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African continent most vulnerable to climate risks — AfDB

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The African Development Bank (AfDB) Group  reiterates that the African continent was one of the world’s most vulnerable to climate risks.

In a statement on its website on Tuesday, the bank said Africa was the least among continents that polluted the planet.

The statement noted that nations across the continent were grappling with financing constraints.

“Thus, resources from the international private sector, including multilateral development financiers such as the AfDB, are helping to catalyse climate action and green growth.

“For AfDB, greater involvement of the private sector is crucial to closing the gap in climate finance flows into Africa, which until recently, was dominated by non-private actors.

“For example, of the $29.5 billion invested in African climate finance in 2020, only 14 per cent was from private actors,” the statement said.

According to the statement, this is significantly lower than comparable regions like Latin America and the Caribbean (49 per cent), East Asia and the Pacific (39 per cent) and South Asia (37 per cent).

It said these limited funds covered several African countries with relatively developed financial markets, such as South Africa, Nigeria, Kenya, Morocco, and Egypt, which attracted $4.2 billion.

“It is why the Bank Group has mobilised private sector financing for climate and green growth the centrepiece of its 2023 Annual Meetings scheduled for 22-26 May in Sharm El Sheikh, Egypt.

“The meetings will discuss successful strategies to galvanise more resources, including within Africa, and investment opportunities in renewable energy and sustainable agriculture.

“The Bank’s Governors, representing its shareholders, will be joined by global experts and development financiers, to deliberate on a new architecture for mobilising resources for sustainable investment in Africa,” it stated.

The statement said the experts would consider how to make African countries’ rich natural capital to finance climate and green growth.

It further said that about a dozen Heads of State and Governments were expected to attend.

It said, “The AfDB believes there is much potential for climate finance in Africa to increase. The bank bases its view on a dataset of global private resources.

“Private equity funds under management was $6.3 trillion  in 2021, while global pension fund assets in the 22 largest markets hit a new high of $56.6 trillion by late 2022.

“To combat climate change and support green growth, African countries need more climate investments to achieve their national targets for emissions reductions and adaptation to the impacts of climate change.”

According to the statement, AfDB, the continent’s premier multilateral development finance institution, has begun providing solutions.

“It is implementing mechanisms to facilitate and channel access to global climate finance, particularly from the private sector.

“It has also inaugurated programs to mitigate risks and barriers to private sector participation in climate finance and green growth in Africa.

“The Bank has committed to mobilise $25 billion  by 2025, representing 41 per cent of its total funding commitments,” it said.

The statement said one of the Bank’s works was the Sustainable Energy Fund for Africa, whose objectives aligned with AfDB’s High Five strategic priorities.

It said this particularly applied to the “Light up and Power Africa” and “Improve the Quality of Life for the People of Africa.”

It explained that this facility provided technical assistance and concessional finance instruments to remove market barriers.

“In 2022, for example, Togo benefitted by nearly $4 million, while in January 2023, SEFA provided a $1 million grant for green mobility in Africa to seven countries.

“The counties are Kenya, Morocco, Nigeria, Rwanda, Senegal, Sierra Leone and South Africa. Still, AfDB believes it can go further,” it added.

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Idris congratulates newly-elected APRA executives

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The Minister of Information and National Orientation, Mohammed Idris, has felicitated the newly-elected Executive Council of the African Public Relations Association (APRA), elected at the 35th APRA Annual Conference and Annual General Meeting (AGM), which was held in Abidjan, Côte d’Ivoire from May 13- 18, 2024.

The Minister, also a Fellow of APRA, acknowledged the significance of the election for the advancement of public relations across Africa, adding that while it is a pivotal moment for APRA, the collective expertise, and leadership of the newly-elected Executive Council would be instrumental in attaining the long-term vision of the association.

The new APRA Executive Council comprises Arik Karani from Kenya as President, Dr. Michele Mekeme from Cameroon as Vice President, and Dr. Omoniyi Ibietan from Nigeria as Secretary-General.

Idris urged the new Executive Council to “continue the trajectory of reforms in APRA,” stressing the importance of expanding the democratic space by encouraging greater participation of national public relations institutions across the continent.

He highlighted the need for inclusivity and collaboration to strengthen the public relations profession in Africa.

The Minister also called on the Executive Council to work closely with the African Union Commission and the Council of Ministers to ensure that public relations remains central to policy formulation, programme execution, and project implementation.

“Public relations should be at the heart of policy, programs, and project implementation,” he stated.

He also extended his salutations to Dr. Omoniyi Ibietan, the Head of Media Relations at the Nigerian Communications Commission (NCC), on his emergence as the Secretary-General of APRA.

“Dr. Ibietan is a thoroughbred journalist, public relations expert, and author, who is expected to bring his enormous wealth of experience to bear on APRA positively,” Idris said.

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Airtel wins big at maiden ICAN-NGX awards

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Airtel Africa, the leading telecommunications provider in Africa with its stock trading on the Nigerian Stock Exchange (NGX), emerged as a major winner at the inaugural edition of the ICAN-NGX Awards, carting away the Most Outstanding in Financial Reporting and the overall gold across all categories, amidst other nominations.

These honors were announced at a special ceremony held on Friday, 17th May 2024, at the NGX headquarters in Lagos.

Organized by the Institute of Chartered Accountants of Nigeria (ICAN) in collaboration with NGX Regulation Limited (NGX RegCo), the awards recognized excellence in corporate reporting among the top 30 most capitalized companies listed on the Nigerian Stock Exchange for the 2022 financial reporting year.

Airtel Africa stood out among other nominees in the areas of Financial Reporting, Corporate Governance, and Sustainability Reporting.
In the highly competitive Financial Reporting Category, Airtel Africa was recognized as Most Outstanding, edging out industry giants such as Dangote Cement Plc, Dangote Sugar Refinery Plc, MTN Nigeria Communications Plc, Seplat Energy Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Company Plc.

Speaking on the awards, Group Chief Executive Officer, Airtel Nigeria, Carl Cruz, expressed gratitude for the awards while restating the organization’s enduring commitment to promoting transparency and accountability for the benefit of all stakeholders.

“At Airtel, we strive to set the benchmark for excellence in financial reporting and corporate reporting, and these awards validate our efforts in this regard. We have been deliberate in maintaining a painstaking dedication to transparency for the sake of our shareholders, which is also how we keep our promises to our shareholders,” he said.

Airtel Africa also received the Gold Award in the Corporate Reporting Category. This award, according to Mr. Cruz, underscored Airtel’s culture of fair business practices.

“Today’s recognition reminds us to keep upholding the fundamental principles of integrity, accountability, and ethical conduct across all facets of its operations,” he noted.

In his remarks at the award ceremony, the Chief Executive Officer, NGX Regulation Limited, Mr. Olufemi Shobanjo, stressed the significance of the award, highlighted the importance of transparency and accountability in building a more productive market environment.

“It is noteworthy that integrity is an important drive in ensuring a successful business. In this vein, the Corporate Reporting Award underscores our collective commitment to fostering a capital market that operates on principles of transparency, integrity, and excellence,” he said.

While sharing this positive sentiment regarding the awards, Innocent Okwuosa, the 59th President of the Institute of Chartered Accountants of Nigeria (ICAN), expressed optimism about the future of corporate reporting in the country.

“As sustainability evolves and with Nigeria adopting IFRS S1 and S2 of International Sustainability Standard Board (ISSB),” he said, “it is expected that the corporate reporting in Nigeria will get better and better.”

Airtel Africa remains committed to promoting accountability, transparency, and sustainability in its operations.

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NUJ commends Governor Abiodun for appointing Journalist as Head of Service

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The leadership of the Nigeria Union of Journalists (NUJ) South West Zone has commended the Ogun State Governor, Prince Dapo Abiodun, on the appointment of Mr. Kehinde Onasanya, as the Head of Service.

It would be recalled that Onasanya, a leading journalist in the service of Ogun State Government, was recently appointed by the governor as the 20th Head of Service.

In a communique issued at the end of the zonal meeting of the union held in Ibadan, the Oyo State capital on Friday, Abiodun was lauded for appointing Onasanya as the first journalist to become Head of Service in the State.

The NUJ also praised the governor for his unflinching support for the Ogun State Council of the Union since his assumption of office in 2019, calling on other State Governors to emulate Abiodun’s exemplary gesture.

“The leadership of the NUJ Zone B specifically appreciated the Governor of Ogun State, Prince Dapo Abiodun, for appointing a journalist, Mr. Kehinde Onasanya, as the first NUJ member to be the Head of Service of the state.

“The Union appealed to other state governors to magnanimously elevate qualified journalists/information officers to the position of permanent secretary, Head of Service and other key public offices,” the communique reads in part.

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