Connect with us
Gage

Business News

PAC Holdings is set for green financing

PAC Holdings has taken a bold step on the campaign towards green finance.

Published

on

PAC Holdings

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.

PAC Holdings

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.

Specta

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.

Deal book 300 x 250

“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.

Coronation ads

“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.”

Coronation ads

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.

Stanbic IBTC

PAC Holdings is a proprietary investment company with special focus on key sectors across emerging and frontier markets in Africa.

Jaiz bank ads
Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Around the World

US Capitol complex temporarily shut down

The US Capitol complex was shut down temporarily on Monday as a precautionary measure after a small fire broke out nearby.

Published

on

The US Capitol complex was shut down temporarily for about an hour on Monday as a precautionary measure after a small fire broke out nearby, highlighting the security concerns that are being raised days before the inauguration of President-elect Joe Biden.

The security concerns and the lockdown follows the January 6 attack on the US Capital by supporters of the outgoing US President, Donald Trump, after his encouragement and inciting comments, calling the Presidential election a fraud without any proof of evidence.

READ: President Trump says he won’t attend Joe Biden’s inauguration

Some of them even called for the death of the US Vice President, Mike Pence for presiding over the certification of Joe Biden’s November election victory.

While making the disclosure in a statement, the Capitol Police said that the lockdown has been lifted and the nearby fire contained.

Specta

The Acting Chief of the Capitol Police had said that the complex which comprises of the Capitol, its grounds and several buildings were shut down as a precautionary measure.

READ: US Supreme court dismisses Texas bid to overturn presidential election results

The US Secret Service in a tweet post on its official Twitter handle said, “Out of an abundance of caution the U.S. Capitol complex was temporarily shutdown. There is no threat to the public.’’

The city’s fire department in its tweet post said that firefighters put out a fire outside near the Capitol complex.

Coronation ads

The fire department said, “There were no injuries. This accounts for smoke that many have seen.”

READ: Huawei accuses the United States of hacking

What you should know

  • President-elect, Joe Biden is expected to be sworn in at the US Capitol on Wednesday amid an unprecedented cordon of security, with strict physical distancing measures in place due to threats of violent attacks in Washington and the rising cases of coronavirus infections.
  • Donald Trump, who is just fresh from a historic second impeachment from the congress had said he would not attend, although his deputy, Vice President Mike Pence, had given an indication that he would attend.

Continue Reading

Corporate Press Releases

Kinyungu Ventures Research calls for changes to cut-and-paste VC strategy in Africa

The Paper recommends investment structures and approaches tailored to African operating conditions.

Published

on

East African venture advisory firm, Kinyungu Ventures has published a white paper Chasing Outliers: Why Context Matters for Early Stage Investing in Africa that has found that there continues to be a wide misalignment between traditional venture capital models and the African market. The team behind the report is now calling for a broadening of approaches to institutional investment on the continent. Speaking with 100 Pan-African founders, investors, and LPs across 15 African countries, the research suggests investors should prioritize investing structures and practices that reflect the realities of operating in Africa. This includes adopting more flexible investing structures with longer time horizons.

According to the paper, there are multiple mismatches between key characteristics of Silicon Valley VC and African markets, which influence how startups and funds maneuver as well as what results they expect and produce. Findings show that African markets are large, but also fragmented, and its consumers have limited purchasing power. Furthermore, consumers on the continent are difficult to acquire and retain, yet the sheer size of the African market also presents a real opportunity for profit once the environment is clearly understood. The paper’s key recommendations for funds include:

  • Adopting more focused investment strategies, such as investing in b2b companies or cross-subsidizing a portfolio with less risky, steady return assets.
  • Considering non-unicorn investing models geared at more resilient companies, with returns distributed more widely across the portfolio
  • Using flexible structures such as debt or PCVs to accommodate market-level changes, where feasible
  • Allowing a longer time horizon for returns, understanding that growth could be slow and difficult to achieve for many companies

Kinyungu Ventures catalyzes resilient businesses for local intergenerational prosperity. The East African-centric investor focuses on entrepreneurship in East Africa, startups, seed funding, debt financing, impact investing and angel investing.

Speaking on the launch of the white paper, Tony Chen, Managing Director of Kinyungu Ventures and co-publisher of the report says, “Capital in Africa is scarce and pursuing a “growth at all costs” strategy where capital pools are shallow presents huge risks for companies. We’ve also found that many great businesses don’t fit the typical VC profile, but have tremendous unfulfilled potential”.

Tayo Akinyemi, lead researcher and writer of the report added: “In our conversations with numerous investors and founders, it is clear that nuances in variables such as consumer behavior, cultural norms, and business practices impact startups significantly and being on the ground is crucial for success. While African markets aren’t always able to provide the outsized returns that Silicon Valley typically looks for in high-growth companies, a more focused strategy here could unlock real gems, as has been proven by some of the startup successes the continent has seen over the years.”

Specta

Continue Reading

Companies

Neimeth Pharmaceuticals to raise N5 billion in additional equity

The Board of Neimeth is set to raise N5 billion additional equity upon the approval by shareholders of the company at the AGM.

Published

on

Neimeth Pharmaceuticals
The Board of Directors of Neimeth Pharmaceuticals has revealed plans to raise N5 billion in additional equity upon approval by shareholders of the company.
The information was contained in a press release published on the NSE and signed by the Company Secretary, Mrs. Florence Onhenekwe.

The disclosure is part of the resolutions reached at the Board of Directors meeting of 15th January 2021. At the end of the meeting, it was resolved that the company would raise additional equity to the tune of N5 billion.

In line with this development, a board resolution proposing to raise equity will be presented at the Annual General Meeting of the Company scheduled to hold on 9th March 2021.

What you should know

  • The Board of the Company is yet to disclose if the additional equity would be a rights issue or a private placement, as the details of the additional N5 billion equity set to be raised are yet to be finalized.
  • The fund will help the company’s management to execute key strategies that will reposition the company as a leader in the healthcare industry, with the hope to deliver better returns on investment to shareholders.
  • The additional equity financing will also increase Neimeth’s outstanding shares, which will dilute earnings and impact the Company’s stock value for existing shareholders.
  • The move has the potential to trigger a sell-off of the company shares on the Nigerian Stock Exchange.

Continue Reading
Advertisement




Advertisement