Food Importation Policy Will Destroy Nigeria’s Agriculture-Adesina

Mohammed Shosanya

The President of the African Development Bank Group Dr. Akinwumi Adesina (www.AfDB.org) has said the decision by Nigeria’s government to allow massive food importation risks destroying the country’s agriculture.

This follows the announcement by Nigeria’s Minister for Agriculture Abubakar Kyari on July 10 that the Federal Government would suspend duties, tariffs, and taxes on the importation of maize, husked brown rice, wheat, and cowpeas through the country’s land and sea borders, for 150 days.

“Nigeria’s recently announced policy to open its borders for massive food imports, just to tackle short-term food price hikes, is depressing,” Adesina told African Primates of the Anglican Church at a Retreat in Abuja, Nigeria, on Friday.

He warned that the policy could undermine all the hard work and private investments that have gone into Nigeria’s agriculture sector.

“Nigeria cannot rely on the importation of food to stabilize prices. Nigeria should be producing more food to stabilize food prices, while creating jobs and reducing foreign exchange spending, that will further help stabilize the Naira,” said the African Development Bank president.

“Nigeria cannot import its way out of food insecurity,” he said, “Nigeria must not be turned into a food import-dependent nation.”

Speaking on the theme ‘Food security and financial sustainability in Africa: The role of the Church’, Adesina said Nigeria “must feed itself with pride,” warning, “a nation that depends on others to feed itself, is independent only in name.”

In his opening remarks, the host, His Grace the Most Reverend Henry C. Ndukuba, Primate of the Church of Nigeria (Anglican Communion), said the gathering was a unique opportunity for African Anglican leaders to deepen bonds of friendship and collaboration, and to share collective wisdom and experiences.

The chairperson of the event, Emeritus Nigerian Professor of Science Education, Olugbemiro Jegede, told Adesina: “You have the whole of Africa represented here. Every Primate represents a region. Behind these Primates are millions and millions of Anglicans who are listening to us here.”

Noting that Africa accounts for nearly a third of the more than 780 million people worldwide who are hungry, the African Development Bank president said agriculture is critical for the diversification of economies, and for the transformation of rural areas, where over 70 percent of the population of Africa live. “It is clear therefore that unless we transform agriculture, Africa cannot eliminate poverty,” he insisted.

Adesina said Africa has 65 percent of the uncultivated arable land left in the world, to feed 9.5 billion people by 2050. Therefore, what Africa does with agriculture will determine the future of food in the world. “Essentially, food is money. The size of the food and agriculture market in Africa will reach $1 trillion by 2030.”

Adesina briefed the Primates on the Bank’s $25 billion program to transform agriculture by providing high performing agricultural technologies for 40 million farmers and making Africa food self-sufficient by 2030.

He shared the Bank’s successes in helping member countries tackle the negative effects of climate change, through financial investments and its flagship Technologies for African Agricultural Transformation (TAAT) program.

According to the Bank president, TAAT has helped Ethiopia to become a net exporter of wheat within five years, and it has significantly increased Sudan’s wheat production, as well as supported countries in Eastern and Southern Africa to continue producing food in the face of a prolonged drought.

For Nigeria, Adesina said, “Together with the Islamic Development Bank and the International Fund for Agricultural Development, we have provided $520 million to support the establishment of Special Agricultural Processing Zones, which will allow private agribusinesses to establish industries that process and add value to agricultural commodities.”

In addition, the Bank provided $134 million to Nigeria for emergency food production to help drive down food price inflation, by significantly boosting the local production of wheat, and cassava, under the national Agricultural Growth Scheme.

Adesina urged the Nigerian government to take advantage of the Bank’s investments and support for African farmers; show greater determination and commitment to achieving food self-sufficiency, and to incentivize private sector agribusinesses.

To support Africa’s ambitions to move up the global agricultural value chains, the African Development Bank Group and its partners, are supporting the development of 28 Special Agro-Industrial Processing Zones (SAPZs) l in 11 countries, with $4.5 billion dollars mobilized so far.

Speaking on behalf of the Chairman of the Council of Anglican Provinces of Africa and Bishop of Northern Zambia, the Most Reverend Albert Chama, the Archbishop of the Anglican Church of Kenya, the Most Reverend Dr. Jackson Ole Sapit, called for greater cooperation between the Bank Group and the Anglican Church.

“The African mind must be at the center of solving African problems. If the African Development Bank mobilizes resources for the African continent, and the Church also mobilizes resources for holistic transformation, we can achieve a lot working together – and make a difference,” Ole Sapit said.

Proposing solutions for agriculture in Africa, Adesina said the world desperately needs “visionary and passionate leaders who are strategic solution providers and transformational change makers.”

This includes, he said, public advocacy for robust government policies to end hunger and malnutrition, complemented by church-led food banks and other social protection programs for the poor and needy; investing in commercial farms, especially in rural areas; advocacy on issues of climate change; supporting and encouraging young Africans to engage in agricultural entrepreneurship; and demanding greater financial accountability, public probity, and better financial management from governments.

FG Ready To Transform Power Sector-Adelabu

Mohammed Shosanya

The Minister of Power, Chief Adebayo Adelabu on Monday said the federal government has been steadfast in its mission to transform the country’s power sector.

Adelabu gave this assurance during the 9th Edition of Nigeria Energy Forum (NEF 2024) conference in Lagos.

The NEF 2024 theme was entitled: “Energizing Sustainable Industrialisation”.

According to the minister, over the past few years, we have significantly increased our installed generation capacity by bringing new power plants on line and rehabilitating existing ones.

“This has resulted in a substantial increase in the overall power supply to the national grid,” he said.

Adelabu,represented by Dr. Sunday Owolabi, Director Renewables and Rural Development, called on stakeholders, government agencies, private sector partners, international organizations and Nigeria people to join them in this endeavour.

Mr Peter Olowononi, Head, Client Relations, Anglo West Africa, Afrexim Bank, said the bank is one of the biggest financial institutions, supporting energy and industrialization in Nigeria.

“We are also financing a lot of the oil and gas companies who produce gas required to fire some of the generation companies in the country.

“We are at the forefront of light up Africa, industrialize Africa and ensure that we are able to improve the economies of the African countries,” he said.

Caroline Eboumbou, the Chief Executive Officer, All On, said the mission of the company is accelerating the closing of access to energy gap in Nigeria with a special focus in Niger Delta.

According to her, this is by increasing access to commercial energy products and services for off-grid communities both under-served and unserved.

Svein Baera, Norway’s Ambassador to Nigeria, said “we are supporting deployment of solar and battery energy for supermarket chain Justrite in Nigeria, and delivering an energy for development programme, for mitigating gas flaring in oil and gas installations”.

Engr Ife Oyedele, the Executive Director, Networks, Niger Delta Power Holding Company (NDPHC) said the company had constructed 10 power plants with total planned capacity of approximately 5,000Megawatts.

“We have undertaken over 121 transmission line and substations projects expansion works,” he said.

The UNDP Resident Representative represented by Muyiwa Odele, Environment Team Leader said “unlocking Nigeria’s potential will require reliable, affordable and equitable access to sustainable energy to fully realize its full economic and industrial development potential”.

Ajibola Adebutu, the Chief Executive Officer J B farms, represented by Seyi Atilary, Deputy Managing Director, said the company is bridging the gap in integrated oil palm farming and agro-processing across the nation.

According to him, the company is helping by gainfully employing youths and supplying homegrown oil palm products for domestic consumption, thereby strengthening the naira.

“We have palm oil mills to turn up the value chain of palm oil and refine palm oil products into other products and also developed a soap business from the refined palm oil product,” he said.

In his remarks, Dr Oluwole Adeuyi, the Chairman, NEF, said the 2024 forum followed successful origination of a landmark 40m US dollars agro-industry financing deal at NEF2023 between Afrexim Bank and a homegrown manufacturer.

“The 2024 forum is building on the success of last year’s story, and we have set a minimum target to originate and mobilize over $100 million US dollars of new financing.

“This is to foster expansion of agro-industry and accelerate solid mineral processing in Nigeria, and the goal is to see our local manufacturers thriving globally,” he said.

Also, Engr. Adekunle Makinde, NEF co-chair said, “the 2024 Tertiary Institutions Student Energy Pitch Contest Finals was supported by All On.”

“First Prize of 1.5 million Naira was awarded to Renewable Clean Cooking Project, Landmark University, Kwara State.

“Power Control Box project from Imo State University won the second prize of 1.1 million Naira. Third prize of 900,000 Naira was awarded to Solar Food Chain project, University of Benin”, he said.

NNPC Clears Air On Stake In Dangote Refinery

Mohammed Shosanya

The Nigerian National Petroleum Company Limited,says it periodically assesses its investment portfolio to ensure alignment with the company’s strategic goals.

Olufemi Soneye,Chief Corporate Communications Officer,NNPC Ltd, said this in a statement while reacting to claims that his company has lost its 20percent stake in Dangote Refinery.

“The decision to cap its equity participation at the paid-up sum was made and communicated to Dangote Refinery several months ago”,the statement quoted.

The Chief Executive Officer of Dangote Refinery, Aliko Dangote, had Sunday said that the Nigerian National Petroleum Corporation no longer owns a 20 per cent stake in the refinery.

He stated this while briefing journalists in Lagos.

He said: “NNPC no longer owns a 20% stake in the Dangote refinery. They were met to pay their balance in June but have yet to fulfill the obligations. Now, they only own a 7.2% stake in the refinery.”

DO YOU HAVE A DREAM?

Chima Ajjoku

To dream simply refers to the ability to imagine and think about something you would like to happen. There are (2) kinds of dreams, they one you have at night while asleep and the one you have day time with your consciousness. The dream I am concerned about is the second and not the first.

That is why “T.E. Lawrence stated: “All men dream: but not equally. Those who dream by night ….wake in the day to find that it was vanity; but the dreamers of the day are very dangerous men for they may act their dream with open eyes,to make it possible “.

WHY YOU MUST DREAM:

It is important for you to have a dream because of the following reasons:
1. It helps you to stay focused.
2. It gives you a reason for living (purpose)
3. You can only become what you dream of.
4. It gives you hope
5. It propels and sustains you.
6. It brings out your potentials.

You must realize that ” you as are not permitted to feature in a future you cannot picture.” It is therefore important for you to have a dream. Let me equally say that your dream should be big and outstanding, not just ordinary. It is infact a dream in the first place because it is unique and outstanding; otherwise you would just be another mediocre.

There are (4) stages to getting results with your dream. They are:
STAGE 1: Have a dream.
STAGE 2: Plan and strategize
STAGE 3: Move to execute it.
STAGE 4: You get the desired results.

Shell Nigeria MD,Win NIPR,Heritage Foundation Awards

Mohammed Shosanya

The Managing Director of the Shell Petroleum Development Company of Nigeria Limited, and Country Chair, Shell Companies in Nigeria, Osagie Okunbor,has been recognised for his invaluable contributions to the Nigerian energy sector and his service to humanity.

He received the Award for Exemplary Leadership and Service to Humanity from a Lagos-based NGO, Heritage for Life Foundation, at a ceremony held in Lagos.

A Director of the Foundation, and former Deputy Governor, Central Bank of Nigeria, Tunde Lemo, handed out the award which he said was instituted to promote “moral qualities and attitudes pivotal to the growth of a stable and functional society” by recognising individuals who exbibit the virtues.

Okunbor said: “I’m pleased at this recognition which calls for greater commitment to the highest standards of leadership and service to humanity. With the support of my colleagues and other stakeholders, I hope to continue to contribute to the development of our country.”

The award from the foundation was the second bestowed on the longest serving Country Chair of Shell companies in Nigeria in the past month.

At the 60th anniversary of the Nigerian Institute of Public Relations, Okunbor was conferred with the Diamond Ambassador of Brand Nigeria as part of NIPR’s Diamond Jubilee National Awards.

Presenting the award, the NIPR President and Chairman of Council, Dr. Ike Neliaku, noted that Okunbor earned the award having demonstrated exceptional leadership as Chairman of the largest energy company in Nigeria that had made significant contributions to the socio-economic development of Nigeria in more than seven decades.

Okunbor’s contributions to the energy sector are the highlights of a career in Shell which has seen him serve in Nigeria, the UK, Brunei and the Netherlands before his appointment as Managing Director, SPDC and Country Chair in 2015.

In May, the executive council of the Nigerian Gas Association recognised Okunbor for outstanding contributions towards the advancement of Nigeria’s gas sector.

Tinubu Appoints New Heads For PenCom,NALDA,CCT, ICRC

Mohammed Shosanya

President Bola Tinubu has appointed Ms. Omolola Bridget Oloworaran as the new Director-General of the National Pension Commission (PenCom).

She is a finance and banking expert with many years of experience.

Her appointment is subject to the confirmation of the Nigerian Senate

The President also approved the appointment of Mr. Cornelius Oluwasegun Adebayo as the new Executive Secretary/Chief Executive Officer of the National Agricultural Land Development Authority (NALDA).

Adebayo until his appointment is an engineer and a community and social development expert.

Tinubu also announced the appointment of Dr. Mainasara Umar Kogo as the Chairman of the Code of Conduct Tribunal (CCT).

Dr. Kogo is a seasoned lawyer and analyst in the fields of law, security, economy, politics, and international diplomacy.

Also appointed is Mr. Jobson Ewalefoh as the new Director-General of the Infrastructure Concession Regulatory Commission (ICRC).

Mr. Ewalefoh is a professional with years of experience in government and development organizations, in addition to expertise in public-private partnerships, public policy reform and development.

The appointment is subject to the confirmation of the Nigerian Senate.

The President anticipates a goal-oriented leadership to drive efficiency and superlative performances from. the new appointees,according to a statement on Saturday.

Group Warns Ladoja’s Loyalists Over Bid To Make Principal Olubadan

Mohammed Shosanya

Loyalists of the Otun Olubadan of Ibadanland and former governor of Oyo State, High Chief Rashidi Ladoja have been warned against talking about ascension to the throne of Olubadan few days after the coronation of a new Oba.

The Ibadan L’Agba Group gave this warning in a statement,sequel to media reports that the Oyo State governor, Seyi Makinde,is allegedly trying to prevent Ladoja from ascending the throne.

In a statement signed by its chairman and secretary, Alhaji Ligali Baoku and Mr. Sola Jinadu,the group faulted the report,which claimed that the state government reviewed the Olubadan Chieftaincy Declaration to bar the Otun Olubadan from ascending to the throne.

Praying for longevity and good health for the new Olubadan, His Imperial Majesty, Oba Akinloye Owolabi Olakulehin,the group wondered why any person would open the topic of becoming Olubadan when a new Oba has just been crowned.

According to the group,it was wild for sponsors of the report to claim that a process undertaken by the state government and widely reported in 2023 was targeted at Ladoja, stating that the law is a respecter of no one and as such, High Chief Ladoja could not be made a scapegoat by a law that is bigger than him.

The group advised sponsors of the report to stop hiding behind a shadow by telling the world their true intent wondering why Ladoja’s camp has suddenly become jittery and embarks on sponsoring falsehood against Governor Makinde, a true son of Ibadan, who has done everything to uphold its tradition and the fullest of its glory.

According to the group,the media report that Makinde reviewed the Olubadan Chieftaincy Declaration to stop High Chief Ladoja smacked of mischief and evil intentions, as the entire process of the review followed due process and was well-accepted by Ibadan indigenes.

The group maintained that it expects High Chief Ladoja to call all his loyalists and sympathisers to order so as not to bring Ibadanland into disrepute, saying the world-acclaimed succession system of Ibadan royalty has not been tampered with by the government.

It added that the sponsors of the report clearly acted on a predetermined plot, noting that they must be the individuals Makinde said had been put to shame during the presentation of staff of office to Oba Olakulehin, as according to the governor, they were always looking for things to divide the people.

The statement read in part: “We read with disdain a media report obviously sponsored by sympathisers of Otun Olubadan, Senator Rashidi Ladoja, targeting Governor Makinde for allegedly plotting to stop him from becoming Olubadan.

“The said report claimed that the Olubadan Chieftaincy Declaration, which was reviewed last year, was done to stop High Chief Ladoja from becoming Olubadan. We find this claim baseless and ridiculous.

“While we were confounded that some unscrupulous elements could start campaigning for the Olubadan throne as if it were a political seat, choosing this moment that all Ibadan sons and daughters are celebrating the coming of a new Olubadan is ill-timed and reveals the evil in the minds of the sponsors and publishers of the report.

“The said report, as published in some local blogs, claimed that Governor Makinde caused ‘a surreptitious amendment to be made to the 1957 Olubadan Chieftaincy Declaration by the House of Assembly.’

“It quoted Section 4 of the 1957 Olubadan Chieftaincy Declaration as well as the Section 4 of the amended Olubadan Chieftaincy Declaration and then concluded that the state government erred in distributing the said gazette to the public at the Olubadan coronation.

“The plot being played by the publishers of the report can only confuse the uninformed. As trueborns of Ibadan, we know those trying to hide behind a finger and we are warning them now to back off that inglorious path.

“The first question we would like to ask them is: Was the Olubadan Chieftaincy Declaration reviewed on Friday at the coronation event? No. The process was concluded in 2023 and was well-accepted by Ibadan sons and daughters, who welcomed the much-needed change with open arms.

“The second question was whether High Chief Ladoja was aware of the law and what was his reaction? The former governor went to court over the Olubadan chieftaincy review. But he also chose of his volition to withdraw the matter from court. If he wants to become Olubadan he knows what to do. He should follow the process laid down by the gazetted declaration or return to challenging it in court. Whichever way, he should tell his sympathisers to stop acting as if the Olubadan stool is vacant.

“We know the intentions of those behind the report. They are the divisive elements that Gov Makinde made reference to at Mapo.

“Any well-intentioned Ibadan man must agree that Governor Makinde deserves the credits for midwifing the ascension of two Olubadan and ensuring that the enduring legacy of the Ibadan traditional system continues despite all odds. President Tinubu gave him the deserved accolades for this and so should every Ibadan indigene.

“But we know that those behind this report cannot be happy; their evil intentions have been uncovered and they will continue to fail. These people do not recognise that it is God that crowns kings and if He so wishes that Ladoja will become Olubadan, no one can stop Him. But his loyalists must wait for his time and stop polluting the system.

“That report, to say the least, was aimed at detracting from the glorious coronation of Oba Olakulehin and the success of the Makinde government in putting it up, because they were not happy that it happened. They have tried all sorts, including lying about Makinde not being ready to approve the appointment of Oba Olakulehin and even reading senseless meanings into a routine cabinet reshuffle that should be a government business.”

Stakeholders Seek Additional Funding For NDDC

Mohammed Shosanya

Niger Delta Stakeholders have emphasized the need for additional funding of the Niger Delta Development Commission,NDDC.

They said such funding should be legislated with at least 3 percent of Value Added Tax revenue

These were part of the resolutions contained in a communique issued at the end of the Niger Delta Stakeholders Summit 2024, which took place at the Obi Wali International Conference Centre in Port Harcourt, Rivers State, a statement from Seledi Thompson-Wakama,Director, Corporate Affairs said.

The stakeholders resolved that funding the implementation of the regional development strategy should be done through three sources:Traditional budget sources; Public Private Partnerships; Development Finance

In order to support the funding plans, they agreed that the initiation of the Niger Delta Development Bank, NDDB, to drive the mobilisation of development finance from local and global sources should be given priority. “Loans should be given to SMEs within the region to drive economic and industrial growth.”

They emphasized the urgent need to re-activate the Niger Delta Development Commission, NDDC, Advisory Committee,in line with its Establishment Act, to advise and monitor the activities of the Commission.

The communique stated that there is urgent need to complete the East-West Road which was awarded nearly twenty years ago, to ease transportation across the region.

It further called for a thorough consideration of the NDDC (Establishment) Act, with a view to initiating amendments of the Act, where necessary.

On the issue of preparing a new roadmap for development, the stakeholders resolved that “proper planning is crucial to any development and therefore the review of the Niger Delta Regional Development Masterplan, appropriate data gathering was essential to any realistic development plan. There must be quantitative and qualitative input from key stakeholders in preparing or reviewing the Masterplan.”

The summit agreed that all funds due and outstanding to the NDDC from statutory sources (including the Federal Government and ecological fund) be vigorously pursued and recovered.

The stakeholders underscored the import of increased synergy between the NDDC and the Advisory Committee to achieve a more efficiency and activate all organs provided for in the Act.

They addressed the issue of development agencies working at cross purposes and resolved that measures must be taken “to avoid duplication of projects and efforts in the region by ensuring robust consultation between the NDDC and the nine member states in project implementation.”

The summit said: “There is urgent need to remove the NDDC from the TSA Policy, as it limits the Commission from fully achieving its interventionist mandate. That the Federal Government should strictly adhere to the tenure provisions of the NDDC Act and avoid the incessant dissolution of Boards of the Commission and the aberrant issue of Interim Managements to run the affairs of the Commission. Also, the Commission should be insulated from Political interference which puts undue pressure on the leadership of the Commission”.

According to the communique, “the region’s educational curriculum should be reviewed and designed to meet 21st century needs. Technical and vocational training must be given priority by creating Technical/Vocational training hubs. There should be improved funding of the region’s educational system.

It said further: “On healthcare, water, sanitation and hygiene, there should be sufficient funding of rural and community health centres and the training and retraining of the personnel to man them. The private sector should be engaged more in partnerships in these areas.”

The stakeholders made a case for women and youths, calling for more representation of women in all sectors of the region’s economy, adding that there should be programmes for Persons Living with Disability.

The communique posited: “On sports, tourism, culture and hospitality, there is need for sustained investment and capacity building in the region’s entertainment and creative industries.

“Sports development in areas where the region has comparative advantage such as swimming and wrestling should be given serious attention. There is need to have a special gathering for the creative industry.”

On the issue of the degradation of the environment through oil pollution, the stakeholders recommended a holistic remediation across communities in the Niger Delta to avoid compromise on cleaned areas, adding: “Government should uphold the provisions of Environmental Guidelines and Standards for the Petroleum Industry in Nigeria (EGASPIN) and enforce proper de-commissioning of oil facilities.

The communique also gave the prescriptions of the stakeholders on varied issues: namely that modern technology should be deployed in project monitoring and evaluation; that there should be an integrated waste management plant which can convert wastes to wealth and that for erosion control and flood management, there should be canalization, shore protection and land reclamation projects.

Other areas addressed,included community sensitisation and enlightenment campaigns on ecological issues; biodiversity conservation and reforestation to stimulate mangrove restoration; creation of technology hubs within the region to drive creativity, innovation and the rapid development of the region in areas of artificial intelligence and diversification from oil and gas to agro-based regional economy.

The communique called for a regular convocation of stakeholder engagements.

200 NDDC Foreign Post Graduate    Scholars Receive Award Letters

Mohammed Shosanya

The 200 beneficiaries of the Niger Delta Development Commission, NDDC, 2024/2025 Foreign Post-Graduate Scholarship Programme, have received their award letters from the Commission.

This was conveyed in a statement signed by Seledi Thompson-Wakama,Director, Corporate Affairs of NDDC

Presenting the scholarship letters to the successful candidates during a pre-departure and award ceremony in Port Harcourt, Chairman of the NDDC Governing Board, Mr. Chiedu Ebie, charged the scholars to be ambassadors of the Niger Delta region as they carry the flag of Nigeria to foreign lands.

He implored the beneficiaries to make the best use of the opportunity given to them to acquire technical expertise for the benefit of the people of the Niger Delta region.

Ebie described the scholarship scheme as an important component of the NDDC’s human capital development programme, noting that education was the most powerful weapon for changing the fortunes of the Niger Delta region.

Also addressing the beneficiaries, the NDDC Managing Director, Dr Samuel Ogbuku, enjoined the scholars to be of good conduct. He assured them that funds for their fees and accommodation would not be delayed, stating that their success was a testament to their resilience.

He observed that previous beneficiaries of the scholarship programme set enviable standards for the current set to emulate, stating: “You need to come back and add value to the society and make the Niger Delta proud.”

Ogbuku advised the scholars to avoid distractions in order to excel in their studies, saying, “We are sending you out to go and study and come back to impact the Niger Delta region and the entire Nigerian society for good.”

He reminded them that they owed the Niger Delta a duty to succeed, promising: “Any of our scholars that gets a distinction in the Master programme stands a chance to be sponsored for a Ph.D. programme.”

In his remarks, the NDDC Director of Education, Health and Social Services, Dr. George Uzonwanne, disclosed that out of 56,000 applicants, only 200 were selected through a transparent electronic examination process. He said, “I congratulate the successful candidates who applied and went through a seamless selection process.”

Uzonwanne, explained that the Foreign Post-Graduate Scholarship programme, which was started in 2010, was meant to equip Niger Delta youths with advanced training and skills.

Speaking on behalf of the beneficiaries, the best performing scholarship student, Mr. Azuka Chinedu, thanked the NDDC for giving them the opportunity to go for further education abroad. He pledged that the beneficiaries would do their best to be good ambassadors of the region and return to contribute to the development of the Niger Delta region.

Access Bank Eyes Top 20 Position In UK, $1bn Profit By 2027

Mohammed Shosanya

Access Bank,has unveiled ambitious plans to position its UK subsidiary, Access Bank UK, among the top 20 banks in the United Kingdom, targeting an annual profit of $1 billion by 2027.

Roosevelt Ogbonna, the Managing Director/Chief Executive Officer of Access Bank, disclosed this during the “Facts Behind the Rights Issue” presentation held at the Nigerian Exchange (NGX) office in Lagos.

In a statement,Ogbonna emphasised that this projection underscores Access Bank’s commitment to becoming a global banking leader, focusing on expansive growth and robust financial performance.

“We are positioning ourselves to be one of the most respected banks globally. Our focus is on superior service across all the continents and countries we are operational in, and by 2027, we aim to be one of the top five African banks, powering trade across the continent and providing superior services to our customers,” Ogbonna stated.

He further highlighted that Access Bank’s customer base is expected to grow to 125 million by 2027, further cementing its market leadership.

This ambitious growth plan,he explained,is part of the broader strategy to drive organic growth through strategic acquisitions, partnerships with international banks, and substantial investments in infrastructure and technology.

The insights were shared as part of discussions around Access Holdings’ ongoing Rights Issue, which aims to raise up to US$1.5 billion to strengthen its financial position and support its growth ambitions. The rights issue offers 17,772,612,811 ordinary shares at N19.75 per share and will close on August 14, 2024.

The Fact Behind the Rights Issue was attended by the stockbrokers, shareholders, NGX management, Access Holdings’ executive and management, the media, amongst others. The shareholders gave their vote of confidence in Access Holdings and Access Bank, and particularly, the Rights Issue.

Speaking,Bisi Bakare, National Coordinator, Pragmatic Shareholders Association of Nigeria, said: “Since Access Bank first started trading on the stock exchange at N0.65, we shareholders have witnessed its incredible growth and accrued immense value, with the stock now trading at N19.35 as of June 9.

“Access Holdings can be confident that as the consolidation phase of the Group’s expansion fully takes shape and the brand’s profitability continues to increase, those of us who have been on this journey from the beginning are not about to jump off now. We fully back the capitalisation plans, starting with the Rights Issue, and are excited for the future that lies ahead for Access Holdings”.