Connect with us

E-Financial

AfDB Achieved Highest Annual Disbursement in 2017 – Adesina

Published

on

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.

Continue Reading
Advertisement
Comments

E-Financial

Regulators Mull Clampdown on Accounts, GSM Phones Used for Fraud

Published

on

Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) may soon introduce a scheme that will enable banks and telecommunications companies to ban owners of any bank account or the Global System for Mobile Communications line traced to fraud.

 

The CBN, NCC is reportedly working with the Nigeria Deposit Insurance Corporation (NDIC) following the spate of electronic fraud involving (USSD banking) telephone lines and Internet banking transfers.

 

When introduced, owners of any bank account or GSM line traced to any fraud case, especially electronic fraud, would be banned for life from operating any bank account or GSM in Nigeria.

The pervasive electronic banking fraud in the banking sector has left customers, banks and regulators waxing worriedly.

 

Some experts claimed that the most significant risks to banks are self-serving or criminal acts carried out by some insiders.

 

According to them, when these insiders use their technical knowledge to alter or disable security controls, it can be even more difficult to detect abuse.

 

But it becomes more dangerous when insiders conspire with criminals outside, showing that depositors money in the banks are not safe.

 

For instance, fraudsters now inundate banks’ customers with SMSes to authenticate accounts with banks.

 

The preciseness of the messages with accompanying data show they could only have gotten the details from insiders in the banks.

Elsewhere, cyber security experts have also  berated telecommunications operators over the prevalence of SIM swap fraud in the country, arguing that such fraud could be possible with an insider in the network operator of the subscriber that is targeted.

 

SIM swapping is a sophisticated form of fraud and falls under social engineering. Fraudsters will distribute phishing emails, trying to ascertain as much personal information from victims as possible.

Continue Reading

E-Financial

FCMB Promotes Entrepreneurship Among Youths

Published

on

First City Monument Bank, FCMB, has sponsored capacity building programme for almost 1,000 members of the National Youth Service Corps, NYSC.

Tagged: ’Youth Entrepreneurship and Empowerment Programme’, it was in partnership with Activate Success Foundation.

Commenting on the initiative, Mr. Olu Akanmu, Executive Director, Retail Banking at FCMB,  said: “FCMB Flexx account empowers Nigerian youths with the entrepreneurial and employability skills they need. Many youths set up their own businesses from their campuses.

FCMB will be there with them to provide the necessary entrepreneurial and business skills they need to make great successes out of their businesses.

FCMB will also provide great support for the youth businesses and work with them to nurture and grow the youth entrepreneurial ventures.”

Also speaking, Founder Activate Success, Love Idoko said: ‘’I have a penchant for motivating people. There are business-minded youths out there that are just looking for mentorship or business ideas and funds to start their businesses.”

Continue Reading

E-Financial

Global Heists on ATM Machines Imminent- FBI

Published

on

America’s Federal Bureau of Investigation (FBI) has warned banks in Nigeria and others across the globe that criminals are gearing up to execute a global bank heist in the coming days.

 

In a recent confidential alert FBI told international banks that criminals are plotting a concerted global malware attack on cash machines in the next few days.

 

The FBI issued a warning about a highly choreographed fraud scheme known as an ATM “jackpotting”, or ATM cash-out,” in which crooks hack a bank or payment card processor and use cloned cards at cash machines around the world to take out millions in just a few minutes.

 

The alert said the agency had procured information indicating an attack was imminent and that it was likely an “unlimited operation,” which uses malware to exploit network access and get customers’ card information at a large scale.

Once the criminals get the card data, they create fraudulent copies using reusable magnetic strip cards (like gift cards) and hit the ATMs.

 

“Historic compromises have included small-to-medium size financial institutions, likely due to less robust implementation of cyber security controls, budgets, or third-party vendor vulnerabilities,” reads the confidential alert, which was sent to banks last Friday.

 

“The FBI expects the ubiquity of this activity to continue or possibly increase in the near future.”

 

The alert urges banks to review their security systems and use two-factor authentication with a physical or digital token.

 

Other tips include monitoring and limiting administrator and business accounts with the authority to modify typical fraud controls like maximum withdrawal amounts and number of daily ATM transactions.

Continue Reading

Trending

Copyright © 2017 Communication Week Media Limited.