Connect with us

E-Financial

AfDB, UN University Ink MOU on Sustainable Development in Africa

Published

on

Kindly share this post

Dr. Donald Kaberuka, President of the African Development Bank (AfDB), and Prof. David Malone, rector of United Nations University (UNU), signed a Memorandum of Understanding (MOU) to foster research and knowledge exchange on sustainable development in Africa.

The MOU was signed on June 5 after the Tokyo International Conference on African Development (TICAD V), held in Yokohama, Japan, from June 1-3.

The AfDB-UNU partnership aims to strengthen collaboration between Japan and African countries to strengthen Science, Technology and Innovation (STI) in Africa.

The AfDB and UNU will contribute to the establishment of a joint Africa-Asia strategic plan for sustainable development and a joint programme of activities for capacity building in Africa.

The two institutions aim to promote knowledge transfer through a consortium of universities.

The AfDB’s new strategy 2013-2022 and its upcoming human capital strategy support the creation of networks of knowledge to strengthen STI in Africa.

Through this partnership the AfDB is helping to strengthen a consortium of universities and their respective science faculties specializing in sustainable development.

AfDB President Kaberuka showed his interest in this consortium of universities during his visit to Japan and presence at TIVAD V.

Along with Kazuhiko Takeuchi, UNU vice rector, president Kaberuka delivered the opening remarks at a side event on sustainable development at TICAD V on June 2, highlighting the importance of education and skills development.

The side event on the role of higher education in Africa’s sustainable development was organized by the AfDB’s Human Development Department in collaboration with UNU, the University of Tokyo, and the Japan Ministry of Education, Culture, Sports, Science and Technology (MEXT).

Representatives from the consortium of universities exchanged their views on innovative ways to achieve sustainable development in Africa through higher education.

On June 5, President Kaberuka delivered a keynote speech at a seminar on Africa’s Transformation and Strategy for Growth at the University of Tokyo.

In front of an audience of students, faculty, representatives of African Universities and African ambassadors, among others, President Kaberuka stressed the contribution of the AfDB to Africa’s structural transformation.

Organized by the AfDB in collaboration with UNU and the University of Tokyo, the seminar provided a platform to discuss the economic transformation of Africa, and the challenges and opportunities for green and inclusive growth on the continent.

The speech was followed by a Q& A session that allowed the President to engage with participants on a wide range of issues with respect to African development and to strengthening the Africa-Japan partnership.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Continue Reading
Advertisement
Comments

E-Financial

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

Published

on

Kindly share this post

“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.

 


Kindly share this post
Continue Reading

E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

Published

on

Kindly share this post

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.

 

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

Published

on

Kindly share this post

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.”

 

 

 

 


Kindly share this post
Continue Reading

Trending