The Nigeria’s financial markets have received boost after the Federal Government of Nigeria successfully launched its first domestic dollar-denominated bond, raising over $900 million and marking a significant milestone in the country’s financial strategy.

This groundbreaking bond sale, led by the Africa Finance Corporation (AFC), has generated significant interest from local and international investors, demonstrating confidence in President Bola Ahmed Tinubu’s economic policies and development plans.

A statement by Mohammed Manga, Director of Information and Public Relations explained that the success of the bond sale has bolstered Nigeria’s economic resilience and consolidated its position as a leader in Africa’s financial markets as it has set a new precedent for other African nations.
The statement highlighted the achievement to have signaled a new chapter in Nigeria’s financial strategy, aimed at boosting economic resilience and fostering long-term growth.

This landmark bond sale the statement indicated, has the potential for innovative financial solutions to drive economic growth and development in Africa.

A Company based in the United Arab Emirate has urged the Central Bank of Nigeria to investigate the Ecobank Transnational Incorporated, a subsidiary of Ecobank specialized in recovery of funds, over extortion claims it brought against the organization

The letter alleging extortion by the UAE-based company which was dated 26th July, 2024 and was signed by Patience Onu with the title: “Improper Conduct by Ecobank Nigeria, ETI Specialised Resolution Company Limited,” urged the apex bank to investigate their allegations within its purview as a regulatory body.

Senior executives of Ecobank were involved in the extortion attempt, the UAE Company further alleged

Checks by NationalUpdate on Thursday in Abuja, indicated that the letter has been acknowledged by the Central Bank of Nigeria and a reply has been forwarded to the complainant indicating that the apex bank would investigate the matter.

The CBN’s reply, which was issued by its Consumer Protection Department, CPD, dated Friday 26th July, 2024 partly read: “We write to inform you to acknowledge receipt of your letter dated 22nd July, 2024 on the above subject.

“Your complaint has been forwarded to Ecobank in line with our helpdesk Circular. In view of the involvement of the Consumer Protection Department, your bank may contact you in its efforts to resolve the complaint.

“The outcome of the engagement will be communicated to you as soon as possible.”

Moreso, checks indicated that the letter of complaint has also been published on the website ecobankextorts.com, alleging that Jeremy Awori, the Group CEO of Ecobank Transitional Inc, ETI, is aware of the case but has failed to stop the situation, suggesting that ETISRC’s corrupt actions have ETI’s backing.

A senior official of Ecobank, who pleaded not to be named, when contacted on Thursday, explained that the bank had In July 2021, wrote to the former Attorney General of the Federation through their legal practitioners, Wigwe & Partners, alleging that the UAE-based company were being investigated in connection with an alleged fraud perpetrated by Agrico Agbe.

He declined speaking further as he does have power to give detail of the controversy to journalists, but said further verification can be obtained on Ecobank and CBN’s website.

***Says Nigerians need entrepreneurial mindsets to succeed

By Itodo Daniel Sule

A US-based Nigerian entrepreneur and Chief Executive Officer of Black Panther and White Lion, Mr Sunny Akhigbe on Wednesday said he is fine-tuning arrangements with partners to boost micro and macro businesses in the country.

Akhigbe, who is also the founder of ‘A Boy and His Dream Foundation’, spoke in Abuja during an interaction with some stakeholders on his organisation’s plans to support micro and macro businesses in the country, said every Nigerian has what it takes to be self-reliant and prosper.

He said his organisation was concluding plans with partners to train Nigerians with relevant entrepreneurial skill sets and also support them with loans to establish various micro and macro businesses across the country.

Akhigbe said the initiative which will begin in Abuja, Lagos, Port Harcourt and Kaduna, has the target of creating thousands of jobs for unemployed youths and other Nigerians across the country.

“The organisation is going to provide the micro and macro enterprise to people, whereby you’ll be able to give soft loans to small businesses, and teach them the repayment method and mindset. You have to pay back.You take the loan, you pay back. But that is until we teach you the skill sets to be able to succeed in your various merchandise and businesses,” he said.

He said the goal of the organisation was to “create that entrepreneurial enterprise through micro enterprise, whereby everyone is given access to resources that they need to succeed in their small businesses.”

“That’s what’s lacking right now. Small businesses are suffering. There are no resources. There’s no loan. So if we can provide those micro loans to those small businesses, give them the resources and the skill sets that they need to succeed in it, and over time, everybody will be liberated”, he said.

He said Nigerians need to awaken and develop entrepreneurial mindsets to be liberated from the current cycle of economic hardship and poverty.

Akhigbe, who narrated the inspiring story of how he rose from grass to grace bracing all odds by dint of determination for success, said Nigerians can succeed if they develop creative mindset and be hardworking.

“I’m black, born here. I faced adversity. My father didn’t want me growing up. I used to sleep on the street. So when you see me right now, you’re like, man, okay, this man was born into wealth. No. I used to work as as a security guard in Warri (Delta State), from where I managed to go to a local university here.

“When I was a child, I would stay in a classroom during the holiday. Everybody went home because I didn’t have no home to go to. So when I finally go to some home, I’m going to an uncle that’s going to use me in a farm. I’ll be working for 17 hours. That was me. Chewing roasted corn for dinner and lunch and breakfast.”

He said through his passion and determination for success, he was able to complete his graduate and postgraduate studies in the United States of America where he is now settled with his family, owning a number of firms.

He said all the country needed was for the people to change their mindsets from being “fish eaters to become fishermen.”

“For Nigeria to be liberated, the mindsets of the people have to change first. Not necessarily the government; the people have to change first. So, the change you’re looking for in the government, you have to first of all demonstrate it within yourself. I know that there’s a lot of hardship right now but the people of Nigeria should just know that the change is within them.

“The change is within you. Liberate yourself to becoming an entrepreneur. Create that entrepreneurial mindset and be able to fund your micro enterprise. And then once you become an entrepreneur and become sustainable, you do not need your government. You need yourself. Start consuming and creating. Create to sell out to the people. This is the way it is. If you want to be successful, create something. Create something that is not in the marketplace and provide it to the market people and sell.
“And that’s how you make money and become very successful. You know, create that entrepreneurial mindset and you’ll be liberated from all this hardship”, he said.