Day: May 17, 2023

Shareholders at the Ecobank Transnational Incorporated (ETI) 35th Annual General Meeting (AGM) and an Extra Ordinary General Meeting on Wednesday approved the accounts and the appropriation of profits for 2022.

The meeting held at Lomé, Togo on Wednesday.

Ecobank Transnational Incorporated (ETI) is the parent of the Ecobank Group, the leading pan-African bank with a presence in 35 African countries.

In addition, shareholders voted for the re-election of Mr Simon Dornoo, Professor Enase Okonedo, Dr George Donkor, Mr Deepak Malik and Ms Zanele Monnakgotla as directors of ETI, a statement by the company said.

The co-option of the Managing Director, Mr Jeremy Awori, as a director, was also ratified.

Furthermore, shareholders approved the resolution authorising to raise senior-ranked debt, additional Tier 1, Tier 2-qualifying subordinated debt or a combination of any of these forms of instruments as the board of directors may deem appropriate.

Alain Nkontchou, Ecobank Group Chairman, said: “Ecobank is a powerhouse in the African banking landscape.

“And it is positioned to support and facilitate the growth and development of African businesses as they grasp the immense single market opportunities created by the African Continental Free Trade Area.

“Quite simply, Ecobank is the solution for SMEs and corporates. The strength of our borderless payment, collection, working capital and financing solutions exemplifies this.”

Jeremy Awori, Chief Executive Officer, Ecobank Group, commented: “In 2022, Ecobank demonstrated strong financial results and performance.

“This is despite the challenging economic conditions of high interest rates, inflation, and Ghana’s debt restructuring.

“This success can be attributed to the bank’s diversified business model, digital expertise, innovative approaches, growth momentum, and efficiency. These strengths allowed the bank to navigate the adverse economic environment, absorb the impact of the debt restructuring, and continue to thrive.”

The holding company’s (ETI) profit for the year was $222 million compared with $295 million in 2021.

The Group’s profit before tax, net revenue and total assets increased by 13 per cent, six per cent and 5 per cent, to $540 million, $1,862 million and $29,004 million, respectively.

In addition, the return on tangible equity of 21.1% in 2022 is the highest Ecobank has achieved in the last decade.

“For the first quarter of 2023, our Group performance results are showing momentum.

“As we continue to benefit from our pan-African and diversified business model, efficiency, balance sheet stability, deep customer relationships and the hard and smart work of all Ecobankers.’’

Source: News Agency of Nigeria

The Hydroelectric Power Producing Areas Development Commission (HYPPADEC) said it is making plans to use the excess flood waters in rivers and dams to help farmers increase food production in the country.

Alhaji Abubakar Yelwa, Managing Director, HYPPADEC, disclosed this in Minna, during a one day stakeholders meeting on flood mitigation and related issues.

“What we are looking at is to turn the flooding to be an advantage to us, in other words we want to make our farmers to benefit from the excess flood waters we have in our rivers and dams.

“With this in mind, we are going to convene a meeting with the Local Government Councils and the Ministries of Agriculture and Rural Development for each HYPPADEC state.

“This is because each community has its peculiarities and a river it can use for its advantages,” he said.

Yelwa, who said that the various communities have their farming system, added that the commission would provide the farmers with high yielding crops/seeds in order to increase food production.

“If a farmer can get good irrigation and high yielding rice seeds that can stay for only three months before harvest, with that you will be able to do your farming activities, harvest and take your crops home,” he said.

He noted that another challenge facing government in relocating people living in flood prone areas was the attitude of the people not wanting to relocate, adapt to change by relocating to safe places.

“Our people who live and fish along the river bank finds it difficult to leave their ancestral land,” he said.

The Managing Director stressed that the critical role of sensitising the people against flooding lies with the traditional leaders and the Local Government Councils because they are closer to the people.

Yelwa said that the meeting was for the communities in the operation areas of HYPPADEC to look at the challenges they would face in the wet season based on the predictions of the Nigerian Meteorological Agency (NiMet) and others and also find a way of mitigating them.

He said that based on the past experiences of flooding, that lives and properties may be lost if nothing was done to mitigate it.

“Therefore we will continue to sensitise ourselves on some basic environmental issues in order to help our environment,” he said.

Similarly, Mrs Zainab Sa’idu, Head of Operations, National Emergency Management Agency, in charge of Niger and Kwara states, urged stakeholders to sensitise their communities on high, moderate and low flood risks.

Sa’idu advised the public to stop dumping refuse on the waterways to prevent flooding.

Also, Dr Daniel Galadima, the state Commissioner of Environment, said that the ministry was encouraging afforestation to ensure a healthy environment in the state.

“The ministry will continue to plant trees in order to mitigate the effect of flooding in Niger state,” he said.

Galadima, who was represented by Dr Lucky Barau, Permanent Secretary of the

ministry, said that the state government was ready to partner HYPPADEC to tackle flooding and other environmental degradation.

Alhaji Yahaya Abubakar, Etsu Nupe and Chairman of the state Council of traditional rulers, appealed to HYPPADEC to help in reclaiming lands that have been depleted by erosion across the state.

Abubakar, who was represented by Alhaji Yusuf Nuhu, Emir of Agaie, urged the commission to increase its campaign on flooding in order to save the people from destruction.

The News Agency of Nigeria (NAN) reports that the six states where HYPPADEC operates include Niger, Kwara, Kogi, Benue, Kebbi and Plateau.

NAN also reports that HYPPADEC has begun the construction of houses for flood victims at the resettlement centres in Muregi and Ketso in Mokwa and Edati local government areas of the state.

Source: News Agency of Nigeria

Angolan government, in partnership with the United States, launched Wednesday in Luanda the Ecosystem, Communities and Climate – Cubango-Okavango (ECCO) project, which is financed by the US government worth 7.5 million dollars.

The ECCO project, which will also receive US$10 million from private sector partners, aims to boost economic development and protect the environment in the country’s Upper Cubango-Okavango region.

Meanwhile, the initiative will support local communities to improve their means of subsistence in a sustainable way, always bearing in mind the conservation of vital natural resources for well-being.

The work will focus on strengthening and managing water resources and water, sanitation and hygiene services in the communities of Cuangar, Cuito Cuanavale and Cuchi.

The empowerment of women and social inclusion are also part of this project, which, by supporting agriculture, fishing and the rational use of forestry products, seeks to tackle climate change in a sustainable way, thus promoting Angola’s contributions to the Paris.

For the national director for Climate and Sustainable Development, Luís Constantino, the province is rich in natural resources, but is already beginning to feel the effects of climate change.

He defended that projects like ECCO come to help the Executive in its efforts with a view to preserving the communities in this region of the country.

The US ambassador to Angola and São Tomé and Príncipe, Tulinabo Mushingi, said all work will be done strictly with Angola in order to support the objectives of the National Development Plan.

This will be through support for fishing, agriculture and forestry cooperatives, as well as creating empowerment opportunities for women, youth and other vulnerable people.

He noted that the project will help the local populations to improve their livelihoods through sustainable fishing, agriculture and tourism.

Tulinabo Mushingi also reiterated the continued support of the US government to the Angolan nation, in its effort focused on improving the living conditions of communities, such as protecting the ecosystem.

In turn, the director of The Nature Conservancy (TNC) for Africa, Ademola Ajagbe, gave a summary of the project, considering the area as extremely important, given the concentration of biodiversity.

The event also marks the week celebrating 30 years of diplomatic relations between Angola and the United States of America.

Source: Angola Press News Agency (APNA)