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Adesina, AfDB President Marks first Year in Office with Remarkable Transformation Agenda

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During his investiture as the 8th elected President of the African Development Bank Group on 1st September 2015, Akinwumi Adesina pledged “to help build a new Africa with prosperous, sustainable and inclusive growth; one that is peaceful, secure and united, regionally integrated and globally competitive.” The ultimate goal: to remake Africa in a decade.

Participants at the ceremony were excited with the well-articulated optimism from the new President. Some feared the targets were too high to be attained.

However, one year on, those goals now appear within reach as the Bank rolls out strategies, forges partnerships and mobilises resources to make the pledges a reality.

People are beginning to pay attention. Last May at the Bank’s Annual Meetings in Lusaka, Governors representing the 80 member-countries of the Bank Group agreed that the institution’s work programmes were on track to achieve the inaugural promise.

The facts on the ground speak for themselves – the new administration has scaled up the Bank’s operations to unprecedented levels while developing a ten-year transformation agenda designed to resolve five critical existential challenges, which the continent has grappled with over the years.

For instance, loan and grant approvals shot up to a new annual high of US $9 billion at the end of 2015; with projections that the amount would rise by 20% to US $11 billion by the end of 2016. Actual disbursement is programmed to reach US $6.6 billion, with one third of the amount already disbursed.

This represents a giant step compared with the US $4.55 billion realised in 2015 and 4.14 billion in 2014. It is worth noting that actual disbursements rates against targets had been falling steadily from 98% in 2012 to 81.9% in 2015, largely due to disbursement delays which have now been reduced substantially.

The mobilisation of jumbo loans amounting to nearly US $2 billion through syndication to South Africa’s energy utility (Eskom); Morocco’s Ouarzazate solar complex, which is considered to be the largest in Africa; and for the extension of Ethiopia’s growing energy industry under the Bank’s New Deal on Energy for Africa in a couple of months clearly signposted its high ambition and its future directions. “We should never have a low ambition for Africa,” says Adesina.

When vast areas of Eastern and Southern Africa were hit by a devastating drought, the Bank immediately packaged US $549 million in financing to help the countries concerned to deal with the situation and reduce their vulnerability to the hazards.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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