By Lucy Ogalue

Stakeholders on the African continent have urged governments to transit into inclusive, low carbon and resource-efficient economies by tapping into home-grown innovative solutions for financing.

A statement issued on the Economic Commission for Africa’s (ECA) website quoted the stakeholders as saying this at the ongoing 42nd meeting of the Committee of Experts of the Conference of Ministers of Finance, Planning and Economic Development (COM2024) in Victoria Falls, Zimbabwe

The News agency of Nigeria (NAN) reports that the 2024 annual ECA Conference of Ministers is being hosted by the Government of Zimbabwe.

The theme of the conference is “Financing the transition to inclusive green economies in Africa: Imperatives, opportunities and policy options”.

The meeting is scheduled to hold between February 28 and March 5.

Mthuli Ncube, Zimbabwe’s minister of Finance, Economic Development and Investment Promotion said it was unfortunate that Africa was not leveraging its resources, including land.

According to Ncube, Africa has about 127 million hectares of potentially irritable land of which only about 13 per cent of this land is currently being used for irrigation.

“We have vast water bodies to irrigate our rich soils; all we need is investment in advanced irrigation technology and enough funding to climate-proof agriculture so that we become food-secure.

“Financing the transition to inclusive green economies comes with a cost and we need to finance this transition with the support of the international community.

“And promoting investment in renewable and environmentally friendly sources of energy,” he said.

Also, Rebecca Otengo, outgoing chair of the Conference of Ministers and, Ugandan ambassador to Ethiopia, said countries should strive to implement the African Continental Free Trade Area (AfCTA).

Otengo said this would ensure free movement of people, goods and services on the continent.

According to her, countries need additional financing mechanisms to meet this growing demand and boost economic growth.

The Deputy Executive-Secretary at the ECA, Antonio Pedro said that since the last Conference of Ministers, the world had fallen deeper into economic fragility, climate change, conflict, and distrust.

According to Pedro, Africa has sadly not been spared from these global trends.

“We must accelerate the adoption of just and sustainable transitions, which require long-term structural changes and adequate investment.

“African countries have the ability to create their own solutions to solve their problems. This should be a collective focus as in the continued fight to reform global systems.

“We have, therefore, a unique opportunity to actively transform our countries by transitioning into inclusive, low carbon, and resource-efficient economies,” Pedro said.

The ECA deputy executive-secretary highlighted the key transformative areas that could have catalytic and multiplier effects across all the SDGs.

Pedro said there was urgent need to transform our food systems by prioritising the development of regional value chains, de-risking investment and fast-tracking the implementation of the AfCFTA.

He said these measures would help to insulate the continent from global food security shocks.

According to him, Africa needs to enhance energy access and affordability as less than two per cent of global clean energy investments flow to Africa.

Pedro said there was also the need to embrace the transition to affordable renewable energy by making the most of our solar, wind and geothermal resources as well as our green hydrogen potential.

“We must increase digital connectivity and inclusion to bridge the digital divide that prevents our member States from taking full advantage of the digital age and accessing technological solutions that are available elsewhere.

“Education systems must be transformed and to do this, we must undertake comprehensive foresight analysis that will inform the transformation of education systems and curriculums.

“We must create jobs and enhance social protection.

“Governments must pursue integrated, comprehensive industrial policies and private sector development strategies that create jobs for young people and improve the transition from school to work,” he said.

The official said we must also embolden our response and collective action on climate change, biodiversity loss and pollution by implementing the Nairobi Declaration.

He said the declaration acknowledged that climate change was the single greatest challenge facing humanity and the single biggest threat to all life on Earth. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

By Rukayat Adeyemi

The Nigerian Exchange Ltd. (NGX) and the Capital Market community on Tuesday paid tribute to the late former Chairman of the NGX Group, Mr Abimbola Ogunbanjo, and pledged to sustain his legacies.

They made the pledge while expressing their grief on the passing of late Ogunbanjo at an Afternoon of Tribute And Closing Gong Ceremony in his honour, held at the NGX on Tuesday in Lagos.

The News Agency of Nigeria(NAN) reports that late Ogunbanjo, late Dr Herbert Wigwe, Group CEO of Access Holdings, his wife and son died on Feb.9 in a helicopter crash in Southern California, USA.

In his tribute, the Chairman of the NGX Group, Alhaji Umaru Kwairanga, said that the Exchange and other capital market community members were pained by the loss of Ogunbanjo.

Kwairanga said his demise was a huge loss to the capital market, having lost his father, Pa Chris Ogunbanjo, who was a patriarch of the Exchange, barely four months ago.

He described the late NGX Group chairman as a transformative leader with impeccable character and prayed for the repose of his soul.

According to him, the NGX and capital market were already a part of the Ogunbanjo’s family and, as such, would ensure that the legacies of the late Group chairman was sustained and improved upon.

“To the Ogunbanjo’s family, no words can ease your pain, but be assured of the unwavering support of the capital market community.

“I believe that the late Bimbo is in a better place resting,” he said.

Also, Mr Temi Popoola, Chief Executive Officer of the NGX Group appreciated the late Ogunbanjo, describing him as an encourager.

Popoola stated that the late group chairman’s personal interest and commitment to his career brought him to the position he has attained on the Exchange.

“The late Ogunbanjo is a family man and I am grateful for the opportunity he gave me to be close to his family and also mentor his son, Rotimi.

“We pray God grant him eternal rest and we thank all the capital market stakeholders and Coronation Group for rallying around the Exchange and his family at this trying period,” he said.

Mr Aigboje Aig-Imoukhuede, Chairman Coronation Group/Former President, Nigerian Exchange Group, said that this was a difficult period for him, having lost closed family and friends in the unfortunate air crash.

Aig-Imoukhuede said that he shared intimate relationship with Ogunbanjo, who was his vice, during his tenure as the President of the Exchange.

According to him, late Ogunbanjo played a huge role to the demutualisation of the NGX when the process begun under his leadership.

He also said the process, however, materialised during Ogunbanjo’s tenure after he succeeded him.

Aig-Imoukhuede stated that late Ogunbanjo’s role as the first NGX Group Chairman after the demutualisation was a difficult one, but he was able to navigate through the challenges because of his intelligent and exceptional leadership attributes.

“This market has lost one of his most worthy founder.

“Bimbo; you served the world in a way only few could ever served. Good bye, May your soul rest in perfect peace,” he said.

Mr Abubakar Mahmoud, former chairman, NGX, said that paying tribute to late Ogunbanjo was not an easy task because of his tragic passing.

Mahmoud described the late group chairman as a dear brother and friend, as well as a courageous and decisive leader and a patriotic Nigerian.

“His death is a great loss to his family, but indeed the Exchange, corporate community and the nation at large, ” he said.

Ms Omowunmi Sanni, one of Ogunbanjo’s closest staff at Chris Ogunbanjo LP, described late Ogunbanjo as an incredible boss who was always willing to teach and also open to learn from the younger lawyers.

Sanni pledged on behalf of other staff of the law firm to hold on the legacy of late Ogunbanjo and continue to sustain the professional standard of the law firm in future years.

Mr Sam Onukwe, President, Association of Securities Dealings Houses of Nigeria, said that the capital market would continue to celebrate the immense contribution of late Ogunbanjo.

Onukwe stated that the late NGX group chairman left the legacy of a transformative and true leadership.

“He was able to manage the demutualisation of the Exchange and manage the affairs of the NGX perfectly as the first group chairman after the demutualisation.

“He left an Exchange that has continued to out-perform its peers and history would forever be kind to him and his family, ” he said.

Responding on behalf of Ogunbanjo’s family, Sen. Tokunbo Ogunbanjo, brother to late Ogunbanjo, thanked the NGX, capital market stakeholders and others for their condolences and support to the family at its trying period.

”I will borrow the likely words of our late father if he were to be alive, he would have said ; death is turn by turn and has no particular order, so late Bimbo has tried is best and gone to rest,” he said.

NAN reports that late Ogunbanjo was born on July 11, 1962, to Christopher and Hilda Ogunbanjo.

He attended Corona School Apapa, Claremont School in the UK and the University of Lagos Staff School for his primary education, spanning from 1967 to 1973.

The late NGX group chairman continued his secondary education at Igbobi College, Yaba, in 1974 and obtained his GCE “O” Levels at Milfield School, England, in 1977.

His parsuit of higher education led him to Switzerland in 1980, where he earned a BSc (Hons) in Business Administration from the American College of Switzerland in 1965.

Embarking on his professional journey, late Ogunbanjo started as a credit analyst with Chase Manhattan Bank (Nigeria) Ltd.

Subsequently, he ventured into law, qualifying as a solicitor after completing his studies at the University of Buckingham School of Law in 1987 and called to the Bar in 1990.

He joined Chris Ogunbanjo & C0, where he served as Managing Partner until his passing.

In September 2017, Abimbola was elected the 19th President of the Council of the Nigerian Stock Exchange, a position he held with distinction until his tenure ended in 2022. (NAN)
Edited by Olawunmi Ashafa