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Corporate Nigeria shuts down Lagos for Wigwe

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Corporate Nigeria and some political titans turned up yesterday to celebrate the life and times of the late Chief Executive Officer of Access Corporation Plc, Herbert Wigwe who all of them described as a titan.

In an emotion laden ‘Night of Tributes’ with touching memories, dignitaries from the public and private sectors, led by Africa’s richest man, Aliko Dangote, Minister of Finance, Wale Edun, governors of Lagos and Ogun states, Central Bank of Nigeria, CBN governor and bank chief executives sang praises of the late bank chief.

Wigwe, 57 years old, who was also MD/CEO Access Bank Plc, died in a helicopter crash in United States on February 9, 2024, alongside his wife, Chizoba Wigwe, his Son, Chizi Wigwe amd former President, Nigeria Exchange, Mr. Abimbola Ogunbanjo.

Other dignitaries at the event include President, African Development Bank, AfDB, Adesina Akinwunmi, Chairman Zenith Bank Plc, Jim Ovia, Chairman Coronation Capital, Mr. Aigboje Aig-Imoukhuede, CEO, GTHoldings Plc, Segun Agbaje, CEO of FirstBank Nigeria Limited, Adesola Adedutan and the President, Chartered Institute of Bankers of Nigeria, CIBN, Mr. Ken Okpara.

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Dangote

In his tribute, Dangote descibed the late Herbert Wigwe as a loyal friend and a pillar of support for him and his family.

Fighting to hold back tears, Dangote narrated how late Herbert encouraged him in his business pursuits.

Dangote described the late Herbert as a visionary role model with courage second to none.

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“I am proud to name him my devoted friend, mentee and supporter. I will forever cherish the warmth of his friendship,” Dangote said.

Adesina

AfDB President, Adesina Akinwunmi, in his tribute said: ‘’Herbert Wigwe brought pride to Nigeria and to Africa.

“He was relentless, determined, bold, visionary, inspiring, with exceptional drive for excellence. Everything he touched became gold

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“Herbert is a bankers banker, and investors asset holder. His drive for major achievements sparks courage. Herbert was bankable and Access Bank was bankable.”

Aig-Imoukhuede

The chairman, Coronation Capital, Aigboje Aig-Imoukhuede, described Herbert Wigwe as a brilliant banker who help to transform the banking industry in Nigeria.

Edun

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Minister of Finance, Wale Edun, described late Herbert as a pillar of support who was full of knowledge, ideas and creative thinking.

“He gave me his time and thinking. He had solutions, never at a loss,” said Edun.

Sanwo-Olu

Governor, Lagos State, Mr. Babajide Sanwo Olu, paid glowing tributes to the leadership qualities of late Herbert Wigwe, especially in rallying support to combat the COVID-19 pandemic.

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“Herbert led from the front during the difficult period of COVID 19.

Describing the late banker as a brother, friend adviser, who supported the infrastructure drive of his administration, Sanwo Olu said Lagos would not forget Herbert Wigwe.

Gov Abiodun

Herbert believed in Nigeria—Dapo Abiodun

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Ogun State governor on his part, praised the late Herbert for his commitment to Nigeria

“Herbert believed in Nigeria. He did everything to support Nigeria. He was intelligent, bold and lived two lifetimes in one.”

Cardoso

CBN Governor, Olayemi Cardoso described late Herbert Wigwe as a trully exceptional individual who played a pivotal role in transforming Access Bank into one of Nigeria’s foremost financial institutions.

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I spoke with Herbert 2 weeks before he died —Agbaje

Agbaje

The Group Chief Executive Officer of GT Holdings, Mr Segun Agbaje, in his tribute, said he spoke with the late Herbert two weeks before he died, just as he described him (Herbert) as a fierce competiton.

Agbaje said: “It is indeed a very difficult for me. Herbert was my colleague, friend, competitor and brother. Only Herbert could have been all those things to a human being.

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‘’We started as colleagues. I met Herbert in November 1991, we were both in the corporate bank. And then, as we all matured, Herbert became my real brother.

‘’He would alweays make the phone call to get you out of the spot you were in. It is weird that my last conversation with him was two weeks before he died.

He came to my house to talk about his obsession which was his university.”

Banks now borrow more from CBN to shore up cash position

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Amidst sustained liquidity

mop-up and monetary policy tightening by the Central Bank of Nigeria, CBN, there are indications that many deposit money banks are now resorting to heavy borrowing from the apex bank to meet up with their regulatory and other liquidity obligations.

CBN’s Financial Data for February 2024 obtained by Vanguard shows that the banks’ borrowing from the CBN Standing Lending Facility (SLF) increased month-on-month, MoM, by 65.5 percent to N5.96 trillion in February from N3.6 trillion in January 2024.

The data also shows that the banks deposited N330.71 billion in the CBN’s Standing Deposit Facility (SDF) in the same period, representing a 72.4 percent MoM, decline when compared with N1.2 trillion deposited in January 2024.

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This development is coming at the backdrop of the various CBN policies to prepare banks against vulnerabilities from within and outside the country.

One of the latest policies is the increase in the benchmark interest rate, the Monetary Policy Rate, MPR, to 22.75 percent from 18.75 percent and Cash Reserve Ratio, CRR, to 45 percent from 32.5 percent last week.

Analysts are of the opinion that the increase in interest rate would raise asset yields of some banks by an average of 400 bases points (bps) in the financial year end of 2024.

In their Banking Sector update report for March, analysts at CardinalStone Research said: “Based on the first and second-order impacts of the rise in auction stop rates and 400 basis points increase in MPR to 22.75%, we now forecast asset yields to rise by an average of 400 bps across our coverage banks in FY’24 (vs c. 150 bps in our previous communication).

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“This adjustment suggests a mean 83.4 percent increase in interest income for our banking coverage.

“Whilst the discontinuation of daily CRR debits is positive, the recent decision of the MPC to raise statutory CRR to 45 percent may appear a downside risk to interest income, with direct inference suggesting that banks can now only deploy 55 percent of new deposits to interest-earning opportunities assuming other rules (such as the loan to deposit ratio) are adhered to.

“We are of the view that the surging interest rate environment may increase pressure on banks to step up on the dividend front in the coming months. This may open avenues for decent dividend income (vs de-annualized return from fixed income options) in the near term.

“In our view, adverse macroeconomic conditions are likely to increase the risk of Non performing Loans , NPLs, in FY’24 (mean of 3.7 percent across our coverage), with sectors that are heavily reliant on imported raw materials and equipment maintenances such as manufacturing likely to be badly hit by the short-term cost implications of ongoing reforms.”

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Trump threatens trade war on Mexico, Canada, China

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Trump made his threat in social media posts, announcing huge import tariffs against neighbours Canada and Mexico, and also rival China if they don’t stop illegal immigration and drug smuggling into the US.

China responded that “no one will win a trade war,” while Mexican President Claudia Sheinbaum warned that “for every tariff, there will be a response in kind.”

A Canadian government source said Prime Minister Justin Trudeau called Trump and had a “productive” discussion, without giving further detail.

Such tariffs threaten to disrupt the global economy, deepen already fierce tensions with China, and upend relations with the US’s two largest neighbours.

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Nervous stock markets saw “volatile trading conditions” as they digested the news, said an analyst at City Index, Fawad Razaqzada.

On his Truth Social platform, Trump said late Monday that he would enact the tariffs when he takes office on January 20, 2025, if his — vaguely worded — demands were not met.

The posts signal Trump’s intention to return to the governing style of his first presidency when he regularly shocked Washington and US partners with abrupt, major policy shifts which he announced on social media.

They also confirmed that Trump is serious about his major campaign promise to use the US economic muscle as leverage on issues having little to do with trade — namely his claim that the US is under siege by foreign crime and dangerous migrants.

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On Tuesday, Trump named two important figures to his economic team: Jamieson Greer as his trade representative and Kevin Hassett as his top economic advisor, heading the White House National Economic Council.

Both had roles in his first administration, with Greer serving as the Chief of Staff to former US Trade Representative Robert Lighthizer.

“I will sign all necessary documents to charge Mexico and Canada a 25 per cent tariff on all products coming into the United States,” Trump earlier posted.

“This tariff will remain in effect until such time as drugs, in particular Fentanyl and all illegal aliens stop this invasion of our country!” he said.

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In another post, Trump said he would be slapping China with a 10 per cent tariff, “above any additional tariffs,” because the world’s second-biggest economy was failing to execute fentanyl smugglers.

The spokesman for China’s embassy in the US, Liu Pengyu, told AFP, “China believes that China-US economic and trade cooperation is mutually beneficial in nature.”

Mexico’s Sheinbaum fired back at Trump, saying his tariffs diplomacy was “not acceptable” and based on erroneous claims.

“It is not with threats or tariffs that the migration phenomenon will be stopped, nor the consumption of drugs in the United States,” she said.

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Sheinbaum pointed out that the Mexican narcotics industry largely exists to serve demand in the US.

“Seventy per cent of the illegal weapons seized from criminals in Mexico come from your country.

“Tragically, it is in our country that lives are lost to the violence resulting from meeting the drug demand in yours,” she said.

– Bluster or serious? –

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A senior adviser at the Centre for Strategic and International Studies, William Reinsch, said Trump’s online threats may be bluster — a strategy of “threaten and then negotiate.”

However, Trump’s first White House term was marked by an aggressive and protectionist trade agenda that also targeted China, Mexico and Canada, alongside Europe.

While in office, Trump launched an all-out trade war with China, imposing significant tariffs on hundreds of billions of dollars of Chinese goods.

China responded with retaliatory tariffs on American products, particularly affecting US farmers.

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Economists say tariffs can hurt US growth and fuel inflation since they are paid by importers who often pass those costs on to consumers.

Trump has said he would put his Commerce Secretary-designate Howard Lutnick, a China hawk, in charge of trade policy.

AFP

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NDLEA relocates to new headquarters building in Abuja(Photos)

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. As Marwa charges personnel to remain focused, unrelenting in battle against drug cartels

The National Drug Law Enforcement Agency, NDLEA, has relocated its headquarters to its new facility, which is being developed in phases in Jahi area of Abuja.
The facility, which is the first phase of the national headquarters project expected to be completed with the 2025 budgetary provisions, was officially unveiled during an interdenominational service within the complex on Wednesday 26th November 2024.
Speaking during the brief ceremony, Chairman/Chief Executive Officer of the Agency, Brig Gen Mohamed Buba Marwa (Rtd) said the development represents a phase in the transformation and recalibration of NDLEA into a modern and result-oriented anti-narcotic Agency, a process that began in January 2021.
“I’m glad we have finally moved in to occupy this facility after initial budgetary constraints. Even though this is the first phase of the new headquarters project, we are hopeful that we will be able to complete the process with next year budget. This is not 100% completed but it is sufficiently functional for us to move in because I was determined to move in before the end of 2024 because with the expansion of the Agency the headquarters also expanded, and in our old location we could not accommodate everyone. I have had to post out scores of officers due to lack of space for them to work.

“It was for this reason that the management took a unanimous decision that since it is not 100% ready and we need it, we should make it a low-key inauguration ceremony. This will enable us relocate some of our directorates still operating outside Abuja into one facility to consolidate our operations for efficiency, effectiveness and seamless coordination”, Marwa stated.
While stating that the old head office in Gimbiya, Garki area of the FCT will continue to serve as the headquarters annex, the NDLEA boss expressed gratitude to President Bola Ahmed Tinubu for his continued support and encouragement to the Agency to be in a position to achieve its mandate of curbing substance abuse and illicit drug trafficking in the country.
“The support we are getting from our international partners and local stakeholders especially President Bola Tinubu, the National Assembly, the Judiciary and the citizenry, is not just to appreciate our efforts but to encourage us to do more and I believe this new work environment will motivate you to surpass past feats”, Marwa told a crowd of excited management staff, officers and men of the Agency at the ceremony. He commended his predecessor for starting the process of getting a befitting headquarters for the Agency.
In his welcome remark, Secretary to the Agency, Shadrach Haruna, commended Marwa for providing inspiring leadership that has in three years transformed NDLEA into the same class with its counterparts across the world in terms of professionalism, capability and capacity.
“The commissioning of our headquarters today is part of the incremental but well-laid agenda for the repositioning of the Agency by the chairman. We have witnessed some monumental achievements since 2021, including increasing the staff strength of the Agency from 5,000 to 15,000. Promotion of officers, opening up of vacancies, payment of accumulated allowances to staff and widows of our fallen officers, the recent amendment of the Agency’s enabling law by the National Assembly, and many more.
Christian and Islamic prayers were offered for President Tinubu and Nigeria while a commemorative plaque was unveiled to mark the event.

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VP Shettima departs Nigeria for Côte d’Ivoire

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Vice President Kashim Shettima, on Wednesday, departed Abuja for Abidjan, Côte d’Ivoire to attend the opening of the International Exhibition of Extractive and Energy Resources 2024 conference.

The event holds from November 27 to December 2, 2024, at the Abidjan Exhibition Centre.

Shettima’s visit is “At the invitation of Côte d’Ivoire’s Vice President Tiémoko Meyliet Koné,” Senior Special Assistant to the Vice President on Media and Communication, Mr. Stanley Nkwocha, said in a statement on Wednesday.

The statement is titled ‘VP Shettima Leaves For Abidjan, To Attend SIREXE 2024 Opening Ceremony.’

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SIREXE conference is an international event organised by the Government of Côte d’Ivoire that focuses on “Policies and Strategy for the Sustainable Development of the Extractive and Energy Industries”.

“The VP will utilise the event to share Nigeria’s experience in the hydrocarbon exploration and production sectors,” said Nkwocha.

The Vice President is expected to return to Abuja later today (Wednesday).

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