Business
Nigeria’s Multibillion Dollar Eurobond Offering Is Step In The Right Direction – Akinwuntan
Nigeria’s Multibillion Dollar Eurobond Offering Is Step In The Right Direction – Akinwuntan
Akinwuntan
AJAGBE ADEYEMI TESLIM
SPONSORED BY:H&H
The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has described Federal Government’s plan for a Eurobond issuance in the International Capital Market (ICM) as a step in the right direction, stressing that the fundamentals and potentials of the nation’s economy are strong with capacity to meet its debt obligations.
Akinwuntan, who was assessing the global market as Nigeria makes its announcement of multibillion dollar Eurobond offering, during an interview on Arise TV Lagos, said the economy is showing strong trends owing to investments in infrastructure such as road and rail transportation which is giving a lot of positive impact to the overall economy, adding that the private sector is also making remarkable improvement in power sector, telecoms, and information technology.
According to him, “You look at the fundamentals, what is the story of this economy? You look at Nigeria, the fundamentals are strong, coming from the lessons learnt in being a mono product economy which was dependent on oil. We have since embarked on the journey of diversification and we are beginning to show early fruits. Exports are improving, Africa Continental Free Trade Area (AfCFTA)
provides the opportunity to expand that even further. So, you look at the fundamentals, look at the openness of the economy, the transparency of reporting and look at the opportunities to enhance real growth, output, capacity improvements and stability of policies.
All these are factors to look at with a view of participating in the economy like that of Nigeria.”
He observed that international borrowing will allow Nigeria as a country to access more foreign currencies, deepen external reserve, allows more confidence in the medium-term planning in the private sector, adding that it allows a bench mark to be established in terms of how funding and investment are priced within the local economy.
“It also gives more rooms for the local economy to be able to breathe a bit more because when the country takes on Euro bond that portion is reduced from local country financing or public sector debt within the country.
All these factors play strongly to the benefit of the private sector and the entire economy at large.”
“In the last two quarters, we have seen the global market rebounding from the very deep end of the covid-19 that plagued 2020.
We have seen, since the arrival of vaccines, the gradual opening of the global economy such that there is much more optimism now in the market because we have learnt that shutting down the economy is not the best way to handle an epidemic and we have seen support from sovereigns ensuring that there is steady growth within the various economies; supply chain has opened and we have seen in sub-Sahara Africa renewed interest in the Eurobond market in the international debt market; we have seen Benin republic, Ghana, Cote d’ivoire and Kenya all are approaching the market with significant success. Over subscription in each of them ranges from 200% to 300% and an all high in Kenya close to 600% or six times over subscription.
This is a positive period for major economies like Nigeria, which is the lead economy in Africa, to take advantage and invite the global community to hear our story, invest in us and get good returns.”
Citing example with Ecobank’s $300 million Eurobond offer earlier in the year which was over-subscribed by 300 per cent, Akinwuntan advised those approaching international debt market to have clarity of purpose and state clearly their strengths and weaknesses.
“We are the first banking entity in Africa to do that in 2021 and it comes from our long-term planning in the economy of Africa; we are the pan African bank and when we look at Africa, Nigeria is a major player.
Quickly we understood that arising from a scenario of pandemic and all-time lows of 2020 is time to look at the brighter side and we stepped out for the $300m US Eurobond offer which met positive response from investors across the globe within the country.
We attracted more than 3 times in subscription.
But we kept to the book of doing $300m because it is based on our plan in participating in positioning Nigeria, as the leading export country in the AFCTCA environment in the continent and giving our unique position as the Pan African bank, it was very clear to us and the market responded positively.
Our experience also tells us that, what is critical is to have clarity on your strength, be very frank about your weakness or the areas of concern and how you intend to handle that positively.”
Business
ACCESS HOLDINGS PLC ANNOUNCES THE APPOINTMENT OF MS. BOLAJI AGBEDE AS ACTING GROUP CHIEF EXECUTIVE OFFICER
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The Board of Directors of Access Holdings Plc (‘the Company’) has announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following the unfortunate demise of its former Group Chief Executive Officer, Dr. Herbert Wigwe, on February 9, 2024.
Ms. Bolaji Agbede
The appointment is subject to the approval of the Central Bank of Nigeria.
Until her recent appointment, Ms. Agbede was the Company’s most senior founding Executive Director in charge of Business Support.
She has nearly three decades of professional experience cutting across banking and business consultancy services. Ms. Agbede commenced her professional career in 1992 at Guaranty Trust Bank and served in various capacities within the Commercial Banking and Operations functions rising to the position of Manager in 2001.
She subsequently served as the Chief Executive Officer of JKG Limited, a business consulting outfit in 2003.
Ms. Agbede joined Access Bank Plc (‘the Bank’) in 2003 as an Assistant General Manager and was responsible for managing the Bank’s portfolio of chemical trading companies.
She served as the Bank’s Head, Group Human Resources between 2010 and 2022 and was appointed the Company’s founding Executive Director, Business Support in 2022.
She has a track record in successful people integration in business combination and culture transformation.
She holds a Bachelor’s degree in Mathematics and Statistics from the University of Lagos (1990) and a Masters of Business Administration Degree from Cranfield University UK in 2002. She is a member of the Chartered Institute of Management UK and the Chartered Institute of Personnel Management of Nigeria.
Ms. Agbede has attended several renowned leadership and professional development programmes including the High-Performance Leadership Programme organised by the IMD and the Strategic Talent Management Programme organised the London Business School.
Business
AFRICA RE: REMEMBERING THE LEGACY OF A COLOSSUS – MR. BAKARY KAMARA
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Africa Re, Africa’s leading reinsurance company, recently held an Evening of Tributes, themed “The Colossus” for its immediate past Group Managing Director, Mr Bakary Kamara. The event which was held on the evening of Saturday, 10th February 2024, at The Sky Restaurant, Eko Hotel, saw friends, colleagues, family and industry leaders gathered to celebrate the life and legacy of Mr. Bakary Kamara.
Born in 1949, Mr. Kamara’s journey in the insurance sector was marked by dedication, vision, and transformative leadership. His tenure at Africa Re saw tremendous growth in premium income, profit and shareholders fund. The Evening of Tributes, organized by the African Reinsurance Corporation, is a powerful testament to the enduring impact “THE COLOSSUS” left on the African insurance landscape.
During the Evening of Tributes, a heartfelt video montage played, telling the story of Mr. Bakary Kamara’s remarkable journey, from his early career to his visionary and influential leadership at Africa Re.
Distinguished speakers, including Mr Corneille Karekezi, the Group Managing Director and Chief Executive Officer (GMD/CEO) of Africa Re, vividly portrayed his character in their heartfelt tributes. “When giants leave this world, they leave behind giants; they leave behind strong institutions, they leave behind strong families, they leave behind good culture. Africa Re is not a normal institution, it’s a very complex institution because we are not in one country. We have all the cultures of the African continent in one institution.”
The evening delved beyond professional accolades, revealing the multifaceted dimensions of Mr. Bakary Kamara. His Children, Former colleagues and mentees shared personal stories that highlighted his compassion, generosity, and unwavering commitment to empowering others.
“My Father would tell us that being educated does not mean you are better than the one who has never been to a western school. Being financially independent does not mean that you are better than one with little means. Being a Muslim does not mean you are better than a Christian or a Jew.” said Hada Kamara.
These poignant testimonials resonated with the audience, showcasing a leader who touched lives far beyond the boardroom.
In his heartfelt tribute, Mr. Ken Aghoghovbia, DMD/COO of Africa Re, spoke of the profound impact Mr. Bakary Kamara had on the institution. “Mr Kamara demonstrated the rare combination of tough love and genuine care. Recognizing the potential within each individual, he pushed us beyond our comfort zones, challenging us to dig deeper, strive harder and never settle for less. Thus, the collective goal of staff under his leadership was to be nothing but the best, and as a result Africa Re became a respectable global brand.”
The Evening of Tributes wasn’t simply retrospective; it was a call to action. Industry leaders discussed how Mr. Bakary Kamara’s vision continues to shape the future of African insurance, emphasizing specific examples of how his legacy is being carried forward. This forward-looking perspective cemented his place as a guiding light, inspiring generations of professionals to build upon his foundation.
As the evening concluded, it became clear that Mr. Bakary Kamara was beyond just a leader; he was a symbol of an unwavering commitment to a brighter future for Africa. His legacy will continue to inspire generations of insurance professionals to build upon his foundation and contribute to the continent’s economic and social development.
As we remember Mr. Bakary Kamara’s remarkable life and the profound impact he made, the African Reinsurance Corporation reaffirms its commitment to its vision – a vision of a stronger, more resilient Africa, where insurance plays a vital role in protecting and enabling progress. Mr. Kamara’s legacy serves as a beacon, guiding us as we continue to fulfil our promise.
Business
FIRSTBANK CLINCHES THE PRESTIGIOUS CORPORATE BANK AWARD AT THE 2023 EUROMONEY AWARDS FOR EXCELLENCE
FirstBank, Nigeria’s premier financial institution and financial inclusion services provider, was announced as the Best Corporate Bank at the recent prestigious Euromoney Awards for Excellence, Nigeria 2023.
The Bank clinched the coveted award based on its 130-year commitment to enabling its corporate customers achieve success through relevant and tailored financial solutions. FirstBank’s continuous investment in technology has been crucial to its leading industry role in optimally meeting the needs of its corporate customers. Recent investments in technology include the development of its smart and interactive Transaction Banking Platform known as FirstDirect2.0.
FirstDirect2.0 provides a one-stop shop online banking platform for corporates, offering best-in-class capabilities such as Payments, Collections, and Account Services, and a locally focused phased implementation of Trade and Supply Chain Finance – a first for the Bank.
The platform offers customers various solutions for corporate cash management (Payments, Collections and Liquidity Management). It will also deliver end-to-end trade solutions for corporate clients covering L/C creation, tracking, bidding and reconciliations.
The Bank’s Corporate Banking model is focused on ensuring that its clients get the same quality of service across the Bank’s geographical locations. The execution of this approach through the deployment of the Global Account Management (GAM) Framework, implemented to enhance cross-relationship management tailored to Customers with a Pan African footprint.
Dedicating the awards to its customers, Dr Adesola Adeduntan, CEO FirstBank Group said: “We are thrilled to announce that we have been recognised as the Best Corporate Bank in Nigeria at the Euromoney Awards for Excellence 2023.
“We say a heartfelt thank you to all our incredible customers for trusting us. This award is dedicated to YOU,” he concluded.
According to Euromoney, the “Awards for Excellence” – is the definitive annual awards programme of the global banking industry. The awards represent the highest distinction to the banks and bankers who matter most in an industry where differentiation is highly sought after and exceptionally difficult to demonstrate.”
“For over 30 years, Euromoney has recognised the banks and that have demonstrated their differentiation, pioneering a comprehensive awards programme that today remains the industry benchmark globally, it concluded.”
Amongst other awards, FirstBank recently added to its awards kitty, Best Corporate Bank Western Africa, 2023, by Global Banking and Finance; Best Internet Banking in Nigeria, 2023 by International Business Awards; the Most Innovative Banking Brand in Nigeria by Global Brands Awards as well as the Financial Institution of the Year 2023 by Afreximbank Pan-African Business and Development.
About FirstBank
First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for 130 years.
With over 800 business locations and over 232,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and Corporate financial services to serve its over 42 million Customers. The Bank has an international presence with subsidiaries operating in 9 other countries. These subsidiaries are FirstBank (UK) Limited in London and Paris, FirstBank in the Democratic Republic of Congo, Guinea, Sierra Leone, The Gambia; FBNBank in Ghana and Senegal as well as a Representative Office in Beijing, China. The Bank is at the forefront of promoting digital banking in the country and has issued over 13 million cards, the first bank to achieve such a milestone.
FirstBank has continued to make significant investments in technology, innovation and transformation, and its cashless transaction drive has been steadily accentuated with over 23 million active FirstBank customers signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code.
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