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AfDB Succumbs to Pressure, Orders Fresh Independent Probe of Adesina

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Akinwumi Adesina
  • AfDB Succumbs to Pressure, Orders Fresh Independent Probe of Adesina

The African Development Bank has finally succumbed to U.S pressure to conduct a fresh independent probe into the activities of Akinwumi Adesina at AfDB.

The decision was taken at the meeting held by the Bureau of Board of Governors, AfDB, on Thursday.

In April, a group of concerned staff of AfDB had accused President Akinwumi Adesina of violating the code of conduct of the institution and trying to Nigerianise the bank.

However, the ethics committee of the bank headed by Takuji Yano, a Japanese executive director, declared the allegations against the President ‘spurious and unfounded’ and cleared him of any wrongdoing.

The United States, one of the directors, expressed “deep reservations about the integrity of the committee’s process” and pushed for fresh independent probe tagged “in-depth investigation of the allegations.”

A position immediately rejected by the supporters of Adesina and even the Nigerian government, the largest shareholder of the institution. Several other individuals and past leaders of the bank took to social media to voice their support for Adesina and described the U.S. refusal to accept the report of the ethics committee as concerning and capable of hurting the bank’s structure.

In the communique signed by Niale Kaba, the Chairperson of the Bureau of the Board of Governors, the governors said:

“The Bureau reiterates that it agrees that the Ethics Committee of the Boards of Directors performed its role on this matter in accordance with the applicable rule under Resolution B/BG/2008/11 of the Board of Governors.

“The Bureau also reiterates that the Chairperson of the Bureau of the Board of Governors performed her role in accepting the findings of the Ethics Committee in accordance with the said Resolution.

“However, based on the views of some Governors on the matter and the need to carry every Governor along in resolving it, the Bureau agrees to authorize an Independent Review of the Report of the Ethics Committee of the Boards of Directors relative to the allegations considered by the Ethics Committee and the submissions made by the President of the Bank Group thereto in the interest of due process.

“The Independent Review shall be conducted by a neutral high calibre individual with unquestionable experience, high international reputation and integrity within a short time period of not more than two to four weeks maximum, taking the Bank Group’s electoral calendar into account.

“The Bureau agrees that, within a three to six month period and following the independent review of the Ethics Committee Report, an independent comprehensive review of the implementation of the Bank Group’s Whistle-Blowing and Complaints Handling Policy should be conducted with a view to ensuring that the Policy is properly implemented, and revising it where necessary, to avoid situations of this nature in the future.”

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

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Finance

CBN Disburses N539.8m Loan to Farmers in Q1 2020

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CBN Provides N539.8m Credit to Farmers in Q1 2020

The Central Bank of Nigeria has said it paid out a total sum of N539.8 million to farmers in the first quarter of the year.

The apex bank disclosed this in its third quarter economy report titled ‘Agricultural Credit Guarntee Scheme’ and released on Monday August 3, 2020.

The report stated that “A total of N539.8m loans was granted to 3,161 farmers under the Agricultural Credit Guarantee Scheme in the first quarter of 2020.

“This represented a decrease of 53.9 per cent and 34.8 per cent below the levels in the preceding quarter and the corresponding period of 2019 respectively.”

The sub-sectorial analysis showed that food crops received the largest share of the total amount disbursed in the quarter, with N291.6m (54.0 per cent) given to 1,958 beneficiaries. This was followed by the livestock subsector with N115.2 million (21.3 per cent) given to 430 beneficiaries.

Another N64.9 million was paid to 335 beneficiaries in the Cash crops sub-sector. 121 people in the fisheries sub-sector received N36.1 million (6.7 per cent), while the mixed crops collected N16.8m (3.1 per cent) given to 233 beneficiaries and ‘others’ N15.3m (2.9 per cent) given to 84 beneficiaries.

Analysis by the state showed the Federal Capital Territory and other 30 states benefited from the scheme, with the highest sums of N54.8m (10.2 per cent) guaranteed to Ogun state and the lowest sum of N1.8m (0.3 per cent) given to Nasarawa states.

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Cyberfraud: Access Bank Advises Customers to be Vigilant

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Access Bank Warns Customers Against Falling Victim

Access Bank Plc has joined the number of banks advising customers to stay vigilant amid rising cyberfrauds.

Mr. Victor Etuokwu, the Executive Director, Retail Banking, Access Bank, made the call on Friday in a statement titled “Be fraud smart – Access Bank urges customers.”

Etuokwu said the banking sector has witnessed surged in fraud cases in recent months due to the COVID-19 pandemic. He, however, said bank customers had not been spared from these attacks.

He advised bank customers to take more responsibility in protecting their funds and reiterated the bank’s commitment to provide the necessary information needed to identify and fend off fraudsters.

He said, “Over the last few months, the number of reported fraud cases has spiked considerably. This is not unexpected as the current economic hardships experienced due to COVID-19 has caused many to be vulnerable.

“However, this trend has become very disturbing, while we urge customers to become more aware of the tactics employed by fraudsters.

“Access Bank will continue to educate customers on how to avoid falling victims as well as deploy resources to ensure the security of customers’ funds.

According to him, Access Bank had identified smishing, phishing, social engineering, and identity theft as the most common methods used by fraudsters.

He said, “To aid the fight against this common enemy, we have put more power in the hands of our customers, through the *901*911# USSD code.

“We have provided a platform through which customers can immediately deactivate their USSD profile by dialling *901*911# from any phone in the event their mobile devices get lost or stolen.” He said through the years, Access Bank had remained committed to educating its customers, informing and protecting them from fraudsters.”

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Flour Mills Reports 184% Increase in Profit After Tax for FYE March 2020

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flour mills posts 184% increase in PAT

Flour Mills Posts 184% Increase in Profit After Tax for FYE March 2020

Flour Mills Nigeria Plc on Monday posted a 184 percent increase in profit after tax for the year ended 31 March 2020.

In the audited financial statements released through the Nigerian Stock Exchange (NSE), Nigeria’s leading integrated food business and agro-allied Group said revenue grew by 9 percent year-on-year from N527 billion posted in 2018/19 full year to N574 billion.

While profit before tax rose by 72 percent year-on-year to N17.5 billion, up from the N10.2 billion filed in the same period of 2018/19 full year.

The company grew profit after tax by 184 percent year-on-year to N11.4 billion, according to the audited financial statements.

Flour Mills proposed a final dividend of N1.40 for every ordinary share of 50 kobo, representing an increase of 17 percent.

The company said despite “prevailing economic headwinds and the difficult operating terrain of Apapa, the Group had a prosperous and successful year. In line with management’s strategy to continue to stimulate organic growth in all segments of the business, Agro-allied division reached profitability in 2019/20 behind the consistent and focused investments that have been made in this locally sourced segment over the last few years. The Agro-allied segments saw strong profit growth in Oils and Fats and Proteins with Gross Profits more than doubling in both segments on an annual basis.

“Our food business recorded accelerated growths within the business-to-consumer (B2C) segments in line with projections, as our focus to improve customer experience saw the introduction of a range of new products and our strategic marketing and promotional activities to win over new market segments yielded the desired result.

Speaking on the performance, Paul Gbededo, the Group Managing Director, said “The 2019/20 financial year was a remarkable year for our Group and I am really pleased with the result. Our Profit Before Tax saw a remarkable increase of 72 percent to 17.5 billion Naira, while our Profit After Tax nearly tripled from 4.0 billion Naira last year to 11.4 billion Naira in the current year. This is partly attributed to the improved performance of our Agro Allied Businesses and in line with our strategy to continue to grow the wealth of our shareholders.

He added that “We will remain focused on increasing operational efficiency within the group as we continue to implement our accelerated cost optimization plans across all businesses to ensure profitability in the new operating environment.

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