News
UN Commends Sterling One Foundation on the Africa Social Impact Summit
Mr. Matthias Schmale, United Nations Resident and Humanitarian Coordinator in Nigeria, has commended the Sterling One Foundation for creating a convening to accelerate growth towards the 2030 Sustainable Development Goals across Africa.
L-R: United Nations Resident Coordinator, Dr. Matthias Schmale; Vice President, Public Affairs Communication & Sustainability, The Coca-Cola Company, Africa, Ms. Patricia Obazuwa; MD/CEO Sterling Bank Plc, Mr. Abubakar Suleiman; CEO of Sterling One Foundation, Mrs. Olapeju Ibekwe and Vice President and Head, Corporate and Government Relations, Olam at the premier edition of Africa Social Impact Summit held in Abuja on Thursday.
This was shared during the 2-day hybrid event held on July 13-14, 2022, at the prestigious Transcorp Hilton Hotel Abuja which had about 4,000 registered delegates from 55 countries.
Giving a keynote address at the event on the theme, ‘Rethink, Rebuild, Recover, Accelerating Growth for the SDGs’, Mr. Schmale noted that the theme was apt, timely, relevant, and required given the economic regression across Africa occasioned by the pandemic, the volatilities caused by the Ukraine war and the fact there was just 8 years to go before 2030.
He commended the leadership of the Sterling One Foundation stressing that there was need for intensive collaborations and partnerships among African leaders across the public and private sectors including the civil society groups to aid the achievement of not just the 2030 goals but also, the African Union’s 2063 goals.
Also speaking at the event, Mrs. Olapeju Ibekwe, CEO, Sterling One Foundation, noted that the summit had in-depth and insightful panel sessions on climate action, education access and funding, primary healthcare, youth and gender empowerment, impact investment and governance which all give a good appreciation of the 17 interlinked global goals.
She added that a recurring resolution that came through in all the panel sessions was the need for the elimination of silo executions and the embracing of collaborations by all sector players. Financing strategies, impact measurement and evaluation of such impact were also discussed as
it was clear that the SDGs require financing to become a reality with an estimated amount of $1.3 trillion annually in Africa as shared by the UN and over $300 billion to block the gap in Nigeria.
“Various deals from 4 African countries were brought to the summit’s Deal Room with innovative solutions that cut across the education, health, construction, renewable energy, and food security sectors.
“Most of these businesses already have conditional commitments from our investors at the event and we expect to seal these deals in the coming weeks by working with the investees.
“We will continue facilitating financing for purpose and profit-driven business solutions that will help promote access to health and education for all while guaranteeing returns for impact investors locally and globally’’, she added.
She noted that the Foundation was already working with various partners and will continue in this light as the event was organized in partnership with the United Nations Global Compact Network Nigeria, Sterling Bank, the Coca-Cola Company, VFD Group, the Impact Investors Foundation, Giving.ng, the Nigeria Climate Innovation Center (NCIC), the Nigerian Economic Summit Group (NESG), Ventures Africa, Proshare and Tech Cabal.
News
FBNQuest Asset Management Wins Asset Management Award at BusinessDay Banks & Other Financial Institutions Awards
FBNQuest Asset Management, an investment management firm in Nigeria and a subsidiary of FBN Holdings Plc., is proud to announce that it has been honoured with the prestigious Excellence in Asset Management Award at the recent BusinessDay Banks and Other Financial Institutions Awards.
This recognition highlights FBNQuest Asset Management’s unwavering commitment to delivering exceptional investment solutions and fostering financial growth for its clients.
The award ceremony, celebrated the outstanding achievements of financial institutions across Nigeria, highlighting those that have demonstrated innovation, excellence, and unwavering commitment to quality service.
“We are immensely proud to receive this award, which reflects our dedication to excellence and our focus on creating value for our clients,” stated Ike Onyia, Managing Director, FBNQuest Asset Management. “This achievement is a testament to the hard work and expertise of our team, as well as the trust our clients place in us. We will continue to strive for excellence in all that we do.”
FBNQuest Asset Management offers a range of investment solutions, including mutual funds, discretionary portfolio management, and alternative investments, tailored to meet the diverse needs of its clients.
The firm remains committed to maintaining the highest standards of integrity and professionalism in the asset management industry.
The BusinessDay Banks and Other Financial Institutions Awards are recognized as one of the most prestigious accolades in the financial sector, honouring organisations that excel in performance, innovation, and customer service.
Federal government has unveiled a new policy for Nigerians to deposit dollar bills held outside the formal banking system without scrutiny.
Nigerians have nine-month deadline to do this according to Wale Edun, minister of Finance and coordinating minister of the Economy.
Edun who spoke after the Thursday’s National Economic Council (NEC) meeting in Abuja, said that “there will be no penalty; there will be no taxes, and there will be no questions.”
“There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.
“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money.
“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.”
The minister also stated that 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.
The National Insurance Commission, (NAICOM), on Wednesday, sacked the board of African Alliance Insurance Plc with effect from October 30, 2024.
The Commissioner for Insurance, Mr. Segun Omosehin, disclosed this during a press conference in its Lagos office, that an interim board and management have be appointed.
The new interim board are: Dr Haruna Mustafar, a former director at Central Bank of Nigeria; Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.
The management team is led by former Managing Director of International Energy Insurance and Cornerstone Insurance Plc, Jacob Erabor, as Managing Director/ CEO; Wasiu Amao – Executive Director, Technical and Ms. Oremeyi Longe – Executive Director, Finance.
He noted that the interim management has up to one year to turn around the company.
He said the decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.
The Interim Management Board, according to him will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
While noting that the Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.
”The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry while ensuring the company’s return to stability and compliance.
“The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”
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