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Corporate Council on Africa (CCA) to Host the Virtual 2021 U.S.-Africa Business Summit July 27-29

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U.S. - Africa Business Forum - Investors King

Corporate Council on Africa (CCA) will hold the 13th U.S.-Africa Business Summit virtually on July 27-29 to build sustainable partnerships and opportunities between key government and private sector decision-makers across America and the African continent.

With participation from over 2,000 U.S. and African business executives and government leaders, this year’s CCA Summit will give your organization a seat at the table in building new pathways to strengthen the economic partnership between the United States and Africa.

While much of the world’s attention has been focused on responding to the ongoing COVID-19 pandemic, the outlines of the post-COVID future are emerging.  African countries have largely weathered the economic and health challenges better than expected, and have implemented a number of innovative solutions to replace disrupted global supply chains, rapidly expand access to digital platforms and e-commerce, enhance the role women play in their economies, and reshape their financial sectors to deal with debt issues.

African countries have continued to reshape their trade and investment environment with the implementation of the African Continental Free Trade Agreement – the largest free trade area ever created under the World Trade Organization.  African countries have also continued to negotiate economic partnerships with foreign partners, including from Europe and China.  This, and the business opportunities across key sectors in Africa, mean that it is time to explore new pathways to a stronger U.S.-African economic partnership.

This year’s U.S.-Africa Business Summit will feature senior U.S. Government officials as they explain the Biden Administration’s priorities for Africa, including details of new programs to support development in the Information Communications Technology sector, environmentally smart infrastructure and sustainable energy, and what to expect on trade and investment, including prospects for the U.S.-Kenya Free Trade Agreement, updates on Prosper Africa and the future of the African Growth and Opportunity Act (AGOA).

African leaders will update participants on the latest developments in AfCFTA, including a preview of what to expect as African countries move to Phase II of this landmark trade and investment agreement this fall.  They will also showcase how Africa’s energy sector is evolving to meet the need for rapid increases in electricity generation that balances concerns on climate change and meets the demands of the world market.

The Summit will also highlight new ways that women are being economically empowered, highlight what is new on entrepreneurship and foreshadow what to expect on post-COVID tourism and the creative industries.  There will also be focused sessions on doing business in some of Africa’s most dynamic markets.

This year’s Business Summit will also feature high-level sessions on the health sector, including a discussion with the companies leading the world’s campaign against COVID-19 and U.S. and African government leaders outlining what to expect on vaccine roll out and laying the groundwork for stronger health partnerships.  Sessions will also feature CCA’s U.S.-Africa Health Security and Resilience Initiative, which is creating more effective partnerships on Universal Health Care, Disease Management, and Trade and Investment in health products and services.

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

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Appointments

UBA Appoints New Group Managing Director, Executive Board Members

United Bank for Africa appointed Oliver Alawuba to oversee the bank’s operations across 20 African countries, including the United Kingdom, the United States, France, and the United Arab Emirates.

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Oliver Alawuba - Investors King

United Bank for Africa, a leading financial institution in Nigeria, has appointed Oliver Alawuba as Group Managing Director to oversee the bank’s operations across 20 African countries, including the United Kingdom, the United States, France, and the United Arab Emirates.

The bank that was just licensed to operate in the United Arab Emirates disclosed in a press release signed by Bili A. Odum, Group Company Secretary.

Mr. Alawuba is expected to resume his new position on August 1, 2022, subject to approval by the Central Bank of Nigeria.

Oliver Alawuba joined UBA in 1997 and has held a series of senior positions, including as the CEO of UBA Ghana, the CEO of UBA, Africa and most recently, as Group Deputy Managing Director.

UBA Group Chairman, Tony Elumelu, stated ‘I am very pleased to announce Oliver Alawuba as the new Group Managing Director of the UBA Group. Oliver has extensive experience in Nigeria and our African network and is well equipped to advance our pan-African and global strategy.

I have no doubt that Oliver will build on the legacy of Kennedy Uzoka, who has exemplified transformational leadership by championing a customer-first philosophy; launching our twentieth operation in Africa, UBA Mali; acquiring a wholesale banking licence for UBA UK in the United Kingdom; and opening our fourth global operation, UBA Dubai, in the United Arab Emirates”.

Oliver Alawuba expressed his commitment to his new role as Group Managing Director saying “I am grateful for the opportunity to lead this great institution and would like to thank the UBA Group Chairman and the members of the Board of Directors for the confidence they have put in me to deliver the mandate.”

Other executive appointments are:

  • Ms. Sola Yomi-Ajayi, Executive Director, Treasury and International Banking. Sola has been with the Group since 2004 and has considerable international experience, culminating in her appointment as CEO of UBA America.
  • Mr. Ugochukwu Nwagodoh, Executive Director, Finance and Risk Management. Ugo joined the Group from PwC in October 2004. He has since held a series of significant roles in the areas of performance management, compliance, financial control and reporting.
  • Mr. Alex Alozie, Executive Director and Group Chief Operating Officer, who joined the Group in 2019 and has driven the Group’s digital transformation and operational efficiencies.
  • Ms. Emem Usoro, Executive Director, North Bank. Emem joined the Group in 2011 and has served in a series of senior regional appointments across Nigeria, covering the retail, corporate and public sectors.

The appointments as after the following executive directors retired: Mr. Kennedy Uzoka, Mr. Uche Ike, Mr. Chukwuma Nweke, Mr. Ibrahim Puri and Mr. Chiugo Ndubisi.

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Company News

Nigerian Breweries Announces 142.8% Jump in Profit in H1 2022

Nigerian Breweries Plc on Friday reported a whopping 142.8% jump in profit after tax realised in the first half (H1) of 2022.

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Nigerian Breweries - Investors King

Nigerian Breweries Plc on Friday reported a whopping 142.8% jump in profit after tax realised in the first half (H1) of 2022.

In the company’s unaudited financial statement obtained by Investors King, revenue grew by 31% from N209.031 billion recorded in the first half of 2021 to N274.085 billion in the period under review.

Cost of sales stood at N155.349 billion, an increase of 18.3% from N131.340 billion filed in the corresponding period of 2021.

Gross profit rose by 52.4% from N77.917 billion in H1 2021 to N118.736 billion in H1 2022 while marketing, distribution and administration expenses surged by 44.8 percent to N84.896 billion from N58.628 billion.

Results from operating activities expanded by 79.9% to N35.840 billion, up from N19.917 billion achieved in H1 2021.

Nigerian Breweries grew profit before tax to N25.697 billion in the period under review from N11.940 billion filed in H1 2021.

The company paid N6.954 billion in income tax to post N18.743 billion profit after tax. This represents an increase of N142.8% growth from N7.858 billion recorded in H1 2021.

In a press release signed by Uaboi G. Agbebaku, Esq., Company Secretary, Nigerian Breweries said profitability was driven by the company’s pricing strategy and better mix.

However, the increase in the cost of sales was attributed to the recent surge in commodity prices due to internal and external factors.

“The increase in operating profit and profit after tax was driven mainly by top line growth resulting from our pricing strategy and better mix. Increase in cost of sales was due to rise in commodity prices. Marketing, distribution and administration expenses were driven by the increase in commercial activities, rising diesel prices and higher wages arising from collective labour agreements,” the company stated.

“Although interest expenses were lower, the net finance cost was higher due to foreign exchange losses arising from a higher cost of meeting foreign obligations to overseas partners.

“Our business continues to build momentum and deliver consistent profitable growth even in the context of a very challenging operating environment. Our best-in-class portfolio of brands provides a unique platform that positions us well to lead and grow the beer and malt category and drive superior long-term value creation.”

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Appointments

Ellah Lakes Appoints Paul Farrer as Deputy Managing Director

Ellah Lakes Plc has appointed Mr. Paul Farrer as its new Deputy Managing Director to oversee the company’s operational growth and development.

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Ellah Lakes

Ellah Lakes Plc has appointed Mr. Paul Farrer as its new Deputy Managing Director to oversee the company’s operational growth and development.

Ellah Lakes announced in a statement signed by Olumoroti Alli, a staff of OAKE Legal, ( the Company Secretary).

Prior to his appointment, Paul Farrer was the Country Manager for Innscor International, then the Group Executive Director & Chief Operating Officer of Food Concepts Plc.

His last Seven (7) Years in Nigerian Private Sector have been spent as the CEO of Nascon Allied Industries PLC, leading a team of over 600 staff. NASCON Allied Industries Plc. is also listed on Nigerian Exchange Limited.

Mr. Farrer will be responsible for the operational growth and development of the Company, and the expansion of the Ellah Lakes Staple Crop Processing Zones (SCPZ’s) strategy across Nigeria.

Commenting on the appointment, the Chief Executive Officer, Chuka Mordi said “We are very happy and excited about the extremely valuable addition of Paul to the team. He has a proven track record both internationally and in Nigeria”.

“We have set ambitious growth targets for Ellah Lakes Plc, and Paul Farrer possesses the wealth of experience required to develop companies in the challenging Nigerian environment. We are very glad to welcome him on board to strengthen the Ellah Lakes Executive team”.

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