The African Export-Import Bank (Afreximbank) and the Nigeria Export-Import Bank (NEXIM) have entered into a memorandum of understanding (MoU) to establish a Joint Project Preparation Fund.
The initiative is expected to provide early project preparation financing and technical support services to public and private sector entities operating in Nigeria’s trade sector.
According to a statement obtained yesterday, under the terms of the MoU signed last month, Afreximbank and NEXIM would collaborate through the joint project preparation fund to unlock investments into sectors such as export manufacturing, agro-processing, solid minerals development and beneficiation services, as well as healthcare, information and communications technology, and creative industries.
The initiative would support public and private sector investors by providing technical and financial support services that would result in a steady pipeline of well-structured, bankable projects that Afreximbank, NEXIM and other financial institutions can readily finance.
The fund would assist the early development process of projects from concept stage to bankability by covering the preparation of feasibility studies, project development and advisory services and related costs.
Afreximbank and NEXIM aim to mobilise up to $50 million in the form of project preparation funds for investments in Nigeria.
Commenting on the initiative, President of Afreximbank, Prof. Benedict Oramah, said: “The execution of this MoU marks yet another significant milestone in our collaboration with NEXIM. I am particularly pleased that Afreximbank and NEXIM are boldly venturing upstream to help investors develop well-structured projects that meet market standards.
“This intervention is timely as the fund will play a catalytic role in accelerating the diversification of the Nigerian economy by ensuring a steady flow of bankable projects in priority tradable sectors in a timely manner.
“In addition to enhancing bankability, the fund will, on a case-by-case basis, undertake feasibility studies to assess the viability of accessing markets in the sub-region, thereby promoting intra-African trade under the AfCFTA.
“We are pleased to be replicating a similar initiative we pioneered in Malawi in partnership with Malawi Export Development Fund (EDF) and look forward to more opportunities across the continent.”
On his part, Managing Director of NEXIM, Mr. Abubakar Abba Bello, said: “We are quite pleased by this opportunity to, once again, partner with Afreximbank in proffering a solution to one of the major challenges that have limited the flow of credit to the Nigerian export sector.
“The fund is designed to mitigate the project selection challenges, particularly amongst the SMEs, towards boosting their contribution to formal exports. This technical expertise will therefore enhance NEXIM’s implementation of its export development programme, especially with regards to the State Export Development and industrialisation initiatives.
“This partnership strongly aligns with the NEXIM’s mandate and strategic plan and will no doubt facilitate its intervention towards attracting critical investments in trade enabling infrastructure and the promotion of value-added exports.”
The Joint Project Preparation Fund constitutes a direct response to complement Nigeria’s initiatives to address the twin challenges of the COVID-19 pandemic and existing economic difficulties associated with the country’s dependence on crude oil revenues, which account for 50 per cent of consolidated government revenues, 30 per cent of banking sector credit and 90 per cent of export earnings.
C & I Leasing Appoints Ugoji Lenin Ugoji as Group Managing Director/CEO
C & I Leasing Plc has appointed Mr. Ugoji Lenin Ugoji as the Group Managing Director and Chief Executive Officer following the retirement of Mr. Andrew Otike-Odibi on 31 of December 2021.
The company disclosed in a statement signed by Mbanugo Udenze & Co Company Secretary and seen by Investors King. Ugoji, the company’s chief operating officer, is now the Managing Director/CEO, effective 1 January 2022.
Ugoji Lenin Ugoji Profile
Ugoji holds a Bachelors’ Degree in Estate Management from the University of Lagos, and an MBA in Banking & Finance from the ESUT Business School, Enugu. He is also a Chartered Pension professional, and an associate of the Certified Pension Institute of Nigeria.
Ugoji joins C & I Leasing with over 20 years experience in Commercial/Investment Banking, Leasing and Asset Management.
His last assignment was with The Mellanby Trust Company, a Commodity focused Asset Management Company registered with the Securities & Exchange Commission (SEC), where he was a founding Director and the Chief Investment Officer responsible for directing the company’s Investment Portfolio structure for purposes of its corporate and individual clients.
Ugoji’s extensive experience in the Leasing Industry commenced in 2005 as a Pioneer member of the Aquila Capital Group where he served as the pioneer Group Head Treasury & Wealth Management. He was responsible for creating the Group’s, Equipment Leasing focused Funding and Investment structure, which was targeted at attracting Capital from Private Equity, Foreign Development Financial Institutions and Local sources.
From 2010 to 2015, he served as the pioneer Managing Director for ‘Aquila Asset Management Ltd’, a Management Buy-Out firm from the Aquila Group. Prior to his time at the Aquila Group, Ugoji worked at Continental Trust Bank (now UBA) and NAL Bank Plc (now Sterling Bank) in the Treasury, International Operations and Domestic operations groups respectively.
Ugoji is happily married with children. He is passionate about ideas creation, investment and deal structuring, and enjoys volunteering for laudable causes. When not at work or volunteering, he enjoys spending time with his family, reading, music and photography.
C&I Leasing Appoints Cordros Registrars as its Registrar
C&I Leasing Plc, a Nigerian leading maritime company, has appointed Cordros Registrars Limited as its registrar for share registration and data management service provider.
The company disclosed this in a statement filed with the Nigerian Exchange Limited and obtained by Investors King.
Cordros Registrars Limited has now replaced Centurion Registrars Limited and takes over the Register of Members of C & I Leasing Plc effective 1st January, 2022.
The statement reads “C&I Leasing Plc hereby notifies Nigerian Exchange Limited (NGX), its shareholders and the investing public of the appointment of Cordros Registrars Limited as its REGISTRARS – SHARE REGISTRATION AND DATA MANAGEMENT SERVICE PROVIDER.
“Cordros Registrars Limited replaces Centurion Registrars Limited and takes over the Register of Members of C & I Leasing Plc effective 1st January, 2022.”
Speaking at a virtual press conference at the weekend, the Chief Executive Officer, C & I Leasing Plc, Ugoji Ugoji, revealed the company’s plans to explore opportunities in the digital space to improve its revenue despite the negative effects of the pandemic.
Explaining how the company planned to achieve this, he said by increasing and enhancing its collaboration and the creation of new business models to navigate the impact of the COVID-19 crisis, the company will remain more profitable and competitive in the industry.
He also stated that the company would continue to look at the existing businesses to identify areas of improvement.
“We must be able to adapt and manage the resources of the company to improve on our processes to reduce the cost of transactions and grow our topline revenue,” he said.
Netflix Increases US, Canada Subscription Fees…Nigerian Subscribers To Suffer Same Fate
With the increase in inflation rates and the unstable foreign exchange, Netflix is likely to hike its subscription fee in Nigeria.
This is following the latest increase in its subscription fee in the United States and Canada, effective immediately for new subscribers.
Usually, when the inflation rate rises, prices of goods and services also increases, and consequently, banks raise their interest rates as well to cope and maintain their profit margin.
In the U.S., subscribers to Netflix’s basic plan, which allows for one stream on one screen at a time and does not have HD streaming, will now be charged $9.99 a month, up from $8.99.
The standard plans, which allow for users to stream on two screens at the same time now costs $15.49 per month, an increase from $13.99, while premium plans have also increased to $19.99 a month.
Investors King gathered that this is the third time Netflix will raise its prices in three years and the first since October 2020 for streamers residing in the U.S. and Canada.
Presently in Nigeria, Netflix’s subscription rate ranges from about 3,300 to about 5,800 per month.
Investors King recalls that Netflix, in 2020, officially launched its presence in Nigeria and since its launch, the streaming company has dominated Nigeria’s relatively new video-on-demand market with some hit movies and web series like King of Boys, Òlòtūré, Citation, Lionheart, Namaste Wahala, among others.
Today, Netflix has over 151 million paying subscribers in more than 190 countries.
Meanwhile, the Federal Government of Nigeria is making plans to force international social network services and digital platforms to register and open offices in Nigeria.
This means that media services, social media platforms and digital streaming platforms like Netflix and the others must register and pay tax in Nigeria and register with the National Broadcasting Corporation (NBC).
This move, according to the government, is to ensure that all these platforms register with the NBC, apply for a broadcasting license and pay tax.
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