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AfDB Extols Chinese Commitment to Africa, Explores Potential Partnerships with Investors

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The African Development Bank in Nigeria met a private sector consortium from China to help attract investment through partnerships in the development of special agro-Industrial processing zones (SAPZs) across Africa.

The Bank delegation, led by Professor Banji Oyelaran-Oyeyinka, the senior special adviser on industrialisation to the African Development Bank’s President, paid a courtesy call to Nigeria’s Vice President, Professor Yemi Osinbajo, who assured the consortium of the tremendous investment opportunities Nigeria offers.

Discussions centered on Chinese direct investments and partnerships with Nigerian agribusinesses as well as ventures with Nigerian state governments and agribusinesses in the development of agro-Industrial parks.

“Nigeria has the potential to become the food basket of the world; but this depends on our ability to deploy the right technology. Our partnership with you allows us to harness the knowledge and skills to realise this potential. We work with the African Development Bank at the highest levels to ensure that investors face no constraints in doing business,” Osinbajo said.

The Bank is committed to developing SAPZs quickly in line with its Feed Africa Strategy – which aims to turn the massive natural endowment of the sector into competitive advantages that create wealth and sustainable agribusiness jobs for African youth. The strategy will also guarantee food security and inclusive growth by involving more women and youth, and promoting improved resilience to climate variability and shocks.

The SAPZ is a model that requires the full commitment of all levels of government and for this reason the federal and state governments are actively involved in the planning and implementation of the programme”. Professor Oyelaran-Oyeyinka noted that, “due to the significant financial requirements, private resources will be critical”.

SAPZs will radically transform Africa’s agriculture into a business-oriented and commercially viable sector that guarantees food self-sufficiency and puts an end to food insecurity, malnutrition and other related challenges.

Members of the consortium had meetings, on 7 August, with state governors at the Nigerian Governors’ Forum.

Ebrima Faal, African Development Bank Nigeria country director, extolled China’s commitment to the development of the African Continent since joining the Bank Group in 1985.  “China has supported the concessional funding base of this institution over many years and is a major contributor to ADF-14.

During the China Africa Cooperation summit in 2015, it pledged a $60 billion package to implement a ten-point cooperation plan with Africa. China also established the Africa Growing Together Fund, which became operational in November 2014 with $2 billion for 10 years alongside the Bank’s own resources to finance eligible projects in Africa,” he added.


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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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