E-Financial
Bankable Projects worth Billions of Dollars for TGAIS
Investors representing more than USD$265bn of capital under management will convene at the Savoy hotel on 21st and 22nd October for The Global African Investment Summit (‘TGAIS’) to review bankable projects across four sectors – agribusiness, natural resources, power and infrastructure.
The summit, chaired by former President of Nigeria Olusegun Obasanjo, is seeking to direct funds from some of the world’s largest institutional investors into projects across five nations – Ghana, Rwanda, Tanzania, Uganda and Togo.
TGAIS is designed as a platform for African governments to bring bankable projects to the international market to a range of investors including institutional investors, family offices, pension and private equity companies.
It is the first time that such a forum has been staged in London.
At the summit President Kagame of Rwanda will present plans for the development of a new modern international airport at Bugesera and a railway project estimated to cost $5bn.
In the Rwandese power sector, methane gas and geothermal projects will be presented with a generation capacity of 740MW.
His Excellency Amama Mbabazi, Ugandan Prime Minister, highlighted the significance of finding the right investors for his country; “we have a number of important projects that will help the Ugandan economy grow substantially. Finding the best investors for these projects is crucial to knowing that they will be undertaken in a way that creates shared value and promotes long-term sustainability.”
Paul Sinclair, TGAIS event Director added; “The Global African Investment Summit will see government delegations from Africa present bankable investment opportunities to an audience of institutional investors, fund managers, PE firms and large corporations. By focussing on these projects we believe that we will trigger deal making and spur investment partnerships, enabling job creation, technology transfer and economic growth.”
TGAIS enjoys strong support from the United Kingdom government.
African government delegates will attend a private luncheon at Buckingham Palace on the opening day, and Britain’s Minister for Africa James Duddridge will host a gala reception at the Foreign and Commonwealth Office for all participants at the conclusion of the Summit.
E-Financial
Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme
“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.
E-Financial
CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering
Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.
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.
E-Financial
CBN Urges Banks to Expedite Action on Recapitalisation
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.
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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