Business

WTO DG: South Korean Candidate Drops Out Of Race, Clearing Path for Nigeria’s Okonjo-Iweala

Published

3 years ago

February 5, 2021

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Nigeria’s Ngozi Okonjo-Iweala is a step closer to becoming director-general of the World Trade Organization after South Korea’s candidate quit the race following months of uncertainty over the body’s leadership.

Yoo Myung-hee had consulted with the United States — her prime backer — and other major countries and “decided to renounce her candidacy”, South Korea’s trade ministry said in a statement.

The process to name a successor to Roberto Azevedo had been deadlocked since October, when key WTO ambassadors tapped Okonjo-Iweala as the best pick to lead the organisation but the Trump administration maintained its opposition to her appointment.

The WTO head is normally chosen by consensus, leaving the process at a standstill.

Observers suggested that South Korea was under pressure from the United States — a security ally that stations 28,500 troops in the country to defend it from the nuclear-armed North — to keep Yoo in the race.

At the same time, Seoul faced anger from African countries and others for not bowing out.

“Korea is stuck between a rock and a hard place,” one Western trade diplomat told AFP at the time.

The South’s decision to withdraw her candidacy comes two weeks after Joe Biden was sworn in as the new US president.

“South Korea will continue to make various contributions to rebuild and enhance the multilateral trade system,” the trade ministry statement said.

The WTO is widely seen as being in need of reform — even before the Covid-19 crisis hit, it had grappled with stalled trade talks and struggled to curb tensions between the United States and China.

The global trade body has also faced relentless attacks from Washington, which has crippled the WTO dispute settlement appeal system and threatened to leave the organisation altogether.

– Final two –

The WTO was destined to have its first woman director-general after the months-long consultations process whittled the candidates down to the final two.

Twice Nigeria’s finance minister and its first woman foreign minister, Ngozi Okonjo-Iweala, 66, trained as a development economist — she has degrees from Massachusetts Institute of Technology (MIT) and Harvard.

She spent a quarter of a century at the World Bank, rising to be managing director and running for the top role in 2012, and is seen as a trailblazer in her home country.

Similarly, Yoo, 53, is known as a glass-ceiling-breaker in the South’s still male-dominated society.

An English literature graduate of the elite Seoul National University, she set aside her dreams of a literary career to become a trade ministry civil servant, later handling a number of free trade negotiations along the way.

Related Topics:Ngozi Okonjo-Iweala WTO DG Yoo Myung Hee

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AltBank Walks Against Hunger, Advocates for Education

Published

2 days ago

April 18, 2024

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The Alternative Bank Limited (AltBank) has announced a strategic collaboration with FoodBank and Sterling One Foundation to raise approximately N20 million in support of hunger alleviation and educational initiatives.

This initiative aligns with the theme of the African Union Summit 2024, “Educate and Skill Africa for the 21st Century.”
Hassan Yusuf, the Managing Director of The Alternative Bank, unveiled this plan in a press release, highlighting the forthcoming AltWalk event as a pivotal fundraising platform. “Through this initiative, we aim to mobilize contributions from both internal and external stakeholders, reaffirming our commitment to education and societal welfare,” stated Yusuf.

The fundraising campaign aims to secure N20 million, with the proceeds serving dual purposes: providing meals for underserved communities and orphanages through the Lagos FoodBank initiative and delivering quality educational support via Sterling One Foundation.

This campaign targets individuals, families, businesses, and organizations committed to ending hunger, improving education, fostering healthy living, and positively impacting society. Prospective donors are encouraged to contribute through https://altbank.ng/walk/.
Stakeholder participation and donations are poised to substantially impact critical social issues, including hunger reduction, enhanced education, and healthier lifestyles.

Yusuf emphasized AltBank’s dedication to empowering customers through innovative solutions in health, food security, and education, positioning them for success in the 21st century. He stressed that education is central to the bank’s mission of bolstering the economy and enhancing financial well-being across society.

AltBank, Nigeria’s most recent entrant into the financial services sector, made a grand entrance with simultaneous launch events in Lagos, Abuja, and Kano, marking the country’s first multi-city brand launch. As the ethical banking arm of Sterling Financial Holdings, The Alternative Bank originated in 2014 as Sterling Alternative Finance under Sterling Bank Plc’s non-interest banking license. It has since evolved into a prominent player in Nigeria’s non-interest banking sector.

About Lagos FoodBank

Lagos Food Bank is a non-profit, nutrition-focused initiative committed to fighting hunger, reducing food waste, and addressing malnutrition through targeted programs. Their initiatives aim to improve the nutrition and food intake of vulnerable populations, including children, pregnant women, lactating mothers, seniors, and impoverished families.

About Sterling One Foundation

The Sterling One Foundation catalyzes positive social impact across critical sectors of the Nigerian economy. Motivated by the distinct challenges faced by millions of Africans, the foundation aims to achieve Sustainable Development Goals (SDGs), capitalize on the demographic dividend, and improve the standard of living for underserved communities. Through stakeholder-driven interventions, it focuses on employability, sustainability, wealth creation, socioeconomic development, and national progress.

Business

Fidelity Bank Grows Profit By 131.5% In FY 2023

Published

4 days ago

April 16, 2024

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-Declares a final dividend of 60kobo per share

Leading financial institution, Fidelity Bank Plc, has released its 2023 full year Audited Financial Statements, reporting a 131.5% growth in Profit Before Tax to N 124,26 billion.

According to the results, which was issued to the Nigerian Exchange (NGX) today, the bank grew Gross Earnings by 64.9% YoY to N555.83 billion, driven by 81.6% growth in Net interest income which increased from N152.7billion to N277.37 billion. This led to a Profit After Tax of N99.45 billion representing a 112.9% annual growth.

Commenting on the Bank’s commendable performance, Dr. Nneka Onyeali-Ikpe,OON, MD/CEO of Fidelity Bank Plc said, “We closed the financial year with strong double-digit growth across key income and balance-sheet lines. Our performance in 2023 is an attestation of our capacity to deliver superior returns to shareholders despite the difficulties in our operating environment. Profit before tax grew by 131.5% to N124.3bn from N53.7bn in 2022FY, leading to an increase in Return on Average Equity (RoAE) of 26.5% from 15.6% in 2022FY.”

A review of the financial performance showed that the bank grew Net interest income by 81.6% to N277.4bn driven by a 55.5% increase in interest income, thus reflecting a steady rise in asset yield throughout the year. The average funding cost dropped by 20bps to 4.4% due to increased low-cost funds that grew from 83.6% in 2022FY to 97.4% in 2023. The combination of higher asset yield and lower funding cost led to an increase in Net Interest Margin (NIM) of 8.1% from 6.3% in 2022FY.

Similarly, Total Customer Deposits crossed the N4tn mark as deposits grew by 55.6% from N2.6tn in 2022FY. The increase was driven by 81.1% growth in low-cost funds.

Despite the challenging operating environment, the bank reaffirmed its devotion to helping individuals grow, inspiring businesses to thrive and empowering economies to prosper by increasing Net Loans & Advances to N3.1tn from N2.1tn in 2022FY.

Despite the growth in its loan portfolio, Regulatory Ratios were maintained well above the required thresholds, with liquidity ratio at 45.3% from 39.6% in 2022FY and capital adequacy ratio (CAR) at 16.2% compared to the minimum requirement of 15.0%.

“We recognize the changing dynamics in the Nigerian banking space and the need to monitor and proactively manage evolving risks. The proposed final dividend of 60 kobo per share reflects our commitment to strong value creation and returns to our shareholders,” explained Onyeali-Ikpe.

Fidelity Bank has consistently paid dividend since 2006. With the proposed final dividend of 60 kobo per share, Fidelity Bank would be paying investors a total dividend of 85 kobo per share for the reporting period, a 70.0% increase compared to the 50 kobo per share paid to its shareholders in the previous year.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

Business

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 16th April 2024

Published

4 days ago

April 16, 2024

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What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 15th April, below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1100 and sell at N1115 on Monday 15th April 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.