All Posts in "Banking & Finance"

African Development Bank to launch East Africa Economic Outlook 2023 tomorrow

The African Development Bank Group will launch the East Africa Economic Outlook 2023 on Thursday, 27 July 2023.

This follows the launch of the main African Economic Outlook report in May during the Bank’s Annual Meetings in Sharm El Sheikh, Egypt.

The African Development Bank’s East Africa Economic Outlook 2023 reviews the economic performance of 13 Eastern African countries over the past year. The countries are Burundi, Comoros, Djibouti, Eritrea, Ethiopia, Kenya, Rwanda, Seychelles, Somalia, South Sudan, Sudan, Tanzania, and Uganda.

It provides key economic trends in the East Africa region for 2022. The report titled: Mobilising Private Sector Financing for Climate and Green Growth in East Africa, also forecasts the medium-term (2023-2024) economic performance for the region. Furthermore, it examines options for accelerating the mobilisation of private sector financing for climate and green growth in East Africa.

The report discusses a mix of policy interventions to accelerate East Africa’s growth amid existing and emerging shocks, including climate change.

Patoma Admin by — July 26, 2023 in Banking & Finance 0
Tunde Hassan-Odukale, Femi Otedola to increase shares at First Bank AGM

By Favour Nnabugwu
First Bank Holding Plc has indicated its intention to sell some of its shares as it bids to raise additional capital.
It is expected Tunde Hassan-Odukale and Femi Otedola, will increase their shares once the bank goes the way of right issue
Tunde Hassan-Odukale has 14 percent while Femi Otedola has 9 percent of First Bank’s shareholdings
This may just be one of the key subjects of discussion at the bank’s Annual General Meeting (AGM) which is scheduled for August 15, 2023.
Rights issues are an offer by a company to its shareholders to buy more of their stocks at a specific price by a stipulated deadline
Report has it that the capital transaction is expected to be a way of Rights Issue but will be ultimately determined by the Directors, subject to obtaining the approvals of the relevant regulatory authorities such as Cenetral Bank of Nigeria and Securities Exchange Commission.
Underwrite the Rights Issue on terms determined by the Directors, subject to approvals from relevant regulatory authorities.
Waive preemptive rights of shareholders to any unsubscribed shares under the Rights Issue in case of under-subscription.
Authorize the Directors to appoint professional parties and advisers and perform necessary actions to give effect to the above resolutions, including compliance with regulatory authorities’ directives.
Amend Clause 6 of the Memorandum of Association of the Company to reflect the newly issued share capital of 22.435 billion by creating 8.974 billion Ordinary shares of 50 Kobo each
Patoma Admin by — July 24, 2023 in Banking & Finance 0
World Bank steps up financial capacity

By Favour Nnabugwu

 

 

The World Bank has step up its lending capacity, a major boost in firepower that will give millions of people a chance to escape poverty

At this critical moment in history, and echoing the calls from the international community, the Bank is doubling down to tackle intertwined challenges – jobs, climate, fragility, and pandemics. These efforts entail decisive action to build a better Bank to achieve a world free of poverty on a livable planet.

That work includes a new playbook to drive impactful development and take more risk—helping create a world that is inclusive of everyone, including women and young people, resilient to shocks, and sustainable.

The Bank has taken a hard look at all available options as part of a work plan to stretch every dollar—while preserving its AAA credit rating. Together, the steps announced today will greatly expand the Bank’s financial capability to spur growth and jobs—the surest path out of poverty.

Without progress on this front, development will stall at best and slide backward at worst. Over the next few months, the Bank will develop and share additional ideas to maximize its impact, exploring new opportunities while carefully managing potential risks.

The potential for these instruments to extend the impact of a single dollar is game changing. For example, every new $1 could drive an additional $6 of new lending over a 10-year period.

Increasing the power of guarantees World Bank shareholders can provide to boost lending. The proposed portfolio guarantee program is a shared approach to risk that will make World Bank financing more widely available, with shareholders stepping in if countries can’t repay their loans. That means $5 billion in guarantees could generate $30 billion in lending over 10 years

—funds to send more girls to school, support farmers struggling to cope with climate change, or provide vital health care
.Raising hybrid capital from shareholders and other development partners. Hybrid capital offers a new way to move the needle in development—by giving shareholders and partners an opportunity to invest in bonds with special leveraging potential. With $1 billion of hybrid capital, the Bank can increase its lending by up to $6 billion over 10 years and deepen its impact on the people most in need.

Extracting more value from callable capital. Callable capital is a commitment from our shareholders to step in with new funds to help the Bank only under extreme circumstances. Widening the conditions, and clarifying the procedures and mechanism, under which the Bank can call on shareholders, could help the Bank absorb more risk and expand lending. More work will need to be done together with rating agencies and shareholders to make callable capital more useful.

Moving forward with the IDA Crisis Facility. The poorest countries desperately need more concessional funds to respond to the climate emergency, food insecurity, and other crises. The Bank is now fundraising for the new IDA Crisis Facility, which will strengthen its ability to help countries in challenging times. The target is $6 billion—with a huge development impact from every dollar.

In addition to the actions announced today, the Bank recently unveiled other initiatives to put impact at the heart of its work. Last month, the Bank established a new Private Sector Investment Lab, which will generate, test, and scale impactful ideas that remove barriers to investment in emerging markets. The Bank also introduced an enhanced toolkit to help countries respond quickly and effectively to natural disasters and jumpstarted an effort to develop a new approach to tracking climate outcomes more effectively, one that better measures impact, rather than dollars out the door

Patoma Admin by — July 21, 2023 in Banking & Finance 0
AfDB appoints Ousmane Fall as Director, Non-Sovereign Operations, Private Sector,

By Favour Nnabugwu

 

The African Development Bank Group has appointed Ousmane Fall, a Senegalese national, as Director of Non-Sovereign Operations and Private Sector, effective from the 1st of August 2023.

Fall takes on this new role with 17 years of experience. He spent the last four years at the International Finance Corporation (IFC), where he provided strategic leadership on country planning and ministerial dialogue in the African infrastructure space.

At the IFC, Fall covered various sectors, namely water, waste and sanitation; transport and energy; logistics; and telecommunications. He also oversaw the establishment of the Municipal Financing Platform for Sub-Saharan Africa.

Fall developed and executed the first asset-backed securities investment for access to energy in Africa, as well as the first private sector investments in hydro and solar in Gabon and Benin. Other firsts were a gas-to-power strategy for the Senegalese government, and the first municipal financing strategy for the cities of Dakar, Cotonou, Abidjan, and Douala.

He also led business development efforts across Africa, building strong relationships with private sector clients, central and local governments, cities, and selected sovereign-owned entities on the ground.

Fall earlier worked at the African Development Bank Group for 10 years. He held several positions, including those of acting manager for the Strategy and Transactions Support Division, and officer in charge for the Non-Sovereign Infrastructure Division, providing key advisory services and transaction support to Non-Sovereign Operations origination departments. He oversaw project officers in such areas as debt and guarantee transactions design, project bankability assessment, capital structuring, project credit enhancement, financial leveraging, and financial modelling.

He also spearheaded knowledge management and training on non-sovereign operations. He established non-sovereign operations modules on project finance, corporate loans, financial modelling, technical assistance, client relationship management, and equity investments. Fall was a successful investment officer, delivering landmark private sector transactions at the Bank.

He has extensive knowledge of African debt and equity markets, guarantee products, derivatives, and credit enhancement instruments. Fall led the execution of the first African Development Bank Group non-sovereign operations transactions in agriculture, health and education, and the first port dredging and gas-to-power projects. He also served in the Bank’s Public Sector Department, where he worked on solar projects in Morocco, hydro projects in the Democratic Republic of the Congo, Sierra Leone, Cameroon, Guinea, and other transmission projects in Nigeria and Zambia. He also worked in the Risk Department, where he contributed to the definition and implementation of the Bank’s Capital Adequacy Framework and Exposure Management Policy.

Before joining the African Development Bank, Fall was an investment banker in the Structured Finance Division of Société Générale in Paris.

Fall holds a Master of Science in Finance from INSEEC Business and Management School in France (2005).

Commenting on his appointment, Fall said: “I am honoured and grateful that President Adesina appointed me to this position. I look forward to working under his leadership to serve the premier financial institution of the continent in its ambitious vision to transform the African continent through the private sector.”

African Development Bank president, Dr Akinwumi A. Adesina, said: “Ousmane has a proven track record of delivering results in private sector transactions. He will ensure the overall effectiveness of the Bank’s Private Sector operations through non-sovereign operations project and corporate portfolio management as well as transaction support to non-sovereign operations origination departments.”

Patoma Admin by — July 19, 2023 in Banking & Finance 0
Ajay Banga is 14th President of the World Bank

By Favour Nnabugwu

 

The Executive Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023.

Ajay Banga most recently served as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, a global organization with nearly 24,000 employees.  Under his leadership, MasterCard launched the Center for Inclusive Growth, which advances equitable and sustainable economic growth and financial inclusion around the world. He was Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022.

He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021. Banga served as Co-Chair of the Partnership for Central America, a coalition of private organizations that works to advance economic opportunity across underserved populations in El Salvador, Guatemala, and Honduras. He was previously on the Boards of the American Red Cross, Kraft Foods, and Dow Inc.

Ajay Banga is a co-founder of The Cyber Readiness Institute and was Vice Chair of the Economic Club of New York. He was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.

The Executive Directors followed the selection process agreed by shareholders in 2011. The process included an open, merit-based, and transparent nomination where any national of the Bank’s membership could be proposed by any Executive Director or Governor through an Executive Director. This was then followed by thorough due diligence and a comprehensive interview of Mr. Banga by the Executive Directors.

The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process, as discussed at the April 2023 Spring Meetings, and on all the World Bank Group’s ambitions and efforts aimed at tackling the toughest development challenges facing developing countries.

The President of the World Bank Group is also the Chair of the Board of the Executive Directors of the International Bank for Reconstruction and Development (IBRD). The President is also ex officio chair of the Board of Directors of the International Development Association (IDA), International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and of the Administrative Council of the International Centre for Settlement of Investment Disputes (ICSID).

Patoma Admin by — May 5, 2023 in Banking & Finance 0
Speech Delivered by Dr. Akinwumi A Adesina President, African Development Bank Group At the Official Launch of the Investment in Digital and Creative Industries (I-DICE) – State House Conference Center, Abuja – Tuesday, 14 March 2023.

Your Excellency, Professor Yemi Osinbajo, Vice President of the Federal Republic of Nigeria,

Your Excellencies, State Governors,

Honourable Minister of Finance, Budget and National Planning, Zainab Ahmed

Honourable Minister of Industry, Trade, and Investment, Adeniyi Adebayo

Honourable Minister of Communications and Digital Economy, Isa Ali Pantami

Honourable Minister of Information and Culture, Lai Mohammed

Honourable Minister for Science, Technology and Innovation, Senator Adeleke Mamora

Your Excellencies, Ambassadors

The President of the Islamic Development Bank, Muhammed Al Jasser

The Chief Executive Officer of the Agence Francaise de Developpement, Remy Rioux,

The Chief Executive Officer of the Bank of Industry, Nigeria, Olukayode Pitan

Director Generals, Executive Secretaries, and heads of government agencies,

Young business leaders of Nigeria,

Youth entrepreneurs,

Distinguished ladies and gentlemen.

I am delighted to join you today for the official launch of the Investment in Digital and Creative Enterprises (I-DICE). I wish to commend the Federal Government for this initiative. The initiative is timely, strategic, and transformative as it will build the ecosystems to support more competitive entrepreneurs powered by digital technologies.

I am very proud of the African Development Bank Group’s leading role in this initiative, which has the potential to generate millions of jobs for Nigeria’s youths. The urgency of leveraging the implementation of i-DICE for sustainable job creation, and economic transformation, is now.

With over 70% of Nigeria’s population under the age of 30, Nigeria has one of the greatest assets in the world. Some would call this a challenge to be managed. I call it an opportunity to be unleashed. It’s time to do things differently.

Yes, we gather to launch the initiative, but what we are really launching is more than this initiative. We are launching hope for the youth. We are launching platforms that will enhance the ability and capacity of Nigeria’s youth to thrive. We are launching the creation of millions of jobs. We are retooling Nigeria to be more competitive in an increasingly digital world. We are creating hope for a new Nigeria, driven by the power of the youth.

What Nigeria does with its youthful population will determine the future of Nigeria. Its future in terms of first-rate education to make them competitive. Its future in terms of skills to fill jobs today and create jobs of tomorrow. Its future in turning its dynamic, talented, and entrepreneurial youths into revenue assets.

It is time to create youth-based wealth for Nigeria. Youth-based wealth will rapidly expand the creation of jobs, expand the fiscal space with new sources of taxes, and support a more inclusive Nigerian economy, now and well into the future.

That is why, shortly after I was elected President of the African Development Bank, we launched the Jobs for Youth in Africa strategy. We project that the program will create 25 million new jobs by 2026 that focus on practical and high-impact solutions.

We are making great strides.

From 2016 to 2021, the African Development Bank supported the creation of over 12 million jobs, 3.1 million of which were direct and nine million indirect. This has been made possible through our high employment impact operations and special initiatives in key sectors such as agriculture, infrastructure, energy, and financial sectors, as well as in the digital and creative industries.

Additionally, the Bank’s Coding for Employment program has provided onsite centres and digital training platforms that have equipped 23,200 youth from 45 countries with the skills needed to succeed in the digital job market.

We have invested $2 billion in 37 tech projects to improve national and regional broadband infrastructure, foster private investment, and support digital enterprises.

And the African Development Bank is currently designing and will soon roll out Youth Entrepreneurship Investment Banks, new financial institutions that will build robust financial ecosystems around the businesses of young people across Africa.

That is why we like I-DICE: it is visionary, sees the future and prepares Nigeria for it.

That future is here. Every aspect of life is being transformed digitally. Think of digital financial services for money transfers, payments, banking, and insurance.

Think of e-health with rapid growth of digital platforms that aggregate services of medical doctors, pharmacists, and diagnostic service providers.

Think of e-government for better and more accessible service delivery to citizens.

Think of education, with digital platforms that connect teachers, tutors, and delivers open digital curriculum for enhanced and easily accessible learning for students.

When you think digital, think global.

It is estimated that the size of digital global health will expand from $217 billion in 2022 to over $1 trillion by 2031, an incredible growth.

The size of Africa’s digital economy will rise from $115 billion today to $712 billion by 2050. Most of this growth is already being driven by four countries, Nigeria, South Africa, Kenya, and Egypt.

The expansion of the digital economy is driven by several factors including the rapid growth in the youth population, the ubiquitous nature of access to mobile phones especially smart phones, increasing investments in supportive digital infrastructure, and the spark in digital entrepreneurship and innovations during the economic challenges imposed by the Covid-19 pandemic.

These digital trends hold great promise to help create massive number of jobs. For example, estimates by Endeavor (2022) show that expanding digital infrastructure by 10% will lead to a 2.5% annual growth in GDP in Africa. Furthermore, expanding access to the internet in Africa from the current 33% to 75% can help create 44 million jobs, including 3 million jobs in online services by 2025.

We are already witnessing in Nigeria the power of digital technologies, tools, and platforms. Nigeria currently has 5 out of the 11 digital companies that have reached the status of unicorn with market valuation of $1 billion. Names that come to mind include Jumia, Interswitch, Opay, Flutterwave and Andela, mainly in the fintech space.

Nigeria’s poor and fragmented cargo transport system is getting transformed gradually, thanks to Kobo 360 a digital logistics platform launched by two young Nigerians, Obi Ozor, and Ife Oyedele. It is incredible that between 2018 and 2020 the Kobo360 platform has connected 50,000 trucks and truck drivers and helped to move freight worth $200 billion (Source: Endeavor, 2022).

The creative industry in Nigeria is growing rapidly, in line with similar trend in Africa. The creative industry in Africa generated over $14 billion in revenue annually between 2015 and 2018 and is projected to help create close to 3 million jobs by 2025. Nigeria has yet to fully tap into and unleash the power of its creative industry which still needs efforts to promote content creators, supportive infrastructure, and access to financing for the film, media, fashion, visual arts, tourism, hospitality, and entertainment industries.

The I-DICE program will help to fill some of these critical gaps by supporting enterprise and skills development, access to demand-driven digital and creative skills, entrepreneurship skills, ICT enabled infrastructure, as well as expanding access to finance.

The African Development Bank is pleased to be a partner with the Federal Government of Nigeria on the $618 million I-DICE program. The African Development Bank is providing $170 million in financing to the program.

I am delighted that we have been able to mobilize additional co-financing of $217 million towards the program. I wish to thank our partners, the Agence Francaise de Developpement (AFD) that is providing $100 million; and the Islamic Development Bank that is providing $70 million. I also thank the Bank of Industry and the Federal Government of Nigeria for providing $45 million in counterpart funding. Through the independent fund managers for I-DICE, the program will raise an additional capital of between $131 million and $262 million.

The I-DICE program is set to be a real game changer.

It will help to create 6.1 million direct and indirect jobs and equip more than 175,000 young people with the technology and creative skills needed to drive innovation and foster entrepreneurship.

To start with, I-DICE will support 451 digital technology start-ups, 226 creative enterprises and 75 enterprise support organisations.

The benefits of the program to Nigeria’s economy are projected to be worth $6.4 billion.

Your Excellency, Ladies and Gentlemen,

I would like to express my profound appreciation for the Federal Government of Nigeria’s unwavering commitment to the I-DICE program. H.E. President Buhari’s personal endorsement of the Program in June 2022 is a great manifestation of the high political ownership of Nigeria’s innovation agenda.

I also highly commend the dynamic leadership of the Steering Committee of the Advisory Council on Innovation and Creativity chaired by H.E. Vice President Yemi Osinbajo that has spearheaded the design of I-DICE. The enactment of the Start-up Act in October 2022 provides a strong boost to the Federal Government of Nigeria’s efforts to enhance the enabling environment for the development of start-ups, as well as position Nigeria as Africa’s leading digital technology centre.

Thank you, Your Excellency Mr. Vice President, Professor Yemi Osinbajo for your exceptional leadership and foresight in shaping the design of the I-DICE Program. There are many things you will be remembered for, but I can tell you that nothing will be more than your unrelenting passion for the youth and your drive to ensure that you prepare them for the digital world. Thank for your outstanding leadership and service for our nation.

With the I-DICE, H.E. President Buhari, yourself, Mr. Vice President, and the Federal Government would leave behind a legacy for the future growth and dominance of Nigeria in the digital and creative industries, in Africa, and globally.

Together, let us use I-DICE to unleash an ecosystem that will drive the emergence of more dynamic and competitive youth entrepreneurs from Nigeria.

Let us unleash the wealth creating potential of the digital and creative industries.

Let us foster the emergence of a stronger Nigeria.

A Nigeria, built on the dynamism and creativity of its young people.

Let us bring the future of the youth into the present.

May God Bless Nigeria!

Patoma Admin by — March 15, 2023 in Banking & Finance 0
Nigeria to Launch the Investment in Digita, Creative Enterprises Program (i-DICE) today

By Favour Nnabugwu

 

 

 

Nigeria’s Vice President, Prof. Yemi Osinbajo, the President of the African Development Bank Dr. Akinwumi Adesina, and other partners will launch the Investment in Digital and Creative Enterprises (i-DICE) Program in Abuja on Tuesday, 14 March 2023.

The launch marks the rollout of a flagship initiative that will drive vital funding for Nigeria’s digital and creative industries. In addition to the leaders of government, corporations, and development finance institutions, the event will feature youth working in the digital technology and creative sectors, students, and investors.

i-DICE is a major step toward significantly upscaling entrepreneurship and innovation in digital technology and creative industries, which include film, fashion, and music.

The program is part of the federal government of Nigeria’s efforts to build back better, greener, and more inclusively, and to create sustainable jobs for its surging youth population. It will consolidate the country’s position as Africa’s leading start-up investment destination and youth entrepreneurship hub.

i-DICE is co-financed by the African Development Bank, the Islamic Development Bank and Agence Française de Développement. The federal government of Nigeria is providing counterpart finance through the Bank of Industry, which also serves as the executing agency. A steering committee chaired by the vice president’s office will oversee the initiative in cooperation with a technical committee made up of business leaders, and government ministries, departments, and agencies.

The DICE Fund, a venture capital outfit to be created under the program, will draw additional funding from institutional and other private investors.

Patoma Admin by — March 14, 2023 in Banking & Finance 0
AfDB, Coalition for Dialogue on Africa, launch $5.9m project to stem illicit financial flows from

By Favour Nnabugwu

 

 

The African Development Bank and the Coalition for Dialogue on Africa (CoDA) have officially launched a three-year support project to improve regional coherent and coordinated response to illicit financial flows.

The project will help African stakeholders actively engaged in stemming such flows to improve domestic revenue mobilization in African countries.

The launch of the African Financial Integrity and Accountability Support Project (AFIAP) took place at the African Union headquarters on 7 March. The project aims to improve regional coordination of combating illicit financial flows and the oversight and accountability of public finances, for optimal revenue mobilization and management in African countries. It will support the coordinated implementation of recommendations of the High-Level Panel on Illicit Financial Flows(link is external) and the implementation of joint strategies and initiatives related to international taxation.

The grant will support CoDA in its role as the secretariat of both the AU High-Level Panel on IFFs, the Joint Secretariat of the Consortium to Stem IFFs from Africa, and the annual African Fiscal Policy Forum. The support will foster a coherent African response to illicit flows, in line with the AU Assembly Special Declaration on IFFs(link is external) passed in January, 2015, and will advance Africa’s continent-wide asset recovery agenda encapsulated in the Common African Position on Asset Recovery (CAPAR)(link is external) adopted in February 2020. This will be carried out by CoDA, the African Union Commission Departments of Economic Development, Trade, Tourism, Industry and Minerals and Political Affairs, Peace and Security Department, in collaboration with other national, regional and global actors.

The project targets selected African Development Bank member countries, with a particular emphasis on public sector capacities in low-income countries, to reinforce resilience via training, policy research and advocacy activities.

The Bank’s support is in line with the objectives of its Strategy for Economic Governance in Africa (2021 – 2025), its policy and strategic framework and action plan to prevent Illicit Financial Flows in Africa (2017 – 2021, extended to 2023), and “High Five objective that aims to “Improve the quality of life” for the people of Africa. It is consistent with ongoing similar support to regional organisations to stem illicit flows from the African continent..

The ceremony was witnessed by the Bank’s Deputy Director-General for Eastern Africa Regional and Business Delivery Office, Abdul Kamara, and the Executive Director of CoDA / HLP Secretariat, Souad Aden-Osman. Several other officials from the Secretariat, the African Union Commission and the Bank also attended the event.

Abdul expressed satisfaction with the project, noting that it is in line with the High-Level Panel’s mandate to promote a coordinated response of the Bank’s regional member countries in ensuring that policies and practices are mobilized in addressing financial crime, tax avoidance, money laundering. “In addition to combating illicit financial flows, this project will contribute to promoting greater efficiency in public financial management in order to boost revenue mobilization and management,” Kamara said.

“CoDA welcomes this financial support of the AfDB. We are eager to work with the Bank in ensuring Phase II of the implementation of the Panel’s recommendations is well underway. This collaboration with the AfDB is highly useful in this regard and on behalf of its Board of Directors and the High-Level Panel on IFFs from Africa, CoDA is thankful to the President, Management and Board of the AfDB for their continued support”, Aden-Osman said.

Patoma Admin by — March 11, 2023 in Banking & Finance 0
Global support contribute $50bn for agriculture

By Favour Nnabugwu

 

 

 

Africa’s drive to transform its agriculture and become a breadbasket continues to receive strong global support, with development partners agreeing to commit more than $50 billion to the plan barely two months after its launch.

At the recent Dakar 2 food summit organized by the Senegalese government and the African Development Bank, political leaders resolved to work tirelessly with international partners on compacts that would transform agriculture across the continent.

Among the donors are Germany, which plans to contribute $14.34 billion, and the United States, which intends to provide $5 billion. The African Development Bank aims to contribute $10 billion over five years, while the Islamic Development Bank intends to provide $7 billion.

Other donors are the European Union; the European Investment Bank (EIB); the International Fund for Agricultural Development (IFAD); the West African Development Bank; the Arab Bank for Economic Development in Africa; the French Development Agency, AFD; Ireland; the Netherlands; Switzerland and the United Kingdom

Other donors are the European Union; the European Investment Bank (EIB); the International Fund for Agricultural Development (IFAD); the West African Development Bank; the Arab Bank for Economic Development in Africa; the French Development Agency, AFD; Ireland; the Netherlands; Switzerland and the United Kingdom.

In Dakar, the leaders agreed to allocate at least 10% of public expenditure to increase funding for agriculture. They also resolved to deploy robust production packages to boost productivity and increase resilience to achieve food security and self-sufficiency.

At the just concluded AU summit in Addis Ababa, Ethiopia, African heads of state and government endorsed the outcomes, calling for global support for its immediate implementation.

In a resolution read at the end of the 36th African Union summit on Sunday in the Ethiopian capital Addis Ababa, they described the Dakar 2 Food Summit as important and timely to address rising food prices, disruption in the global food supply, and worsening of food insecurity in Africa.

Patoma Admin by — March 8, 2023 in Banking & Finance 0
Banks to operation before, after election- ACAMB boss

By Favour Nnabugwu

 

 

The Association of Corporate Affairs Managers of Banks (ACAMB) says all bank branches and digital channels will be open for banking services before, during, and after the elections.

The association said this in a statement signed by its president, Mr Rasheed Bolarinwa, on Wednesday in Lagos.

The body said that Deposit Money Banks (DMBs) had not received any directive from the Central Bank of Nigeria (CBN) to shut down banking services for five days, as stated in a fake press release.

“The attention of the Association of Corporate Affairs Managers of Banks has been drawn to the trending social media message purporting that the Central Bank of Nigeria (CBN) was shutting down banking services for five days from Thursday, 23rd to Monday 27th February 2023 because of the general elections holding in Nigeria over next two weekends.

ACAMB hereby wishes to debunk the fake news in its entirety and wishes to assure Nigerians and the banking public that there is no iota of truth in the viral message that is being circulated.

“Up until this moment, no Deposit Money Banks or other institutions providing financial services have received any directive or communication from the CBN to close the doors of their physical banking halls or shut their digital platforms and online banking channels against their customers because of elections.

“ACAMB further wishes to assure customers that their respective banks have put in place measures to ensure that depositors can as usual, access money in their accounts during this period.

Also, customers who wish to carry out transfers or use electronic banking services will have unhindered access to these services before, during, and after the elections,” it said.

It urged Nigerians not to panic, urging them to ignore the trending message maliciously concocted to cause disaffection among the citizenry and the DMBs.

It advised Nigerians to be peaceful and orderly during the elections, wishing the nation a successful conduct of free, fair, and credible elections.

ACAMB is the umbrella body of Corporate and Marketing Communications Professionals working in Nigeria’s banking sector. (NAN)

Patoma Admin by — February 23, 2023 in Banking & Finance 0