The Nation Newspaper

Tag: economic

  • World Economic Forum selects Waltersmith as global growth company

    THE World Economic Forum (WEF) has announced  the selection of Waltersmith Petroman Oil Limited, a wholly indigenous Nigerian oil exploration and production company as a member of the Forum’s Global Growth Companies (GGC).

    According to Olivier Schwab, Head of Business Engagement at WEF “when choosing entrants to our community of Global Growth Companies, we assess companies on their business model, annual revenues and growth rates, executive leadership and market position. Waltersmith is a dynamic company with a clear potential to shape the future in its relevant business sectors and so is a per fect fit to our GGC community.”

    With the selection, Waltersmith becomes a member of a group regarded as the most dynamic, high-growth companies, which are trailblazers, shapers and innovators, committed to improving the state of the world.

    Waltersmith Petroman Oil Limited was incorporated in 1996 as a joint venture between Waltersmith and Associates  Limited, a Nigerian investment company, and Petroman Oil Limited of Canada, to operate as an oil exploration and production company. In 2001, Waltersmith became a wholly indigenous company after the divestment of Petroman Oil.

    Responding to the honour, the company’s Chairman/CEO, Mr Abdulrazaq Isa said: Waltersmith is delighted and proud to be selected as a member of the Global Growth companies of the World Economic Forum.  This is clearly a recognitioin of the giant strides the company has made in the past 10 years in the realization of its long term goals and objectives. Waltersmith is focused on creating a resilient and robust enterpreise with a clear vision of being an integrated energy company, with interests in gas, power and petroleum refinery. The emergent Waltersmith will have a significant impact on employment while making important contributions to the national GDP.”

    With alomost 400 members from about 65 countries, the world Economic Forum believes each GGC has the potential to become a leader in the global economy arising from their business models, growth records, leadership and unique markets.

    Membership nominations come from WEF’s network of media leaders, existing GGCs, Forum members and partners, faculty members and the general public. The WEF selection committee of regional business experts evaluate the nominees on the following stringent criteria: the company’s sustainable growth over a five-year period, major influence inb the industry of operation or national competitive skills, visionary leadership and global corporate citizenship.

    The GGC membership is a platform for executives from high-growth companies to network with other businesses, as well as leaders from government, civil society and academia, to discuss global, regional and industry issues while advancing a sustainable and responsible path of growth.

  • Adesina, Oteh: We had a good economic team, says Jonathan

    Adesina, Oteh: We had a good economic team, says Jonathan

    Former President Goodluck Jonathan has congratulated Dr Akinwumi Adesina and Ms Arunma Oteh, who were recently appointed into top positions in the African Development Bank (AfDB) and the World Bank respectively.

    These appointments Jonathan said serves as testimony to the fact that his administration had a good economic team that managed the affairs of the country.

    Akinwumi who was President Jonathan’s Minister of Agriculture and Rural Development has just assumed duty as the President of the AfDB, while Oteh, who was the Director-General of Securities and Exchange Commission, was appointed as the Treasurer and Vice President of World Bank.

    In separate letters of congratulations to both Adesina and Oteh which Jonathan personally signed, the former President described them as high achievers and Nigeria’s worthy ambassadors.

    On Adesina’s choice as AfDB chief, Jonathan said: ““Given your exemplary record of performance, while serving as the Honourable Minister for Agriculture and Rural Development in my cabinet, I have no doubt that you will deploy your energy and the bank’s resources to ensure that Africa experiences a new era of accelerated development.”

    “You were not only a critical voice in my economic team, you also walked the talk, and earned the praise of our countrymen and women, by ensuring that Nigeria’s quest for self-sufficiency in food production became achievable dream.

    “I am particularly pleased with your emergence as the AfDB boss; a development, I believe, has come as a reward for having served your country meritoriously”, the former President said, adding that “It also attests to the fact that my Administration had a good team that managed the affairs of the country.”

    Similarly, the former President in a letter to Oteh praised the former SEC boss’ profound knowledge of capital markets, describing her as being conversant with the challenges of the economies of emerging markets.

    “I am delighted that you are going to your new job, fresh from the experience of having led the recovery and growth initiatives of the Nigerian Bourse in the wake of the decline, occasioned by recent global economic recession and financial crisis.

    “I am particularly pleased that you are being rewarded and elevated on the world stage, after serving your country meritoriously, at a time I was the President. This is a clear testimony to your capacity, high integrity, and tenacity of purpose. It is also a vindication of the decision of my Administration to stand by you, believing in your
    abilities and competence, even when questions were being raised in some quarters over your choice.

    “I am convinced that the experience you gathered as Director-General of the Securities and Exchange Commission of Nigeria (SEC) gave you deep insights on how to tackle the peculiar challenges of a developing nation. The World Bank can draw from this to ensure that its future partnerships with emerging economies in Africa and other parts of the world are anchored on policies that will lead to sustained growth and development, which is a sine qua non for lifting millions of people in the developing world out of mass poverty, ” Jonathan stated.

  • Quality education key to economic growth’

    Quality education key to economic growth’

    Quality education, particularly at the basic level, is the panacea for economic growth, a Director at the Federal Ministry of Education, Mrs Oyinade Osinubi,  has said.

    Mrs Osunubi, who was the guest speaker, stated this at the presentation of scholarships to 12 pupils by CANI School in Egan-Igando, Lagos.

    Delivering the keynote address, Mrs Osinubi said: “Qualitative education will contribute immensely to building a strong and vibrant Nigerian economy.”

    These awards by CANI School is a welcome development particularly as it would encourage parents to ensure active participation of their children to learn and focus on the need to acquire education.

    These scholarships would no doubt, help more children in Nigeria gain access to opportunities that will help them explore their potential.’’

    The Proprietress of CANI School, Ms Gbemi Aminu, who presented the certificates to beneficiaries, said since the institution started  in 2012, giving of scholarships to children in its host community had become an integral part of its culture.

    She said: “We recognise qualitative education as key to grooming children. If a child is equipped with adequate knowledge and intellectual prowess, it will in the long term contribute to the success and benefit of the family, which will in turn have a positive effect on the community and Nigeria.”

    On the criteria for the scholarships, she said pupils from between Basic One and Basic Four, wrote basic tests at the school premises which were marked same day and results announced.

    The 12 beneficiaries would join other children as the school resumes later this month.

    “The scholarships to each winner means that CANI will give them free tuition; books, uniform and all other materials needed to ensure the pupils attain quality education spanning their study duration,” she said.

     

  • NBS blames low oil prices for slow economic growth

    NBS blames low oil prices for slow economic growth

    Nigeria’s economic growth slowed sharply in the second quarter of the year as lower crude prices took their toll on the local economy. Annual growth dropped to 2.35 per cent from 6.54 per cent a year earlier, the Nigerian Bureau of Statistics (NBS) said yesterday.

    Reuters report said oil production fell to 2.05 million barrels per day from 2.21 million over the same period. With oil accounting for more than 90 per cent of Nigeria’s foreign exchange earnings and about 70 per cent of government revenues, the fall in crude prices and output has hurt Nigeria’s finances and its naira currency, with foreign investors pulling out of its stock and bond markets.

    The naira has fallen about 15 per cent over the last one year, with devaluations in November and February, despite the central bank spending billions of dollars to prop up the currency.

    The weakening currency has fuelled inflation, which at 9.2 per cent is at its highest annual rate since February 2013 and above the central bank’s target range. Tuesday’s figures showed the continent’s second biggest economy, South Africa, shrank for the first time in over a year, raising the risk that labour disputes and slowing Chinese demand for commodities could push it towards recession.

  • On economic and financial terrorism

    Sir: If asked the greatest challenge facing the country, many would say Boko Haram Islamist terrorism. Of a truth, in the last couple of years the terrorists have wrecked havoc on lives, properties and economy of northern Nigeria, especially the Northeast. But is it really our worst challenge? How about unbridled corruption, the mindless stealing of public wealth that has gone on for decades?

    Kautilya, the third century Indian philosopher, noted that “the arrow shot by the archer may or may not kill a single person. But stratagems devised by a wise man can kill even babes in the womb”. I rephrase: the bomb detonated by a Boko Haram suicide bomber may kill scores or none. But looting of public funds can cause deaths and despair for generations. It is quite understandable why Boko Haram is considered particularly dangerous. This is because the effects of their actions are more easily linked to them and particularly gruesome to the sight. However, the effects of corruption and mindless stealing of public funds are no less devastating; it could be even worse. It ensures that society lacks good hospital and healthcare, schools and education, water, food, roads, power, industries etc. It even ensured that soldiers fighting Boko Haram were improperly equipped. These take terrible toll on the lives and wellbeing of citizens. Hence, I think it is appropriate to term it economic and financial terrorism. Yes, by depriving society of hefty and much needed funds, the looter terrorizes it.

    If we accept that economic and financial terrorism is as dangerous if not more dangerous than Boko Haram terrorism, then we must tackle it with as much vigour, if not more. According to some legal minds, it is near impossible to successfully try and convict a determined looter under our present laws and judicial process. This means that our laws and judicial process are in dire need of reform. The anti-corruption agencies must also be strengthened. But in the short and medium term, something drastic may have to be done.

    Critical situations demand critical measures; corruption and stealing of public funds in Nigeria have long reached critical point. Sometimes, freedom may have to be curtailed in order to preserve it. The three states of Borno, Yobe and Adamawa have been under emergency rule due to Boko Haram terrorism. Now I suggest a state of emergency be also declared on economic and financial terrorism. But we need to first specifically determine what constitutes economic and financial terrorism. I suggest the stealing or misappropriation of public funds to the tune of N100m and above, or engagement in corrupt acts that cost the public up to the same amount.

    After declaration of the state of emergency, anyone suspected of having stolen or misappropriated up to the designated amount shall be regarded and referred to as an economic and financial terrorism suspect. He/she shall be treated like a very dangerous citizen, just like an armed robbery or Boko Haram suspect. And if there is sufficient evidence that he/she actually engaged in the crime, then like the armed robbery or Boko Haram suspect, he/she shall have some of his/her civic liberties/rights suspended. I suggest, for instance, that such suspects not be liable to bail; also that special courts not quite like regular ones be set up to try such. On conviction, the economic and financial terrorist should also be punished severely like the murderer, armed robber or Boko Haram terrorist.

    Of course, I do not claim to have expertise in law, neither have I scrupulously examined all angles of the matter and possible outcomes of the declaration of the emergency. I’m also not unaware that an act enabling the emergency will have to pass through the National Assembly (and there is a problem) or that the President and others that may wield emergency power must be people of sizeable integrity that must do so with utmost responsibility. I hope though that the suggestion at least inspires some thought and possibly discussion.

     

    • Nnoli Chidiebere,

    Abia State. 

     

  • IBB: Buhari ’ll get Nigeria out of economic doldrums

    IBB: Buhari ’ll get Nigeria out of economic doldrums

    Former military President Gen. Ibrahim Badamasi Babangida (rtd) has expressed confidence in the ability of President Muhammadu Buhari to get Nigeria back on a sound economic and social footing.

    He described the Buhari administration as focused, having identified the problems plaguing the country and strategising on how best to proffer enduring solutions to them.

    The former military leader gave the assessment yesterday at a news conference to mark the anniversary of his 74th year birthday.

    Gen. Babangida, who turns 74 today, spoke at his Hilltop residence in Minna, Niger State.

    He said: “I am confident that they (the government) are doing well. They have identified the problems and they look resolute in confronting these problems head-on and there are a lot of people in the society who are offering a lot of sound advice on how to move the country forward and are not relenting.

    “I must commend the present leadership for identifying even before and after the election some of the problems facing this country. We should support the President towards achieving these objectives of ensuring security, wiping out corruption and economic development.”

    The former leader lauded President Buhari’s efforts at recovering the nation’s stolen funds by some top shots in the immediate past administration and urged the government to pursue the policy resolutely to achieve the desired result.

    He recalled that similar effort during the tenure of President Olusegun Obasanjo yielded positive results as the country made a lot of recoveries then.

    On the war against terror, the former military leader said that the Federal Government must fight Boko Haram and tackle other militant groups head-on and stamp terrorism, even as he cautioned against negotiating with wrong leaders of the outlawed group.

    Gen. Babangida called for public understanding of government policies and programmes at a time he described as a ‘trying period for the nation.’

    “The people and the government must come together. People should support the government and government too should come up with solutions to ameliorate the problem that every government faces,” he advised.

    Recounting how he survived the botched military coup staged by Gideon Okar against his administration, Gen Babangida said: “I can remember fairly well; I had some loyal officers who are supposed to be my protectors and my body guards. Initially they told me to leave but I told them no, I am not leaving for anywhere but they remained stubborn and later I took my family outside Dodan barracks and joined my guards.

    “So, we went out of Dodan barracks and we went to a safe house where we got in contact with loyal troops. May God bless Sani Abacha (late Head of State).  The late Gen Sani Abacha was the Chief of Army Staff, he got in touch with me. I got in touch with him and we sat down and talk on what we were going to do.

    “Abacha and I rallied round the loyal troops and then I left my State House and joined Abacha in his house. That is what happened.”

    He also commented on other national issues.

    The anniversary of Gen Babangida’s birthday will be marked today with a special prayer session billed to be attended by his immediate family members and few of his associates.

  • Need for Economic Reconciliation C’mittee

    SIR: The election of President Muhammadu Buhari has brought about some level of trust in governance of the nation by the international communities and the Nigeria people. His election on March 28 brought peace instead of the anticipated chaos. The peace that existed from election of President Buhari is more important than the celebrated acceptance of defeat by ex-President Goodluck Jonathan by a few who are looking for ‘non-scarlet’ cloth to clean their dented faces.

    It is hoped that by the antecedent of the President, Asiwaju Bola Tinubu, Chief Odigie Oyegun, Dr. Ogbonnaya Onu and others, the economy will be meticulously managed considering the empty treasury and battered economy APC inherited from PDP. While prudence is required from the President and his team, Nigerians from all walks of life should join their hands together, support them and believe in their ability to bring the desired change. Public servants, civil servants, workers in private sector, industrialists, religious leaders, civil society and non-governmental organizations should with sincerity of heart and purpose, work hard toward this new course of national development.

    Fraud and other corrupt practices should be exposed at both low and high places. The take off Port Harcourt and Kaduna refineries is a welcome development. After 16 years they are now working.

    Having said this, it is clear that the new administration needs money to be able to fix the economy and fight insecurity. Every segment of the economy is sick and needs urgent attention. As oil price is not stable, and with the devaluation of naira, one other way to generate money is for all who have defrauded our commonwealth to return the money for national development. As the President said that he was not going to probe anybody but will recover money stolen from the national treasury, it may mean that he has ‘granted economic amnesty’ to looters of our economy.

    I therefore recommend the establishment of Economic Reconciliation Committee to manage the process and the proceeds. They should take advantage of this economic amnesty. Anything short of this, civil society organizations and well meaning Nigerians must mount pressure on the President to initiate a probe. Impunity must stop.

     

    • Dr. Eugenes Ndelekwute, Uyo,  Akwa Ibom State
  • ‘Access to economic opportunities bane of businesses’

    ‘Access to economic opportunities bane of businesses’

    Irene Ochem studied Archaeology and History for first degree at the University of Nigeria, Nsukka. She also holds a Master’s in Business Administration from the University of London and a diploma in translation from the University of Trieste, Italy. After working in Europe for over two decades, she is back in Nigeria helping female entrepreneurs as CEO of the African Women Innovation and Entrepreneurship Forum (AWIEF). In this interview with Yetunde Oladeinde, she talks about investing in women, new opportunities available, organising conferences across Africa and more.

    What inspired you to work with women?

    It all started from my upbringing. I was raised by a widowed mother. She struggled to train us and see us through our education. Then, I’ve lived in different countries and continents, and in all the places where I’ve lived and travelled to, I have also observed the lack of recognition of women’s contribution to the economic development of the society. Then there are the obstacles most of these women have to go through. Maybe the situation is not very bad in the west, but in Africa it is.

    Also, across the world, it has become a global agenda that women must be empowered economically. It makes good economic sense because women have a natural instinct to do certain things. If you empower a woman, she tends to invest her earnings into the household, into the education of her children, and they go out to contribute to their communities, the nation and the African continent. So, why not give women the same opportunities men have?

    Women in Africa encounter a lot of challenges trying to start a business. Access to finance is one major problem, but having access to economic opportunities is where it starts. Then there are cultural obstacles. For example, in some communities, a woman cannot source for a loan without acquiring the signature of either her husband or a male figure, even though the person is not bringing anything into that business. In some societies, women don’t have rights to land, even in the Igbo community I come from.

    Then, across Africa, there is a lot of economic growth. Everybody is talking about Africa rising, Africa growing and Africa moving on. The Global Entrepreneurship Summit just ended in Nairobi and Barrack Obama identified some of the problems. There, it was general entrepreneurship that they were talking about but he identified the problem in Africa that women represented 50 per cent of the population but they do not have access to equal opportunities. There he put it aptly that if half of your team is not playing, then you have a problem. So Africa is rising, Africa is the new investment frontier because you have people coming from China, America, Europe and all over the world wanting to grab a piece from what’s happening in Africa. So, why can’t we Africans do it ourselves or why not empower our women? So these are part of the motivation for me. I saw there was need to create awareness; there is need to make our government see the importance of economic empowerment. There is need to empower the African woman because she represents the potential for Africa’s socio-economic development.

    What are some of the things you learnt from your mother?

    My mother was widowed at a very tender age, and seeing how hard she had to work, juggling children and several jobs, in order to make sure we had food in the house, quality education. After finishing high school, I went to study at the University of Nigeria, Nsukka. I graduated, did my youth service, taught, worked for one year in Nigeria, before leaving for Europe. That inspiration was good and being her only daughter, she instilled in me that as a woman, you make the difference.

    Who are your targets?

    We are bringing together established, successful businesswomen, and, also, young, emerging and aspiring female businesswomen. We are bringing together policymakers, the government, non-governmental organisations, and also the academia. Being a pan-Africa event, we are trying to create a platform for networking and learning across borders, and also for potential business partnerships and mentorship.

    There will be a small fee to pay. But we have two very high-level training workshops for delegates. One will be on leadership and ethics, and will be presented by Leap Africa, and the facilitators are top-notch. Then the second one will be presented by the Business School Netherlands, and this is a school people go to get their MBA.

    This is one of the reasons why we are looking for sponsorships. Because if we are able to raise enough sponsorships, then we will be able to make the participation free for all young and emerging entrepreneurs. So, we are working very hard to ensure that happens.

    Apart from the pre-conference workshop, there will be an exhibition. So, companies and industries can come to showcase their products, services, technology. Being an entrepreneur event, the exhibition is not sector-specific. So, any product a woman can consume is welcome.

    Most of the businesses owned by women are SMEs. How do you intend to empower them?

    A lot of the businesses we are talking about are MSMEs. Many of the female businesswomen entrepreneurs are operating in that arena. We also want to bring focus on the challenges faced by women in the rural area. We are not leaving them behind. We are bringing the grassroots to this conference, and to help us do this, we are partnering with the Quintessential Businesswomen Association. They have members in every local government in the country and they are empowering women in the agricultural sector, teaching them how to do things and manufacture local products like honey. So, we are bringing some of these women to participate.

    One of the problems female entrepreneurs face is access to credit. How can this be solved?

    We have a section dedicated to access to finance. We have experts who will make presentations on the topic. One of them is our speaker from Tanzania, Mrs. Sabeta Mawenja, who is the Director-General of the first purpose-built bank to empower women entrepreneurs. She’s coming to present a case-study on how we can innovate in the banking sector, just like they have done in Tanzania. Maybe after the event, a bank can come up and decide to open a bank dedicated for women. They’ve done the same in Ethiopia.

    Then we will have a panel discussion with experts from the banking and business sectors. They will help us explore the problem and find solutions.

    Oby Ezekwesili will be making a presentation titled Securing the Future: The Imperative of Girl-Child Education. So, we have to educate the girl-child, keep her safe; that’s where it all starts. That’s why you have low ratio of women participating in entrepreneurship schemes. We have been able to engage, at very high level, relevant stakeholders like social entrepreneurs like Leap Africa, nongovernmental organisations, the Federal Ministry of Women Affairs. So, our expectation is that, at the end of this conference, we would have created a more enhanced awareness and more informed approach to the challenges that women encounter in their businesses. Then we hope to be able to proffer solutions.

    What are some of the challenges encountered?

    Of course, I’m also an entrepreneur. There have been challenges with finance, finding a skilled workforce, and all the regular challenges. Putting up an initiative like this is far from simple, but when you are passionate about something, it appears seamless.

    What motivated you to start a business around conferences and events?

    I’ve a lot of experience with conferencing. My second university degree was as a translator. So, when I finished, instead of going to work as an interpreter, I went into conferencing. Why? The nearest opportunity was to work for the European Union, but I wasn’t an EU citizen at the time. So, I started organising conferences across Europe. From there, I joined UNIDO, where I worked for ten years. So, I’ve had to organise very high profile conferences. Then I worked in Cape Town, South Africa, as a research manager, before going to Ethiopia.

    My love for professional and international conferencing started in 1996 when I organised the 16th General Meeting of the European Grassland Federation (EGF 1996), September 15 – 19, in Grado, Italy. Not only was I employed to organise the conference, but it turned out that I was the only black head in the crowd during the event. Instead of being intimidated, I felt rather motivated to go on, and today I am glad I did.

    How many languages do you speak?

    I speak Igbo, English, Italian and French.

    You still look smart and fit. What is the secret?

    I eat healthy, do exercises, and practise yoga, essentially. That is what I do to unwind. Then I read a lot when I have the time.

    My family motivates me. I’m passionate about Africa. After working for decades in Europe, I realised that with all of our resources, Africa can be better. I’m one of those people who believe in Africa.

    What are some of your memorable moments in life?

    It’s connected to my family life. My marriage and the birth of my children.

    My husband is a retired scientist, Dr Alex Ochem.  We met in Nigeria while he was on holiday.

    If you had to advise female entrepreneurs, what would you tell them?

    They should stick in there. It’s not easy, but it’s worth trying. They shouldn’t give up.

  • Tony Elumelu Foundation backs private sector economic growth

    The Tony Elumelu Foundation has reiterated its commitment to private sector economic growth and giving the operators a leading role in Africa’s development.

    Africapitalism, the economic philosophy first developed by Tony O. Elumelu, back in 2010, and has been heavily influenced by his long career as a banker, investor, entrepreneur and philanthropist.

    The Africapitalism Institute and Durham University Business School, co-hosted a day-long academic symposium on the economic philosophy called “Africapitalism” at the Foundation’s headquarters in Lagos.

    The primary goals of Mr. Elumelu’s Africapitalism mission are to promote public policies that facilitate private sector growth, to educate established businesses about how Africapitalist business practices can enhance both profits and prosperity, and to address the specific needs of Africa’s emerging entrepreneurs as the best source of new and inclusive local value creation.

    “The purpose of today’s discussion is to explore the key issues influencing Africapitalism as an economic philosophy from the perspective and scrutiny of academia,” said David Rice, Director of the Africapitalism Institute at the Tony Elumelu Foundation.

    “Years ago, Mr. Elumelu developed this philosophy from the perspective of a practitioner and his role as a banker, businessman, investor, and entrepreneur.  Now his Foundation is supporting the rigorous, independent analysis of Africapitalism’s merits.”

    Several distinguished faculty members from Durham University made presentations to a diverse audience that included scholars, students, business people and investors.

    Participating faculty members included Professor Geoff Moore, Chair of Business Ethics and Deputy Dean; Professor Mehmet Asutay, an expert in Islamic Finance; senior lecturer Dr. Emmanuel Adegbite, who spoke about Africapitalism and corporate governance; and Mark Learnmonth, Professor of Organizational Studies.  The day’s agenda was driven by Dr. Adegbite, who is a member of the Africapitalism Research Project team led by Professor Kenneth Amaeshi, who has appointments at Edinburgh University in Scotland and at Lagos Business School.

  • Ecobank ‘champion’ of African economic integration

    The Ivorian Prime Minister Daniel Kablan Duncan has praised the Ecobank Group as “an indefatigable pioneer of African economic integration that continually champions economic development on the continent and in Côte d’ivoire particularly”.

    He spoke when Ecobank Côte d’Ivoire inaugurated its new head office building in Abidjan.

    Established in Côte d’Ivoire in 1988, Ecobank Côte d’Ivoire is one of the 36 subsidiaries of the pan-African banking group Ecobank, under the group’s parent and holding company Ecobank Transnational Incorporated (ETI). Ecobank Côte d’Ivoire finances 13 per cent of the Ivorian economy, having paid 14 billion CFA francs ($ 23.5 million) in taxes to the Ivorian Treasury in 2014.

    With 655 employees and 55 branches across the country, the Ivorian subsidiary has total assets of 850 billion CFA francs ($ 1.4 billion) and recorded profit before tax of 17 billion CFA francs ($ 28.7 million) in 2014.

    Group Chiref Executive Officer (CEO) Ecobank, Albert Essien, said: “Ecobank Côte d’Ivoire is a pearl in our network and we are proud of our subsidiary. It provides us with an important platform through which we can continue to contribute to the economic development of Côte d’Ivoire as we offer our Ivorian customers access to banking services and financial resources.”

    The Mayor of the host district of Plateau, Bendjo Akossi, emphasised that Ecobank Côte d’Ivoire’s new head office building was designed by African architects. The building’s main architect, Ibrahima Konare gave a presentation showing the various stages of construction and highlighted the avant-guard design of the building.

    Chairman, Ecobank Côte d’Ivoire, Pierre Magne, said the new head office was cost 12 billion CFA francs (USD 20.2 million), adding that it “showed the confidence of the Ecobank Group in the future of Côte d’Ivoire and its firm commitment to support the country in its journey to towards the 2020 development horizon”.

    Deputy Group CEO of Ecobank, Evelyne Tall Daouda, said: “This head office building illustrates the firm commitment of the Ecobank Group to consolidate its position in Côte d’Ivoire, to contribute to the development of the Ivorian economy, to take part in the creation of wealth and tangible employment for young people, and to provide banking  services for more and more Ivorians.”

    She also congratulated the Managing Director of Côte d’Ivoire, Charles Daboiko and his team on completing the building.

    Duncan cut the ribbon to declare the building open. He and guests  signed the guest book and took a tour of the building’s banking branch.