The latest appointment by the U.S. Export-Import Bank of its Sub-Saharan Advisory Committee for 2020 and 2021 confirms the renewed and increased appetite of US financial institutions for the continent.
The Committee is composed of pro-investment and pro-business advisors who understand Africa and will be instrumental in growing the US-African cooperation and flows of goods, services and technology.
The Sub-Saharan Advisory Committee is chaired by Daniel Runde, Senior Vice President and Director of the Program on Prosperity and Development at the Center for Strategic and International Studies (CSIS). It is composed of:
C. Derek Campbell, Chief Executive Officer, Energy and Natural Resource Security, Inc.
Scott Eisner, Senior Vice President, African Affairs; President, U.S.-Africa Business Center, U.S. Chamber of Commerce
Rebecca Enonchong, Founder and Chief Executive Officer. AppsTech
Lori Helmers, Executive Director / Americas Export Finance Head, JPMorgan Chase Bank
Florizelle Liser, President and Chief Executive Officer, Corporate Council on Africa
Mima Nedelcovych, Chairman, AfricaGlobal Schaffer
EE Okpa, Principal, The OKPA Co.
Marise Duff Stewart, Director Customer and Industry Relations, Progress Rail, a Caterpillar Company
Paul Sullivan, President – International Business, Acrow Bridge
Sola Yomi-Ajayi, Chief Executive Officer, United Bank for Africa (UBA), America
By working to provide funding for trade and development deals in Africa for American companies, the US EXIM Bank can become an increasingly important source of financing for Africa’s critical energy infrastructure. US companies have important products, experience and expertise in several key segments of the energy value chain that would be extremely beneficial if properly matched with opportunities on the continent. This is especially relevant to the natural gas value-chain which has become a key priority for most African governments, and for which American technology and services can help transform the continent’s energy industry.
Equally important is the focus given to small and medium-sized enterprises (SMEs) within the Committee. The African Energy Chamber’s own US-Africa Committee has identified the collaboration between US and African SMEs as a major requirement to grow investment and technology transfers between the US and Africa. The increased attention given to SMEs on both sides of the Atlantic is extremely encouraging for the future of US-African cooperation and its ability to create jobs and value for both regions.
“The African Energy Chamber notes and welcomes the recent appointment of the US Exim Bank’s Sub-Saharan Advisory Committee. The renewed interest and appetite for investing in Africa shown by Exim Bank and other US trade agencies is welcome in Africa, and the continent’s energy sector is listening and open to doing business and making the kind of deals that will propel the continent towards a prosperous future. The African Energy Chamber looks forward to supporting further US involvement in Africa and to developing new ways of working together and pushing for a pro-African investment agenda in the US public and private sectors,” said Jude Kearney, a prominent member of the Africa Energy Chamber’s US-Africa Committee. Kearney is the former Deputy Assistant Secretary for Service Industries and Finance at the U.S. Department of Commerce during the Clinton Administration and currently President of Kearney Africa Advisors.
“We are very proud to see Rebecca Enonchong on this board. She more than anyone understands the challenges of small businesses and has personally built and mentored many such businesses. With her you know you have someone who will work towards making America a good partner of the African business community and ensuring that civil society is not left behind. She is an inspiration for so many women in business” Said Mickael Vogel, Director of Strategy at the Africa Energy Chamber.
“We are grateful that our own C. Derek Campbell will add value to this work. Derek has a proven track-record on issues that concern trade with Africa and also on Energy Security. Advancing and protecting Africa’s energy sector, empowering Africans and openings doors for so many that he has never met has been the work of his life”, concluded NJ Ayuk, Executive Chairman at the African Energy Chamber.
FG Apologises For Asking Bank Account Holders To Re-Register
The Federal Government has apologised for asking all account holders in the country’s financial institutions to register their details again.
The media reports that the FG earlier asked all account holders in banks, including insurance companies, to fill and submit a Self-Confirmation form.
The order was given despite the possession of the Bank Verification Number and the National Identification Number by account holders on Thursday.
Failure to do so, the Nigerian government threatened to block access to defaulters’ accounts or impose a monetary penalty.
The order to fill another Self-Confirmation form, despite the existing BVN and NIN, had attracted condemnations on social media.
However, in a tweet on Friday, the government apologised for misinformation.
It tweeted, “We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the @firsNigeria Notice does not apply to everybody. FIRS will issue appropriate clarification shortly.”
In a press statement, the Federal Inland Revenue Service explained that only “reportable persons” are expected to submit the form.
The statement read, “This is to clarify the publication for financial institutions account holders in Nigeria to complete the self-certification form, pursuant to the Income Tax (Common Reporting Standard) Regulations 2019 which is for the fulfilment of Automatic Exchange of Information Requirements.
“The Self Certification form is basically to be administered on Reportable persons holding accounts in Financial institutions that are regarded as “Reportable Financial Institutions” under the CRS.
“Reportable persons are often non-residents. And other persons who have a residence for tax purposes in more than one jurisdiction or Country.
“Financial Institutions are expected to administer the Self Certification form on such account holders when the information at its disposal indicates that the Account holder is a person resident for tax purpose in more than one jurisdiction.
“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during the account opening processes for the KYC and AML purpose.”
Earlier, the Nigerian government said all persons holding accounts in different financial institutions are required to complete and submit the form to each one of their institutions.
It had tweeted, “This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc) are required to obtain, complete, and submit Self – Certification Forms to their respective Financial Institutions.
“Failure to comply with the requirement to administer or execute this form attracts sanctions which may include monetary penalty or inability to operate the account.”
TAJBank Wins Best Islamic Bank for Marketing & Growth Strategy at the Global Islamic Finance Awards (GIFA) 2020.
TAJBank has won the award for Best Islamic Bank for Marketing & Growth Strategy at the Global Islamic Finance Awards (GIFA) 2020.
Receiving the award on behalf of the bank, the Managing Director, Norfadelizan Abdul Rahman noted “We are honoured to be recognised as the Best Islamic Bank for Marketing & Growth Strategy at GIFA. Our vision at TAJBank, is to be the leading African financial institution with a reputation for excellent customer service and innovative solutions. This goes well beyond the recognizance in earnings and returns on equity, but also in ensuring that we sustain world class corporate governance standards and continually raise the bar in exceptional customer service delivery.
“As such, awards like this clearly reflect our sustained commitment towards this vision. and motivates us to continuously deploy innovative financial products that wholly empower our customers and serve their needs.”
TAJBank, widely regarded by industry watchers as a trailblazer, has maintained consistent growth since its inception into the market due to its various innovations in digital and financial services.
Recently, the bank commissioned its 4th office in Sokoto State and also established Nigeria’s first ethical mall, TAJMall, which focuses on providing products and services to meet the evolving needs of its customers.
The Global Islamic Finance Awards celebrates leading financial institutions within the global banking sector who are setting new industry standards and driving innovation in financial services within their various countries.
Banks to Improve Credit to Agriculture Sector, Says CBN
CBN Says Deposit Money Banks Must Improve Credit to Agriculture Sector by 6 Percent to 10 Percent
The Central Bank of Nigeria has said deposit money banks should increase credit facilities to the agriculture sector to better stimulate growth and further economic productivity.
The apex bank said it is important to support growth in sectors that have significant growth potential and can improve the nation’s resilience in the face of external shocks.
Godwin Emefiele, the governor of the central bank, said the banking sector should strive on how to improve loans from 4 percent to 10 percent for the agriculture sector in the next four years.
The governor said “It is imperative from an economic as well as a security perspective, that our banking and financial system works to support growth in sectors that have significant growth potential, and can enhance the resilience of the Nigerian economy, in the face of external shocks.
“Over the next 4 years, the banking sector should consider ways under which it could increase its loans to the agriculture sector from 4 percent to 10 percent by 2024.
“With declining foreign exchange earnings from crude oil, banks should consider supporting agro processing companies that are export oriented.
“President Muhammadu Buhari has approved the establishment of a CBN led Infrastructure Company. In partnership with the Africa Finance Corporation and the Nigerian Sovereign Investment Authority.
“Infra-Corp would enable the use of private and public capital to support infrastructure investments that will have a multiplier effect on growth across critical sectors.
“The Central Bank is seeking to leverage ICT in order to improve access to finance for Nigerians. Improved access to finance through deployment of an inclusive and interoperable payment system would help to reduce the cost of payment services for individuals.
“It is important that we leverage ICT as an enabler for growth in key sectors of the economy. ICT start-ups are emerging to support SMEs, farmers, and in providing quality learning to students affected by the shutdown in schools.”
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