November 2019 - Page 4 of 4 - SocietyGazette.com

The Time is Now to Invest in Africa and African SMEs, Tony Elumelu Tells Global Investors in Paris

Founder of the Tony Elumelu Foundation (TEF) and Chairman, United Bank for Africa (UBA) and Heirs Holdings opened the “Ambition Africa” conference organised by the France Invest Africa Club in Paris, France.

As Elumelu delivered the opening address, he urged French investors to look to Africa for long term investment opportunities.

The French Minister of Economy and Finance, Bruno Le Maire, as he introduced Tony Elumelu to the audience stated that France could position itself and direct investment towards Africa to end the cycle of poverty and to accelerate development globally. He commended Elumelu’s stance on strengthening the SMEs in Africa to catalyse development. “We share the same ambition in Supporting African SMEs and entrepreneurs as this is essential for the economic development of Africa,” he said, referring to Elumelu’s passion to create wealth on the African continent.

Reiterating the stance to partner with Africa on long-term investments, Mr. Le Maire said “We will ensure that investments in Africa are sustainable, exemplary and environmentally friendly. We want to go fast, go quickly in the race against poverty and renunciation, throughout the continent”.

Tony Elumelu on his part stated “We need to do much better and be much smarter in channelling funds to emerging markets. These markets present huge opportunities – as well as risks for investors, but investors need to fulfil a critical need to catalyse and improve the economy. We salute companies like Total, Bouygues, Accor, Orange, and Bolloré as well as others who have accepted this challenge, but there is room for many more” he said.

Elumelu stressed the importance of private equity inflow into Africa, with a focus on investing in small and medium scale businesses, the lifeblood of the African economy. He stated that Africa has the youngest workforce in the world, with over 60% of its population below the age of 25. This he said was a potential demographic doom that could be turned around to become the continent’s greatest asset if the youths have jobs and economic opportunities.

According to him: “Africans do not need aid. Rather, our young people need investments’.

“Private equity is a force for positive development in Africa. We have a large youth population, who are eager and innovative. They are looking at solutions to problems in their communities but are hampered by the access to capital and investment, mentoring and training. When done right, this kind of investment can bring not just capital but can also strengthen job creation, corporate governance and help improve sustainable business practices”.

He cited the impact and growth rate of the beneficiaries of the Tony Elumelu Foundation as evidence of the potential of SMEs in Africa today. His Foundation has endowed $100 million dollars of his family wealth, to fund over 10000 African entrepreneurs in ten years.

Mr. Elumelu commended The French President, Emmanuel Macron’s initiatives for strengthening the relationship between France and Africa and concluded by inviting investors to consider investing in Africa for the long term.

“The key phrase here is long term investment – no one should come to Africa for short term gain. The time is now to invest in Africa. Private equity has to be part of it. We need it for all,” he concluded.

ZENITH BANK IGNITES LAGOS WITH “STYLE BY ZENITH 2.0”

Following the success of the maiden edition, Nigeria’s leading financial institution, Zenith Bank Plc is set to ignite Lagos with the second edition of its highly anticipated Lifestyle Fair, “Style by Zenith 2.0”, which holds from Friday, November 29 to Sunday, December 1, 2019.

First launched in 2018, the “Style by Zenith 2.0” initiative, which was created with the objective of supporting and creating value for customers by focusing on various aspects of their lifestyle, will hold at the Eko Energy City, Eko Atlantic, Victoria Island, Lagos.

This year, “Style by Zenith 2.0” takes things up a notch with the theme, “Style the Life you Desire”, aimed at encouraging Nigerians to live their best lives and be extraordinary.

“Style by Zenith 2.0” caps a year of all-encompassing customer lifestyle engagements by Zenith Bank through events such as the Aspire Music Festival, a musical concert for millennials held in Lagos in September and the Aba SME Fair organised for SMEs in the Aba Fashion Market, Abia State last month. This is in addition to the Light-Up Ceremony of the yuletide decorations on Ajose Adeogun Street, Victoria Island coming up by the second week of this month.

The three-day fair has an interesting line up of activities including runway modelling by leading Nigerian and international models accessorized by top designers, modelling masterclasses, exhibition of lifestyle, beauty, health & fitness products, food and drinks, games arcade for both children and adults as well as musical concert featuring Nigeria’s biggest artistes.

Fashion One, the leading global fashion and lifestyle channel will once again be working with Zenith Bank on the “Style by Zenith 2.0” initiative.

Attendance at the fair is free for everyone. However, the music concert is exclusively reserved for Zenith Bank customers, although non-Zenith customers can still attend the concerts by simply opening a Zenith Bank account and registering to attend at www.zenithbank.com/style.

Zenith Bank Plc is recognized as one of the most innovative financial institutions in Nigeria and was voted the most customer-focused bank in Nigeria for the Retail and SME segments in the 2018 KPMG Annual Banking Industry Customer Satisfaction Survey (BICSS).

Planned Increase Deepwater Royalty: Nigeria may lose $15bn, say IOCs

International oil companies and their local counterparts under the aegis of the Oil Producers Trade Section have said the Federal Government’s planned increase in deepwater royalty will worsen Nigeria’s competitiveness and make its $15bn planned deepwater investments economically unviable.

The OPTS, a private industry group under the umbrella of the Lagos Chamber of Commerce and Industry, also said the move would result in an estimated 20 per cent decline in deepwater oil production by 2023.

The House of Representatives on Tuesday concurred with the Senate by passing a bill amending the Deep Offshore and Inland Basin Production Sharing Contract Act 2004.

The Federal Government, in its 2019 approved budget public presentation, had said it was targeting N320bn from the revision of the PSC legislation/terms this year.

The nation’s oil and gas production structure is majorly split between joint ventures onshore and in shallow water with foreign and local companies and the PSCs in deepwater offshore, to which many IOCs have shifted their focus in recent years.

Under the PSCs, the Nigerian National Petroleum Corporation holds the concessions, and the contractors fund the development of the deepwater offshore blocks and recover their costs from the production after royalty payments.

The NNPC had said in 2016 that it was reviewing existing PSCs “to negotiate more favourable terms and improve the revenue base of the federation.”

The OPTS, in its presentation to the Senate obtained by our correspondent, said the proposed unilateral change to the current terms would damage investor confidence and make the country’s deepwater and inland basin PSC less attractive in the wake of stiffening global competition for investable funds.

According to the group, the Deep Offshore and Inland Basin Production Sharing Contracts (Amendment) Bill seeks to introduce an additional price-based royalty on revenues above $35 per barrel, which ranges from 0.2 per cent to 29 per cent as the oil price increases.

It said, “This is in addition to the existing water depth-based royalty. Furthermore, the industry is burdened by a plethora of other taxes, fees, levies and other tariffs.

“This rate increase would result in future deepwater projects becoming economically unviable and leading to at least a $15bn reduction in planned near-term investments.”

According to the group, Nigeria has one of the least competitive deepwater fiscal terms in Africa and is currently losing substantial amount of potential investments in the oil and gas industry to other countries, particularly Mozambique, Angola and Ghana.

“In the last decade, the Nigerian oil industry has been able to start up production of only three new deepwater projects – Usan, Aje and Egina. Other African countries with less hydrocarbon potential have attracted significantly more investments than Nigeria because they offer more attractive deepwater fiscal terms that encourage investment,” it said.

The OPTS noted that deepwater PSC development had been a major contributor to the Nigerian petroleum industry, the economy and government revenue.

According to the group, deepwater PSCs currently account for about 40 per cent of Nigeria’s oil production, rising from zero in 2004 to about 780,000 barrels of oil equivalent per day.

Heritage Bank Pledges continued support for Women Empowerment

Heritage Bank Plc has said it will continue to lend support to causes that promote women empowerment as this will impact positively on the nation’s socio-economic development.

Managing Director, Heritage Bank, Ifie Sekibo, stated this at the “Raising Girls Summit ‘19” which held in Lagos last Friday as part of activities to commemorate the International day of the Girl-Child.

Sekibo, who was represented at the event by the Regional Executive, Lagos & South-West, Heritage Bank, Dike Dimiri, disclosed that the lender sponsored the “Raising Girls Summit ‘19” because as he put it: “At Heritage Bank, we are committed to anything that represents women empowerment.”

According to him, the Bank has been in the vanguard of promoting financial literacy and financial inclusion especially among women because it believes that this is key for advancement in today’s dynamic world.

He said: “If we can start promoting financial inclusion especially among the girl child, then we can stand a better chance of having our children growing up to help build a strong financial system. Heritage Bank has been in the fore front of trying to ensure that financial inclusion is not just for adults but for children and more so at a very early age.”

Sekibo, who noted that Heritage Bank actively participates in financial literacy programme organised by the Central Bank of Nigeria (CBN) in different parts of the country every year, assured organizers of “Raising Girls Summit ‘19” of Heritage Bank’s continuous support

Organsied by The Green Girl Company Limited, (organizers of the Miss Nigeria Beauty Pageant), the Raising Girls Summit, is part of a global effort to empower, and deliberate on issues affecting the girl-child in Africa.

It is also aimed at influencing social change and policies to ensure the better life and the future prospect of girls in Africa.

In her remarks at the event, the Green Girl Company Limited CEO, Dr. May Ikeora, thanked Heritage Bank for its support for the summit, adding that with the lender’s support, the organisation was making valuable contribution to Nigeria and the world.

She advised young girls not to focus on what society can do for them, but on what they can contribute to the society.

Also speaking at the event, a former “Miss Nigeria”, Helen Prest-Ajayi, stated that if the girl-child is better educated, the country would be a better place for all Nigerians.

L-R: Fidelis Anosike, Chairman Folio Group; Dike Dimiri, Regional Manager, Lagos and South West, Heritage Bank and May Ikeora, Green Girl Company Limited, during the “Raising Girls Summit “19” which held in Lagos, sponsored by Heritage Bank, as part of activities to commemorate the International day of the Girl-Child.

Ethnic Business Awards Rewards Best Foreign Enterprise

A chapter and befitting accolades for foreign business personalities and migrants community who have chosen to find a home in the Nigeria’s stormy trading soil have finally birthed. Billed to hold at the prestigious Oriental hotel, Lekki Lagos on February 14th, 2020, the epoch making event is no doubt, the most appropriate way of celebrating the historic St. Valentine’s Day.

Sprouting under the acronym of The Ethnic Business Awards (www.theethnicbusinessawards.com), the awards project promises to celebrate and honour recognized Nigeria-based foreign investors, dedicated entrepreneurs, business moguls, corporate firms, the diplomatic coterie as well as the migrants community.

The Ethnic Business Awards, according to Lanre Odukoya who’s the project’s scribe, is aimed at recognizing and appreciating the outstanding contributions of foreign businesses, organisations, individuals and communities to corporate Nigeria, “this is like thinking outside the box, the awards is designed to reward and encourage innovations and excellence among Nigeria-based foreigners in enterprise”, Lanre said.

Inspired by the growing population of foreign investors, organisations, individuals and migrants communities who have impressed with remarkable inputs into the growth of the Nigerian economy, the Ethnic Business Awards [EBA] seeks to reward the best practices in commerce, international diplomacy and excellence across other industries.

Nigeria became Africa’s largest economy for the second year in a row according to a multinational professional services network, PricewaterhouseCoopers (PwC), in 2019. Beyond doubts, this feat would have been impossible without the faith reposed in her by men and women of other nationalities who have defied doom prediction to swarm Nigeria to grow her commerce.

The EBA (www.theethnicbusinessawards.com) pays very special attention to promising and established foreign companies, communities, organisations and individuals of sterling qualities all of whom will be identified and grouped into different categories following a public opinion poll and wide consultations with some of the industry’s finest experts.

Though debuting tad late, the organizers, Pun Communications’ recognition of this very vital segment of the nation’s economy will boost the morale of the recipients of the honour and intending foreign investors, groups or individuals to join the Africa’s largest economy.

The grand celebration of the winners and presentation of the awards is scheduled to hold on February 14, 2020 at the Oriental Hotel, Victoria Island, Lagos.