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AfDB President Sees Bright Future for Africa, India

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Akinwumi Adesina, African Development Bank President has said that Africa-India trade rose five-fold in the last decade and is forecast to double – to US $100 billion – by 2018.

Africa and India have development journeys to share, Adesina said, and huge opportunities to explore together, not least in harnessing solar power to promote economic growth, and sharing the know-how of agricultural transformation.

Speaking to the Indian press ahead of the Annual Meetings, Adesina charted a deepening partnership between Africa and India.

He praised the Indian Government for its commitment to Africa, citing the success of the India-Africa Forum, and the evidence of the 2015 US $10 billion line of credit to be delivered over the next five years – through the Exim Bank of India – to Indian companies wishing to invest in Africa.

He also highlighted the US $9.5 million of grants made in Africa through the India Africa Cooperation Trust Fund, and the Kukuza project development company, an Africa-India initiative based in Mauritius, which is developing a pipeline of bankable infrastructure projects in Africa.

“I take my inspiration from Mahatma Gandhi,” said Adesina, “in wanting to ‘be the change you want to see in the world’. I want Africa, already a place brimming with opportunity, to win its own place in the world’s workshops and marketplaces – to become a global industrial powerhouse.”

In underlining Africa’s economic success – 14 out of 54 countries grew by over 5% in 2016, and 18 by 3-5% – he stressed the importance of building skills and creating jobs for the young people of Africa. He praised the Indian Government for taking in African students of higher education, with the current 15,000-20,000 a year set to double in a decade.

He saw the greatest area of potential collaboration in the power sector, in which the Bank will invest US $12 billion over the next five years, and leverage a further US $45-50 billion.

“You can’t develop in the dark”, he said, “and 645 million Africans are currently without electricity. A special area in which I hope Africa and India will work together is under the International Solar Alliance. Both are blessed with sunshine, and we have to use this solar energy to power our economies.”

The focus of the 2017 Annual Meetings, taking place from May 22-26 in Ahmedabad, he said, will be on transforming Africa by transforming agriculture. “Our aim is for Africa to feed Africa, and eventually for Africa to feed the world. I am a great admirer of how India fed itself. When I was first here – working in the International Crops Research Institute for the Semi-Arid Tropics in Hyderabad in 1988 – India was asking itself how to do this. The great M. S. Swaminathan, a pioneer of India’s Green Revolution, said that there were three main ingredients – political will, resources and technology – and it was done in three years.”

Commenting on India’s development journey, he said: “Prime Minister Modi has positioned India globally. His focus on ‘Make in India’ is something we want to see on our continent: ‘Make in Africa’”.


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E-Financial

Banks Lose N10Bn to Cyber Fraud in 2023’

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Stakeholders in the banking and financial ecosystem, yesterday, decried the surge in cyber fraud as Deposit Money Banks (DMBs) lost N10 billion in the second quarter of 2023, representing almost 300 per cent year-on-year compared to the previous year.

Banks Lose N10Bn to Cyber Fraud in 2023’

At a Mastercard forum convened to tackle fraud and cybersecurity threats in the financial sector, Kari Tukur, vice president, Customer Solutions Centre, East and West Africa at Mastercard, said despite the massive awareness and innovations aimed at combating cybersecurity, the amount lost last year by DBMs was “staggering”.

She said, “With Nigeria’s rapidly growing economic expansion, we are starting to see an increase in the adoption of digital financial services, and the financial landscape is also evolving at an astronomical speed.

“What was staggering for me was in spite of the huge investment around innovation, funding in the cyber space, DBMs lost almost N10bn in Q2 last year, and that was almost 300 per cent growth year-on-year when compared to the previous year.”

She noted that there was the need for collaboration among stakeholders “to combat this rising sophistication of cyber security threat.”

Tukur further stated that Mastercard was deeply committed to cyber security and fraud prevention within the payment industry, disclosing that the company invested $250m “to assist small businesses in addressing their cyber security needs.”

She disclosed that Mastercard payment portals incorporated multiple layers of security such as tokenisation technology, encryption and biometrical to stay ahead of cyber attackers.

She added that, “The sector continues to struggle with the aforementioned challenges, necessitating vigilance, proactive action and comprehensive security strategy, and Mastercard remains committed to providing safe, secure and seamless payment services and experiences for our partners and customers in Nigeria and beyond.”

Celestina Appeal, chairman, Committee of e-Business Industry Heads (CeBIH), stated that the total loss to the banking industry in the last couple of years totalled hundreds of billions of naira while Nigeria’s Consumer Awareness and Financial Enlightenment Initiative had projected a $6trn loss by 2030 to cybercrime within and outside Nigeria.

Represented by Mr Temitope Onibaniyi, secretary of the committee, she stated that the committee was ever-willing to collaborate with industry stakeholders to fight against the perpetrators who “constantly rob banks and other stakeholders in the payments industry of their hard-earned money.”

She said the need for collaboration could not be overemphasised as no individual organisation was immune to cyber security attacks.

 

 


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Tinubu Rejigs SEC Board, Makes New Appointments

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President Bola Tinubu has approved the appointment of some Nigerian professionals to the Board of the Securities and Exchange Commission (SEC).

Tinubu Rejigs SEC Board, Makes New Appointments

This is contained in a statement issued by Ajuri Ngelale, special adviser to the President on Media and Publicity.

Tinubu appointed Mr. Mairiga Aliyu Katuka  as the Chairman of the board of SEC, while Mr. Emomotimi Agama has been appointed as the  Director-General of the board.

The president also appointed Frana Chukwuogor  as Executive Commissioner (Legal and Enforcement) of the board.

Tinubu further appointed Mr. Bola Ajomale as the Executive Commissioner (Operations) of the board, while Mrs. Samiya Hassan Usman is the Executive Commissioner (Corporate Services) of the board.

Also appointed into the board are Mr. Lekan Belo as Non-Executive Commissioner and Mr. Kasimu Garba Kurfi as Non-Executive Commissioner.

According to Ngelale, the president anticipated that “all members of the Board of this critical commission will bring to bear their wealth of experience and competence in advancing the commission’s core mandate of developing and regulating a capital market that is dynamic, fair, transparent, and efficient, to bolster investor confidence and contribute immeasurably to the nation’s economic development.”


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Ecobank Repays $500m Eurobond

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Ecobank has announced the successful repayment of its $500 million five-year Eurobond issued in 2019. According to a statement filed on the Nigerian Exchange Limited (NGX), the Eurobond garnered considerable interest from a diverse range of global investors, including long-term development partners such as FMO and Proparco, who served as anchor investors.

Commenting on this achievement, Ecobank Group Financial Officer, Ayo Adepoju, said: “The bond was listed on the main market of the London Stock Exchange with a coupon rate of 9.5 per cent. The principal and interest repayment, totalling $524 million, was distributed to bondholders through the transaction agent on the bond maturity date of April 18, 2024.

“This inaugural bond we are retiring today was critical in introducing our firm to a wider array of global investors and contributed to the increased visibility of our brand in the capital markets.”

Against the backdrop of challenges posed by the global operating environment, including disruptions in the world supply chain and financial markets, Adepoju highlighted the Group’s resilience. He cited strong liquidity, a robust balance sheet, and a solid leadership team as key factors enabling Ecobank’s success.

He added that the successful repayment of the Eurobond underscores Ecobank’s commitment to financial stability and investor confidence, positioning the firm for continued growth and success in the global market.

 


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