E-Financial
Ecobank Opens up N70Bn Agricultural Financing Scheme
Ecobank Nigeria has announced an Agriculture Businesses Finance Scheme where it plans to disburse additional loan of N70 billion for practitioners in different value chains of Agriculture within the next two years.
This announcement is coming just as the bank is set to organise Nigeria’s Biggest Agribusiness And Food Summit in February 2020. The Agribusiness summit is part of its determination to further showcase the potentials in the agricultural sector of the nation’s economy in partnership with Vanguard newspapers, The Economic Forum Series and Nigeria Agribusiness Group (NABG).
The summit with the theme: “Unlocking productivity and investment opportunities across the Agribusiness value chain,” is scheduled for February 13, 2020 at the Grand Banquet Hall, Civic Centre, Ozumba Mbadiwe, Victoria Island, Lagos.
Mojisola Oguntoyinbo, head, Agribusiness, Ecobank Nigeria, said the summit is part of the bank’s continuous contribution to the growth and development of the agriculture sector of the nation’s economy. According to her, a pool of notable thought leaders and industry experts have been assembled to address key and current issues in the agricultural space as it relates to current economic developments and participants will also be given the opportunity to exhibit their products and services within the agriculture value chain.
“This maiden edition of the Ecobank Agribusiness Summit is to stimulate discussions, examine critically the opportunities with the intent of unlocking the growth potentials in the entire value chain of the agric sector. The full day event will include keynote speakers, panel discussion sessions and exhibition of Agro and Agro-allied products where marketplace experience will be created for buyers and sellers to interact and make sales. Between 400 to 450 companies, regulators and other stake holders in Agric-business are expected to attend and participate at the event. This will create opportunity for networking among the industry players,” she noted.
Further, Oguntoyibo noted that the Summit would among other things examine the potential impact of agriculture technology investment in fixing low productivity in Nigeria’s food production; how government policy, laws and regulatory framework can drive effective public private partnership; evaluate existing traditional agriculture finance models in Nigeria and the role and impact of technology enabled commodity exchange trading across the agriculture value chain, and the role of developmental partners and international agencies in driving funding and investments across the agriculture value chain.
Jude Ndu co-counder, the Economic Forum Series and Director, Vanguard Conferences says “we are delighted to be partnering with Ecobank Nigeria on the conceptualisation, strategy and execution of this high profile event in line with the Central Bank of Nigeria (CBN) agriculture policy and the Economic Recovery and Growth Plan (ERGP) of the federal Government. As a media organisation, this is our own way of contributing to the growth prospect of the sector through audience engagement by bringing together critical stakeholders to discuss solutions to the issues of low productivity and investment opportunities across Nigeria’s agricultural value chain.”
Notable participants at the summit include the Honourable Minister of Agriculture & Rural Development, Federal Republic of Nigeria, Alhaji Sabo Nanono as Special Guest of Honour, Dr Andrew S Nevin, Chief Economist and Partner, Financial Services Sector, PwC as Keynote Speaker. Other speakers and Panelists are Patrick Akinwuntan MD/CEO Ecobank Nigeria, Abdulhameed Aliyu MD/CEO NIRSAL, Mr Emmanuel Ijewere Vice President Nigeria Agribusiness Group (NABG), Ayodeji Balogun, Country CEO AFEX Commodities Exchange among others.
E-Financial
Greenwich Group Celebrates 30 Years of Financial Innovation
Greenwich Group, a leading financial solutions provider in Nigeria, is celebrating 30 years of delivering innovative financial solutions tailored to the evolving needs of stakeholders while contributing to the growth and development of the Nigerian economy.
The lead institution, formerly known as Greenwich Trust Ltd, has transitioned from its early days as a Financial Adviser and Issuing House into a Merchant Bank. In March 2024, Greenwich Merchant Bank was granted an Approval-In-Principle (AIP) by the Central Bank of Nigeria (CBN) for a non-operating financial holding company structure. Today, Greenwich Merchant Bank is the most capitalized Merchant Bank in Nigeria, with a strong asset base of ₦146 billion as of June 30, 2024.
In commemoration of its 30th Anniversary, the Company hosted an exclusive dinner event at the Grand Ballroom, Oriental Hotel in Lagos, to celebrate and appreciate its loyal Clients and Customers who have been part of the journey, as well as express its deep gratitude to the stakeholders, while rewarding 45 Staff members who have been instrumental in the Group’s journey to success. The event was well attended by dignitaries across board.
Amongst the awardees was a posthumous award for leadership, which was awarded to the late (Sir) Remi Omotosho with the sum of ₦50 million. The best Staff across the Greenwich Group, Mrs. Yakashim Shettem, also received the Kayode Falowo Award for Excellence which also went with a cash prize.
In his welcome remarks, Chairman of Greenwich Group, Kayode Falowo, expressed profound gratitude to God, appreciated the Company’s stakeholders, and noted that the dinner is part of the Group’s broader initiative to further appreciate its Clients and recognize the efforts of the Staff for their loyalty as it progresses to its next growth phase.
According to him, the institution is set to unfold a remarkable transformation by launching into new territories of businesses—Insurance, PFA and Fintech, as it has received an Approval-In-Principle from the Central Bank of Nigeria to operate as a holding company.
Speaking of some of the awardees, the Chairman hinted that Greenwich has continued to build on the legacy of the late (Sir) Remi Omotosho’s good governance, integrity, and professionalism, as he was part of the journey of the Company while alive. He further explained that the recipient of the Kayode Falowo Award for Excellence, Shettem was honored for epitomizing the core values of integrity, efficiency, innovation, loyalty, and transparency.
The Governor of Ogun State, Dapo Abiodun, a special guest at the event, commended the Chairman of Greenwich for demonstrating exemplary leadership and commitment to excellence in his role for spearheading the remarkable traits that have significantly contributed to the growth and success of the Institution.
“We are celebrating the testament of the triumph of tenacity, which is predicated on faith, hope, and fortitude. Kayode is somebody who is dependable, reliable, and very consistent. Kayode upholds all the attributes of good governance. He has demonstrated himself to be a good manager of human and financial resources over the years. I am convinced that your best is yet to come,” he added.
In his vote of thanks, the MD of Greenwich Merchant Bank, Benson Ogundeji acknowledged the presence of the stakeholders, other distinguished guests, top executives of other banks, and valued customers. He emphasized the significance of the celebration, attributing the success of the past decade to the unwavering support and guidance of the Chairman which has been instrumental to the growth of the institution, the commitment of the Staff, and the unwavering faith of the esteemed Shareholders in the Company’s vision, as their continued patronage has been fundamental to Greenwich’s success.
Dignitaries who attended the event included the Ooni of Ife, Oba Adeyeye Ogunwusi; Governor of Ogun State, Dapo Abiodun; Phillip Ikeazor, Deputy Governor, Financial System Stability of the CBN; President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), Professor Pius Olanrewaju; Kayode Fayemi – Former Governor Ekiti State; Haruna Jalo Waziri, MD/CEO, CSCS Plc and Dr Emomotimi Agama, DG, SEC. Other dignitaries who attended the event included Mrs. Olufunke Agagu, the wife of a former Governor of Ondo State; Chief Pius Akinyelure, Chairman, Board of Directors, Nigerian National Petroleum Corporation (NNPC) and Ray Atelly, Chairman, Nigerian-British Chamber of Commerce (NBCC) and many others.
E-Financial
SEC Restates Commitment to Transparency in Fintech Regulation
Securities and Exchange Commission (SEC) has assured stakeholders in the fintech space it is committed to ensuring transparency and integrity in the regulation of the space.
Dr. Emomotimi Agama, director general, SEC, said it has provided a level playing field to all applicants.
Agama, stated this during a meeting with Regulatory Incubation and Accelerated Regulatory Incubation Program applicants on Monday.
The SEC DG stated that the commission understands the anxiety and the need to be regulated but added that they have to be very careful even in its desire to be inclusive.
He said, “The process of registration is a very technical process because registration is the hallmark of regulation. It goes beyond onboarding and registering, it requires monitoring, education, and surveillance and all of these are continuous. This journey is a new one that we have not gone through before. As we continue, we will find challenges, which we need to solve because every challenge is solvable.
“I am here to assuage fears being exhibited, we have provided a level playing field but as a government institution we must take things into context while doing this. The groups that were admitted into the ARIP and RI are beginning to see that we have started demanding for some information, operational updates and more regulatory requirements in line with the concept of a Regulation Incubation Programme or a Sandbox as some other institutions call it. In doing this, we are understudying what they are doing and the risk that they pose to investors and to themselves.
“We have not only done that, we have also issued new regulations to the public, which we call an exposure document. If you look at it, it is an upgraded version of our earlier regulations and the regulation making process demands that we get your views as stakeholders before it becomes a regulation.”
Agama stated that the inputs of stakeholders is important as regulators cannot claim to know everything adding that the rules would be amended to include all valid points to make it an all-inclusive document.
He further disclosed that the commission has increased the space to include more regulations to accommodate more individuals, more institutions and more functions because accommodation is the stance of the government regarding the space.
E-Financial
Ecobank Warns against Fraud during Yuletide
Ecobank Nigeria has cautioned customers to be vigilant against fraudsters during the Yuletide while promising uninterrupted access to banking services through its digital platforms throughout the holiday season.
In a statement on Monday, Adeola Ogunyemi, head, Consumer Banking at Ecobank Nigeria, emphasised that customers can continue their shopping and transactions smoothly via the bank’s various digital channels.
Ogunyemi highlighted the Bank’s long-standing commitment to digital transformation, which aims to improve customer experience and provide alternative access to banking services.
Ecobank Nigeria is an affiliate of the Ecobank Group, the leading pan-African banking group.
The bank offers a comprehensive suite of financial services and solutions to consumer, commercial, corporate, and investment banking customers at over 240 branches and 35,000 Xpress Point agencies across Nigeria.
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