Connect with us

Business

Foreign Investors Step Into Nigeria’s Bank Recapitalisation 

Published

on

Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has disclosed that foreign investors are already moving funds into the country to invest in Nigerian banks under the ongoing recapitalisation exercise.
Cardoso, who stated this at the Afrinvest 2024 Banking Sector Report Launch in Abuja, yesterday, said his team was vigilant and would not allow illicit funds into the Nigerian banking industry or allow bad people to take it over.
Represented by the Acting Director of Financial Policy and Regulations, Mr. John Onoja, Cardoso said the recapitalisation exercise would bolster federal government’s efforts towards achieving the $1 trillion economy goal by 2030.
According to him, “The recapitalisation exercise of the Nigerian banking sector is a pivotal strategy aimed at further strengthening the resilience of the Nigerian banks and promoting sound financial systems in Nigeria.
“Importantly, it will support the government’s goal to achieve a GDP of $1 trillion by 2030. As I listened to the panelists today, we are glad that the capitalisation drive has become a factor that has ignited a lot of activities in all the sectors already.
“The impact of the capitalisation program, we all know, is definitely going to increase the lending capacity of the banks, because liquidity definitely is going to empower them to lend more to the relevant sectors, even like the panelists have indicated to us.
“Definitely, there are going to be increases in foreign investments. We are already seeing them; the foreign direct investments are already coming in. The banks can attest to that.
“Even the foreign exchange liquidity, we can see that a lot of them are through the certificates of capital importation; they are bringing in a lot of forex into the economy, which is going to also affect positively the liquidity situation in the forex market.

“We will rigorously enforce our Fit and Proper Persons criteria for new shareholders, for board members, for senior management, to ensure that there are no illicit funds that will flow into the system, there are no uncleared persons that will take possession of the Nigerian financial institutions, and also to ensure that even the valuation of a bank whose major balance sheets are assured by the Central Bank of Nigeria”.

The Governor said the exercise would positively impact the Gross Domestic Product of the nation, stressing, “It is going to contribute to the GDP growth that we are talking about supporting the present administration.

“Not to talk about better risk management tendencies, improved credit ratings for some of these banks, because of the forex credits they take, the credit ratings are very, very important”.

He added that there would be dilution of shares and ownership for those who are even smaller investors.

“Another opportunity has come for the smaller investors to be able to own  shares in the financial institutions, which we know have always been doing very well. The equity market also is already being boosted”, Cardoso said.

He assured that in the event that some of the capital brought in by foreign direct investors could not be taken up, such investors would not suffer any loss, as their funds would be immediately available to them for repatriation.

“We are also conscious of the capitals that are going to be imported into the country especially from foreign direct investors. And we are giving them assurance. We are working on the policy for that, that in the event that they are not able to be taken up, they will not suffer any form of devaluation loss.

“They’ll be able to go back home with their currency at the value that they brought them into the country”, he stated.

Continue Reading

Business

Minister Constitutes Tech Committee On Aviation Ties With Angola

Published

on

Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has constituted a technical committee to work with the Angolan Embassy on deepening aviation ties with Nigeria.
Special Assistant on Media and Communications to the Minister, Mr. Tunde Moshood, in a statement, said the committee would oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
This development is coming after Keyamo received the Angolan Ambassador to Nigeria, Jose Bamoquina Zau, and his Deputy, Nelson Paulo Kafikiri, in Abuja.
The statement revealed that the Angola’s Minister of Transport, Dr. Ricardo Viegas de Abreu, was keen to build a synergy between both nations and was eager to tap into the wealth of experience of Nigeria’s aviation leadership.
According to the statement, “The visit is aimed at strengthening aviation ties between Nigeria and Angola, particularly as Angola embarks on a new era for its aviation industry.
“The Angolan delegation brought positive updates on the progress of Angola’s aviation sector, specifically highlighting the recent overhaul of its airport infrastructure.
Ambassador Zau informed Keyamo that the new airport, set to serve as a strategic hub for the region, will be officially inaugurated in one month’s time.
In delivering a message from the Angolan Minister of Transport, Ricardo de Abreu, the Ambassador conveyed the Minister’s warm greetings and underscored Angola’s eagerness to foster collaboration with Nigeria.
He expressed interest in exploring a bilateral air services agreement and other mutually beneficial opportunities within the aviation sector.
Ambassador Zau also extended an official invitation from Minister Ricardo de Abreu for Keyamo to attend the grand opening of Angola’s new airport next month.
He emphasised that both nations stand to gain from deeper cooperation, particularly in aviation business and infrastructure development.
In response, the aviation Minister expressed appreciation for the visit and congratulated the Angolan government on its impressive strides in aviation infrastructure.
He affirmed his commitment to attend the upcoming event and signalled Nigeria’s readiness to work closely with Angola to enhance air connectivity and explore new business opportunities.
“To ensure seamless coordination ahead of the event, the Aviation Minister has constituted a technical committee to work with the Angolan Embassy’s team.
“The committee will oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
“The meeting underscores the continued commitment of both nations to expand their aviation sectors and work towards a prosperous and mutually beneficial relationship”, Moshood stated.

Continue Reading

Business

NIWA Wants Deeper Private Investment In Blue Economy

Published

on

The National Inland Waterways Authority (NIWA) has called for deeper private sector participation in the blue economy initiative to harness greater benefits from it, for national development.
The Authority also commenced moves to improve security across the nation’s Waterways, in a bid to attract private investment into the Blue economy.
Managing Director of NIWA, Mr. Bola Oyebamiji, who disclosed this to newsmen during the tour of Wari and Onithsa area offices, said NIWA is determined to revamp the nation’s economy by consolidating on Public/Private Partnerships (PPP) initiatives.
“This initiative is part of our deliberate plans to open up new opportunities to maximise full economic potentials of the nation’s waterways.
“The PPP is the way to go but we need people or investors, who have genuine intentions and purposes to enable us align with President Bola Tinubu’s Renewed Hope Agenda for economic recovery”, he said.
The agency’s boss tasked the staff to live up to expectation by working harder in revenue generation that could open rooms to better their welfare.
He warned the staff against indolence and laxity since he was committed to staff welfare and revenue generation
According to him, there is need for the staff to be disciplined and committed by rededicating themselves to the growth and development of the Authority.

Continue Reading

Business

Discount Airfares: Qatar Airways, Access Bank Extend To Dec

Published

on

The Qatar Airlines, in its efforts to further ease financial burden of air passengers, has extended its discount partnership deal with Access Bank till December 2024.
Access Bank customers, who book their flights online using Qatar Airways’ website in this deal, enjoy up to 12 percent discount on both business and economy classses.
The Bank’s customers, using the promo code “ACCESS”, can book flights to any destination in the world and travel.
Qarta Airline, in a statement through the Vice President–Africa, Hendrick du Preez, stated that the partnership reiterates the Airways’ commitment to streamline travel within and across African markets by delivering first-rate services and offerings to passengers.
“As we are in the summer season and passengers tend to want to travel to spend time with loved ones, our priority at Qatar Airways remains broadening opportunities to travel for our passengers in the African market.
“Although Africa stands as the most underserved market, we strongly believe in the power of partnerships like these in transforming travel within the continent.
“We are proud to partner with respected pan-African financial institutions like Access Bank to provide innovative incentives for passengers and customers”, he stated.
This is coming on the heels of Qatar Airways’ recent expansion of routes across the African continent along with increased flight frequencies in various locations.
Also in the release, Access Bank’s Executive Director for Corporate and Investment Banking, Iyabo Soji-Okusanya, expressed enthusiasm about the partnership.
“Our team is delighted to collaborate with Qatar Airways to bring exceptional travel benefits to our valued customers. This offering aligns with our commitment to enhancing the overall experience for those who choose Access Bank and continue to do so every year.
“By providing exclusive discounts on Qatar Airways flights, we aim to make travel more accessible and enjoyable for our customers”, Soji-Okusanya said.

Corlins Walter

Continue Reading

Trending