Echotitbits – Nigeria News

Category: Business

  • Food Price Hikes As Inflation Rate Hits 13.22% Amid VAT Regime, Others

    Food Price Hikes As Inflation Rate Hits 13.22% Amid VAT Regime, Others

    • Prices would trend down soon – Buhari appeals for calm
    • CBN Governor, Emefiele expresses hope, blames fiscal measures

    Inflation rate in Nigeria has spiralled up to hit 13.22% as the end of August, a record that broke a 29-month moving average.

    The Consumer Price Index (CPI), which measures prices of goods and services, released by the National Bureau of Statistics (NBS) on Tuesday revealed that the 13.22 percent is 0.40 percent points higher than the 12.82 percent recorded in July.

    The CPI stated that inflation rate rose by 1.34% on a month-on-month basis, indicating they August inflation rate was the highest since April 2018.https://echotitbits.com/poultry-farmers-demand-total-ban-on-importation-of-poultry-products/

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    Year-on-year inflation rate declined from 13.34 percent in March 2018 to 12.48 percent the following month. It had remained between 11 and 13 until last month.

    According to The Guardian, data contained in the CPI report showed that the food category recorded 17.3 percent to emerge as the item with the highest price increase in the year. The prices of imported foods increased by 16.6 percent in the period.

    Furthermore, items such as – food, imported food, footwear/clothing, transport, health, communication, education, restaurant/hotels, food/non-alcoholic beverage, recreation/culture, furnishings/household, equipment,, maintenance, housing, water, electricity, gas, other fuel and alcoholic beverage, tobacco, kola, as captured by CPI basket within the 12-month period reviewed experienced decrease in prices (deflation).

    The CPI stated further in its review that year-on-year inflation in urban areas moved from 13.40 percent in July to 13.83 percent in August while month-on-month increased from 1.27 percent to 1.40 percent.

    in rural areas, year-on-year inflation rose from 12.28 percent in July to 12.65 percent in August while as per month-on-month, it rose up slightly – from 1.23 percent to 1.27 percent.

    States that led the pack being above national average in food inflation as at August 2020 were Kogi, Kwara, Edo and Delta, with 22 percent, 19.1 percent, 19 percent and 17.9 respectively. In the North, Gombe, Kano and Bauchi experienced lower than the national average.

    However, Nigeria’s leader, President Muhammadu Buhari in his reaction to current food price hike across the country appealed to residents for calm.

    File Photo of Nigeria’s President Muhammadu Buhari.

    President Buhari, at the yearly Chartered Institute of Bankers of Nigeria (CIBN) Conference in Abuja, which he declared opened, assured Nigerians that prices would trend down soon

    The president, represented by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed said: “Amidst the uncertainty created by the pandemic, we’re confident that the Nigerian economy will bounce back strongly within the near term with the right policy responses to the multidimensional crises.

    “Since we cannot simply wait for things to get better on their own, we have to formulate appropriate policies and implement them steadfastly to address the challenges head on”, the President said.

    Giving account of efforts to mitigating the economic challenges occasioned by the COVID-19 pandemic, the President explained that so far, the Federal Government had implemented a wide range of fiscal, prudential and monetary measures that squarely addressed four key necessities.

    He said government is ensuring sufficient liquidity, in part to support its programmes for saving lives and livelihoods. He listed others to include maintaining stability of the financial system, ensuring continued delivery of financial services to the public, and shoring up confidence to cushion economic activity.

    Also speaking at the conference, the Governor of the Central Bank of Nigeria [CBN], Mr. Godwin Emefiele expressed hope for price moderation, just as he blamed the increase in prices to some fiscal measures adopted recently.

    File Photo: Governor of Central Bank of Nigeria, Godwin Emefiele speaks at the Nigeria Capital Markets and Banking Forum.
    Chris J Ratcliffe / Bloomberg

    He gave a historical perspective to the inflation trajectory in the country in the beginning of the first quarter of 2020 and response action taken by the apex bank to hedge the trend.

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    “Inflationary pressure persisted in the first and second half of the year due to several factors.

    “In addition to the disruption to global and domestic supply chains as a result of COVID-19, inflation was exacerbated by the increase in VAT rate, exchange rate adjustment and seasonal food supply shocks due to the onset of the farming season and other structural bottlenecks.

    “Inflation in July 2020 stood at 12.8 percent. We, however, expect inflation to begin to moderate towards the end of the fourth quarter, as we approach the harvest season, along with the phased withdrawal on restrictions of movement and other measures imposed as a result of COVID-19”, CBN Governor, Emefiele said.

  • US Export-Import Bank Constitutes Sub-Saharan Africa Advisory Committee

    US Export-Import Bank Constitutes Sub-Saharan Africa Advisory Committee

    The US Export-Import Bank has reaffirmed its commitment to the growth of the US-African cooperation by constituting Sub-Saharan Advisory Committee for 2020 and 2021.

    The committee is composed of pro-investment and pro-business advisors who understand Africa and would be instrumental in growing the US-African cooperation and flows of goods, services and technology.

    The Sub-Saharan Advisory Committee is chaired by the Senior Vice President and Director of the Programme on Prosperity and Development at the Centre for Strategic and International Studies (CSIS), Daniel Runde.

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    Other members of the committee include: Chief Executive Officer, Energy and Natural Resource Security, Inc., Derek Campbell; Senior Vice President, African Affairs and President, US-Africa Business Centre, US Chamber of Commerce, Scott Eisner; Founder and Chief Executive Officer, AppsTech, Rebecca Enonchong; Executive Director/Americas Export Finance Head, JPMorgan Chase Bank, Lori Helmers; President and Chief Executive Officer, Corporate Council on Africa, Florizelle Liser, Chairman, AfricaGlobal Schaffer,
    Mima Nedelcovych; Principal, The OKPA Co., EE Okpa; Director Customer and Industry Relations, Progress Rail, a Caterpillar Company, Marise Duff Stewart; President – International Business, Acrow Bridge, Paul Sullivan; and Chief Executive Officer, United Bank for Africa (UBA), America, Sola Yomi-Ajayi.

    By working to provide funding for trade and development deals in Africa for American companies, the US EXIM Bank could become an increasingly important source of financing for Africa’s critical energy infrastructure.

    US companies have important products, experience and expertise in several key segments of the energy value chain that would be extremely beneficial if properly matched with opportunities on the continent.

    This is especially relevant to the natural gas value-chain which has become a key priority for most African governments, and for which American technology and services could help transform the continent’s energy industry.

    Equally important is the focus given to small and medium-sized enterprises (SMEs) within the committee.

    The African Energy Chamber’s own US-Africa Committee has identified the collaboration between US and African SMEs as a major requirement to grow investment and technology transfers between the US and Africa.

    Commenting on the latest appointments, a prominent member of the Africa Energy Chamber’s US-Africa Committee, Jude Kearney, said: “The African Energy Chamber notes and welcomes the recent appointment of the US Exim Bank’s Sub-Saharan Advisory Committee.

    “The renewed interest and appetite for investing in Africa shown by Exim Bank and other US trade agencies is welcome in Africa, and the continent’s energy sector is listening and open to doing business and making the kind of deals that will propel the continent towards a prosperous future.”

    “The African Energy Chamber looks forward to supporting further US involvement in Africa and to developing new ways of working together and pushing for a pro-African investment agenda in the US public and private sectors,” said Kearney, who’s also the former Deputy Assistant Secretary for Service Industries and Finance at the US Department of Commerce during the Clinton Administration and currently President of Kearney Africa Advisors.

    On his part, Director of Strategy at the Africa Energy Chamber, Mickael Vogel, said: “We are very proud to see Rebecca Enonchong on this board. She more than anyone understands the challenges of small businesses and has personally built and mentored many such businesses.

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    “With her you know you have someone who will work towards making America a good partner of the African business community and ensuring that civil society is not left behind. She is an inspiration for so many women in business.”

    “We are grateful that our own C. Derek Campbell will add value to this work.

    “Derek has a proven track-record on issues that concern trade with Africa and also on Energy Security.

    “Advancing and protecting Africa’s energy sector, empowering Africans and openings doors for so many that he has never met has been the work of his life,” noted the Executive Chairman at the African Energy Chamber, NJ Ayuk.

    The increased attention given to SMEs on both sides of the Atlantic is extremely encouraging for the future of US-African cooperation and its ability to create jobs and value for both regions.

    Idowu Sowunmi

  • Internet Solutions Rebrands to Consolidate Businesses across Africa

    Internet Solutions Rebrands to Consolidate Businesses across Africa

    An Integrated ICT services provider, Internet Solutions Limited, has rebranded and set to operate as Dimension Data from the end of this year in all its operating companies.

    The company said the rebranding was part of Dimension Data’s larger plan to consolidate its businesses, enhance efficiency, and better delivery of the changing technology needs of its clients in Nigeria and beyond.

    To this end, Olugbenga Olabiyi has been appointed as the Country Manager to head the company’s business operations in Nigeria.

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    Speaking on the new developments, Olabiyi assured clients that the company would continue to deliver services seamlessly and efficiently even as the firm works through the rebranding and integration process.

    He noted that the company would be focusing on developing uniquely tailored IT solutions as well as providing value-driven services through customer engagement and outstanding technology infrastructure – that advance productivity and business growth.

    According to him, “We are happy to have received the government’s approval allowing us to rebrand and operate as Dimension Data.

    “Our vision is to be a partner of choice for businesses; delivering innovative, game-changing technology and solutions not only in Nigeria but in the Middle East and Africa.”

    The Dimension Data Group of companies is also consolidating and rebranding all its subsidiaries in the Middle East and the rest of Africa where it has operations.

    The realignment saw Internet Solutions Managing Director Richard Hechle appointed to head the group’s consolidated business in East and West Africa.

    Dimension Data East and West Africa Managing Director, Richard Hechle, said consolidating the company’s business would help the firm unlock opportunities for greater innovation, as well as giving clients the power to build their futures using game changing technology.

    “Bringing all our people and operating companies together will allow us to effectively and efficiently execute our go-to market strategy and enable our clients’ success in a digital-first world.

    “This digital-first world is characterised by technologies that are converging to deliver unified, hybrid and holistic solutions for real business impact,” he said.

    As the market continues to evolve, he said the company was conscious of the need to remain relevant by delivering products and services that enable clients to meet the increasing demand for personalisation and customisation.

    He added that leveraging technology is critical for businesses and our products and services play a vital role in empowering them to build their future.

    The group is reorganising around five go-to-market areas to deliver intelligent technology and services that are aligned to our clients’ journeys, including Intelligent Infrastructure, Intelligent Workplace & Customer Experience, Intelligent Business Applications, Intelligent Innovation, and Intelligent Cyber Security.

    “Reorganising ourselves to deliver what the market demands is driven with growth in mind and we are very excited about the future and are committed to bringing these changes online quickly.

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    “The role of technology in business is changing, therefore, how it is consumed, and the decisions related to technology are also changing. We are adapting to align our organisation to that of our client choices,” Hechle said.

    “The way we collaborate with our clients is where we create the most significant value and sustainable business outcomes for them. The logic is clear: the more we focus on seamless client experiences, the more focused we become on delivering solutions that work. We believe that when we understand our clients’ needs, we deliver better solutions,” he noted.

    Founded in 1983, Dimension Data is a USD8 billion global leader in designing, optimising, and managing today’s evolving technology environments. Headquartered in Johannesburg, Dimension Data employs 28,000 people across 46 countries.

    Idowu Sowunmi

  • Kariya Energy Set to Acquire Oil & Gas Assets in Mozambique, Nigeria, Senegal, Others

    Kariya Energy Set to Acquire Oil & Gas Assets in Mozambique, Nigeria, Senegal, Others

    After spending 16 months reviewing data from various the International Oil Companies (IOCs), Kariya Energy Monday announced its readiness to enter into various definitive agreement to acquire upstream and midstream oil and gas assets in African countries.

    Kariya Energy would pursue profitable small-scale Liquefied Natural Gas (LNG) projects across Africa, a niche that its leadership has been skilful in building and making it profitable and scalable, boasting significant potential across the African market.

    With its technology, the company could turn around African small-scale LNG and work with partners in addressing off-grid power generation for industrial and residential needs in remote locations and deal with issues around energy poverty.

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    Kariya Energy’s technical and financial strength puts it in a position to bring Canadian and American ingenuity into the growing oil and natural gas market in Africa.

    The company and its management team’s engagements and experience with various deep and shallow water projects in Mozambique, Nigeria, Senegal, Congo DRC, Congo Republic and Gabon makes these countries great investment possibilities.

    It would be pursuing acquisitions of various exploration and development plays either through farm-in deals or operatorship through risk service contracts, or direct negotiations with sovereign governments.

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    Kariya Energy would continue with its current and ongoing support by providing technical, financial, and operational support for oil and gas companies currently operating in Nigeria, Congo and Gabon.

    The firm’s strategy has focused on the innovation and evaluation of new opportunities for resource extraction with great technology that has produced results.

    Idowu Sowunmi

  • BUA, Axens Sign Agreement for 200,000bpd Refinery Project in Akwa Ibom

    BUA, Axens Sign Agreement for 200,000bpd Refinery Project in Akwa Ibom

    A leading Nigerian conglomerate with focus on manufacturing, infrastructure and agriculture, BUA Group, has ventured into oil and gas sector and signed a deal with France’s largest hydrocarbons group, Axens, to refine 200,000 barrels per day of crude oil in Nigeria.

    Located in Akwa Ibom State, South-south Nigeria, the project is expected to see Axens license key refinery technologies to BUA Group. This was contained in a contract that was signed between both parties in France on Tuesday.

    Chairman of BUA Group, Abdulsamad Rabiu, signed on behalf of his company, while the Chief Executive Officer of Axens, Jean Sentenac, did same at a ceremony presided over by France’s Minister Delegate for Foreign Trade and Economic Attractiveness, Franck Riester.

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    Speaking after signing the contract, Rabiu described the project as a very viable one given the economics of fuel importation in Nigeria.

    “Nigeria imports 90 per cent of its petroleum products. We spend 35 per cent of our foreign exchange on importing petroleum products.

    “President Emmanuel Macron has given special determination and support to this project,” Rabiu told The Africa Report.

    BUA Group chairman expressed belief in the project’s sustainability, noting that the investment would pay off in the long run, as new fuel standards continue to evolve along with the climate crisis.

    According to him, “It is in the DNA of BUA Group; look at our cement plants, the most sustainable in Nigeria, same with our sugar plants. This is the hard part, we cannot get this wrong. It is like in an aeroplane, you always look at who built the engine, it is the most important thing.”

    Rabiu said there’s space for another project, despite the growing international glut of refinery projects, the tapering of transport fuel use globally and the strong local competition.

    His projection was based on the high rate of fuel consumption in Nigeria, saying the country today consumes about 500,000 to 550,000 barrels a day of petrol and partly because of demand in the region.

    He said: “We will have the marine infrastructure for easy export, and the external market for polypropylene (the other major product from the refinery) is very strong.”

    Rabiu has been serving as the Chairman of the Macron-initiated Franco-Nigerian Investors’ Club.

    Also speaking, Sentenac described the technologies that Axens would be licencing as a chance to breathe easier in Nigeria, with the plant having the ability to refine biofuels.

    Sentenac said: “We are the world leader in the Euro 5 fuel standard; this has already reduced car pollution in Europe by a factor of 5 or 6, and it also allows Nigeria to start using the latest generation of fuel efficient engines, the first step towards fighting global warming.”

    He added that his company, which makes systems to convert oil and biomass to cleaner fuels, would provide technology for the greenfield project designed to produce Euro-V fuels and polypropylene targeted at domestic and regional markets.

    In his remarks, Riester said the deal would be “one of the things that will help build up the necessary intrapersonal relationships” between industrial players in the two countries, part of a wider French strategy of greater engagement in Anglophone Africa.”

    The new refinery is expected to be operational in 2024. The refinery would be built using an undisclosed mix of debt and equity, with several development and commercial banks in negotiations with BUA Group.

    The new project is expected to directly compete with Nigeria’s other large refinery project, piloted by Dangote Group, which would be operational by 2021.

    Axens beat the US company, Honeywell UOP, which got through to the final round, according to sources close to the bid.

    The bidding process was managed by energy consultants, KBR, which would also be handling subsequent rounds for the engineering and construction phase, currently underway.

    Idowu Sowunmi

  • African Energy Chamber’s Committee Harps on Local Content as a Panacea Towards Africa’s Economic Recovery

    African Energy Chamber’s Committee Harps on Local Content as a Panacea Towards Africa’s Economic Recovery

    African Energy Chamber’s Local Content Advisory Committee has held its first meeting, placing local content development at the core of its activities towards the continent’s economic recovery.

    The meeting agreed that with several established markets like Nigeria or Angola and frontier energy markets such as Senegal or Uganda, the oil and gas sector has been supporting several of Africa’s economies.

    “As a result, the African local content has become a key priority for government, regulators and industry stakeholders. Issues around the perceptions and understanding of local content dynamics were major topics of discussion.

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    “Key points put forward included the need for African governments and companies to develop better implementation of local content policies and come up with new approaches putting entrepreneurship and capacity building as priorities.

    “From financing African starts ups, SMEs and companies to promoting an enabling business environment, it was agreed that African governments and regulators need to rise up to the task and provide for better conditions and environments for African entrepreneurs to thrive,” the committee stated.

    The committee members include: the Chief Executive Officer, Shoreline Energy International, Kola Karim; Managing Director, Saipem Contracting Nigeria Limited, Walter Peviani; and Managing Director, Jagal Energy, Jorg Kohnert.

    Others are: Managing Director/Chief Executive Officer, Ocean Deep Drilling ESV Nigeria Limited (ODENL), Chijioke Akwukwuma; President, Kearney Africa, Jude Kearney; President, Royal Triangle Energy Solutions, Eric Williams; CEO, Equatorial Resources, Pablo Memba; Country Manager, SpringRock Group, Ogutu Okudo; and Operations Director and President of the Executive Board, IFP Training, Rémi Mouchel.

    The chamber’s advisory committee added that established African energy markets such as Congo Brazzaville, Equatorial Guinea or Gabon are still missing a pool of strong local companies across the value-chain, and especially in upstream.

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    “Despite producing oil and gas for decades, their environment has remained until now unfavourable to the nurturing of entrepreneurs in oil and gas, especially because of a lack of domestic financing.

    “The regionalisation of the African content was identified as a key trend for the short and medium-term.

    “With the roll out of the African Continental Free Trade Area (AfCTFA) and upcoming first oil and gas in many African markets, the potential to have local content move away from a pure international-local perspective is real.

    “This is especially an opportunity for local companies within established markets, be it Nigerian companies regionalising the oil and gas content or South African and Kenyan companies regionalising content within the renewable energy space.

    “African companies have the means and opportunities to create regional ventures and partnerships taking the African content development to a new level, and must be seizing them.

    “Finally, inclusion in the workforce is set to become a major focus for the chamber and its committee, especially when it comes to promoting youth and women inclusion in the extractive industries.

    “A sustainable African energy industry will only be as strong as it is inclusive, and better mechanisms and policies need to be put in place to ensure African women and youth can build successful careers in the sector.

    “In that regard, upcoming producers such as Senegal, Mozambique or Uganda have a unique opportunity to truly innovate as they develop their own approach to capacity building and local content development.

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    “As the novel Coronavirus (COVID-19) pandemic further increases the need for localising value chains in Africa, local content development is set to become even more important for all industry stakeholders.

    “Its success will ultimately depend on the nurturing of capable and patient African entrepreneurs able to raise capital and engage regionally with the right partners to build successful ventures. In such a journey, cooperation with international companies, but especially amongst African entities, will be crucial,” the committee noted.

    Idowu Sowunmi

  • Nigerians to pay more for DSTV, GOTV Channels starting Sept 1

    Nigerians to pay more for DSTV, GOTV Channels starting Sept 1

    With effect from tomorrow (September 1), subscribers are expected to pay more to view channels on DStv and GOtv networks.

    MultiChoice argued that it has adjusted its subscription rates in order to ensure the sustainability of its business, considering financial impacts, including inflation as well as increased content and operational costs.

    The company said the price adjustment was arrived at after careful consideration of the market and a review of its business operations.

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    “We have made efforts to contain any price adjustments on subscription prices. However, to ensure the sustainability of the business, we have to consider financial impacts, including inflation as well as increased content and operational costs.

    “As such, we have reviewed the prices of some of our bouquets so that we can continue to survive as a business and bring quality entertainment to our customers.

    “To arrive at the decision to adjust prices, we took into account many factors, including the impact on the customer, current inflation, content costs and efficiencies within the company.

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    “To this end, only the prices of some of the bouquets have been reviewed upwards, while the lower bouquets have been left untouched,” said a statement by MultiChoice Chief Executive Officer, John Ugbe.

    He added that the packages would continue to be available at varying pricing points to allow subscribers flexibility in price and choice without compromising quality or variety.

    Idowu Sowunmi

  • Innocent Ike Succeeds Abiru as Polaris Bank Acting MD/CEO

    Innocent Ike Succeeds Abiru as Polaris Bank Acting MD/CEO

    Polaris Bank has appointed Innocent Ike as Acting Managing Director/Chief Executive Officer.

    The bank, in a statement, announced Ike’s appointment to succeed Adetokunbo Mukhail Abiru, who recently retired from the bank.

    The outgoing managing director has been touted to become the flagbearer of the All Progressives Congress (APC) in Lagos State as a replacement for Bayo Osinowo, the deceased senator who represented Lagos East Senatorial district, but died on June 15 of complications arising from the Coronavirus (COVID-19).

    Abiru, whose retirement takes effect from August 31, was appointed to head the bridge bank which took over the assets and liabilities of the defunct Skye Bank.

    The statement said Ike’s tenure as Acting Managing Director of the bank would be effective September 1.

    “The incoming Acting Managing Director/CEO was until now the Executive Director, Technology and Services while also overseeing the South-south/South-east Directorate of the bank,” the statement read.

    Ike joined the defunct Skye Bank in July 2016 as the Executive Director, Technology and Services after the Central Bank of Nigeria (CBN)’s intervention in the bank.

    He was reappointed in the same capacity in Polaris Bank in September 2018, upon the acquisition of the assets and some liabilities of the defunct Skye Bank Plc by Polaris Bank.

    Prior to his appointment on the board of Skye Bank, Ike was an Executive Director in Keystone Bank.

  • I’ve No Deal with Oilbank International Nor ADM Energy – Arthur Eze

    I’ve No Deal with Oilbank International Nor ADM Energy – Arthur Eze

    Executive Chairman of Atlas Petroleum and Oranto Petroleum, Arthur Eze, has categorically denied recent news report of his involvement in a partnership with ADM Energy on the ongoing Marginal Fields Bidding Round in Nigeria.

    On August 3, ADM Energy announced its successful pre-qualification in the Nigerian Government’s 2020 Marginal Field Bid Round, as the exclusive technical partner of Nigerian company, Oilbank International.

    But, Eze on Thursday accused Oilbank International of fraudulently using his name and presented him as its Chairman, leading to media reports stipulating his partnership with ADM Energy.

    “The misuse of my name and reputation is a blatant fraud. I am not involved in any shape or form in the management of Oilbank International, nor do I serve as its Chairman of the Board.

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    “Consequently, neither I nor my companies Atlas Petroleum International and Oranto Petroleum have ever had in any way, shape or form, any discussion about a potential partnership with ADM Energy,” said Eze.

    While the Nigerian Marginal Fields Bidding Round is expected to attract a lot of international partnerships to inject necessary capital and technology into the country’s marginal acreages, it’s the duty of foreign partners to do their due diligence before partnering with local entities.

    “If Atlas Petroleum International wants to acquire and operate a marginal field, it can do so on its own rights and does not need partnership with small companies like ADM Energy or Oilbank International to pursue such an opportunity.

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    “This is further demonstration that all stakeholders must adhere to President Muhammadu Buhari’s call to end corruption and promote sound and transparent business practices and corporate governance standards across the energy sector,” Eze added.

    Idowu Sowunmi

  • Ahmed, Wigwe, Abel, Shobo, Others Emerge Winners at 2020 African Banker Awards

    Ahmed, Wigwe, Abel, Shobo, Others Emerge Winners at 2020 African Banker Awards

    Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed; Access Bank’s Group Chief Executive Officer, Herbert Wigwe; Governor, Central Bank of Seychelles, Caroline Abel; former Chief Executive Officer of Agusto & Co., Vivien Shobo; among others have emerged winners of the 2020 Edition of the African Banker Awards announced Wednesday at a virtual Awards ceremony on the sidelines of the African Development Bank Annual Meetings ongoing in Abidjan, Cote d’Ivoire.

    The Awards are considered the Oscars of the African banking community and given the impartial selection and judging process, the Awards have been adjudged to be the most respected in the field.

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    Wigwe won this year’s African Banker of the Year. The financial institution is ranked as one of Africa’s top-tier banks and Wigwe has been at the helm of the bank’s growth and expansion, including the oversight of the takeover of Diamond Bank, a bank that was much bigger than Access Bank less than 15 years ago.

    Access Bank also won Agriculture Deal of the Year, as a result of its singular role to help Olam develop rice operations in Nigeria.

    The Central Bank Governor of the Year went to Abel from Seychelles, while the Finance Minister of the Year went to Ahmed.

    The organisers noted that despite difficult circumstances Nigeria’s Minister of Finance had managed to push through a set of difficult reforms as well as successfully engaging international partners to help the country navigate an extremely challenging economic environment.

    Tunisian businessman and financier, Ahmed Abdelkefi, won the Lifetime Achievement Award. He’s the founder of numerous businesses operating in leasing, brokerage and investment banking. He also founded private equity group, Tuninvest, and then launched Africinvest, without doubt one of Africa’s most successful Africa-owned PE firms.

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    Trade and Development Bank (TDB) won Bank of the Year. Incidentally, its CEO, Admassu Tadesse, won Banker of the Year at last year’s ceremony.

    The organisers added a number of awards this year to reflect the African Development Bank’s High Fives Agenda.

    The Energy Deal of the Year went to a renewable energy bond structured by Nedbank and Infrastructure Deal of the Year went to the Port of Maputo in a transaction led by Standard Bank. The SME Bank of the Year went to Nigeria’s Bank of Industry.

    Other awards include: Investment Bank of the Year won by Citi; Award for Financial Inclusion went to Kenya Women Microfinance; Socially Responsible Bank of the Year was grabbed by Equity Bank of Kenya; Innovation in Banking went to Ecobank; Deal of the Year (Equity) was won by MTN Nigeria IPO – Chapel Hill Denham; and Deal of the Year (Debt) went to Bank of Industry €1 billion syndicated senior loan facility – Bank of Industry/Afreximbank/Credit Suisse.

    Regional Bank of the Year Awards went to Equity Bank (East Africa); Coris (West Africa); CIB, Egypt (North Africa); Moza Banco (Southern Africa); and BGFI, Gabon (Central Africa).

    Speaking on this year’s awards, Publisher of African Banker Magazine, Omar Ben Yedder, said: “It’s been a momentous year in every sense. Banks will have to play a lead role in kick-starting post-COVID-19 growth and sustaining the real economy.

    “Governments and regulators have done an excellent job with limited means and both our winners Caroline Abel and Zainab Ahmed have demonstrated strong leadership there.

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    “Banks will need to work with institutions and partners to ensure liquidity doesn’t dry up. To quote our Lifetime Achievement Winner: Keep moving forward: adapt, innovate, take risks. That’s your job. Today’s crisis is neither the first and it will not be the last.”

    The awards, which were held under the high patronage of the African Development Bank, were sponsored by the African Guarantee Fund as Platinum Sponsor, the Bank of Industry as Gold Sponsor and Moza Banco as Associate Sponsor.

    African Banker is a quarterly magazine dedicated to banking and finance in Africa. It taps into the growing demand for information about Africa’s banking and financial world, a sector that is consolidating rapidly and reshaping the economy of the continent.

    Idowu Sowunmi