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EDC Targets Nigeria in $10bn Sub-Saharan Africa Investment Plans
Global corporate financier Export Development Canada (EDC) opened its representation in sub-Saharan Africa. Nigeria stands to benefit as EDC aims to grow its total business in Africa to USD 10 billion in the next five years.
EDC, Canada’s official trade finance agency, on Thursday disclosed these plans emphasising its commitment to facilitating business for sub-Saharan Africa by opening a permanent representation in Johannesburg, South Africa.
As one of the largest and most progressive export credit agencies in the world, EDC has helped facilitate more than USD 7.4 billion in business between African and Canadian companies over the past five years, USD 235 million of which has been with Nigeria.
EDC’s financing is available to sub-Saharan corporations, project owners and banks that have, or are open to considering, business with Canadian companies, or their affiliates in the region.
In Nigeria, EDC said it will initially be focusing on facilitating business between Canadian companies and Nigerian enterprises in the extractive industries, infrastructure, power, transportation and ICT.
“With 70 years of international financing experience and annual global business volumes nearing USD 100 billion, EDC has the capital and experience necessary to undertake transactions of any size for sub-Saharan companies. EDC is investing in sub-Saharan Africa for the long term, and Nigeria will be one of our initial focus areas. We intend to become growth partners for the banks and companies with whom we develop relationships,” said Jean-Bernard Ruggieri, EDC’s first Chief Representative, sub-Saharan Africa.
“This is what sets EDC apart from other financiers, because we measure our success by the success of our customers. So in addition to offering innovative and reliable financing, EDC can serve as a supply-chain talent scout,” he explained.
Key sectors of interest for EDC as it expands into the broader African market include commodities, infrastructure, ICT, clean technology, transportation and agriculture.
Light manufacturing and healthcare/life sciences are emerging sectors for EDC in the midterm. “Canadian companies have strong capabilities in all of these areas and can provide Africa with the goods, services, and expertise that are needed in developing these critical sectors” said Ruggieri.
EDC follows a very flexible model which allows it to deliver maximum value to partners and customers. “We can offer clients in both developed and developing markets access to financial capital that suits their unique circumstances” said Ruggieri “and we are well-equipped to meet the financial needs of sub-Saharan companies wanting to trade with Canada, whether they require single contract financing or funds for capital expenditure.
And if African companies do not as yet have Canadian relationships, EDC can assist with sourcing suitable Canadian supply chain partners.”
EDC also prides itself on its multi-stakeholder partnership approach. “We work closely with a range of financial institutions such as South African and international banks, in addition to our efforts with the Canadian Trade Commissioner Service across Africa, and our model often includes syndication structures with various financial services participants” noted Ruggieri.
“Africa has massive infrastructure demands and a growing loan market, and in these conditions EDC is looking to grow our total business in the market to USD 10 billion in the next five years.”
EDC also has permanent representations in Bogota, Rio de Janeiro, São Paulo, Lima, Mexico City, Monterrey, Santiago, Shanghai, Beijing, Singapore, Mumbai, New Delhi, Moscow, Dubai, Istanbul, and Düsseldorf.
EDC is Canada’s export credit agency, providing financial services for companies that buy from Canadian companies or those that have Canadian supply and services in their corporate value chains.
EDC’s financing can be used for capex and/or project finance requirements, either through bilateral or syndicated corporate facilities.
Operating on commercial principles, EDC has a partnership-preferred philosophy to collaborate with private-sector financial institutions to share risk and create greater capacity for Canadian trade transactions.
EDC added that it is committed to Corporate Social Responsibility, and it takes into account the environmental and social impacts of its transactions
Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.
In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.
According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.
Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.
He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.
“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.
He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.
The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.
In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.
He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.
The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.
At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.
According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.
Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.
He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.
The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.
He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.
According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.
Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.
The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.
Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.
The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.
Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.
Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.
The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.
Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.
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