NEWS AGENCY OF NIGERIA
Afreximbank, Govt. of Bahamas sign host country agreement

Afreximbank, Govt. of Bahamas sign host country agreement

173 total views today

 

By Okeoghene Akubuike

African Export-Import Bank (Afreximbank) and the Prime Minister of the Commonwealth of The Bahamas on Thursday signed the Afreximbank Annual Meetings (AAM) Host Country Agreement.

The News Agency of Nigeria(NAN) reports that the signing ceremony was held during a media briefing on Thursday in the Bahamas.

NAN reports that the 31st AAM2024 will be hosted in Nassau, Bahamas, from June 12 to 15, 2024 with the theme “Owning Our Destiny: Economic Prosperity on the Platform of Global Africa.”

Philip Davis, Prime Minister of the Commonwealth of The Bahamas, in his remarks, said the signing ceremony was an important boost for the Bahamas and Africa and the Caribbean (AfriCarabian) visions.

“It is with immense pride that we officially sign the agreement for the Bahamas to host the AAM in June.

“Our ancestral history is marked by strength in the face of adversity, duty and creativity amid scarcity and the pursuit of self-determination.

“Our dreams, hopes and aspirations are encapsulated in this moment as we look forward to a future where Africa and the Caribbean stand shoulder to shoulder not just in solidarity but for economic collaboration for mutual prosperity.”

Davis said the AAM2024 meeting in the Bahamas was a symbol of what Africa and the Caribbean could accomplish through duty and collaboration.

“ In today’s world amid economic and environmental challenges, instead of building more walls, we choose to build bridges of trade, innovation, financial integration and most importantly bridges connecting our people and culture.

He said the Bahama’s commitment to the mission was underscored by the preparations underway to ensure the AGM stood as a forum for dialogue and impact deliberations and collaborations.

“ We are setting the stage for discussions to aid us in navigating the challenges of our times which include inclusivity, and the digital transformation of our economy.

“For the bank and our partners, we extend our deepest gratitude for entrusting us with the honour of hosting this significant event.

“Together we are celebrating the spirit of partnership, economic union of dreams, dreams of our ancestors and dreams of future generations that we pledge to realise through unity, collaboration and mutual respect.”

Davis said that in November 2022 The Bahamas and  other Caribbean countries signed an agreement with AFreximbank to forge a future for the advancement of the African and Caribbean people and their economies.

The prime minister said Afreximbank’s commitment to expanding operations in the Caribbean was seen in its establishment of the Caribbean Africa Bank, adding that it was an example of potential for development in the region.

“ As we come for the meetings, it will be remembered for the decisions made and agreements signed but also more significantly as Africa and the Caribbean came together for a better future,” he said.

Prof. Benedict Oramah, President and Chairman Board of Directors, Afreximbank, said the signing of the agreement would solidify the partnership between Afreximbank and the Caribbean.

Oramah said the partnership would form a platform for global Africa to take its destiny into its hands.

He said he was grateful to the prime minister, the government and the people of the Commonwealth of the Bahamas for the honour of agreeing to host the AAM2024.

“ By holding the 31st AAM, we collectively make a strong commitment to elevating the collaboration between the Afreximbank, the Commonwealth of the Bahamas and the entire Caribbean region to a higher pedestal.

“It bears testament to the depth of your government’s appreciation of the importance of our unique partnership in catalysing shared growth and prosperity for all of Africa and the Caribbean.

“It affirms commitment to ensure inclusiveness and bring the bank’s services to the doorsteps of the people.

“Bringing the meeting to the Caribbean also offers us the opportunity to celebrate the progress we have made so far between Africa and the Caribbean.”

Oramah said the bank was working with the government of the Bahamas to develop an Afro-Caribbeann marketplace in the Bahamas.

He said, when completed, it would be a permanent marketplace that would house manufacturing warehouses, and be a distribution and logistic hub for various tradable merchandise that Africa and the Caribbean would produce.

“It will finally establish the Bahamas as a gateway into the Caribbean and we hope the government will work with us diligently to bring this project to completion.”

Oramah said no fewer than 4,000 participants were expected at the AAM2024 adding that the opening ceremony would be held on June 13, which would be attended by Heads of State and Heads of governments.

He said others in attendance at the meetings would be African/Caribbean leaders and senior government officials, African and non-African policymakers, corporate leaders, bankers, academics and other thought leaders.

Oramah said there would be keynote presentations by policymakers and economists and a dedicated session to showcase trade and investment opportunities in the Caribbean and the Bahamas as well as sessions on youths, innovations and the creatives.

He said the 3rd Annual AfriCaribbean Trade and Investment Forum (ACTIF2024) will be incorporated into the AAM2024. (NAN)(www.nannews.ng)

Edited by Vivian Ihechu

Group seeks tax holiday for Air Peace amidst price war

Group seeks tax holiday for Air Peace amidst price war

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By Sumaila Ogbaje

The National Civil Society Council of Nigeria (NCSCN) has urged the Federal Government to consider granting  tax waiver to Air Peace amidst ongoing price competition among foreign airline operators in Nigeria.

Executive Director of NCSCN, Blessing Akinlosotu, in a statement on Wednesday said the pricing war was orchestrated by the entry of Air Peace into the Lagos-London Route.

Akinlosotu said the recent launch of Lagos-London flight by the airline at a highly reduced rate had shockingly exposed the long years of exploitations of Nigerian travelers by foreign operators and bigger players.

This, according to him, has triggered a pricing war to outwit each other.

He recalled that foreign operators had for decades, monopolised the high traffic and profitable Lagos -London route, taking undue advantage of Nigerian travelers who paid costliest fares in Africa, while other countries paid much lower rates for same destination.

According to him, an operator such as Turkish airlines charges for the economy class ticket for the Lagos-Istanbul route rose up to N874,661 while the business class ticket jumped to  N1,980,876.

“Nigerian travelers experienced same with other foreign operators such as British Airways, Delta Air Lines, Lufthansa, KLM/Air France, Air Maroc and Ethiopian Airlines.

“Before the foreign operators conspired to increase fares, the economy class tickets on the Nigeria-UK route was between N400,000 and N650,000, depending on the booking period while business class was between N800,000 and N1.2 million,” he said.

Akinlosotu said the commencement of Air Peace flights to London had further exposed the exploitation, adding that the foreign carriers, out of fears of losing their Nigerian passengers to Air Peace, had engaged in price wars for survival.

According to him, NCSCN discovered that majority of the foreign operators on the Lagos/London destination have now drastically slashed fares to the point of charging lower than the Air Peace.

This, according to the CSO, is just to run the patriotic indigenous operator out of business, and thereafter return to the price hike regime.

Akinlosotu called on the Federal Government and all Nigerians to see the actions of the foreign carriers as a national challenge and save the most patriotic and progressive indigenous operator, the Air Peace from the international Aero-politics by foreign airlines.

The airlines, according to him, are seriously threatened by the rising profile and business strategies of a Nigerian operator with impressive global records of flight operations between Nigeria and other countries like China, UAE, Israel Brazil and South Africa during the pandemic seamlessly.

“Air Peace has really exposed the foreign operators, just like GLO Nigeria did to the foreign Telecom Providers.

“Who would have imagined the possibility of all foreign operators to come down so low in pricing if not for the entrance and intervention of the Air Peace.

“Air Peace must be protected, rewarded, and honoured for this patriotic gesture and we urge all Nigerians to patronise Air Peace  as this will save our Naira and further grow our National Economy,” he said.

According to him, all the foreign operators repatriate their profits and funds to home countries but Air Peace is indigenous and reinvents profits here in Nigeria to the advantage of the Naira.

“We, therefore, appeal passionately to President Bola Tinubu, as an accomplished businessman himself, to help the airline by granting a waiver of One Year Tax Holiday.

“This will go a very long way in keeping this patriotic indigenous operator afloat, against the foreign unsought.

“The foreign conspiracy must not be allowed to prevail over Nigeria.

“We have already mapped out plans and actionable strategies to mobilise Nigerians and other well-meaning nationale in favour of Air Peace in the ongoing pricing warfare, within this month of April,” he said. (NAN) (www.nannews.ng)

Edited by Chioma

Debt for growth not bad, says AfDB

Debt for growth not bad, says AfDB

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By Lucy Ogalue

The African Development Bank’s Chief Economist, Kevin Urama, says debt for growth for countries on the continent should not carry any negative connotation.

Urama, who is also the Vice-President, Governance and Knowledge Management at AfDB, said this at a pre-media conference held virtually to herald the 2024 AfDB Annual Meetings.

According to him, the debt to GDP ratio in Nigeria is still sustainable, but the issue in Nigeria is with regards to debt to revenue ratio.

He, however, commended the President Bola Tinubu-led administration for initiating various strategies to improve revenue mobilisation in the country.

Urama said that by increasing the revenue mobilisation, the country would be able to rebalance that ratio and move forward.

“The point I need to make clearly is that debt is not a bad thing. Debt for growth is always the means for driving transformative growth in countries.

“The issue is not about the debt. It is about the quality of the debt. In terms of what you borrow, on what terms, how transparent they are and what you use the resources borrowed to do.

“If it is invested in growth enhancing infrastructure and productive infrastructure, you are going to be able to generate revenue to be able to repay the loans and also go ahead to grow your economy,” he said.

According to Urama, debt should not ordinarily carry negative connotations, only bad debt should cause such.

“So, debt is bad when you borrow on wrong terms, when it is not transparent and people don’t know what is happening.

“And when the resources are not used properly, then you can get into the debt sustainability challenge,” he said.

The AfDB vice-president said the Public Financial Management Academy of the bank was, however, established to assist countries not to get to the level of bad debt.

“So when you are borrowing, you know exactly when, who, what terms and how to use those loans in order to drive transformative growth in countries,” Urama said. (NAN)(www.nannews.ng)

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Edited by AbdulFatai Beki/Ismail Abdulaziz

SAHIF raises capital to accelerate expansion of high-speed internet access

SAHIF raises capital to accelerate expansion of high-speed internet access

252 total views today

By Rukayat Moisemhe

The South African Housing and Infrastructure Fund (SAHIF), a private investor in South Africa’s optical fibre industry, says it is rasing capital to accelerate expansion of high-speed internet access throughout the country.

The SAHIF Chief Executive Officer (CEO), Mr Rali Mampeule, made the disclosure in a telephone interview with the News Agency of Nigeria (NAN) on Saturday.

He said that the firm, through one of its subsidiaries, had secured $38 million.

Mampeule said the fund (around R700 million) was to recapitalise the business by settling existing facilities with African Infrastructure Investment Managers (AIIM) and old mutual hybrids equity.

According to him, the company aims to secure up to $225 million (around R4.1 billion) in investments from both domestic and international sources, including pension funds, development finance institutions (DFIs) and Limited Partners (LPs).

He said the funding initiative would pave the way for equitable access to high-speed internet, drive economic growth and nurture innovation.

“SAHIF’s capital raise comes on the back of the announcement, in 2022, by MetroFibre that it had successfully finalised a R5 billion debt finance package from Standard Bank to support its continued fibre optic data network rollout across South Africa.

“This funding would help it to increase its reach by 500,000 households by 2025,” he said.

Mampeule, emphasising the significance of capital infusion, said that the company was in talks with several local and international pension funds, DFIs, and LPs.

He said that the engagements had been fruitful, expressing the hope that capital secured would create valuable investment platform from which SAHIF would scale its investments.

He stated that in addition to its focus on digital infrastructure, SAHIF’s capital injection would expedite delivery of affordable housing and facilitate strategic investments within the financial services sector.

According to him, the initiatives will encompass innovative home loan products and the leveraging of cutting-edge technologies aligned with the Fourth Industrial Revolution and Shelter Tech both within South Africa and across Sub-Saharan Africa.

“Furthermore, SAHIF has adopted an eco-friendly business approach, prioritising Environmental, Social and Governance investments.

“Recognising the critical role of renewable energy in diversifying its asset portfolio and driving sustainable growth, the organisation has assembled a team of seasoned renewable energy investment professionals.

“This dedicated team will spearhead SAHIF’s expansion into the renewable energy value chain, ensuring a comprehensive ESG investment strategy within the utilities businesses on the African continent,” he said. (NAN)(www.nannews.ng)

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Edited by Ijeoma Popoola

AfDB, Indorama sign m loan deal to boost fertiliser production, export capacity

AfDB, Indorama sign $75m loan deal to boost fertiliser production, export capacity

281 total views today

By Lucy Ogalue

The African Development Bank (AfDB) has signed a 75 million dollar loan agreement with Nigeria’s Indorama Eleme Fertiliser and Chemicals Limited.

The bank announced this in a statement issued on its website late Thursday.

According to the statement, the loan will enable Indorama to increase its fertiliser production and develop a port terminal for exports.

The statement also said that the loan would help in supporting food production and food security across regional and international markets, while fostering job creation in Nigeria.

It said that the expansion would include the development of a third urea fertilizer production line and a new shipping terminal at Indorama’s facilities in Port Harcourt.

“The new production line is expected to have an annual capacity of 1.4 million metric tons of urea, one of the most widely used fertiliser worldwide.

“Indorama’s two operational urea fertiliser lines serve Nigeria’s domestic market.

“It supports the country’s agricultural sector, which accounts for a quarter of its Gross Domestic Product (GDP) and employs about a third of its labour force.

“The new production line and terminal, which will help meet growing global demand for fertiliser, is expected to create up to 8,000 direct and indirect jobs in Nigeria,” the statement said.

The statement also quoted the Acting Director of Industrial and Trade Development Department, AfDB, Ousmane Fall, as commending the partnership.

Fall said the bank was proud of its continued partnership with Indorama, the IFC and other lenders on this critical project.

He said the partnership aligned with the bank’s strategic priorities to Feed and industrialise Africa, while generating significant development outcomes in Nigeria.

Meanwhile, Manish Mundra, Group Director for Africa, Indorama Corporation said the establishment of the fertiliser plant underscored Indorama’s unwavering commitment to Nigeria’s industrial growth, economic diversification and leveraging its strategic geographic location.

“This landmark financing represents a pivotal moment in Nigeria’s journey towards becoming a major player in the global fertiliser market.

“With this third line, Nigeria is prepared to significantly ramp up its export capacity, thereby, enhancing its position as a key exporter of fertiliser to Africa and the world.

“Furthermore, the establishment of this fertilizer plant will not only address critical issues such as broader food security but will also stimulate agricultural growth and create employment opportunities in Nigeria,” he said.

The News Agency of Nigeria (NAN) reports that the AfDB’s loan follows a strategy to support investment in private sector development to promote the growth of the real sector.

The 75 million dolllars loan is part of a 1.25 billion dollars facility arranged by IFC.

The financing package includes a 215.5 million dollars loan from IFC’s own account, a 94.5 million dollars loan through the Managed Co-Lending Portfolio Programme (MCPP), and 940 million dollars in parallel loans mobilised from other development finance institutions and commercial banks.

Some of the banks include the AfDB, Bangkok Bank, British International Investment, Citibank, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), DZ Bank, Emerging Africa Infrastructure Fund (EAIF) and Rand Merchant Bank.

Others are Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Export-Import Bank of India (India Exim Bank) and Export-Import Bank of Korea (KEXIM).

The Standard Bank Group, Standard Chartered Bank and the United States International Development Finance Corporation (DFC) are also part of the banks. (NAN)(Www.nanews.ng)

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Edited by Deborah Coker/Ese E. Eniola Williams

Zenith Bank to submit 2023 financial statement April 30

Zenith Bank to submit 2023 financial statement April 30

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By Rukayat Adeyemi
Zenith Bank Plc. on Thursday expressed  optimism that it would submit its 2023 full-year audited financial statement to the Nigerian Exchange Ltd. (NGX) on or before April 30.
The Company Secretary, Zenith Bank Plc.,  Mr Michael Otu, stated this in a notification sent to the NGX in Lagos.

Companies listed on NGX are required to file their financial statements within 60 days of a year-end.

This is in line with the Securities and Exchange Commission’s (SEC) directives and NGX RegCo’s Circular on the filing of fourth quarter unaudited financial statements.

Specifically, companies with a year-end date of Dec. 31 of any year should file their accounts on or before March 1 of the next year.

However, this rule comes with some exceptions, especially for commercial banks.

Otu said that the bank’s 2023 financial statement would be submitted to the NGX after receipt of approval by the Central Bank of Nigeria (CBN).
He stated that the bank had submitted its audited financial statements and accounts to CBN for final approval.
According to him, Zenith  Bank envisaged a delay due to the fact that it recently concluded the component audit of its subsidiary companies.
“We have communicated this to the Securities and Exchange Commission (SEC) and NGX for extension of the time within which the bank will publish the audited financial statements for the year ended Dec. 31, 2023.
“The extension is to enable the bank  to receive all outstanding regulatory approvals relating to the component audit of the subsidiary companies,” he said. (NAN)
Edited by Ijeoma Popoola
Africa Prudential shareholders approve N900m dividend for 2023

Africa Prudential shareholders approve N900m dividend for 2023

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By Rukayat Adeyemi

Shareholders of Africa Prudential Plc., on Thursday unanimously approved a total dividend of N900 million declared by the company for the financial year ended Dec. 31, 2023.

They gave their approval at the company’s 11th Annual General Meeting (AGM) in Lagos.

The News Agency of Nigeria (NAN) reports that the dividend translated to 45k per share.

At the event, a shareholder, Mr Adeleke Olajimeji, praised the board of directors and management of the company for coming up with the dividend in spite of a challenging operating environment.

Oladimeji urged the company to reduce its administrative cost to the bearest minimum in line with the current economic realities.

Mrs Bisi Bakare, the National Coordinator, Pragmatic Shareholders Association of Nigeria, applauded the company for being the only listed registrar on the nation’s bourse.

Bakare urged the company to explore more opportunities for enhanced growth and development.

Another shareholder, Mr Patrick Ajudua, equally hailed the board of directors and and management of the company for resilience.

Ajudua urged the company to be more innovative and creative to withstand economic challenges.

Addressing the shareholders, the Chairman of the company, Mrs Eniola Fadayomi, said that the company remained focused on transformation.

“Our total assets grew to N22.9 billion, representing 19 per cent increase over the previous year’s figure of N19.2 billion.

“This growth is a testament to the priority we place on meeting shareholders’ expectations,” she said.

Fadayomi said that the company would continue to find new ways to deliver enhanced value to its stakeholders.

“In line with our transformation journey, the launch of our new investment solution product, INVEARN, a one-stop shop for your capital market needs, highlights how we continue to find new ways to deliver value that creates a positive impact within the capital market space,” she said.

Ms Catherine Nwosu, the Managing Director/Chief Executive Officer of Africa Prudential, assured the shareholders of sustainable growth and development.

Nwosu attributed the drop in the company’s performance indices to challenges in the economy such as fuel subsidy removal, foreign exchange instability and high cost of doing business.

She assured the shareholders that the company would ensure sustainable growth through innovation and creation of customer-centric products.

“There are a lot of opportunities in the capital market, the NGX has recorded growth more than it did in the entire 2023.

“It shows you that the opportunities are enormous. The Monetary Policy Rate today is at 24.5 per cent; so, government is trying to encourage Foreign Direct Investments.

“The more the capital market activities, the better for the registrar business,” she said.

On unclaimed dividends, Nwosu attributed the rise in the figure to identity management issues.

She said that the Securities and Exchange Commission (SEC), in collaboration with registrars had embarked on grassroots mobilisation and awareness across the country to address the issue.

“A lot of awareness is being created to address unclaimed dividends in the market.

“Before the end of 2024, SEC must have visited the six geo-political zones in the country,” Nwosu said.

On her key priorities, she said that her emphasis would be on people, technology and processes.

The managing director said that she would focus on the three areas to achieve the desired growth and development.

“If you get the right people in place, the business will grow as expected.

“We are going to use technology to drive growth and development.

“We will also embrace adoption of Blockchain technology in the next three to five years, once it is approved by SEC,” she added.

The managing director said that the company had made remarkable progress with its ambition by actively pursuing strategic partnerships and collaborations to expand its market reach and offerings.

“We are also forging alliances with leading institutions and industry stakeholders; the company has been able to leverage synergies to access new opportunities across diverse sectors,” she said.

The News Agency of Nigeria (NAN) reports that the company posted a profit after tax of N962 million during the period under review, against N1.49 billion in 2022.

Its gross earnings stood at N3.96 billion against N4.13 billion in 2022. (NAN)(www.nannews.ng)

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Edited by Ijeoma Popoola

Edo, LAPO MfB sign MoU to disburse N300m loan to MSME

Edo, LAPO MfB sign MoU to disburse N300m loan to MSME

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By Nefishetu Yakubu

Edo Government on Tuesday signed a Memorandum of Understanding (MoU) with LAPO Microfinance Bank for the disbursement of N300 million to Micro, Small and Medium Enterprises (MSME) across the State.

The News Agency of Nigeria (NAN) reports that the Secretary to the State Government (SSG), Osarodion Ogie, signed the MoU on behalf of the state government while Gloria Bako, Executive Director, Corporate Services signed for LAPO Mfb.

The loan, according to the SSG, will be implemented by Edo State Skills Development Agency (Edojobs).

Ogie, in a remark, said that micro finance schemes, all over the world, were the engine room of any economy.

Commending the board of Edo MSME Funds, the management of Edojobs and LAPO Microfinance Bank, Ogie appealed to all beneficiaries to make use of the loan.

He added that it was not a grant but a revolving loan that must be paid back.

Earlier, Peter Obaseki, Chairman of the Advisory Board MSME Fund, commended the government for its sustained support for small businesses in the State.

He emphasised that the mandate of the board was for economic empowerment of small businesses.

Obaseki explained that the loan was part of the social transfer scheme to empower small businesses in each political ward across the 18 Local Government Areas of the state.

He said the loan which had concessionary interest of 9 per cent, was devoid of gender bias.

He also explained that 60 per cent of the funds were allocated to females, 40 per cent to males, while a provision of 10 per cent had been set aside for People Living with Disabilities.

Obaseki stated that the loans would be distributed in the ratio of 50 per cent to Edo South, 27.5 per cent to Edo North and 22.5 per cent to Edo Central senatorial districts respectively.

He disclosed that the MoU with LAPO Mfb made it the third financial partners the state government was partnering with to disburse to MSME in the state.

He further added that LAPO Mfb was brought in to broaden the reach of the disbursement of the fund as well as monitoring, evaluation of beneficiaries and collection of loan repayment.

According to him, the state government has previously disbursed loan to 1,631 persons through the Bank of Industry and TrustFund Microfinance Bank.

On her part, Gloria Bako, the Executive Director, Corporate Services, LAPO Mfb, commended the state government’s commitment to youth development and reassured the bank’s sustained partnership with the government.

“We are humbled by this great task the Edo State Government has given to us, and it is an indication that the government is really concerned about the people that they govern.

“It also showed that the government is concerned not only about empowering business owners but doing a lot for the development of youths in terms of skill acquisitions.

“We want to thank the State Government for the confidence reposed in our organisation for the disbursement of loans to MSME,” she said.

She, however, appealed to would-be beneficiaries to make good use of the loan for the betterment of their businesses. (NAN)(www.nannews.ng)

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Edited by Abiemwense Moru

ICSAN advocates adoption of artificial intelligence by capital market operators

ICSAN advocates adoption of artificial intelligence by capital market operators

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By Rukayat Moisemhe

The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has emphasised the need for governance practitioners and capital market operators to fully embrace the adoption of Artificial Intelligence (AI) in their operations.

Mrs Abiola Laseinde, Chairman, Corporate Members and Training Committee, ICSAN, gave the advice at a news conference on Tuesday in Lagos.

The conference was to unveil the institute’s forthcoming 2024 company secretaries and registrars forum.

The News Agency of Nigeria NAN reports that the event scheduled for April 4 has the theme: “The Implications of Cybersecurity and Artificial Intelligence for Capital Market Operators.”

Laseinde said the need to embrace AI by capital market operators would tackle issues of unclaimed dividends in the nation’s capital market.

She described AI as the new oil the country needed to leverage to drive majority of its operations to great success.

Laseinde, however, noted that leveraging technologies such as AI with its attendant cybersecurity risks required digital protection measures.

“It is very important to embrace AI particularly seeing as data is the new oil hence the need for operators to leverage investing heavily in technology.

“Companies must however have strategies in place to help minimise the risks that comes with technology adoption to help prevent cyber attacks.

“ICSAN is big on collaborations and we are engaging the Securities and Exchange Commission, the Financial Reporting Council l, and other international stakeholders on AI adoption by companies.

“We are also committed to ensuring that participants at the conference benefit maximally from the discussions on embracing technology so as not to fall off the radar and miss value propositions that would enhance operations,” she said.

Mrs Laide Adeyemo, Member, Corporate Members and Training Committee, ICSAN, admonished that while data was the new oil, company secretaries must continue to adhere to the country’s data privacy law in all operations.

Adeyemo noted that everything pertaining to data privacy law in Nigeria was codified under the corporate governance code of conduct to instill governance through the length and breadth of the Nigerian economy.

Mrs Solape Adesuyi, another member of the committee, projected that as Nigeria begins to record several expansions in the economy, the country would likewise begin to see lots of investments in AI technology.

She noted that the forum was a platform to acquaint participants with contemporary practices and pertinent governance issues of national significance.

“It is a capacity boosting governance for professionals in governance field especially the company secretaries and registrars.

“The keynote speaker is Mr Simon Aranonu, Executive Director, Large Enterprises Directorate, Bank of Industry, while other speakers are Mr Moses Ikotun, Managing Director, Unity Registrars Ltd., and Mr Francis Olawale, Managing Director, Frank Nominees Ltd.,” she said. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

AFPE 2024: NACC tasks businesses on global standards for competitiveness

AFPE 2024: NACC tasks businesses on global standards for competitiveness

189 total views today

By Rukayat Moisemhe

The Nigerian-American Chamber of Commerce (NACC) has tasked Nigerian businesses, especially Micro, Small and Medium Enterprises (MSMEs) on global standards for competitiveness.

The President, NACC, Dame Adebola Williams, said this at a news conference to unveil activities lined up for the 2024 edition of the Africa Foods & Products Exhibition (AFPE) on Monday in Lagos.

The News Agency of Nigeria (NAN) reports that the (NACC) is a foremost bilateral chamber of commerce established in 1960 to facilitate trade relations between Nigeria and the United States of America.

Williams said the advice was important to advance food sustainability and security for economic sustainability and development.

He also advocated the need for Nigerian businesses to fully position themselves to harness the African Growth and Opportunity Act (AGOA) instrument.

This, she stated would be achieved by building capacity, avoiding short cuts, and embracing value addition to commodities, particularly as considerations for the extension of AGOA to 2030 was underway.

“AGOA was to end in 2024 but there’s call for its extension for the benefits of Nigeria and other participating countries.

“With the 2024 edition of the AFPE, the NACC is using the platform to converge MSMEs and large corporations to advance Nigeria’s food security and drive economy sustainability.

“The event scheduled for April 20, 2024 at Harbour point, Lagos, is committed to linking business and people in Nigeria, Africa and to the United States of America.

“Over 3,000 attendees are expected at the event, over 100 exhibitors and we look forward to them closing international deals much higher than the close to N400 million we had the last time,” she said.

Williams said as part of the chamber’s Corporate Social Responsibility, discounted exhibition booths and some free of charge would be available for some MSMEs.

This, she said, was to enhance the showcasing of Nigeria goods to foreigners.

Williams noted that Nigerian products that successfully got abroad were most sought after in the global space.

“We would continue to encourage them to showcase food, products and services to local and international audiences to shore up the country’s export indices and sustain the economy.

“The NACC is committed to continuing partnerships with many organisations in the U.S. to deepen their business interests in Nigeria,” she said.

Mr Ayo Stuffman, Chairman, AFPE, said the event was a platform to showcase Nigeria goods and products to the local and diaspora community.

Stuffman called for government’s support to swiftly enable export products get off the shores of the country within the minimal time possible.

He noted that while Nigerian farmers had what it took to churn out good agricultural produce, government needed to intervene in areas of preservation to engender food security and increase the country’s export indices.

“At AFPE, the Minister of Trade and Investment, Dr Doris Uzoka-Anite, is scheduled as guest speaker and also expected is the commercial attaché of U.S. Consulate in Nigeria, dignitaries from the American consulate and relevant commissioners from Lagos State, among others,” he said.

Ms Yemisi Ogundipe, the Vice Chairman, AFPE, said the AFPE with the theme:” Actualising Sustainable Economic Growth: Think Global, be Local,” was hinged on food and products particularly by MSMEs which were the sustaining components of any economy.

Ogundipe emphasised the need for MSMEs to think global and take advantage of foreign interests to upscale, while reinforcing the importance of standards to compete globally.

“Think global but be local; businesses must perfect production, packaging quality products while in Nigeria and use the vehicle or instruments of the chamber to enhance competitiveness,” he said.

Also, the acting Director-General, NACC, Ms Wofai Samuel, highlighted the platform as an opportunity to promote intra-Africa trade, maximise the opportunities inherent in the African Continental Free Trade Area.

Samuel said the platform would additionally boost non-oil exports which was key to sustaining the country’s economic growth.

“MSMEs across the continent will be given a veritable platform to showcase the products they have manufactured, generate new clients and sales opportunities and above all, connect with new markets.

“I am very pleased as this speaks directly to the objective of the Nigerian-American Chamber of Commerce, which continues to deliver on trade dividends for businesses especially in Nigeria,” she said. (NAN)(ww.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

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