TheNewsGuru

Tag: IFC

  • IFC, CBN partner on private sector growth through Naira financing

    IFC, CBN partner on private sector growth through Naira financing

    The International Finance Corporation, IFC, a member of the World Bank Group, and the Central Bank of Nigeria, CBN, have signed an agreement to increase local currency financing to enable private businesses in Nigeria to grow and thrive.

    The partnership will allow the IFC to manage currency risks and increase its investments in the Naira across priority sectors of the economy, including agriculture, housing, infrastructure, energy,
    small and medium enterprises and the creative and youth economy.

    A statement jointly issued by Hakama Sidi Ali, on behalf of the CBN in Abuja, and Hlazo Mkandawire for the IFC, said the global financial institution aims to significantly scale up its financing of critical sectors in Nigeria, with a goal of providing over $1billion in the coming years to shore up the Naira.

    The statement added that many of the sectors of the economy to be impacted require local currency financing, and as such the IFC’s partnership with the CBN is a key tool in expanding access to finance.

    “Ths pioneering initiative between the IFC and CBN will unlock the much-needed long-term local
    currency fnancing for private businesses in Nigeria at economically viable rates,” stated Governor Yemi Cardoso of the Central Bank of Nigeria.

    “This collaboration marks a significant progress in the CBN’s commitment to deliverng innovative development initatives through reputable third-party
    service providers, moving beyond traditional intervention programs.

    “It will serve as a catalyst for
    economic growth and advance the Federal Government’s agenda for economic diversification”, the apex bank governor stated.

    “Expanding access to affordable local currency financing for small businesses in Nigeria is essential for the IFC to address the increasing demand for diverse funding options and to better
    manage currency risk,” said Makhtar Dop, the IFC managing director.

    “Our partnership with the
    Central Bank of Nigeria will enhance lending in Nigerian naira, fostering economic growth and
    creating jobs across the country.”

    With an active portfolio of investments in Nigeria of up to $2.13 billion—the second highest in Africa—local currency financing is a key priority for the IFC.

    “We will continue to leverage innovative financial instruments and strengthen partnerships to meet the growing demand for more local currency financing in emerging markets”, he added.

    The IFC, a member of the World Bank Group is the largest global development institution focused
    on the private sector in emerging markets.

    Operating in more than 100 countries worldwide, the IFC uses its capital, expertise, and influence to create markets and opportunities in developing countries.

    In fiscal year 2024, the IFC committed a record $56billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet.

  • Veteran actor, Yinka Ogundaisi bids goodbye to earth

    Veteran Nollywood actor, Yinka Ogundaisi, who starred in The Village Headmaster in 1958, has died, a close family member said.

     

    The actor died on Wednesday after battling a prolonged illness.

     

    Before his death, Ogundaisi suffered from leg paralysis and asked for financial assistance to undergo surgery. However, the target fund could not be met.

    In 2013, he was diagnosed with twisted intestines, a hernia, and an enlarged prostate, according to reports.

     

    He then had problems as a result of back pains, which he was claimed to have battled for several years.

     

    Ogundaisi was a cinema, television, and radio actor, writer, and director.

     

    After the late Duro Ladipo, he was the second actor to play the iconic Sango in the film Oba Koso.

     

    Also, he wrote The Charmed Lock, a crime fiction thriller based on African hypnotism.

     

    The death of the seasoned actor was confirmed by a statement by Ropo Ewenla in a WhatsApp message to members of the Ibadan Film Circle (IFC), a group the late filmmaker/film marker belonged to.

     

    It reads: “Today, this morning, one phase of history came to an end. Erin ti wo.

     

    “The elephant rises no more. Yinka Ogundaisi bid this world farewell at dawn.

     

    “It was Kate Adepegba who dropped the bomb on my lap. I called Uncle Yinka’s number to confirm and rudely, it was so.”

     

    The veteran actor had been ill for a long tim.

    Veteran

     

    Ogundaisi was the next actor to play the legendary Sango in ‘Oba Koso’ after the late Chief Duro Ladipo.

     

    He resuscitated and repackaged the longest-running Yoruba TV programme, ‘FEYIKOGBON.’

     

    A member of the cast of ‘The Village Headmaster,’ he also authored a crime fiction titled ‘The Charmed Lock.’

     

    His movie credits include – Give and Take, Destiny, Hostess, Ọmọge (Damsel), – Pardonable, Unforgivable, Happy Homes (a drama series once aired on DSTV among others.

  • Osinbajo leaves for Africa CEO forum in Abidjan

    Osinbajo leaves for Africa CEO forum in Abidjan

    Vice President Yemi Osinbajo departed Abuja on Sunday for Abidjan, Cote d’Ivoire, to participate in the annual summit of the Africa CEO Forum.

    The vice president will participate in the event alongside other leaders in the continent and beyond.

    Osinbajo’s spokesman,  Laolu Akande, in a statement, said the forum would take place from June 13,  to June 14.

    The forum, organised by Jeune Afrique Media Group in collaboration with the International Finance Corporation (IFC), an arm of the World Bank, is Africa’s largest private sector event.

    It features conferences, debates and high-level meetings dedicated to highlighting the role of the private sector in the development of the continent.

    Osinbajo will join President Nana Akufo-Addo of Ghana, other business and political leaders in the opening panel in discussing the topic “Economic Sovereignty: From Ambition to Action”.

    The vice president will also hold bi-lateral meetings with different stakeholders.

    They include United Nations Secretary-General’s Special Advocate on Inclusive Finance for Development, her Majesty, Queen Maxima of Netherlands and the Managing Director, IFC, Makhtar Diop, among others.

    Osinbajo, accompanied by the Special Adviser to the President on Economic Matters, Amb. Adeyemi Dipeolu, is expected back later on Monday.

  • Edo, CBN partner on development of 100,000-hectare plantation

    Edo State Governor, Mr. Godwin Obaseki has said that the state government is in discussions with the Central Bank of Nigeria (CBN) to develop a programme that will see investors taking up 100,000 hectares of agricultural land in the state for plantation development.

    The governor said this when he met with a delegation from the International Finance Corporation (IFC), led by IFC Vice President, Middle East and Africa, Mr. Segio Pimenta, on a courtesy visit to the Government House, Benin City, the Edo State capital.

    The governor said that the state is keenly interested in increasing agricultural land under cultivation in the state to create wealth, fight deforestation and boost the economy, noting that the concerns of environmentalists are taken into consideration in increasing the hectarage under cultivation in the state.

    According to him, “Edo State has the largest oil palm estate in the country even that is comparatively small when you relate it to what is happening in South-East Asia.

    “Total agricultural land under cultivation is under 70,000 hectares which is less than one farm in Indonesia.”

    He continued, “We want to make sure that what we produce can compete globally. As such, we decided to first deal with concerns of the environment by taking a forest audit and now we have been able to earmark close to 250,000 hectares of degraded forest land for agricultural purpose.

    “We made a commitment last week to CBN to make 100,000 available to be properly screened by investors, as the CBN wants to develop a programme with us as a pilot.

    “We want to get a commitment of getting or re-growing one hectare of forest from every four hectares cultivated in the state.

    “This will help us to be competitive in the next few years in terms of our forestry assets”.

    Pimenta, on his part, said the organisation has heard of all the good works the governor was doing to develop the state and its economy, which are geared towards making life better for the people of the state.

    He said the organisation is supporting progressive states that are doing well in various areas, with education as one of the major areas of focus, noting “Education is one area the state is getting our fundamental support.

    “We look at human capacity index focusing on how we can help build human capacity in countries and states we operate in.

    “This is responsible for the collaboration with Edo Basic Education Sector Transformation (EDOBEST) programme and BRIDGE.”

     

  • SEC partners IFC, AFDB on Sukuk investment

    The Securities and Exchange Commission (SEC) on Friday expressed plans to work with International Finance Corporate (IFC), African Development Bank (AFDB) for development of Sukuk bond investment.

    Ms Mary Uduk, SEC new Acting Director-General said that the commission would engage with IFC, AFDB, state governments and Federal Mortgage Bank to include Sukuk option in their capital investment plans.

    Uduk disclosed this on the sidelines of the First Capital Market Committee 2018 news conference in Lagos.

    Sukuk is common in Islamic finance and is the Arabic term for financial certificates. It is the equivalent of bonds, which are common in the western world since earning interest is not allowed in Islam.

    Sukuk bonds are structured to fulfill Islamic law, which prohibits charging and paying interest. If a financial instrument complies with Islamic law, it can be categorised in accordance with its tradability and non-tradability in secondary markets.

    “The next level of engagement was to work with national entities such as IFC and AFD, state governments and institutions like Federal Mortgage Bank, among others to include Sukuk option in their capital investment plans,” she said.

    Uduk said that the commission would also partner Nigerian Mortgage Refinance Company on Sukuk bond to strengthen financial inclusion and for market growth and development.

    She said that the technical committee on non-interest capital market reported that the first sovereign Sukuk bond was issued in 2017.

    Uduk said that a total of 1,600 retail investors investing about N5 million in the instrument.

    She said the capital market was moving toward electronic Initial Public Offering (IPO), noting that the Nigerian capital market was working to adopt the trend.

    She said that IPO committee was set up on April 19 to work on modalities for issuance of e-IPOs in the country.

    Uduk said that the committee comprised SEC, NSE, the Association of Stock broking Houses of Nigeria, Association of Issuing Houses of Nigerian, CSCS, Institute of Capital Market Registrars and Fund Managers Association, among others.

    She said that the committee was given three weeks timeline to work out the modalities.

    Uduk said that a number of stakeholders had indicated interest to issuance e-IPOs, noting that, SEC would harmonise the reports and existing rules before its implementation.

    She assured all investors and the capital market community that the new management would ensure continuity of existing policies, especially the Capital Market 10-year master-plan.

    Uduk said that the new team would leverage on the existing strategies to boost investor confidence.

    According to her, the team was committed to effective implementation of the capital market master-plan.

    She, however, called on investors to desist from investing in unapproved instrument such as bitcoins to avoid loss of funds.

  • Bayowa, IFC at war over Moji Olaiya burial video

    Following the burial rites of Moji Olaiya, the recording and production of her burial ceremony by Bayowa Films is still generating unfathomable controversy.

     

    The Ibadan Film Circle, an online stakeholders’ forum, articulated disgust at the decision of the company founded by controversial film marketer, Gbenga Adewusi, to produce it.

     

    Thespians and producers like Niyi Akanni, Segun Arinze, Yinka Ogundaisi, Deji Adenuga, Remi Raji and Tunde Olaoye are part of the coalition.

     

    Adewusi defending himself via a statement said, there was no hidden motive or commercial reason behind his effort.

     

    According to a statement signed by Akanni, an award-winning movie director, who is also the IFC’s administrator, the coalition noted that it was disturbed by the action of Adewusi, who, according to the IFC, had allegedly produced the work without authorization by the Olaiya family and made it into VCDs in a manner that suggested it was for sale.

     

    “We believe that, unless otherwise determined by her immediate family, the video of Ms. Olaiya’s burial is legally the private property of her estate. It is absolutely distasteful and brutally wicked for an enterprise to engage in acts which tend to show it as reaping from the sweat, sorrow and tears of others,” the IFC said.

     

    In his swift reaction on Tuesday, Adewusi upheld a position he had earlier articulated that he was not out to make money off the recording.

     

    In the statement directed at the forum, he said, “I’m Mayor Bayowa Gbenga Adewusi, chairman, Bayowa Films and YorubaSwagaTV. I’m just reading your malicious press release about me and my company. I’m innocent of your false accusations. If you don’t know, go and ask the Moji Olaiya Burial Committee. I contributed a lot to the farewell service of songs and tribute night and none of you bad belle people attended. I never released or plan to release any recording on VCD or DVD. My recording was showing on my Yoruba Swaga Television Channel 310 on Consat and YouTube.”gbenga adewu