African Export-Import Bank (Afreximbank) and Nigeria Export-Import Bank (NEXIM) said they are mobilizing close to $50 million project preparation funds for investments in Nigeria.

The development followed  the signing of a Memorandum of Understanding (MoU) to establish a Joint Project Preparation Fund that will provide early project preparation financing and technical support services to public and private sector entities operating in Nigeria’s trade sector.

Under the terms of the MoU, according to a statement by AfreximBank, both banks would collaborate through the Fund to unlock investments into sectors such as export manufacturing, agro-processing, solid minerals development and beneficiation services, as well as healthcare, Information and Communications Technology and creative industries.

Prof. Benedict Oramah, President of Afreximbank, said:  “The execution of this MoU marks yet another significant milestone in our collaboration with NEXIM.

“This intervention is timely as the Fund will play a catalytic role in accelerating the diversification of the Nigerian economy by ensuring a steady flow of bankable projects in priority tradable sectors in a timely manner.

“In addition to enhancing bankability, the Fund will, on a case-by-case basis, undertake feasibility studies to assess the viability of accessing markets in the sub-region, thereby promoting intra-African trade under the AfCFTA.”

Stanbic IBTC Bank, a member of Standard Bank Group, is set to showcase its robust trade credentials at the forthcoming 2021 Global Trade Review (GTR) West Africa Conference themed ‘Connecting the Region’s Trade Experts’.

The financial organisation is a platinum sponsor of the two-day event, which will hold virtually on 24 and 25 March 2021.

The GTR West Africa Conference is an annual regional event for trade discussions and networking among leading practitioners in trade, export and commodity finance to explore the latest developments, strategies and solutions needed to drive growth strategically. The conference is expected to attract over 600 participants from 300 organisations, including multinationals, export credit agencies, major African corporates, multilateral and development finance institutions, policymakers and regulators.

This year’s conference will focus on the most topical market issues affecting trade finance. Some of the topics to be analysed include Market Volatility and Decarbonisation, Mobilising Development Finance, Digitisation of Trade Finance, Counter-cyclical Financing Support, Structured and Synthetic Letters of Credit, Trade Trends in the COVID-19 era and Warehouse Receipt Financing among others.

Jesuseun Fatoyinbo, Head, Trade, Stanbic IBTC Bank, is expected to moderate the panel session on Mobilising Development Finance: A Necessity for Africa’s Economic Resurgence. This session will examine the critical role multilateral development banks are expected to play to boost credit availability, particularly for smaller businesses in the sub-region.

Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, stated that the sponsorship of the trade conference is in line with the financial organisation’s desire to explore opportunities which add value to the businesses of its clients, create opportunities and help link them to new markets.

“As a leading end-to-end financial services organisation with solid trade financing footprints across Africa and beyond, we are constantly exploring opportunities to leverage our knowledge, expertise and extensive connections to deliver world class services to our clients in ways that will help them stay ahead of the curve,” he added.

Ecobank Group says it  attained N641.8 billion revenue last year, representing nine per cent increase compared with N586.9b posted in the corresponding period of 2019.

 Its gross earnings was stable at N841.1 billion from N842.5 in 2019 while the operating income before impairment losses increased by 20 per cent, from N198.6 billion to N239.1 billion during the year under review,according to the  audited report submitted to the Nigeria Stock Exchange (NSE)

 Besides, total asset of the bank increased  to N10.4 trillion in the year ended from N8.6 trillion in the corresponding year of 2019, representing 20 percent increase, “This is a reflection of the power of our panAfrican diversified one-bank business model” says Ade Ayeyemi, Ecobank Group CEO.

But , other results of the bank shows profit before goodwill impairment went down by 12 percent to N129.1 billion as against N 146.5 billion recorded in the corresponding period of 2019.

 It recorded profit before tax of N66.6 billion as against N146.5 billion reported in 2019  while Profit after tax  closed at N33.7 billion during the year under review.

Within the period under review, gross earnings was stable at N841.1 billion from N842.5 in 2019. The operating income before impairment losses increased by 20 per cent, from N198.6 billion to N239.1 billion during the year under review.

Ayeyemi said in a statement that : “2020 was a year which tested the resilience of the human spirit in rising to the many challenges as governments, businesses and households’ unrelentingly strove to keep citizens, clients and loved ones safe. I am proud of Ecobankers’ hard work and continued service to our customers and the support we provide to the communities we serve.”

Godwin Emiefele,the Governor of Central Bank of Nigeria (CBN ),has said that the apex bank disbursed  at least $80m are disbursed to banks weekly  to enable Nigerians meet their foreign exchange responsibilities

 Emefiele, stated this at the 278th MPC press briefing in Abuja,stressing that saying there is enough forex for business owners, travellers and parents with students abroad to meet their obligations.

 He implored  Nigerians to report any bank withholding forex to a special call centre of the apex bank.

Meanwhile, Emefiele, said the apex bank Monetary Policy Committee retained all the policy parameters during the last meeting

Emefiele said that the CRR was retained at 27.5 per cent; and the Liquidity Ratio at 30 per cent.

He explained that the members decided to retain all the parameters to encourage management to continue to use its various intervention mechanisms to deploy liquidity into employment generation and output stimulating sectors of the economy would be desirable as this would help consolidate the country’s recovery process.

He, however, said that the MPC noted the performance of the Financial Soundness Indicators (FSIs) of the DMBs which showed a Capital Adequacy Ratio (CAR) of 15.2 per cent, Non-Performing Loans (NPL) ratio of 6.3 per cent and Liquidity Ratio (LR) of 40.5 per cent, as at February 2020.

On non-performing loans (NPLs), the MPC noted that the ratio remained above the prudential benchmark of 5.0 per cent and urged the Bank to sustain its regulatory measures to bring it below the prudential benchmark.

The committee noted with satisfaction the improvement in the level of external reserves, which stood at US$36.46 billion at end-February 2021, compared with US$34.94 billion at end-January 2021.

This reflects the recent upsurge in crude oil prices on the backdrop of the renewed optimism on the successful deployment of COVID-19 vaccines across the globe.

Provisional data showed that banking system credit to the economy increased by 1.75 per cent to N43.67 trillion in February 2021 from N42.92 trillion in January 2021, reflecting the on-going broad-based monetary and fiscal stimulus to various sectors of the economy. The Committee thus, enjoined the Bank to maintain its current drive to improve access to credit to the private sector, while exploring other initiatives with the fiscal authorities to improve funding to critical sectors of the economy.

Other complementary measures included, increase in disbursement for the dry season agricultural programme to increase output, the adoption of high yield seeds to improve productivity and the adoption of harvested produce as a means of loan repayment, which has stemmed hoarding and the activities of middlemen and rent seekers.

The MPC reiterated its concerns on the activities of persons and groups causing security challenges in the food producing areas of the country, as this has contributed to the major uptick in food prices across the country.

He also said that the committee called for a collaborative and coordinated efforts by all the relevant agencies and stakeholders towards addressing the prevailing insecurity issues and social challenges.

“The committee also called on the government to explore the option of effective partnership with the private sector to improve funding sources necessary to address the huge infrastructural financing deficit.”

The President, Major General Muhammadu Buhari (retd.), has congratulated the Chairman of United Bank for Africa and Transcorp, Tony Elumelu, on his 58th birthday.

His congratulatory message was contained in a statement by his Special Adviser on Media and Publicity, Femi Adesina, titled, ‘President Buhari greets Tony Elumelu at 58’.

It read:“President Muhammadu Buhari sends warm felicitations to renowned economist and philanthropist, Tony Onyemaechi Elumelu, on his 58th birthday, joining family and friends to rejoice with the entrepreneur, whose interests continue to create opportunities for growth and development in the country.

“President Buhari commends the economist for his foresight and large-heartedness in setting up the Tony Elumelu Foundation, which has consistently inspired highly talented African youths into entrepreneurship, helped many to acquire business skills, enhanced positive social networks and provided start-up funds, within the larger goal of reducing poverty.

“The President believes Elumelu, who is the Chairman of Heirs Holdings, United Bank for Africa and Transcorp, demonstrates resilience and relentlessness in dream realisation, following his antecedents as a young banker who saw opportunities in the economy and worked hard to climb the ladder of success, receiving Nigeria’s National Productivity Order of Merit in 2019″.

The President said Elumelu spreads investments into energy, real estate, agribusiness, health care and hospitality, creating more opportunities in the real sector.

Access Bank Plc, has upgraded its service platforms to allow for resolution of failed transactions within one business day.

The bank has guaranteed that all failed transactions will be reversed within one business day.

 It has also affirmed that in the event that reversal time exceeds one business day, customers will be entitled to a refund of up to five times the bank transfer fees for that transaction.

Speaking on this development, Ogor Chukudebelu, Access Bank’s Chief Customer Experience Officer, said that Access Bank is committed to “offering more banking convenience for all customers.”

“Access Bank understands the financial and economic hardships caused by the COVID-19 pandemic. While we have put various social impact projects in place, we have also upgraded our banking platforms to ensure that customers can transact without experiencing delays. To reiterate our commitment to providing an excellent service, Access Bank will be refunding customers up to five times the bank transfer fees when a failed transaction is not reversed within one business day.

“As we continue to make great strides as a financial institution, we will not relent in delivering superior value and bespoke financial services that suit the banking needs of our customers” Chukudebelu said.

“Without compromising on its promise to deliver services with speed and maximum security, through the implementation of sustainable banking practices, Access Bank continues to lead the revolution for financial institutions around the globe; effectively merging technology and people to deliver stellar client service to customers across all its countries of operation”.

Dr Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited,has said that capital constraint, social infrastructure and cultural approach as some of the limiting factors encountered by businesses in Africa.

 He spoke  during a Digital Disruption Series webinar organised by the Surrey Business School of the University of Surrey, England.

The webinar was themed: “Digital Disruption: How Can Companies Thrive in Africa Post-COVID-19.”

He said:“In Nigeria, to solve the capital constraint, the Central Bank of Nigeria and the Banker’s Committee contribute certain percentage of our profit to a pool of fund to serve as equity for entrepreneurs,” he said.

He added that  absence of social infrastructure in African countries has denied citizens the ability to lead better and quality life, thus leading to the migration of many young and brilliant minds from the continent.

According to him,the bank evolved a deliberate approach in its employment, remuneration, exciting work roles and talent development to inspire and retain its young workforce.

He said there were significant opportunities in Africa, with over one billion population, while noting that opportunities were available for young and innovative people willing to work smart and hard.

The FirstBank boss noted that the bank had been in existence for 127 years, and had been strategically positioned for exponential growth through its ability to leverage innovation to reinvent itself.

He emphasized  that innovation and enhanced capabilities have become necessary to achieve significant business growth in the post-COVID-19.

He said  it is about studying the environment and leveraging the digital space to proffer solutions tailored to suit emerging challenges

Adeduntan cited FirstMobile, the Bank’s mobile banking and *894# USSD platforms as some of the digital disruptions that had impacted positively on the financial institution, the banking industry and the financial ecosystem as a whole.

“We have the largest bank agents – close to 90,000 – of them spread across the country, helping to bring in people that were financially excluded into the financial system,” he said.

Also speaking at the event, Prof. Kenneth Amaeshi, Thought Leader, University of Edinburgh, Scotland, said COVID-19 had unravelled the need to realign Africa’s institutions, and convert challenges to opportunities.

Amaeshi said African governments should evolve more favourable policies and incentives that would encourage renewed innovation, increase investment in education, research and development and intellectual property protection.

“As much as we want to celebrate technology development in Africa, we need Africans to participate and contribute to the knowledge going on in the digital space,” he said.

Access Bank Plc has announced the  introduction of  a reward scheme for its customers to promote diaspora remittances into the country.

The bank’s Executive Director, Retail Banking, Mr Victor Etuokwu, who  announced in Lagos,explained  that the bank would be rewarding customers with N5 on every dollar received from their loved ones or associates abroad through foreign remittances

He added  the N5 for every dollar cashback would be paid to Access Bank customers irrespective of their preference to receive funds as U.S. dollars cash pick-up over the counter or direct transfer into their domiciliary accounts.

Etuokwu said that the scheme would run from March 8 to May 8.

“Remittance services are a key aspect of our economy, and it is still vibrant and viable today because people still take care of family members, loved ones and friends and invest at home even as they live abroad.

“As part of our promises to create value and meet the needs of our customers, we are happy to announce that our customers can now receive five naira for every one dollar.

“This can be done at any of our branches nationwide, when their loved ones or associates send funds from the diaspora,” he said.

He said the bank’s promise to deliver “More than Banking” services is more relevant at this time as customers are looking for convenient products and services to facilitate their lifestyle needs.

He  disclosed that the bank would maintain a strong relationship with its remittance partners ranging from Western Union, MoneyGram, Ria, WorldRemit and Transfast, among others, to deliver excellent services.

The Central Bank of Nigeria (CBN),says it has not  banned the activities of Cryptocurrencies in the country.

The Governor of the bank, Godwin Emefiele, at the 30th seminar for Finance Correspondents and Business Editors organised by the bank.

Emefiele, who was represented by Adamu Lamtek, Deputy Governor, Corporates Services, said what the bank did was to protect the banking sector from the activities of Cryptocurrencies and not a ban on its activities.

“The CBN did not place restrictions from use of Cryptocurrencies and we are not discouraging people from trading in it. What we have just done was to prohibit transactions on Cryptocurrencies in the banking sector,” he added.