African Development Bank (AfDB) is set to start releasing a $2.2bn fund for the development of Special Agro-Industrial Process Zones in Nigeria (SAPZ).

Abdul Kamara, director general, AfDB Nigeria office, made this known during Channels Television’s 2024 End-Of-Year Review with the theme, ‘Focus on the Agriculture Sector, Food Security, Research and AfDB Investments’.

“Specifically, from next year (2025), we will see contracts signed and mobilization and construction on site will start in some states. Of course, not all the states will start together,” he said.

He said the money would be used for the development of agro-industrial hubs where processing will happen, aggregation centres and agricultural transformation programmes.

The developmental economist said though the Special Agro-Industrial Process Zones was approved by the AfDB Board in 2021, the project is picking up after startup delays attributed to several factors.

“When you approve a programme, you have to have it signed with the Federal Government, especially of that magnitude. You also have to have it signed with the co-financiers. The Bank had to bring in IFAD (International Fund for Agricultural Development) and Islamic Development Bank as co-financiers,” he said.

Kamara said when the Bank met with some state governors, months back, they agreed on certain actions to accelerate SAPZ.

“In all the seven states including the FCT, Cross River, Ogun, Oyo, Kaduna, Kano and Kwara, in each of the states, we are now in conversation with and are publishing the bidding document so that we’ll shorten the process. So, it’s picking up and that is not strange. Projects that are very complex

“That is even why at the African Investment Forum just concluded early this month, we had a pledge from different financiers to the tune of $2.2bn.

“So, the SAPZ is going to happen and it’s going to deliver as much as we have elsewhere.

“The value, give or take, what the Bank is putting in is about one billion dollars. Of course, if you add what others are bringing in, it will be more than that because we are a convener; we bring in others,” he said.

NGX Regulation Limited, a subsidiary of the Nigerian Exchange Group (NGX Group) has fined N255.53 million on 20 listed companies for failing to file their financial statements after the regulatory due date in 2023 and 2024.

The companies were sanctioned during the audited financial year 2023 and first and second quarter of 2024 for their inability to meet the regulatory requirements in the period under review.

As part of the post-listing rules of the NGX, companies quoted on the Exchange are required to file their respective unaudited quarterly and audited yearly financial statements with the NGX a month after the end of each quarter and three months after the end of a financial reporting year.

Companies experiencing any form of challenge that would hinder the submission within the stipulated time frame are required by the post-listing rule to communicate the challenge with the NGX.

Compliance with the rule, according to the NGX, promotes transparency, helps orderliness in the market and ultimately helps investors in making informed decisions regarding the companies’ securities.

Companies that defaulted for audited financial statements, 2023 include; Oando, which got a total fine of N41 million.

Lasaco Assurance was fined N8.7 million, while Regency Alliance Insurance was fined N7.8 million.

Others include Guinea Insurance (N3.4 million), C& I Leasing (N3.2 million), Universal Insurance (N2.8 million), Secure Electronic Technology (N11.2 million), Conoil (N9.6 million), Caverton Offshore Group (N7.7 million), VFD Group (N5.6 million), FBN Holdings (N5.4 million), Sterling Financial Holdings Company (N6 million), UPDC (N3.9 million) ABC Transport (N3.2 million), Presco (N3.2 million), eTranzact International (N700,000), NCR Nigeria (N200,000), and African Alliance Insurance (N48.6 million).

For default filings of interim accounts for Q1 and Q2, 2024; Oando (N40.6 million), Briclinks Africa (N30,000), Caverton Offshore Support Group (N9.4 million), Universal Insurance (N3 million), C& I Leasing (N3.2 million), Secure Electronic Technology (N7.9 million), Conoil (N6.3 million), VFD Group (N2.5 million), FBN Holdings (N2.7 million), Sterling Financial Holdings Company (N2.9 million), UPDC (N800,000), and PZ Cussons Nigeria (N4 million).

Sterling Financial Holdings Company PLC has achieved another milestone with the approval of the Central Bank of Nigeria (CBN) recognising an additional ₦75 billion in its capital raise.

This approval represents the final leg of the capital injection that was achieved through a private placement in September 2024.

Building on the private placement’s success, Sterling launched a Rights Issue in October 2024, structured to provide existing shareholders the exclusive opportunity to deepen their stakes in the company and share in its growth story.

The Rights Issue received significant interest and participation, highlighting the confidence and trust the company has cultivated among its shareholders over the years. Regulatory approval for the process is currently underway, marking another significant step in the recapitalisation journey.

The public is eagerly awaiting Sterling’s Public Offer, which will present an exciting opportunity for individuals to invest in the company. It is anticipated that the
recapitalisation process will be completed with a Public Offer early next year, allowing wider participation from the public and further strengthening its commitment to shared value creation.

Group Chief Executive, Yemi Odubiyi described the capital injection and the approvalas a validation of the company’s strategic direction and operational excellence. “This milestone reflects the confidence of regulators and stakeholders in our vision to redefine financial services in Nigeria and beyond.

“Our enhanced capital base empowers us to pursue transformative opportunities, deliver sustainable value to all stakeholders and drive impact across critical sectors of the Nigerian economy,” he stated.

Odubiyi emphasised the company’s evolution from its origins as a merchant bank to its current status as a diversified financial holdings company. Powered by cutting-edge technology and a flexible operational model, the company has consistently demonstrated its ability to navigate market difficulties and seize growth opportunities.

Reflecting on Sterling’s accomplishments, Odubiyi acknowledged the instrumental role of stakeholders, including regulators, investors, and customers. “We are grateful for the unwavering support and trust in our strategy, which has been pivotal to our journey.

“This recapitalisation strengthens our ability to unlock new opportunities, create value, and drive economic growth,” he added.

The capital boost follows a year marked by robust financial performance and significant strategic achievements for Sterling. As at the last week in December 2024, Sterling witnessed a 19% surge in stock price, contributing to a remarkable three-year growth of 287.42%. In the first half of 2024, the company recorded a 51% increase in profit before tax compared to the same period in 2023 and achieved a 20% growth in total assets.

These results demonstrate Sterling’s resilience and ability to deliver superior outcomes despite the complexities of Nigeria’s economic landscape, marked by high inflation and currency volatility.

As Sterling looks ahead, its focus remains firmly on innovation, sustainability, and value creation. With a fortified capital structure, the company is well-positioned to execute its ambitious growth plans, deepen its impact across critical sectors, and set new benchmarks for excellence in Nigeria’s financial services industry.

This latest milestone marks a transformative chapter for Sterling Financial Holdings Company PLC as it continues to redefine the future of financial services in Nigeria and beyond.