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Konga Chairman, Ijogun, Zinox Group ED, Etukudoh Bow Out in Style

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Ijogun and Etukudoh- Investors King

Serial digital entrepreneur and Chairman, Zinox Group, Leo Stan Ekeh have heaped praises on two recently retired Executive Management staff, Chairman of Konga Group, Mr. Olusiji Ijogun and Executive Director, Zinox Group, Mr. Etiene Etukudoh for their immense contributions and years of outstanding service to the companies, even as he expressed deep gratitude to them for their invaluable efforts and sacrifices.

Ekeh spoke at a smart valedictory event held in honour of Ijogun and Etukudoh.

The event was held at the impressive Yudala Heights located at Idowu Martins, Victoria Island, Lagos on Tuesday, August 3, 2021. The well-attended event, organized in strict compliance with COVID-19 regulations, saw Executive Management and staff of the Zinox and Konga groups, as well as other guests and associates of the departing staff in attendance.

While delivering his appreciation speech, Ekeh explained his many years of a fruitful relationship with the two distinguished personalities and wished them greater heights in their future endeavours.

Ekeh, who described Ijogun as a brother, stated that integrity is a major quality for the choice of Chairman for any organization.

“For a company to be successful, the biggest brain is the Chairman and the CEO as they prescribe and supervise the implementation of quality culture, structure and systems. It is not just the knowledge of the business, the integrity of the personality and the quality of leadership. The business is bound to fail if the leaders don’t believe in God and that’s a major problem with start-ups in Africa. Konga wouldn’t have survived if I hadn’t known Siji.

‘‘It is a privilege to have Mr. Ijogun as Chairman of the Konga Group and we really appreciate his many efforts,” Ekeh said.

Further, Ekeh drew rich illustrations from his many professional and personal experiences with Mr. Ijogun, noting that his time as Chairman of the Konga Group was a blessing to the entity.

Also speaking about Etukudoh, who spent many performance-filled years at TD Africa where he rose to the position of Managing Director, Ekeh described him as an ideas man who he can always vouch for.

“Etiene is an all-rounder. He worked for all the companies in the Group. He is a good Nigerian and he has style. He’s one young man I can vouch for. He’s brilliant, modern and trustworthy. I have great confidence in him and I always told him when I have new businesses. He’s a man of great ideas and we consider it a privilege for him to have worked with us. This relationship is for life. You have me as a father so you can call me anytime,” Ekeh assured.

The event also offered attendees the opportunity to share their goodwill messages as well as their experiences of working with Ijogun and Etukudoh. Many of the speakers were effusive in hailing both men as inspirational professionals who will be greatly missed.

Reacting to the showers of encomiums, Ijogun, a certified corporate guru with a track record of exceptional service with a host of multinationals, expressed gratitude for the opportunity to serve as the first Chairman of the Konga Group after its acquisition by Zinox. He described Ekeh as a calculated risk-taker and an unmatched incubator of businesses that can turn a profit from waste.

He also predicted a progressive future for Konga and charged the Group to remain resilient by sustaining its impressive growth trajectory.

“Konga’s growth is phenomenal. Nobody knew online platforms would be the order of the day before COVID-19. To the glory of God, Konga has moved from loss-making to profit-making, with over 15 times greater in terms of revenue and I must commend Mr. Ekeh for the deep pockets. Since inception, we’ve added the Health, Food, Bulk and Travel business and still have more in the offing. With the influx of investors, Konga will be a major African business initiative in the nearest future,” Ijogun declared.

Also expressing gratitude for the memorable show of love, Etukudohreaffirmed his loyalty as a brand ambassador for the Zinox Group.

“I am grateful for the honour. In everything, I just wanted a big brand. I want to celebrate everyone who has been a part of my life. It’s been a journey. I came into the Group and made up my mind to demystify what people call the ‘Oga status’.

‘‘After today, nobody remembers the title but how you treated them. I’ll recommend that every staff work closely with the Chairman for at least one year before they leave the company. Chairman has been a big brother and his hunger has no part two. I’m grateful to Chairman, his wife, Mrs. Chioma Ekeh and everyone else. This is a great family and we have to keep it growing forever,” he said.

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Finance

Bank of Ghana Holds Key Interest Rate at 13.5%

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Ghana one cedi - Investors King

Ghana’s central bank on Monday kept its main interest rate unchanged at 13.5% with concerns over rising inflation balanced out by optimistic Covid-19 recovery forecasts, Governor Ernest Addison said in a statement.

The Ghanaian economy grew by just 0.4% last year – its slowest rate since 1983. But it has gained ground in 2021, expanding 3.1% in the first quarter and 3.9% in the second.

The bank’s Monetary Policy Committee sees Ghana’s overall economic outlook continuing on an upward trajectory despite inflation having risen for a fourth month in a row in August.

“Developments continue to point to a sustained recovery in economic activity following the downturn at the peak of the pandemic,” Addison said.

“Given these considerations, and the fairly balanced risks to inflation and growth in the outlook, the committee decided to keep the policy rate unchanged,” he added.

Ghana’s consumer price inflation was at 9.7% year-on-year in August, with food inflation, the largest contributor to the country’s overall inflation rate, rising for a third straight month.

Although the inflation rate remains within the central bank’s targeted band of 8% plus or minus 2 percentage points, Addison cautioned that a close monitoring of the situation would be necessary to swiftly mitigate any impacts to local markets.

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Banking Sector

Stanbic IBTC: Working Towards Net Zero Emissions

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Stanbic IBTC Bank- Investors King

As part of the Stanbic IBTC 2021 Sustainability Week event, Stanbic IBTC Holdings PLC, a member of Standard Bank Group, organised a sustainability webinar tagged “Working Towards Net Zero Emissions”.

The objective of the virtual event which was held on Monday, 20 September 2021 via the Group’s #Bluetalks platform, was to promote public awareness on the impact of climate change and provide practical methods towards reducing carbon footprints and achieving net zero emissions.

Delivering his opening remark at the event, Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC said: “We all cannot continue to ignore our responsibility in the current changes to the climate. Through small adjustments leading to a more conscientious and sustainable lifestyle, each one of us can take part in the global climate protection project. As reflected in one of our strategic value drivers SEE (Social, Environmental and Economic) Impact, Stanbic IBTC is focused on ensuring it does business responsibly whilst positively impacting the society and environment where we operate. As such, the 2021 Stanbic IBTC Sustainability Week is an opportunity for us to advance awareness around practical steps we are taking, and more which we can take, to make our world a better place.”

The webinar featured seasoned experts including Temesoye Jack, Group Head, Sales, Banks, Gas Stations and SMEs, Starsight Energy; Professor Kenneth Amaeshi, Chair in Sustainable Finance and Governance at the European University Institute (EUI) and Oluwasegun Olajuwan, Group Chief Executive Officer, THLD Group.

Temesoye Jack stated that renewable energy sources like solar energy can help countries attain net zero emissions. She said, “Solar energy can help us move towards reducing greenhouse emissions. We need to have more energy efficient offices nationwide. However, this shift will not happen overnight as it is a gradual process.”

She explained that Nigeria has barely scratched the surface when it comes to renewable energy and emphasised that sustainable practices do not have to end in the office but must be observed in all areas of the country

Prof. Kenneth Amaeshi highlighted the importance of harmonising technology upgrades and sustainable growth to reduce carbon emissions. He explained that sustainability at the global level is targeted at mitigating the adverse effects of climate change.

According to Prof. Kenneth, “From recent surveys, it is clear individuals are ready to go green. The affordability of clean energy will determine if we will be able to reduce carbon emissions.”

Speaking on practical steps that can be adopted to help in achieving net zero emissions, Oluwasegun Olajuwan, Group Chief Executive Officer, THLD Group, said “Autogas has been around for 40 years, and Nigeria is not fully embracing it. It is safer, cleaner and more cost effective than fossil fuel and diesel. Vehicle conversion from fuel to Autogas is affordable. CNG (Compressed Natural Gas) is more efficient than fuel. The use of CNG in vehicles mitigates the emission of nitrous oxide and hydrocarbons by 40% and 90% respectively, compared to petrol.”

Omolola Fashesin, Head of Sustainability at Stanbic IBTC, thanked the panellists for the informative session, which helped create awareness of alternative sources that can help reduce carbon emissions. She urged the participants to apply learnings from the webinar to take practical steps to reduce their carbon footprint.

Finally, in his closing remarks, Kunle Adedeji, Executive Director Finance and Value Management stated that “at Stanbic IBTC, we are committed to facilitating a better and more sustainable future for all. We have already commenced various workstreams that will help us on the journey towards Net Zero emissions. Some of these include understanding our energy sources, consumption patterns and possible areas for efficiency; adoption of cleaner energy sources in our office locations (leveraging Autogas and Solar energy solutions); and adoption of Tree Planting programs which will help us with carbon sequestration.”

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Loans

Credit to Private Sector Rises to N33.26 Trillion in August 2021

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Loan - Investors King

The Central Bank of Nigeria (CBN) has disclosed that credit to private sector went up by N498.6billion in August to N33.26trillion from N32.8trillion reported in July 2021.

The N33.36trillion figure announced by the CBN is a new record that was fuelled by banks, among others increased lending to real sector.

CBN in its Money and Credit Statistics for the period revealed that credit to private sector in January was N30.65trillion and dropped by 0.47 per cent to N30.5 trillion in February.

However, in March, it closed at N31.44trillion and crossed the N32.1trillion mark in April to N32.12 trillion.

In addition, the CBN reported N32.63trillion and N33.36trillion credit to private sector May and June respectively.
Analysts believe banks lending to real sector played a critical role in the recent increase in Nigeria’s Gross Domestic Product (GDP).

An economist and Chief Executive Officer, BIC Consultancy Services, Dr Boniface Chizea said he is optimistic that banks credit to real sector, amid severe challenges are yielding positive results. According to him, “The volume of credit which seems humongous will deliver expected dividends despite perceived inhospitable investment environment. We should therefore remain confident and hopeful that desired impact must be felt if not immediately then in due course.

“We must also accept the fact that we would be challenged if we want to isolate the direct impact of the credit on the economy. So, we must remain assured that the credit is not money down the drain.”

On his part, Economist & Private Sector Advocate, Dr Muda Yusuf said the growth in credit to private sector is laudable.

He noted that the impact would depend on the sectoral spread, quality of credit, tenure of the funds and interest rate.

Yusuf said: “My guess is that a significant percentage of this have been given to large corporates, multinationals and high end medium enterprises. The CBN has done a lot in lending to agriculture, but the quality of the lending is an issue. Reports indicate high default rates in agricultural credit, especially the anchor borrowers’ scheme.

“Monetary intervention is imperative for real sector development. But it is not sufficient to guarantee the desired outcomes of growth and productivity. The context in which businesses are operating is as important as the funding, if not even more important. The totality of the investment environment must be right for sustainable real sector development to be achieved.”

He added, “Therefore, to complement the credit to the private sector, the other factors that should reckoned with include infrastructure quality, especially power, roads and railways. There are also issues around the quality of the regulatory environment, the foreign exchange policy regime, the ports situation, volatility of the naira exchange rate, the tax environment and the security situation.

“These are not things monetary intervention can solve. It takes an impactful fiscal policy intervention to fix these problems. Some of the issues border on economic reforms that need to happen. Engagements between the private sector stakeholders and policymakers is critical to achieving sustainable development of the economy.”

The Governor, CBN, Mr. Godwin Emefiele had in his communiqué at the end of August Monetary Policy Committee (MPC) meeting said the committee noted the improvement in lending to the real sector following the introduction of the Loans-to-Deposit Ratio (LDR) in 2019.

According to him, “Industry gross credit increased by N6.63 trillion from N15.57 trillion at end-May, 2019 to N22.20 trillion at end-July, 2021. The credit growth was largely recorded in manufacturing, oil and gas and agriculture sectors.”

He expressed further that the MPC members noted the unequivocal importance of credit growth to the sustained recovery of output and the moderation in price development as supply improves.

“It thus, called on the Bank to maintain adequate surveillance on banks to ensure compliance with its extant credit policy, while ensuring that they are not unduly exposed to credit risks.

“The Committee also noted the relevance of the Bank’s suite of interventions to the overall system credit, urging its continued use to fund sectors with high employment-generating capacity,” he said.

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