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Tag: Group CEO

  • African nations urged to attract private sector collaboration in financing tertiary education- AfDB

    African nations urged to attract private sector collaboration in financing tertiary education- AfDB

    …The African Development Bank signed a Joint Declaration of Intent at the event with GIZ to scale up joint commitments to skills development to enhance youth employability in Africa

    Experts attending an African Development Bank High-level dialogue in Kenya have urged African nations to intensify efforts to attract private-sector financing to enhance tertiary education and equip the continent’s youth with competitive skills.

    During a panel discussion at the Bank’s 2024 Annual Meetings in Nairobi, the experts stressed the importance of political commitment to guarantee returns on private sector investments in education.

    Former Tanzanian President, Jakaya Kikwete, Board Chair of the Global Partnership for Education, called for a renewed commitment to increase national education expenditure to harness Africa’s demographic potential as the world’s largest future labor force.

    “To build a stronger tertiary education pipeline, we need to build strong foundations with early learning, primary and secondary education to provide a talent pool of trained young people for lifelong learning that will make them thrive,” Kikwete said.

    The Bank organized the event entitled “Policy Dialogue on Innovative Financing for Tertiary Education in Africa: Revitalizing the Role of the Private Sector,” in collaboration with the Kenyan government, the African Union Commission, and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. It explored strategies and best practices to stimulate private-sector financing for tertiary education.

    During the session, the African Development Bank signed a Joint Declaration of Intent at the event with GIZ to scale up joint commitments to skills development to enhance youth employability in Africa. The collaboration through the Build4Skills initiative will place youth trainees for workplace training within Bank-supported infrastructure projects in agriculture, water or transport sectors for 6 to 12 months. Build4Skills aligns with the Bank’s Action Plan on Skills for Employability and Productivity in Africa 2021-2025, which aims to support a skilled and productive labor force.

    Birgit Pickel, Director-General Africa, German Federal Ministry for Economic Cooperation and Development (BMZ), said: “This is the first Declaration of Intent between the two organizations in the field of education, and we highly welcome this collaboration. It’s a sign of our intent to scale up our joint commitment to vocational training and skills development in African countries. In light of the current challenges, this is more urgent than ever.”

    The African Development Bank has been actively engaged in education and skills development since 1975, committing significant resources to strengthen science, technology, engineering and mathematics infrastructure at tertiary levels and enhance sector policy environments.

    Dr. Beth Dunford, the Bank’s Vice President for Agriculture, Human, and Social Development, stated that the institution has committed $964 million to tertiary education and skills development over the past decade.

    “The focus has been on strengthening infrastructure for Technical and Vocational Education and Training (TVET) and catalyzing private sector investments in skills development and job creation,” Dunford stressed.

    She highlighted the Bank’s $80 million support for Nigeria’s Ekiti state Special Economic Zone project and a $23 million investment in Rwanda’s Centre of Excellence for Aviation Skills as some of the projects that will help boost economies and create jobs.

    Prof. Mohamed Belhocine, African Union Commissioner for Education, Science, Technology, and Innovation, said increased investment in tertiary education requires national, continental, and global action. He noted that between 2017 and 2019, only seven African countries met the required 6 percent of GDP expenditure on education, with the average standing at around 4 percent of GDP.

    Dr. James Mwangi, Group CEO of Equity Holdings, shared how collaboration with tertiary institutions is boosting human resource development across the continent. For example, he said Equity Group has provided scholarships to at least 23,000 students in partnership with the Kenyan government.

    Over 10,000 participants registered for the African Development Bank’s hybrid 2024 Annual Meetings, with around 5,000 delegates attending physically. Several heads of state are expected to feature in a presidential dialogue on Wednesday.

  • Spiro Agrees to US$50 Million Debt Facility with Afreximbank to Accelerate Expansion

    Spiro Agrees to US$50 Million Debt Facility with Afreximbank to Accelerate Expansion

    …This landmark agreement was signed in Kigali, Rwanda during the Africa CEO Forum, highlighting Spiro’s commitment to enhancing sustainable transportation on the continent

     Spiro, the largest electric vehicle company in Africa, is pleased to announce it has signed heads of terms for US$50 million debt facility with the African Export-Import Bank (Afreximbank).

    This landmark agreement was signed in Kigali, Rwanda during the Africa CEO Forum, highlighting Spiro’s commitment to enhancing sustainable transportation on the continent. The official signing ceremony featured Spiro’s CEO, Kaushik Burman, and Madame Kanayo Awani, Intra-African Trade and Export Development Bank, Afreximbank. 

    Spiro is the largest electric vehicle company in Africa, with over 14,000 bikes, over 9 million swaps in five countries. Operating across multiple African nations, Spiro’s mission is to reduce environmental impact and enhance urban mobility, build an integrated EV ecosystem in Africa with multitude of partners and establish a wide range of charging infrastructure which include battery swapping and direct charging. 

    Afreximbank, known for its role in stimulating a consistent expansion and diversification of African trade, has been instrumental in fostering economic development across the continent. The bank’s support for Spiro not only highlights the potential of green technologies in Africa but also aligns with its broader strategy to facilitate environmental sustainability and economic resilience. 

    “This partnership with Afreximbank is a pivotal development for Spiro,” stated Kaushik Burman, CEO of Spiro. “The $50 million USD debt facility will significantly enhance our operational capabilities and help us expand our footprint to more African countries. It’s a testament to the confidence in our business model and our contribution to sustainable development in Africa.” 

    Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank expressed enthusiasm about the partnership: “This partnership affirms our commitment to fostering sustainable innovation and green technologies in Africa. We are happy to support Spiro through this facility which will in turn accelerate the adoption of electric vehicles and enhance transportation across Africa. This collaboration reaffirms our belief in the power of innovation to create a better world for future generations.”

    The funds will be utilized to further expand Spiro’s network of automated swap stations and introduce new electric bike models, enhancing the accessibility and convenience of green mobility solutions. As Spiro continues to take charge of transforming Africa’s transport ecosystem, this collaboration with Afreximbank marks a significant milestone in the journey towards a greener future.

    Anish Jain, Group CEO of Equitane, expressed his support for this new venture, stating, “This partnership with Afreximbank marks a significant milestone in Spiro’s journey. As part of the Equitane Group, Spiro embodies our commitment to pioneering solutions that promote sustainability and economic growth. We are proud to see Spiro take this remarkable step forward, paving the way for a cleaner, more sustainable future in African transportation.” 

    Last August, Spiro announced a $63 million debt funding round with Societe Generale, in a deal designed to expand the company’s footprint in Benin and Togo. 

  • NGX Group, Nigerian Capital Market Community paid condolence visits to Ogunbanjo and Wigwe’s Families

    NGX Group, Nigerian Capital Market Community paid condolence visits to Ogunbanjo and Wigwe’s Families

    Representatives of the board and management of Nigerian Exchange Group (NGX) and key stakeholders from the capital market community paid condolence visits to the families of late Bamofin Abimbola Ogunbanjo and Dr. Herbert Wigwe.

    Led by Alhaji (Dr) Umaru Kwairanga, Group Chairman of NGX Group, the delegation included representatives from Chartered Institute of Stockbrokers (CIS), Association of Dealing Houses of Nigeria (ASHON), Central Securities Clearing System (CSCS) Plc, and NG Clearing.

    Expressing deep condolences to the Ogunbanjo family, Alhaji Kwairanga highlighted Bamofin Ogunbanjo’s esteemed leadership in the capital market, emphasizing his kindness and humility.

    Temi Popoola, Group CEO of NGX Group, acknowledged Ogunbanjo’s significant impact on the Nigerian capital market and his transformative leadership during his tenure as Council President of the Exchange and the first Group Chairman of NGX Group. Outgoing Group CEO, Oscar N. Onyema, mourned the loss, stating, “It is a very painful loss, and only God can grant this family the strength to bear this loss.”

    The CIS president, Oluwole Adeosun, remembered Ogunbanjo as a dependable and trustworthy supporter of the institute, while Haruna Jalo-Waziri, CEO of CSCS, described him as a good man to the core.

    Tinu Awe, CEO of NGX Regulation Limited (NGX RegCo), consoled the Ogunbanjo family, sharing tales of the wonderful times they had shared and noting how irreplaceable he was in their lives.

    The visit also extended to the family of late Dr. Herbert Wigwe, where Alhaji Kwairanga conveyed the capital market’s shock and pledged ongoing support. He acknowledged him not just as a corporate mogul but also as a renowned philanthropist committed to community service and the progress and development of the nation. Dr. Wigwe played a pivotal role, bringing his exceptional passion, energy, and expertise to the transformation of Access Bank and the financial sector.

    Aigboje Aig-Imokhuede, Chairman of Coronation Group, expressed gratitude for the acknowledgment of Dr. Wigwe’s contributions and pledged to uphold his legacy.

    NGX Group and Nigerian capital market community stand in solidarity with the bereaved families during this challenging time.

  • ARM Pension Managers (PFA) Limited to Merge with Access Pensions Limited

    ARM Pension Managers (PFA) Limited to Merge with Access Pensions Limited

    Access Holdings Plc is pleased to announce a major development in its ongoing growth strategy. Access Golf Nigeria Limited, a majority shareholder of Access Pensions Limited, which is a subsidiary of Access Holdings, has received the ‘no-objection’ of the National Pension Commission and the approval of the Federal Competition and Consumer Protection Commission for its proposed acquisition of a majority equity stake in ARM Pensions Managers (PFA) Limited (‘ARM’).

    Subject to the receipt of relevant regulatory approvals, it is intended that following the acquisition, the operations of ARM and Access Pensions will be merged to create Nigeria’s second largest Pension Fund Administrator (PFA) by Assets Under Management.

    Commenting on this transaction, Dr. Herbert Wigwe, the Group Chief Executive, Access Holdings, said: “We are pleased to have reached this transformative milestone in our pension fund administration journey. The proposed combination of ARM Pension with Access Pensions will not only create sustainable stakeholder value but will also contribute positively to the growth and development of the pension industry. We anticipate an exciting future for the combined entity.”

    Speaking on the transaction, Jumoke Ogundare, the Group CEO of ARM Holding Company Limited said: “The market in which we operate is ripe for consolidation and I am confident that the proposed combination will create a formidable pension funds administration business leveraging Access Group’s expansive distribution network and innovation culture to deliver sustainable value to stakeholders.”

    The completion of this transaction is contingent upon obtaining all requisite regulatory approvals. Access Holdings remains committed to keeping the market informed in line with its disclosure obligations.

  • Mediacraft Associates Triumphs at Nigerian Business Leadership Awards 2023

    Mediacraft Associates Triumphs at Nigerian Business Leadership Awards 2023

    Mediacraft Associates, a leading full-service public relations consultancy firm, and the exclusive Nigeria affiliate of the FleishmanHillard global PR network, has been honored as the recipient of the prestigious ‘PR/Media Agency of The Year Award’ at the highly acclaimed Nigerian Business Leadership Awards (NBLA). The event took place on Saturday, December 9, 2023, at the Landmark Event Centre in Lagos.

    The company’s impactful consulting services over the past twenty years, along with its acknowledgement as Nigeria’s largest PR consultancy firm, by size, earned recognition from Businessday, the leading Nigerian newspaper specializing in market intelligence and business news.

    The NBLA, an annual event hosted by Businessday, recognizes exceptional business leaders and organizations that have contributed significantly to the Nigerian economy. At this year’s ceremony, John Ehiguese, the Group Chief Executive Officer (GCEO) of Mediacraft Associates, received the distinguished award on behalf of his company.

    Frank Aigbogun, organizer of NBLA and publisher of Businessday Newspaper, emphasized the significance of the awards, stating, “The Nigerian Business Leadership Awards honors private sector leaders who have made significant contributions to the Nigerian economy, shaping it through homegrown innovation, visionary capacity, and nationalism, thereby enhancing Nigeria’s standing in global competitiveness rankings.”

    In addition to this recent recognition, it is noteworthy that Mediacraft Associates clinched two prestigious awards earlier this year. The agency was honored as the ‘Iconic PR Agency of the Year 2023’ at the Brand Communicator Awards and its Group CEO,  John Ehiguese, received the award of the ‘MARKETING EDGE PR ICON OF THE DECADE’ at the Marketing Edge 2023 Awards. These accolades reinforce Mediacraft’s commitment to excellence and innovation in the integrated marketing communication and public relations landscape.

    Marking its 20th anniversary this year, Mediacraft Associates remains devoted to delivering unparalleled services in integrated marketing communication and public relations.

    John Ehiguese expressed his excitement at the award, stating, “This recognition underscores our commitment to assisting our growing local and global client base in effectively engaging with their target audiences. It motivates us to elevate our efforts and continue contributing to the growth of the public relations industry.

    “The public relations industry is in a constant state of evolution, adapting to new technology, innovation trends, and strategic thinking. We, as a business, remain agile, consistently adjusting our methodologies to stay competitive. Through this approach, we’ve empowered our clients to build brand awareness, drive product visibility, and sustain market relevance.” Ehiguese added.

    Mediacraft Associates anticipates the future with a renewed commitment to excellence and innovation, maintaining its position as a leader in the dynamic field of integrated marketing communications and public relations.

  • Access Bank PLC Hosts the Grand Launch of Honourable Justice Amina Adamu Augie JSC CON’s book

    Access Bank PLC Hosts the Grand Launch of Honourable Justice Amina Adamu Augie JSC CON’s book

    Access Bank PLC, in a momentous event on Tuesday, November 28, hosted the public presentation and launch of the two-volume book, ‘Wisdom and Integrity: The Legacy of Honourable Justice Amina Adamu Augie JSC CON Through Her Judgements’. The distinguished gathering took place at the Eko Hotels and Suites, Victoria Island, Lagos.

    This landmark publication serves as a testament to the illustrious career of Honourable Justice Amina Augie CFR, JSC(Rtd) who has made profound contributions to the jurisprudence and evolution of law in Nigeria. Her Lordship’s unwavering commitment to justice and the rule of law has earned her the deep reverence and profound admiration of her peers and colleagues.

    The book, meticulously compiled to commemorate the Jurist’s retirement from the Bench upon reaching the constitutional retirement age of 70 years, is a compilation of some of her Lordship’s landmark judgments. These judgments, spanning several decades, have significantly contributed to the development of judicial precedents in diverse areas of the law.

    Speaking on Access Bank’s backing of the publication, the Group Chief Executive Officer of Access Holdings PLC, Herbert Wigwe, said:

    “We are proud to support the launch of ‘Wisdom and Integrity: The Legacy of Honourable Justice Amina Adamu Augie JSC CON Through Her Judgements’, as her Lordship’s unwavering commitment to fairness and the rule of law aligns seamlessly with our values as an institution. This book not only commemorates an illustrious legal career but also contributes significantly to the preservation and advancement of our judicial heritage. Through our support, we reaffirm our dedication to initiatives that promote knowledge, integrity, and the enduring legacy of excellence in the legal profession.”

    In her remarks, the author, Honourable Justice Augie CFR, JSC(Rtd), expressed delight at the support of the various stakeholders present and charged the legal practitioners present on being incorruptible in the face of considerable malignment.

    “I am truly delighted and immensely grateful for the overwhelming support from the distinguished stakeholders present at today’s event. Indeed, this outpouring of love underscores the positive legacy I was able to establish through my years of practise. To my fellow legal practitioners, I extend a heartfelt charge to remain steadfast and incorruptible in the face of any adversity. In a world that sometimes challenges the very principles we uphold, let us stand unwavering in our commitment to justice, integrity, and the noble pursuit of upholding the rule of law. Together, we can ensure that the flame of justice continues to burn brightly for generations to come.”

    The book reviewer, Professor Fabian Ajogwu OFR, SAN, provided insightful commentary, acknowledging the immense impact of her Lordship’ judgments on the legal landscape.

    Chaired by His Majesty, Igwe Nnaemeka Alfred Ugochukwu Achebe, CFR, MNI, Obi of Onitsha, the launch event had in attendance, distinguished guests from the legal and academic communities, as well as representatives from various public and private agencies.

    The attendees included His Royal Majesty, the Oba of Lagos, Oba Rilwan Akiolu; Group CEO, Access Holdings PLC, Herbert Wigwe; Chairman, Access Bank PLC, Paul Usoro SAN; Chairman, Heirs Holdings, Tony Elumelu; Attorney General of the Federation and Minister of Justice, Lateef Fagbemi SAN; Chieftain of the Peoples’ Democratic Party, Chief Olabode George; Principal Partner, Alegeh & Co, Augustine Alegeh SAN; Principal Partner, Kenna Partners, Prof. Fabian Ajogwu OFR, SAN; Executive Vice Chairman, Sapetro, Senator Daisy Danjuma; Attorney General of Kano, Haruna Isa Dederi; former Ambassador of Nigeria to Brazil, Amb. Chris Okeke; Chairman Honeywell Group, Oba Otudeko; Chairman, Nigerian Exchange Limited (NGX), Ahonsi Unuigbe; Managing Director, Coronation Asset Management, Aigbovbioise Aig-Imoukhuede, and more.

    Justice Amina Augie’s remarkable journey in the legal profession began in 1978, and her career has been marked by determination, perseverance, and integrity. From serving as a Legal Aid Counsel to her elevation as a Justice of the Supreme Court in 2016, her contributions have extended beyond the bench. She has been a passionate teacher, mentor, and advocate for human rights, focusing on women and children.

    As a devoted public servant, Justice Amina Augie CFR JSC(Rtd) has chaired several tribunals, served on numerous boards and colloquia on human rights globally, and received prestigious awards and recognitions.

  • Jumia’s Lowest Losses Since IPO, GMV Growth in Physical Goods across Five Countries in Q3 2023

    Jumia’s Lowest Losses Since IPO, GMV Growth in Physical Goods across Five Countries in Q3 2023

    Jumia Technologies AG (NYSE: JMIA), a leading Pan-African e-commerce company, continues its journey towards financial resilience and sustained growth, reporting its lowest Adjusted EBITDA losses since its IPO in 2019. The company’s relentless focus on strategic growth initiatives has yielded promising results, evident in the Q3 2023 earnings report.

    Under the stewardship of Group CEO, Francis Dufay, Jumia’s commitment to a transformative blueprint initiated in Q4 2022 has proven pivotal. Notably, the quarter showcased substantial advancements across key metrics.

    Reduced Losses and Enhanced Value Proposition: The resolute focus on core categories—Phones, Electronics, Home & Living, Fashion, and Beauty—has yielded tangible improvements. Jumia’s emphasis on tailoring offerings to meet customer needs in these key markets has notably enhanced repurchase rates among new customers. Additionally, there’s a discernible uptick in the average order value (AOV) for physical goods, signaling an evolving customer engagement strategy that resonates with the market’s demands. This strategic pivot, evident in the considerable 74% year-over-year reduction in Sales and Advertising expenses, amounting to $4.3 million, aligns with the company’s pursuit of creating a stronger value proposition. Furthermore, the 67% year-over-year decrease in Adjusted EBITDA loss, reaching $14.9 million, stands as a testament to Jumia’s concerted efforts toward profitability.

    GMV Growth and Core Business Focus: The most significant highlight of Q3 2023, according to CEO, Francis Dufay, is the encouraging growth in GMV of physical goods across five countries. This growth reflects a pivot towards more efficient economics and sustained growth, aligning with Jumia’s core business strategy.

    Strategic Partnerships: Dufay’s emphasis on partnerships, notably with Starlink, highlights Jumia’s intent to diversify its product range and supply offerings. The collaboration aims to enhance Jumia’s assortment, catering to evolving consumer demands. The imminent distribution of Starlink’s residential kits in Nigeria signifies a promising partnership that could shape Jumia’s future offerings and market positioning across Africa.

    Operational Efficiency and Upcountry Expansion: Jumia’s relentless pursuit of operational efficiency has been underscored by a remarkable achievement—a Fulfillment expense per order reaching $2.1, marking a significant 26% year-over-year reduction. Notably, these efficiencies have been realized concurrently with the company’s strategic expansion into secondary cities across Africa, emphasizing the commitment to reach underserved regions.

    Streamlined Operations and Fiscal Discipline: The company’s steadfast commitment to operational streamlining and fiscal prudence has resulted in a leaner organizational structure. A 43% year-over-year decrease in G&A expenditures, excluding SBC, totaling $15.9 million, is indicative of this leaner operational paradigm—a result of rightsizing efforts earlier in the year. Jumia’s liquidity position, at $147.4 million, demonstrates effective cash management with a noteworthy decrease of $19.0 million, down by 71% year-over-year. This disciplined approach underscores the company’s concerted focus on judicious resource allocation and financial stewardship.

    Jumia’s Q3 2023 performance not only indicates improved financials but also reaffirms its commitment to sustainable growth strategies. The company’s continued focus on core categories and operational efficiency positions it favorably for long-term success in the dynamic e-commerce landscape.

  • INNOVENTION 11: Exploring the Future of Africa’s Creative Industries in the Era of Artificial Intelligence

    INNOVENTION 11: Exploring the Future of Africa’s Creative Industries in the Era of Artificial Intelligence

    Verdant Zeal Group, a leading marketing and communications company, is proud to announce the 11th edition of its annual event, The Innovention Lecture Series, which will take place at the Civic Centre, Ozumba Mbadiwe Road, Victoria Island, Lagos, on 27th October 2023. The theme for this year’s program is “The Future of Africa’s Creative Industries in the Era of Artificial Intelligence”, which underscores the significance of creative industries in Africa and how they intersect with the advancements in artificial intelligence.

    Dr. Adeoye Abodunrin, Principal Partner at Cubed Integrated Management Consulting will bring his 25-year wealth of experience in human behavioural and workplace psychology, information technology, telecommunications, and cyber security into the discourse as the Keynote Speaker, alongside industry experts, Ferdy ‘Ladi Adimefe, founder, Magic Carpet Studios, Dr. Idorenyen Enang, Group CEO, Corporate Shepherds Ltd., Malik Afegbua, Founder, Silkcity Media, Nnenna Onyewuchi, Director of Strategy, Yellow Brick Road and Chisom Nwokwu, Software Engineer at Microsoft. 

    Fireside chats with industry veterans, like Femi Odugbemi and Richard Mofe-Damijo will also provide insights into the convergence of Africa’s creative industries and artificial intelligence to facilitate robust conversations on the challenges and opportunities AI presents in Africa’s creative sectors.

    The Innovention Lecture Series offers a unique networking platform, allowing attendees to connect with peers, industry leaders, and potential collaborators from across Africa, and as an initiative of Verdant Zeal Group, the Innovention Lecture Series is dedicated to nurturing a deeper understanding of Africa’s potential and expanding its horizons beyond borders. 

    This year’s program reaffirms Verdant Zeal’s commitment to driving innovation and fostering sustainable growth in Africa’s creative sectors.

    Industry professionals, innovators, policymakers, and anyone passionate about Africa’s creative potential are welcome to the 11th edition of the Innovention Series.

    For registration and more information, please visit: http://bit.ly/innovention23 or call Chidinma on 08148368770.

  • NGX, CIS, stakeholders honour Subomi Balogun

    NGX, CIS, stakeholders honour Subomi Balogun

    ...describes him as a market colossus

    Nigerian Exchange Limited (NGX), Chartered Institute of Stockbrokers (CIS) and other market stakeholders on Monday held a mock-trading session and Closing Gong Ceremony in honour of late Otunba Subomi Balogun, FCS, CON, the founder of FCMB Group.

    Speaking during the ceremony, the Chief Executive Officer, NGX, Mr Temi Popoola, emphasized that the late Subomi Balogun was a blessing to the capital market. “We are here to pay tribute to somebody that without him, we really cannot talk about our markets and I am sure that there are many careers here that he helped shaped and mine is a good example.

    “We can’t express our gratitude to him enough for what he did to help our industry expand. It is difficult to locate another family in Nigeria like the Subomis that can represent on the Exchange as they doing now. We are very grateful and we assure them that they can count on our support going forward as the family continues to drive their strategic goals,” Popoola said.

    In his remarks, the Chairman of NGX Group, Alhaji (Dr) Umaru Kwairanga, noted that Subomi had played a significant role in the development of investment banking in Nigeria and had laid the foundation for many of the nation’s first equity offerings while working at ICON Securities. “He leaves a significant legacy and a number of monuments that would serve as evidence of his greatness well into the future.”

    The Group Chief Executive Officer, NGX Group, Oscar N. Onyema, OON, said the market could take solace in the fact that Subomi led a great life and left a huge legacy that the capital market community will continue to talk about for years to come. “Otunba ensured that he looked out for the best interests of the capital market, especially during his tenure on the Council of the Exchange years ago.”

    On his part, the CIS President, Mr Oluwole Adeosun, said, “We are celebrating the life of a colossus, Otunba Subomi Balogun who was the pioneer first Vice President of our Institute. We commiserate with the family and will keep remembering his deeds in the capital market”.

    Mr Bolaji Balogun, the Group CEO, Chapel Hill Denham during his remarks said, “That you still remember our father, who retired 20 years ago, speaks a lot about him and the caliber of outstanding people you are. He was very concerned about this market, the harmony of this nation, and the youth of Nigeria. I want to reassure each of you that the work we perform is essential to the growth of this nation.”

    Commending the leadership of the Exchange and CIS, the Group Chief Executive, FCMB Group Plc, Mr Ladi Balogun, said this is an encouragement for the family to keep his legacy on.

    “Whilst this has being a very emotional time for our family, the way our father has been honoured by the Exchange, CIS and the entire country is truly inspiring to us. It is motivating us to go further, do better and make sure that his legacy lives on. We will not be alone in doing that. We will make sure we uphold his value and seek ways together with the exchange to transform the market and the economy”, Balogun said.

  • FirstBank wins Financial Institution of the Year at the AFREXIMBANK Pan-African Business and Development Awards

    FirstBank wins Financial Institution of the Year at the AFREXIMBANK Pan-African Business and Development Awards

    …With its subsidiaries across the FirstBank Group, FirstBank has continued to play a leading role in boosting cross-border businesses, including trade and investment opportunities, essential to enhancing trade relations amongst countries.

    First Bank of Nigeria Limited, Nigeria’s premier banking institution and leading financial inclusion services provider, has won the Financial Institution of the Year Award at the African Export-Import Bank (Afreximbank) Pan African Business and Development Awards. The ceremony marked the 30th anniversary of Afreximbank as it hosted the inaugural Pan-African Business and Development Awards in association with the Business Council for Africa (BCA), in Accra, Ghana.

    The award bestowed on FirstBank is in recognition of the Bank as an epitome of the Pan-African spirit through its leading role in promoting trade and investment across the continent, which have been instrumental to strengthening the economic and multilateral business relationship across nations.

    Amongst its role in facilitating transactions across borders, in 2021, the Bank launched its First Global Transfer (FGT) initiative, specifically designed to ensure safe, timely and improved efficiency in transferring funds across the network of FirstBank subsidiaries in Africa. The FGT is not restricted to FirstBank Group’s Customers alone but is also open to every resident in the country the funds transfer originates from.  

    Speaking on the awards, Dr. Adesola Adeduntan, CEO, FirstBank said: “We thank the organisers of the event (Afreximbank, BCA) for the recognition as it reinforces our commitment to promoting trade, finance and investment opportunities across borders which have been instrumental to the continued growth and development of the continent and the world. On behalf of the Board and Management, this award is dedicated to all employees at the FirstBank Group for their diligence and hardwork as well as to our esteemed customers for their loyalty and patronage in over 129 years of existence’’ he concluded.

    Also commenting on the awards, Prof. Benedict Oramah, President and Chairman of the Board, who has been at the Bank for over 29 years said: “Tonight we are recognising outstanding leaders and institutions. Having joined the Bank in 1994, I have been fortunate to have worked with many of them… At Afreximbank, contributing to Africa’s development is a lifetime vocation, as I know it is for all those that we have recognised tonight.”

    In recognising these leaders and institutions, Arnold Ekpe, chair of the BCA and former Group CEO of Ecobank Transnational Incorporated, said: “Too often our business leaders do not get the praise they deserve. Succeeding in business on the continent is not always easy, but it is rewarding and more importantly it is possible to build strong, profitable, globally competitive businesses. Our winners tonight have demonstrated this.”

    FirstBank has consistently been recognised by reputable global organisations for its steady outstanding performance and amongst the streak of recent wins is the award for Best Financial Inclusion Service Provider Nigeria 2023 by Digital Banker Africa as well as Best Private Bank for Sustainable Investing in Africa by Global Finance.

  • The Africa Health Agenda International Conference (AHAIC) 2023 to Drive United Africa Agenda to Achieve Equitable Health Access and Address Climate Change

    The Africa Health Agenda International Conference (AHAIC) 2023 to Drive United Africa Agenda to Achieve Equitable Health Access and Address Climate Change

    Stakeholders in health, development and climate are convening in Kigali, Rwanda, for the fifth edition of The Africa Health Agenda International Conference (AHAIC) 2023, where the urgent need for African countries to unite in their efforts to strengthen health systems and address climate-related health challenges are top on the agenda.

    The biennial conference, which is taking place this week (5th – 8th March) under the theme “Resilient Health Systems for Africa: Re-envisioning the Future Now”, has brought together representatives from African States to advocate for a unified continental voice ahead of their participation at the 78th session of the United Nations General Assembly (UNGA 78) and the 28th session of the Conference of the Parties (COP 28) (https://apo-opa.info/3ZMxXGJ) later this year.

    “If we are to address the emerging threats at the intersection of health and climate change, African countries must present a united front at global health and climate forums. We need to have one message for one Africa when we present our asks and demands at UNGA 78 and COP 28 because it is only then that we can influence the global policy changes required to meet the needs of the African people,” said Dr Sabin Nsanzimana, Minister of Health, Rwanda.

    AHAIC will provide a platform to deepen African unity at a time when the ripple effects of the three-year COVID-19 pandemic and a global recession have caused an increase in nationalism in the global north, denying Africa much-needed access to funding for health and climate adaptation and mitigation. The event will also address the fragmented efforts that have long stood in the way of holistic progress on the continent.

    “We know that multilateral systems have not always delivered equitably for us, and the COVID-19 pandemic served as a poignant reminder of Africa’s ranking within the hierarchy of global health. While we acknowledge that African countries must also take responsibility for their role in underinvesting in their health systems, we must also recognise that African-led solutions to African challenges still require some level of global support because there can be no global health security if Africa continues to be left out,” said Dr Ahmed Ogwell Ouma, Acting Director, Africa Centres for Disease Control and Prevention (Africa CDC).

    Over the next three days, policymakers, technocrats, thought leaders, innovators, researchers, and civil society will explore how African countries can foster regional cooperation by creating common guidelines, governance structures and regulatory procedures to harmonise health systems and climate adaptation and mitigation measures across the continent.

    “For us to create lasting health change in Africa, we must build more equal partnerships and unite to drive a common African agenda on climate and health. In doing so, we can address the emerging twin threats of climate crises and future pandemics in a more sustainable manner, including by strengthening primary health care and addressing the social determinants of health that are impacting the wellbeing of populations across the continent,” said Dr Githinji Gitahi, Group CEO, Amref Health Africa. “These social determinants include education, economic opportunity, conflict and gender equity – all of which are central to Amref Health Africa’s mission to catalyse and drive people-centred health systems as outlined in our 2023-2030 corporate strategy, which we will unveil at AHAIC 2023.”

    Jointly convened by Amref Health Africa, Ministry of Health Rwanda, African Union and Africa Centres for Disease Control and Prevention (Africa CDC). AHAIC 2023 is Africa’s first global health conference to focus on mainstreaming climate into health policymaking and vice versa. The conference will act as a springboard to global health and climate conferences where it will present an African-led global petition for urgent climate action and sustainable global health policies that will support Africa’s journey towards resilient health systems.

    The conference kicked off with a wogging event on 5th March during the Kigali Car Free Day, as part of efforts to promote climate action for health. This will be followed by three days of plenaries, high-level meetings, workshops, and networking sessions that will take place from 6th to 8th of March.

  • Cellulant’s Payment Service Solution Provider Licence Gets Renewed by Central Bank of Nigeria

    Cellulant’s Payment Service Solution Provider Licence Gets Renewed by Central Bank of Nigeria

    The Central Bank of Nigeria (CBN) has renewed Cellulant’s Payment Service Solution Provider License in Nigeria. This license enables Cellulant (www.Cellulant.io) to continue providing online and offline payment solutions, including collections, check-out, biller aggregation, and payout services securely to thousands of businesses across Nigeria.

    Cellulant’s digital payments platform, Tingg (www.Tingg.Africa)- enables businesses to seamlessly accept and make payments offline and online. A single integrated digital payments solution, Tingg addresses the complex needs of managing payments by simplifying the payment experience for the end-user and providing tools and processes for a merchant to manage their collections from a single dashboard.

    “At Cellulant, we are committed to providing innovative and accessible digital payment solutions to businesses in Nigeria, which play a pivotal role in enabling financial inclusion and driving economic growth in the country. The renewal of our license is a vote of confidence from the Central Bank of Nigeria on the efforts of our team and partners, who have worked tirelessly to create safe and secure solutions that meet the evolving needs of businesses in Nigeria and the regulatory standards. Tingg is now used by thousands of businesses and outlets in the 36 states across Nigeria, enabling businesses to easily collect and make payments, monitor transactions, reconcile and settle cash seamlessly,” said Akshay Grover, Cellulant’s Group CEO.

    Nigerian consumers have different payment options, including card, mobile money, bank transfer and cash- with volatile currency fluctuations and no single settlement framework. As a result, the demand for digital payments continues to increase. Roughly 50% of retail customers request to pay for their purchases using digital payment options. However, this demand presents several challenges for most merchants who might not always support the customer’s preferred payment method, resulting in merchants having to enable multiple solutions to support multiple wallets and varying processes for settlement and reversals for a merchant.

    Tingg solves these challenges by delivering a single solution to accept all digital payment methods (Bank Transfers, USSD payments, Cards & Mobile Money) maintained with the highest compliance and security standards. 

    Speaking to the news, Frances Diribe, Cellulant’s Group Chief Risk & Compliance Officer, said, “Cellulant is dedicated to meeting the highest standards of risk and compliance management as we understand the importance of maintaining the integrity of our payment platform. We have invested heavily in robust security measures and compliance processes to ensure our customers can confidently use our services. We welcome this news that showcases our compliance with the standards, directives, and regulations of the Central Bank of Nigeria.”

    In addition to being licensed to operate as a Payments Service Provider in multiple African countries, including Kenya, Ghana, Uganda, Botswana, and Zambia, Cellulant has also achieved global security, privacy, business continuity and service management standards. The company’s certifications include ISO 27001 (ISMS), ISO 27701 (PIMS), ISO 22301 (BCMS), ISO 20000-1 (Service Management) and PCI-DSS.

    Cellulant provides two essential payment ecosystem solutions: Collections and Payouts. It has three key offerings – Checkout for businesses who want their customers to pay for goods or services online; In-store Payments enabling businesses to collect payments at a physical location; and Payouts which allow both local and global businesses to make payments, process international transfers or make payments to service providers.

  • valU, MENA’s Leading Buy-Now, Pay-Later (BNPL) Lifestyle-Enabling Fintech Platform, Enters Into an Agreement with Members of Alhokair Family to sell a Minority Stake

    valU, MENA’s Leading Buy-Now, Pay-Later (BNPL) Lifestyle-Enabling Fintech Platform, Enters Into an Agreement with Members of Alhokair Family to sell a Minority Stake

    …the transaction puts valU, the largest BNPL provider in Egypt, at a USD 247.4 million valuation

    valU, MENA’s leading Buy-Now, Pay-Later (BNPL) lifestyle-enabling fintech platform, announced today that Fawaz Abdulaziz Alhokair, Salman Abdulaziz Alhokair, and Abdul Majeed Abdulaziz Alhokair (“Alhokair Family”) have entered into an agreement to acquire a 4.99% stake in valU through a capital injection of USD 12.4 million, signifying a valuation of USD 247.4 million for the company.

    Currently subject to relevant regulatory approvals and satisfaction of certain conditions precedent, the transaction marks Alhokair Family’s first investment in a BNPL platform in Egypt, underscoring valU’s strength in the market and marking a key steppingstone for the platform to create strategic regional partnerships.

    The transaction comes on the heels of valU’s entry into the Saudi market last week through FAS Finance, a joint venture (JV) with FAS Labs in which FAS Labs owns 65% while valU owns 35%. The launch of FAS Finance and the strategic partnership bring a lifestyle-enabling solution to Saudi shoppers, with valU offering greater affordability and value for customers, all available through one digital platform.

    “We are thrilled to be further growing our partnership with the Alhokair Family. The transaction puts valU, the largest BNPL provider in Egypt, at a USD 247.4 million valuation, and is a testament to valU’s visible success story, business model, and potential for growth in Egypt and on a regional level,” said Karim Awad, Group CEO of EFG Hermes Holding. “We are proud to have grown a strong brand like valU that, since late 2017, has not only established itself as the leading BNPL platform but has also attracted the interest of the world’s largest retailer, Amazon, one of the most important brands globally, and now one of the region’s most prominent retail players, Alhokair,” concluded Awad.

    valU is a fast-growing, innovative fintech platform in the MENA region that serves more than 574,000 app clients in Egypt, the Arab world’s largest consumer market. In its home country, valU currently boasts over 5,000 points of sale locations catering to hundreds of thousands of customers transacting in home furnishings, electronics, home appliances, fashion, auto spare parts, healthcare, education, and travel, among a wide array of other services. With its entry into the Saudi market, valU will be present across Alhokair’s expansive retail network of more than 1,000 stores as well as online on the VogaCloset and monobrand websites, including 14 in Saudi Arabia. It will also extend to other vendors, retail networks, and merchants to include and cover the entire Saudi market.

    Alhokair Family’s agreement to acquire a stake in valU signals investors’ interest in the NBFI space in Egypt and puts it on the map as a leading innovator and exporter of financial inclusion solutions, at a time when inflationary pressures are on the rise in the country and the rest of the region.

    “We are extremely proud of the fact that Alhokair Family is now a shareholder in valU. Preceded by the announcement of valU’s entry into KSA last week—our first new-market entry since we began operations out of Cairo 5 years ago —the acquisition agreement cements our solid partnership with Alhokair, a retail powerhouse and a perfect partner on our journey to expand across the region,” said Walid Hassouna, CEO of valU. “valU has definitely filled a financing gap in the Egyptian market and supported financial inclusion. The business model that we created strives to have a positive daily impact on hundreds of thousands of consumers, retailers, and service providers across the country,” concluded Hassouna.

    Last month, EFG Hermes Holding and Amazon entered into an option agreement whereby Amazon agreed to acquire USD 10 million in EFG Hermes GDRs with the option to replace that investment into valU at a future date, translating into a stake of 4.255% of the issued share capital of valU.

  • LiveBIc Clinches First Prize at MarkHack 1.0

    LiveBIc Clinches First Prize at MarkHack 1.0

    …as Eko Innovation Centre and GDM Group call for Technological Innovation to Disrupt Marketing Landscape

    In what has proven to be game changing and a first-of-its-kind in the Nigerian media and marketing space, winning innovations have emerged at the grand finale of the maiden edition of Nigeria’s first marketing and media Hackathon tagged ‘MarkHack 1.0’ organized by the Eko Innovation Centre in collaboration with GDM Group. 

    LiveBIc, which comprised Shadrach Akao and Ernest Ogbanefe emerged the overall winners from a list of 10 finalists involved in the pitch at the finals of the hackathon. LiveBIc won the star prize of $10,000 for developing a new platform for content creators to market and deliver their content.

    Sprayme clinched the second position and $4,000 prize money for innovating a new way for social gifting and content monetization; Reelbuzz emerged the third winner with $3,000 for creating an intuitive platform that helps brands connect and command higher brand loyalty; Innovatoras took the fourth position as well as $2,000 prize money for directing the leads for businesses and turning them to paying customers and Monify Cookies, fifth position with $1,000 for developing a browser tool that provides its users the ability to block all unsolicited ads and earn money from allowed ads.

    The winners and runners-up will also get working space at Eko Innovation Centre, while all ten (10) finalists will have access to join the EIC accelerator program and GITEX Global pitch event in Dubai. 

    Recall, that the best 10 teams with the most viable concepts went head-to-head at the finale for the $20,000 prize pool and an acceleration programme with up to $50K equity investment to get their products ready for the market among other benefits.

    Speaking on the initiative and what inspired it, Victor Afolabi, Founder, of Eko Innovation Centre, and Curator MarkHack 1.0 said, MarkHack 1.0 is a gathering of innovators, entrepreneurs, Policy makers, and Marketing Professionals, to create solutions to real-life Marketing challenges in an intense period of time. Using creativity, technology, and mentoring, resulting in prototypes, fresh new concepts, and innovative usages of tech for Marketing and Media. 

    He added that “Seeing how technology has disrupted global industries all over the world, we perceived that the marketing and media industry was ripe for disruption. However, they are two things, it is either we collaborate with stakeholders in the industry to create the disruption we anticipate or we allow disruption to happen to us, and we choose to do the former.”

    “The former involves working with over 100 organisations and representatives from the various organisations to co-create together and disrupt that which we anticipate. That co-creation gave birth to what we call MarkHack. We brought together experts in the industry across sectorial groups from clients, agencies, professionals, technology experts, venture capitalists, policy makers, regulators and we all came together to come to create the MarkHack,” he said.

    On his part, Hakeem Popoola Fahm, Commissioner of Science and Technology, Lagos State applauded the organizers for the laudable initiative and stated that it is a testament to the success of Governor, Babajide Sanwo-Olu’s commitment to making Lagos a smart city by digitalizing its operations and providing an enabling environment for technology innovations to be given birth to. He added that MarkHack 1.0 has shown that Marketers and media practitioners can digitalize operations and the state government would continue to support the ecosystem. 

    Similarly, the Special Adviser, Innovation and Technology to the Governor of Lagos State, Tubosun Alake said the government has been supporting various research works through Lagos State Science Research and Innovation Council (LASRIC) across multiple industries including the marketing industry and it won’t rest on its oars in actualizing the smart city agenda of the present administration. 

    Earlier in the programme, the President of the National Institute of Marketing of Nigeria (NIMN), Idorenyen Enang while delivering his keynote address at the event urged marketers to continue to innovate, and know how to use their channels effectively. He had also emphasized that marketing is not merely about integrated marketing communication, adding that innovators require to follow laid-down principles of marketing. 

    Similarly, in a fireside chat, Franklin Ozekhome, CEO & Head of Growth, Identiture Africa; Seyi Tinubu, CEO/Chairman, Loatsad Promomedia; and Muyiwa Aleshinloye, Head of Marketing, Wakanow called on marketers to take advantage of technology to grow their brands as Metaverse, Artificial Intelligence, and others are being deployed to ease business operations. 

    The organizers of the event, Eko Innovation Centre and GDM Group revealed that over 500 individuals registered to participate in the hackathon from 72 locations, 5 countries (which includes Nigeria, California- USA, Kenya, Pakistan, and London), and 3 continents (Africa, Europe, and North America). 

    The participants were split into teams of 5 and were required to work together for 3 weeks, brainstorm, and come up with new concepts based on their areas of focus. They were also sub-grouped into 8 focus areas which include consumer experience, media consumption, consumer recruitment & interaction, trade & retail engagement, analytics and metrics, events marketing, media monetization, and content creation.

    Each team pitched their ideas to a respected Jury of experts in the subject matter, and the best 10 teams were picked by the Jurors before only five emerged winners at the grand finale. Overall, the hackathon had 21 Mentors, 30 Selection Jurors, 8 Speakers, and 8 Final Jurors who partook in the event and are the industry’s best with decades of experience in marketing, media, technology, and business management, and others.

    The winners were judged by professionals which include Steve Babaeko, CEO/Chief Creative Officer, X3M Ideas & President, Association of Advertising Agencies of Nigeria; Iquo Ukoh, Director, Board of Directors, Letshego Microfinance Bank Ltd; Uwem Uwemakpan, Cofounder of Ingressive Capital; Tolulope Tomori Adedeji, Marketing Director, Anheuser-Busch InBev; and Debola Williams, Group CEO at Red Africa. 

    Others are Joseph Agunbiade, Cofounder, BudgIt; Kayode Oladapo, Assistant Regional Manager for Zone AOA (Africa, Oceania, and Asia), Nestle; and Jide Sipe, Head, Marketing and Corporate Communication, Ecobank Nigeria. 

  • Ecobank Group Announces N143.7bn Profit Before Tax in 9 Months

    Ecobank Group Announces N143.7bn Profit Before Tax in 9 Months

    Ecobank Transnational Incorporated (ETI) has announced N143.7 billion profit before tax in its audited nine months ended September 30, 2021, an increase of about 316 percent from N34.5billion reported in nine months ended September 30, 2020. By the results filed with the Nigerian Exchange Limited (NGX), the bank’s triple-digit growth has resulted in earnings per share of over N3.01 kobo during the period under review.

    Profit after tax also grew by 916 percent to N104.51billiion from N10.28billion reported in the prior nine months of 2020. Growth in gross earnings, net investment income, Other operating income, and decline in operating expenses were major financial parameters that contributed to the Group’s significant increase in profits amid macroeconomy challenges where it has branches.

    Gross Earnings for the period grew by 12 percent to N686.8billion from N614.5billlion reported in 2020. As net investment income rose by 523 percent to N5.56billion from a loss of N1.3billion in 2020; Other operating income closed at N11.59billion from N3.3billion reported in 2020. The group’s total assets grew by five percent to N10.9trillion as of September 30, 2021 from N10.38trillion in full-year ended December 31, 2020.

    In his comment, Group CEO, Ecobank, Ade Ayeyemi said: “We reported strong results, reflecting the continued diligence of Ecobankers in putting our customers first and ensuring that we meet their respective needs.

    “For the nine months period up to September 2021, we earned $352 million in pre-tax profit, a 41per cent increase compared to the prior year and revenues of $1.3 billion, a four percent growth. Hence return on tangible equity increased to 17.9per cent, and we grew the per-share value of our shareholders’ equity by 11per cent to 5.52 US dollar cents.

    “These results also demonstrate the hard work invested in driving efficiency in all our businesses in line with our deliberate focus on driving down our cost-to-serve, sustaining improvement in the quality of our credit portfolio, and strengthening liquidity and capital buffers.”

    “As a result, our cost-to-income ratio has been declining consistently quarter on quarter, currently 58.3 percent. In addition, the stock of nonperforming loans as a percentage of loans outstanding is now at 6.9 percent compared to 9.9per cent a year ago. We have boosted the firm’s liquidity profile, thanks to growing customer deposits fueled by an acceleration in digital channel adoption, partnerships with Fintechs, Telcos, and businesses in the Payments Ecosystem,” Ayeyemi added.

    “Finally, we continue to invest in new digital and mobile capabilities to enhance customer experience, alongside the investments we are making in our people, processes, and controls, to ensure the continued resilience of our business and service delivery to our clients. I am deeply grateful to all our customers and the Ecobank team for the remarkable job,” Ayeyemi added.