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Properly Run Capital Market Can Democratise Wealth, Sustain Growth – Elumelu

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By Joseph Amah, Abuja

The Chairman of United Bank for Africa (UBA), Tony Elumelu, has stated that a properly run capital market can democratise wealth and sustain growth, noting that wealth creation should follow the concept of Africapitalism.

He said his companies have invested long-term in strategic sectors of the Nigerian economy to create wealth, while promoting social good.

Elumelu, who disclosed this at a virtual meeting of the 2022 Annual Conference of The Jamaican Stock Exchange (JSE), 17th Regional Investment and Capital Markets, said Africans must find ways to collaborate and strengthen opportunities for its people.

He added that the digital age presents a unique opportunity to improve collaboration through focused strategies.

He also stated that Africapitalism positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent, “business needs to do well and to do good.”

Elumelu remarked that in every small organization there is the tendency to overlook things such as corporate governance as a fanciful thing reserved for large corporates but that is not true.

He also revealed that often times the foundations built at the early stages of a business determine the trajectory of that company adding, “This is a message to all entrepreneurs, ensure you get your corporate governance right; it is most important to address these issues when you are small as opposed to when you are a larger organization.”

The United Bank for African, Chairman, stated that his companies have not just created wealth but also social good, “Africapitalism is all about doing good and doing well.”

He disclosed that a key tenet of Africapitalism is the importance of the public sector in supporting the private sector’s efforts through the creation of the enabling environment that will support entrepreneurs and their businesses.

He stated that there is need to ensure that the cultural linkages that connect Africa and the diaspora are strengthened not weakened.

Elumelu added that there is so much to learn from one another, experiences and knowledge must be harnessed for the upliftment of Africa, the Caribbean, and the diaspora everywhere.

According to him, “We must foster collaboration among the African diaspora, no one will develop our communities but us. I want to see close linkages between entrepreneurs in Africa and the Caribbean. I offer myself as one of the private sector leaders of AfricaCaribbean in this pursuit. Brothers and sisters, let us join hands to create sustainable wealth and prosperity for all.

“Today through partnerships with global development organisations such as the United Nations Development Programme (UNDP), the International Committee of the Red Cross (ICRC), the European Union, the Organisation of African, Caribbean and Pacific States (OACPS), and the African Development Bank, we have been able to increase the number of young entrepreneurs we support across the continent.

“In November, for our 2021 cohort, we were proud to announce that 5,000 young African entrepreneurs were selected as beneficiaries to receive the non-refundable seed capital, mentorship, and business training of the Foundation.

We were equally pleased to see that 70 per cent of those selected in 2021 were women driving gender inclusivity.

“Our partners have seen the components of our holistic programme and decided to work with us towards a shared vision of a more prosperous Africa. An Africa that is able to better utilise its resources for the benefit of the continent.

“Our most important resource is our people so we must constantly encourage and support them. And this is true for Jamaica and the Caribbean. This way, we reduce the vices associated with unemployment and large youth populations, such as terrorism, illegal migration, violence, and all forms of extremism.

“In due time we took the distressed bank and merged with a historically significant Nigeria bank to become todays UBA, a truly pan-African institution. This was something that had never been done, to turn around a financial institution in distress and then merge with a systemically important bank. If we were not bold and audacious back then, I daresay, the Nigerian banking sector would look very different today.”

Economy

Value Addition is new Standard in Mining Operations – Alake

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The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.

Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.

The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.

He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.

According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.

(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.

He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.

“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.

He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.

The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.

He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.

“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.

“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.

“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.

The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)

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BUSINESS

NASS Seeks Collaboration with WTO on Improving Digital, Marine Economies

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By Eze Okechukwu, Abuja

The Nigerian delegation at the on-going 148th Assembly of the Inter-Parliamentary Union (IPU) in Geneva, Switzerland has sought the collaboration of the World Trade Organisation (WTO) in the area of Digital and Marine economies.

Addressing the WTO media shortly after a courtesy visit to the Director General of the WTO, Dr Ngozi Okonjo Iweala in her office in Geneva on Monday, the leader of the Nigeria delegation, Senator Godswill Akpabio said the delegation were at the WTO to look for areas of collaboration with the organisation in the various sectors of the economy for the overall benefit of Nigerians.

According to him, “We used our attendance at the IPU to pay courtesy visit to one of Nigeria’s very costly export to the world, Dr Ngozi Okonjo Iweala; the Director General of the WTO.

We came to thank her for the job she is doing for the world and thank her staff for supporting and standing by her to succeed. We, in Nigeria are very proud of her.”

“We had discussions on the various developmental programmes of the WTO and we noticed that there were spaces where Nigerians can become major players. We discussed issues affecting trade back home in Nigeria and ways in which the National Assembly can assist in removing barriers, through legislation for the benefit of our people.

 “We also talked about issue of regulations concerning Digital economic contents, illegal finishing along the coastal states of Cross River, Rivers, Akwa Ibom and Bayelsa states. How Nigerian women could benefit from the recent program funded by the organization was also discussed. The establishment of a Digital trade portal, where-in, all trade information could be accessed by our people top our discussion with the WTO. “

Akpabio noted, “The deliberations were fruitful and we are confident that with our support in all of these, Nigerians would be the better for it.”

In his brief remarks, the Deputy Speaker of the House of Representatives, Benjamin Kalu said, ” our best export to the world took her time to bring us up to speed on the various innovations and initiatives of the WTO and what Africa and Nigeria stand to benefit from. We are going back more refreshed because we have seen a space here for Africa to thrive in business and in trade.”

Speaking in the same vein, the WTO chief described the visit of the Senate president and the Deputy Speaker, to her office as “a huge honour. We were able to talk on those things we are doing at the WTO that would help make a material difference for Nigerians.

“We spoke of recent program that we launched in some development program from the standards and trade facilities to help in improving sanitary and vital sanitary standards for some of the crops in Nigeria, so that it helps in diversifying the economy to even fisheries and illegal mining of the waters of Nigeria.”

According to her, “A lot of things on the table have already been discussed. I am honoured by this visit and I am home-sick.”

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Economy

Life Insurance Records 95% Net Claims in Q4 2023-NAICOM

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The National Insurance Commission (NAICOM) says Life insurance business recorded about 95 per cent net claims of the total claims in the fourth quarter of 2023.

A report by NAICOM in Abuja on Tuesday hinted that the record was due to the direct reflection of the ongoing regulatory measures by the Commission regarding claims settlements.

NAICOM said the insurance market average stood at about 71.

4 per cent of the N536.
5 billion gross claims reported at the close of the fourth quarter.

The Commission said the market also recorded retention of about 87.7 per cent for the life business, 54 per cent for non-life while the aggregate market average retention stood at 66.

7 per cent for the period.

It showed that the insurance industry sustained its progressive trend of positive market performance at the close of 2023 fourth quarter.

According to NAICOM, the insurance market recorded a milestone growth to close at N1.003 trillion, representing about 27 per cent growth compared to the N790 billion recorded in 2022.

”Major growth drivers in the non-life segment of the market were oil and gas and fire Insurances contributing 27.3 per cent and 24.1 per cent respectively.

”In a direct reflection to the “no-premium no-cover” policy of the Commission, the outstanding premium continues to decline.

”The premium posted 1.6 per cent as outstanding of all the premiums generated in the market during the period.

”Statistics also shows that the market recorded total assets of about N2.67trillion and capitalisation of N851billion in 2023,” NAICOM said. (NAN)

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