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Jim O’Neill at AFC Live Lists 4 Agenda for Africa’s Development
Jim O’Neill, renowned economist who coined the ‘BRIC’ and ‘MINT’ acronyms, declares the African infrastructure divide, ‘both a defining challenge and a standout investment opportunity of our generation’.
Speaking at Africa Finance Corporation (AFC) inaugural summit 2014 held in Lagos, O’Neil said that Africa’s future depends on the continent’s policy makers doing the right thing.
The four key areas he wants African leaders focus on include redefining (better) governance, reducing crime, fighting corruption and delivering improved infrastructure.
According to him, “Africa’s future depends on the continent’s policy makers doing the right thing. That is working to create better governance, reducing crime, fighting corruption and delivering improved infrastructure. Infrastructure development is both a defining challenge and a standout investment opportunity for Africa and investors around the world. For example, Nigeria is growing at 7% despite poor access to power; decent power could boost economic growth to 10%-12%. There is no reason why Nigeria should not become one of the G20.”
The Summit christened ‘AFC live’ attracted more than 500 leading thinkers from government, academia, business and finance, fuelled energetic debate on both the opportunities and the challenges of the African infrastructure landscape.
O’Neil who is also the former chairman of Goldman Sachs Asset Management, identified that, infrastructure in general, has been estimated to have the potential to add an average of 2% to Africa’s economic growth rate over the next decade as investment is brought to bear to bridge the current circa US$40 billion per annum investment deficit.
Andrew Alli, president and chief executive officer (AFC), told the delegates that, “The sheer number of people here today, passionately engaged in the debate on infrastructure and what it means for the future of this great continent, is inspiring.
“Our vision at the AFC is to bridge the infrastructure divide and seek a strong return for our shareholders at the same time. We believe our core role comes at the earliest stage of project conception and development.
“While international capital will be fundamental in bridging the investment divide, that capital will have nowhere to go if Africa does not focus on the development of bankable, sustainable projects. By focusing on supporting project development and using our local knowledge and sector expertise to identify and mitigate risk we come in to transactions at an earlier stage than many investors.
“Our role is to accelerate the number of viable, bankable projects across the continent, creating the market for other forms of capital that will follow, and ultimately bridging the investment divide that exists. We believe landmark transformational projects can yield financial dividends every bit as powerful as their social ones and our success to date demonstrates this.”
At a ceremony on stage, Cape Verde Minister of Finance Cristiana Duarte signed the instrument of accession for membership of the AFC.
Cape Verde becomes the 9th country to join other member nations, including: Chad, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Nigeria and Sierra Leone.
AFC is a pan-African investor and its investments are not limited to member states.
Cristiana Duarte, minister of Finance of Cape Verde said, “I am very pleased today to be able to formalise Cape Verde’s membership of the Africa Finance Corporation. Cape Verde and the AFC have enjoyed a very productive and collaborative relationship over the last few years.
“As the lead investor in Cabeolica, our award winning $90 million 26MW commercial wind farm we have firsthand experience of the expertise the corporation can bring to innovative projects and we look forward to working to deliver more projects over the coming years.”
Baring his mind on the infrastructural deficit in Nigeria, particularly, the power sector, Mr. Tony O. Elumelu, chairman of Transcorp Plc, managers of Ughelli Power Plant, said investors in both the power generation and distribution have not forgotten their promises to deliver to Nigerians, adding that, public awareness needs to be created on the progress made under the privatilization scheme.
Elumelu had declared intent of Transcorp Plc to leverage their time tested expertise in turning around businesses in growing the Ughelli Power Plant to a 1000mw generating plant by 2017.

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General News
Why Bandits, Kidnappers are Hard to Trace despite NIN-SIM Linkage – FG

National Identity Management Commission (NIMC), has explained why kidnappers and terrorists are not always traceable despite the country’s expanding digital identity infrastructure.

NIMC explanation pointed to a simple but significant gap in the system.
Abisoye Coker-Odusote, director-general of the agency said that: “A lot of the time, you find out the kidnappers use the phones of the people they have abducted, which means how do you trace them because they are not using their own phones?” she said.
Coker-Odusote spoke during an appearance on Channels Television, where she was asked to explain why criminals remain difficult to trace despite the mandatory NIN-SIM linkage policy.
She said criminals frequently frustrate investigations by using mobile phones belonging to their victims, instead of their own registered lines.
“We already know the NIN is the foundational identity for the security architecture, but a lot of the time, you find out the kidnappers use the phones of the people they have abducted. Which means, how do you trace them because they are not using their own phones?” she said.
She also suggested that some criminal elements involved in kidnapping operations may not even be captured in Nigeria’s identity database.
“There is a theory that it may be possible that these kidnappers are not Nigerians and are brought into the country 48 or 72 hours before a kidnapping takes place specifically for that purpose. I’m not insinuating anything, but if that were the case, they naturally would not be captured in our database,” she added.
The comments have revived questions about whether expectations placed on the NIN-SIM linkage have exceeded what the system was designed to deliver.
The NIN-SIM linkage exercise was introduced by the Nigerian Communications Commission (NCC) in collaboration with NIMC to strengthen identity management, eliminate anonymous SIM ownership and support national security.
Over the years, the exercise resulted in millions of subscribers linking their SIM cards with their National Identification Numbers, while telecom operators also deactivated millions of lines that failed to comply with regulatory directives.
Earlier, the NCC maintained that the policy was aimed at improving the integrity of Nigeria’s SIM registration database, strengthening identity verification and supporting security agencies in criminal investigations.
The regulator also described the exercise as an important component of the country’s digital economy and national security framework.
Telecommunications operators have consistently maintained that while they play a critical role in implementing the NIN-SIM linkage policy, they are not responsible for tracking criminals.
E-Financial
First Securities Brokers Empowers Nigerians to Trade in the Stock Market with the Launch of FirstInvest App

First Securities Brokers, one of Nigeria’s leading stockbroking firms and a subsidiary of FirstHoldCo Plc, is pleased to announce the official launch of the FirstInvest App, an innovative mobile investment platform designed to make stock market investing simpler, faster, and more accessible for Nigerians.

The FirstInvest App offers investors a seamless digital experience, enabling them to open and manage their investment accounts, monitor their portfolios, and trade equities listed on the Nigerian Exchange (NGX) directly from their mobile devices.
Designed with both new and experienced investors in mind, the platform combines convenience, security, and ease of use to help users make informed investment decisions anytime and anywhere.
As Nigeria continues to embrace digital financial services, the FirstInvest App reinforces First Securities Brokers’ commitment to driving financial inclusion and expanding access to wealth creation opportunities through technology.
Speaking on the launch, Fiona Ahmed Ahimie, Managing Director of First Securities Brokers, said: “The launch of the FirstInvest App represents another significant milestone in our digital transformation journey and our commitment to delivering innovative investment solutions to our clients.
“We understand that today’s investors value convenience, speed, and accessibility. FirstInvest has been developed to provide exactly that: a secure and intuitive platform that empowers individuals to participate confidently in the capital market from wherever they are.”
She added: “Our goal is to remove the traditional barriers associated with investing by placing the power of timely investment and decision making in the stock market directly in the hands of Nigerians. Whether you are taking your first investment step, actively managing your portfolio or just evaluating your investment, FirstInvest provides the tools and flexibility needed to support your financial aspirations.”
The app delivers a range of features designed to enhance your investing experience, including: Secure digital account opening and onboarding, Real-time access to investment portfolios, Buy and sell Nigerian equities with ease, User-friendly trading interface, Secure transaction processing, Convenient access to market information and investment opportunities.
The launch of FirstInvest aligns with First Securities Brokers’ broader strategy of leveraging technology to improve customer experience while supporting the growth of retail participation in Nigeria’s capital market.
First Securities Brokers remains committed to providing trusted investment advisory services, innovative financial solutions, and exceptional customer service, helping clients build and preserve wealth across generations. The FirstInvest App is now available for download on the Google Play Store and the Apple App Store.
General News
Quest Merchant Bank Hosts Great Place to Work® Nigeria Study Mission

Quest Merchant Bank recently hosted the second edition of the Great Place to Work® Nigeria Study Mission, reaffirming its commitment to fostering a high-performance workplace culture and advancing people-centric leadership practices.

The Study Mission serves as a collaborative learning platform that brings together Great Place to Work® Certified organizations to exchange insights, share best practices, and strengthen workplace cultures.
The event welcomed Human Resources leaders and representatives from FITC, Princeps Credit Systems, Tonic Technologies and Esentry Limited for an engaging and insightful session focused on building thriving workplace cultures, promoting continuous learning, and advancing employee-centric practices that drive organizational success.
Speaking at the event, Tolulope Dayo-Peters, Head of People Management, emphasized the importance of continuous learning and collaboration in building sustainable workplace cultures.
“We are delighted to host the second edition of the Great Place to Work® Nigeria Study Mission. At Quest Merchant Bank, we believe building a great workplace is an ongoing journey rooted in trust, purposeful leadership, and a genuine commitment to our people.
“We are pleased to share the practices that have shaped our culture and look forward to more opportunities to learn and collaborate with like-minded organizations.”
Also speaking at the event, Afolabi Olorode, Acting Managing Director/CEO, Quest Merchant Bank Limited, highlighted the critical role workplace culture plays in driving long-term business success.
“We recognize that a strong workplace culture is fundamental to sustainable business success. Creating an environment where our people are empowered to grow, innovate, and perform at their best enables us to consistently deliver value to our clients and stakeholders. We are proud to support initiatives like the Great Place to Work® Nigeria Study Mission that encourage organizations to learn from one another and collectively raise the standard of workplace excellence in Nigeria.”
The Study Mission reinforced the importance of collaboration among organizations committed to creating exceptional employee experiences.
By providing a platform for open dialogue, peer learning, and the exchange of practical ideas, the initiative enabled participants to explore innovative approaches to employee engagement, organizational culture, leadership development, and talent management while strengthening a growing community of employers dedicated to workplace excellence.
Hosting the Great Place to Work® Nigeria Study Mission further strengthens Quest Merchant Bank’s position as a thought leader in workplace culture and talent management.
It also enhances the Bank’s employer brand and demonstrates its unwavering commitment to creating an environment where employees can grow, innovate, and achieve their full potential.
Quest Merchant Bank remains committed to championing initiatives that promote learning, innovation, and people-centric leadership. Through strategic partnerships and knowledge-sharing platforms such as the Great Place to Work® Nigeria Study Mission, the Bank continues to contribute to the advancement of exceptional workplace cultures and the future of work across Nigeria’s corporate landscape.
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