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News Flash Fitch Foresees Upgrade of Ecobank’s National Ratings as exchange-rate volatility recedes

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Ecobank Nigeria to Appeal Honeywell’s Purported N72 Billion Court Judgement

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Fitch Foresees Upgrade of Ecobank’s National Ratings as exchange-rate volatility recedes

 

 

 

Fitch rating says it foresees an upgrade of ENG’s National Ratings which would result from strengthening its creditworthiness relative to other Nigerian issuers. According to the international rating agency, it expects to resolve the Rating Watch Negative (RWN) of ENG “within the next six months when exchange-rate volatility may recede, the impact on regulatory capital ratios and common equity double leverage is clear, and the scale of the second-order economic effects of the devaluation on loan quality becomes evident”.

 

 

 

 

Fitch in its recent report noted that Factors that Could, Individually or Collectively, Lead to Positive Rating Action and Upgrade include ENG’s continued compliance with its minimum CAR requirement following the devaluation, with sufficient buffers to accommodate increase in credit concentration and loan-quality risks. It noted that an upgrade of ENG’s VR and Long-Term IDR would require a sovereign upgrade and an improvement in operating conditions in conjunction with a strengthened financial profile.

 

News Flash
Fitch Foresees Upgrade of Ecobank’s National Ratings as exchange-rate volatility recedes

 

 

Fitch Ratings had placed Ecobank Transnational Incorporated’s (ETI) and Ecobank Nigeria Limited’s (ENG) Viability Ratings (VRs) of ‘b-‘ and Long-Term Issuer Default Ratings (IDRs) of ‘B-‘ on Rating Watch Negative (RWN) following the sharp devaluation of the Nigerian naira.

 

 

 

 

Fitch in a statement indicated that the current RWN reflects the risk of ENG breaching its minimum capital requirements due to the direct effect of the devaluation.

 

 

 

“For ENG, it also reflects increased risks to capital from large foreign-currency (FC) problem loans (Stage 2 and Stage 3 under IFRS 9) that have been inflated by devaluation, which may necessitate greater prudential provisions and exert further pressure on the bank’s total capital adequacy ratio (CAR), in addition to broader loan quality risks stemming from the devaluation.

 

 

 

Fitch expects to resolve the RWN within the next six months when exchange-rate volatility may recede, the impact on regulatory capital ratios and common equity double leverage is clear, and the scale of the second-order economic effects of the devaluation on loan quality becomes evident.

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CNG CAMPUS: 20 Federal Tertiary Institutions to Get CNG Conversion Centres and Refuelling Stations

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CNG CAMPUS: 20 Federal Tertiary Institutions to Get CNG Conversion Centres and Refuelling Stations
…6 to be Fully Operational by May 2025

 

In alignment with President Bola Ahmed Tinubu’s commitment to affordable, clean, and sustainable energy, the Midstream and Downstream Gas Infrastructure Fund (MDGIF), in collaboration with Femadec Energy, is set to establish Compressed Natural Gas (CNG) conversion centres and refuelling stations across 20 federal tertiary institutions nationwide.

 

The Honourable Minister of Education, Dr Morufu Olatunji Alausa, recently convened a meeting with Vice-Chancellors and executives from Femadec Energy, MDGIF, and the Presidential Compressed Natural Gas Initiative (PCNGI) to finalise project details and ensure timely implementation.

Dr. Alausa emphasized the project’s significance: “This initiative not only aims to reduce transportation costs for our students and lecturers but also represents a pivotal step towards integrating clean energy solutions within our educational institutions.”

Echoing this sentiment, a representative from Femadec Energy stated: “Our collaboration with MDGIF and the federal institutions underscores our dedication to promoting sustainable energy. By introducing CNG infrastructure, we aim to provide cost-effective and environmentally friendly transportation options, fostering a culture of innovation and sustainability among the academic community.”

This project is designed to alleviate the high transportation costs faced by students and lecturers. It aligns with the administration’s Renewed Hope Agenda to leverage Nigeria’s abundant natural gas resources for cleaner, cheaper, and more sustainable transportation.

Six institutions are slated to have fully operational CNG facilities by May 29, 2025, demonstrating immediate impacts and paving the way for broader adoption nationwide.

#RenewedHope #CNGRevolution #CleanEnergy #SustainableTransportation #AffordableEnergy #GreenCampus

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Cyberpedia Internet Governance, Presidential Office of Digital Engagement & Strategy partner to Pioneer AI-Driven Civic Dialogue Initiative

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Cyberpedia Internet Governance, Presidential Office of Digital Engagement & Strategy partner to Pioneer AI-Driven Civic Dialogue Initiative

 

Abuja, Nigeria – The Presidential Office of Digital Engagement and Strategy (PODES), under the leadership of Senior Special Assistant to the President, Otega Ogra, has entered into a partnership with Cyberpedia Internet Governance—an African Artificial Intelligence, Data & Cybersecurity corporation—to reimagine civic communication in Nigeria.

This groundbreaking collaboration, announced ahead of Cyberpedia President Abiodun Sowemimo’s keynote at the global Cloudfest conference in Frankfurt, Germany, aims to strengthen the government’s digital resilience by equipping citizens with innovative tools to identify and counter misinformation in real-time.

Addressing the challenges posed by disinformation, misinformation, and fractured digital attention, the partnership is built upon two core pillars, including Mapping Public Sentiment by Utilizing Artificial Intelligence to capture real-time insights across Nigeria’s diverse linguistic and cultural landscape, where over 400 languages create complexities in centralised messaging, and Grassroots Empowerment with would include Collaborating with local influencers, content creators, community leaders, and cultural ambassadors to co-develop relatable, engaging content that promotes clarity and national values, combats misinformation and fosters constructive dialogue among citizens.

“This initiative is not about controlling the narrative—it’s about equipping Nigerians with the tools to lead their own informed conversations,” noted Otega Ogra. “In an age of digital disruption, trust is the ultimate currency. Our goal is to build transparency by empowering Nigerians directly, meeting them on platforms where they already engage, debate, and form opinions.”

Cyberpedia Internet Governance’s President, Abiodun Sowemimo, described the collaboration as an innovative model for governance in a disrupted digital era. “This initiative goes beyond Nigeria,” Sowemimo emphasised. “It is about demonstrating how democracies can harness technology ethically, ensuring greater citizen participation without compromising democratic principles.”

Still in its early stages, the partnership will prioritise digital literacy initiatives designed to equip citizens with tools to identify and counter disinformation proactively. Planned initiatives include interactive mobile applications and gamified educational experiences to help citizens recognise manipulated content, fake news, and deepfake technology.

This groundbreaking initiative comes at a critical time as democracies worldwide grapple with misinformation amplified by emerging technologies. Nigeria, home to a vibrant digital landscape and one of the continent’s youngest populations is uniquely positioned to pioneer scalable solutions and set new standards for digital engagement and public trust globally.

PODES and Cyberpedia will unveil additional details of the partnership’s initiatives in the coming months. Sowemimo will formally introduce the initiative later this week at Cloudfest in Frankfurt, Germany, home to the largest gathering of internet infrastructure industry with over 9,000 leaders in the tech ecosystem globally, highlighting Nigeria’s commitment to innovation-driven civic engagement on the global stage.

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ASR AFRICA EMERGES WINNER OF THE CSR CHAMPION OF THE YEAR AWARD AT THE 2024 INDEPENDENT AWARDS

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ASR AFRICA EMERGES WINNER OF THE CSR CHAMPION OF THE YEAR AWARD AT THE 2024 INDEPENDENT AWARDS

ASR AFRICA EMERGES WINNER OF THE CSR CHAMPION OF THE YEAR AWARD AT THE 2024 INDEPENDENT AWARDS

 

 

ASR Africa emerges the Corporate Social Responsibility Champion of the Year at the Independent Awards 2024 in Lagos recently. Dr Ubon Udoh, the MD/CEO of ASR Africa, represented the Chairman, Abdul Samad Rabiu (CFR, CON) at the event to receive the award on his behalf.

 

ASR AFRICA EMERGES WINNER OF THE CSR CHAMPION OF THE YEAR AWARD AT THE 2024 INDEPENDENT AWARDS

 

 

Dr. Ubon Udoh thanked the organisers of the Award for recognizing the immense contributions of Abdul Samad Rabiu in creating sustainable homegrown solutions in Nigeria and Africa at large, in the area of health, education, mentorship and social development. He noted that the award, no doubt, will serve as an impetus for ASR Africa to continue to do more.

 

ASR Africa is an initiative of one of Africa’s biggest philanthropists and serial entrepreneurs, Abdul Samad Rabiu, Founder & Executive Chairman, BUA Group. At the heart of our mission lies a deep-rooted commitment to fostering substantial progress across the African continent through focused investments in education, health, and social development sectors.

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