Banking
Ecobank, TRACE Celebrate African Culture as President Macron Visits Nigeria
By Dipo Olowookere
On Tuesday, July 3, 2018, President of France, Mr Emmanuel Macron, will make an official visit to Lagos, during which he will announce the launch of the Season of African Cultures 2020, a French celebration of Africa’s rich and diverse cultures, as part of a cultural event organised by TRACE and sponsored by Ecobank, Africa’s leading pan-African bank.
TRACE Event, the event department of global broadcast and digital Afro-urban media group TRACE, was chosen to host and organise the high-profile meeting between representatives of Africa’s creative industries and the President of France, thanks to its strong track record of producing large scale entertainment events on the continent.
The media group also has a long-standing role as a cultural bridge between France, Africa and the rest of the world. Entitled ‘A Celebration of African Culture,’ the event will take place at the New Afrika Shrine, the home of the legendary Nigerian musician Fela Kuti.
Co-founder and Executive Chairman of TRACE, Olivier Laouchez, explained that “TRACE’s mission is to support, nurture, cherish and celebrate Afro-urban music and cultures and to bring them to the world, because we believe that the world can only benefit from a better understanding of the richness and the diversity of these cultures, which have long been undervalued.
“It is for this reason that we have organised this momentous event, to launch the Season of African Cultures 2020 in France. One of the objectives of this season is to change the French perception of the African continent through the promotion of contemporary African creation, and this is what TRACE strives to do every day,” he said.
Over a thousand VIP guests, including representatives from the African creative and arts sectors have been invited to attend the multicultural event, with music provided by an almost exclusively female line-up featuring pan-African queen of Afro-pop Yemi Alade, Franco-Nigerian singer Asa, and Cameroon’s Charlotte Dipanda.
They will be joined by leading performer Femi Kuti, son of Fela Kuti and the New Afrika Shrine’s patron. The evening is set to be a celebration of Africa’s diverse and rich cultural heritage and will honour young creators from the worlds of art, design, fashion, and African cinema, with a Nollywood scene being filmed live on the night by renowned Nigerian film director, Mr Kunle Afolayan.
Commenting on the sponsorship, Managing Director of Ecobank Nigeria, Mr Charles Kie, said Ecobank was proud to support such a noteworthy event that perfectly synchronises with the bank’s ongoing and strategic intent to support and develop economic growth and financial integration in Africa.
“Ecobank is delighted to be sponsoring this showcasing and celebration of the growing universal impact of African culture,” he said.
“Sustainable economic growth is essential to increase our continent’s global competitiveness thereby improving standards of living and prosperity for all Africans. It is fantastic to see that Africa’s burgeoning creative industries are playing their full part in doing this by entertaining and attracting the global audiences that will in turn help increase both international interest and investment in African nations and businesses to the benefit of all,” he added.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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