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CFA Investment Summit:  Experts urge Govt to direct 10% of GDP to mitigating climate change



Participants and panelists at the Africa Investment Conference held at the Eko Hotel and Suites on Victoria Island, Lagos organized by CFA Society Nigeria and its partners from Ghana, East Africa, Mauritius and South Africa, among other African countries have urged the government to direct 10 percent of the continent’s Gross Domestic Product (GDP) to mitigating the impacts of climate change.

In her welcome address, President of CFA Society Nigeria, Ibukun Oyedeji, stated that the conference set out to advance investments and drive sustainable growth in Nigeria and Africa, adding that only such efforts would shape the future of Africa in the right trajectory.

She disclosed that the two-day conference, which was held physically in Lagos and virtually with the theme: The Emergence of Africa: A Rethink or Strategizing, had over 1,000 viewers and young Africans participating through Zoom and other online channels.

“Our focus is to explore opportunities and network among individuals, investors, government representatives and other institutions to foster collaborations across Africa and by extension, the world,” she said.

President and Chief Executive Officer of CFA Institute, Marg Franklin, who said Africa features regularly as a continent with vast potential in most forums globally, stressed that the continent must leverage the opportunities and its young, intelligent, vibrant population to rewrite its narrative of violence, poverty and marginalised continent in the nearest future.

She revealed that to further maximise the opportunities and vast potential in Africa, its leaders and good-spirited individuals must put mechanisms in place to direct 10 percent of the continent’s Gross Domestic Product (GDP) to mitigating the impacts of climate change since Africa remains the most vulnerable continent to the climate crises globally.

On his part, Lagos State Governor, Babajide Olusola Sanwo-Olu, who was represented by the Deputy Governor, Dr. Kadiri Obafemi Hamzat, said as the sixth largest economy in Africa, the state would remain open to the investment world. He added that Africa had been marginalized in the global scheme of things, but with the massive and expansive resources in Nigeria and other countries of Africa, the world has begun to pay attention to the continent.

He explained that with the state government’s THEMES agenda, Governor Sanwo-Olu and members of his team have embarked on expansion of the transportation network, conceived the Lekki-Epe International Airport and the Lekki Deep Seaport, which has started operations, among other economically viable projects.

The Deputy Governor maintained that as Nigeria’s financial hub, the Nollywood and entertainment sector that will soon see the birth of the Lagos Film City, Lagos State would remain an investment destination of choice for not only African investors, but also global investors.

In the first panel titled: Medium-Term Outlook of Key African Economies, Chief Executive Officer, Economic Associates, Dr. Ayo Teriba, examined African and global economy, the shocks induced by COVID-19, the Russian-Ukraine war and the Israeli-Hamas conflict.

He stated that given the dislocations and shocks caused by those crises, the global economy and indeed that of Africa in the new year, would no longer be dependent on exports and industries, but by what he called de-industrialisation, increasing FDIs and buying of industrial outputs.

“National economies are compensating for stagnation of exports with financialisation and de-industrialisation. These will create sectors that will replace declining industrial sectors.

“But by and large, digital and technological advancement, ecological and technological shift from fossil fuels to renewable energy sources will shape the future as more activities will become dematerialized,” he stated.

Other speakers at the second panel tagged: The Search for Alpha: Where and How to Invest in Africa, stressed the need for young Africans to develop the appropriate skills set that would earn them a place in the global workplace.

They stressed that African countries needed to get back to the basics and embrace production, work harder, de-emphasise the dollarisation of their economies, avoid external borrowings, import less and export more, as well as convert their electoral legitimacy to greater economic gains.


Fidelity Bank MD commends Air Peace London service



The Managing Director, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe, has commended Air Peace for its Lagos to London operations.

Onyeali-Ikpe gave the commendation in a statement signed by the airline’s Corporate Communications lead, Mr Stanley Olisa, on Monday in Lagos.

She commended the airline’s giant strides and financial discipline which it has upheld since inception.

She said, “Air Peace has been very loyal to us. We are grateful to have them as our client.

“We are celebrating their milestone of launching direct flight service to London and other milestones they will achieve,” Onyeali-Ikpe said.

The Chairman, Air Peace, Dr Allen Onyema, who said it was not easy to attain the current status, expressed unreserved gratitude to the flying publics, aviation stakeholders, media and government for the support shown so far.

He acknowledged the role played by former Director-General, Nigerian Civil Aviation Authority, Ben Adeyileka, in helping the airline secure its Airline Operator Certificate (AOC).

The Air Peace boss thanked Fidelity Bank for the consistent support and stressed that the bank had contributed to the success story of the airline.

Onyema said Air Peace was committed to its Corporate Service Responsibility (CSR), to empower Nigerians economically by creating employment and not to profiteer.

He highlighted how the airline never fails to engage in humanitarian interventions for Nigerians, especially the numerous evacuation flights at critical times,

“Air Peace was not borne out of the intent to profiteer but to create jobs.

“Air Peace was not established because I wanted more money but because of the conviction that running an airline would create massive job opportunities. That was why we went into aviation.”

Appreciating the bank for its support, Onyema said, “I call it our journey with Fidelity Bank. I did not envisage this day would come when an indigenous institution would be celebrating another indigenous institution.

“Fidelity supports real business. They keep removing people from the streets of poverty. Let other banks emulate Fidelity,” he added.

Onyema, therefore, called for the continued support of Nigerians to sustain the newly launched London service, adding that passengers can fly to London from any domestic airport.

“For every penny you pay to Air Peace, you pay to sustain the jobs of thousands of Nigerians and support economic growth.

“Air Peace flies you from any of our domestic routes to London. So, you can fly from Yola to London via Lagos.

“From the local airport, you are taken to the international airport free of charge with a seamless luggage transfer,” Onyema affirmed.

The Air Peace boss also said that the airline would continue to fully adhere to safety standards, while lauding the management and staff for the efforts in realising the London dream.

He advised Nigerians to shun ethnic nationalism, stating that Air Peace is not an Igbo airline but a Nigerian airline belonging to over two hundred million people.

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Tingo Group unveils Tingo Electric, Tingo Cola drink at Lagos launch



In a thrilling exclusive event on the 16th of April, 2024 at the Tingo place, Victoria Island, the Tingo Group launched its new products, Tingo Cola and Tingo Electric drinks. Present at the event was His Imperial Majesty, Ooni Adeyeye Enitan Ogunwuyi, Ojaja II, Ooni of Ife who was the official host and was accomplished by his wives, Traditional Chiefs, Senior government officials and media executives.

In his welcome speech, the Ooni who is also the Chairman of Tingo BV beamed with joy as expressed that the success of the product is a dream come true as he has always wanted to be a part of a team that will design, conceptualise and produce a drink that will bring pride to Nigeria and Africa and these products are on the right path to going global.

He also noted that the ingredients used in manufacturing the drinks were about 80-85 percent home sourced and efforts were made by the Tingo Group to ensure that it meets International standard. Ooni stated that he has taken up the responsibility of ensuring that the beverage is a success as he is the brand’s “number one ambassador.”

Founder of Tingo Foods, Dozi Mmobuosi, said the company has been existing for 23 years and Tingo Electric and Tingo Cola represent not only a “triumph in innovation but also a celebration of Nigerian ingenuity,” while also adding that “the team was proud to showcase these exceptional beverages to the world and are deeply grateful for the support of his Imperial Majesty, Ooni Adeyeye Enitan Ogunwuyi, Ojaja II, Ooni of Ife and all esteemed guests.”

The Ooni towards the end of the event requested everyone to have a taste of the beverages and the feedback was positive. Dr Reuben Abati stated that he felt electrified after taking the Tingo electric and casually joked that he is hoping that there will be many Tingo babies in the coming nine months.

The Executive Governor of Nasarawa State, His Excellency  Abdullahi Sule, ably represented by the Attorney General of the State, Barrister Shuaibu Labaran Magaji said he is proud to be a part of the product launch and to show his support. He promised to buy and way bill a large number of the product to Abuja and Lafia on the spot and that the product was launched at the right time as the second edition of the Nasarawa Investment Summit is at hand. He asked the Ooni for his presence at the summit  and the Tingo Group for collaboration.

On a personal note, the Tingo Cola didn’t have excessive gas and the Tingo Electric drink was mild in the mouth but gave a sensational feeling, both of which were excellent.

The Tingo BV Plc expressed profound gratitude after the feedback and assured the introduction of a variety of new flavours which include Tingo Electra energy drink, Tingo twist, Tingo booze, Ojaja bitters and Ojaja herbal drink.

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Nigeria to raise $30bn from inaugural forex bond



Nigeria targets up to $30 billion from its inaugural foreign currency-denominated bond issuance planned for June, 2024.

Patience Oniha, Director-General of the Debt Management Office, disclosed this recently in an interview with newsmen.

Accordingly, the government authority said the sovereign domestic foreign currency issuance aligns with moves to attract more forex inflows to stabilise the naira, which had suffered immensely from dollar shortages.

“It’s when we appoint the advisers that we can probably do a projection.
Oniha said: “But the assumption is that many Nigerians hold dollars in their domiciliary accounts, and not just individuals but institutions including banks and Nigerians in the diaspora as well.

“So it’s a way of bringing dollar liquidity into the system; the federal government of Nigeria (FGN) will get needed dollar liquidity. The target investors are individual Nigerians and institutions, and if Nigerians in the diaspora want to invest, they can also.”

The development comes as the Minister of Finance and Coordinating Minister for the economy, Wale Edun, recently announced that a debut forex bond is planned for the second quarter of 2024 and will be a short to medium-term instrument.

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