Business
Sterling Bank Commemorates World Food Day
Sterling Bank Commemorates World Food Day
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Sterling Bank Plc has joined the rest of the world to celebrate this year’s World Food Day (WFD) as part of its effort to tackle hunger and promote a more food-secure and prosperous Africa.
The day is celebrated on October 16 every year to mark the creation of the Food and Agriculture Organisation (FAO) in 1945. The theme of this year’s celebration is: Our actions are Our Future – Better production, Better Nutrition, a Better Environment and a Better Life.
Commenting on this year’s celebration, Divisional Head, Agric & Solid Minerals Finance, Bukola Awosanya, said in a statement issued by the bank that, “At Sterling Bank, we are more than convinced that agriculture holds the promise for a more food-secure and prosperous Africa and that is why the Bank has selected the sector as one of its areas of strategic focus, dedicating over 10 percent of its entire lending portfolio to it.”
She added that the Bank’s agricultural strategy revolves around Digitisation, Agility and Specialisation – which includes Agriculture. “The Bank’s agric-financing interventions span Pre-Upstream Inputs such as fertiliser, seeds, agrochemicals; and Upstream Primary Production such as crops, livestock, aquaculture, to Midstream Value Addition (i.e. processing) and Downstream (i.e. marketing and trading). The Bank’s agricultural loan book exceeds $150 million.”
The Divisional Head said Sterling Bank sees the smallholder farmers segment in the agric sector as strategic to ensuring food security on the continent and that is why the Bank has financed over 80,000 smallholder farmers till date, primarily under input finance for agricultural production activities.
Sterling Bank continues to engage in valued collaboration and development partnerships to enhance access to finance in the micro, small and medium scale agribusinesses in Nigeria. The bank supports youth and women in agriculture through its SWAY-Agfin product. SWAY-Agfin is a specially designed single digit interest fund open to youth and women interested in agribusiness.
The Divisional Head also said the Bank has also championed other interventions such as the Agric Summit Africa (ASA), a yearly event that brings players in the value chain and stakeholders in the agriculture sector together for conversations, deliberations and policy engagements that can drive growth in the industry and facilitate a diverse thought leadership.
Besides, Awosanya noted that SABEX, the Bank’s digital commodities trading and financing ecosystem, is also positioned to unlock efficiency and productivity in the commodities and supply chain ecosystem. This will ultimately drive down cost and food prices, she said.
She remarked that as the theme rightly puts it, “Our actions are our future. If we produce better, we will have a better nutrition, a better environment and a better life. We must act differently; we must act now.”
About the World Food Day
The World Food Day (WFD) is celebrated widely by many other organizations concerned with hunger and food security, including the World Food Programme (WFP) and the International Fund for Agricultural Development (IFAD).
The WFD received the Nobel Prize in Peace for 2020 for their efforts to combat hunger, contribute to peace in conflict areas, and for playing a leading role in stopping the use of hunger as a weapon for war and conflict.
The WFD theme for 2014 was Family Farming: “Feeding the world, caring for the earth”; in 2015 it was “Social Protection and Agriculture: Breaking the Cycle of Rural Poverty”; in 2016 it is Climate Change: “Climate is changing. Food and agriculture must too”, which echoes the theme of 2008, and of 2002 and 1989 before that.
The theme of 2020 was “Grow, nourish, sustain. Together. Our actions are our future.
As the FAO rightly puts it, the contradictions could not be starker – millions of people are hungry or undernourished, while large numbers are chronically overweight due to a poor diet. Smallholder farmers produce more than one-third of the world’s food, yet are some of the most affected by poverty as agriculture continues to be an unpredictable and often unsafe sector.
An agri-food system that is a major contributor to climate change, which in turn, threatens food production in some of the world’s poorest areas; rampant food loss and waste, side by side with people relying on food banks or emergency food aid.
The evidence is there for all to see –agri-food systems are broken and there has never been a more urgent need to transform the way the world produces and consumes food.
Current realities
COVID-19 has made the conversation on food security even more important. An increasing number of countries are facing growing levels of acute food insecurity, reversing years of development gains. Even before COVID-19 reduced incomes and disrupted supply chains, chronic and acute hunger were on the rise due to various factors including conflict, socio-economic conditions, natural hazards, climate change and pests. COVID-19 has led to severe and widespread increases in global food insecurity, affecting vulnerable households in almost every country, with impacts expected to continue through 2021, into 2022, and possibly beyond as the Delta variant continues its spread.
Here in Nigeria, we are experiencing one of the most alarming increases in food prices with average hike in food prices almost doubling.
This year’s World Food Day therefore calls for sober reflection and a bigger resolve to tackle the challenge of food crisis and food insecurity. There has to be concerted efforts from all fronts – public and private institutions, government and non-government organisations as well as civil society to chart a new path for a more food-secured nation.
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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