business data and analytics, has launched new variants of its flagship product called the ‘D-U-N-S RegisteredTM Seal’. The product is part of its vision to help Small and Medium-sized enterprises (SMEs) in Nigeria.

    Compared to the standard version, the recently launched D-U-N-S RegisteredTM Seal VIP and Premium variants enable companies to add higher amount of information on their portals, facilitating them to stand out amid stringent global competition, according to a statement.

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    “Over 90 percent of the Fortune 500 companies, leading Nigerian companies, regional governments, and organizations of all shapes and sizes utilise Dun & Bradstreet’s data to find new business opportunities and manage risks. In addition to listing a company on D&B’s database, this product facilitates enterprises of all shapes and sizes to unlock new avenues for business. Find out more about the product and other products on our website: www.dnbsame.com,” the statement said.

    It said a gateway to access over 540 million businesses, the Premium and VIP extensions of the flagship product provide organizations with an avenue to attract global prospects, increase business opportunities, and gain an edge in the competitive arena.

    “Additionally, it grants a badge of authenticity to companies, validating their credibility to potential clients. This seal can be added to the physical and digital marketing collateral of companies, acting as a mark of authenticity. With the incorporation of new variants, companies now have the opportunity to select the option that suits their specific needs.”

  • World Bank, Interswitch: banks to overtake Fintechs in global mobile wallets

    World Bank, Interswitch: banks to overtake Fintechs in global mobile wallets

    Banks, rather than fintechs or mobile network providers, will ultimately be the major players in the global mobile wallets, a report by Interswitch and World Bank released yesterday has shown.

    Interswitch Group formally unveiled the 2024 Global Payments Innovation Jury Report, in partnership with the World, and other notable international payment players, namely HPS and Fime.

    The latest report titled: “Market meltdown – impacts on infrastructure, regulation and innovation” is the 11th in the series spanning 16 years since the inception of the initiative and is sequel to the last edition published in 2022 to coincide with Interswitch’s 20th anniversary.

    The report reveals incisive insights from senior decision makers across the global payments industry and outlines global payment leaders’ views on how tumultuous macroeconomic changes over the past two years have affected their sector – for better and worse.

    According to the report, the talent acquisition activities of payment enterprises in developed markets are a significant challenge for those in emerging markets, with almost 60 per cent of Jury members in emerging markets saying that they are losing an unacceptable number of staff with consequential risks to innovation programmes and sometimes even ongoing operations.

    It said that high-profile crypto exchanges failures, such as FTX in the US, can impact confidence in global markets – not just where the failures occurred. This is clearly a concern for national regulators but remains complex to address.

    “APAC retains its crown as the region with the most payment innovations, but perhaps more surprisingly, Africa & the Middle East was a clear second favourite despite Africa’s macro-economic challenges, relatively low levels of investment funding and now a talent drain – a clear tribute to the resourcefulness of the continent’s entrepreneurs and policy makers,” it said.

  • Naira rebounds to N1,600 per dollar at parallel market

    Naira rebounds to N1,600 per dollar at parallel market

    The naira yesterday exchanged at N1,600 to dollar at the parallel market. It had exchanged at N1,620 to dollar on Monday, representing N20 per dollar appreciation.

    At the Nigerian Autonomous Foreign Exchange Market (NAFEM)– the official market, the naira traded at N1,603 to dollar.

    The local currency has continued to depreciate at both official and parallel markets over persistent dollar scarcity.

    The CBN recently directed that all authorized dealers to pay Personal and Business Travel, allowances (PTA/BTA) to their customers through electronic channels only, including debit or credit cards instead of cash.

    “In line with the Bank’s commitment to ensure transparency and stability in the foreign exchange market and avoid foreign exchange malpractices, All Authorized Dealer Banks shall henceforth effect payout of PTA/BTA through electronic channels only, including debit or credit cards. For the avoidance of doubt, payment of PTA/BTA by cash is no longer permitted,” the bank said.

    Importers are finding it increasingly difficult to secure the necessary funds from the official FX market and black market.

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    Legitimate needs driving the demand include Form A applications for Business Travel Allowance (BTA), Personal Travel Allowance (PTA), school fees, and medical fees. Small and Medium Enterprises (SMEs) are also grappling with the scarcity, as highlighted by the use of Form Q.

    Former Executive Director, Keystone Bank Limited, Richard Obire advised that Nigeria’s heavy and skewed outward-oriented consumption of goods and services as seen in decades of long substantial bills for food and energy imports should be reversed to save the naira.

    Also, the massive corruption-driven capital outflows which in turn severely damages Nigeria’s capacity to produce at scale that will enable the country to fully engage its large population to create widespread prosperity works against the naira.

    On ways to strengthen the naira, he advised that in the short-term, there is need to find non-market damaging ways to increase the supply of hard currencies and reducing the demand for same.

    He said that insecurity hampering food production needs to be tackled with a sense of urgency and effectiveness.