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World Bank Group Appoints New Country Director for Malawi, Tanzania, Zambia, and Zimbabwe

World Bank Group Appoints New Country Director for Malawi, Tanzania, Zambia, and Zimbabwe

Africa, Business
Mr. Belete will be based in Dar es Salaam from where he will oversee a portfolio of about $12.5 billion in total commitments for the four countries Nathan Belete The World Bank Group has appointed Nathan Belete as the new Country Director for Malawi, Tanzania, Zambia, and Zimbabwe. Mr. Belete is an Ethiopian national and a development professional with over 25 years of work experience across Africa, East Asia, and South Asia Mr. Belete is an Ethiopian national and a development professional with over 25 years of work experience across Africa, East Asia, and South Asia. He was previously the World Bank’s Country Director for Cabo Verde, The Gambia, Guinea-Bissau, Mauritania, and Senegal, based in Dakar. Mr. Belete will be based in Dar es Salaam from where he will oversee a...
KPMG  South Africa’s Ignatius Sehoole appointed as Chairman of KPMG’s Africa region

KPMG South Africa’s Ignatius Sehoole appointed as Chairman of KPMG’s Africa region

Business, Corporate Stories
Prof Wiseman Nkuhlu, Chairman of KPMG in South Africa, announced that Ignatius Sehoole, the South African firm’s CEO, has been appointed as the Chairman of KPMG’s Africa region with effect from 1 October 2022 as well as a member of the KPMG Global Board. Ignatius Sehoole KPMG’s Africa region represents 54 countries in the continent within the East, West, and Southern Africa areas as well as the Francophone countries. KPMG has 21 member firms with over 6 600 colleagues and partners in Africa. “In this role, Ignatius will implement a collective approach where clients will see KPMG’s Africa firms work together to represent the continent and have the ability to serve and create consistency in the way we do business,” says Prof Wiseman Nkuhlu. Ignatius, a qualified Chartered A...
NGX Group stays committed to highest level of corporate governance

NGX Group stays committed to highest level of corporate governance

Business, Capital Market, Corporate Stories
Nigerian Exchange Group Plc (NGX Group) said it remains committed to the highest level of corporate governance with the overriding interest of maximising value for its shareholders. NGX Group noted this in its September 20 response official to media reports following the release of the Company’s notice for its upcoming annual general meeting.In the response signed by Mojisola Adeola, company secretary, the NGX Group said: “While it is the Company’s practice to refrain from commenting on frivolous and malicious rumours, we believe it is in the interest of the investing public to correct the errors/misstatements in recent media reports following the release of the Company’s notice for its upcoming annual general meeting. Note that its Audited Financial Statements for the year ended 2021 wer...
NGX Group releases dividend policy

NGX Group releases dividend policy

Business, Capital Market, Corporate Stories, Uncategorized
Nigerian Exchange Group (NGX Group) Plc has stated that it will continue to ensure that its shareholders received mouthwatering returns on their investments even as it released its dividend policy.  The policy document which was approved by the board of directors of NGX Group Plc and published on the company’s website was formulated in accordance with the Laws of the Federal Republic of Nigeria, investment and tax legislations, Codes of Corporate Governance, as well as internationally recognized best practices and principles. Nigerian Exchange Group House “NGX Group, through its Dividend Policy, seeks to guarantee shareholder rights especially as it relates to return on investment. The policy is developed to address issues relating to the determination and payment of dividen...
Jeremy Awori, Appointed by the Board of Directors as Incoming Chief Executive Officer (CEO) of Ecobank Group.

Jeremy Awori, Appointed by the Board of Directors as Incoming Chief Executive Officer (CEO) of Ecobank Group.

Business, Corporate Stories
Ade Ayeyemi, Chief Executive Officer (CEO) of Ecobank Group, to Retire Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group (www.Ecobank.com), today announced that the current Group Chief Executive Officer, Ade Ayeyemi, will retire after he attains the age of 60, in accordance with ETI policy. The Board of Directors selected Jeremy Awori to succeed Ade Ayeyemi as Group Chief Executive Officer. The relevant effective dates will be communicated in due course. Mr. Jeremy Awori, Chief Executive Officer (CEO) Ecobank Group Alain Nkontchou, Ecobank Group Chairman, thanked Ade for his immense contribution during his seven years at the helm of the Ecobank Group as Group CEO. He added that, “Ade can be rightly proud of his success in leading the implementation...
Accelerex Establishes N20bn ($48mm) Bond Programme; Successfully Issues First Tranche of N2.3bn ($5.5mm)

Accelerex Establishes N20bn ($48mm) Bond Programme; Successfully Issues First Tranche of N2.3bn ($5.5mm)

Business, Capital Market, Corporate Stories
The issuance attracted participation from a broad array of institutional investors, including local pension funds, insurance companies and asset managers Accelerex Holdings (www.GlobalAccelerex.com), Mauritius (the “Company”) today announced that its Nigerian subsidiary, Global Accelerex Limited, has registered a N20bn bond program, and successfully issued a 5-year senior unsecured bond of N2.3bn via a special purpose vehicle (Accelerex Funding SPV PLC). FBN Quest Limited, Renaissance Securities Limited, Greenwich Merchant Bank Limited and Nova Bank Limited acted as Arrangers. The Bond is rated BBB+ (Stable Outlook) by Global Credit Ratings (GCR) and Bbb+ (Stable Outlook) by Agusto & Co. and is listed on the FMDQ Exchange. The issuance attracted participation from a broad ar...
Five Women  listed in African Development Bank’s New Executive Directors

Five Women listed in African Development Bank’s New Executive Directors

Africa, Appointments, Breaking News, Business
The President of the African Development Bank Group, Dr. Akinwumi Adesina, welcomed the new representatives of the 20-member Board of Directors The African Development Bank (www.AfDB.org) has welcomed 12 new Executive Directors, including five women, for a three-year term. The President of the African Development Bank Group, Dr. Akinwumi Adesina, welcomed the new representatives of the 20-member Board of Directors. They officially joined the Board on 1 August 2022, and began a four-day induction programme on 1 September 2022 to familiarize themselves with the work of the Bank. “I wish to congratulate you, the new Board members, on your election as Executive Directors, who will have the duty, obligation and responsibility to help strengthen the oversight functions of our insti...
Imperial obtains approval for acquisition of 100% stake in J&J Group

Imperial obtains approval for acquisition of 100% stake in J&J Group

Business
Imperial, owned by DP World, announced today that all the requirements relating to its 100% acquisition of J&J Group, the largest integrated logistics operator on Mozambique’s Beira corridor, have now been fulfilled. The transaction relating to the acquisition of the first tranche of shares (51%) of the J&J Group, which was announced on 29 July 2021, was closed on 18 July 2022. This will be followed by the acquisitions of the second and third tranches of 46.5% and 2.5%, respectively. J&J Group offers end-to-end logistics solutions along the Beira and North-South corridors, specialising in the transport of break-bulk, containerised, project, fuel and out-of-gauge cargo between Mozambique, Zimbabwe, Zambia, South Africa, Malawi and the Democratic Republic of the Congo....
Ministry of Niger Delta Affairs (MNDA) to Forge Closer Collaboration with KOI

Ministry of Niger Delta Affairs (MNDA) to Forge Closer Collaboration with KOI

Business
The Overseeing Director in the office of the Permanent Secretary, Ministry of Niger Delta Affairs, Mr. Alfred Abah has expressed the readiness of the Ministry to establish closer collaboration with the Korea International Cooperation Agency (KOICA) to improve the socio-economic development of the Niger Delta region. Mr. Alfred Abah made this pronouncement when the Country Director, KOICA, paid him a courtesy visit recently, in his office in Abuja. Abah explained that the Ministry was created in 2008 as an interventionist agency with the mandate to coordinate all the activities of other development partners, International Oil Companies (IOC) and intergovernmental agencies aimed at fast tracking a seamless development strategy for the region. The Director noted that the core fo...

FSDH Capital leads Shelter Afrique’s successful Debut N46 billion Bond Issuance

Business, Capital Market
FSDH Capital Limited, the investment banking and securities trading subsidiary of FSDH Group, has demonstrated its capital raising credentials by leading the successful financial close of the N46 billion (US$110.7 million) Series 1 Fixed Rate Senior Unsecured Bond Issuance in Nigeria's capital market under the N200 billion (US$481.3 million) bond issuance programme for Shelter Afrique. Shelter Afrique, the pan-African development finance institution exclusively dedicated to providing affordable and adequate housing finance across Africa was established by African governments to address the need for a sustainable housing delivery system and related infrastructure projects in Africa. Its shareholders include 44 African countries, the African Development Bank, the African R...