Business
Development Bank of Nigeria Announced as Partner for the Africa Social Impact Summit 2024
Photo caption:
Dr. Tony Okpanachi, Managing Director and CEO of the Development Bank of Nigeria (DBN), and Mrs. Olapeju Ibekwe, CEO of Sterling One Foundation
Development Bank of Nigeria Announced as Partner for the Africa Social Impact Summit 2024
Sterling One Foundation, co-conveners of the Africa Social Impact Summit are pleased to announce the Development Bank of Nigeria (DBN) as one of its partners for the third edition of the Africa Social Impact Summit to be held from July 25 – 26, 2024 in Lagos, Nigeria.
With this partnership, DBN joins an impressive list of partners, including private-sector organizations, international development organizations, public-sector bodies, and diplomatic organizations.
Established in 2014, the Development Bank of Nigeria is a wholesale finance institution that focuses on addressing the financing challenges facing Micro, Small, and Medium Scale Enterprises (MSMEs) in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries.
Now in its sixth year of operation, DBN has disbursed loans to millions of MSMEs and supported many others through initiatives such as the Entrepreneurship World Cup, Eco Innovation Challenge, DBN capacity building initiative and many more. By end of 2023, the institution lent ₦ N787.47 billion to over 494,819 MSMEs, 356,451 of which were women-owned.
Speaking on what necessitated this, Managing Director and CEO of DBN, Dr. Tony Okpanachi explained that the DBN has been a part of the Africa Social Impact Summit right from inception, with its Chief Economist as one of its panellists, because it sees value in the Summit’s drive for increased impact investments to scale sustainable solutions.
“We are constantly looking to reach more enterprises building impactful solutions that address Nigeria’s challenges and this Summit presents a good opportunity to engage them and offer them ways to scale and grow,” he said.
Providing further insight into the partnership, Mrs. Olapeju Ibekwe, CEO, Sterling One Foundation expressed delight at having the Development Bank of Nigeria onboard, stating that the impact of their work and the insights they have from serving Nigeria’s vibrant MSME space is worth learning from. She also hinted at the opportunity this partnership offers to Summit attendees looking to access credit for the impact-focused solutions they are building.
The Africa Social Impact Summit now in its third year is expected to be held from July 25 to 26, 2024 at the Eko Convention Centre, Lagos, Nigeria. Registration for in-person attendance is ongoing at www.theimpactsummit.org
Business
Stanbic IBTC Capital Leads Successful Registration of RMB Nigeria Issuance SPV PLC’s ₦40 Billion Multi-Instrument Issuance Programme
L-R: Oyinda Akinyemi, Executive Director, Stanbic IBTC Capital; Bayo Ajayi, Chief Executive Officer, Rand Merchant Bank and Yetunde Ogunremi, Executive Director, Treasurer, Rand Merchant Bank during the signing ceremony of Rand Merchant Bank’s ₦40 Billion Multi-Instrument Issuance Programme, with Stanbic IBTC Capital acting as Lead Issuing House.
RMB Nigeria Issuance SPV PLC (the “Issuer”), a funding vehicle incorporated to support RMB Nigeria (the “Bank”) in raising financing from the public debt capital markets, achieved a significant milestone with the successful registration of its ₦40 billion Multi-Instrument Issuance Programme (the “Programme”). Stanbic IBTC Capital Limited (“Stanbic IBTC Capital”) acted as Lead Issuing House while RMB Nigeria acted as Joint Issuing House on the Programme.The establishment of the Programme will support the asset growth and liability management objectives of RMB Nigeria by enabling the issuance of debt instruments and structured notes.Speaking on the Programme registration, Bayo Ajayi, Chief Executive Officer, RMB Nigeria commented: “This Programme provides us the opportunity to access liquidity from the Nigerian debt capital markets to support our strategic and financing objectives. We remain committed to effectively partnering with our clients, and with this enhanced capacity to raise long term funding, we are in a stronger position to support our clients with their long-term loan needs. We believe in the Nigeria growth story and the establishment of this Programme presents a unique opportunity for investors to join us on this journey by participating in the issuances.
L-R: Akinola Akinboboye, Partner Financial Advisory, Deloitte West Africa; Oyinda Akinyemi, Executive Director, Stanbic IBTC Capital; Bayo Ajayi, Chief Executive Officer, Rand Merchant Bank; Yetunde Ogunremi, Executive Director, Treasurer, Rand Merchant Bank; Taiwo Gabriel, Executive Director, Risk and Compliance, Rand Merchant Bank and Abiola Baruwa, Company Secretary, Rand Merchant Bank during the signing ceremony of Rand Merchant Bank’s ₦40 Billion Multi-Instrument Issuance Programme, with Stanbic IBTC Capital acting as Lead Issuing House.
We are also thankful for the support of Stanbic IBTC Capital and all our advisers who partnered us through this process.”Also speaking on the Programme registration, Oyinda Akinyemi, Executive Director, Stanbic IBTC Capital, said: “This initiative by RMB Nigeria is yet another noteworthy example set by the Bank in relation to global best practice in treasury management and innovation, to cope with evolving market conditions. Stanbic IBTC Capital has been at the forefront of advising our clients on staying ahead of changing market trends, and we are pleased on this occasion to have been of assistance in shaping RMB’s funding strategy.
L-R: Chidi Iwuchukwu, Executive Director, Investment Banking Division, Rand Merchant Bank; Oyinda Akinyemi, Executive Director, Stanbic IBTC Capital; Bayo Ajayi, Chief Executive Officer, Rand Merchant Bank; Yetunde Ogunremi, Executive Director, Treasurer, Rand Merchant Bank; Abiola Baruwa, Company Secretary, Rand Merchant Bank and Taiwo Gabriel, Executive Director, Risk and Compliance, Rand Merchant Bank during the signing ceremony of Rand Merchant Bank’s ₦40 Billion Multi-Instrument Issuance Programme, with Stanbic IBTC Capital acting as Lead Issuing House.
We thank RMB Nigeria for trusting Stanbic IBTC Capital and the other professional parties in seeing the Programme registration to a successful completion.”
Business
Olam Agri relaunches Supreme Semolina to enrich consumer experience
L-R: Siddarth Suri, Business Head, B2C, Grains and Animal Feed, Olam Agri in Nigeria; Abolaji Anifowose, Vice President, Commercial, Olam Agri in Nigeria, and Rotimi Akinneye of Rokinwa Foods, during the Supreme Semolina Relaunch in Lagos, recently.
Lagos, Nigeria, October 20, 2024 – Olam Agri in Nigeria, an agribusiness in food, feed and fibre, has reaffirmed its commitment to keep unlocking value for consumers and strive for a food-secure nation. The agribusiness’ grain and wheat milling business, Crown Flour Mill (CFM) Limited relaunched one of its leading product brands, Supreme Semolina, on Friday, October 18, 2024.The relaunch event which took place at Radisson Blu, Lagos, showcased the product’s improved quality and unrivalled competitive edge. The event also served as an occasion to engage with and honour the company’s trade partners. Supreme Semolina is a creamy coarse semolina made from wheat, enriched with micronutrients and iron. It has a firm and light texture that makes it ideal for consumption. The improved product captures new market tastes and evolving consumer values. Speaking during the product relaunch event, B2C Business Head, Grains and Animal Feed, Olam Agri in Nigeria, Siddarth Suri, “We are thrilled to announce the successful relaunch of Supreme Semolina and host our valued trade partners. This relaunch showcases our sensitivity and swift response to consumers’ changing demand for an enriched gastronomical experience.”“The relaunch goes beyond a facelift. We have been able to strategically reassess the product’s key parameters and reexamine the overall customer experience. Essentially, this product captures a new packaging format that makes it last longer and keep fresh till use. Initial response to the relaunch has been remarkable and products are available in the market.”Emphasising the significance of the product relaunch, Bola Adeniji, General Manager/ Head Marketing, Olam Agri in Nigeria, stated, “As a business that started in Nigeria more than three decades ago, Olam Agri keeps unlocking value for customers, enable farming communities to prosper sustainably and strive for a food-secure future. Supreme Semolina was first launched into the Nigerian market in 2004. The relaunch is a testament to our ongoing commitment to ensuring Nigerian consumers can access safe, secure and affordable food products.”
Business
Investment Strategies for Different Life Stages
Now that you understand how to set financial goals, let’s move on to our next topic: Investment Strategies for Various Life Stages:Investing is a journey that evolves as you progress through various stages of life. Each stage has distinct financial priorities, goals, and risk tolerances, requiring tailored investment strategies to ensure long-term economic success. Whether you are just stepping into adulthood, entering your mid-career phase, or preparing for retirement, aligning your investment approach with your current life stage is essential for building and preserving wealth.Early Adulthood (Ages 18–30): Setting the Foundation for GrowthThe early adulthood is marked by fresh beginnings—completing education, starting a career, and becoming financially independent. During this stage, individuals typically have a long investment horizon, which allows them to take on more risk.At this age, the primary focus should be on building a solid financial foundation. Start by creating a budget that prioritizes saving, paying off high-interest debt, and setting up an emergency fund to cover unexpected expenses. Once these essentials are in place, begin exploring investment opportunities that offer growth potential over time.Key Strategies:• Invest in Stocks: With decades ahead of you, investing in equities can provide the high returns needed to grow your wealth over the long term. Consider contributing to individual stocks or low-cost index funds.• Start Retirement Savings Early: Take full advantage of employer-sponsored retirement plans and contribute enough to get any matching benefits. If available, open an IRA (Individual Retirement Account) to diversify your retirement savings.• Take Risks: This is the time to be more aggressive in your portfolio choices since your long-time horizon allows you to recover from market downturns.• Invest in Yourself: Beyond financial markets, investing in education, skills, and personal development can have long-lasting benefits for your earning potential.By setting the groundwork for your financial future in your twenties, you can capitalize on compounding growth and set up habits that will help you in the years to come.Midlife (Ages 30–45): Balancing Growth with ResponsibilitiesAs you move into your 30s and 40s, your financial responsibilities typically increase, especially if you are buying a home, supporting a family, or advancing in your career. While it is still important to focus on growing your wealth, you also need to balance growth with more stability as your obligations expand.In this stage, you may have more disposable income, but it is essential to keep financial discipline and avoid lifestyle inflation, which can derail long-term goals. Your investment strategy should now include more diversification to protect against market volatility while continuing to build wealth.Key Strategies:• Diversify Your Portfolio: In addition to stocks, consider distributing part of your portfolio to bonds, real estate, or dividend-paying stocks. A balanced portfolio can provide growth while reducing risk exposure.• Increase Retirement Contributions: As your income increases, try to max out contributions to retirement accounts. This is also a suitable time to consider diversifying into other tax-efficient investment vehicles, such as Health Savings Accounts (HSAs) or brokerage accounts.• Plan for Education Expenses: If you have children or plan to in the future, start saving for education costs through savings plans or other investment vehicles.• Protect Your Assets: Ensure you have adequate insurance coverage, including health, life, and disability insurance, to safeguard your financial well-being.Balancing wealth accumulation with stability during this period will set the stage for a secure financial future as your career peaks and family responsibilities grow.Late Career (Ages 45–60): Shifting Toward Preservation and IncomeIn your late 40s and 50s, retirement is no longer a distant concept—it is an impending reality. During this stage, you should begin shifting your investment strategy from aggressive growth to a more balanced approach that prioritizes wealth preservation and income generation.This is also the time to carefully review your retirement savings and evaluate whether your current strategy will allow you to meet your post-retirement goals. The risk tolerance naturally decreases in this stage, as you have fewer working years left to recover from significant market downturns.Key Strategies:• Reduce Risk Exposure: Gradually shift your portfolio towards more conservative investments, such as bonds, fixed-income funds, or dividend-paying stocks. The goal is to preserve capital while keeping some exposure to growth.• Maximize Retirement Savings: With retirement on the horizon, take advantage of catch-up contributions for retirement accounts that allow you to save more after age 50. Review your projected retirement income and adjust contributions as needed.• Plan for Healthcare Costs: As you get closer to retirement, healthcare expenses become a more significant consideration. Look into long-term care insurance and ensure you have a plan for covering medical costs in retirement.• Diversify Income Streams: Consider diversifying your income sources through annuities, rental income, or other forms of passive income to provide added security in retirement.At this stage, your primary goal should be to transition from wealth-building to wealth preservation, ensuring that your financial assets will last throughout your retirement years.Retirement (Ages 60 and beyond): Preserving Wealth and Generating IncomeOnce you have retired, the focus shifts entirely to protecting the wealth you’ve accumulated and ensuring a steady income stream to support your lifestyle. With no active income from work, it is critical to manage your assets carefully to make them last throughout your retirement years.Retirement brings a lower risk tolerance, as large losses can significantly affect your quality of life. As such, your portfolio should be predominantly conservative, emphasizing income generation and capital protection.Key Strategies:• Generate Steady Income: Look for reliable income sources, such as bonds, dividend-paying stocks, or annuities, to cover daily living expenses without drawing too heavily on your retirement savings.• Maintain Liquidity: Ensure that you have enough liquid assets to cover immediate expenses and any emergencies that may arise. Having access to cash or liquid investments like money market funds can prevent the need to sell long-term investments at inopportune times.• Manage Withdrawals Carefully: Develop a withdrawal strategy that allows your assets to last for the duration of your retirement. One popular method is the 4% rule, where you withdraw 4% of your portfolio each year, adjusted for inflation. However, this should be customized based on your unique financial situation.• Review Estate Plans: Ensure your estate plans are up to date to reflect your wishes about the distribution of your assets after your death. Regularly review your beneficiaries, wills, and trusts to avoid potential legal issues for your heirs.Managing wealth in retirement is about finding the right balance between enjoying your hard-earned savings and ensuring they will sustain you for the rest of your life.ConclusionInvesting is not a one-size-fits-all journey. As you move through various stages of life, your financial priorities and risk tolerance evolve, requiring you to adjust your investment strategy accordingly. In your younger years, focus on aggressive growth to build a solid foundation. In midlife, balance growth with stability to protect your assets while continuing to grow wealth. As you near retirement, shift towards preserving capital and generating income to ensure a comfortable and secure future. No matter the life stage, staying informed, regularly reviewing your financial plan, and seeking professional advice, when necessary, will help you achieve your long-term financial goals.
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