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Changes in AFC’s Board, Alade Assumes Chairmanship

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Board of the Africa Finance Corporation (AFC) on Wednesday announced that as part of AFC’s Board succession process, Mr. Adebayo Ogunlesi and Mr. Aliyu Dikko retired from the Board of Directors.

Following the retirement of Ogunlesi and Dikko, the Board elected Dr. Sarah Alade as chairman of the Board of Directors and Mr. Lamido Yuguda was appointed as a director of the Corporation.

Dr. Sarah Alade, is the deputy governor (Economic Policy) of the Central Bank of Nigeria (CBN) and Mr. Lamido Yuguda is Director of Reserves Management at the CBN.

Commenting on the changes, Andrew Alli, AFC president and chief executive officer, said: “On behalf of the Board, I would like to offer my warmest thanks to our out-going Chairman and to Mr Aliyu Dikko for their service. Mr Ogunlesi has served with distinction for the last 5 years. He has provided invaluable guidance and support as we have built the corporation into one of Africa’s leading multilateral finance institutions.

“Under his leadership, we have demonstrated the commercial viability of African infrastructure as an asset class, delivering consistent annual profitability, while funding several projects over the last 5 years.  His tenure culminated in the award of an A3 (long term) /P2 (short term) foreign currency debt rating, making the AFC the second highest investment grade rated multilateral financial institution on the African continent.”

“I would also like to welcome Dr Sarah Alade and Mr Lamido Yuguda to the Board. Dr Alade takes up the role of Chairperson at a very exciting time for AFC. Having proven the commercial viability of infrastructure as an asset class in Africa, and with the strength provided by an international class credit rating, we are very strongly positioned to grow our balance sheet and deepen our ability to support the expansion of Africa’s infrastructure under her leadership.”

Adebayo Ogunlesi, the outgoing chairman, said: “I am pleased to have had the opportunity over the past several years to serve as Chairman of the AFC during which time the Corporation has continued to make good on its goal of becoming a market leader in infrastructure financing in Africa.

“The vision of establishing an African-led, commercially oriented multi-lateral institution was always an ambitious one, but one which is well on its way to being been fulfilled. I am grateful to my former colleagues on the Board for their support and wish them, the new Chairperson and the AFC Team well as the Corporation enters a new phase in its growth.”

Incoming Chairperson, Dr Sarah Alade commented: “I am privileged to take up the Chairmanship of the AFC at a significant time for the Corporation. With a strong and growing balance sheet, an expanding geographically diverse base and a deep pipeline of new investment opportunities, the corporation is very well placed to continue to deliver on its mission to foster the economic growth and industrial development of African countries.”

AFC, a multilateral finance institution, was established in 2007 with an initial capital base of USD1.1 billion, to be a catalyst for private sector infrastructure investment across Africa.

AFC was established to help fill a critical void in providing project structuring expertise and risk capital to address Africa’s infrastructure development needs, and is increasingly being seen as the benchmark institution for private sector-led investment in the core infrastructure sectors of power, natural resources, heavy industry, transport and telecommunications.

The AFC Board of Directors is now constituted as follows, Dr Sarah Alade, chairperson, Mr Andrew Alli, President and chief executive officer, Mr Solomon Asamoah, deputy chief executive officer and chief investment officer, Dr Adesegun A. Akin-Olugbade, executive director and general counsel and Mr Aigboje Aig-Imoukhuede, director.

Other directors are,  Mr Jibril Aku, Mr Tony Elumelu, Mr Emeka Emuwa, Mr Tunde Lemo,       Mr Olabisi Onasanya, Mr Ebenezer Onyeagwu, Mr Lewis Tung, Mr Robert Tung, and Mr Lamido Yuguda.

Over the last six years, AFC have financed investments of approximately US$1.9 billion across the continent, with a current portfolio of 26 projects.

 


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Iremide Ogunyemi wins Fidelity Bank’s ‘Read2Lead’ Writing Competition

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A student of The Ambassadors’ College, Ota, Ogun State, Miss Iremide Ogunyemi, has won N2 million cash, a publishing deal worth N2 million and another N2 million to upgrade her school’s library after emerging the star prize winner of the inaugural edition of the Fidelity Bank organized Read2Lead writing competition. This was disclosed at the competition’s prize presentation event held in Lagos over the weekend.

Welcoming guests to the event, Mrs. Pamela Shodipo, the Executive Director of South Directorate, Fidelity Bank Plc, who represented Dr. Nneka Onyeali-Ikpe,OON, the bank’s Managing Director/Chief Executive Officer, said the initiative was created to unlock the creative potentials of students and help them become better positioned for successful careers.

“All over the world, young people are driving change through innovation and Nigeria is no exception. As a Bank, we believe in the transformative power of education in changing the fortunes of any nation. It is this belief that led us to organize the Read2Lead initiative. By fostering the fundamental yet crucial skill of reading and writing from a young age, we aim to empower children to face academic challenges confidently and solve life problems skillfully.

“The Read2Lead initiative, therefore, encapsulates our approach to instilling a culture of reading and writing among young people. As highlighted by the esteemed American journalist, critic, and social reformer, Margaret Fuller, “Today a reader, tomorrow a leader”; we believe that igniting our youths’ imagination early can unlock their potential and set them on a path to success”, explained Onyeali-Ikpe.

The prize presentation ceremony had in attendance the representative of the Ogun State Commissioner of Education, management staff of Fidelity Bank Plc, the top 30 students from the competition, their parents, teachers, colleagues and media personalities.

“When I started, I didn’t know I would emerge a finalist in the competition. I just decided to participate because I love writing. This was the first competition that I saw that asked for a fictional essay. As that is what I like, I decided to write. I want to thank Fidelity Bank for coming up with this initiative as it is a really good and creative competition”, disclosed an elated Miss Ogunyemi.

In a surprising twist of events, Miss Mfeheke Okoko and Miss Daniella Orji, also of The Ambassadors’ College, Ota, Ogun State, took home cash prizes for N1.5million and N1million for emerging the first and second-runners up respectively in the competition which saw students from across Nigeria compete in three phases of writing challenges.

In the first stage of the initiative, tagged, “The National Writing Showdown”, over 3,000 students were tasked with a creative writing task for a spot among the top 150 writers.

In the second stage known as “The Sweeta Writing Mastery”, the top 150 participants were given a novel to read and requested to write an alternate ending for the book for chance to join the top 30 finalists.

In the third and final stage themed, “The Author’s Workshop”, the top 30 students were enrolled in an immersive writing boot camp anchored by experienced writers and facilitators who selected the top three finalists.


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Union Bank Reaffirms Support for Education in Nigeria, Backs 10th Edition of Maltina Teacher of The Year

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Union Bank of Nigeria, in continuation of its on-going efforts to improve the standard of Nigerian education, has partnered with Nigeria Breweries, makers of Maltina malt drink, as the official financial sponsor of the 10th-anniversary edition of the Maltina Teacher of the Year Award.

The bank is supporting this year’s anniversary edition, themed ‘A decade of inspiring excellence in teaching’, as part of its corporate strategy and vision to improve three core aspects of education in Nigeria: improving access, improving quality, and optimising learning outcomes through cross-industry partnerships.

Union Bank, an advocate dedicated to ensuring the bright educational future of Nigerian youngsters, wants to succeed in this noble endeavour by achieving its objectives by leveraging the United Nations Sustainable Development Goals (SDGs), notably SDG 4—Quality Education.

This dedication has led to the Bank developing its own unique educational assistance platform, Edu360. The Edu360 program is an initiative targeted at facilitating much needed investments in the educational sector through capacity building for teachers while developing collaborations between parents and educators regarding child development and curriculum.

According to Nigerian Breweries, the Maltina Teacher of the Year Award, which is in its tenth run since its launch in 2015, is an initiative aimed at recognising and celebrating exceptional teachers whose performances have impacted and positively improved the academic growth of students in Nigeria.

Speaking on the Bank’s support towards the 10th Anniversary of the Teacher of the Year Award Ceremony, Union Bank’s Chief Brand and Marketing Officer, Olufunmilola Aluko said “Union Bank is delighted to partner with a laudable initiative like the Maltina Teacher of the Year that seeks to spotlight and acknowledge incredible educators who have positively shaped the minds of Nigerian students.

“This collaboration closely aligns with the bank’s overall aim of improving the standard of education within the country while also ensuring there’s equal access to every child, male or female, seeking to acquire life-changing knowledge that will benefit not only themselves and their immediate family but also the wider society”.

Union Bank remains steadfast in its commitment to promoting education, viewing it not only as a Sustainable Development Goal but also as a value-adding enterprise within its chain of business interventions.

They firmly believe in investing in Nigeria’s future and recognise the strategic importance of quality education in the nation’s development.


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Polaris Bank partners UI, NCF on environmental conservation, tree planting

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Polaris Bank Limited has collaborated with the University of Ibadan (UI) and the Nigerian Conservation Foundation (NCF) on environmental conservation through a tree planting initiative.

Polaris Bank

Polaris Bank

This was disclosed during a courtesy visit to the UI Vice Chancellor, Prof. Kayode Adebowale, by representatives of Polaris Bank Ltd and the Nigerian Conservation Foundation (NCF).

During the visit, Polaris Executive Director, Corporate & Investment Banking, Abimbola Ozomah, mentioned that the initiative is part of the bank’s corporate social responsibility efforts.

Ozomah explained that the initiative stemmed from the bank’s desire to continuously contribute positively to the environment and communities, as well as to commemorate World Environment Day on June 5, 2024.

She highlighted that the theme for World Environment Day 2024 centres on land restoration, desertification, and drought resilience, in alignment with the United Nations’ ecosystem restoration goals.

Ozomah said that Polaris Bank Ltd is committed to sustainable practices and land restoration through the nationwide planting of economic trees.

According to her, the bank’s sustainability practices include promoting responsible banking, empowering people and society, addressing environmental issues, and ensuring sustainable economic growth.

Mr. Adedayo Memudu, Senior Manager of the Nigerian Conservation Foundation, stressed that the organization encourages Nigerian citizens to appreciate nature and thrive while living in harmony with it.

He noted that one of the NCF’s core values is its commitment to partnership development, which is why it has partnered with Polaris Bank Ltd to enhance the bank’s corporate social responsibility and sustainability platforms.

The visit culminated in the consequent actual planting of trees at a designated site on the university campus.

A Memorandum of Understanding will later be signed between the University of Ibadan, Polaris Bank Ltd, and the Nigerian Conservation Foundation.

Speaking on behalf of the Vice Chancellor, UI Registrar, Mr. Ganiyu Saliu, reaffirmed the university’s commitment to conserving campus vegetation and promoting a greener environment to improve individuals’ well-being.

Saliu pointed out that the large number of ‘Iroko’ trees on the University of Ibadan campus serves as evidence of the institution’s intentional conservation efforts, despite broader environmental challenges in Nigeria and globally.

He explained that the university does not allow indiscriminate felling of trees but enforces a structured process for tree removal.

The registrar also noted that as part of the UI@75 anniversary celebrations, the university initiated a project to plant 1,000 trees, which will be adopted by well-meaning Nigerians, with the university providing the necessary support for their sustainability.

He stressed the importance of collaboration between the academic community and broader society, stating that both sectors must work together to address shared environmental challenges.

Saliu expressed gratitude for the collective efforts of organizations to tackle common challenges in Nigeria and appreciated Polaris Bank Ltd for partnering with the Nigerian Conservation Foundation in the tree planting initiative.

Polaris Bank kick-started the nationwide tree planting initiative for land restoration on July 1, 2024 at the Tai Solarin University of Education (TASUED), Ijagun, Ijebu Ode, Ogun State; it then Proceeded to Ajingi Community Reserve, Kunkurawa, in Kano, Kano State on August 30, and next at the University of Ibadan on October 3.

Polaris Bank is known for taking proactive measures in addressing challenges of development and sustainability, including environmental and social issues.

The Bank supports the United Nations Sustainable Development Goals (UN-SDGs), Nigerian Sustainable Banking Principles (NSBPs), and the United Nations Environment Programme Finance Initiative (UNEP FI’s) Principles of Responsible Banking.


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