General News
AfDB Launches e-Consultation on its New Governance Strategy
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.
Central Bank of Nigeria (CBN) has yet to publish its annual financial statements beyond the 2022 financial year, despite legal provisions requiring the apex bank to release its audited accounts annually.
An annual report is a comprehensive report on a company’s activities throughout the preceding year.
Annual reports are intended to give shareholders and other interested people information about the company’s activities and financial performance.
The most recent annual report and financial statements of the CBN available to the public remain those for the 2022 financial year.
Under Section 50 of the Central Bank of Nigeria (CBN) Act, the bank is required to prepare, submit and publish its audited annual financial statements.
Section 50(1) stipulates that the CBN must transmit its annual accounts, certified by an external auditor, to the President and the National Assembly within two months after the end of each financial year.
Section 50(2) further provides that the annual report submitted to the President and the National Assembly should be published in a manner determined by the CBN Governor, while Section 50(3) mandates the CBN Board to ensure the accounts are published in the Federal Government Gazette as soon as possible.
Despite these statutory requirements, the apex bank has not made public any annual financial statements after the 2022 reporting year.
The development comes after the CBN, on August 11, 2023, released its consolidated financial statements covering seven years the first such publication since 2015.
President Bola Tinubu appointed Olayemi Cardoso as Governor of the CBN on September 15, 2023, following the removal of former Governor Godwin Emefiele in June of the same year.
Emefiele is currently facing trial over alleged corruption-related offences.
Last week, the Supreme Court ordered the final forfeiture of several of Emefiele’s properties, along with $2.045 million in cash.
Dangote Petroleum Refinery and Petrochemicals has successfully completed a landmark US$2.5 billion private equity placement, in what is believed to be Africa’s largest publicly disclosed primary equity private placement by value.
This marks a major milestone in the company’s long-term expansion strategy.
In a statement issued on Thursday, the company said the offering was 3.7 times oversubscribed relative to its initial offer size, reflecting strong investor confidence in the refinery’s growth prospects and resulting in the issuance and allotment of approximately US$2.5 billion in new equity.
The fundraising follows the recent equity capital raise in which existing investors expanded their holdings alongside new institutional investors, strengthening the refinery’s capital base to support its next phase of growth.
According to the company, proceeds from the private placement will finance the continued expansion of its refining and petrochemical operations, reinforce its capital structure and enhance financial flexibility for future investments.
The transaction attracted broad participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions and long-term strategic partners.
Among the key investors were the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank). The offering also drew participation from a diverse mix of institutional and individual investors, underscoring strong market confidence in the refinery’s long-term strategy.
Chairman of Dangote Petroleum Refinery and Petrochemicals, Aliko Dangote, described the successful capital raise as a strategic move to deepen and institutionalise the company’s shareholder base while complementing internal cash flows and external financing.
“This further demonstrates our profound commitment to developing domestic refining and petrochemical capacity, reducing Africa’s reliance on imported refined products and strengthening the continent’s energy security,” Dangote said.
Managing Director and Chief Executive Officer of the refinery, David Bird, attributed the strong investor response to the company’s operational performance and leadership.
“The exceptional demand we saw is a testament to our operational excellence, execution capacity, and investor confidence in DPRP’s leadership,” he said.
Following the completion of the transaction, the company said it is well positioned to continue executing its long-term growth strategy by expanding world-class refining and petrochemical capacity while strengthening Africa’s energy security.
Once again, The Gathering on 100 Pitchathon has rewarded some of Nigeria’s most promising young entrepreneurs, with three startups sharing ₦5 million in funding.
Pitchathon
The pitchathon took place at the Abuja edition of the Gathering on 100 held between July 18 and 19, at This Day Dome, Central Business District, Abuja.
The competition brought together founders from different sectors to pitch their businesses before a panel of judges.
The Pitchathon remains one of the most sought after experiences at The Gathering on 100, an MTN Nigeria initiative that connects young Nigerians with opportunities for entrepreneurship, innovation and personal development.
Omolola Rebecca, founder of Agrovest, emerged overall winner, receiving ₦2.5 million for her agritech solution, which provides funding for farmers to improve access to capital and boost agricultural productivity.
Reacting to her victory, Rebecca said the recognition would give her business greater visibility and open doors to more investors. “Winning this competition means more people will notice what we’re building.
“It puts Agrovest in front of potential investors and partners, and gives us the opportunity to grow our impact by supporting even more farmers,” she said.
The second prize of ₦1.5 million went to Agbo Obinnaya, founder of Case Radar, a legal technology platform that uses generative artificial intelligence to simplify access to legal services in Nigeria.
The platform enables users to obtain legal guidance, understand legal documents and connect with legal professionals through a single digital platform.
Abdulmuiz Adam secured third place and ₦1 million with WaveBudget, a fintech platform that combines savings and responsible financing.
The platform allows users to save towards financial goals, access buy now, pay later services through partner merchants with a 50 per cent down payment, and manage their savings in one place.
Presenting the prizes to the winners, Lanre Coker, Manager, Customer Acquisition and Compliance, North-West, MTN Nigeria, said the initiative reflects MTN’s commitment to supporting young Nigerians with the resources they need to grow their ideas into sustainable businesses.
“The Gathering on 100 is about helping young Nigerians achieve the height of their endeavours, whatever they may be.
“We know there are brilliant ideas across the country, and through initiatives like the Gathering on 100, we are creating opportunities for innovators to access funding and the confidence to keep building,” he said.
The Abuja edition builds on the success of previous Pitchathons held during The Gathering on 100 across the country.
In Lagos, eight startups received a combined ₦45 million in funding, while three startups shared ₦5 million at the Aba, Enugu, and Kano editions. With the Abuja winners now joining the growing list of recipients, the Pitchathon continues to position itself as a platform for discovering and supporting the next generation of Nigerian entrepreneurs.
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