Business
Olam Targets Increased Support for Smallholder Farmers to Accelerate Post-COVID-19 Recovery in Africa
Olam Targets Increased Support for Smallholder Farmers to Accelerate Post-COVID-19 Recovery in Africa
Olam
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
As the world continues to grapple with the impacts of the global coronavirus pandemic, Olam, a leading food and agribusiness, is deploying its expansive global capability to strengthen the livelihoods resilience of smallholder farmers in Africa.
According to a survey conducted by Olam to evaluate the impact of the outbreak on the African farming communities, smallholder farmers on the continent showed vulnerabilities to the shocks and aftereffects of the global disruptions on agricultural value chains.
The survey report which was presented recently, during a webinar themed ‘The Impact of COVID-19 on Farming Communities Across Africa’, in partnership with African Business Magazine, revealed that 68 per cent of smallholder farmers reported a steep reduction in income as compared to before COVID.
The survey gave insights into other critical areas of the impact of COVID-19 such as production, food security, livelihoods coping strategies and children’s rights. It exposed adverse levels of food insecurity and locally adopted coping strategies amongst farming communities which have given rise to less nutritious diets, increased risk of child labour and the sale of farming and personal assets as a coping strategy.
The survey was carried out across 19 countries among 3,432 farmers globally, among whom 1,663 were smallholder farmers located in 7 African countries.
According to the survey report, 55 per cent of farmers surveyed in Africa said they had produced less on their farms in the past season; 47 per cent said farm inputs like seeds and fertilizers, were less available in the local market; 42 per cent said it was harder to find labourers; and 55 per cent said they had less money to afford farm inputs or hired labour.
COVID is also impacting farmers’ ability to consume an adequate diet. Three in five surveyed farmers in Africa said they had skipped meals recently or were eating less nutritious diets. Reasons cited included having insufficient food stored, or their food stocks becoming spoiled or infested.
The survey findings also pointed to worrying impacts on children’s rights, with one out of 3 African respondents (with children aged 15 and under) saying their children are spending more time working to contribute to household income. This may be driven by a combination of schools remaining closed, and the lower availability or affordability of farm labour.
Julie Greene, Vice President, Corporate Responsibility and Sustainability, Olam, stated, “Partnership between those in the private and public sector is essential to deliver some of the vital interventions urgently needed by African smallholder farmers, to improve farmers access to loans, labour and farming inputs, as well as income diversification support. Establishing a steady path to recovery will take time for the majority of smallholders. Our survey data strongly suggests that the scope of the actions needed to improve their outlook needs to be far broader, deeper, and more sustained than what we may have expected a year ago to prevent a downward spiral of economic uncertainty, low productivity, and food insecurity.”
Highlighting the various intervention programmes initiated by the agribusiness firm, Greene said, “Olam is directly supporting over 500,000 smallholder farmers on the African continent. The prevailing situations that are impacting farming communities have forced us to be more innovative. We are deploying digital tools to amplify our impact to help smallholder farmers gain access to vital agronomic info and advice. These digital tools facilitate market linkages for the farmers as well as deepening relationships along the value chain to boost productivity and raise incomes.”
The African agriculture value chain webinar provided an in-depth analysis of the survey conducted by Olam. It also presented a roadmap for investment in smallholder farmers across the continent. Debisi Araba, a member of the Malabo Montpelier Panel, moderated the webinar panel discussion that comprised Julie Greene; Ify Umunna, Co-CEO of Nourishing Africa; Jihane Ajijti, Head of Strategy, Partnerships and Delivery, OCP Africa; Kagwiria Koome, Manager, Food Initiative at the Rockefeller Foundation and Samuel Dzotefe, Regional Manager for Agriculture and Agribusiness in sub-Saharan Africa at the International Finance Corporation (IFC).
The panelists provided divergent perspectives and proffered solutions to the impact of the pandemic on the livelihood of smallholder farmers across the continent. Kwagiria Koome advocated for investment in energy infrastructure to help smallholder farmers gain access to cold storage and rice threshing facilities. Ify Umunna advised the government to focus more on providing “enabling policies that are consistent, fair and engaging to help African entrepreneurs scale.”
Jihane Ajijti said the logistic system across the African market called for an overhaul, while advocating for fertilizer price subsidies and canvassing that the local agricultural value chain facilities should be revamped to boost local food production. Samuel Dzotefe echoed Jihane’s view. He emphasized infrastructural upgrade of the transportation, communication and energy supply facilities available to African smallholder farmers.
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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