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AfDB Launches e-Consultation on its New Governance Strategy

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The African Development Bank (AfDB) has launched a Web consultation on its new Governance Strategy for 2014-2018 aimed at receiving feedback from all its stakeholders on their expectations on the Bank’s future governance interventions.

“The vision of AfDB is that Africa is governed by transparent, accountable and responsive governments with strong institutions that are capable of driving inclusive and sustainable growth,” said Lobe Ndoumbe, Governance and Financial management director, at the launch of the web consultation.

AfDB’s new governance strategy is based on the AfDB Group’s Strategy for 2013-2022 in which governance and accountability are among the core operational priorities, to be mainstreamed across the Bank.

Through its web consultation, AfDB seeks to inform all stakeholders on its proposed governance strategic directions for 2014-2018 and to receive feedback on their expectations on its future governance interventions.

“We welcome feedback on whether our “Governance Strategic Direction and Action Plan for 2014-2018” (GAP II) identifies the key governance challenges confronting Africa and whether the three proposed strategic pillars and associated operational activities will be adequate to address them”, said Patricia Laverley, GAP II task manager.

Moreover, the AfDB Group encourages stakeholders to suggest ways in which GAP II can better complement and reinforce the governance work of other development partners in Africa and how they can work together to leverage additional resources for the continent’s development.

AfDB’s “Governance Strategic Direction and Action Plan 2014-2018” (GAP II) is built on three objectives. It seeks to strengthen governments’ capacity for transparent and accountable use of public resources and citizens’ ability to hold governments to account.

 It also seeks to improve outcomes in the sectors and citizen’s ability to monitor them. It also aims at promoting a business enabling environment which supports Africa’s socio-economic transformation, job creation and financial inclusion. The fight against corruption in both the public and private sectors will prevail in all its operations.

Going forward, AfDB’s governance work will build on the achievements of its first “Governance Strategic Direction and Action Plan (GAP I)” for 2008-2012.

GAP II will deepen AfDB’s support to public financial management and business environment. It will also increase its support to the governance of key sectors such as natural resource management and infrastructure.

Moreover, during 2014-2018, GAP II will deepen AfDB’s diagnostic works to improve programming and policy dialogue for greater impact and delivery of results.

The “Governance Strategic Direction and Action Plan 2008-2012” (GAP I) provided the overall direction for the AfDB’s governance work in African countries. The core areas of focus were on public financial management and business environment, implemented at country, sector and regional levels.

In countries where AfDB Group provided support, most governance indicators showed improvements.

According to the “Development Effectiveness Review on Governance”, published in 2012, across the 14 countries where the African Development Bank has invested in revenue systems, tax revenue has risen dramatically, from 10.5% to 14.7% of GDP, while tax rates for business have declined, from 94% of commercial profits to 54%.

The results flagged in the “Development Effectiveness Review on Governance” also suggest major improvements in the business environment as a result of the Bank’s assistance.

Across the 18 countries where the Bank is providing this support, the time required to start a business reduced from 43 days in 2005 to only 23 days in 2011.

The time devoted by business to the payment of taxes reduced by 10% to 254 hours per year, while the average time required enforcing a contract fell by 50 days.

These business friendly measures are part of the reason why net foreign direct investment has increased substantially from 4% to 6% of GDP across these countries; although a buoyant natural resource sector has also contributed.

 


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Uche Ikejimba Secures Sixth Consecutive AMVCA Nomination With Best Unscripted M-Net Original Nod

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Uche Ikejimba, Award-winning producer, has secured her sixth consecutive Africa Magic Viewers Choice Award nod. The organizers made the nomination announcements on Sunday, March 24, 2024, across all Africa Magic channels. It saw Ikejimba clinch a nom in the ‘Best Unscripted M-Net Original’ category for What Will People Say.

In 2022, Ikejimba received two nominations for ‘Best Africa Magic Original Drama Series’ for Unmarried and Dilemma. She secured two other nominations in 2023 in ‘Best Unscripted Original’ for Come Play Naija and ‘Best Original Drama Series’ category for Unmarried.

Speaking about her latest nomination, Ikejimba said, “I’m very humbled and beyond grateful to be receiving my sixth consecutive AMVCA nomination. Anyone who knows me will acknowledge that I often put my blood, sweat and tears into the shows I produce. After Truth won its nomination in 2020, I’ve been holding on patiently for a second win and I hope this is the year. So, here’s my hearty congratulations to my fellow nominees and a huge thank you to the AMVCAs organisers for honoring me.”

Ikejimba is one of Africa’s most-sought after serial producers, and has earned herself the title, ‘Reality TV Series Savant’, with work on 100% Naija, Vodafone Icons, Naija Sings, Calabar Festival Diaries, Big Brother Reunion, Shoot Your Shot, What Will People Say, Come Play Naija, and the more recently airing Husband Material and Overall Best.

She came into the world of Television production as an associate producer on Moments with Mo, the first and only syndicated daily talk show in Africa at the time. However, she has also proven that her talents go beyond producing reality shows or unscripted serials, and she can run with the best in producing original drama series.

In 2016, she landed her first commissioned project with Africa Magic titled Hustle. The series about a young man’s first time in Lagos became an instant hit and ran for three seasons, with 360 episodes. She created, wrote and produced Blink’s original 26-episode drama series titled Truth. The show won an AMVCA for ‘Best TV Series’ in 2020. That same year, she produced and wrote the hit series, Unmarried. The show ran for four seasons and ended on a high.

Off the success of these drama series, she produced Africa Magic’s Dilemma, a 260-episode telenovela. She produced Shallow and the recent Africa Magic fanfavourite original, Manfriend. The show follows the women of the King family and their dysfunctional relationship with the men in their lives. She also produced Showmax’s first original law limited series, AGU in 2023. Her first feature length film, Phantom is a co-production and is also nominated for several awards such as the Toronto International Nollywood Film Festival (TINFF).

Uche Ikejimba has beaten many odds to become a producer and remained steadfast in her commitment to producing the best shows Africa has ever seen. As the continent prepares for the milestone 10th AMVCA, the Reality TV Series Savant and producer extraordinaire is content to celebrate her sixth consecutive nomination. Find out if she clinches her second AMVCA win when the awards air live across all Africa Magic channels on May 11, 2024.


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Banks Close 2m Accounts over BVN, NIN, Others

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Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).

Banks Close 2m Accounts over BVN, NIN, Others

This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.

A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.

However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.

Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.

According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.

 

Credit: Vanguard

 

 


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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth

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Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.

This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.

Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.

With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.

According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”

“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.

Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.

The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.

Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.


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