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AfDB President Sees Bright Future for Africa, India

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Akinwumi Adesina, African Development Bank President has said that Africa-India trade rose five-fold in the last decade and is forecast to double – to US $100 billion – by 2018.

Africa and India have development journeys to share, Adesina said, and huge opportunities to explore together, not least in harnessing solar power to promote economic growth, and sharing the know-how of agricultural transformation.

Speaking to the Indian press ahead of the Annual Meetings, Adesina charted a deepening partnership between Africa and India.

He praised the Indian Government for its commitment to Africa, citing the success of the India-Africa Forum, and the evidence of the 2015 US $10 billion line of credit to be delivered over the next five years – through the Exim Bank of India – to Indian companies wishing to invest in Africa.

He also highlighted the US $9.5 million of grants made in Africa through the India Africa Cooperation Trust Fund, and the Kukuza project development company, an Africa-India initiative based in Mauritius, which is developing a pipeline of bankable infrastructure projects in Africa.

“I take my inspiration from Mahatma Gandhi,” said Adesina, “in wanting to ‘be the change you want to see in the world’. I want Africa, already a place brimming with opportunity, to win its own place in the world’s workshops and marketplaces – to become a global industrial powerhouse.”

In underlining Africa’s economic success – 14 out of 54 countries grew by over 5% in 2016, and 18 by 3-5% – he stressed the importance of building skills and creating jobs for the young people of Africa. He praised the Indian Government for taking in African students of higher education, with the current 15,000-20,000 a year set to double in a decade.

He saw the greatest area of potential collaboration in the power sector, in which the Bank will invest US $12 billion over the next five years, and leverage a further US $45-50 billion.

“You can’t develop in the dark”, he said, “and 645 million Africans are currently without electricity. A special area in which I hope Africa and India will work together is under the International Solar Alliance. Both are blessed with sunshine, and we have to use this solar energy to power our economies.”

The focus of the 2017 Annual Meetings, taking place from May 22-26 in Ahmedabad, he said, will be on transforming Africa by transforming agriculture. “Our aim is for Africa to feed Africa, and eventually for Africa to feed the world. I am a great admirer of how India fed itself. When I was first here – working in the International Crops Research Institute for the Semi-Arid Tropics in Hyderabad in 1988 – India was asking itself how to do this. The great M. S. Swaminathan, a pioneer of India’s Green Revolution, said that there were three main ingredients – political will, resources and technology – and it was done in three years.”

Commenting on India’s development journey, he said: “Prime Minister Modi has positioned India globally. His focus on ‘Make in India’ is something we want to see on our continent: ‘Make in Africa’”.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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