Olawunmi Ashafa - News Agency Of Nigeria

Olawunmi Ashafa
Oct, Sun, 2023

Focus on LG development for sustainable national growth – Adeshina

Director-General of UK-based Diaspora Grassroots for Better Governance in Nigeria, Mr Ade Adeshina

By Mariam Akande

The Federal Government has been urged to shift significant attention to empowering the local government system and operations, to ensure sustainable national development goals.

The Director-General of the UK-based Diaspora Grassroots for Better Governance in Nigeria, Mr Ade Adeshina, made the call on Sunday in an interview with the News Agency of Nigeria (NAN).

He said the primary purpose of the government, after ensuring the safety of life and property, was to guarantee improved conditions of the citizens wherever they live in the country.

According to him, many Local Government Areas (LGAs) have not witnessed the dividends of democracy.

He noted that rural communities had suffered the most due to poor governance.

“Simple road networks cannot be built to required standards.

“Local government council officials lack required scrutiny and, are in most cases, incapable of managing public pulse.

“Given Nigeria’s abundant natural and human resources, the current state of development is a source of concern.

“We must heed the words of former Premier of the defunct Western Region, Chief Obafemi Awolowo, who said that Nigeria should not be a poor nation given its vast resources,” Adeshina said.

Adeshina added that the removal of fuel subsidies and the resulting high inflation rate had exacerbated the challenges faced by ordinary Nigerians.

Similarly, he noted that the exchange rate of one dollar for N1,040 in the parallel market, as at Oct. 12, had also compounded the issue.

To address these challenges and set Nigeria on a path to sustainable growth, Adeshina said the federal government must focus on infrastructure development across the 774 LGAs.

He added that the President Bola Tinubu-led administration must reform the civil service to make every officer accountable for his actions and omissions.

“The transition from a production-oriented economy, as our founders envisioned, to a consumption-based economy in the 1970s has hindered our progress.

“We must return to a production-oriented path, growing and producing what we need locally and embracing our homegrown products.

“This approach will reduce the demand for foreign currencies and make our Naira attractive to foreign investors,” he said.

According to him, central to this transformation is the need for robust infrastructure development.

He called for a standardised road and rail network to open up rural communities for business to enable economic inclusion.

“The deplorable state of infrastructure across the 774 LGAs has hindered progress and economic growth.

“Basic road infrastructure and modern transport systems are essential to alleviate the challenges faced by our densely populated cities and to attract investment to rural areas,” he said.

Adeshina, who is also the Director General of Bola Tinubu Support Organisation, UK branch (BTSO-UK), noted that with improved infrastructure, agricultural products would no longer go to waste due to bad roads.

According to him, this will attract firms to set up production facilities, boost the economy, and provide employment opportunities.

The D-G said the focus on LGAs was pivotal as it was at the grassroots level that the country could begin the restoration of its glory.

“We must empower and hold local governments accountable for creating an enabling environment for investors and fostering development.

“The restructuring of the civil service at all level of governance is equally vital,” he said.

Adeshina explained that civil servants played a pivotal role in policy implementation, and their efficiency was paramount to achieving the goals of the Tinubu’s administration.

“Restoring Nigeria’s glory and rescuing its citizens from hopelessness requires practical steps. It demands more than empty promises.

“It necessitates the eradication of corruption, a commitment to grassroots governance, investment in infrastructure, and civil service reform.

“Nigerians deserve a better future, and it is our collective responsibility to build the Nigeria of our dreams,”Adeshina said.

He called on the Tinubu-led administration to focus on substantial infrastructure development, stressing that it was time for action. (NAN)

Edited by Kamal Tayo Oropo/Olawunmi Ashafa

Why foreign investors should turn to Nigeria – VFD GMD

Olawunmi Ashafa
Oct, Sun, 2023

General News

Why foreign investors should turn to Nigeria – VFD GMD

By Olawunmi Ashafa

Mr Nonso Okpala, the Group Managing Director of VFD Group, an investment firm that focuses in the real sector, says the company plans to source for more capital beyond the shores of Nigeria.

Okpala disclosed this in an interview with the News Agency of Nigeria (NAN) on Sunday in Lagos.

NAN reports that the VFD Group was listed on the Main Board of Nigerian Exchange Ltd. (NGX) on Oct. 6.

According to him, the listing of the group on the NGX will provide the platform for the firm to achieve the target of sourcing for funding beyond Nigeria.

Okpala said that the company’s current position on the exchange would also help it to build the requisite trends and reputation needed for such target.

“It will assist the firm to enjoy more visibility, establish elaborate track-records and get more attention from the public investors,” he added.

NAN recalls that the listing of VFD Group’s shares added more than N45 billion to the market capitalisation of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.

The management of VFD Group Plc had said it projected N300.61 billion in total assets by 2025 and N5.83 billion dividend payout to shareholders in the same period.

Recalling how the company came into existence 14 years ago with 35 friends who came together as shareholders, Okpala said that the pioneers knew from the inception that the company would be listed on the stock exchange in no time.

He said the group also recognises the positive impact of technology on business operations and believes in utilising these advantages to foster the growth of robust companies.

According to him, access to capital is also a significant consideration for VFD Group which strives to capitalise on such opportunities.

Okpala noted that the company’s strategic approach, commitment to innovation and alignment with young talents had made it an attractive investment option in Nigeria’s emerging market.

He highlighted the importance of acquiring long-term funds for developmental purposes such as infrastructure building and nurturing companies from inception to maturity.

These funds, he said, are considered relatively cheap and provide opportunities for growth and profitability, while emphasising the group’s track-record, skill sets, leadership and industry knowledge, making it capable of effectively utilising such funds.

Okpala said the management of the company saw opportunities in the new ways of doing things, hence its listing on the exchange at a period that the Federal Government embarked on liberalisation of the currency and fuel subsidy removal which were considered as economic challenges.

He added that the company was leveraging these changes and the potential of technology to build stronger companies.

“We are not talking about bank debt, short-term loans, hot money, but long-term funds that are relatively cheap and can be directed towards developmental roles, be it in infrastructure building or a company from inception to maturity.

“Those are the kind of funds that we want. We believe we have the track-records, skill sets, leadership and industry know-how to run such companies to profitability and access to long-term capital suited for developmental growth. This is what we thought we needed to address.

“So, there is no better time to take the step than to do it now.

“We have self-inflicted adherence to governance more that most companies. We have strong leadership levels, bench of very smart and strong proven leaders in our group as well as young professionals,” Okpala added.

He, however, noted that the opportunities from such expansion would be subject to the kind of funding accessible.

The chief executive officer said that with 14 years of existence, the group had remained bullish with market infrastructure through the use of technology and fintech, due to Nigeria’s population and the difficulties of navigating the business environments

“From a logistical stand of point, technology is important and you can understand why someone will embrace digital banking if the option is for him to go through traffic.

“So, we think from a lifestyle perspective; fintech and technology remain key areas for us to keep exploring.

“Our model is that one can easily replicate whatever you do successfully in Nigeria and in many African countries. That’s why we are exploring the model we have in Ghana.

“We are also bullish in real sector, hospitality and lifestyles.”

He also said that one of the clear-point by the group was the plan to upgrade one of its investee companies, Abbey Mortagage, from a mortgage to commercial bank.

Okpala explained that another step to be taken by VFG Group is to pay closer attention to the insurance sector, saying that it complements the other investments by the company, therefore leading to an ecosystem needed in place.

“From a general standpoint, we have talked about an ecosystem being central to our plan as VFD Group, and that ecosystem is based on the fact that we are exposed to different companies which have cross-selling opportunities and collaborative potentials.

Okpala, who said that having an ease of doing business remained imperative for the economy to continue to prosper, noted that conflict resolution was equally necessary.

He said that the ease of resolving conflicts with respect to rule of law is important to any business and transactions.

“We have a lending background as our core. We also have interest in lending space, mortgage and Vbank.

“One of the things we have realised is that it is always difficult to close it on a transaction, especially when you give out to debt. It is also, by extention, difficult when there is a contract failure,” he said.

On sustainable dividend policy and attracting more investors, the group managing director said the most central core value of the VDF is to always be empathetic to investors.

“We treat investors the way we want to be treated. Our destiny is tied to the destiny of other investors, be it in retails, high-networth of individuals or institutional investors.

The objective is to continue to work hard to make some sufficient funds and distribute returns and investment forward in the interest of the company.

To ensure that corporate governance is adhered in managing the group, Okpala said a succession plan had been put in place since fives years ago.(NAN)

Edited by Ephraim Sheyin

Oil/Gas: RusselSmith obtains NUPRC’s approval for 3D manufacturing solution

Olawunmi Ashafa
Oct, Sat, 2023

Economy/Business

Oil/Gas: RusselSmith obtains NUPRC’s approval for 3D manufacturing solution

By Adeyemi Adeleye

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has granted RusselSmith an approval to deploy its industrial non-metallic additive manufacturing solution in the Nigerian oil and gas industry.

The additive manufacturing solution from RusselSmith utilises advanced 3D printing technology to produce fully functional and corrosion-resistant industrial components locally, in a fraction of the time that it would take oil and gas companies to order such parts through traditional supply chain methods.

It Chief Executive Officer of RusselSmith, Kayode Adeleke, the 3D manufacturing solution offers significant time and cost savings, in addition to substantially reducing oil and gas companies’ carbon footprints and making their operations more efficient.

Picture -Russe Smith-3DRusselSmith is a leading integrated energy solutions provider with a focus on technology solutions for asset integrity management, oilfield management, smart manufacturing and sustainable energy.(NAN)

Edited by Olawunmi Ashafa

Olawunmi Ashafa
Oct, Wed, 2023

Economy/Business

ECOWAS reiterates commitment to protection of Child Rights

By Oladele Eniola

Economic Community of West African States (ECOWAS) on Tuesday reiterated its commitment for the promotion and protection of Child Rights.

Mr Olatunde Olayemi, Programme Officer, Trafficking in Persons, ECOWAS, said this on the sidelines of a retreat held by ECOWAS at Ikeja.

The retreat has as theme: “Development and Validation of an ECOWAS Inter-Sectoral Strategic Plan for the Promotion and Protection of Child Rights”.

He said that the retreat would enhance and strengthen the Child Rights across all platforms in ECOWAS.

“The purpose of this retreat is to look at the child right, brainstorm on it and strengthen the child right across all the entire ECOWAS institution.

“Child poverty, impact of climate change, natural disasters, election violence, economic downturn and natural disasters have grievous effects on the child so we want to ensure that children are properly protected.

“We will come up with strategic plans to ensure that all developmental actions taken by ECOWAS serve the children in various positive ways.

“The Child Rights is extremely important, so, would ensure that they are rightly promoted and protected like they are ought to be,” he said.

Olayemi noted that the retreat would address the gaps and challenges in the mission’s implementation of the Child Rights Agenda.

He said that the mission would collaborate with other agencies to ensure that the Child Rights is implemented in all sectors of the country. (NAN)

ENI/FAA/AWA
=============
Edited by Folasade Adeniran/Olawunmi Ashafa

Ceramic Production: An agenda for Nigeria’s economic revival

Olawunmi Ashafa
Oct, Tue, 2023

Economy/Business

Ceramic Production: An agenda for Nigeria’s economic revival

Minister of Solid Minerals, Mr Dele Alake

By Rukayat Moisemhe

The emergence and development of ceramic industries in Nigeria boomed between 1970 and 1980, riding on the back of availability of raw materials, massive human resources and adequate technology.

The earlier ceramic industries have all gone moribund and unlimited quantities of substandard ceramics products are being continuously imported into the country.

Prior to 1980, the ceramic sector was considered as one of the Small and Medium Scale Industries that contributed importantly to the construction industry, export earnings and employment in Nigeria.

Today, there are only ten operating ceramic industries in Nigeria because of several problems ranging from lack of workforce with adequate generic and technical skills, haphazard way of raw material mining, trade barriers and others.

Hence, the functioning ceramic industries are no longer performing creditably and can not play the expected vital and vibrant role in the economic growth and development of Nigeria.

This situation has been of great concern to the citizenry, operators, practitioners and the Organised Private Sector(OPS).

The situation is more disturbing and worrying when compared with what other developing and developed countries have been able to achieve with their ceramics industries.

Notably, Nigeria occupies eight position among the top 18 emerging economies for ceramics trade, but it is the only country in the world without significant ceramics exports in spite of her enormous solid mineral resources.

The state of ceramic manufacturing business in Nigeria concentrated only on ceramic wall and floor tiles, with virtually no meaningful efforts on the wide range products of tablewares, sanitary wares, china wares, porcelain, electrical porcelain insulators, refractories, structural clay bricks among others.

Currently, the introduction of ‘intelligent ceramics’ where ceramic application is being utilised across several sectors of life such as housing, healthcare and automobile etcetera, could be critical in restoring wealth to the country’s economy.

It could, therefore, be a critical key to unlocking next-generation energy storage and enabling

future generations to harness renewable technologies.

According to research, sensors build into ceramic flooring can detect human presence and activate traffic signals, while the advanced products hold enormous developmental potential for global resource efficient solutions.

Some end products of Ceremics

Mr Patrick Oaikhinan, the only Professor of Ceramics Engineering in Nigeria, said that

the industry, upon revitalisation, could be a critical focus for the new administration to employ not less than five million Nigerians directly and indirectly.

This, he said, was achievable if the government could mobilise human and financial resources needed to solve the technical, economic and constraints hindering the sector.

Oaikhinan noted that 13 ceramic industries namely Okigwe Pottery, Richware Ceramics, Modern Ceramics, Quality Ceramics, Nigerian Italian Ceramics, Arewa Ceramics, Jacaranda Pottery, Ceramics Manufacturer, Eleganza Ceramics, Maraba Pottery, Plateau Pottery, Ladi Kwali Pottery and Jos Museum Pottery have all gone moribund.

He said that the sector had been captured by the United Nations Millennium Development Goals that focuses on poverty reduction, gender equality and environmental sustainability, among others.

He charged the government to revitalise the domestic the industry sector for the emergence of new ceramic entrepreneurs and facilitating new business start-ups.

Oaikhinan emphasised the need to get the moribund ceramic industries back on track to enhance competitiveness, wealth and job creation.

“To achieve this, the nation needs to direct the National Universities Commission through the Federal Ministry of Education to make ceramic science, ceramic engineering, ceramic technology, and mineral engineering as stand-alone compulsory degree programmes in all universities in Nigeria.

“This is necessary as the non- inclusion of these ceramic courses in the over 220 universities in Nigeria have blocked the avenues for people with abiding interest in ceramics as a career.

“Government must formulate policies, provide general guidelines for the formation of ceramic industrial clusters, provide financial instruments for solid mineral characterisation and ceramic capacity building and skills development, technology development for smart, sustainable and inclusive ceramic growth.

“Policy makers should create a supportive regulatory framework to keep ceramics manufacturing competitive and make the sector a contributor to the inclusive and sustainable development of Nigeria.

“Nigeria must establish ceramic skills acquisition centre or academy to support the resurgence of the local ceramic industry through the building of bridges between industry and education to ensure there is a skilled workforce for the future, as well as leading young people to a career for life,” he said.

He also emphsised the need for interface with external assistance such as JICA-Japan, GTZ-Germany, USAID-United States and others, to re-engineer and reposition the industry.

Oaikhinan urged the government to tackle issues of international market access and trade barriers vide a trade policy instrument to encourage the domestic industry.

He added that string actions must be taken against all unfair trade practices, including counterfeiting, infringement of intellectual property rights, dumping and others.

“As Nigeria gradually recovers from the debilitating effect of COVID-19 pandemic, its impact on the economy and with a new government in place, Nigeria needs to beam its searchlight on several areas hitherto neglected to revamp the economy.

“Wealth can be generated from the exploitation of ceramic solid minerals such as kaolin, ball clays, feldspar, quartz or silica sand, calcium carbonate, talc, bentonite, and so on.

“These minerals, if processed, can contribute 511.57 billion dollars to the Nigerian economy and an approximately 2.1 billion dollars can be saved on varieties of ceramics importation by 2025,” he said.

Another contributor, Dr Patrick Irabor, a Raw Materials, Ceramic Research and Development Consultant, advanced reasons for human capital development, local raw materials exploitation and processing, by public and private stakeholders.

He said this would help to reposition the ceramic manufacturing industry within the next 20 years.

According to Irabor, Nigeria is losing out on the vast global ceramic market, estimated to be about 240 billion dollars by the Ceramic World Review.

He demanded explanation for the collapse of the industry in view of the availability of local raw materials for ceramic development and production.

In Irabor’s views, the collapse were due to poor quality raw materials and absence of the primary raw materials processing industries in Nigeria.

He added that most of the moribund ceramic industries in Nigeria collapsed due to shortage of expertise and skilled labour, lack of value added raw materials, poor technology and management skills.

Irabor said revitalisation of these ceramic industries could begin with the sensitisation and re-awakening of investment interest of relevant stakeholders, especially where public and private sectors are involved.

He said Nigeria must conduct a full and complete technical appraisal and feasibility study on the moribund plants as well as exploration of investment capital

through public-private partnership and technical-foreign investment.

“Nigeria offers a formidable market potential for a wide variety of manufactured goods and services,

”However, the current situation in the ceramic sector in Nigeria, where only eight companies focusing on tiles alone are operational does not offer positive prospects to contribute handsomely to the nation’s Gross Domestic Product(GDP)

“It is certain that the revitalisation of moribund ceramic industries will drive the growth of a wide-range of allied industries.

“This the chemical, metallurgical, energy, power generation and transmission among others that would contribute to the nation’s GDP.

“Added to these, would be the conventional application of ceramic products and services in housing, hospitals, hotels, educational institutions, research centres, industries, restaurants, general building construction and value chain enterprises, from which government can generate revenue.

“Therefore, with appropriate investment, manpower, machinery and raw materials, the revitalisation and reactivation of these moribund industries, will no doubt, revolutionise the ceramic manufacturing business in Nigeria and the West Africa sub-region,” he said.

Summarily, it is observed that Nigeria is still decades behind in achieving the level of ceramic product-range development and production to offer significant impact on the national GDP.

With the current level of ceramic tile production of over 100 million square meters in Nigeria alone, there are prospects for N the country to be at par with China and Indian if the revitalisation of the moribund industries are diligently implemented. (NAN)

Edited by Olawunmi Ashafa

1,100 inmates await trial, 144 convicted in Agodi Correctional Centre -NCoS

Olawunmi Ashafa
Oct, Sat, 2023

Metro

1,100 inmates await trial, 144 convicted in Agodi Correctional Centre -NCoS

By Olatunde Ajayi

Abduljelil Odunlami, a Deputy Controller of Corrections (DCC), Nigerian Correctional Service (NCoS), says 1,100 inmates from the Agodi Correctional Centre in Ibadan are currently awaiting trial for various offences.

Odunlami, while visiting the Ibadan Branch of Nigerian Bar Association (NBA), said the facility currently housed a total of 1,244 inmates.

He added that the inmates comprise 24 female and 1,220 male, with 144 of the total number of inmates already convicted of various offences.

Odunlami disclosed that the aim of the visit was to seek for cooperation and support of members of the Ibadan Branch of NBA in helping inmates.

”We want you to assist inmates without financial means to get legal assistance, as our Agodi facility is housing many inmates who do not have financial capacity to get legal aid,” he said.

He added that the Agodi Correctional Centre was supposed to house inmates in the Ibadan axis by virtue of regulations.

“But some inmates are now being taken to the Oyo axis, and this is an aberration to the NCoS.”

Odunlami said the awaiting trial inmates needed NBA’s support for a quick dispensation of justice, especially those who do not have the financial capacity to get lawyers and are with critical sickness.

“If an offender within Ibadan is being remanded in the Oyo town correctional facility, there may be delay in justice.

“There may be an attack on the road, as well as the problem of safety on the road. Time must also be considered.

“So, I want us to join hands and work together to ensure that inmates within Ibadan are retained in the Agodi correctional facility for a quick administration of justice.

“Government is doing its best, but corporate organisations and non-governmental organisations (NGOs) like NBA also need to complement government’s efforts in the provision of welfare packages for inmates,” he said.

In her response, the Chairperson of Ibadan Branch of NBA, Folashade Aladeniyi, said the awaiting trial inmates have constitutional rights to be visited.

She said this would be within a specified timeframe and by their relations and lawyers without any financial obligation.

The chairperson, who was represented by the branch’s Secretary, Olakunle Akintola, urged correctional facility officers to ensure easy protocol for relations’ attention without intimidation or extortion.

Aladeniyi also urged correctional officers to always ensure proper evaluation of inmates to be presented for pardon or release during facility decongestion exercise, especially inmates with critical and life-threatening sickness.

“We are still finding it difficult to get medical certificates from medical facilities within correctional centres to apply for bail applications in courts.

“Something must be done about this because the medical facilities within the correctional facilities can not handle some inmates’ sickness,” the chairperson said.

Speaking also, Olakunle Faokunla, Chairman of the Advocacy Committee of Ibadan Branch of NBA, assured of continued partnership between the NBA and correctional centres in the state.

He said this would be in the areas of administration of justice and welfare support.

“Our branch has been visiting correctional facilities in the state and will continue to engage with the inmates to provide necessary support when needed.”

Edited by Olawale Alabi)

British International Investment partners Access Bank on m trade finance across Africa

Olawunmi Ashafa
Oct, Tue, 2023

Business

British International Investment partners Access Bank on $60m trade finance across Africa

Mr Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank Plc, and Mr Admir Imami, Director & Head of Trade and Supply Chain Finance, British International Investment at the official signing of the $60 million trade finance facility for Access Bank Plc in Nigeria and five of its pan-African subsidiaries in Lagos, recently.

By Rukayat Adeyemi

British International Investment (BII), a UK’s Development Finance Institution (DFI) has announced a 60 million dollars trade finance facility for Access Bank and five of its other Pan-African subsidiaries.

The bank’s Spokesman, Mr Abdul Imoyo, said this in a statement on Tuesday in Lagos.

Imoyo said BII, also an impact investor partnership with Access Bank, would strengthen import and export capabilities amongst local businesses and plug the foreign currency supply gap.

He explained that the programme supports Access Bank’s strategy to enable continental trade and deepen BII’s commitment to bolstering financing environments in fragile economies.

“BII estimates the loan programme will stimulate African trade volumes by 90 million dollars.

“The agreement reinforces BII’s ongoing relationship with Nigeria’s largest commercial bank by assets.

“It facilitates the provision of systemic liquidity during a period characterised by a challenging macroeconomic environment,” he said.

He said higher inflation and rising cost of capital had placed downward pressure on currency performance, both domestically and in the programme’s target markets.

Imoyo listed the programme target market to include: the Democratic Republic of Congo(DRC), Mozambique, Rwanda, Sierra Leone, and Zambia.

According to him, intervention at this critical juncture underlines the key role of BII, and development finance institutions in general, in extending countercyclical support to build economic resilience.

“Between 80 per cent and 90 per cent of world trade is estimated to rely on the availability of trade credit, according to the World Trade Organisation.

“Prior to the COVID-19 pandemic, that financing gap stood at 82 billion dollars in Africa, and it is increasing.

“Recognising the positive ripple effects of robust trade flows on economies and livelihoods, Access bank is aiming to provide 15 per cent of trade finance across Africa, by growing the trade books of its subsidiaries,” he said.

According to him, currency instability in Nigeria can hinder the wider proliferation of dollar denominated trade loans across African markets.

Imoyo noted that this also constrains countries’ ability to capitalise on opportunities opening up under the African Continental Free Trade Agreement.

He said: “by specifically targeting import dependent economies, many of which will mark the first engagement with BII’s Trade programme.

“The improved availability of US dollar denominated trade loans will ensure availability of key commodities and manufacturing inputs for the production and export of goods.

Imoyo stated that the key outcome will be improving livelihoods and preserving jobs for the employees of importers and exporters with limited access to foreign exchange trade loans.

The spokesman said, with the loans channelled into companies in construction, manufacturing and FMCG, the programme would directly contribute to the UN Sustainable Development Goals eight and nine.

Imoyo stated that the facility would improve inclusion, which qualifies under the ‘2X Challenge’, aimed at strengthening female participation and leadership in business.

Imoyo said the bank would ensure that the allocation of loans was designed deliberately to advance its gender commitments.

“In addition, the facility will contribute to BII’s BOLD programme, dedicated to enhancing the availability of finance at more affordable rates to black, African-owned businesses,” he said.

In his remark, Mr Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank, said that the bank was on a purposeful mission to scale intra-African trade and position the continent as a viable market for global trade.

Kumapayi expressed delight on the tremendous potential that the trade finance facility with the BII affords the bank across its pan-African subsidiaries.

He noted that the strategic collaboration, not only strengthens the bank’s import and export capabilities but also expands its resources to support local industries, especially women-owned businesses, to drive economic growth.

“By stimulating trade volumes, we will be playing a key role in fostering long-term economic resilience for the continent, while increasing attractiveness for increased foreign investments,” Kumapayi said.

Commenting, Mr Admir Imami, Director/ Head, Trade and Supply Chain Finance at BII, said Access Bank had been a long-standing partner of BII.

Imami stated that the companies new partnership was a significant step closer to narrowing the trade finance gap in Africa, particularly in countries such as the DRC and Rwanda.

He said, “Access to finance in fragile states is hugely constrained. Often these countries are buffeted by macroeconomic events far beyond their control.

“BII and Access Bank share a conviction that building the resilience of these businesses by ensuring affordable access to foreign exchange is vital to keep intra-African trade moving and support the growth of inclusive economies.

Mr Benson Adenuga, BII’s Head of Office and Coverage Director for Nigeria, said BII’s latest commitment to Access Bank reiterated its assurance to the leading multinational institution and to Nigeria.

Adenuga noted that the partneship comes at a time when Nigeria’s fragile economic situation needs additional funding, particularly from counter cyclical investors like development finance institutions.

“Our funding will help bolster the economy and ensure the availability of staple goods, medicines and food across Africa,”he said.

Access Bank plc, is a commercial bank operating through a network of more than 700 branches and service outlets, spanning in three continents, 20 countries and serving over 60 million customers.

British International Investment is an investment partner to businesses in Africa, Asia and the Caribbean.

It invests to support the UK Government’s Clean Green Initiative and to create productive, sustainable and inclusive economies in our markets.(NAN)

Edited by Olawunmi Ashafa

Bank pledges support to Nigeria’s economic development

Olawunmi Ashafa
Oct, Tue, 2023

Banking , Business

Bank pledges support to Nigeria’s economic development

By Lydia Ngwakwe

Parallex Bank Ltd. has reaffirmed its commitment to helping organisations and individuals in showcasing contributions of indigenous and non-indigenous communities to the country’s economic development.

The Managing Director of Parallex Bank, Dr Olufemi Bakre, expressed the commitment on Monday in Lagos at the International Food and Arts Festival, sponsored by the bank.

International Food and Arts Festival serves as a platform to celebrate the rich cultural diversity of indigenous and non-indigenous communities.

The News Agency of Nigeria (NAN) reports that the event was hosted by the Elevation Church for the second time and has the theme, “In Love and Harmony”.

Bakre was represented by Mr Ebenezer Komolafe, Head, Dedicated Banking, Parallex Bank,

He said the bank decided to sponsor the 2023 International Food and Arts Festival because it aligns with Parallex Bank’s core values of collaboration and partnership.

The sponsorship, he said, reflected the bank’s commitment to enriching the lives of Nigerians.

Bakre highlighted the bank’s belief in enhancing the quality of life for Nigerians through meaningful collaborations with various stakeholders.

The managing director also said the bank’s dedication to promoting diversity and inclusion both within Nigeria and globally.

He noted that the bank had been actively supporting entrepreneurs, by facilitating mutually beneficial business relationships, enabling them to achieve their goals.

Bakre said the bank remained committed to supporting platforms that empower Nigerians to express their creativity and lifestyle.

The Resident Pastor of Elevation Church Ikoyi, Pastor Kola Fayemi, highlighted the festival’s significance as a platform to celebrate unity and diversity within Nigeria and around the world.

He emphasised that the festival was about showcasing the creativity, not only of Nigerians but also of individuals from diverse backgrounds.

Commending the festival, the Governor of Lagos State, Babbajide Sanwo-Olu, represented by his Senior Special Adviser on Climate Change, Mrs Titi Oshodi, acknowledged the festival as a remarkable hub of creativity and unity.

Oshodi commended the festival for highlighting the uniqueness of Lagos as a center of talents and diverse culinary experiences.

She, therefore, encouraged participants to make the most of the enriching festival.

The International Food and Arts Festival featured contributions from various countries, including France, South Africa, China, Ghana, Zimbabwe, Lebanon, Jamaica, India, Sierra Leone, and Trinidad and Tobago. (NAN)

Edited by Olawunmi Ashafa

All On and Auxano Solar Nigeria Ltd., have inaugurated a fully automated 100MW solar photovoltaic module assembly factory in Ibeju Lekki, Lagos, to boost local content

Olawunmi Ashafa
Sep, Fri, 2023

Oil & Gas

All On and Auxano Solar Nigeria Ltd., have inaugurated a fully automated 100MW solar photovoltaic module assembly factory in Ibeju Lekki, Lagos, to boost local content

By Yusuf Yunus

All On, a Shell-funded impact investment company, and Auxano Solar Nigeria Ltd., have inaugurated a fully automated 100MW solar photovoltaic module assembly factory in Ibeju Lekki, Lagos, to boost local content.

Mrs Caroline Eboumbou, Chief Executive Officer, All On, said in a goodwill remark at the inauguration of the facility on Friday in Lagos, that the facility represents a significant milestone in the growth and development of the renewable energy sector in Nigeria and Africa at large.

Eboumbou said that the factory targeted at reducing Nigeria’s dependence on imported solar panels, thereby driving down forex costs and creating economies of scale in the use of climate-smart alternative energy sources.

She said that the facility, financed by All On as part of its two million dollars investment in Auxano Solar in 2021, was to lower renewable energy transition costs, guarantee quality facility and potentially reduce the cost of solar energy for consumers.

“All On has been there with Auxano from the early days; from a 50,000 dollars investment in 2018 to a much larger 1.5 million dollars investment in 2020 at the height of the COVID disruption to an additional 500,000 dollars in 2022.

She noted that All On and Auxano had navigated supply chain crunches, forex challenges, business development issues, and the ups and downs of being a manufacturer in a tough environment.

Eboumbou, however, expressed confidence in the sustainability of the company’s growth.

The CEO noted that the project marked a transition from Auxano Solar’s previous 10MW semi-automated solar panel production plant to a cutting-edge, fully automated 100MW assembly and production factory.

She said, “The success of Auxano as the first privately-owned solar assembly factory is a triumph for the promotion of local manufacturing within the Nigerian renewable energy sector.

“Our investment in this factory aligns with All On’s commitment to inspire other stakeholders, investors, and government to localise the solar supply chain.

“Ultimately, this will drive affordability and accessibility of solar products, especially in light of the growing interest in solar energy solutions among Nigerians,” Eboumbou said.

According to her, the company’s growth as the first private assembler of solar panels is a success story that ought to inspire other players in the renewable energy sector.

She emphasised that in the initial stages, the company hired students from a local technical school who were trained by foreign experts, and as the first of its kind, the Auxano plant is expected to produce 150 panels daily, 3,000 panels monthly, and about 72,000 panels yearly.

Osagie Okubor, Country Chair of Shell Companies in Nigeria, who was represented by Mr Hans Nijkamp, Shell All on Board member, said that the Auxano project is a visual representation of what Shell hoped to achieve when All On was established in 2017.

He said, “With the singular goal of helping energy-poor communities in Nigeria gain access to energy by unlocking potential off-grid clean energy solutions.

“All On has made strategic investments to achieve this and we are proud that our support for All On has culminated in the commissioning we are witnessing today.”

Mr Salihijo Ahmad, Managing Director, Rural Electrification Agency (REA) Nigeria, said that the attempt aimed at localising Renewable Energy (RE) equipment supply chains by developing local manufacturing capacity.

He explained that the development was one of the key strategies to ensuring the security of supply of RE equipment for project deployment.

Ahmad said that project would foster local economic growth and provide decent employment opportunities for Nigerians.

According to him, the launch of the plant signifies the company’s steadfast focus on bringing such a landmark project to life, despite some contrary economic indicators.

“All On and other stakeholders deserved commendation for supporting the project directly with funding, technical assistance, licensing, and other relevant business facilitation services.

“These collaborations are very key and more of such are needed to address the twin problems energy poverty and the climate crises pose,” he noted.

Governor Babajide Sanwoolu of Lagos State, in his goodwill message delivered at the event, said that the assembly plant came when Nigeria is demonstrating serious commitment to the execution of the national energy transition plan.

The governor who was represented by Mr Anthonio Ayodele, General Manager, Lagos State Environmental Protection Agency ( LASEPA), commended, the two companies for the successful completion of the plant.

He said the decision to establish the plant in Lagos State was to deepen local technical knowledge and expertise in solar and renewable energy technology.

Sanwoolu, therefore, reemphasised the commitment of the government to transitioning towards ensuring universal access to clean, affordable and reliable energy, part of which is the state’s goal to deploy IGiggaWatts of solar PV solutions by 2030.

He said, “The commitment is evident in the various policies and strategies that we have put in place to create an enabling environment for the widespread adoption of renewable energy technologies.

“The establishment of this 100MW PV Manufacturing and Assembly Plant represents a significant milestone in our efforts to transform our energy landscape.

“It aligns with the central Traffic Management and Transportation, Health and Environment, Education and Technology (T.H.E.M.E.S) agenda of this administration,” the governor said.

Sanwoolu, therefore, emphasised that the electricity generated by the solar facility would not only be a source of clean and sustainable power, but would also have a profound impact on reducing greenhouse gas emissions.

Afam Ogbaru, Chairman, House of Representative Committee on Renewable Energy, Federal Constituency, Anambra State, in his remark, congratulated the Auxano Solar Nigeria Ltd, for the unveiling of the 100MW Solar PV Manufacturing and Assembly facility.

According to him, Nigeria suffers from inadequate energy supply, and it is, indeed, worrisome that even in the midst of this obvious energy crisis

“The situation is made even more dire, given the frequency of national electricity grid collapse – two or three times within the last three weeks – resulting in total blackout in business concerns and homes.

He said, “Hopes of an early resolution of the problem appears far-fetched, at least, not with the reality of decaying infrastructure and huge replacement costs starring us all in the face.

Ogbaru, therefore, invited the Auxano, other players and stakeholders to collaborate with his committee, to formulate policies and initiatives geared toward the acceleration of investment in renewable energy technologies.

Mr Chuks Umezulora, Co-founder and CEO of Auxano Solar Nigeria, in his remark, emphasised that commissioning being the first and biggest in the country was a dream come true.

He said, “Nigeria may be behind on so many things necessary for development, but I am determined to be a part of the solution.

“This factory is my contribution to the growth of our economy, and I hope my story of grit and dedication inspired someone to try something even bigger. Go for it, because you can.

“Spanning across an impressive 5730 square meters of land, the newly commissioned 100MW premium PV module assembly factory integrates production, warehousing, and office spaces.

“Equipped with advanced Asian-certified production equipment, the facility is designed to manufacture high-quality PV modules known for their efficiency, durability, and adaptability to various weather conditions,” he said.

The CEO of Auxano, therefore, stated that the factory had employed a substantial local workforce to oversee its operations.

He noted that a significant portion of the factory’s power supply was generated by Auxano solar panels.

Mr Demola Onanuga, the Chairman of Auxano Solar, on his part, said that the formal take-off of the assembly plan would close the deficit in electricity accessibility in the country.

He stated that the 100MW module assembly factory would help to reduce the unit rate of solar power in Nigeria and make it affordable for households and businesses.

Onanuga, therefore, assured of Auxano’s readiness to meet the growing demand for solar panels in Nigeria, adding that the company was already in talks with partners to expand the factory capacity and establish more in different parts of the country.(NAN)

Edited by Olawunmi Ashafa

Adeduntan urges banking professionals to institutionalise CDD

Olawunmi Ashafa
Sep, Fri, 2023

General News

Adeduntan urges banking professionals to institutionalise CDD

Dr Adesola Adeduntan, Chief Executive Officer, Firstbank Group, has urged professionals and regulatory practitioners in the banking industry to create a culture of compliance.

He also enjoined them to ensure that Customer Due Diligence (CDD) was embedded in all aspects of their business.

Adeduntan gave the advice while declaring open the quarterly meeting of the Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN), hosted by Firstbank, on Thursday in Lagos.

The News Agency of Nigeria (NAN) reports that the meeting has the theme, “Institutionalising Customer Due Diligence/Know Your Customer (KYC) in the Financial Services Sector”.

According to him, institutionalising customer due diligence will help to protect the bank from financial crime and meet its regulatory obligations.

“I therefore implore everyone of us present here today, as prominent agents of change, to use our voice and influence to drive the institutionalisation of customer due diligence practices in banks.

“This is a vital step towards maintaining the integrity of our financial systems and the economic soundness of the country by extension.

“By adopting a structured and systematic approach to conducting customer due diligence, banks become adequately equipped to effectively combat money laundering, terrorism and other associated activities.

“The benefits are manifold with a major ones, being increased confidence and trust in the banking industry, ultimately leading to higher profitability.

“I enjoin us to continue to consolidate our collaborative efforts and innovative solutions for greater operational efficiencies, heightened security, and enhanced customer experiences,’’ he said.

Adeduntan, represented by Executive Director, Retail Banking, Mr Oluseyi Oyefeso, also urged compliance officers to help the banking business and protect the bank and its customers from financial crime and other risks.

He urged them to embrace technology to do due diligence, adding that it would help them to be more efficient and effective in their work as well as help them to identify and mitigate risks that would be difficult to detect manually.

Adeduntan also advised regulators to assist in educating the public about Know Your Customer (KYC) and its importance.

This, he said, would help to protect the financial system from financial crime, promote consumer protection, increase financial inclusion and build trust in the financial system.

He urged regulators to also do more in the way they treat the banks and the Fintechs.

He said, “a lot of things go wrong at that space and a lot of transactions are happening at that space; nobody is against the fintechs; we need them because they can reach the unreachable, but there is need for more interventions from the regulators.’’

He advocated more collaboration between the regulators and the banks, especially CBN and the security agencies, to fight financial crime.

“I hear CBN and the security forces have strong tools to detect this, even if you share this with banks, it will help us because we deal with volumes of transactions.

“It’s not as easy as you think to go through those transactions if you have tools that you use to share with banks and help banks.’’(NAN)

Edited by Olawunmi Ashafa