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AFC’s Andrew Alli Wins African Banker Icon Award 2014

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The African Banker has awarded Andrew Alli, president and chief executive officer Africa Finance Corporation (AFC) with The African Banker Icon of the year, 2014. 

The ‘Icon’ category is awarded to an individual or institution for their outstanding contribution in the field of business, banking and finance.

They are chosen by the African Banker awards selection committee, who noted excellence in AFC’s area of expertise – Infrastructure financing, its role in helping to change the perception of Africa, and, its contribution to the establishment of best global practice in the continent.

This is a significant milestone achievement for AFC under the leadership of Alli and his management team.

In according the award the Committee highlighted Alli’s significance in putting infrastructure investment in Africa on the map, having successfully led AFC through another landmark year of high returns, improved shareholder value and establishing infrastructure investment as a true asset class in and of itself.

The Committee in its citation stated, “the unprecedented expansion of the AFC’s portfolio under Andrew Alli’s leadership, as well as the positive influence of new business processes and strong governance practice, are key factors in the Corporation’s success.

“We commend Alli’s leadership and vision in transforming a start-up operation into a structured, growing and profitable institution, setting a powerful benchmark for excellence and transformational impact in the field of infrastructure investment in Africa.  Africa’s reputation in finance today is in large part owed to the achievements of leaders like Andrew Alli, and the African Banker wholeheartedly acknowledges AFC’s ongoing contribution to the economic and social development of the continent”.

Previous winners of the award include: Dr Ngozi Okonjo-Iweala; Dr. Eleni Gabre-Mahdin, who successfully launched the Ethiopian Securities Exchange; Michael Joseph, founder of M-pesa; and Adebayo Ogunlesi, managing partner, Global Infrastructure Partners and chairman, AFC.

Andrew Alli, president and chief executive officer of the Africa Finance Corporation, in accepting the award said, “I am both privileged and humbled to accept this award and in doing so to recognise the contribution, tenacity and commitment of my management team and the entire staff of the Africa Finance Corporation.  

“The Corporation has been able to leverage the expertise of its professionals in originating, executing and delivering on infrastructure mandates. While international capital will be fundamental in bridging the investment divide, that capital will have nowhere to go if Africa does not focus on the development of bankable, sustainable projects.

“Our role is to accelerate the number of viable, bankable projects across the continent, creating the market for other forms of capital.  We believe landmark transformational projects can yield equal financial and social dividends and our success to date demonstrates this”.

Africa Finance Corporation was established in 2007 as a public-private partnership with a vision to be the leading African financial institution, financing infrastructure development on the continent.

 


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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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