FirstBank UK Adopts Bloomberg TOMS to Optimize Fixed Income Workflow
Bloomberg announced today that FirstBank UK Limited (FirstBank UK), the UK subsidiary of First Bank Nigeria Limited, the premier West African bank, has adopted Bloomberg’s Trade Order Management System (TOMS). By integrating TOMS into its workflow, FirstBank UK will have access to a comprehensive suite of data and analytics, communications, as well as order and execution management solutions, enabling it to streamline its fixed income bonds business.
FirstBank UK is a niche market-maker to its customers in Africa. The business provides market liquidity in cash bonds, primarily in Nigerian, Angolan, Egyptian and Ghanaian Eurobonds to manage risk and optimize its inventory. Thanks to Bloomberg’s coverage, TOMS enables the trading desk of FirstBank UK to support its client base and to monitor its positions, profit and loss (P&L) and Risks.
“By integrating with our existing systems, Bloomberg TOMS provides FirstBank UK with a complete end-to-end trading workflow covering African bonds in most of our home markets,” said Olukorede Adenowo, CEO-designate at FirstBank UK.“ The solution enables us to focus on expanding our footprint in the African Fixed Income landscape and deliver a first-in-kind service to our customers in Africa.”
“We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with our award-winning sell-side order management solution TOMS,” said Lisa Bravo, Global Head of Sell-Side OMS at Bloomberg. “TOMS empowers firms to create a seamless workflow from their front and middle-office, through to their operations and enterprise applications, while concurrently delivering their front office users with real-time execution, risk and P&L analytics.”
FirstBank UK has further digitized its order management workflow by offering clients access to liquidity on its own Eurobond Single-Dealer Platform. The application has been integrated with Bloomberg TOMS to centralize both order handling and aggregated custom analytics and liquidity tools within a single interface, to be hosted and connected to multiple trading venues. “The integration of TOMS with our custom-built electronic trading platform, allows our customers real-time access to liquidity in our markets, something unique to the majority of our customers,” said Robert Hagenaars, Head of Markets at FirstBank UK.
For additional information about Bloomberg’s sell-side solutions, please click here
Left: Chief Operating Officer, Development Bank of Nigeria (DBN); Bonaventure Okhaimo; Managing Director, DBN, Tony Okpanachi; Carol Oyedeji, Deputy Managing Director, Ecobank Nigeria and Executive Director, Finance and Corporate Services, DBN, Ijeoma Ozulumba at the DBN Annual Service Ambassador Awards ceremony held in Lagos recently
Ecobank Nigeria won 3 prominent awards signifying its’ support for MSME’s in Nigeria at this year’s Development Bank of Nigeria (DBN) Annual Service Ambassador Awards ceremony held in Lagos recently. The Bank bagged the following strategic awards which include: Platinum Service Ambassador; Bank with the Highest impact on Women Issues, and Bank with the Highest impact on MSMEs Accessing Credit for the first time.
The DBN Ambassadors Programme was designed to increase the sense of ownership among participating financial institutions, build capacity, increase on-lending to Micro, Small and Medium-scale Enterprises (MSMEs) and ultimately deepen financial inclusion in Nigeria. Ecobank is a participating financial institution in partnership with DBN to provide credit facilities, credit guarantee and technical support to MSMEs.
Receiving the awards at the event, Deputy Managing Director, Ecobank Nigeria, Carol Oyedeji said this a testament to the bank’s commitment to supporting and empowering women owned businesses and assisting small businesses to access loans conveniently at cheaper interest rates for the development of the overall MSME subsector. Ecobank had the highest volume and value of transactions in these award categories
She reiterated that, Ecobank remains a women-friendly bank with many initiatives and innovative products targeted at empowering and sustaining female entrepreneurs in Africa such as ‘Ellevate’ and ‘Ecobank Female Entrepreneurs Initiative (EFEI)’, which are designed to empower and support female entrepreneurs.
Mrs. Oyedeji noted that Ecobank recently signed a USD200 million risk-sharing agreement with African Guarantee Fund (AGF), a specialized pan-African guarantee provider, stressing that it is aimed at catalyzing economic growth and supporting entrepreneurial ventures – including women-owned SMEs on the continent. “Through this partnership, both organisations are taking bold steps to enhance green financing and gender financing. It would eliminate the rigorous and restrictive requirements for collateral, particularly hindering women-focused businesses’ access to credit.”
According to her, “ We have both financial and social empowerment initiatives for female entrepreneurs because we recognise women as the bedrock of most families and entrepreneurship in the society. We aim to eliminate the rigorous and restrictive requirements for collateral, hindering access to credit.”
In his welcome address, Managing Director, DBN, Tony Okpanachi saluted the awardees, stating that their collaboration and commitment is impacting positively on the sustainable growth of the MSME sub-sector of the economy.
According to him, “your unwavering commitment to forging a lasting impact on the MSMEs through our collaboration is a testament to your dedication to fueling sustainable growth. The true essence of the DBN Awards shines through a celebration of sustainable triumph, where today’s aspirations evolve into tomorrow’s achievements.”
He explained that the DBN leverages its partnership with Participating Financial Institutions (PFI) to provide relatively cheaper loans as well as capacity building initiatives to small businesses.
The Development Bank of Nigeria (DBN) was conceived by the Federal Government of Nigeria (FGN) in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.
DBN’s objective is to alleviate financing constraints faced by MSMEs and small Corporates in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.
Access Compromised: How Access Bank Expensive, Porous Financial Security
The primary function of banks is to make sure the money deposited with them and the data of their customers’ are kept safe at all times. This is the reason the current situation in Access Bank, a bank that used to be one of the most reliable financial institutions in the country, is sad and pitiful.
In the interim consolidated financial statement of June 30, 2023 of Herbert Wigwe led Holdings, it was recorded that Access Bank incurred a loss of N5. 46 billion to fraud and forgery incidents, a situation that places the bank on top of the list of most risky banks to save your money.
Findings shows the recorded loss were the money the owners were able to recover from the bank and this did not includ several billions whose owners were frustrated or bullied by the actions of Access Bank from recovering their money deposited from safe keeping with the bank that were somehow stolen.
The statement which was released by the Bank’s newly formed parent company Access Holdings reports that the N20.85 trillion asset company has been doing a shoddy job in securing the savings of their many customers which is primarily the bank’s responsibility and has only been able to prevent a loss of mere N975 89 million out of N6.44 billion which means they can confirm depositors with Access Bank incurred N5.46 billion debt due to the bank’s porous cyber security despite the several billions being earmarked for that purpose in the bank’s annual budget.
The report reveals the loss of N5.459 billion is as a result of fraudulent transfers, fraudulent withdrawals and reactivation of customers’ accounts, while N4.53 million loss was from cash theft, cash suppression, cash pilferage and dry posting.
If it would be recollected the bank was accused of practices that are not professional by Mr P of the singing duo of PSquare. The grouse of the musician is that the Bank and some other banks colluded with some individuals to use his name to perpetrate fraud on hapless Nigerians by allowing elements that are not him to use a combination of his stage and real names to open account to defraud the people.
He also accused the bank of not making moves to curbing the fraud months after he had reported the actions of the scammers to the bank over the anomaly of allowing such account to operate without the BVN.
It is important to note that the once proactive AccessBank seems to have been swimming in the deeps of banking security services for some times as there has been several incidents involving the bank that was at a time running the best secured online banking platform in the country to actions that has seen several depositors lose their life savings kept with the bank or use an account opened with the bank to steal.
FIRSTBANK REWARDS CUSTOMERS WITH 170,000,000 WORTH OF CASH PRIZES IN ITS WIN BIG PROMO
FirstBank, Nigeria’s premier financial institution and leading financial inclusion services provider, has launched the Win Big promo to reward and delight its valued customers. The four-month promo, which started on 23 October 2023 and will run till 23 February 2023 will reward several new and existing customers of the Bank with a total cash reward of 170,000,000.00 naira.
At the end of the four-month promo, 1,240 new and existing customers would have been rewarded with N100,000.00 each as each month will have 310 new and existing customers winning N100,000. Up to 40,000 customers who reactivate their dormant account stand a chance to win free airtime as 10,000 customers will be rewarded with free airtime monthly for reactivating their dormant account.
6 customers will emerge lucky winners of N1,000,000 each in the grand finale draw. The promo is open to new and existing savings and current account customers.
To open a FirstBank account dial USSD code *894*0#and follow the prompt or visit the Bank’s website and click on “Open Account”. You can also visit any FirstBank branch near you to open account.
To qualify for the N100,000 monthly draw, customers will have to deposit and maintain a minimum amount of 5,000.00 in their account monthly and transact a minimum of 5 times transactions on any of the Bank’s digital channels: FirstMobile, LIT App, USSD, First Online as well as Debit Card transactions.
Customers who are eligible to win N1,000,000 must have a deposit of N50,000.00 monthly for four consecutive months or maintain a minimum deposit of N200,000.00 for four months and transact a minimum of 5 times on any of the Bank’s digital banking channels; FirstMobile, LIT App, USSD, First Online as well as Debit Card transactions to qualify for the grand finale draw.
Customers who reactivate their account(s) are also eligible to win. For reactivating their account, the first 10,000 customers to deposit N1,000.00 and transact on any of the Bank’s digital channels: FirstMobile, LIT App, USSD, First Online and Debit Card transactions will be rewarded with free airtime. Customers who reactivate their dormant account could also qualify for the monthly draw when they deposit and maintain a minimum amount of N5,000 monthly and transact a minimum of 5 times on any of the Bank’s digital channels. They could also emerge winners of N1,000,000 in the grade finale draw if they meet the criteria.
To reactivate account, the customers will have to dial USSD code *894*7# and follow the prompt to reactivate Tier 1 accounts or visit any nearest FirstBank branch for Tier 2 and 3 account reactivation.
“We are thrilled to launch this promo in appreciation of the patronage, trust and loyalty our customers have shown us over the years,” said Ms. Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank Group. The exciting modalities of the promo reflect our commitment to enhancing the banking experience of our customers across any or all of our digital banking services.”
This is the season when FirstBank provides opportunities and platforms for the yearly memorable homecoming experience from across the world. The promo is an enabling opportunity for customers, their friends, and families to have exciting, fun-filled, memorable experiences. We encourage our customers to seize this opportunity and participate actively’ she concluded.
For more updates on the promo and other exciting offerings from FirstBank, follow the Bank’s social media handles on – Facebook: First Bank of Nigeria Limited, Instagram: @firstbanknigeria and X (formerly twitter): @FirstBankngr.
FirstBank Celebrates Annual Week of Kindness, Partners NCF to Begin Planting of 50,000 Trees Over Three Years
In furtherance of its leading role in promoting socio-economic development, Nigeria’s premier and leading financial inclusion services provider, has announced the commencement of its Annual Corporate Responsibility and Sustainability Week.
For the past seven years, FirstBank colleagues and customers come together to participate in global annual volunteer (Start Performing Acts of Random Kindness) SPARK initiative, to give back to and foster positive change within the communities where they live and work. This has seen an impact of over 200,000 lives across eight countries, over 103 charities supported as well as over 121,015 volunteer hours achieved.
The activities of the 2023 edition, which is scheduled for 23 to 28 October 2023, include Tree Planting, Women Empowerment, SPARK Schools Engagement, Orphanage Homes, the less privileged engagement, and Kind Comments Day.
In partnership with Nigeria Conservation Foundation, FirstBank employees and partners will progress its planting activity which targets 50,000 trees over a three-year period from 2023. Tree planting is one of FirstBank’s initiatives to reduce its carbon footprints and promote environmental sustainability as part of its overarching sustainability and ESG (Environment, Social & Governance) strategy and in alignment with the Nigeria Conservation Foundation’s Forest Programme – Green Recovery Nigeria (GRN) which is designed to help increase Nigeria forest cover from its current state of about 4-7% to 25% by 2047.
Additionally, in line with FirstBank’s commitment to achieving the United Nations Sustainable Development Goal 5 (SDG) of women empowerment, the Bank will support cancer foundations focused on women and skills acquisition for women on 25 and 26 October 2023. As a member of UN Women, FirstBank employs the relevant women empowerment tools to empower women internally and externally as well as partner with International Women Society to drive skills acquisition.
The Kind Comments Day is an advocacy campaign encouraging staff, customers, and other stakeholders to say kind things about one another. It focuses on inspiring and encouraging people to be deliberate about the use of kind words in relation to others.
On 27 October 2023, staff of the Bank will visit schools for the SPARK School Engagement. This activity is aimed at engaging school students through the Bank’s employees on financial literacy and inculcating and equipping young people with entrepreneurship skillset and mindset to inspire self-belief despite the increasingly daunting economic challenges while preparing them for the future of work.
Rounding off the 2023 CR&S Week will be visits to Orphanage Homes, the less privileged engagement which will hold on 28 October 2023. Orphanages, including the Internal Displaced Persons (IDPs), will be visited in six geo-political zones in Nigeria as well as other SSA markets.
“At FirstBank, we are committed to promoting the culture of kindness as it continues to engender positive relationships with our host communities. By making kindness a way of life, we build stronger communities, foster empathy, and create a positive ripple effect that extends far beyond this week, said Ms. Folake Ani-Mumuney, the Group Head, Marketing and Corporate Communications for FirstBank.
It’s great to see our volunteers demonstrate their continued commitment to positively impact our communities. In the spirit of kindness, I encourage everyone to join us in celebrating the FirstBank Corporate Responsibility & Sustainability week as we make kindness a part of our daily lives, interacting with one another in impactfully memorable ways,” she concluded.
FirstBank has continued to receive awards and recognition for its consistent positive impact and performance from reputable companies globally. Amongst these awards and accolades are the Most Socially Responsible Bank (2018) (International Finance Banking Awards); CSR Bank of the Year (2020) Business Day Banking & Other Financial Institutions (BAFI) Awards; Market Leader Nigeria (CSR) Euromoney Market Leaders 2022; Best CSR Bank Nigeria (2021) (Global Banking and Finance magazine); Excellence in Women Economic Empowerment (2019) (Central Bank of Nigeria); Market Leader Nigeria (ESG) Euromoney Market Leaders 2022.
Dollar Scarcity: FG Begins talks with World Bank, solution underway – Wale Edun
Minister of Finance, Wale Edun, has assured Nigerians that a solution to the Dollar scarcity crisis in the country is underway.
He made this disclosure yesterday following a meeting with World Bank officials on how to address liquidity in the foreign exchange market.
Speaking in Abuja at the Business Lunch hosted in his honour and three other Ministers, Edun revealed the Federal Government’s plans to tackle the economic challenges facing the country.
“I have just risen from a meeting of the Economic Coordination Committee as stipulated by His Excellency, President Bola Ahmed Tinubu to make sure that there is collaboration, coordination and cooperation. And, as you can imagine, full communication in terms of the economic management of our dear country.
“And so we went through things like the economic management framework, which would include a lot of consultations, step-by-step with other stakeholders, including the private sector that will serve as one of the key ad hoc committees that we put together and the updated and expanded national development plan.
“Even earlier, we were meeting with the World Bank. As we know, this is a time of very tight foreign exchange liquidity. So, it must be sought and found wherever.
“And one of those cheap and viable ways is foreign exchange funding, which virtually comes free. A lot of it has zero interest from the World Bank, a multilateral development institution set up to help developing countries such as ours.
“And of course, you have to be able to tell them, this is the economic plan. You all know the measures that Mr. President has taken. We have briefly dealt with the issue of subsidy that was draining government revenues. He has briefly dealt with the foreign exchange situation and multiple windows, which was deterring investors.
“But as we know, there is much to be done. So, this morning’s session (Thursdays) was a way of explaining our plan to attract the cheapest or most available of those funds.
“So that’s just to spend the time I have with you, explaining myself, communicating and there’s much more of that to be done,” Edun said.
More Insights
Speaking further, Mr. Wale Edun appealed to the public, emphasizing that the Federal Government is racing against time to proffer solutions to the nation’s economic problems.
He said
“President Tinubu is ultimately encouraging investments that will increase productivity that will grow the economy, create jobs and reduce poverty.
“All these will certainly be put on the right trajectory which will yield results in the not-too-distant future.”
What You Should Know
Nigeria’s foreign exchange market has maintained a steady decline as the naira continues to fall freely against the dollar, hitting the threshold of N1,000 to 1$ at the parallel market.
According to Wale Edun, the Minister of Finance, this incessant decline is due to the overdue backlog payment of $6.8 billion, resulting in a shortage in the supply of dollars at the CBN.
The Federal Government, however, has said that at the top of the administration’s priority is stabilizing the currency.
The President has recently appointed new CBN leadership to oversee the monetary policies of the apex bank and drive the net inflow of dollars into the country.
British International Investment partners with Access Bank Plc to extend US$60 million trade finance facility across five African countries
Loan facility will help to ensure availability of key commodities across import-dependent economies and critical inputs for manufacturing goods, medicine, commodities, construction, food and agriculture.
Programme aims to stimulate African trade volumes by US$90 million and will contribute to SDGs 8 and 9.
BII’s second commitment to one of Nigeria’s leading multinational banks.
British International Investment (BII), the UK’s Development Finance Institution (DFI) and impact investor, has announced a $60 million trade finance facility for Access Bank Plc in Nigeria and five of its pan-African subsidiaries. This will strengthen import and export capabilities amongst local businesses and plug the foreign currency supply gap. The programme supports Access Bank’s strategy to enable continental trade and deepens BII’s commitment to bolstering financing environments in fragile economies. BII estimates the loan programme will stimulate African trade volumes by US$90 million.
The agreement reinforces BII’s ongoing relationship with Nigeria’s largest commercial bank by assets and facilitates the provision of systemic liquidity during a period characterised by a challenging macroeconomic environment. Higher inflation and rising cost of capital have placed downward pressure on currency performance, both domestically and in the programme’s target markets of the Democratic Republic of Congo, Mozambique, Rwanda, Sierra Leone, and Zambia. Intervention at this critical juncture underlines the key role of BII, and development finance institutions in general, in extending countercyclical support to build economic resilience.
Between 80% and 90% of world trade is estimated to rely on the availability of trade credit, according to the World Trade Organization. Prior to the COVID-19 pandemic, that financing gap stood at US$82 billion in Africa, and it is increasing. Recognising the positive ripple effects of robust trade flows on economies and livelihoods, Access Bank is aiming to provide 15% of trade finance across Africa, by growing the trade books of its subsidiaries.
Currency instability in Nigeria can hinder the wider proliferation of dollar denominated trade loans across African markets, constraining countries’ ability to capitalise on opportunities opening up under the African Continental Free Trade Agreement. By specifically targeting import dependent economies – many of which will mark the first engagement with BII’s Trade programme – the improved availability of US dollar denominated trade loans will ensure availability of key commodities and manufacturing inputs for the production and export of goods. The key outcome will be improving livelihoods and preserving jobs for the employees of importers and exporters with limited access to foreign exchange trade loans.
With the loans channelled into companies in construction, manufacturing and FMCG, the programme will directly contribute to the UN Sustainable Development Goals 8 (Decent work and economic growth) and 9 (Industry, innovation and infrastructure).
Simultaneously, the facility will improve inclusion. Qualifying under the 2X Challenge, aimed at strengthening female participation and leadership in business, Access Bank will ensure the allocation of loans is designed deliberately to advance its gender commitments. In addition, the facility will contribute to BII’s BOLD programme, dedicated to enhancing the availability of finance at more affordable rates to Black, African-owned businesses.
Seyi Kumapayi, Executive Director, African Subsidiaries at Access Bank, remarked: “Access Bank is on a purposeful mission to scale intra-African trade and position the continent as a viable market for global trade. Hence, we are thrilled about the tremendous potential that this trade finance facility with the BII affords us across our pan-African subsidiaries. This strategic collaboration not only strengthens our import and export capabilities but also expands our resources to support local industries – especially women-owned businesses – and ultimately drive economic growth. By stimulating trade volumes, we will be playing a key role in fostering long-term economic resilience for the continent, while increasing its attractiveness for increased foreign investments.”
Admir Imami, Director and Head of Trade and Supply Chain Finance at BII, noted: “Access Bank is a long-standing partner of BII’s and our new partnership is a significant step closer to narrowing the trade finance gap in Africa, particularly in countries such as the DRC and Rwanda.
Access to finance in fragile states is hugely constrained, often these countries are buffeted by macroeconomic events far beyond their control. BII and Access Bank share a conviction that building the resilience of these businesses by ensuring affordable access to foreign exchange is vital to keep intra-African trade moving and support the growth of inclusive economies.”
Benson Adenuga, Head of Office & Coverage Director for Nigeria, BII said: “Our latest commitment to Access Bank reiterates our assurance to this leading multinational institution and to Nigeria. It comes at a time when Nigeria’s fragile economic situation needs additional funding, particularly from counter cyclical investors like development finance institutions. Our funding will help bolster the economy and ensure the availability of staple goods, medicines and food across Africa.”
FIRSTBANK SPONSORS THE AFRICA INTERNATIONAL TRADE EXHIBITION (A.I.T.E 2023), NEW YORK, PROMOTES FOREIGN DIRECT INVESTMENT IN THE CONTINENT
First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, sponsored the Africa International Trade Exhibition (A.I.T.E 2023), held on 21 and 22 September 2023 at the Hilton Hotel Midtown, New York, U.S.A. The event was themed “the imperatives of global trade for African SMEs as a game changer for the continent’s future prosperity”.
Woven into the fabric of society, with the rich heritage of being the premier Bank in West Africa, FirstBank’s sponsorship of the event reiterated its commitment to being the bank of first choice and financial gateway in supporting businesses to boost the growth and socio-economic development of the continent in today’s fast-evolving business landscape.
Notable personalities and dignitaries at the event include Dr. Doris Uzoka-Anite, Minister of Industry Trade and Investment and representative of Senator Bola Tinubu (GCFR), President and Commander in Chief of the Armed Forces, Federal Republic of Nigeria; Mr Festus Keyamo, SAN, Minister of Aviation and Aerospace Development of Nigeria; Dr Mariya Mahmoud, Minister of State Federal Capital Territory; His Excellency, Adeyinka Asekun, Nigeria’s High Commissioner to Canada; Hon Abike Dabiri, Chairman/CEO, Nigerians in Diaspora Commission; Ambassa Bolaji Akintemi, Director, Economic, Trade and Investment, Ministry of Foreign Affairs, Nigeria; Mr Olukayode Pitan, Managing Director, Bank of Industry; Mrs Kanayo Awani, Executive Vice President, Intra-African Trade, African Export-Import Bank (Afreximbank); Dr. Adesola Adeduntan, Chief Executive Officer, FirstBank Group; Mr Oluwatosin Adewuyi, Executive Director, Corporate Banking, FirstBank and Mr Ini Ebong, Executive Director, Treasury and International Banking, FirstBank.
Tunde MacAlabi, Visioner of the African International Trade Exhibition project said “The AITE project is conceived to assist African SMEs to gain greater penetration in the North American market that has huge potentials.
The African American population in the US is 30 million strong, spending close to 1.2 trillion dollars as consumers.
The popularity of our afrobeat music, the ground that it is gaining in North America and the globe is remarkable. With this idea, pushing authentic African made products into the market to rise on the wave of the popularity of our music can diversify the sources of foreign exchange income that we accurately need in Nigeria and Africa.
Our effort is a complementary private sector driven initiative to help bridge the commercial gap to increase the commercial engagement between Nigeria, Africa and the USA.
Speaking at the event, Dr. Adesola Adeduntan, CEO of FirstBank Group said: “I am particularly delighted that this year’s theme beams the spotlight on a sector that can be referred to as the bedrock of Africa’s economic prosperity. Africa’s SME sector is also a good representation of the unyielding and resilient spirit of the African people in the face of many daunting challenges.”
With a vision to become “Africa’s Bank of First Choice”, FirstBank’s commitment to the development and economic transformation of the African continent is unwavering and we will continue to make the required investments to actualize this goal. I make bold to say that, in FirstBank, Africa has a dependable ally.
Indeed, it is the turn of Africa to rise, and FirstBank is strategically positioned to provide the required financial services support to the SME sector that will catalyze the next phase of Africa’s growth and development,” he concluded.
Representing Prof. Benedict Okey Oramah, President & Chairman, African Export-Import Bank (Afreximbank),Mrs Kanayo Awani, Executive Vice President, Intra-African Trade, African Export-Import Bank (Afreximbank) said “I am grateful to the African International Trade Exhibition (AITE) for the kind opportunity to participate in this event. I congratulate AITE for building this unique platform to rally global investments and policy support towards the attainment of the goals of the African Continental Free Trade Agreements. These activities of AITE are significant complements to Afreximbank’s trade facilitation agenda. We are therefore pleased to be associated with AITE and its activities.
We must continue to leverage the platforms created by the Bank and AITE to forge partnerships, share ideas and contribute to the growth and development of African SMEs to ensure that their potentials as the driving force for the transformation of the continent. As l like to say, the opportunity is now, and it has a shelf life.
UBA Group Chairman, Tony O. Elumelu, Applauded by Distinguished Leaders for Youth Empowerment in Africa
A gathering of prominent global leaders, including Nigeria’s President Asiwaju Bola Ahmed Tinubu, Lagos State Governor Babajide Sanwo-Olu, representatives from the United Nations Development Programme (UNDP), the United Nations Children’s Fund (UNICEF), as well as numerous leaders from the public and private sectors, came together to commend the exceptional contributions of Tony Elumelu, Founder of the Tony Elumelu Foundation (TEF), to youth development and entrepreneurship in Africa.
These distinguished leaders expressed their admiration for Tony Elumelu, who also serves as the Chairman of United Bank for Africa (UBA) Plc, recognizing his unwavering commitment to youth empowerment, his advocacy for entrepreneurship, and his dedication to the growth of Small and Medium Scale Enterprises (SMEs) across the continent.
These accolades were bestowed upon Tony Elumelu during the TEF-UNDP Breakfast Roundtable meeting, held on the sidelines of the ongoing 78th United Nations General Assembly (UNGA) in New York.
This gathering also served as the platform for the launch of the Tony Elumelu Foundation (TEF) Impact Report titled “The Tony Elumelu Foundation Entrepreneurship Programme: A Decade of Impact.”
President Bola Tinubu, represented by the Honourable Minister of Industry, Trade and Investment, Doris Uzoka-Anite, urged other capable Africans to follow in the footsteps of Tony Elumelu by investing in youth empowerment. She stressed the importance of ensuring that the continent becomes self-reliant and no longer depends on foreign donors, highlighting Tony Elumelu’s role in driving investments, supporting SMEs, and promoting youth entrepreneurship and start-ups.
Sanwo-Olu, in agreement with the minister, recognized Tony Elumelu’s efforts in empowering and building the youth. He noted that these efforts align perfectly with Lagos state’s initiatives for economic empowerment and poverty reduction.
Ahunna Eziakonwa, UNDP’s Assistant Secretary-General and Director of the Regional Bureau for Africa, expressed her immense inspiration by Tony Elumelu’s vision for African youth. She emphasized the shared passion between UNDP and Tony Elumelu in promoting human development and providing opportunities for individuals to shape their destinies.
Eziakonwa explained the reason behind UNDP’s continued partnership with TEF, highlighting the potential impact of having ten individuals like Tony Elumelu each investing $100 million in young people over the next decade. She stressed the tremendous success achieved on the continent with limited investment and envisioned the continent’s unstoppable potential if such efforts were multiplied.
She assured participants of UNDP’s continued excitement about partnering with TEF and the intention to elevate this partnership to new heights, emphasizing their commitment to this cause.
The meeting provided a platform for global leaders to engage in discussions on critical global issues. Among the participants were the Representative of the President of Rwanda, Paul Kagame, the Chief Executive Officer of Generation Unlimited, UNICEF Kevin Frey, and many others. They all concurred that Tony Elumelu’s achievements and his passion for youth empowerment deserved unequivocal recognition.
In his presentation, Tony Elumelu commended all partners, including UNICEF, UNDP, and UBA, acknowledging UBA’s significant support. He reminded the audience of the inception of TEF seed capital funding, emphasizing its roots in his vision to effect change in Africa using African solutions.
Tony Elumelu articulated the collective goal: “to see young entrepreneurs in Africa build sustainable businesses for themselves and generate viable green jobs, so that our young ones are not left behind in the inevitable green economy that the world will transition to.”
He passionately called for increased collaboration to prioritize young Africans, foster economic activities, and alleviate poverty. He emphasized the importance of the beacon lit by TEF and the need for it to shine even brighter with the support and collaboration of everyone. He stressed the urgency of providing economic support to young Africans, addressing the impact of climate change, and ending the migration and hardships faced by the continent’s youth.
HACKAHOLICS DIGITAL SUMMIT 2023: WEMA BANK LAUNCHES AFRICA’S LARGEST GATHERING OF INNOVATORS, DISRUPTORS, REGULATORS, POLICYMAKERS, INVESTORS & CUSTOMERS IN THE DIGITAL SPACE
Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has announced the launch of the Hackaholics Digital Summit 2023, Africa’s largest gathering of innovators, disruptors, regulators, policymakers, investors & customers in the digital space.
This groundbreaking summit will serve as a hub for sharing cutting-edge insights, trends, and best practices in the tech industry towards the positive transformation of technology and innovation not just in Nigeria but across the African continent.
In 2019, Wema Bank introduced Hackaholics, a dedicated initiative targeting youth and startups. Its mission is to provide a stage for entrepreneurs and innovators with transformative, tech-driven concepts to bring their ideas to fruition and refine their skills. The 4th edition of Hackaholics, launched in April 2023, involved several months-long journey to top Nigerian universities to identify and nurture talented students with creative ideas. These students were afforded the opportunity to collaborate, enhance their skills, and actualize their unique concepts through technology. The Hackaholics Digital Summit will host both the grand finale of Hackaholics 4.0 and the inaugural edition of the digital summit.
The Hackaholics Digital Summit 2023 is scheduled for October 6, 2023, in Lagos, Nigeria, under the theme “Re-Imagine: Disrupting the Ecosystem for Scale.” This multifaceted event commences with the launch of the Hackaholics Digital Summit and concludes with the exciting grand finale of Hackaholics 4.0. During this grand event, the standout teams from the competition will showcase their innovations, contending for the prestigious titles of Hackaholics 4.0 winners.
Notably, the winning team will receive a grant of N10,000,000 worth of prizes, the first runner-up N7,000,000 worth of prizes, the second runner-up N5,000,000 worth of prizes, while a special N3,000,000 grant is reserved exclusively for a female-led team. Additionally, a N15,000,000 grant will be allocated to University STEM endowment.
The Digital Summit will further encompass an array of simultaneous master classes, providing attendees with the opportunity to witness the emergence of Africa’s technological future while gaining invaluable insights from renowned experts. These masterclasses will delve into topics such as “The Future of Financial Services,” “Venture Capital and Funding Viable Innovation for Scale,” and “Strategic Technology for Impact & Societal Change: Transforming Today & Tomorrow’s World.”
Attendance to this prestigious event is by invitation only; however, interested customers and technology enthusiasts can secure a spot at the Wema Bank Hackaholics Digital Summit 2023 by registering at https://hackaholics.wemabank.com/digital-summit.
Don’t miss the chance to be part of this exceptional gathering, charting the course for the future of technology in Africa.
