E-Financial
Renaissance Capital Investors Conference Resounds Expectations from Buhari
Over 150 investors representing both global and frontier funds and 50 companies from across the African continent participating at the 3-day Renaissance Capital 6th Annual Pan-Africa 1:1 Investor Conference in Lagos, have re-echoed the thrust the incoming Muhammedu Buhari, president-elect’s, government should build its core values.
While recognizing that the outgoing government led by President Goodluck Jonathan should be remembered for checkmating the country’s debt profile, resulting in some positive economic outlooks in the current oil sector downturn, however, issues revolving around making corruption costly and unattractive, and robust private sector complemented by entrepreneurial and goal-oriented public sector, have become paramount in the present day economy.
In a keynote address, Professor Pat Utomi, a professor of Economics, said that the immediate challenge the incoming government should tackle is conserve the nation’s economic potentials and stimulate them to enable greater productivity.
Essentially, Utomi said it is investors’ hope that the new government will reinvent the sector like the mining and build clusters of industries around it; strengthen institutions, property rights, enabling environments and promote national strategy.
Such national strategy, he continued, will imply blocking all revenue leakages, increase productivity of available funds and creating values for money.
To articulate such, the Professor said that professional accountants should be involved to minimize expenses; diversify the nation’s economic bases, sectorially and geopolitically.
“Yes, we expect the incoming government, to stimulating the existing economic potentials of the country by way of improving revenue collection, extend the tax net, stimulate economic growth that will produce future tax; i.e., that creates regional competitiveness.
“The incoming government also needs to adopt new core values where emphasis of policies should move towards the well-being of the average citizens rather than special interest groups. On power sector, let there be a refocus on how to distribute power, because Nigerians are in dire need of power. Engage the power of the private sector for development.
“It is our honest expectation that sectors like power, infrastructure, finance & banking, SMEs, culture, ICT will be improved upon for even availability of service to the citizenry,” he said.
Professor Utomi also predicted that there will be an economic resolution in favour of the manufacturing sector.
The event by Renaissance Capital, a leading emerging and frontier markets investment bank, helps facilitate further investment in continent’s fast-growing markets by bringing together leading international investors and companies from across Africa.
Igor Vayn, chief executive officer, Renaissance Capital, said, “We are confident in the vast untapped development potential of African countries, fuelled by expanding economies and a growing consumer base. Since we first launched herein 2007, we have maintained our deep commitment to grow our presence on the ground. As markets have evolved and become more mature, we have broadened our offering in Africa”.
He added that going forward, Renaissance Capital will continue to develop its business in the continent to support the economic growth and facilitate further investment in Africa’s fast-growing markets.
According to Vayn, “This year, we bring the conference to Nigeria at a profoundly important moment for the country. The peaceful presidential election and transfer of power to Muhammadu Buhari are a testament to the success of the electoral process. The prospect of reforms by a new administration implies significant upside potential for Nigeria over the medium term. We think Nigeria is at the cusp of a recovery, and the low oil price combined with a change in the government provides the best investment opportunity in years.”
Renaissance Capital’s “Frontier and emerging markets: Reform awakens” report issued last week once again proves the increasing strength of African markets and highlights the breadth of opportunities the continent presents.
Charles Robertson, global chief economist at Renaissance Capital, noted thus, “We see great long-term potential across Africa, particularly, in Nigeria, Kenya and Egypt.”
“We believe Nigeria will be a trillion dollar economy by 2025 and it will keep doubling in size every 10 years. GDP per capita is likely to reach around $15,000 by 2050. Following the April elections, the new government represents the best opportunity in recent years to push forward reform for Africa’s largest economy.”
The three-day conference will host over 1,000 one-on-one meetings and dedicated sector site visits, including to Ghana.
Founded in 1995, Renaissance Capital is a leading emerging and frontier markets investment bank with operations in Russia, Eastern Europe, the Middle East, Asia and Africa, and offices in major financial centres, such as London, New York and Dubai.
It has established market-leading positions in each of its core businesses – M&A, equity and debt capital markets, securities sales and trading, research and derivatives.
The Firm continues to build its practices in metals & mining, oil & gas and agriculture across its target markets. Renaissance Capital is part of ONEXIM Group.
E-Financial
CBN, SEC Approve FCMB Group’s N147bn Rights Offer
In a move to meet the Central Bank of Nigeria (CBN) new capital requirement, FCMB Group Plc, yesterday announced that it has successfully completed its public offer and raised about N147.5 billion from investing public.
The Group in a statement on the floor of the Nigerian Exchange Limited (NGX) stated N144.56 billion was absorbed through the issuance of 19,802,710,781 ordinary shares at N7.30 per share bringing total post-offer issued shares to 39,605,421,562 shares.
It added that the public offer was oversubscribed by 33 per cent amid high demand from investors.
The financial institution announced the completion of its public offer, following the approvals of the CBN and the Securities and Exchange Commission (SEC).
FCMB Group had issued 15,197,282,219 ordinary shares of 50 kobo each at N7.30 per ordinary share of N0.50kobo each to old and new investors.
The Company Secretary, FCMB Group, Mrs. Olufunmilayo Adedibu in a statement stated that the offer was oversubscribed by 33per cent, attracting 42,800 investors with 92per cent subscribing via more convenient digital channels such as the bank’s mobile app and ushering in over 39,000 new investors to the FCMB Group.
She said, “the total amount raised and verified by the regulatory authorities is N147,508,464,568.60 and N144,559,788,701.30 was absorbed through the issuance of 19,802,710,781 ordinary shares at N7.30 per share bringing total post-offer issued shares to 39,605,421,562 shares. Regulatory approvals have also been received to downstream the net proceeds of the public offer from the holding company to the banking subsidiary.
“This raises the paid-up share capital and share premium, being the eligible capital base as per CBN’s recapitalization criteria, of the banking subsidiary, First City Monument Bank Limited, to over N240 billion, which exceeds the minimum requirement for a national banking license.
“Subsequent phases (2 & 3) of FCMB Group’s capital program, which are currently underway, are aimed at ensuring First City Monument Bank Limited meets the minimum capital requirement to retain its international banking license in line with its vision to be a global financial services group of African origin, renowned for leadership in its chosen markets.
Commenting on the successful completion of the public offer, Mr. Ladi Balogun, the Group Chief Executive, FCMB Group, in a statement said, ““We are grateful to our existing shareholders and new investors for coming out strongly to support this offer.
“The success of the public offer reflects significant investor confidence in our strategy and growth potential, as well as trust in the board, leadership and our people to fulfill our commitments and realize this potential.
“We also extend our profound appreciation to the CBN, the SEC and the NGX for their continued foresight, innovation, guidance and support which has been instrumental in achieving this significant milestone.
“This marks an important step forward in our journey to unlock new opportunities, create value for our shareholders, and contribute to the economic growth of Nigeria and Africa. We remain committed to executing the subsequent phases of our capital-raising program in 2025.
E-Financial
Verve International Achieves 70 Million Payment Cards Milestone in Nigeria
Verve International, Africa’s pioneering and largest domestic payments scheme, has announced a significant new milestone, further solidifying its market dominance in Nigeria.
The company has now issued over 70 million payment cards in Nigeria, Africa’s largest consumer market.
This achievement comes just 15 months after Verve celebrated issuing 50 million cards, marking a remarkable 40% year-on-year growth in issuance volumes.
In recent years, Verve has become the preferred payment card across various banking services, especially within Nigeria’s burgeoning fintech and neobank sectors.
This success is attributed to Verve’s continuous innovation, deep understanding of local market needs, and strategic partnerships with commercial banks, microfinance institutions, fintech companies, other financial institutions (OFIs), and the public sector.
As Africa’s leading domestic payment card scheme, Verve is dedicated to addressing unique market challenges by offering secure and cost-effective payment solutions for individuals and businesses.
Verve provides both virtual and physical cards, enabling payments for a growing number of international services in local currency.
Over the past three years, Verve has achieved significant progress, securing merchant acceptance with global platforms such as Google, Spotify, Netflix, Showmax, Amazon Prime, Facebook, Microsoft, Uber, and Flywire.
These partnerships underscore Verve’s commitment to providing African users with convenient access to global services in local denominations.
Beyond Nigeria, Verve cardholders can use their cards in over 21 other African countries, ensuring seamless transactions across the continent.
Verve’s expanding partnerships in East Africa, including major financial institutions like KCB Group and Equity Bank, as well as a growing network of savings and credit societies (SACCOs) in Kenya and Uganda, highlight the company’s dedication to driving value and efficiency for African financial institutions.
Vincent Ogbunude, CEO of Verve International, expressed his excitement about this latest milestone, stating, “At Verve International, we continue to deliver global-standard payment solutions tailored to the economic and operational realities of African markets.
“We are delighted to celebrate this phenomenal achievement of adding 20 million new payment cards in Nigeria.
“We are grateful to our issuing partners and loyal cardholders for their support.”
Recently, Verve launched the fifth edition of its Goodlife National Consumer Promo, a reward program designed to engage and reward its millions of cardholders.
Running from August 15 to December 31, 2024, the promo offers instant discounts and rewards at selected merchants and retail outlets across Nigeria, including NNPC Retail Limited, Addide, The Place, Sweet Sensation, and Chowdeck.
As a subsidiary of the Interswitch Group, Africa’s leading integrated digital payments and commerce enabler, Verve International remains committed to pushing the boundaries of customer experience and payment possibilities.
Verve cards are trusted for their safety, convenience, and reliability, and can be used across a wide range of payment channels, including Point of Sale (POS) terminals, Automated Teller Machines (ATMs), agency banking channels, web/e-commerce, and mobile apps.
E-Financial
AfDB to Release $2.2Bn Nigerian Agro-Industrial Fund from 2025
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.
- Broadcasting3 days ago
Afrobeats and Amapiano Lead Africa’s Musical Revolution
- E-Financial3 days ago
Verve International Achieves 70 Million Payment Cards Milestone in Nigeria
- Uncategorized17 hours ago
DecemberIssaVybe: FirstBank Sponsors ‘The Cavemen Concert’, Thrills Audience
- Uncategorized17 hours ago
Corporate Blackmailers as Tinubu’s Enemies
- E-Financial2 days ago
CBN, SEC Approve FCMB Group’s N147bn Rights Offer
- News2 days ago
CSCS Harps on the Role of Tech in Boosting Capital Market Activities
- News17 hours ago
90 Percent of Workers to Pay Lower Taxes in Tax Reforms- PACFTR
- News17 hours ago
Lassa Fever, Others Claimed 952 Lives in 2024 – NCDC