Business
CIBN 2022 Fellowship Investiture: “Invest In Equity Funds Even Though It Had The Most Risks” – Oforiokuma
Theme: “Bridging the Infrastructure Deficit – The Role of Financial Institutions”
…develop a plan to fund infrastructure in Nigeria – Opuiyo Oforiokuma
Olushola Okunlade Writes
The Chartered Institute of Bankers of Nigeria (CIBN) has inducted 22 honorary fellows, 143 elected fellows, and 244 honorary senior members into the institute.
The honorary fellowship of the institute was also conferred on deserving non-members that contributed to the growth of Nigeria’s economy and whose nominations were approved by the Governing Council of the Institute.
President of CIBN, Dr. Ken Opara, Ph.D., FCIB President/Chairman of Council, CIBN, said the answer to bridging the infrastructure gap in Nigeria was in adopting new thinking and approach towards unlocking the required funding for viable infrastructure projects.
He said, “a good place to start is for government to have an excellent financial model and a strong regulatory platform in place so that financial institutions can commit funds to Public Private Partnerships (PPP) to fund infrastructure development.
“Also, to create jobs and leapfrog growth and development, project lifecycles must be shortened, and partners must be assured of their benefits without interference from successive governments. Projects must be rid of conflict of interest, and minimum resistance from end users.
CIBN fellowship investiture is an annual event where the fellowship status of the institute is conferred on deserving members who distinguished themselves and made notable contributions to the Institute, their respective organisations, and the economy.
The Guest Speaker, an infrastructure specialist, Mr. Opuiyo Oforiokuma, has urged bankers to develop a plan to fund infrastructure in Nigeria.
Oforiokuma, a Senior Partner at Africa50 Infrastructure Acceleration Fund, spoke at the 2022 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) on Saturday, October 29 2022 in Lagos.
He said, the government at all levels alone cannot fund infrastructure development, hence the need for banks to get involved to develop the economy. “Bankers need to start talking about the potential strategies as financiers of infrastructure; we should be thinking about.
“We know the power supply is a very big issue, but the type of power supply we need should be on our minds and the pressure is on investing more in renewable energy.
“So, we have got to find the right energy transition moving towards renewable energy, especially as solutions of storage of power begin to come into being. We also need to have strategies that focus on climate resilience infrastructure and climate adaptation,” he said.
Oforiokuma, therefore, urged financial institutions to invest in equity funds even though it had the most risks. The financial institutions subscribed to infrastructure bonds as it was another way of financing infrastructure in the country.
Alhaji Suleiman Barau, Chairman Family Homes Funds Limited in his statement said: “Financial institutions should broaden their role beyond just banking, so as to bridge the huge funding gap.
“The theme of today’s lecture is a recognition of the huge infrastructural deficit that we have. In spite of recent efforts of the government to bridge this gap, there is still a huge funding gap that needs to be filled,” he said.
He added that financial institutions should broaden their role beyond banking, and urged the Securities and Exchange Commission (SEC) to raise huge assets and capital outside the banking system to bridge the infrastructure gap.
He also said the pension funds would help to bridge the gap in huge infrastructure to develop the Nigerian economy.
Principal Director, KRC Limited, Mrs. Mosun Belo-Olusoga, said: “arrangements were in place to guide the expansion of infrastructure of the country while noting that Nigeria’s infrastructure deficit was too glaring and that financial institutions needed more innovative ways of funding infrastructural development.
“We must do our part to ensure that economic development of the nation is not left to uncontrolled probability, but guaranteed by calculated strategic actions that can be adopted and scaled across the board,” she said.
…as BusinessDay honours Top 25 CEOs Awards
Rashidat Okunlade Writes
Nnamdi Okonkwo, Group Managing Director of FBN Holdings Plc, has bagged outstanding CEO in the just concluded Top 25 CEOs Awards organized by BusinessDay that was held at the Ballroom of the Federal Palace Hotel, Victoria Island, Lagos last Saturday.
Left-Right: Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.
In this year’s edition of the BusinessDay Top 25 CEOs, the publication recognised 25 Chief Executive Officers and Managing Directors of various listed firms on the Nigerian Stock Exchange (NGX) who experienced outstanding financial development and also made important contributions to their respective industries.
FBNHoldings team that graced the event are Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.
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Business
7th ACT Foundation Breakfast Dialogue Set To Illuminate Path To Sustainable Development In Africa
Rashidat Okunlade Writes
The Aspire Coronation Trust (ACT) Foundation is gearing up to host the highly-anticipated 7th ACT Foundation Breakfast Dialogue (BFD) on October 5th, 2023, at the prestigious Lagos Oriental Hotel, Lekki Expressway, Victoria Island, Lagos.
The ACT Foundation Breakfast Dialogue has become a marquee event, drawing luminaries from diverse sectors, to tackle pivotal issues surrounding sustainable development in Africa. This year, the event takes on even greater significance as it zooms in on the transformative potential of Economic, Social, and Governance (ESG) strategies in advancing sustainable development.
Themed ‘Advancing Sustainable Development in Africa: Unleashing the Power of Environmental, Social, Governance Strategies for Impact, this year’s Breakfast Dialogue aspires to bring together an eclectic mix of leaders representing various sectors, all poised to engage in a deep dive into how ESG principles can be leveraged to propel the sustainable development of organisations and, consequently, Africa’s broader sustainable development agenda.
Osayi Allie, CEO of ACT Foundation, underscored the significance of this event, remarking, “The 7th ACT Foundation Breakfast Dialogue promises to be a game-changer, offering a unique platform for leaders in the public, private, and social sectors to decode the immense potential that Economic, Social, and Governance principles hold for organisations of various scales. Effective implementation of ESG practices by African institutions can make a monumental contribution to achieving sustainable development across the continent.”
The event’s keynote speaker, Oyeyimika Adeboye, Managing Director, West Africa, Mondelez International, will take centre stage to share her profound insights on this pivotal subject. She will be joined by an esteemed lineup of speakers, including Marilyn Obaisa-Osula, Associate Director, ESG and Sustainability Services, KPMG; Dr. Eugene Itua, CEO of Natural Eco Capital; Tendai Matika, Manager of the Global Reporting Initiative, Africa; and Mudrakat Alabi-Macfoy, Head of Sustainability and Circularity at Lagos State Waste Management Authority (LAWMA).
One of the day’s high points will be the unveiling of the finalists and winners of the 2023 ACT Foundation Changemakers Innovation Challenge. These exceptional individuals and organisations will secure grant funding and technical support from ACT Foundation, empowering them to amplify their innovative solutions and projects within targeted communities.
Interested participants can click here to register for the virtual session.
Osayi Alile
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