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45 Deals Value at $32 Billion Secured -AfDB



  • 45 Deals Value at $32 Billion Secured -AfDB

Out of 61 transactions valued at $40.4bn tabled for discussions in boardroom sessions at the just concluded African Investment Forum in Sandton, South Africa, 45 deals worth over $32bn were secured, the African Development Bank has said.

In a statement made available to our correspondent in Abuja on Sunday, the AfDB said that the final numbers were yet to be announced.

The AfDB on Friday unveiled the conclusions of the boardroom sessions at the heart of the forum, which brought together over 1,000 participants from government, the private sector, development finance institutions, commercial banks, and institutional investors such as sovereign wealth funds and pension funds.

The forum focused on projects and advancing deals spanning several sectors to financial closure. The sectors include – Energy, Infrastructure, Transport and Utilities, Industry, Agriculture, Information and Communications Technology and Telecoms, Water and Sanitation, Funds/Financial Services, Health, Education, Hospitality and Tourism, Housing, and Aviation.

Presiding over the session, ‘Unveiling the Boardroom Deals’, the AfDB President, Dr Akinwumi Adesina, said, “Today is an incredible day. You are here because you have faith. Africa has come of age. We saw partnership in action, and commitments to make deals. We saw resounding confidence in Africa. Africa is bold.”

His comments came on the heels of a panel of project sponsors who shared their views on the forum and boardroom sessions.

They included Frank Nweke from Brass Fertilizer and Petrochemical project; Jack Van Der Merwe from Gauteng Rail Infrastructure; Solomon Assamoah, CEO of Ghana Infrastructure Investment Fund and promoter of Accra Skytrain; Akim Daouda from Ngoulmendjim Hydropower; Basil El Baz, Chairman and CEO Carbon Holdings, promoter of Tahrir Petrochemical Plant and Port; and Tahane Mahaole from IHS Kenya Affordable Housing Fund.

Panellists lauded the unprecedented initiative and the fact that African institutions leveraged capital. In one instance, within 24 hours of boardroom discussions, one of panellists indicated that he had received investors’ interest valued at $500m.

Key moments of the forum included the signing of a Memorandum of Understanding between Ghana and South Africa for a $2.6bn Skytrain project witnessed by President Nana Akufo-Addo of Ghana.

The Accra Ai Skytrain is an elevated light rail project that uses air propulsion technology to drive lightweight, high passenger volume vehicles.

Another important moment of the forum was the signing of a bridge construction project linking Kinshasa and Brazzaville. The project is a priority project that would help advance the infrastructure and transport agendas of the two nations.

The bridge will also help diversify the countries’ economies through increased trade and investment.

About 350 investors from 53 countries across the globe attended the Forum. Thirty Africans and 23 foreign countries were represented including from United Arab Emirates, United Kingdom, France, United States, China, Japan, India, Switzerland, Argentina, Austria, Canada, Germany, South Korea, Portugal, Luxemburg, Saudi Arabia and Malta.

Top 12 African delegations included South Africa, Nigeria, Ghana, Côte d’Ivoire, Kenya, Angola, Egypt, Tunisia, Morocco, Gabon, Mauritius, and Mozambique.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market.

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Remove Face Mask When Using ATM, Banks Tell Customers



face mask

Face Mask May Cause ATM Transaction Failure, Banks Tell Customers

Deposit Money Banks have said due to their face recognition technology, customers wearing face masks may experience service failure while using the Automated Teller Machines (ATMs).

In an email issued to customers by Fidelity Bank, the bank said why the use of face masks is important to curb the spread of COVID-19 pandemic, customers should remove when performing ATM transactions.

The bank said “Wearing of face masks is a safety and precautionary measure we must all adhere to in this period of the COVID-19 pandemic.

“However, we advise that you remove your face mask while making withdrawals or carrying out ATM transactions to allow our ATM properly recognise you.

“Fidelity Bank ATM machines have face detection features installed to curb incidences of fraudulent ATM withdrawals.

“Consequently, you may not be able to carry out any transaction if our ATMs are not able to properly recognise you. We apologise for the inconvenience that this may cause you.”

Meanwhile, Guaranty Trust Bank plc continues to ease accessibility for all customers and advised customers to protect themselves.

GTBank said, “When visiting any of our branches, kindly protect yourself by wearing a face mask at all times. It is also very important that you keep a safe distance when in a queue inside or outside the branch.

“Before visiting any of our branches, please remember that you can withdraw up to N150,000 at all our ATMs and that you can do most of your banking from the safety of your home.”

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Access Bank in Talks to Acquire Cavmont Bank



Access bank

Access Bank to Acquire Cavmont Bank in Zambia

Access Bank Plc on Wednesday announced that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (Access Bank Zambia) is in talks to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.

According to the statement signed by Mr. Sunday Ekwochi, Company Secretary, Access Bank and released on the Nigerian Stock Exchange website on Wednesday, the ongoing discussions is to acquire 100 percent of Cavmont Capital’s interest in Cavmont Bank.

However, the lender said “there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement.

“The completion of a transaction would be subject to formal regulatory approvals. Access Bank will be updating the market as appropriate and in accordance with its disclosure obligations.”

The lender, therefore, advised shareholders to exercise caution when dealing in Access Bank’s securities.

Investors King Ltd note: This announcement further threw more lights on the recent purchases of Access Bank’s shares by Herbert Wigwe, the Chief Executive Officer and Managing Director, Access Bank.

The CEO/MD purchased 7.532 million of Access Bank‘s shares in the last one month.

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Mohammed Umar is the New Acting Chairman of EFCC




Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.


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