Jack Ma Reportedly Missing After Criticizing Chinese Government
Jack Ma, China’s richest man and the founder of Alibaba Group, is reportedly missing after criticizing the Chinese government a few months ago.
The high profile businessman has not been seen in the public in more than two months and also failed to appear as expected in the final episode of Africa’s Business Heroes, a yearly talent show he set up to invest $1.5 million in viable startups in the region.
On Thursday, December 28, 2020, the Chinese government announced it has commenced an antitrust investigation into Alibaba operations and that an invitation would be extended to Ant Group, the company’s payment unit.
In a move that indicated more trouble, investors started dumping the company’s shares after the report became public, forcing Alibaba management to increase the company’s share buyback budget from $6 billion previously announced to $10 billion.
Still, the company’s market value in the U.S tanked by 15 percent with Hong Kong suffering the most.
After Jack Ma criticized the government for suffocating innovation with regulation in October at Bund Summit, where he likened China’s banking regulation to “old people’s club”.
“Today’s financial system is the legacy of the Industrial Age,” Ma said in the speech.
“We must set up a new one for the next generation and young people. We must reform the current system.”
A month later, regulators suspended the company’s widely publicised $37 billion Initial Public Offering (IPO) and in December declared antitrust investigation into the company’s operations.
However, since the crisis started, Jack Ma has not been seen in public and even at some of his own key yearly events.
While the billionaire might have chosen to stay out of public space to avoid media attention that could further escalate the entire situation, it is also likely he might have been picked up for questioning given the Chinese government modi operandi.
Arla Food To Set Up Dairy Farm In Nigeria, Train 1,000 Dairy Farmers
Arla Foods, makers of Dano Milk, has announced that it will build a state-of-the-art commercial dairy farm in Northern Nigeria where it plans to train and support up to 1,000 local dairy farmers as part of its long-term commitment to developing the Nigerian dairy sector.
The 200-hectare farm, scheduled to open in 2022, will have housing for 400 dairy cows, modern milking parlours and technology, grasslands and living facilities for 25 employees.
The firm said the farm is expected to produce over 10 tonnes of milk per day to supply locally produced dairy products to Nigerian consumers.
Managing Director, Arla Foods, Peder Pedersen said “there was a great need for nutritious food and dairy products to satisfy the growing demand from Nigeria’s fast-growing population.”
“This requires a complementary approach where imported food is crucial to ensuring food security while also supporting the government’s long-term agricultural transformation plan to build a sustainable dairy sector in Nigeria,” Pedersen said.
In 2019 Arla scaled up its commitment to developing a sustainable dairy sector in Nigeria with a new public-private partnership with the Kaduna State government.
It is the first of its size and offers 1,000 nomadic dairy farmers permanent farmlands. Arla is the commercial partner that will purchase, collect, process and bring the local milk to market.
The Board of Chemical and Allied Products Plc (CAP Plc) Appoints Vitus Ezinwa as a Non-Executive Director
The Board of Chemical and Allied Products Plc (CAP Plc) has appointed Dr. Vitus Ezinwa as a Non-Executive Director of the company effective from Thursday June 17, 2021, subject to the approval of the Company’s shareholders at the next Annual General Meeting.
The company announced in a statement signed by Ayomipo Wey, Company Secretary/General Counsel, CAP Plc.
Dr. Ezinwa is a seasoned business manager and human resource professional with experience in leading multinational corporations.
He is currently the Chief Operating Officer (COO) of UAC of Nigeria Plc (“UACN”) and previously, the Group Director of HR at UACN.
Prior to Joining UACN, Dr. Ezinwa worked as Group Human Resources Director for Promasidor Africa; Human Resources Director, CocaCola Nigeria & Equatorial Africa with responsibility for 10 countries and Human Resources Director for British American Tobacco, West & Central Africa covering Ghana, Benin, Niger & Togo.
Dr. Ezinwa was, until recently, the Group Human Resource Director for Tropical General Investments (TGI) Group.
He is a member of the Advisory Board of Afterschool Graduate Development Centre, member of the Institute of Directors and a Fellow of the Chartered Institute of Personnel and Development (CIPD) UK.
He is a co-founder and Director of HR Network Africa and was until 2014, a member of the Lagos Business School’s Advisory Board. He holds a Bachelor’s degree in Sociology/Anthropology from the University of Nigeria, Nsukka, MBA in Management from Lagos Business School, a Master’s in applied business research and a Doctorate in Business Administration, both from Swiss Business School, Zurich, Switzerland.
In addition to holding an executive director role on the Board of UACN, Dr. Ezinwa is a non-executive director of Grand Cereals Limited.
DLM Capital Group Retains Position as Best Structured Finance & Securitization Team in West Africa
DLM Capital Group, a prominent Developmental investment bank, has once again emerged as the best-structured finance and securitization team in West Africa at the just concluded Capital Finance International (CFI) 2021 awards.
The leading developmental investment bank has won the award in the last three years to affirm its position as the leading investment institution and asset manager in the region.
CFI awards seek to identify the contributions of individuals and organizations that contribute significantly to the advancement of economies and truly add value for all stakeholders.
DLM Capital Group creates bespoke business solutions for alternative financing and harnessing funds for growth. The group focuses on four key sectors — consumer credit, agriculture, microfinance, and education with a mandate to reduce poverty and improve living conditions for Africans, while mobilizing resources for the continent’s economic and social development.
“In the past three years, our portfolio management team’s performance has remained consistent, and our clients have benefited immensely from exposure to our solutions, including the NMRC securitization deal and the DLM Primero BRT Securitization,” said Head of Corporate Communications and Marketing, DLM Capital Group, Chinwendu Ohakpougwu.
“We are positioned to provide services to an expansive client base of retail, high net-worth and institutional customers. DLM Capital Group remains committed to constantly providing financial solutions that will enable our clients make a difference, and we are honored to be recognized once again as a reflection of the quality of support offered to our clients’,’ she added.
DLM has won recognition in West African capital markets, acting as a sole arranger to over 80 percent of structured finance transactions in Nigeria — and all the securitization transactions. It provides deal structuring, advisory execution and capital raising services across the Nigerian capital market.
The Institution recently launched an asset financing scheme and is preparing a venture into digital banking under its subsidiary, Sofri.
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