Togo

Marie-Alix de Putter, President of the Bluemind Foundation, named “Best Woman Leader in Africa”

admin — Sun, 19 Jun 2022 14:20:01 +0000

Marie-Alix de Putter, President of the Bluemind Foundation, named “Best Woman Leader in Africa”

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admin Sun, 06/19/2022 - 14:20

Wednesday, June 8, 2022

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Health Archives - Liberia news The New Dawn Liberia, premier resource for lates…

Original Article

Marie-Alix de Putter, President of the Bluemind Foundation, named “Best Woman L…

LOMÉ, DOUALA and PARIS, 08 June 2022 -/African Media Agency (AMA)/- The French-Cameroonian Marie-Alix de Putter, President of the Bluemind Foundation and CEO of HEMLEY Productions, named “Best Woman Leader in Africa” (special mention) at the 2022 edition of the Africa Investments Forum & Awards (AIFA).

The AIFA brings together every year the leading private and public decision-makers operating on the African continent: CEOs, managing directors, investment directors, international directors, experts, and institutional players. Awards winners are selected by an independent jury-panels made up of more than 80 sectors experts.

Also nominated for the award were Déborah Diallo (Diallo Law Firm); Gwen Mwaba (Afreximbank); Lamia Merzouki (Casablanca Finance City); Laureen Kouassi-Olsson (Birimian Holding), Ola Brown (Flying Doctors Healthcare Investment Company) and Toyin F. Sanni – gold award (Emerging Africa Group).

“While mental health struggles in a time frame that is almost never favorable to it, I thank AIFA for this award, which recognizes the commitment of the Bluemind Foundation teams to the mental health of African populations. To all the young women watching, I would like to remind you that what is important is always to ask yourself: “How can I contribute to having a positive impact that will make life much better for the people I work with and for?“, says Marie-Alix de Putter, President of the Bluemind Foundation.

As a reminder, Marie-Alix de Putter was named in September 2021 as one of the 30 most innovative personalities of the African continent by the American magazine QUARTZ.

Distributed by African Media Agency on behalf of Bluemind Foundation.

ABOUT BLUEMIND FOUNDATION

Bluemind Foundation is an international non-profit organization chaired by Marie-Alix de Putter after the murder of her husband and her personal experience with post- traumatic stress, chronic depression, and anxiety. Our constant message is based on a firm conviction: mental health is health. With the ambition of making mental health a social, societal, cultural, and political issue, the Bluemind Foundation’s mission is to destigmatize mental health and make care accessible to all.

The Bluemind Foundation is headquartered in Lomé (Togo) – with offices in Douala (Cameroon) and Paris (France).

Press contact

Onja RASAMIMANANA

+261 34 83 012 95

+33 7 45 45 34 64

welcome@bluemindfoundation.org

www.bluemindfoundation.org

The post Marie-Alix de Putter, President of the Bluemind Foundation, named “Best Woman Leader in Africa” appeared first on African Media Agency.

Source : African Media Agency (AMA)

The post Marie-Alix de Putter, President of the Bluemind Foundation, named “Best Woman Leader in Africa” appeared first on Liberia news The New Dawn Liberia, premier resource for latest news.

Africa

Nation Striving to Strengthen Economic Tie with West African Countries

admin — Sun, 19 Jun 2022 09:30:01 +0000

Nation Striving to Strengthen Economic Tie with West African Countries

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admin Sun, 06/19/2022 - 09:30

Friday, June 17, 2022

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Politics – Ethiopian News Agency

Original Article

Nation Striving to Strengthen Economic Tie with West African Countries

June 17, 2022 (ENA) Ethiopia will work to further strengthen its economic ties with West African countries, according to Ministry of Foreign Affairs.

West African Countries Director at the Ministry, Elias Melaku said Ethiopia, being a country with huge impact on the geopolitics of the Horn, will strive to cooperate in strengthening economic integration with the countries in the region.

The Ethio-Djibouti railway and the Ethio-Kenya road are among the efforts worth mentioning in this regard, he added.

Furthermore, Elias pointed out that the country is working to foster political and economic ties with other countries with the aim of building a strong economy.

Prime Minister Abiy Ahmed’s recent visit to West African countries demonstrates Ethiopia’s desire to strengthen ties.

According to the director, Ethiopia will next establish economic ties with Senegal, Côte d’Ivoire, Togo and other countries to build a strong continent.

He further noted that Ethiopian Airlines flight to West African countries will have significant role in bolstering relations with the countries.

Africa

Politics

Sen. Snowe: ECOWAS to name, shame 3rd-term governments

admin — Wed, 23 Feb 2022 09:20:01 +0000

Sen. Snowe: ECOWAS to name, shame 3rd-term governments

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admin Wed, 02/23/2022 - 09:20

Monday, February 7, 2022

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Politics News – The New Dawn Liberia

Original Article

Sen. Snowe: ECOWAS to name, shame 3rd-term governments

By Lewis S. Teh

Bomi County Senator and Chairman on Security, and governance at the ECOWAS Parliament, Edwin Melvin Snowe says the committee on security and governance and the regional parliament, in general, will not relent on naming and shaming any democratically elected government in the region that will go beyond two terms.

“There’s is an upcoming ECOWAS summit which is expected to be hosted here in Liberia, at that summit we will discuss key issues affecting the region, including to name and shame any government that will want to go beyond their two-term limits, informing your citizens that you oppose the two-term limits given you by your constitution”, he says.

Appearing on OK Morning Rush a live talk show on Monday, February 7, 2022, in Monrovia, Sen. Snowe said the regional block is working to have a treaty on good governance to ensure that no government exceeds two terms in office.

He says the last ECOWAS summit held, Togo and Ivory Coast weren’t happy with the treaty regarding the two terms adding that in ECOWAS, most of the decisions are based on consensus, saying because of their rejection, that treaty was withdrawn. “But this summit, we’re putting that treaty back on the table to make sure that no country goes beyond the regular two-term limit.

The Bomi County Senator continues that ECOWAS has also discouraged military takeover in member states, saying “there are actions that will be taken to ensure peace in the region, and luckily for us, Liberia will be making history, because they will be hosting the entire ECOWAS parliament this March where over 200 participants will be in attendance, and the main discussion will center around the military takeover in the region.”

He says that the summit will come up with a strong resolution that will be submitted to President Weah and the President of Ghana, who’s the current chair for the ECOWAS Commission.

” At that summit, we will be condemning all those presidents that will be changing their constitutions, and condemning those countries that will go against two-term limits, corruption, nepotism, human rights abuse because those are things that trigger a military takeover”, Sen. Snowe notes.

He observes that the number of military takeovers in the region is on the increase, and the pending summit to be hosted in Liberia will be a huge debate on such issues, adding that when the military starts to feel that the country’s constitution is being abused, then it gives room for military takeover because the military in any country has the biggest gun far than the police.

“We as politicians must take the necessary action to avoid this thing from happening, let’s do the right thing so we can’t have the wrong action”, he cautions.

West Africa has witnessed three military coups in less than a year, beginning from Mali, followed by Guinea with the latest in Burkina Faso principally due to corruption and bad governance, including constitutional amendments by sitting presidents to seek a third term in office as it occurred in neighboring Guinea and Ivory Coast despite mass opposition. Editing by Jonathan Browne

Africa

Politics

Liberia: Poverty, Food Insecurity Were Extreme in 2021 – World Bank Economic Update on Liberia Reveal

admin — Wed, 23 Feb 2022 04:10:01 +0000

Liberia: Poverty, Food Insecurity Were Extreme in 2021 – World Bank Economic Update on Liberia Reveal

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admin Wed, 02/23/2022 - 04:10

Wednesday, January 26, 2022

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Business – FrontPageAfrica

Original Article

Liberia: Poverty, Food Insecurity Were Extreme in 2021 – World Bank Economic Up…

MONROVIA – In his 5th Annual Message to the 54th Annual Legislature, President George Weah painted blossom picture of the country’s 2021 economy. He told the Legislators and the nation in the presence of members of the diplomatic corps that he has managed to keep the economy stable and expanded it by 3.6 percent – a nominal value of US$300 million in 2021.

The 3.6 percent growth of the economy in 2021 was an improvement from the -3 percent in 2020 as that year was heavily struck by the coronavirus pandemic. Inflation was reduced to less than 6 percent in November 2021, from 13.1 percent in December 2020.

The improvements in the economic performance were due to improvements in the coordination between monetary and fiscal policies with the aid of the International Monetary Fund’s support to the Central Bank of Liberia.

“We have remained committed to the independence and autonomy of the Central Bank of Liberia in support of economic reforms for a stable economy. Although the year under review was challenging for the economy, my Government was fully supportive of policy implementations from the CBL that have kept the recovery of our economy on course,” Pres. Weah said.

He also outlined that during the year under review, his administration was successful in increasing the gross international reserves of Liberia to more than US$600 million, representing more than 4 months of import of goods and services in compliance with ECOWAS convergence target.

“Based on the sound management and good performance of our economy, Liberia received $345.3 million US dollars in August 2021 under the general Special Drawing Rights allocation to IMF members,” he said.

However, a study of the second edition of the Economic Update of Liberia released last November by the World Bank, it is clear that most of these positives in the economy are not directly impacting the ordinary citizens. Liberians, according to the Economic update, remain the second poorest people in West Africa. The first being Guinea Bissau.

According to the report, despite the recovery and lower inflation, extreme poverty in Liberia increased in 2021 but at a lower pace than in 2019 and 2020.

The Economic Update cited the High Frequency Phone Monitoring Survey report launched in August 2020, which indicates that two out of three households in Liberia are food insecure, three out of four households reported job losses, and two out of three households reported income losses because of COVID-19.

According to World Bank Group projections, the prevalence of extreme poverty has increased since the Ebola epidemic in 2014 and is estimated at 51.0 percent in 2020 (up from 38.6 percent in 2014). On average, 81.9 percent of the households interviewed in round 6 of the COVID-19 High Frequency Phone Monitoring Survey indicated that they were worried about not having enough food to eat, while 27.2 percent effectively ran out of food.

The report, among other things, indicated that most Liberians lack access to good jobs that provide sustainable earnings. Three out of four of those in the labor force are self-employed in agriculture (36 percent of all employment) or nonagricultural activities (almost 40 percent). Only 20 percent of workers are in wage employment, which tends to provide higher and more stable earnings.

The Economic Update also revealed that the Liberian government spends more than the average in Sub-Saharan Africa and countries with similar GNI per capita

It explained that Capital expenditure is higher in Liberia than in comparator countries at similar levels of development. Capital expenditure amounted to 10.2 percent of GDP over 2017–2020, a share much higher than in Guinea Bissau (0.5 percent), Madagascar (3.7 percent), Mozambique (4.4 percent), Malawi (5.3 percent), Burkina Faso (7.0 percent), or Mali (8.0 percent). The countries with similar levels of capital expenditure (to GDP) are Rwanda (10.3 percent) and Togo (11.9 percent). Capital expenditure is also higher in Liberia than in neighboring countries. Over the period 2017–2020, capital spending amounted to 6.8 percent of GDP in Sierra Leone, 4.9 percent of GDP in Côte d’Ivoire, 4.7 percent of GDP in Guinea, and only 2.0 percent of GDP in Ghana.

Similarly, while capital expenditure represented 31.8 percent of total expenditure in Liberia in the last four years (2017–2020), that share was 30.9 percent in Sierra Leone, 28.9 percent in Guinea, 26.4 percent in Côte d’Ivoire, and 9.3 percent in Ghana.

Liberia’s investment spending is less efficient and its capital stock lower than in comparator countries. Although Liberia spends more on public investment as a share of GDP than countries in the Economic Community of West African States (ECOWAS) and Sub-Sahara Africa in general, its overall capital stock is estimated to be lower than that of ECOWAS comparators, according to the IMF’s Public Investment Management Assessment (PIMA) report.

The Government of Liberia makes no saving and contributes little to the financing of its own public investment, the report revealed.

Africa

Business

President Kenyatta Urges African Leaders to Maximize Efforts to Eliminate Malaria

admin — Mon, 21 Feb 2022 14:30:01 +0000

President Kenyatta Urges African Leaders to Maximize Efforts to Eliminate Malaria

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admin Mon, 02/21/2022 - 14:30

Sunday, February 6, 2022

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Social – Ethiopian News Agency

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President Kenyatta Urges African Leaders to Maximize Efforts to Eliminate Malar…

Addis Ababa February 6/2022/ENA/ The President of Kenya, Uhuru Kenyatta urged African leaders to maximize their efforts to eliminate Malaria by 2030 in the continent.

President Kenyatta, who is also chair of the African Leaders Malaria Alliance (ALMA), made the remark today during the launch of the 2021 Malaria Progress Report on Africa in Addis Ababa on the margins of the ongoing 35th African Union Summit.

According the report malaria remains a significant threat to the health and socio-economic development of Africa.

The report stated that the burden of malaria in the continent is more significant than previously showing a 19 percent increase of deaths.

Some 2.1 million additional malaria deaths have been registered in Africa since 2000, it indicated.

The COVID-19 pandemic has also been compounding the challenges of malaria in the continent, the report added noting that the pandemic alone contributed to 49, 000 additional malaria deaths in 2020 across the continent.

The report further stated that the continent is not on the right track to achieve its ambitious goal of eliminating malaria by 2030.

According to the report, only 15 member states of the African Union including Ethiopia achieved significant progress towards the 2030 targets.

Among AU Members Ethiopia, Mauritania, Cape Verde, Gambia and Ghana were able to reduce malaria incidence by at least 40 percent. While Estwatini, Equatorial Guinea, Rwanda, Senegal and Togo reduced the incidence by 25 to 40 percent.

Two countries, Ethiopia and South Africa reduced malaria mortality by 40 percent; Niger, Sierra Leone and Togo also reduced the mortality by 25 to 40 percent.

While, Cape Verde and Sao Tome & Principe have been registered zero death of Malaria since 2018, the report revealed.

During the occasion President Kenyatta called African leaders to be the forefront globally and nationally to achieve goal of eliminating malaria by 2030, noting that ending malaria is attainable if the African Heads of State and Government take decisive actions.

Kenyatta further pointed out the need to advocate for the replenishment of the Global Fund in 2022 and mobilize new coalition of malaria champions at home and abroad.

Founded in 2009, the African Leaders Malaria Alliance (ALMA) is a ground-breaking coalition of African Heads of State and Government working across country and regional borders to achieve a malaria-free Africa by2030. All African Union countries are members of ALMA.

Africa

Ecobank Plc secures €100m credit from European Investment Bank

admin — Fri, 10 Dec 2021 22:30:01 +0000

Ecobank Plc secures €100m credit from European Investment Bank admin Fri, 12/10/2021 - 22:30

Friday, November 26, 2021

Original Publisher

Business – Sierra Leone Concord Times

Original Article

Ecobank Plc secures €100m credit from European Investment Bank

November 26, 2021

One of the leading pan-African banking groups in Africa, Ecobank Plc, has signed an agreement for a €100 million from the European Investment Bank (EIB) to fund Small and mid-size enterprises (SMEs) in Africa.

The long-term credit facility of over nine years with the facility affirms joint Ecobank Group and EIB targeted support for business investment across Africa, with particular support for the sectors most impacted by the COVID-19 pandemic.

Chief Executive Officer of Ecobank Group, Ade Ayeyemi said at Ecobank they are fully committed to providing a range of initiatives that support the growth and success of Africa’s Small and Medium-sized Enterprises and create employment opportunities, which informed the credit facility that we have just secured from the EIB which they believe will deliver real impact in our joint mission to develop SMEs across Africa.

“The €100 million facility will support the recovery of African SMEs from the COVID-19 pandemic while also helping to provide them with the impetus to grasp the immense growth opportunities from the African Continental Free Trade Area vast single market. We thank the EIB for its focus and commitment to the continent,” he said.

Vice-President of European Investment Bank Ambroise Fayolle said the EIB, as part of Team Europe works with leading banks and financial partners across Africa to enhance private sector access to finance, and that the latest cooperation with Ecobank Group will help companies to better tackle challenges triggered by COVID-19 pandemic, unlock economic and social opportunities, especially for SMEs and women-owned and women-run enterprises, across Sub-Saharan Africa in the coming weeks.

The latest cooperation between Ecobank Group and the European Investment Bank to support private sector investment across Africa was formally agreed at the EU Delegation to Togo in Lomé, in the presence of Koen Doens, Director-General for International Cooperation and Development at the European Commission.

The announcement was made during a Team Europe visit to Togo by EIB Vice President Ambroise Fayolle, Rémy Rioux, Chief Executive Officer of the Agence Française de Développement and Koen Doens.

The facility is split into three regional facilities including West and Central Africa, Eastern Africa, and Southern Africa and funding will be provided through Ecobank affiliates, for investment projects undertaken by private sector companies.

The EIB made the facility available through its COVID-19 Rapid Response Facility, for private sector entities active in eligible productive sectors, with fewer than 3,000 employees.

The EIB loan will also be accompanied by technical assistance under the AWRI (African Women Rising Initiative) program of the EIB with gender finance focused training and capacity building for lending to women entrepreneurs, closely aligned with the Ellevate by Ecobank initiative which supports women-focused businesses across the continent.

Ecobank Group and EIB both recognise the importance of ensuring access to finance by female-owned and female-focused businesses, in particular during times of economic and investment uncertainty related to COVID-19. Ecobank Group and EIB are also working on a €15 million “SME Access to Finance” Risk Sharing Facility Agreement granted by the EU’s European Fund for Sustainable Development (EFSD) that will support loans to SMEs worth €95 million.

This facility agreement follows on from the EIB’s signing of a €12.5 million loan to Ecobank Malawi in December 2020, to improve access to finance for SMEs in Malawi’s agricultural sector to expand, upgrade and modernise their equipment.

Africa

Business

Jamaica Food & Drink Festival Revives Kingston's Culinary Scene!

admin — Fri, 10 Dec 2021 14:20:01 +0000

Jamaica Food & Drink Festival Revives Kingston's Culinary Scene!

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admin Fri, 12/10/2021 - 14:20

Thursday, November 18, 2021

Original Publisher

Jamaica Observer

Original Article

Jamaica Food & Drink Festival Revives Kingston's Culinary Scene!

Jamaica Food + Drink Festival, in partnership with Visa, is breathing life back into Kingston 'day-life' with its innovative culinary series, Cooking + Cocktails. Set to be staged in its new state-of-the-art kitchen, this modern, interactive experience series promises to stir the senses and awaken the palate. Local deejays will keep energy high, while patrons enjoy intimate Chef-guided classes destined to revive your appetite for fun!

In 'Let's Roll', Rainforest Seafoods' top chefs Eliseo 'Oggie' Caliguia, Kara Pessoa and Jordan Chuck will teach patrons how to make three types of sushi from start to finish, while a Johnnie Walker mixologist leads an epic hands-on tutorial, culminating in two divine libations.

'Bean to Bar', sponsored by the Tourism Enhancement Fund and the Tourism Linkages Network, Wouter Tjeertes of the Pure Chocolate Company, will demonstrate how to make three desserts using local Jamaican chocolate. This will be followed by a personal mixology lesson featuring cognac.

'Board-Ohh', meanwhile, promises to transform you into the ultimate host! Learn how to curate the perfect charcuterie board from Trudi Hamilton of Trudi Alexis Design Studio, by combining a variety of cheeses, meats and other delicious toppings, while you sip and savour Spanish wines from Select Brands. As a bonus, you get to keep your boards!

'It's Veggies, So What' doesn't care if you're vegetarian or flexitarian! Jacqui Sinclair aka Juicy Chef, alongside Chef Alex D-Great, teaches you three delicious dishes to add to your repertoire. From spices to sauces as well as secret ingredients, your certified instructor will make this class worth your while. Select Brands will be on-site to offer a mini mixology class featuring Top Shelf gin.

'All Ale D'Grill', has Roast Meats grill master Simon Levy sharing his secrets! This interactive class gives you the chance to create your own sauce, secret rubs and grill your favourite meats and veggies to perfection. Grilling and beer go hand-in-hand, so Heineken will be on-site to teach you how to create a few beer cocktails to pair with your dishes.

'Tipsy Tacos' brings TexMex and tequila together compliments of CB Foods. Chef Samantha George will walk you through, step by step, how to make three delicious types of tacos while you discover exciting new tequila cocktails that will elevate any TexMex meal!

Caribbean

Living Standard

Ecobank appoints Jubril Lawal new Nigeria MD

admin — Thu, 09 Dec 2021 17:20:01 +0000

Ecobank appoints Jubril Lawal new Nigeria MD

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admin Thu, 12/09/2021 - 17:20

Monday, December 6, 2021

Original Publisher

Business – Premium Times Nigeria

Original Article

Ecobank appoints Jubril Lawal new Nigeria MD

Ecobank Group has appointed Jubril Mobolaji Lawal as the managing director designate of its Nigeria operations.

The bank also appointed Mr Lawal as its regional executive.

The appointment is subject to the approval of the Central Bank of Nigeria, it said in a statement Monday.

The appointment is made ahead of the upcoming retirement of Patrick Akinwuntan, the current MD. Mr Akinwuntan will retire after reaching retirement age in January 2022, the bank said.

“Mobolaji Lawal joins Ecobank having been a versatile senior banking executive and digital transformation specialist for over 28 years with Guaranty Trust Bank Plc. He has deep involvement and experience in digital and retail banking, corporate and commercial banking, credit risk management and corporate finance,” the statement said.

“His previous experience includes being Executive Director at GTBank Plc Nigeria, and Non-Executive Director roles at both GTBank Ghana Limited and Nigeria Interbank Settlement Systems Plc. Mobolaji led the team that envisioned and implemented GTBank Plc’s retail and digital banking strategy to achieve industry-wide leadership over a ten-year period and he introduced new products and solutions that have helped to deepen payments and access to digital financial services in Nigeria.”

The bank said Mr Mobolaji was selected and appointed as managing director designate following a keenly contested selection process, which included both internal and external candidates. He holds a Bachelor of Law degree from the Obafemi Awolowo University, Nigeria; B.L. from the Nigerian Law School and a Master of Business Administration from Oxford University, United Kingdom.

He has also attended several executive management and banking specific developmental programmes at leading educational institutions including Harvard Business School, Stanford Graduate School of Business and Institut Européen d’Administration des Affaires (INSEAD).

Commenting on the appointment, Ade Ayeyemi, CEO, Ecobank Group said: “We welcome Mobolaji Lawal to the Ecobank Group and we stand to benefit from the extensive experience that he has acquired in various fields across banking, which will play a major role in continuing to rebuild our franchise in Nigeria. Nigeria is a key market for us, in which we have seen significant improvement over the past three years as we reposition and leverage upon our pan-African strengths in digital products and services, payments and as the go-to-bank for businesses seeking to grasp the growth opportunities being created by the AfCFTA, across all our markets on the continent. I wish Mobolaji the best and assure him of both my support and that of the entire Ecobank Group.”

Bola Adesola, the Chairman of the Board of Ecobank Nigeria said: “We look forward to working with Mobolaji and assure him of the full support of the Board, Management and all the staff of Ecobank Nigeria.

“The business in Nigeria is on the path of transformation and we are confident that Mobolaji will have significant impact in advancing our positive trajectory.”

Mr Lawal will assume the position of Managing Director, Ecobank Nigeria, upon receiving the approval of the Central Bank of Nigeria and after Patrick Akinwuntan retires.

RETIREMENT

The current MD, Mr Akinwuntan, will retire in January 2022, upon reaching the retirement age. He started his career with Ecobank in 1996.

He has held various senior and executive management positions in the over 25 years he has spent with the Ecobank Group, during which he has been based in Ghana, Togo and Nigeria.

The bank said the following of the MD:

“Before his appointment as Regional Executive and Managing Director, Ecobank Nigeria, Patrick was the Group Executive, Consumer Banking, where he was responsible for leading the Consumer Banking business across Ecobank’s global network of 39 countries, 35 of which are in Africa.

“He managed the Group’s digital transformation journey and has been instrumental in the development of the world class digital products and services that Ecobank provides today.

“Akinwuntan is a seasoned banker who also previously was on the Board of ETI as a Group Executive Director and held the positions of Group Chief Finance Officer of ETI, Group Executive Director Domestic Bank, Operations, Technology, Transaction and Retail Bank, including Executive Director, Retail Bank at Ecobank Nigeria among others.

“He was the pioneer Managing Director of eProcess S.A, the Ecobank Group’s technology service company, where he ensured the connectivity of all the Group’s operations across its vast footprint. Patrick was appointed Managing Director of Ecobank Nigeria in July 2018 where he has been rebuilding and repositioning Ecobank Nigeria for growth in the Nigerian market.

“The business in Nigeria is on the path to regaining its respect and transformation. Under Patrick’s leadership, Ecobank has won several global, regional and national awards. A Fellow of the Institute of Chartered Accountants of Nigeria (FCA), Patrick also holds a Master of Business Administration from the Obafemi Awolowo University, Ile Ife. He is an alumnus of the senior executive program (SEP) of the Harvard Business school, an honorary Fellow of the Chartered Institute of Bankers of Nigeria (FCIB), Fellow of the Institute of Credit Administrators of Nigeria (FICA) and an Associate of the Chartered Institute of Taxation of Nigeria (ACTI).

Africa

Business

Ecobank’s nine-month profit up 847% despite slight earnings growth

admin — Thu, 09 Dec 2021 17:10:01 +0000

Ecobank’s nine-month profit up 847% despite slight earnings growth

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admin Thu, 12/09/2021 - 17:10

Monday, December 6, 2021

Original Publisher

Business – Premium Times Nigeria

Original Article

Ecobank’s nine-month profit up 847% despite slight earnings growth

Ecobank Transnational Incorporated (ETI) posted, for the nine-month period to September, a profit after tax more than eight times higher than the figure it reported a year earlier, the Lome-based lender said on Monday.

That it achieved even though gross earnings expanded by as little as 4.4 per cent $1.7 billion, according to data from the bank’s audited financial statements published by the Nigerian Exchange and seen by PREMIUM TIMES.

The two key earnings sources – interest income and fees & commission income – saw mild improvement with the former growing by 4 per cent and the latter 17 per cent.

ETI, which operates within four geographical regions on the continent: Francophone West Africa (UEMOA); Nigeria; Anglophone West Africa (AWA) and Central, Eastern and Southern Africa (CESA), flagged its UEMOA unit as the biggest contributor to topline.

Growth in its Nigerian and AWA operations helped avert what would have been a slide in its loan portfolio, cushioning the impact of decreased credit within UEMOA and CESA.

Pre-tax profit and goodwill impairment stood at $352.2 million, compared to the $250.2 of the corresponding period of last year.

After-tax profit was $256.2 million, a stark contrast to the $27.063 million reported a year earlier when the bottom line took a hit from a goodwill impairment of $159.4 million.

The stock has returned 35.59 per cent in Lagos in the past one year.

“Our cost-to-income ratio has been declining consistently quarter on quarter, currently 58.3 per cent,” Group CEO Ade Adeyemi said in a separate document.

“The stock of nonperforming loans as a percentage of loans outstanding is now at 6.9 per cent compared to 9.9 per cent a year ago.”

Deloitte, the auditor, noted a rise in total loan impairment from $558 million at the end of last year to $595 million at 30th September as a key audit matter.

Shares in ETI closed trade in Lagos at N8 per unit, not recording any shift.

Togo
Nigeria

Africa

Business

NSIA Insurance names new board chairman

admin — Fri, 08 Oct 2021 07:50:01 +0000

NSIA Insurance names new board chairman

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admin Fri, 10/08/2021 - 07:50

Wednesday, October 6, 2021

Original Publisher

Business – Premium Times Nigeria

Original Article

NSIA Insurance names new board chairman

The Board of NSIA Insurance Limited has announced the appointment of Adesegun Akin-Olugbade as its new chairman.

Mr Akin-Olugbade who is a leading legal, finance and corporate governance expert, is taking over from Ituah Ighodalo who has since stepped down from the position.

The incoming NSIA Insurance Limited chairman said he felt privileged to be named to his new role and he is more than willing to push the company to greater heights.

“I feel very privileged to take on this role at such an exciting time in the industry when the needs of NSIA’s customers, people, regulators, and other stakeholders are changing rapidly. We are committed to making the best of these changes in thoughtful and innovative ways which will benefit all our stakeholders for years to come,” Mr Akin-Olugbade said in a statement.

The outgoing chairman of the board, Mr Ighodalo wished his successor a great time leading the board, and affirmed his belief in his abilities.

“My time on the Board of NSIA Insurance was an eventful one, with the support of seasoned professionals who made serving as the Chairman seamless. I trust that Dr Akin-Olugbade would experience the same, as I wish him success,” he said.

In her comments, the MD/CEO of NSIA Insurance, Ebelechukwu Nwachukwu, said “Dr. Akin – Olugbade’s long history of leadership, coupled with his experience as an accomplished multilingual and multi-skilled leader, who is passionate about the socio-economic development of Africa, makes him the ideal person for this role.”

NSIA Insurance Limited (Nigeria) is part of NSIA participation which is currently present in 12 African countries: Benin, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Guinea, Guinea Bissau, Mali, Nigeria, Senegal and Togo.

Africa

Business

Togo

Marie-Alix de Putter, President of the Bluemind Foundation, named “Best Woman Leader in Africa”

Nation Striving to Strengthen Economic Tie with West African Countries

Sen. Snowe: ECOWAS to name, shame 3rd-term governments

Liberia: Poverty, Food Insecurity Were Extreme in 2021 – World Bank Economic Update on Liberia Reveal￼

President Kenyatta Urges African Leaders to Maximize Efforts to Eliminate Malaria

Ecobank Plc secures €100m credit from European Investment Bank

Jamaica Food & Drink Festival Revives Kingston's Culinary Scene!

Ecobank appoints Jubril Lawal new Nigeria MD

RETIREMENT

Ecobank’s nine-month profit up 847% despite slight earnings growth

NSIA Insurance names new board chairman

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