Business News
PAC Holdings is set for green financing
PAC Holdings has taken a bold step on the campaign towards green finance.
To ensure sustainable environmental projects, PanAfrican Capital Holdings (PAC Holdings) has taken a bold step on the campaign towards green finance.
[READ ALSO: SAHCOL sets record after listing on Nigerian Stock Exchange]
Green finance refers to any financial instrument or investment issued under contract to a firm, facility, person, project or agency, public or private, in exchange for the delivery of positive environmental externalities that are real, verified and additional to business.
L-R: Managing Director, PAC Capital Limited, Mr. Eric Okoruwa; Chairman, PanAfrican Capital Holdings, Mr, Dolapo Atekoja; Managing Director/CEO, Truebond Global & Investment Limited, Mrs. Lola Oshiafi, Deputy Governor, Lagos State, Dr. Obafemi Hamzat and Chief Executive Officer, PanAfrican Capital Holdings, Mr. Chris Oshiafi, at the PAC Holdings Forum 2019, themed The Earth, Our Business and Our Future, in Lagos, yesterday.
Mr Dolapo Atekoja, Chairman of PAC Holdings, while speaking during the PAC Holdings 2019 Green Finance and Environment Forum themed, ” The Earth, Our Business and the Future” held in Lagos, explained that fundamentals to driving sustainable environment informed the choice to allocation financial resources towards such projects.
He said, “As you may know, Green finance is aimed at increasing the level of financial flows (from banking, insurance and investments) from the public, private and not-for-profit sectors to sustainable environmental projects.
“As a company, we are strongly convinced that issues of climate change and environmental sustainability should be on the front burner. That is why we have always been a leading voice, both internationally and locally in promoting this very subject; so we are particularly glad that you are here to lend your voice today because the issues of enhancing the environment is one of collaboration rather than isolation.”
On his own part, the Chief Executive Officer, Chris Oshiafi, said the objectives of the forum is to emphasize the need to consider both financial gains and environmental benefits in the chase to take up opportunities.
“We think that as part of the responsibility to where we do business, we should all work towards protecting the earth, protecting our businesses and people who live in the environment.
“So, we thought this will become a dialogue on how important protection of the earth is and how important climate change and how seriously we should take the issue of climate change to deal with potential dangers ahead of us.” – Oshiafi
Deputy Governor of Lagos State, Dr Obafemi Hamzat – who represented Governor Babajide Sanwo-Olu – thanked the company for looking beyond their primary interests.
He said, “It is a momentous opportunity for us to share ideas and proffer solutions to the menace of environmental degradation and denudation that is largely driven by our consumerist tendencies.
“The challenges we face today is about developing new business models that are environmentally friendly; yet profitable. It calls for an appraisal of the production chain and process, identifying those aspects that are harmful to the environment, and developing appropriate innovative technological solutions that can effectively address these challenges towards achieving our environmental goal of sustaining the earth while also ensuring that the vulnerable population are spared the agonies and pains of global warming.”
Dr. Hamzat also took the opportunity to launch the PAC Foundation, the Corporate Social Responsibility (CSR) arm of PanAfrican Capital Holdings Limited. He encouraged other private companies to borrow a leaf from PAC Holdings in adopting actions towards the sustainability of Lagos.
PAC Holdings is a proprietary investment company with special focus on key sectors across emerging and frontier markets in Africa.
Business
Update: FG extends second phase of eased lockdown by another 4 weeks
This is the third time the second phase of the eased lockdown is being extended.
President Muhammadu Buhari has approved the extension of the second phase of eased lockdown by another 4 weeks.
According to a monitored media report, this is the third time the second phase of the eased lockdown which is currently observed across the country is being extended
The disclosure was made by Boss Mustapha, the Secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19, during the Task Force briefing in Abuja on Thursday.
The Federal Government had on July 27 extended the current lockdown by an additional one week due to the Sallah celebration on July 29.
Mustapha disclosed that the extension followed the briefing and recommendation to President Muhammadu Buhari on Wednesday on the progress made so far by Presidential Task Force in containing the spread of Covid-19 and keeping citizens safe from contracting the virus.
The PTF Chairman noted that they made a couple of recommendations to the president and the extension of the current phase of ease of lockdown was one of the ones approved.
He revealed that in the recommendation that was made to the president about retaining the current phase of the lockdown, the PTF made some minor changes to address the economic, socio-political concerns of Nigerians.
Under the current extended second phase, the current curfew of 10 pm to 4 am is still in force, civil servants on grade level 12 and above are now to resume work fully and close by 4 pm and no longer 2 pm that currently operates. He, however, said that virtual meetings by government officials and parastatals will be maintained.
He also said that while the restrictions on recreational parks have been lifted for non-contact physical activities, the ban on entertainment centres will be sustained.
Mustapha explained that despite the accomplishments and challenges, some challenges continue to pose a considerable concern. Some of them include increased non-compliance with non-pharmaceutical prevention measures, lack of enforcement of necessary guidelines issued to preserve lives, insufficient engagement by some states with the national response, and lingering concern about the gap between identified cases and the actual burden of disease.
He also talked about apathy, fatigue and disbelief combining to challenge public enlightenment, compliance and behaviour change.
The SGF said that to address these challenges, the PTF decided that it was important to ensure that restrictions were not completely relaxed in order to control transmission.
He noted that it was also important that at this Community Transmission Phase of the pandemic, sub-national governments should step up to take more responsibilities by owning the response.
The various state authorities and the Federal Capital Territory were mandated to enforce non=pharmaceutical guidelines, the use of face masks in public appearances and places.
Corporate deals
Just In: Access Bank acquires Zambian Cavmont Bank Ltd
The statement from Access Bank says that the deal is a highly complementary transaction.
Access Bank Zambia, a subsidiary of Nigeria’s Access Bank Plc, has reached a ‘definitive agreement’ with Cavmont Capital Holdings Zambia Plc (CCHZ) to acquire Cavmont Bank Ltd.
The tier-1 bank announced this latest development regarding the merger talk which has been ongoing for a while, in a statement that was signed by its Company Secretary (Sunday Ekwochi) and issued to the Nigerian Stock Exchange earlier today.
According to the statement by Access Bank, the deal is a highly complementary transaction that is expected to combine Access Bank Zambia’s wholesale and trade finance capabilities with Cavmont Bank’s retail and commercial banking operations.
The proposed transaction which, in the meantime is still subject to relevant shareholder and regulatory approvals, is also expected to better position Access Bank Zambia as one of the top 10 banks in the Southern African country.
Customers from the enlarged bank will benefit from greater security offered by what will be one of the most capitalized banks in Zambia with a more diversified product and service offering and a broader geographical footprint and infrastructure.
Access Bank on its notification stated, ‘’Subsequent to our announcement on July 8, 2020, the Board of Access Bank Plc announces today that its subsidiary, Access Bank (Zambia) Limited, has entered into a definitive agreement with Cavmont Capital Holdings Zambia Plc (CCHZ) regarding proposed acquisition of Cavmont Bank Limited, a subsidiary of CCHZ and subsequent merger of Cavmont Bank’s operations into Access Bank Zambia. The proposed transaction, which remains subject to relevant shareholder and regulatory approvals, will position the enlarged Access Bank Zambia as one of the top 10 banks in Zambia and create the momentum to advance its strategic objectives.’’
‘’Under the terms of the agreement, Access Bank Zambia will acquire the entire issued ordinary share capital, assets and liabilities of Cavmont Bank while Capricom Group Limited, the ultimate majority shareholder of CCHZ will invest at least ZMW300 million ($16.5 million) of preference shares into Access Bank Zambia. Capricorn will hold preference shares in the enlarged Access Bank Zambia for a period of five years, after which the preference shares will be acquired by Access Bank Plc.’’
The statement also notes that the enlarged bank will be well placed to participate in the long-term economic growth of Zambia and will be predicated on the country’s vast reserves of natural resources and fast growing young population.
The transaction is expected to be completed during the fourth quarter of 2020.
Appointments
Nnaemeka Ewelukwa assumes office as new MD/CEO of NBET
Dr, Eweluka replaced the sacked Dr. Amobi as NBET Chief before full assumption in August 2020.
Dr Nnaemeka Ewelukwa has assumed office as the new Managing Director/Chief Executive Officer of the Nigerian Bulk Electricity Trading (NBET) Plc. This was announced earlier today by the Federal Government of Nigeria.
The new Managing Director and CEO of the Nigerian Bulk Electricity Trading PLC (@nbetnigeria), Dr. Nnaemeka Ewelukwa, has assumed office: https://t.co/lzIdxKLfrl pic.twitter.com/smgqb885J4
— Government of Nigeria (@NigeriaGov) August 6, 2020
The Backstory: In December 2019, the former CEO of NBET, Dr Marilyn Amobi, was suspended by Nigeria’s Minister of Power. This followed a series of complaints made against Dr Amobi who was appointed to the position in 2016. Following her sack, the Minister of Power also noted that he was seeking to bring sanity back to the system. A committee was also set up to investigate the many complaints against the former NBET CEO.
“In view of this, the minister has also directed the Constitution of a 5-man investigative committee to look into the myriads of complaints against the MD/CEO (of NBET) with the view of restoring sanity in the management of the company. Consequently, she is to handover to the most senior director in the organisation,” a statement issued by Aaron Artimas, the spokesman of the Minister of Power had read.
Interestingly, President Muhammadu Buhari reinstated Dr Amobi in January this year, but then finally sacked her later in June. Now, Dr, Eweluka, who was earlier announced as Amobi’s replacement, has now taken over.
Before now, Eweluka was appointed the General Counsel and Company Secretary of NBET in march 2012. He has also served as a Technical Adviser with the Presidential Task Force on Power (PTFP) where he was a member of the Regulatory and Transactions Monitoring Unit.
He graduated with an LLB from the University of Nigeria Nsukka, an LLM in International Business Law from the London School of Economics and a PhD from Queen Mary, University of London.
MTN, STANBIC, SEPLAT record gains, Nigerian bourse up in four straight days
Update: FG extends second phase of eased lockdown by another 4 weeks
Just In: Access Bank acquires Zambian Cavmont Bank Ltd
COVID-19 and its impact on the cement industry
Nnaemeka Ewelukwa assumes office as new MD/CEO of NBET
COVID-19 Update in Nigeria
Daily Parallel Market exchange rate – ₦486/$1
GTBank, Access Bank, others attract foreign investment worth $5.85 billion in Q1
Import substitution, devaluation spur revenue growth for Dangote Sugar
Number of new Bitcoin wallets hit 3 year-high
