Nigeria’s leading financial institution, Zenith Bank has announced its 7th Annual Edition of the Zenith Bank International Trade Seminar for Wednesday, July 20, 2022, at the Civic Centre, Victoria Island, Lagos, and virtually by 9.00 am.
The seminar, themed “Unlocking Opportunities in Nigeria’s Non-Oil Export Business”, is part of Zenith Bank’s efforts to support the Central Bank of Nigeria (CBN) initiatives to grow the country’s non-oil export sector.
The seminar will draw participation from trade practitioners, local and foreign exporters, manufacturers, financial institutions, and government agencies. This forum would provide an opportunity for all participants, including relevant government agencies, to explore ways to unlock the immense opportunities in Nigeria’s Non-Oil Export Sector.
The Export Seminar will feature a welcome address by the Group Managing Director of Zenith Bank Plc, Ebenezer Onyeagwu, while the Keynote Speaker is Aliko Dangote, GCON, President & Chief Executive of Dangote Group. Goodwill messages will be delivered by very eminent individuals, including the Founder and Chairman, Zenith Bank Plc, Jim Ovia, CON; Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, CON; Secretary General, African Continental Free Trade Area (AfCFTA), His Excellency, Wamkele Mene; and President/Chairman, African Export-Import Bank, Prof. Benedict Okey Oramah.
There will be three panel discussions during the seminar. The first panel, titled “Unlocking Opportunities in Nigeria’s Non-Oil Export Business: Operators/Practitioners’ Perspectives”, will focus on the value chain and prospects of the non-oil export sector and has five discussants, including the Managing Director, GACON Ltd, HRM Adaku Chidume Okoro; Managing Director, WACOT, Bibhu Nanda; Group Managing Director, Tulip Cocoa, Johan Van Der Merwe; Managing Director, First Patriot, Santosh Phenany; and Managing Director, Starlink Global & Ideal Ltd, Alhaji Adeyemi M. Adeniji.
The second panel, titled “Funding/Logistics/Government Support for the Non-Oil Export Sector”, will explore the availability of long-term funds, insurance & reinsurance, and risk-sharing mechanism for the non-oil export sector. The panel has five discussants, including the Managing Director/CEO, Bank of Industry, Mr Olukayode Pitan; Director, Development Finance of the Central Bank of Nigeria, Yusuf Philip Yila; Managing Director, West Africa Container Terminal, Naved Zafar; Managing Director, Nigerian Ports Authority, Mr. Mohammed Bello-Koko; and the Comptroller-General, Nigeria Customs Service, Col. Ibrahim Hameed Ali (Rtd).
The third panel discussion, titled “The ABC of Non-Oil Export”, will focus on the pitfalls in the non-oil export business, standardisation and grading of primary export products, as well as the export of services, especially the burgeoning Nigerian creative industry. The panel also has five discussants, including a well-respected trade expert, Mr Olusegun Awolowo; Founder/CEO, Flutterwave, Agboola Olugbenga; Chairman/CEO, Colossus Investment, Mr Babatola Faseru; President, Manufacturers Association of Nigeria, Segun Ajayi; and Senior Consultant, 3T Impex Trade Centre, Mr Bamidele Ayemibo.
The seminar will be live on Zoom and YouTube. To connect on Zoom, simply visit www.zenithbank/exportsem to register. After registering, you will receive a confirmation email. You can also watch live on YouTube via the link: https://bit.ly/ZBTradeSeminarLive.
FirstBank UK Enhances Fixed-Income Workflow Through Bloomberg Integration
FirstBank UK, the UK subsidiary of First Bank Nigeria Limited, has announced its onboarding on Bloomberg’s Trade Order Management System (TOMS) to enhance its fixed-income workflow.
The integration with TOMS is expected to provide FirstBank UK with access to a comprehensive suite of data and analytics, communications, order, and execution management solutions, streamlining its fixed-income bonds business.
As a niche market-maker for its customers in Africa, FirstBank UK plays a vital role in providing market liquidity in cash bonds, particularly in Nigerian, Angolan, Egyptian, and Ghanaian Eurobonds, to manage risk and optimize its inventory.
Olukorede Adenowo, CEO-designate at FirstBank UK, expressed enthusiasm about the integration, stating, “Bloomberg TOMS provides FirstBank UK with a complete end-to-end trading workflow covering African bonds in most of our home markets. The solution enables us to focus on expanding our footprint in the African Fixed Income landscape and deliver a first-in-kind service to our customers in Africa.”
Bloomberg’s TOMS is renowned for enhancing operational efficiency across enterprises. Lisa Bravo, Global Head of Sell-Side OMS at Bloomberg, commented, “We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with our award-winning sell-side order management solution TOMS.”
FirstBank UK had previously digitized its order management workflow by offering clients access to liquidity on its Eurobond Single-Dealer Platform.
The recent integration with Bloomberg TOMS aims to centralize order handling, aggregated custom analytics, and liquidity tools within a single interface, facilitating real-time access to liquidity for customers.
Robert Hagenaars, Head of Markets at FirstBank UK, highlighted the unique feature of real-time access to liquidity in their markets, providing a distinct advantage for their customers.
This move signifies FirstBank UK’s commitment to leveraging advanced technological solutions to fortify its position in the African Fixed Income market and deliver enhanced services to its clientele.
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Nigerian Bank Shares Surge as Central Bank Signals Capital Buffer Strengthening
Investors Respond Positively to Anticipated Capital Raising Measures
Nigerian bank shares experienced a surge on Monday as investor sentiment rose following the central bank’s announcement that banks should increase their capital to cushion against economic uncertainty.
FBN Holdings Plc led the way with a 10% increase to N22 per share, its highest-a-day increase in five months.
Access Holdings Plc and Sterling Financial Holdings Plc also joined the upward trend, recording gains of 4.3% and 5%, respectively.
The banking index, which gauges the performance of the country’s major lenders, rose 1.7% to 754.95, reflecting the most significant increase in almost a month.
Investors are interpreting the central bank’s directive as a precursor to potential capital-raising initiatives by banks.
Joshua Odebisi, a bank equity analyst at RMB Nigeria Stockbrokers, stated, “Investors are anticipating a few things that can happen, such as capital raising, which has potential upside for those taking a position now.”
He highlighted FBN as having significant room to fulfill higher capital requirements that the central bank might set.
Central Bank Governor Olayemi Cardoso announced the need for banks to raise additional capital as a safeguard against the challenges posed by the weaker naira and sluggish economic growth.
While specific details were not provided in the announcement, the industry expects forthcoming guidelines that may involve an increase in minimum shareholders’ equity and adjustments to capital adequacy ratios.
The move aligns with a broader industry trend of reinforcing capital buffers amid naira depreciation.
FBN had previously gained shareholder approval for a rights issue to raise up to 150 billion naira in fresh equity.
The central bank’s emphasis on capital strengthening comes as the Nigerian currency has experienced a 40% depreciation against the dollar since the easing of foreign-exchange controls in June.
FBN’s capital adequacy ratio stood at 16% in the third quarter, closely approaching the 15% minimum threshold for international banks.
In comparison, Access Bank reported a ratio of 19.6%, indicating a stronger position relative to regulatory requirements.
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