Author: Anthony Nlebem

As the owner of an eCommerce business, you know that there is a lot to keep track of. From product inventory to customer orders, it can be difficult to stay on top of everything. It’s important to have a clear understanding of your business operations so that you can make informed decisions and keep your business running smoothly. However, by following a few simple tips, you can make sure that your business runs smoothly and efficiently.

 

1. Tracking leads

This is essential for any business. By doing so, you will be able to gauge the effectiveness of your marketing campaigns and also follow up with potential customers who may have been interested in your products or services. You will need a platform for tracking leads so that you can keep track of their progress and determine whether or not they are worth pursuing. Additionally, you will want to segment your leads so that you can send targeted messages. If you are not tracking your leads, you could be missing out on valuable potential customers. It’s important to have a plan in place for tracking leads so that you can make the most of your marketing efforts.

2. Managing inventory

If you have an eCommerce business, then you likely have products that need to be stocked and shipped. This can be a lot to keep track of, especially if you have a large inventory. It’s important to have a system in place for managing your inventory so that you can stay on top of your product stock levels and ensure that your customers always have access to the products they need. Additionally, you will want to consider implementing a system for tracking product orders so that you can keep track of customer demand and plan your inventory accordingly.

 

3. Fulfilling orders

Once a customer has placed an order, it’s your responsibility to make sure that the order is fulfilled promptly and accurately. This involves ensuring that the correct products are shipped to the customer and that the customer is satisfied with their purchase. Additionally, you will want to track your fulfillment rates so that you can identify any areas that need improvement. By ensuring that orders are fulfilled correctly and efficiently, you can keep your customers happy and reduce the likelihood of them taking their business elsewhere. It’s important to have a system in place for fulfilling orders so that you can keep your business running smoothly.

 

 

 

4. Handling customer service

It’s important to provide excellent customer service in order to keep your customers happy and encourage them to do business with you again in the future. This involves responding to customer inquiries in a timely manner, resolving any issues that may arise, and following up after an interaction to ensure that the customer is satisfied. Additionally, you will want to proactively reach out to customers to resolve any issues before they become dissatisfied. By providing excellent customer service, you can build customer loyalty and keep your business running smoothly.

 

5. Analyzing data

In order to make informed decisions about your business, you need to have access to accurate data. This data can be used to track your progress, understand your customer base, and identify areas of opportunity. Additionally, you will want to use data to improve your marketing campaigns and make sure that you are targeting the right audience. It’s important to have a system in place for collecting and analyzing data so that you can make the most of your business opportunities. This data can be used to track your progress, understand your customer base, and identify areas of opportunity.

6. Automating processes

In order to save time and resources, you may want to consider automating certain processes within your business. This could include tasks such as lead generation, customer service, inventory management, or order fulfillment. By automating these processes, you can free up your time so that you can focus on other aspects of your business. Additionally, you will want to make sure that the systems you implement are reliable and effective so that you can avoid any disruptions in service. It’s important to have a plan in place for automating processes so that you can save time and resources.

 

By following these tips, you can set your eCommerce business up for success. By having a plan in place for managing your inventory, fulfilling orders, and providing customer service, you can keep your business running smoothly. Additionally, you will want to use data to inform your decisions and automate certain processes so that you can save time and resources. It’s important to have a solid foundation in place so that you can build a successful eCommerce business.

Crypto companies have recently seen a surge in exposure, permeating into pop culture and everyday life.

That’s partly down to Elon Musk making predictions and statements about crypto, but also because interest in the industry has grown and given those involved more scope in expanding and developing their ideas. In some industries, such as video games, crypto has not always been well received. The same could be said for sports, but the landscape is changing rapidly.

Early this year, WAGMI bought a controlling stake in English League Two side Crawley Town (don’t worry, they’re not the top team mentioned in the title). It didn’t make major headlines as they’re a small club very few people outside of their level have heard of, but it did receive some adverse reaction from the industry. Now, a second organization has targeted a much, much bigger fish.

Sunderland are a club of significant stature in English football, having played in the Premier League and residing in a ground that can hold 40,000 supporters. They’ve been the subject of a Netflix documentary, which perhaps didn’t intend to record their demise and back-to-back relegation but did so. The Radio Times reports filming stopped after their unsuccessful attempt to get back into the Championship, which isn’t a surprise, given that the show turned some staff members into fun figures.

The laughter is not pointed at the club anymore; they were promoted out of League One last season and are hoping to find their way back into the top flight. They’re rated in the middle of the pack in the latest Ladbrokes Championship betting odds, but a club of their size will soon be at the right end of the table. That might not be the only newsworthy thing about them is The Fans Together (TFT) get their way; the crypto company want to buy a 39% stake from Charlie Methven and Stewart Donald.

The controversial owners are not popular on Wearside, not only because of the show but the decline witnessed under the stewardship. However, news that TFT is keen on buying a stake in the club has left supporters just as worried as those in Crawley. Many observers predict such a move would be disastrous for the club and football, but it is based on little more than fear of the unknown.

TFT is a fan token company that seeks to increase engagement digitally by selling digital tokens backed by crypto, offering certain benefits for the holders. Whilst the nature of their desired involvement in Sunderland is not clear, it is intimated that part of their business model could be to allow fans to buy a digital stake in the club. For some, it is a revolutionary concept that marks the future of sports support. For others, it is a method of separating dedicated, lifelong fans from money they can ill-afford to lose.

Before WAGMI took over at Crawley, they were linked with Bradford City, a link vehemently denied by Bradford. Kyril Louis-Dreyfus, the 24-year-old owner of the controlling stake in Sunderland, denies contact has been made between the two parties, whilst other outlets report a decision is close. Some opinion pieces have gone as far as to claim fans should be openly and unambiguously hostile to the proposed move.

Whatever happens over the coming weeks, the sleeping giant of Sunderland will kick off in the Championship for the first time since the opening day of the 2017 season, hoping they’re on the right track. On the field, under their new manager, they might be. Off the field, it’s a whole different ball game and what happens there could have a significant impact on the football industry for years to come.

BY CHISOM NWATU

There is a brewing dispute between Nigeria’s indigenous telecoms service provider, Glo, and Advertising Practitioners Council of Nigeria (APCON), which regulates advertising in the country, over indecency found in an allegedly unapproved advertising by the telecom giant.

The particular advertising, Glo dial *109# “Link your NIN”, a television commercial, features a female Nollywood actress and model, Osas Ighodaro.

The television commercial has been flagged down by (APCON) in a statement signed by Olalekan Fadolapo, its president.

Fadolapo said on Thursday that the campaign, which was sponsored by Globacom Limited, Nigeria’s indigenous telecoms service provider, was being aired currently on some TV stations and social media platforms.

“The advertisement was neither submitted nor approved for exposure by the Advertising Standards Panel, the statutory body charged with the responsibility of ensuring that advertisement conforms with the prevailing laws of the federation, as well as the Code of Ethics of Advertising in Nigeria,” part of the statement read.

The regulator said the advert, targeted at the Nigerian market, had prompted complaints about the exposure of the model’s cleavage.

APCON stated that it had written to the telecoms company asking the firm to stop further exposure of the advert or face punitive measures from the agency, adding that further display of the advert will incur and lead to prompt prosecution of the company by APCON.

BY DIKACHI ELEMBA

Ngozi Okonjo-Iweala, director general, World Trade Organisation (WTO), has urged members of the Manufacturers Association of Nigeria (MAN) to utilise the trade benefits which the African Continental Free Trade Area (AfCFTA) offers to strengthen their businesses.

The WTO director-general also hammered on the need for the African countries to make use of the opportunities provided by the AfCFTA to build pharmaceutical firms and manufacture vaccines, and decried the level at which Covid-19 exposed the African continent’s continued dependence on other continents of the world.

Okonjo-Iweala, who spoke in Abuja as guest speaker on the theme, “The Trajectory on the Nigerian Manufacturing Sector: Resetting for Global Competitiveness”, said that Africans must strive to trade more with each other so as to create more wealth and jobs for the African continent.

Africa, with about 1.3 billion people and with a unified market, has a lot of opportunities for Nigerian businesses, she said, adding that Africa as a continent will be richer if its countries engage in trading activities among themselves than with other countries in other continents.

According to Okonjo-Iweala: “Despite efforts by Nigeria and other countries to move the African continent to the next phase of economic growth and development, via trade, the continent’s share of global trade remains abysmal, with intra-African trade as low as 15 percent, compared with 19 percent in Latin America, 51 percent in Asia, 54 percent in North America and 70 percent in Europe.”

She also noted that the AfCFTA would help to realise the potential to expand and also expedite the growing diversification of the intra-African trade, and the share of the intra-African trade to 22 percent this year. That also would bring the total intra-African trade to about $250 billion from about $160 billion currently.

Meanwhile, Mansur Ahmed, president of the Manufacturers Association of Nigeria (MAN), has asserted that the ways to the future are industrial development, as well as trade, at both the domestic and regional levels.

BY ONOME AMUGE

Adeniyi Adebayo, minister of industry, trade and investment, has inaugurated a committee charged with the responsibility of identifying and proffering appropriate recommendations against the major causes of worrisome rejection of Nigeria agro produce in the international market.

The committee, given six weeks within which to submit its report, consists of members from the Ministry of Industry, Trade and Investment, in partnership with the Ministry of Agriculture, and is headed by Suleiman Audu, director, commodities and export department.

In his inauguration address, Adebayo admitted that in recent times, Nigeria agro products have been suffering from export rejection by many countries across Asia, Europe and America.

He complained that this has led to huge financial losses with its attendant negative impact on the supply value chain and job creation.

The minister, in a statement signed by Ifedayo Sayo, his special assistant on media, stressed that the international market is competitive and welcomes products of high quality with relevant certifications and quality packaging that is environmentally friendly.

He added that the federal government places a lot of emphasis on the promotion of non-oil commodity exports, which has led to farmers and product aggregators partnering to explore the export market for their products.

According to him, the problem of quality, standard, certification and appropriate packaging for made-in-Nigeria products for export has been a recurring issue, creating the need to set up the technical committee to address the issue and proffer appropriate recommendations.

Adebayo charged the committee to identify the major causes for the export rejection of Nigerian agro commodities; determine the roles played by exporters or institutional infractions that tend to promote export rejection of Nigerian agro commodities; and suggest measures necessary to strengthen the capacity of exporters to improve the quality, standard, certification, and packaging for made-in-Nigeria products for export.

The committee was also assigned to develop the policy framework for global gap certification and quality packaging that is environmentally friendly for global trade; suggest ways of getting government at all levels to support farmers to key into global gap certification for increased productivity and export; suggest appropriate model/partnership for development of standard storage facilities for products before arriving at their final destinations; and recommend means of strengthening assessment of export products by the appropriate and designated competent authorities.

Prior to the inauguration, the National Agency for Food and Drug Administration and Control (NAFDAC) disclosed that over 76 percent of the country’s commodities, including beans, sesame seeds, melon seeds, dried fish, dried meat, groundnut, yam, among others, are often rejected by the European Union (EU) for not meeting required standards.

Vincent Isegbe, the director general of the Nigerian Agricultural Quarantine Service (NAQS), who also attested to the challenge, stated that Nigeria has lost an estimated $362.5 million annually in terms of foreign exchange to the ban on exportation of dried beans in the last eight years.

BY OLIVIA NNOROM

The rapid population growth and the increasingly trending national economy have put vehicle demand at unprecedented highs in Nigeria, and TRADE X, a B2B cross-border automotive trading firm based in Ontario, Canada, has revealed that it has opened a new office in Lagos, Nigeria’s biggest city, to help meet the increasing local demands for vehicles.

In recent years, poor transparency around logistics, vehicle condition, valuation, and pricing has been a barrier to entry in automotive trading as trades were limited by a lack of trust, visibility, and buyer and or seller protection.

The trading firm in a statement on Thursday said the new office will significantly improve the automotive trade corridor between other continents such as North America, Europe, and Asia to Nigeria, where vehicle demand outweighs supply by far. It said this would be made possible by providing African dealers with a wider range of vehicle accessibility that would have otherwise been difficult to obtain.

TRADE X Nigeria will also simplify vehicle importation and purchase for local dealers who would ordinarily purchase vehicles from suppliers in these other continents.

“We feel that it’s important to have an on-the-ground presence in key markets, to build relationships and establish trust with local dealers and fleet owners such as in Nigeria.

“Our goal is to create a trusted, borderless marketplace where buyers and sellers have access to the largest supply of inventory to ensure they are getting the best possible deal. The TRADE X team in Lagos is poised to revolutionise the way new and pre-owned vehicles are imported and traded in Nigeria,” said Damilola Thompson, emerging market lead for TRADE X and who oversees the new Lagos office.

Olufemi Folarin, vice president of trade and business development, TRADE X, said that the Lagos office will be a game-changer for Nigerian automotive buyers and consumers while helping to accelerate local vehicle turnover and revenue.

BY ANITA OKORO

Worried by Nigeria’s current financial challenges, the National Insurance Commission (NAICOM) has been tasked to use technology and its newly commissioned portal to quickly address the government’s declining revenue profile across the board. Zainab Ahmed, minister of finance, budget and national planning, made the call at the commissioning of the new NAICOM portal in Abuja.

Ahmed called on the country’s insurance operators to use the portal launched by the National Insurance Commission (NAICOM) to supply immediate and improved communication services to their customers while urging the insurers to operate the portal and support successful real-time connection with their clientele.

She also called on the insurance industry regulator to take advantage of the portal to increase its revenue generation given the government’s dwindling revenue profile, noting that the portal will serve as the central database and sole repository of all insurance data connected to government databases in the country.

“Dwindling Government revenue profile demands that the Commission must look into ways of increasing its revenue through the use of technology and the Portal in particular,” Ahmed said.

She told NAICOM that the commissioning of the portal should serve as a catalyst for industry-wide adoption of effort and transformation for businesslike and effective work delivery, liberality of performing duties and complaints laying and ensuring customers’ satisfaction.

She further admonished the Commission to ensure that the portal was connected to different government authorities’ databases similar to the National Identity Management Commission (NIMC) NIN Database, Nigeria Immigration Service (NIS) Passport Database, Nigeria Integrated Customs Information System, FRSC’s National Vehicle Identification System, the National Vehicle Registry, State Licensing Databases, among others, in order to successfully make available the value-added services to all insurance industry stakeholders and heighten revenue generation.

Meanwhile, Sunday Olorundare Thomas, the commissioner for insurance, in his address, said that the portal was one of the resourcefulness of the Commission being pursued to deepen the insurance marketplace and grow the penetration of insurance to the level that is accordant with the nation’s economic growth.

BY CHARLES ABUEDE

Investors reacted positively on Thursday to the stock of FBN Holdings which closed 1.9 percent higher when compared to the 1.06 percent gain in the All-Share Index following the release of the 2021 full-year earnings where it reported a solid bottom-line performance driven by higher recoveries during the year.

At the filing of the financial institution’s FY 2021 results to the exchange, an analysis shows that the top lender reported stellar performance with gross revenue growing by 28.4 percent to N757.6 billion from N590.2 billion in 2020, and profit before tax rising by 99.1 percent to N166.7 billion at the end of 2021 from N83.7 billion in 2020.

The stellar performance was largely driven by the revenue increases recorded across the subsidiaries of the group during the year. Consequently, in a segmental breakdown, First Bank’s commercial banking and business group’s revenue spurted 29.7 percent year on year to N713.6 billion in full-year 2021, buoyed by a 9.8 percent year on year rise in merchant banking and asset management business group revenue. However, other revenue decreased by 36.7 percent year on year to N1.3 billion in FY21.

Furthermore, the group’s net fee and commission income spurted 24.4 percent year on year to N116.6 billion, driven by a 24.2 percent year on year growth in fee and commission income, partially offset by a 23.1 percent year on year rise in fee and commission expense due to increased SMS charges and agent banking expenses. The fee and commission income increased mainly on the back of growth in funds transfer and intermediation fees which were up 38.9 percent year on year. Also, letters of credit commissions and fees rose 32 percent year on year, and electronic banking fees were up 15.8 percent year on year. The bank’s foreign exchange income jumped 382.5 percent to N7 billion, driven by foreign exchange trading gain.

On the other hand, the net gains on the sale of investment securities were N31.3 billion, as against N48.1 billion in FY20. The gains from the fair value of financial assets reported at FVTPL came in at N53.7 billion versus N23.8 billion reported in FY20. The dividend income climbed to N6.5 billion in FY21, from N4 billion in the prior year, and other operating income also shot up 905.2 percent year on year to N149.4 billion in FY21 due to N141 billion of recoveries during the year, due to recovery on the Atlantic Energy Ltd loan, which was previously written off. The amount recognized is the net of expenses incurred in relation to the recovery.

FBN Holdings also reported that its interest income had remained challenged during the year, given the moderated interest rate environment which negatively impacted yields, and as a result, interest income declined 4.1 percent to N369 billion in the year 2021 from N384.8 billion in the previous year, while the interest expense increased by 5.7 percent to N140.8 billion.

Meanwhile, the impairment charges jumped 48.3 percent year on year to N91.7 billion in 2021, and as a result, the Net Interest Income after Impairment declined by 28.1 percent year on year to N136.5 billion from N189.8 billion in the year 2020.

After reporting a 70.2 percent surge in its earnings per share (EPS) to N4.17 from N2.45 in 2020, the leading financial institution saw its profits for the year at N151.1 billion, rising 68.4 percent year on year in 2021 while it posted a profit from continuing operations of N151.1 billion for FY21, compared to N75.6 billion in 2020.

During the review year, the company reported a loss from discontinued operations of N68 million versus a N14.1 billion profit in the prior year. On the other hand, the bank’s personnel cost increased 28 percent year on year to N128.8 billion in FY21, and the depreciation charges bumped up by 7.4 percent year on year. Moreover, the company’s operating expenses rose 6.7 percent year on year to N177.1 billion, driven by high inflation and currency devaluation.

Elsewhere, during the final quarter of 2021, the company reported a massive 118.8 percent jump in gross earnings to N330.2 billion and a 25.1 percent year on year increase in interest income was offset by a 54.7 percent spurt in interest expense in the final three months of 2021.

Also, during the quarter FBN’s impairment charge for losses vaulted by 309.7 percent year on year to N62.1 billion in the last quarter of 2021, and the fee and commission income increased by 43.6 percent to N36.8 billion in Q4 of 2021, partially offset by a 25.3 percent increase in the fee & commission expense to N6.1 billion.

In addition, a 1045.7 percent year on year increase in other operating income to N146.4 billion in the 2021 fourth quarter was supported by a 49.7 percent year on year rise in net gain from financial instruments at FVTPL to N24 billion in the quarter.

Other operating income during the quarter overfed as the bank recovered previously written off loans to Jide Omokore-backed Atlantic Energy Limited. As a result, FBN Holdings’ profit for the quarter stood at N110.3 billion as against N21.6 billion in the corresponding quarter of 2020 and then its earnings per share also stood at N3.05 per share, indicating a massive improvement from N0.58 per share in the last quarter of 2020.

Major highlights during the year for the bank were the appointment of Ahmad Abdullahi as non-executive director and chairman of the company, following the resignation of Remi Babalola effective 17 December 2021, the increase in share ownership by the billionaire, Femi Otedola.

Also, recently, First Pension Custodian Limited, a subsidiary of FBN Holdings’ flagship subsidiary, First Bank of Nigeria Limited, entered into a definitive agreement with Access Bank Plc for the planned acquisition of the entire share capital of Access Pension Fund Custodian Limited held by Access Bank Plc. This will further boost the company’s market share in the industry, aid revenue diversification, and support annuity income.

Meanwhile, First Bank Holdings has proposed a final dividend of 35 kobos per share for FY21, a decline from the 45 kobos per share announced in full-year 2020. The proposition is, however, subject to appropriate withholding tax and approval by shareholders.

BY CHARLES ABUEDE & CHISOM NWATU

The Association of Corporate Trustees (ACT) in Nigeria, in an effort to improve the confidence of investors and the sanctity of the capital markets, has called for the adoption of more active role-play and digitalised strategy to grow the industry and enhance confidence.

The association, at the maiden edition of its annual business luncheon held in Lagos on Wednesday with the theme, “An Appraisal of the Nigerian Trust Industry vis-a-vis Global Trends in Trusteeship”, gathered various stakeholders and industry experts to chart a way towards growing the industry, seeking ways to sensitise investors and stakeholders on the effectiveness and benefits of trust structures while encouraging discussions and initiatives that would enhance the robustness of trust structures in Nigeria.

The event, which aligns with the association’s objective of fostering cohesiveness among its members while promoting synergies within the Nigerian capital market community, also featured a panel discussion titled, “Investor Protection: The Indispensable Role of Corporate Trustees,” with hundreds of trust experts, capital market operators and finance professionals in attendance, providing a good platform for the professionals to network and unlock deeper insights and intelligence about the industry.

Lamido Yuguda, director general, Securities and Exchange Commission (SEC), in his presentation called on the trustees and trust companies to be more dedicated and focused on the effective delivery of their services as a way to bolster the confidence and trust of investors in the capital markets.

Also, Olufunke Aiyepola, managing director, UTL Trust Management Services Limited, while speaking on the role of corporate trustees, said it is imperative to have corporate trustees from the restructuring state while carrying out the due diligence on the client.

“You should be sure if the issuer is a sure sovereign or sub-sovereign in the issue. Part of the role of a trustee is to find out the debt-to-income ratio, the strength of repayment, and how the covenants in the issue. Identify the attendant risk on the ability to borrow and pay,” Aiyepola explained.

She added that in mutual fund and collection schemes, the corporate trustee needs to ensure that fund managers are paying dividends as and when due, and ensure the right financial statements are published, adding, “Well, you should know that trustees are risk assessors, guidance and regulatory compliance.”

Bayo Olugbemi, chief executive, First Registrars and Investors Services, said, “the debt market has enjoyed tax exemption as an incentive for 10 years and despite the tax exemption removal policy on the national debt instrument, the pool is not enough because there are unlimited investment opportunities; though, the 2007, 2008, and 2009 financial crises left all stakeholders complicit. For best practice, there should be advocacy for the amendment of the tax law allowing the national and subnational issues or securities to be tax-exempt.”

Leo Okafor, company secretary and general counsel, United Capital Plc, said serving and capturing the younger generation into the market by identifying the need to invest in a trust fund can be done through digitization and rolling out financial products which are tailored to meeting their needs. He said trusteeship deals with investors’ protection and this cuts across every segment of the capital market.

Also, Misan Kofi-Senaya, chief executive officer, DataMax Registrars Limited, spoke about the fees involved and the need for incentives to make the capturing and proper involvement of more domestic, retail players and investors and not only institutions.

Abdulkadir Abbas, director, registration, exchanges, market infrastructure and innovation, SEC, said there is an enormous responsibility and liability on the trustee.

“The major issue is not about the SEC but about the market sanctity and trustees should be allowed to play their roles. Within 10-11 years, there has been no default in the debt market; there are 33 trustees who are active out of the 35 recognised trustees with the SEC and following regulatory guidance.

“Fintech or technological advancements are now at a rapid state and when we talk about issuing bonds through blockchain and trustees, in collaboration with regulators, can come to trend as digitalization will allow for appraisal of fintech ideas and then fix goals to accommodate the ideas. For me, you cannot continue in the traditional way of rendering these services just to accommodate the millennials,” he submitted.

On infractions on investors’ protection funds, Abbas said there have been payouts from the national investor protection fund which is overseen by the SEC to help maintain confidence in the market. “Though, no exact figure on the amount, the enforcement division is responsible for this for your access,” he said.

Earlier in her guest presentation, Bolanle Adekoya, partner at PwC, talked about investor protection in the capital market. “The capital market has been rocked by some scandals from unrecognised businesses and activities of errant market participants which have brought about lack of transparency, absence of third-party custodian and trustees, the importation of independent rating arrangements for dealers.

“Trustees have a fiduciary responsibility and critical role in the representation of assets in a trust. They should be able to manage and administer the trust according to its terms and intents; monitor investment performance; help in the filing of claims and collection of proceeds on life insurance policies among other duties,” she asserted.

According to Adekoya, there is the need to start from the baseline and offer the best services to clients in the business trust as a corporate trustee despite the challenges such as market volatility; cyber security and data protection risks; lack of market deepening; conflicts of interest management; asset utilisation for social impact and the constant market, industry and regulatory developments which are being faced by the corporate trustee.

BY ROSEMARY IWUALA

 

Atedo Peterside, the Nigerian legendary investment banker, who founded Stanbic IBTC, which he then led into a merger with South Africa’s Standard Bank; and two powerful African women, Vera Songwe, United Nations under-secretary-general and executive secretary of the Economic Commission for Africa, and Vera Esperanca dos Santos Daves de Sousa, Angola’s finance minister, clinched the most prestigious awards: The lifetime achievement awards, the African Banker Icon and Finance Minister of the year at the 16th edition of the African Banker Awards Gala Ceremony, which took place at the Kempinski Hotel, in Accra, Ghana.

The African Banker Awards are held annually during the annual meetings of the African Development Bank (AfDB) and organised by the African Banker magazine and IC Events in co-operations with BusinessinAfrica Events, to celebrate excellence and best practices in African banking, its organisers explained in a statement.

With the high patronage of the African Development Bank (AfDB), being part of the programme of the AfDB’s annual meetings, over 300 banking and financial services professionals joined the Gala Ceremony to discover the winners of the African Bankers Awards 2022, the organisers further said.

Recognising the personalities and banks that are driving Africa’s rapidly transforming financial sector, the African Banker Awards bring together industry leaders from Africa and the world to celebrate the achievements of those who are driving growth and development and creating new economic opportunities for the citizens and communities all over the continent; and inspire new generations of bankers who are shaping Africa’s future said the organisers.

Vera Songwe, United Nations under-secretary-general and executive secretary of the Economic Commission for Africa, who was awarded the African Banker Icon award for her tireless work in providing governments with the fiscal ammunition to deal with the impact of COVID-19, in her acceptance speech, said, “It really was a moment to demonstrate that Africa is resilient. I came to the table with an understanding of the menu of solutions because in 2008 I was on the other side [of the table] when SDRs were handed out to European economies [to stave off a financial crisis].

“What we are focusing on at the ECA is prosperity. The ingredients are there for success; there is latent innovation; what we need to do is provide the infrastructure; the soft infrastructure, the hard infrastructure and the human capital to deliver the end game which is jobs, prosperity and a better life for all,” she said.

Atedo Peterside, legendary Nigerian banker, and founder of IBTC Bank, which he merged with Stanbic 15 years ago, won the Lifetime Achievement Award for his contribution to banking. “The success of IBTC,” he said, “was built on everyone buying into the mission of the bank and shared values and culture.”

Vera Esperanca dos Santos Daves de Sousa, Angola’s Finance Minister, was recognized as the Finance Minister of the Year for her stand-out work in restoring stability and market confidence to her country.

Other recognition at the event went to Michael Atingi-Ego, deputy central bank governor, Uganda, who won Central Bank Governor of the year. Earlier this year, his predecessor, Emmanuel Tumusiime Mutebile, Uganda economist and governor of the central bank of Uganda, passed away, leaving a void which will not be easily filled. However, the Central Bank of Uganda was one of the star performers this year, having managed to stave off inflation and achieve currency stability in an extremely challenging environment.

Benedict Oramah won African Banker of the year for his work in growing Afreximbank’s balance sheet and making it one of the leading banks in terms of its response to covid-19 by providing much-needed liquidity and solutions when it came to vaccine acquisition, as well as its lead role in helping create the conditions so that businesses can take advantage of the AfCFTA once all negotiations are finalised.

Omar Ben Yeddar, chair, African Banker Awards Organising Committees and Publisher, African Banker magazine, said that it is time Africa focused its effort on strengthening domestic capabilities to finance growth.

“We need strong institutions and we need to start with our commercial and development banks. If we have learnt anything from the past two years, and even more so these last two months, it is that we need to achieve financial sovereignty if we are to own our growth agenda,” he said.

Elsewhere, the winner of the African Bank of the year, for the second year running, was Standard Bank Group, the continent’s largest bank by assets and also by tier one of the capital.

This year, the awards were sponsored by the African Guarantee Fund, Bank of Industry (Nigeria) and the Trade Development Bank as well as Access Bank. The award patron is the African Development Bank, whose annual meetings come to a close this May ending in celebration of 50 years of the African Development Fund, which is undergoing a new replenishment round.