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Foresight, Key to Developing African Financial Market – Onyema

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CEO of the Nigerian Stock Exchange (NSE), Mr
  • Foresight, Key to Developing African Financial Market – Onyema

The President, African Securities Exchanges Association, Mr. Oscar Onyema, says the African financial market lacked foresight and will need to be proactive to develop the continent’s market and create the required opportunities.

Onyema, who is also the chief executive officer of the Nigerian Stock Exchange, said this at the 21st Annual ASEA Conference hosted by the Egyptian Exchange in November, a statement on Sunday indicated.

The theme of this year’s conference was, ‘Africa Mapping the Future; a timely topic that sought to reemphasis the importance and potential of the continent in shaping the global future’.

The 21st edition of the ASEA conference attracted more than 250 delegates from Africa, Middle East, the United States of America and Europe.

While making his opening remarks, Onyema urged the players in the African financial markets to make a deliberate effort to map a way out of the traditional assumptions of the continent.

He said, “We must take the lead in overcoming the lethargy encouraged by the ‘Africa rising’ narrative which seems to have resulted in a general lack of foresight and ability to proactively mitigate risk on the continent.”

The opening of the conference was officiated by the Minister of Investment and International Cooperation of Egypt, Dr. Sahar Nasr, who echoed the words of Onyema by reminding the delegates that Africa had been operating below capacity and called for the development of entrepreneurship and that of the Small and Medium-sized Enterprises if the region was to reach its full potential.

Also in attendance was the Commissioner of Economic Affairs of the African Union, Victor Harison, who spoke to the delegates on behalf of the Chairperson of the AU; stating that the Commission of the AU considered the private sector a major component for economic development of the continent under Agenda 2063 and more so the capital markets.

“Therefore, the private sector is called upon to assume its role as engine of growth and development in the fight against poverty,” he added.

The Executive Chairman of the EGX, Mr. Mohamed Farid, pointed that some key determinants in strengthening the African financial markets would include promotion of financial literacy and entrenching the belief that the success of the continent was indeed achievable and feasible.

Other notable speakers at the conference included the World Bank Senior Vice President, Dr. Mahmoud Mohieldin and Chairman, Egyptian Financial Supervisory Authority, Dr. Mohamed Omran, among others. The speakers engaged the delegates in thought provoking discussions revolving around topical subjects such as integration of African Exchanges, feasible regulatory frameworks, green finance and encouraging SME participation in the capital markets.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

Access Holdings Plc Plans $1.8 Billion Capital Raise

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Access bank

Access Holdings Plc, the parent company of Nigeria’s leading bank, Access Bank Plc, has unveiled ambitious plans for a $1.8 billion capital raise aimed at fueling its expansion efforts over the next four years.

The strategic move comes as Access sets its sights on becoming one of the largest lenders on the African continent.

During a conference call with investors in Lagos, executives outlined the company’s intention to raise $1.5 billion, or the naira equivalent, through the issuance of shares, bonds, or other financial instruments.

Also, Access aims to generate up to 365 billion naira ($257 million) by selling shares to existing investors.

Bolaji Agbede, acting group chief executive officer, clarified that the current fundraising initiative primarily involves a rights issue.

The capital infusion is earmarked to support Access’s ambitious growth plan, which commenced last year.

The bank intends to expand its footprint into new markets, including Morocco, Egypt, and the United States, as part of a broader strategy to double the share of assets outside its home market by 2027.

With operations spanning 22 countries, including the United Arab Emirates and the UK, Access Bank is positioning itself for significant international growth.

The recent appointment of Bolaji Agbede as acting group CEO follows the passing of co-founder and former CEO, Herbert Wigwe, adding a layer of significance to the bank’s future direction.

Access’s acquisition of National Bank of Kenya Ltd. underscores its commitment to expanding its presence in East Africa’s largest economy.

As Access Bank charts its course for expansion, the $1.8 billion capital raise signals its determination to seize opportunities in a rapidly evolving financial landscape, both domestically and across the African continent.

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Finance

OPEC+ Production Cuts and Geopolitical Tensions Propel Oil Price to Over $87

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Crude oil - Investors King

Oil price surged past the $87 price level on Thursday on the back of production cuts by OPEC+ nations and escalating geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, rose by $1.39 or 1.6% to $87.48 a barrel, its highest level since October 27.

OPEC+, the alliance of major oil-producing nations, has remained resolute in its commitment to curtail output, effectively tightening the supply of crude in the market.

Despite calls for increased production to alleviate soaring prices, the alliance has opted to maintain its course, further buoying the market sentiment.

Simultaneously, geopolitical tensions have added fuel to the fire. Attacks on Russia’s energy infrastructure, particularly by Ukraine, have sparked concerns over potential disruptions to the global oil supply chain.

Despite diplomatic efforts to deter such actions, the situation remains precarious, contributing to market anxieties.

Analysts suggest that these price surges may have long-term implications for global economies, particularly for oil-importing nations heavily reliant on stable energy prices.

Furthermore, the impact of rising oil prices on inflation and consumer spending patterns remains a point of contention among economists and policymakers.

As the world watches with bated breath, the trajectory of oil prices hinges on a delicate balance between geopolitical developments, OPEC+ policies, and the broader economic landscape.

For now, the $87 threshold serves as a stark reminder of the volatility and interconnectedness inherent in the global energy markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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