Connect with us

Business

EXPANDING FOOTPRINT – NIGERIA’S FIRSTBANK SETS SIGHTS ON ETHIOPIA, ANGOLA, CAMEROON

Published

on

EXPANDING FOOTPRINT – NIGERIA’S FIRSTBANK SETS SIGHTS ON ETHIOPIA, ANGOLA, CAMEROON

 

Building on its long-standing presence in sub-Saharan Africa, First Bank of Nigeria Limited is gearing up for its next growth phase as financial systems across the continent open up to new opportunities.

 

More than a decade after an acquisition spree that boosted its footprint in sub-Saharan Africa, First Bank of Nigeria Limited is looking to expand into several other countries, including Ethiopia, Angola and Cameroon.

“There are a number of large economies with large banking pools that are of interest to us because their financial markets are opening up,” Deputy Managing Director, Ini Ebong told The Africa Report in December on the sidelines of the Africa Financial Industry Summit (AFIS).

“So, you look at countries like Ethiopia and Angola. In francophone West Africa, we want to expand our presence in places like Côte d’Ivoire and Cameroon. The market opportunity is there, and we seek to continue to exploit it,” said Ebong.

Ethiopia, Africa’s second most populous country, is poised to partially open its banking sector to foreign banks following a vote by lawmakers in December. The new banking law, passed by a majority in parliament, allows foreign banks to open subsidiaries in Ethiopia. Foreign firms will only be allowed to own 49% of shares, according to the Ethiopian news magazine Addis Standard.

Speaking during a panel session at AFIS, Ethiopia’s central bank governor Mamo Mihretu said the country had been working on the legislation that would finally open the banking sector to foreign competition over the past one year.

After the ratification of the legislation by the parliament, the largest economy in East Africa is “open for business” for any banks looking to come into the country, according to Mihretu.

Previously the executive director in charge of treasury and international banking before his appointment in June 2024, Ebong said that there are growing opportunities in markets across the continent with the expansion of financial systems similar to “what we saw in the early 2000s in some of the larger African markets”. “We believe it is an opportune time to take part in the phase of growth that we see,” said Ebong.

‘Strong franchise’

FirstBank, which has been operating in Nigeria for 130 years, began establishing subsidiaries in other African markets in 2011, when it acquired Banque International de Credit, one of the leading banks in Democratic Republic of Congo.

In November 2013, it snapped up the subsidiaries of International Commercial Bank Financial Group Holdings AG (ICBFGH) in The Gambia, Sierra Leone, Ghana and Guinea. It went ahead to purchase ICB Senegal the following year, completing its acquisition of West African assets and operations of ICBFGH.

FirstBank also has a subsidiary in the United Kingdom with branches in London and Paris, France, as well as a representative office in Beijing, China. Its parent company FBNHoldings saw its pretax profit for the first nine months of 2024 soar to N610.86bn ($395m) from N267.88bn in the corresponding period a year earlier.

Fitch Ratings said in July last year that FirstBank, Nigeria’s third-largest lender, represented 10.7% of banking system assets at the end of 2023. “Its strong franchise supports a stable funding profile and low funding costs. Revenue diversification is significant, with non-interest income typically exceeding 40% of operating income,” it said.

Culled from The Africa Report

Continue Reading
Advertisement

Business

Join the TM Foundation in Empowering Girls Through the Sanitary Pads Project

Published

on

Join the TM Foundation in Empowering Girls Through the Sanitary Pads Project

Join the TM Foundation in Empowering Girls Through the Sanitary Pads Project

 

Menstrual hygiene is a fundamental right, yet countless girls face the harsh reality of not having access to essential sanitary products. At the TM Foundation, we believe no girl should feel ashamed, miss school, or lose confidence due to a lack of resources during their period.

Join the TM Foundation in Empowering Girls Through the Sanitary Pads Project

To combat this issue, we are proud to introduce the Sanitary Pads Project, a three-month initiative dedicated to distributing menstrual hygiene products to girls in need. This project aims to restore dignity, confidence, and hope for a brighter future.

However, we can’t do it alone. This mission depends on the kindness and support of individuals and organizations like you. Every donation, no matter the size, brings us closer to ensuring no girl is left behind.

Together, We Can Make a Difference
Your support will directly impact the lives of young girls, helping them stay in school, focus on their education, and thrive with confidence.

How You Can Help:
Visit www.tmfoundation.giving to make your contribution and be part of this life-changing initiative.

Let’s work together to break the barriers to menstrual health. With your help, we can create a world where every girl has the opportunity to succeed.

Thank you for standing with us in this important cause.

Email: [email protected]
Website: https://tmfoundation.giving/
Phone (South Africa): +27823781398 | +27747835891
|+27 81 289 0171 | +27 69 286 4950
Phone (Nigeria): +234 813 448 0159

Continue Reading

Business

TM Foundation: Transforming Lives, One Generation at a Time

Published

on

From Automobiles to Acts of Compassion: Olatunde Mukaila Lawal is Transforming Lives in South Africa

TM Foundation: Transforming Lives, One Generation at a Time

In a world where compassion is increasingly vital, TM Foundation stands out as a beacon of hope and empowerment. Established in 2019 by the visionary Olatunde Mukaila Lawal, this South Africa-based organization is dedicated to uplifting the elderly, less privileged kids, and the vulnerable, fostering stronger communities through a mission rooted in dignity, love, and care.

 

Making an Impact Since 2019

TM Foundation began with a simple yet powerful goal: to create meaningful change for those often overlooked. Since its inception, the foundation has provided vital resources and emotional support to kids, seniors and young individuals, bridging the gap between generations and creating a sustainable future for all.

 

“We believe in the transformative power of compassion,” says Lawal. “Our work is about more than just helping—it’s about empowering people and building stronger, more resilient communities.”

A Multi-Faceted Mission

TM Foundation operates on three key pillars:

Social Support and Companionship: Ensuring no one feels forgotten, the foundation offers a caring hand and a listening ear to, kids, seniors and others in need.

Promoting Wellness Across Ages:

Through various programs, TM Foundation prioritizes physical, mental, and emotional well-being for all generations.

Fostering Compassion and Understanding: Building bridges of empathy, the foundation strengthens the fabric of communities.

These programs aim to create lasting change by addressing both immediate needs and long-term challenges.

TM Foundation: Transforming Lives, One Generation at a Time

Why You Should Support TM Foundation

TM Foundation’s efforts rely on the support of individuals and businesses who share their vision. Your contribution—whether through donations, volunteering, or spreading the word—directly impacts lives. From funding wellness programs to providing companionship for seniors, every act of kindness counts.

 

“Together, we can ensure no one feels forgotten or alone,” Lawal emphasizes. “It’s about leaving a legacy of compassion and empowerment.”

How to Get Involved

There are many ways to support TM Foundation:

Volunteer: Offer your time and skills to assist in their programs.
Donate: Your financial contributions help sustain their impactful initiatives.
Raise Awareness: Spread the word about TM Foundation’s mission to inspire others.

Contact TM Foundation
Email: [email protected]
Website: www.tmfoundation.giving
Phone (South Africa): +27823781398 | +27 81 289 0171 | +27 69 286 4950 | +27747835891
Phone (Nigeria): +234 813 448 0159

Join TM Foundation today and become part of a movement dedicated to empowering seniors and young ones. Together, we can build a brighter, more compassionate future.

TM Foundation: Transforming Lives, One Generation at a Time

Continue Reading

Business

Olam Agri and GIZ Sign MoU to Scale Up Sustainable Development in Global Agriculture and Food

Published

on

Olam Agri and GIZ Sign MoU to Scale Up Sustainable Development in Global Agriculture and Food

 

Singapore, January 20, 2025 – Olam Agri, a market leading food, feed, and fibre agri-business, has signed a Memorandum of Understanding (MoU) with German development agency Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH to scale up sustainable development in the global agri-food sector. The MoU provides a framework that will facilitate collaboration between the two partners across staple agriculture supply chains that include rice, cotton, and rubber in developing markets in Asia, Africa, and Latin America. This extends and deepens the long-standing partnership that GIZ and Olam Agri have shared over the past 15 years helping smallholder farmers become more productive, profitable, and sustainable.

 

Three key objectives of the MoU are to support sustainable food production at a range of scales towards climate adaptation while protecting and preserving soil health, biodiversity, and water resources; to improve the livelihoods of smallholder farmers and providing them with access to key services and inclusive opportunities; and establishing sustainability and traceability across agriculture supply chains. This is aligned with Olam Agri’s purpose to transform food and agriculture for a more sustainable and food-secure future.

 

For joint projects, GIZ and Olam Agri have identified six priority intervention areas: nutrition-sensitive regenerative agriculture; harvest and post-harvest loss reduction; access to finance for smallholders; economic inclusion and rights; management of crop residues and reuse; and ecosystem services, including protection and restoration of ecosystems and carbon initiatives. Both partners will continue to identify topics relevant across value chains and regions to drive innovation and scaling, with possible cross-sectoral issues including climate and carbon credits, landscape-scale approaches, and digitisation.

 

Sunny Verghese, Co-Founder & Group CEO of Olam Agri, said: “We’ve shared a strong and fruitful relationship with GIZ over the years during which we’ve made significant inroads in transforming smallholder farming in several supply chains across many geographies to be more productive, profitable, and sustainable. I am thrilled to be signing this MoU with such a valuable partner that is GIZ and commit to collaborate even further to scale up our sustainability programmes in developing and emerging agriculture economies.”

 

Anna Sophie Herken, Managing Director at GIZ said: “The signing of this MoU with Olam Agri marks a pivotal step forward in our collaborative efforts towards sustainable food production. I am very happy and grateful that we can deepen and broaden our cooperation efforts simultaneously. We look forward to enhancing the scope and impact of our successful projects in climate-smart farming.”

 

The MoU builds upon years of successful cooperation between the two organisations since 2008. Starting in Africa, the partnership has expanded through several key initiatives. In the rice supply chain, for example, the progress the partnership has made with the founding of the Sustainable Rice Platform (SRP) in 2011 has led to positive transformation of the sector by advancing sustainable rice cultivation. Through climate-smart methods and technologies, sustainable rice cultivation reduces usage of water and fertilisers, and consequently significantly reduces the emission of methane, a greenhouse gas contributing to global warming. Under the joint efforts of GIZ and Olam Agri, the Market Oriented Smallholder Value Chain (MSVC) rice project in Southeast Asia has improved the livelihoods of more than 28,000 smallholder farmers and their families in four years, raising their incomes by 20 per cent while reducing their ecological impact. GIZ and Olam Agri continue to engage smallholder rice farmers in Southeast Asia in large scale projects and currently also cooperate in a regional sustainable cotton project in Togo, Côte d’Ivoire, and Chad, and in sustainable natural rubber in Côte d’Ivoire and Indonesia.

Olam Agri and GIZ Sign MoU to Scale Up Sustainable Development in Global Agriculture and Food

Continue Reading

Cover Of The Week

Trending