To Foster more Private sector involvement in driving social impact has hitherto been touted as a key component for achieving the SDGs, given the funding capacities of the sector to drive scale and the opportunity to champion responsible consumption through policies, production processes, output, and specific projects.
Having Afreximbank, the continent’s leading multilateral financial institution devoted to financing and promoting intra – and extra – African trade will help drive conversations in the development financing space.
“ASIS brings together leaders from across sectors to share learnings, ideas, and plans for accelerating the achievement of the Sustainable Development Goals in Africa. Trade is a fundamental piece of this development process, and there are few organizations in Africa with the insights to drive increased productivity for the continent like Afreximbank,” explained Mrs. Olapeju Ibekwe, CEO of the Sterling One Foundation.
Mr. Eric Monchu Intong, Regional Chief Operating Officer, Anglophone West Africa at Afreximbank highlighted that the Bank’s collaboration with Sterling One Foundation in hosting the Summit is part of the long-standing and strategic relationship with Sterling Bank Nigeria as it presents an opportunity to support participating organizations. This will be achieved through knowledge sharing on Afreximbank’s mandate, programmes and facilities through which innovative financing solutions are deployed in a bid to increase Africa’s share of global trade.
“We are excited about this partnership as it gives us an opportunity to strengthen alliances for our shared destiny, prosperity and the economic emancipation of our continent under the African Union Agenda 2063 – the Africa we want. We are particularly pleased with its multisectoral approach as we understand that one organisation or one sector alone cannot drive the level of sustainable growth the continent requires,” he added.
Mr. Intong added that Afreximbank has been at the forefront of driving key economic development initiatives across Africa, the Intra-African Trade Fair (IATF) that attracted deals and transactions valued at US$43.8 billion in 2023, African Medical Centre of Excellence (AMCE), a 500-bed quaternary hospital under construction in Abuja, Nigeria to specialize on haematology, oncology, cardiology and general medicine including a nursing and medical school. The AMCE will also be rolled out in 5 other African countries to turn the continent into a medical tourism hub. Other initiatives include, the AfCFTA Adjustment Fund, the Afreximbank Africa Collaborative Transit Guarantee Scheme and the Afreximbank Africa Trade Centre, among others.
The Africa Social Impact Summit, now in its third year, will be held at the Eko Convention Center in Lagos. It features diverse panel discussions covering climate action, healthcare, education, youth development, and green financing. The two-day event will also feature a pre-event Investors’ Roundtable in partnership with the Lagos State Government and a Deal Room for impact-focused SME entrepreneurs deploying scalable solutions across Africa. Information about the Summit can be found at www.theimpactsummit.org
About the Organizers Sterling One Foundation (SOF) is a registered non-profit focused on tackling the root causes of poverty in Nigeria, and Africa through interventions and social impact programmes across five critical sectors namely: climate action, health, education and youth development, gender equality and empowerment, and food security. The Foundation’s programmes adopt a central theme of prioritizing partnerships for the achievement of the Sustainable Development Goals (SDGs). For more information visit www.onefoundation.ng
About Afreximbank African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.afreximbank.com Follow us on Twitter |Facebook | LinkedIn | Instagram
GTCO PLC Announces Successful Completion of the 1st Phase of Its Equity Capital Raise Programme; Raises ₦209 Billion
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Guaranty Trust Holding Company Plc (“GTCO Plc” or the “Group”) (NGX: GTCO) is pleased to announce the successful completion of the first tranche of its equity capital raise programme, following the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the approval of the Basis of Allotment of the Offer by the Securities and Exchange Commission (SEC).
The Offer, which garnered substantial interest from domestic retail investors, raised a total of ₦209.41 billion from 130,617 valid applications for 4,705,800,290 Ordinary Shares, fully allotted. This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors. This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base.
Commenting on this phase of the recapitalization exercise, Segun Agbaje, Group Chief Executive Officer of GTCO Plc, expressed his gratitude: “We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise. The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities. This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s Banking and Non-Banking businesses.”
GTCO Plc continues to lead its peers in key profitability metrics and financial performance. Building on this successful first phase, the Group will commence the second phase of its recapitalization plan in 2025, which is strategically positioned to attract significant foreign institutional investments, reinforcing its reputation as a “Truly International” financial services brand.
Proceeds from the combined equity raise will be strategically deployed to recapitalize the Group’s flagship subsidiary, Guaranty Trust Bank Limited (GTBank Nigeria), enhancing its ability to meet regulatory requirements and further solidify its position as a leading financial institution. Additionally, the funds will support Group-wide growth initiatives, including footprint expansion, product enhancement, and innovation across both Banking and Non-Banking subsidiaries. GTCO remains committed to delivering sustainable value to its stakeholders and driving innovation across the financial services landscape in Africa.
About GTCO Plc The GTCO Plc Group is one of the largest financial services institutions in Africa. Headquartered in Lagos, Nigeria, Guaranty Trust Holding Company Plc maintains direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom. Within these regions, the operating entities provide a comprehensive range of commercial banking and related financial services to millions of retail, institutional, private banking and wealth management customers, in addition to asset management, pension fund administration, and payment technology businesses.
… Distributes school essentials to 1,000 students across 10 public schools in 5 states
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Polaris Bank, in partnership with key stakeholders, has reaffirmed its commitment to combating the alarming rate of out-of-school children in Nigeria.
Through its targeted interventions, the Bank has ensured continuous education for over 15,000 students, providing them with the opportunity to learn, thrive, and contribute to a better future.
While the initiative primarily focuses on empowering the girl child, male students in the targeted schools were not left out reflecting the project’s inclusive approach.
Polaris Bank’s collaboration with strategic partners has further strengthened its efforts to combat the scourge of out-of-school children in Nigeria. Since 2020, these collaborative efforts have ensured continuous education for 16,000 students, showcasing the transformative impact of teamwork in fostering positive societal change.
The initiative which includes empowering young learners with brain training techniques and emotional intelligence education alongside making and distributing school essentials (bags, uniforms, sandals, books, and pens) aligns with the United Nations (UN) Sustainable Development Goals (SDG) 4 which ensures inclusive and equitable quality education for all, is targeted at Nigeria’s most vulnerable communities, where over 20 million children lack access to basic education, according to UNESCO.
This phase of the initiative targeted schools across diverse regions of the country, providing needed school essentials such as; school bags, sandals, uniforms, books, and pens to students. Research has shown that the lack of one or two of these basic school essentials has been a significant barrier to school enrolment, contributing to the alarming number of the scourge of out-of-school children in Nigeria.
Polaris Bank’s Managing Director/CEO, Kayode Lawal speaking on the education initiative charged students to embrace opportunities that education offers saying that the intervention is in line with the Bank’s ongoing sustainability efforts aimed at reducing Nigeria’s current out-of-school children population and increasing access to quality education, especially for the girl-child.
As part of its broader mission, Polaris Bank between November and December 2024 visited eight schools across various states, including Opebi Junior Grammar School in Lagos, National High School Arondizuogu; Iheme Memorial Secondary School; Akokwa High School in Imo State, Government Girls Secondary School, Kundila in Kano, Fortune Secondary School in Kogi, and Government Day Junior Secondary School, Maitama in Abuja, with that of Gbaja Junior and Secondary School, both in Surulere, Lagos moved to mid January 2025.
The program aims to support 50,000 students by 2028, building on its current impact of 16,000 students across nine states.
Beyond the provision of school essentials to indigent students of public schools, the initiative also embeds the Brighter Minds Programme, a transformative project bringing innovative brain-training techniques and emotional intelligence education to young learners.
This program has achieved remarkable milestones, expanding access to a holistic learning approach that builds resilience, focus, and confidence in students.
Each pilot group represents a new step in the journey of empowering young minds with life skills, made possible by the unwavering support of Polaris Bank, partners like EvolveCSR, schools, and parents.
Complementing this educational intervention, is the Inspire Teachers Training Program, a 3-day value-based education initiative aimed at equipping teachers with critical soft skills and alternative teaching methodologies.
This program explores topics such as heartful teaching, facilitation techniques, heterogeneous learning strategies, effective communication, heart-centered education, self-connection, and moral skill development.
Teachers who complete the program receive certificates and are encouraged to share their knowledge by training peers, fostering a ripple effect that promotes a soft-skills-driven approach to education.
While the initiative has made significant strides, the final batch of schools to be visited—Gbaja Girls Junior and High Secondary School, Surulere, Lagos — has been postponed to January 2025. This adjustment highlights the Bank’s commitment to ensuring no child is left behind in its drive to provide access to quality education.
Polaris Bank remains resolute in its mission to bridge educational gaps, ensuring a brighter future for Nigeria’s youth through impactful and sustained interventions.
By empowering students and supporting educators, the Bank continues to lead efforts to transform the lives of Nigeria’s future leaders.
…cements capital raise with full regulatory approval
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Sterling Financial Holdings Company PLC has achieved another milestone with the approval of the Central Bank of Nigeria (CBN) recognising an additional ₦75 billion in its capital raise.
This approval represents the final leg of the capital injection that was achieved through a private placement in September 2024.
Building on the private placement’s success, Sterling launched a Rights Issue in October 2024, structured to provide existing shareholders the exclusive opportunity to deepen their stakes in the company and share in its growth story.
The Rights Issue received significant interest and participation, highlighting the confidence and trust the company has cultivated among its shareholders over the years. Regulatory approval for the process is currently underway, marking another significant step in the recapitalisation journey.
The public is eagerly awaiting Sterling’s Public Offer, which will present an exciting opportunity for individuals to invest in the company. It is anticipated that the recapitalisation process will be completed with a Public Offer early next year, allowing wider participation from the public and further strengthening its commitment to shared value creation.
Group Chief Executive, Yemi Odubiyi described the capital injection and the approvalas a validation of the company’s strategic direction and operational excellence. “This milestone reflects the confidence of regulators and stakeholders in our vision to redefine financial services in Nigeria and beyond.
Our enhanced capital base empowers us to pursue transformative opportunities, deliver sustainable value to all stakeholders and drive impact across critical sectors of the Nigerian economy,” he stated.
Odubiyi emphasised the company’s evolution from its origins as a merchant bank to its current status as a diversified financial holdings company. Powered by cutting-edge technology and a flexible operational model, the company has consistently demonstrated its ability to navigate market difficulties and seize growth opportunities.
Reflecting on Sterling’s accomplishments, Odubiyi acknowledged the instrumental role of stakeholders, including regulators, investors, and customers. “We are grateful for the unwavering support and trust in our strategy, which has been pivotal to our journey. This recapitalisation strengthens our ability to unlock new opportunities, create value, and drive economic growth,” he added.
The capital boost follows a year marked by robust financial performance and significant strategic achievements for Sterling. As at the last week in December 2024, Sterling witnessed a 19% surge in stock price, contributing to a remarkable three-year growth of 287.42%.
In the first half of 2024, the company recorded a 51% increase in profit before tax compared to the same period in 2023 and achieved a 20% growth in total assets.
These results demonstrate Sterling’s resilience and ability to deliver superior outcomes despite the complexities of Nigeria’s economic landscape, marked by high inflation and currency volatility.
As Sterling looks ahead, its focus remains firmly on innovation, sustainability, and value creation. With a fortified capital structure, the company is well-positioned to execute its ambitious growth plans, deepen its impact across critical sectors, and set new benchmarks for excellence in Nigeria’s financial services industry.
This latest milestone marks a transformative chapter for Sterling Financial Holdings Company PLC as it continues to redefine the future of financial services in Nigeria and beyond.