South Africa, Mauritius and Nigeria maintained their first to third positions respectively in 2022 Africa’s Most Developed Financial Market.
South Africa, Mauritius and Nigeria maintained their first to third positions respectively in 2022 Africa’s Most Developed Financial Market.
According to a report released by Absa Group, South Africa, Mauritius and Nigeria are the top three most developed financial markets in Africa.
The analytical report “Absa Africa Financial Markets Index, 2022” which was done in conjunction with The Official Monetary and Financial Institutions Forum, (OMFIF) evaluates financial market development in 26 African countries.
Investors King understands the report highlights economies with the most supportive environment that could enhance market performance using six pillars; access to foreign exchange; market transparency, tax and regulatory environment; capacity of local investors; macroeconomic opportunity; and enforceability of financial contracts.
According to this year’s report, Namibia, Uganda and Kenya featured among the countries with the greatest increase in overall scores. The three countries are recognised for the work done to improve their environmental, social and governance market frameworks.
For instance, the Government of Kenya has incorporated climate risks into the financial stability regulation.
A full list of the countries that appeared on this year’s ranking includes South Africa which came first with an overall score of 88 points, dropping 2 points when compared with 90 points the country had in 2021.
Mauritius was ranked second with an overall score of 76 points, the same point the small country along the Indian ocean had in 2021. Nigeria also maintained its third position with 69 points while adding 2 points to the 67 points it had in 2021.
Other countries on the list include Uganda which has 66 points to emerge fourth, bagging additional six points from the 60 it had in 2021. Botswana ranked fifth with 66 points, adding four points from the 62 points it recorded in 2021.
Featuring on the top ten list include Namibia, Ghana, Kenya, Morocco and Egypt which ranked 6th, 7th, 8th, 9th and 10th respectively.
Below is a top 10 list of Africa’s Most Developed Financial Market
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GTCO reported a 23.7% increase in interest income from N68.945 billion recorded in the third quarter (Q3) 2021 to N85.292 billion in Q3 of 2022.
Guaranty Trust Holding Company Plc (GTCO) on Tuesday reported a 23.7% increase in interest income from N68.945 billion recorded in the third quarter (Q3) 2021 to N85.292 billion in Q3 of 2022.
The bank disclosed this in its unaudited financial statement obtained by Investors King.
Interest expense grew to N16.452 billion in the period under review, up 25.9% from N13.057 billion filed in the same period of 2021.
The lender’s net interest income expanded by 23.2% from N55.887 billion in Q3 2021 to N68.659 billion in Q3 2022. Net fee and commission income also inched higher to N18.541 billion, a 23.8% increase when compared to N14.9 billion achieved in the corresponding period of 2021.
Net gains on financial instruments classified as held for trading declined by 14.9% from N15.303 billion in Q3 2021 to N13.025 billion.
Profit before income tax appreciated by 12.9% to N66.475 billion from N58.852 billion recorded in the corresponding period of 2021.
GTCO paid N13.684 billion as income tax in the period under review to post a profit after tax of N52.791 billion. A 5.6% improvement from N49.986 billion achieved in the third quarter of 2021.
In September, Segun Agbaje, the Group Chief Executive Officer (CEO) who commented on the bank’s first-half performance, said “We opened new doors of business to Payments Services with the launch of “HabariPay” and led with its flagship product, SquadPOS – a payment solution that allows businesses accept card payments using their mobile phones with a simple tap.
“This is a game-changer for small businesses, many of which have long been limited or left out of the digital payments ecosystem due to the payment industry’s dependence on physical POS terminals. It demonstrates how we are taking forward our mission to removing barriers to financial inclusion and making financial services accessible to everyone and every business.
“We continued to bolster the capabilities of our banking franchise across all the countries we operate, with a focus on creating value for our customers and continuously improving service across all customer touchpoints. Taken together with all our new businesses, I am pleased to report that we are making steady progress on the goals we set at the beginning of the year.”
AfDB in partnership with the Japan International Cooperation Agency (JICA) has provided a sum of $244 million for emergency food production in Nigeria
The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina announced that the multilateral bank in partnership with the Japan International Cooperation Agency (JICA), has provided a sum of $244 million for emergency food production in Nigeria.
Dr. Akinwumi Adesina disclosed this in Abuja at the inauguration of the Special Agro-Industrial Processing Zones.
The AfDB President noted that a sum of $134 million will be issued under the bank’s African Emergency Food Production Facility while Japan International Cooperation Agency (JICA) will make the remaining $110 million available.
However, Adesina expressed worry that Nigeria has yet to sign and utilise the fund despite its approval by the AfDB since July 2022.
Adesina further stated that the fund is part of the larger fund to help Africa prevent a food crisis following the Russian war in Ukraine.
Investors King learnt that the African Emergency Food Production Facility of $1.5 billion was launched to support 20 million farmers in Africa.
While virtually addressing a cross-section of important personalities which include Vice President Yemi Osinbajo, Adesina said “Your Excellency, we must act faster, to avert a food crisis in Nigeria.
“It is worrying that these emergency funds approved since July 2022, for emergency food production, have yet to be signed for implementation by Nigeria.
“Yet the seasons wait for no one, while the hungry await timely help. “There is a need for greater action, responsiveness, and delivery.”
It would be recalled that the recent flood in Nigeria has damaged many farmlands across the country, particularly in the North East and North West.
Investors King had also reported that the Maize Farmers Association of Nigeria has lamented that the country’s maize production will fall short of its target due to floods which had damaged several maize farms.
Meanwhile, Akinwumi Adesina noted that Special Agro-Industrial Processing Zones (SAPZ) will transform the food and agriculture sector in Africa. He revealed that the continental bank is investing more than $1 billion in SAPZs in 18 African countries.
“SAPZ will help to reduce rural to urban migration, expand the fiscal space, and enhance the emergence of competitive agricultural value chains,” he started.
The Economic and Financial Crimes Commission (EFCC) on Tuesday disclosed that the commission under acting chairman Abdulrasheed Bawa has recorded its highest number of convictions in 2022.
The Economic and Financial Crimes Commission (EFCC) on Tuesday disclosed that the commission under acting chairman Abdulrasheed Bawa has recorded its highest number of convictions in 2022.
The commission as of October 7, 2022 has recorded a total of 2,700 convictions, its highest since its inception. The commission disclosed this in a statement made available to the press.
The EFCC Chairman said, ” Without sounding immodest, our record over the years distinguishes the EFCC as perhaps the most effective law enforcement agency in Nigeria. We have strived to up the ante since my appointment over one year ago.
“In my time in charge, we have engineered a number of reforms and restructuring whose impact is already being seen in the terms of the number of stolen assets recovery and convictions for financial crimes. “Assets running into several billions of Naira have also been recovered by the Commission”.
In 2019, the commission recorded 1,280 convictions. In 2021, the number rose to 2,220 convictions before jumping to 2,701 by October 7, 2022.
Commenting on EFCC’s performance so far, the commission’s chairman Abdulrasheed Bawa stated that the commission will continue to intensify its activities in combating crime in the country.
He said the commission has intensified its public enlightenment engagements and in a few weeks, it will launch EFCC radio to further deepen engagements across the nation.
The EFCC chairman further stated that the Money Laundering Prevention Act of 2022 , which was assented to by President Muhammadu Buhari on 17 May 2022, will aid its effort in combating financial crimes in the country.
The Money Laundering (Prevention and Prohibition) Act 2022 seeks to strengthen the already existing law for combating money laundering and related offenses.
The Act also provides for periodic reporting on money laundering to the President which is seen as a very effective means for tracking the implementation of the provisions of the Act, Investors King understands.
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