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A Kenyan nonprofit’s innovative aerial water system just won it the world’s largest humanitarian prize

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By Kemi Lijadu

The Kenyan nonprofit organization Shining Hope for Communities (Shofco) was announced this week as the recipient of the the Conrad N. Hilton Humanitarian Prize.
Shofco is the first organization focusing on slums to be awarded the prestigious award and will receive $2 million in unrestricted funding—an amount greater than any one of the six Nobel Prizes. Previous winners of the Hilton prize over the last two decades have included medical group Doctors Without Borders, healthcare organization Partners in Health, and Landesa, a nonprofit that secures legal land rights for the world’s poor. Shofco has a range of programs focused around transforming slums in Kenya by improving critical services including health care, education and economic empowerment for women and girls, water and sanitation.

Kibera is a sprawling slum in Nairobi. The informal nature of Kibera makes it hard to ascertain for certain how many people live there, but estimates range from 170,000 to 1 million people—in any case, it is the largest slum in Africa. In Kibera, like in many other slums around the world, water is scarce, expensive and can often be contaminated. About two-fifths of Kenya’s 46 million people rely on unclean water sources, such as ponds, shallow wells and rivers, particularly in rural areas and slums, the charity organization Water.org told to Reuters.
“I believe change can only come from the community itself,” says Kennedy Odede, who grew up in Kibera, and went on to found Shofco as an adult. “I started asking people I grew up with, what they would do if they could do anything? One day someone said they would put the [water] pipes in the air.” So that’s what Shofco did.

Shofco’s aerial water network consists of overhead pipes supported by wooden poles that connect to 10 water kiosks throughout Kibera, allowing clean water to flow through pipes in the air without fear of tampering by cartels who divert water to private vendors.

Effectively, the new system cuts the price of a 20-liter jerry-can of potable water by 60%, from five Kenyan shillings to two. The design can be implemented quickly as it does not involve trench digging and underground pipe laying.
According to Odede, those living in Kibera use a cashless system to access the water. Shofco has partnered with the telecom company Safaricom to give Kibera residents an identity card that they can load with the mobile money platform M-Pesa, and then swipe to release water from the system.
In its press release, the Hilton Foundation highlighted the community-driven aspect of Shofco’s work:

Shofco is a remarkable example of citizen-led change, created by people living in very challenging conditions. As Africa and the world urbanize and more informal settlements are created, Shofco provides an inspiring example of local creativity and solutions.

Shofco is not the first organization to try and improve water access in Kibera. But many previous attempts to support traditional underground piping systems have left pipes vulnerable to leaks, breakage, and consequent contamination.
Initial funding was provided by Pentair, the multinational industrial company. Shofco then worked with Safaricom and the US African Development Fund to build additional kiosks. So far, Shofco’s aerial piping system services reaches over 11,000 people. This is meant to be a pilot phase of the project, and the organization is currently working with the US Centers for Disease Control to study the system’s efficiency before scaling up. Shofco’s goal is to eventually provide potable water to 84,000 people in Kibera through the above-ground pipes.

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BREAKING: Zenith Bank records N193.424bn profit after tax

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Zenith Bank Plc, one of Nigeria’s tier one lenders announced a profit after tax of N193.424 billion for the year which ended December 31, 2018, from N173 billion in 2017.
While profit before tax rose from N199 billion in 2017 to N231 billion in 2018, the bank’s gross earnings dipped from N745 billion in 2017 to N630 billion in 2018.

The bank has also declared a final dividend of N2.50 per share, just as its shares are currently trading at N24.20 in today’s trading session on the Nigerian Stock Exchange, up 1.25 per cent.

Details later…

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Nigeria, Ghana enter EU blacklist for money laundering

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Nigeria, Ghana, Saudi Arabia and Panama were named in a proposed European Union blacklist of nations seen as posing a threat because of lax controls on terrorism financing and money laundering, the E.U. executive said on Wednesday.
The move is part of a crackdown on money laundering after several scandals at E.U. banks but has been criticised by several E.U. countries including Britain worried about their economic relations with the listed states, notably Saudi Arabia.
Nigerian and Ghanaian officials are yet to react to the proposed blacklist.
The Saudi government said it regretted the decision in a statement published by the Saudi Press Agency, adding: “Saudi Arabia’s commitment to combating money laundering and the financing of terrorism is a strategic priority”.
Despite pressure to exclude Riyadh from the list, the commission decided to list the kingdom, confirming a Reuters report in January.
Panama said it should be removed from the list because it recently adopted stronger rules against money laundering.
Apart from reputational damage, inclusion on the list complicates financial relations with the E.U.
The bloc’s banks will have to carry out additional checks on payments involving entities from listed jurisdictions. The list now includes 23 jurisdictions, up from 16. The commission said it added jurisdictions with “strategic deficiencies in their anti-money laundering and countering terrorist financing regimes”.
Other newcomers to the list are Libya, Botswana, Ghana, Samoa, the Bahamas and the four United States territories of American Samoa, U.S. Virgin Islands, Puerto Rico and Guam.
The other listed states are Afghanistan, North Korea, Ethiopia, Iran, Iraq, Pakistan, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and Yemen.
Bosnia, Guyana, Laos, Uganda and Vanuatu were removed.
The criteria used to blacklist countries include low sanctions against money laundering and terrorism financing, insufficient cooperation with the EU on the matter and lack of transparency over the beneficial owners of companies and trusts.
Five of the listed countries are already included on a separate EU blacklist of tax havens. They are: Samoa, Trinidad and Tobago and the three United States (U.S.) territories of American Samoa, Guam and U.S. Virgin Islands.
The 28 EU member states now have one month, which can be extended to two, to endorse the list. They could reject it by qualified majority.
EU justice commissioner Vera Jourova, who proposed the list, told a news conference that she was confident states would not block it.
She said it was urgent to act because “risks spread like wildfire in the banking sector”.
But concerns remain. Britain, which plans to leave the EU on March 29, said on Wednesday the list could “confuse businesses” because it diverges from a smaller listing compiled by its Financial Action Task Force (FATF), which is the global standard-setter for anti-money laundering.
The FATF list includes 12 jurisdictions – all on the EU blacklist – but excludes Saudi Arabia, Panama and U.S. territories. The FATF will update its list next week.
London has led a pushback against the EU list in past days, and at closed-door meetings urged the exclusion of Saudi Arabia, EU sources told Reuters.
The oil-rich kingdom is a major importer of goods and weapons from the EU and several top British banks have operations in the country. Royal Bank of Scotland is the European bank with the largest turnover in Saudi Arabia, with around 150 million euros ($169 million) in 2015, according to public data.
HSBC is Europe’s most successful bank in Riyadh. It booked profits of 450 million euros in 2015 in the kingdom but disclosed no turnover and has no employees there, according to public data released under EU rules.
“The UK will continue to work with the Commission to ensure that the list that comes into force provides certainty to businesses and is as effective as possible at tackling illicit finance,” a British Treasury spokesman said.
Criteria used to blacklist countries include weak sanctions against money laundering and terrorism financing, insufficient cooperation with the EU on the matter and lack of transparency about the beneficial owners of companies and trusts.

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Halima Dangote says “We need to do more collectively for Africa” at the Africa Business Health Forum

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An interview with the Group Executive Director of Dangote Group by Jess Denny, Correspondent for APO
ADDIS ABABA, Ethiopia– Q: Your foundation has obviously got a lot of influence in Nigeria, what are your main objectives for this year?

A: One of the main pillars is health. Nutrition determines the state of one’s health and we are investing towards nutrition, specifically primary health care, and most importantly towards eradication of polio, that itself is a good example of what Public Private Partnerships should put on the top of their list. This year’s Dangote Foundation (www.Dangote.com/Foundation/) is partnering with Bill & Melinda Gates Foundation and the Nigerian government. It is crucial for us to get buy in from each state government that we partner with; so Dangote Foundation, government and B&M Gates Foundation have equal responsibilities and we do really see the impact when we each are accountable. Through impact assessment in the rural areas, studying the root causes, we are able to determine where we want to see results and how to achieve progress. The formula is working and we will keep at it as there is a lot to cover.

Q: Healthcare and infant mortality obviously is a huge issue across the poorest countries in Africa. What could other corporates do to get more involved into helping, following your model?

A: The business sector is the most important in this model, and we put a strong emphasis to really pull the business sector, like the ones here at the Health Business Forum. This thing that we are pushing to get 1% of the tax dedicated to health; we need the support of other businesses do it as well? All of us corporate can just contribute and see this would ultimately help the health sector, and I mean, the way the foundation sees it, when investing in health, it should not be considered a cost, it is a huge investment in the future generations and it’s going to cost us a lot more if we don’t start now, a lot more.

Q: What are your proudest moments?

A: I am extremely proud of being able to make a difference in this world, that collectively we are changing and influencing people to keep aiming for a better lifestyle and to take better care of their health and well-being of their loved ones.

Q: If you had one single most important message from you personally to the world, what would it be?

A: I think, every single person has a role to play, and it is important to search deeper and find ways to contribute. Ultimately it can be very little, but you have to make an effort to participate. It’s not just about saying it. It is about being honest with yourself and having the courage to walk the talk. We all live on the same planet. Our communities within our cities play a strong role in the way we live with one another. Everybody has to participate! Everyone deserves to be healthy and happy!

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Genevieve Nnaji, Lola Shoneyin, Uzoamaka Aduba, others make AWP Network Power List

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This year, we are introducing Africa’s leading women by recognizing 40 African women with powerful, inspiring and influential voices.

At the AWP Network, we aim to encourage more African women with powerful voices who will continue to create programs and policies that support the development and growth of African women and girls.
Here’s the 2018 AWP Network Power List
. Okwui Okpokwasili (Nigeria): Winner of the 2018 MacArthur Foundation Genius Award.
An artist, performer, choreographer, and writer, Okpokwasili’s multidisciplinary performance pieces draw viewers into the interior lives of women of colour, particularly those of African and African-American women, whose stories have long been overlooked and rendered invisible.
. Uzoamaka Aduba (Nigeria): Award-winning actor and one of only two actors to win an Emmy in both comedy and drama categories for the same role.

. Genevieve Nnaji (Nigeria): Award-winning actor, writer and director whose film, Lionheart, was acquired by Netflix, making it the first original Nigerian movie to be acquired by Netflix. She is also recognized as the first actor to win the Africa Movie Academy Award for Best Actress in a leading role.
. Simidele Adeagbo (Nigeria): Africa’s first female skeleton athlete. She was the first African woman to compete in skeleton at the 2018 Winter Games. She is also a 2018 Obama Foundation Leader.
. Bibi Bakare-Yusuf (Nigeria): is co-founder and publishing director of one of Africa’s most beloved indie presses, Cassava Republic.
Bakare-Yusuf was selected the 2018 Brittle Paper African Literary Person of the Year, the award recognizes individuals who work behind the scenes to hold up the African literary establishment.
. Margaret Mary-Wilson (Nigeria): Chief Medical Officer and Senior Vice President at UnitedHealthcare Global.
Mary-Wilson is a 2018 ‘Women Worth Watching’ award winner and she received the ‘Mark of Excellence’ award for her work in global health transformation at the 2018 Africa Diaspora Awards.
She proudly supports African LGBTQ, a nonprofit organization established to empower and educate abused and endangered LGBTQ individuals of African descent across the globe.
. Stella Williams (Nigeria): Founder of NiWard, an organization focused on transforming Nigeria’s rural agricultural sector.
NiWard provides a collaborative platform for women farmers, women scientists and women researchers to fight hunger, malnutrition, and poverty. Williams is a retired Professor of Agricultural Economics at Obafemi Awolowo University in Osun State.

. Fatima Kyari Mohammed (Nigeria): Permanent Observer for the African Union.
Prior to this role, she was a Senior Special Adviser to the Economic Community of West African States (ECOWAS) Commission, where her work focused on peace and security, regional integration and organizational development.
. Lola Shoneyin (Nigeria): Founder and convener of the Ake Arts and Book Festival – an annual literary, cultural and arts event, which takes place in Abeokuta, Ogun State. The festival provides new and established writers from across the world to promote, develop and celebrate their creativity on the African continent. Shoneyin is also a poet and author of The Secret Lives of Baba Segi’s Wives.
. Habiba Ali (Nigeria): A pioneer in the renewable energies field. She is the founder, managing director and CEO of Sosai Renewable Energies, an innovative company that brings reliable and affordable renewable energy products to those who need it most. Her sustainable energy solutions provide communities with unforeseen economic growth, increased capacity and the potential for greater business development.
. Pamela Adie (Nigeria): Executive Director of Equality Hub, an organization working to advance the rights and elevate the voices of lesbian, bisexual, and queer women in Nigeria through visual storytelling. She is also a 2018 Obama Foundation Leader.
. Emma Nyra (Nigeria): Award-winning recording artist and founder of Nyra Nation. Nyra is focused on increasing the pipeline of female artists in Nigeria’s male-dominated music industry. To date, she has collaborated with other female artists to include Cynthia Morgan and Victoria Kimani.
. Tomi Otudeko (Nigeria): Founder of Itanna, an intensive training program for tech-enabled Nigerian startups. Itanna focuses on developing and supporting Nigeria’s tech ecosystem. Otudeko is also Head of Innovation and Sustainability at the Honeywell Group.
. Odunayo Eweniyi (Nigeria): Co-founder of Piggybank.ng, a company that securely makes saving money possible by combining discipline plus
flexibility to enable customers grow and reach their savings target. Eweniyi also founded PushCV.ng.

. Lotanna Igwe Odunze (Nigeria) is an entrepreneur, talented artist and a rape survivor. Odunze was sued by her rapist in Superior Court of the District of Columbia for defamation of character. The case was dismissed with prejudice. Odunze represents a growing number of young women in Nigeria who advocate for civil rights, justice and equality.
. Juliet Kego Ume-Onyido (Nigeria): Engineer, advocate, poet and founder of Whole Woman Network. Kego supports and advocates for the rights of women and girls in Nigeria.
. Honey Ogundeyi (Nigeria): Tech Entrepreneur and founder of Fashpa Online, a global marketplace to discover Fashion, Jewellery and Art from Africa and the Diaspora.
. Mercy Makinde (Nigeria): Founder of the Amazing Amazon Women Empowerment Initiative, an organization fighting for the rights of marginalized groups and working to end domestic violence and sexual abuse in these communities.
. Oluwatoyin Alake (Nigeria): An IFC-Milken Institute Fellow and equities product manager at the Nigerian Stock Exchange. In her role, she is responsible for products traded on the exchange with a focus to improve the depth of the Nigerian Capital Markets through the creation of investment vehicles as well as the facilitation of efficient pricing, transparency and liquidity.
. Weird MC (Nigeria): Social entrepreneur and artist known for her English and Yoruba Lyrics. Weird MC has continuously spoken of how she was discriminated against by her male counterparts in Nigeria’s hip-hop industry. She continues to be a voice for women in Nigeria’s music space.
. Latifat Balogun (Nigeria): Founder of Hatlab Ice Cream, a company specializing in the production and retail of traditional Italian ice cream in Nigeria. HatLab was awarded the International Gold Star for leadership and commitment to quality and the business is expanding beyond its current position in three states with an eye on the international market.
. Francesca Onomarie Uriri (Nigeria): Social Entrepreneur and Founder of Leading Ladies Africa, an organization that supports the career growth and development of African women. She currently serves as the Head of Communications in West Africa for Uber.

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Nigerian government projects 3.01% GDP growth in 2019

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The Nigerian government says it projects a 3.01% Gross Domestic Product, GDP, growth in 2019, indicating a steady rise after the country exited recession in the Second Quarter of 2017.
Minister of Budget and National Planning, Senator Udoma Udo Udoma, stated this on Monday while speaking at the 10thPresidential Quarterly Business Forum held at the Banquet Hall of the Presidential Villa, Abuja.
Udoma said that the figures released by the National Bureau of Statistics, NBS, showed that GDP growth for the Third Quarter of 2018 showed that the economy grew by over one percent, while the Fourth Quarter growth was about two percent.
He said: “The fundamentals of the Nigerian economy are strong; the main indices are positive and growing.
“2017 was better than 2016; 2018 was better than 2017; 2019 will be even better than 2018.
“We are expecting a growth rate of 3.01% in 2019.”
Udoma said Nigeria’s growth rate was interesting because the improvement in the GDP growth rate in Sub-Saharan Africa is driven by the improvement in the growth prospects in Nigeria.
“So internationally, everybody accepts that Nigeria is improving and growing.”
Economic Diversification
Udoma said that the President Muhammadu Buhari administration was focused on diversification of the economy in partnership with the private sector.
He said that government has remained focused on the implementation of the policies and programmes of the Economic Recovery and Growth Plan, ERGP despite the forth-coming general election in Nigeria.
The Budget Minister also highlighted the administration’s Social Investment Programme, whose components at targeting at solving the problems of unemployment, giving access to credit to petty traders and feeding school children.
In her presentation, Minister of Finance, Zainab Ahmed, said there is a clear and strategic focus to improve both oil and non-oil revenue by the administration.
Other ministers who gave overview of the activities and performances of their ministries in the past three years of the Buhari administration were those Power, Works and Housing, Babatunde Fashola; Water Resources, Suleiman Adamu; Agriculture Audu Ogbeh; and Industry Trade and Investment, Okechukwu Enelamah.
The presentations of the ministers were followed by an interactive session during which questions, comments and suggestions were made by the members of the organized private sector, who attended the forum.
Speaking to State House correspondents after the meeting, former Minister of Industry, Mrs. Nike Akande, said she was impressed with what government was doing.
Akande, who is also the President of the New Partnership for Africa’s Development, NEPAD, said that there was need for government to talk more about the its policies, programmes and projects to enable people to know what is being done.
Also speaking, the National Vice President of the National Association of Small Scale Industrialists, Auwal Ibrahim, said the government was doing a lot of work, without talking about it.
He called for more engagement between the government and the private sector in the implementation of the policies of government.

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Commission uncovers forceful and illegal deductions by Network providers

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The Nigerian Communications Commission, NCC, has expressed displeasure over the unacceptably high level of consumer complaints in respect of forceful subscriptions to Value-Added Services (VAS), as well as airtime deductions for these subscriptions.
In a statement, the Commission said it has initiated several initiatives to tackle the menace which include the institution of a comprehensive investigation and resolution process, the Do-not-Disturb (DND) facility and the imposition of sanctions for breach.
The NCC also carried out a long and comprehensive investigative audit into VAS subscriptions across all MNO and VAS platforms.
The investigative audit was led by the Compliance Monitoring & Enforcement Department of the Commission, with participation from its other Departments such as the Technical Standards and Network Integrity (TSNI), Consumer Affairs Bureau (CAB), Legal & Regulatory Services (LRS), and Licensing & Authorisation (L&A).
Out Come
The Audit Team analysed subscribers’ Call Detail Records from MNOs and subscription logs from VAS providers over a period of two years, leading to the conclusion that a huge percentage of VAS services were not voluntarily subscribed for.
The audit team also found that some providers had implemented disingenuous mechanisms by which large numbers of innocent consumers were “forcefully” subscribed to VAS platforms, leading to regular deduction of their airtime without their consent.
The NCC also explained that, ”it has persistently insisted that actions of this sort are unacceptable as they are in direct breach of its Act and regulatory instruments on the matter.
”Such actions also undermine the very foundations of the customer/service provider relationship, that is, transparency and trust.”
Action to be taken
Based on the outcome of the investigative audit, the Commission said that “it would direct the indicted organisations to make refunds to affected consumers as appropriate.”
Imposing sanctions
The Commission has also considered and would impose appropriate sanctions as necessary this in line with the Commission’s commitment to evidence-based interventions.
Also, the NCC would suspend or outrightly decommission some VAS platforms and services in the overall interests of consumers.
NCC has assured consumers that these measures would be implemented with minimal inconvenience to them and count on the understanding of consumers who may be affected by these measures.
”We will continue to use all available resources to protect the rights of consumers of telecoms services and to ensure that they get appropriate value for their interactions with service and platform providers,” the Commission added.

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Atiku Meets Southeast Business Community, Promises To Expand SMEs

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The Peoples Democratic Party presidential candidate in the 2019 Presidential Election, Atiku Abubakar says his expectation if voted into power is to expand businesses, create jobs, and ensure functionality of dry ports in the southeast region.

Atiku who was speaking at a town hall meeting with the south east business community at the aba sports club in Abia state, expressed his determination to tackle challenges facing Small and Medium Enterprises (SMEs), manufacturing and industries in the zone.
The former vice president explains that he wants to see Nigeria working again through wealth, prosperity and job creation in the country.

Describing SMEs and entrepreneurship as the live wire of any economy, the PDP presidential candidate notes that aba can be turned into an SME sub-region.
Abia Governor Okezie Ikpeazu said the PDP presidential candidate understands the importance of aba in the business and manufacturing sector of Nigeria and expressed the belief that an Atiku presidency will proffer solutions to the existing problems of the business community.
The PDP presidential candidate also interacted with several support groups from the state.

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Kenya Airways flies to Mogadishu after a decade

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Kenya Airways becomes the third international airline to fly the increasingly competitive Nairobi — Mogadishu route.
Dec 19, 2018: After a break of 12 years, Kenya Airways made a test flight to Mogadishu, Somalia on December 18, as part of routine preparations preceding the formal launch of the direct flight in January 2019.
The carrier has leased a 50-seater Embraer ERJ-145 jet from the regional Aircraft Leasing Services (ALS) that is expected to operate daily flights between Jomo Kenyatta International Airport, Nairobi and Aden Adde International Airport, Mogadishu. The daily schedule is expected to offer connections to the rest of Africa, the Middle Asia and the USA.
Kenya Airways becomes the third international airline to fly the increasingly competitive Nairobi — Mogadishu route. Turkish Airlines and Ethiopian Airlines are already operating daily flights into Mogadishu, while Qatar Airlines recently announced plans to start scheduled flights to the Horn of Africa country.
Kenya Airways chief executive Sebastian Mikosz said, “Introducing more destination on the African continent is a major development and achievement as part of our strategy.”
Somali government authorities have attributed the growing interest in Somalia as a destination, to the improving aviation safety and the general security situation in the country that has boosted investor confidence and led to the return of Somalis from the diaspora.
Said Eliye, the director of operations and international relations at the Mogadishu airport divulged that with the rising confidence in the country’s security, more international airlines are in talks to launch flights to Mogadishu in the coming years. He said Qatar Airways and commercial carriers from Egypt, UAE, Saudi Arabia and Uganda have expressed interest in operating flights to Somalia.
“We are always striving to have a safe airport as well as good service and safety. With support from African Union Mission to Somalia (AMISOM), the security has improved quite a lot. The airport authority in conjunction with AMISOM has partnered to ensure there is security and safety. That is our number one priority.”
The African Union Mission in Somalia supports the Somali security forces in securing key installations in Somalia, such as the international airport and has been instrumental in the return to relative peace and normalcy in the country, after more than two decades of civil strife and an insurgency that lasted almost a decade.
Kenya Airways has suspended its direct flights to Somalia in 2006 due to escalated terror threats and attacks by Al-shabaab.

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Access Bank acquires Diamond Bank Plc

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The Board of Diamond Bank Plc has announced Access Bank PLC as the most preferred institution for a merger.

With this, Access Bank has therefore acquired Diamond Bank after the two Banks signed a memorandum of Agreement, MoA.

Diamond Bank in a statement obtained from its website wrote “that following a strategic review leading to a competitive process, the Board has selected Access Bank Plc as the preferred bidder with respect to a potential merger of the two banks that will create Nigeria and Africa’s largest retail bank by customers.

According to the statement, “Board of Diamond Bank believes that the merger is in the best interest of all stakeholders including, employees, customers, depositors and shareholders and has agreed to recommend the offer to Diamond Bank’s shareholders. Completion of the merger is subject to certain shareholder and regulatory approvals.”

The statement further reads “proposed merger would involve Access Bank acquiring the entire issued share capital of Diamond Bank in exchange for a combination of cash and shares in Access Bank via a Scheme of Merger. Based on the agreement reached by the Boards of the two financial institutions, Diamond Bank shareholders will receive a consideration of N3.13 per share, comprising of N1.00 per share in cash and the allotment of 2 New Access Bank ordinary shares for every 7 Diamond Bank ordinary shares held as at the Implementation Date. The offer represents a premium of 260% to the closing market price of N0.87 per share of Diamond Bank on the Nigerian Stock Exchange (“NSE”) as of December 13, 2018, the date of the final binding offer.”

Diamond Bank further explained that “Immediately following completion of the merger, Diamond Bank would be absorbed into Access Bank and it will cease to exist under Nigerian law. The current listing of Diamond Bank’s shares on the NSE and the listing of Diamond Bank’s global depositary receipts on the London Stock Exchange will be canceled, upon the merger becoming effective.”

On its part, Access Bank confirmed signing the MoA while explaining shareholders allotment of dividends said” shareholders will receive N3.13 per share, comprising
1. A cash consideration of N1.00(one Naira) per Diamond Bank shares, representing a total cash amount of N23,160,388,968(twenty-three billion, one hundred and sixty thousand, nine hundred and sixty-eight Naira) or US $75,588,736.84(seventy-five million, five hundred and eighty-eight thousand, seven hundred and thirty-six dollars and eighty-four cents). And
2. The allotment of 6,617,253,991(six billion, six hundred and seventeen million, two hundred and fifty-three thousand, nine hundred and ninety-one) new Access Bank ordinary shares, representing the 2 new Access Bank ordinary shares for every 7 Diamond Bank shares.
Access Bank also stated that “the completion of the transaction would be subject to formal regulatory and shareholder approvals.”

Diamond Bank expects the transaction to complete in the first half of 2019.

Uzoma Dozie, the Chief Executive Officer of Diamond Bank, said: “The proposed combination with Access Bank will create one of Africa’s leading financial institutions. There is a clear strategic rationale for the proposed merger and strong complementarities between the two institutions. While Diamond Bank has pioneered Nigeria’s largest technology-led retail banking platform, Access Bank is one of Nigeria’s leading full-service commercial banks. Consolidation in the Nigerian banking industry is an inevitable, natural progression in a sector where the gap between Tier 1 and Tier 2 banks has been widening and scale has become critical; where technology will disrupt the traditional business model while enabling broader financial inclusion”.

The board of Diamond Bank believes that the proposed combination of the two operations provides an exciting prospect for all stakeholders in both businesses and will create a financial institution with the scale, strength, and expertise to capitalise on the significant opportunities in Nigeria and sub-Saharan Africa more broadly.”

Herbert Wigwe, CEO of Access Bank, said: “Access Bank has a strong track record of acquisition and integration and has a clear growth strategy. Access Bank and Diamond Bank have complementary operations and similar values, and a merger with Diamond Bank, with its leadership in digital and mobile-led retail banking, could accelerate our strategy as a significant corporate and retail bank in Nigeria and a Pan-African financial services champion. Access Bank has a strong financial profile with attractive returns and a robust capital position with 20.1% CAR as at 30 September 2018. We believe that this platform, together with the two banks’ shared focus on innovation, financial inclusion, and sustainability, can bring benefits to Access Bank and Diamond Bank customers, staff and shareholders.”

Exotix Capital acted as international financial advisor to Diamond Bank, and Templars acted as Nigerian legal counsel. While Citigroup Global Markets Limited and Chapel Hill Denham acted as Financial Advisers to Access Bank and Banwo&Ighadalo acted as Access Bank’s Legal Advisers.

 

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Nigeria’s economy grew 1.81 pct in Q3, driven by non-oil sector, stats office says

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Nigeria’s economy grew 1.81 percent in the third quarter of 2018 from a year earlier, pushed higher by the non-oil sector, the statistics office said on Monday.

The figures are a slight improvement from the previous quarter, when a slowdown in growth sparked fears that Africa’s biggest oil producer might enter recession for the second time in three years.

But a sluggish recovery since 2017 could bode poorly for President Muhammadu Buhari, who is seeking a second term in February 2019 elections and for whom economic rejuvenation has been a key pillar of policy.

The non-oil sector grew 2.32 percent in the third quarter, the National Bureau of Statistics (NBS) said, adding that information and communication services were the main driver of the expansion.
Oil production rose slightly to 1.94 million barrels per day (mbpd) in the period, from 1.84 mbpd in the previous quarter, yet the sector’s growth contracted 2.91 percent from the previous year when production was at 2.02 mbpd, the statistics office said.

 

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Appointment
Jude Chiemeka
Divisional Head, Listing Business at the Nigerian Stock Exchange.

Jude Chiemeka comes with over 24 years’ experience in Securities Trading and Asset Management across markets in Africa. He joined NSE from United Capital Securities Limited a subsidiary of United Capital Plc, where he was the MD/CEO. He had previously helmed affairs at leading investment banking firms in Nigeria such as Chapel Hill Denham Securities and Rencap Securities (Nigeria). He is a Fellow of the Chartered Institute of Stockbrokers and an alumnus of University of Lagos, Lagos Business School as well as University of Oxford, UK.

 

Winning Sunday with Creative /Visual Artist ,Kingsley Ayogu @ the Ayogu Kingsley digital gallery Space. : The Young Netpreneur for the Week.

Art steps beyond the realms of being just an illustration when the piece which has been created holds a narrative. This depth of artistic expression can be achieved through diving into the abundant ocean of human emotion, a depth achieved by 23-year-old artist Ayogu Kingsley Ifeanyichukwu. He accomplishes this depth not only through the photographic precision of his oil paintings, but through the scenes captured within his work.

 

 

 

 

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