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AfDB Achieved Highest Annual Disbursement in 2017 – Adesina

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Dr Akinwumi Adesina, President of African Development Bank (AfDB), said that the Bank, 2017, achieved its highest annual disbursement ever of 7.67 billion dollars on supports.

Adesina said this in a statement on Thursday in Abuja.

He said that the Bank would continue to support African countries in ensuring stronger macroeconomic policies.

“The Bank achieved its highest annual disbursement ever in its history, at 7.67 billion dollars.

“Our investment in the energy sector in 2017 covered 31 operations in 23 countries and totaled 1.39 billion dollars, representing a 30 per cent increase over 2016.

” In 2017, the Bank maintained its AAA rating with stable outlook by all four global rating agencies.

“The Bank’s AAA stable outlook rating is underpinned by sound financial and risk management policies, excellent liquidity and strong shareholder support,” Adesina said.

He said that the Bank was working hard to be more efficient and become impact driven organisation; one that accelerated Africa’s development, holding itself to a higher standard of performance.

The president said that it was only when the Bank became performance driven that it could meet Africa’s expectations.

Adesina assured that the Bank intended to score a lot more development goals for Africa, adding that there was need for greater alignment, performance and accountability for results.

He said that the Bank launched its largest bond transaction with 2.5 billion dollars three-year global benchmark followed by its largest ever five-year global benchmark for 2 billion dollars.

According to him, the Bank continues to grow its income solidly, reversing its declining income when he started two years ago.

He said that the net operating income of the Bank had declined from 589.3 million dollars in 2014 to 492.7 million dollars in 2015, when he took over, adding that ever since there had been a rapid turnaround.

“In 2016, the net operating income rose to 556.6 million dollars and shot up to 855 million dollars in 2017, an increase of almost 54 per cent over 2016.

” To put things in context, this is also a 73 per cent increase over where we were in 2015.

“The Bank is mobilising more resources for Africa. In 2017, we mobilised 9.73 billion dollars from the capital markets for African countries including 300 million dollars from the enhanced private sector facility for Africa.

“I am delighted that in 2017, the Bank helped leverage 6 billion dollars for the landmark Japan-Africa Energy Financing Facility.

“This will help accelerate efforts to light up and power Africa,” Adesina said.

He said that the Bank was doing a lot on “Light Up and Power Africa agenda”, adding that in 2017 it invested 1.39 billion dollars.

He added that the aim was to improve access to electricity to help generate an additional 1,400 MW of power and connect 3.8 million persons to electricity.

On renewable engergy, the president said that the Bank was leading, adding that when he assumed office, the share of renewable energy in the Bank total power portfolio was just 14 per cent.

“However, we increased that to 74 per cent in 2016 and in 2017; we achieved a record-breaking 100 per cent of our new lending in renewable energy.

He said that with access to more funding, “we hope to provide electricity to an unprecedented 29.3 million Africans between 2018-2020”.

The president said that the Bank was spearheading the development of the desert to power initiative to harness electricity from the sun all across the Sahel.

He said that “our goal is to support the generation of 10,000 MW of power, connect 250 million persons to electricity, of which 75 million people will be through off-grid systems.

“Africa needs to promote green growth. We are extremely conscious of our climate and environmental responsibilities and leadership role.

Adesina said that the Bank would be tripling its climate finance to 40 per cent of its portfolio by 2020.

On agriculture, he said that the Bank in 2017, invested 1.16 billion dollars in the sector – the highest ever in the Bank’s history.

It also launched Technologies for African Agricultural Transformation (TAAT), a one-billion dollar initiative to take agriculture technologies to scale for millions of farmers.

Adesina said that with adequate resources, between 2018-2020, the Bank expected to provide 29.2 million Africans with access to electricity.

He added that the bank’s Integrate Africa High 5 would provide 50 million Africans with improved access to transport.

Likewise, the Bank’s High 5 on Industrialising Africa would enable seven million people to benefit from investment projects.

He added that High 5, on improving the quality of life would also provide 36.8 million persons with improved access to water and sanitation.

Adesina said that the support of all shareholders was crucial for the general capital increase of the Bank.

He said that the Bank would do more for Africa and “we are working extremely hard to revamp the Bank and put it in a much stronger position, with more highly capable staff and institutional capacity to deliver more, better and faster support.

” Our ability to deliver in the past and now is a good indication that you can depend on us to deliver more in the future.

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E-Financial

Flutterwave Completes Series A Extension Financing Round

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Flutterwave Inc., financial technology firm, has announced the completion of its Series A Extension round of financing, saying the latest round includes investments from Mastercard, CRE Ventures, Fintech Collective, 4DX Ventures, and Raba Capital, among others.

 

It said it had now raised over $20 million to date and its largest investors include Green Visor Capital and Greycroft Partners.

 

According to a statement by the firm, as part of its financing, Joe Saunders, current Green Visor Capital Chairman & General Partner and former Chairman & CEO of Visa, has joined the Flutterwave Board of Directors.

 

Meanwhile, Olugbenga Agboola, Flutterwave Co-Founder, will replace Iyin Aboyeji, who has stepped down as CEO of the firm.

 

Aboyeji, in his farewell message, thanked the company’s board and team, saying: “It’s been amazing working with the Flutterwave team to build another great African company and I’m excited for the future under its new leadership.”

 

The new CEO, Agboola, is a Financial Technology Engineer, with core financial services technology experiences with Paypal, Google, GTBank, Access Bank, Standard /StanbicIBTC Bank

 

The statement quoted Agboola as saying: “On behalf of the entire Flutterwave team we wish Iyin luck in his future endeavours. Moving forward, the entire Flutterwave team and I are excited for Flutterwave’s future and look forward to growing the company.”

 

Headquartered in San Francisco, Flutterwave is building modern payments technology and infrastructure for Africa to enable people and businesses to connect with the global economy.

 

Much like in mobile communications, Africa is leapfrogging traditional payments technology and Flutterwave is building the Pan-African infrastructure to become the standard bearer for modern payments.

 

Flutterwave’s API makes it easier for the almost 24,000 businesses and individuals using its solution to process payments across Africa.

 

The African market, marked by increasing cross-border requirements, multi-instrument and channel payments, and a drive for financial inclusion is primed for Flutterwave’s unique vision and offering.

 

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BFL Microfinance Bank Sues CBN Over Licence

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Godwin Emefiele, Governor of the Central Bank of Nigeria

The management of BFL Microfinance Bank has sued the Central Bank of Nigeria (CBN) for “illegally” revoking its operating licence.

 

The bank, in the originating summons filed at the Federal High Court by its counsel, Velma Solicitors, prayed the court to declare the purported revocation null and void as the bank was not solvent.

 

The Government, CBN and the Nigerian Deposit Insurance Corporation (NDIC) were joined in the suit as the defendants.

 

BFL, among other things, sought a declaration that the plaintiff was not in default of any of the provisions of the Banks and Other Financial Institutions Act 2004 to warrant a revocation of its licence.

 

The counsel to BFL also prayed that the court should determine whether by the cumulative reading of Sections 12, 35, 36, 39 and 62 of the Banks and Other Financial Institutions Act 2004, the CBN had the right to revoke the licence.

 

BFL is also seeking general damages of N2m and punitive damages of N3m.

 

Mrs. Ajayi Olu, BFL’s managing director, in an affidavit, swore that the bank was not declared insolvent and neither had it been informed by the CBN or anybody whatsoever of any insolvency.

 

“The revocation was never communicated to us at any time, neither is it published in the official gazette,” she had sworn.

 

The NDIC, in a notice pasted on the bank’s door titled: Revocation of Banking Licence, dated September 30, said the bank was declared insolvent and closed by the CBN and the NDIC appointed as the liquidator.

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Customer Raises Alarm as N350m Disappears from his Access Bank Accounts

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Serious trouble may be brewing for Access Bank Plc as Mr Pascal Nwabueze Innocent has alleged that over N350 million been fraudulently withdrawn from the two accounts he operates with the bank without his authorization.

 

Mr Pascal Nwabueze Innocent raised the alarm when he discovered that over N116 million has been fraudulently withdrawn from both his personal and corporate accounts with the bank.

 

However, in the course of probing into the circumstances surrounding the disappearance of the N116 million, the customer further discovered that over N350 million was missing from the account.

 

The businessman said  that the two accounts from which the funds were withdrawn are from his personal account and De Chimex Aluminum & Steel Company Limited, a corporate account both operated by Pascal Nwabueze Innocent and domiciled at the Access Bank Plc, Wuse Market branch, Abuja.

 

According to him, the latest fraud is even separate from over N74 million which the bank was said to have appropriated in 2016 when he installed heavy duty machines which he imported from China.

 

It was gathered that when he approached the bank through a letter dated July 5, 2018, to ascertain who and how the transaction were carried out, Access  Bank, in their reply dated July 9, the bank assured him that it “has commenced investigation into the alleged unauthorized fraudulent withdrawals from your account”

 

Access Bank also requested him to provide “the details of the transactions in other to assist in their investigation, promising to furnish him with the outcome of their investigation.

 

It was further gathered that the request made by Nwabueze Innocent for Access Bank to furnish him with that instruments used in the withdrawals were rebuffed by the bank.

 

However, it was also learnt that rather than keep it promise of furnishing the customer the findings of their investigation, Access Bank reported the Nwabueze Innocent to the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC) and the Nigeria Police Force (NPF), FCT Command.

 

It was further learnt that it was when the Police stepped into the matter that the bank reluctantly made available 43 Fund Transfer/Standing Order Forms, out of which only five were authorized by Nwabueze Innocent while the remaining 38 were “unauthorized and fraudulent”.

 

Top Police sources said preliminary report of the investigation has shown that it was a clear case of criminal conspiracy, criminal breach of trust and outright theft.

 

According to Police sources, Access Bank is “becoming hesitant in responding to several issues relating to the withdrawals from the two accounts maintained by Nwabueze Innocent.

 

For instance, it was learnt that the bank is being reluctant to produce the original mandate for the withdrawals and the Closed Circuit Television (CCTV) footage between May 1, 2018 and June 30, 2018 when the fraudulent transactions were made.

 

According to sources familiar with the police investigations, central to the whole drama around the illegal withdrawals from the two accounts was one Ms Uche Gloria Michael Sado, a staff of Access Bank who is also the accounts officer for the two accounts.

 

Investigations by the Police was said to have revealed that funds were pulled from the two accounts maintained by Nwabueze Innocent and channeled to Mikuch Global Limited, from where the funds are withdrawn and disbursed among the “beneficiaries” of the fraudulent act.

 

It was further discovered during the police investigations that Mikuch Global Limited is owned by one Michael Sado, alleged husband to Ms Uche Gloria Michael, the Account Officer to the two banks from which the withdrawals were made.

 

According to Police sources, the fraud was perfected by forging the signature, telephone number and company name of the two accounts while at the same time diverting the Alert from the original telephone number of the account holder.

 

Police investigations also showed that Access Bank is being economical with the truth as the Uche Gloria Michael Sado, whom the bank is alleging to have “stolen” the funds and is alleged to be on the run is still on the payroll of the bank.

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