Cardoso’s banking consolidation to drive NGX’s N3 trillion expansion

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Cardoso’s banking consolidation to drive NGX’s N3 trillion expansion - The Central Bank of Nigeria (CBN), led by Yemi Cardoso, is spearheading a new wave of banking consolidation to drive significant growth on the Nigerian Exchange (NGX). This initiative follows the first consolidation two decades ago, aiming to boost capital market expansion by March 2026. The CBN has increased minimum capital requirements by up to 1000%, offering banks three options: raising equity through private placements or public offerings, mergers and acquisitions, or adjusting their licenses. Most banks prefer raising equity. Fidelity Bank and Access Bank have already initiated public offerings to meet these requirements, collectively aiming to raise N478 billion. Analysts believe that the banks' strong market presence and past success in capital raising make mergers less attractive. The total number of banks is smaller than in 2005, and many have a history of paying dividends and raising capital independently. The consolidation is expected to expand the NGX All Share Index by N2 to N3 trillion, strengthening banks with lower non-performing loan ratios. It also highlights Nigeria's capital market capacity, offers investment opportunities, supports macroeconomic stability, and redirects liquidity from consumption to savings and investments. read more

West Africa Gears Up for GIS Revolution: ESRI User Conference Arrives in Abuja - The geospatial landscape in West Africa is poised for a major leap forward with the arrival of the ESRI User Conference in Abuja, Nigeria. Scheduled for September 10th-11th, 2024, this exciting event hosted by GIS leader Sambus Geospatial promises to unite professionals, academics, and industry leaders from across the region.

To register for the Esri User Conference West Africa 2024, please click the link:  https://africabusinessconvention.com/event/esri-user-conference-west-africa-2024/

The conference shines a spotlight on the growing importance of Geographic Information Systems (GIS) in tackling a wide range of challenges, from infrastructure development to environmental protection. With its industry-leading ArcGIS platform, ESRI is at the forefront of GIS software. Attendees will have the opportunity to explore cutting-edge mapping technologies, learn from real-world applications of GIS across diverse sectors, and gain valuable insights from renowned speakers. Collaboration is a cornerstone of the event, with dedicated networking sessions designed to foster partnerships and knowledge exchange. This focus on collaboration is essential for building a strong and vibrant GIS community in West Africa. The conference arrives at a pivotal moment for geospatial technology in the region. Several key advancements have played a crucial role in making GIS more accessible and powerful, including the increased availability of high-resolution satellite imagery, the proliferation of GPS-enabled smartphones and tablets, and the emergence of open-source software like QGIS. By bringing together key stakeholders, showcasing advancements in the field, and fostering collaboration, the ESRI User Conference positions West Africa to leverage the power of GIS technology to address critical challenges and build a brighter future. Sambus Geospatial's leadership in hosting this event demonstrates their ongoing commitment to empowering the region with the tools and knowledge they need to thrive in the geospatial revolution. Don't miss this chance to be a part of this exciting event! read more

From TV Producer to Public Relations Powerhouse: The Rise of Worktainment Limited - Worktainment Limited, founded in 2017 by Obinna Inogbo, has transformed from a TV production and talent management venture into a successful public relations (PR) agency. With a background in TV production and screenwriting, Inogbo leveraged his industry relationships and skills to transition into PR, obtaining certification from the Nigerian Institute of Public Relations (NIPR). The agency's notable success includes helping Kawai Technologies achieve recognition on the Financial Times' list of Africa's Fastest Growing Companies. Worktainment aims to secure three retainer clients by 2024 and expand to a six-person team by 2027, ultimately aspiring to list on the Nigerian Stock Exchange. The Nigerian PR industry, dominated by small firms, faces challenges such as clients undervaluing PR and expecting immediate results. Worktainment navigates these challenges by emphasizing PR's strategic value. Despite fierce competition in Lagos, where 60% of the nation's PR practitioners operate, Worktainment’s effective strategies and robust client roster, including Kawai Technologies and Reddington Hospital, underscore its credibility. The future of Nigerian PR appears promising, with growing recognition of PR’s long-term benefits and a shift towards smaller, agile firms. Inogbo's personal background in Politics and International Relations, along with his cultural interests, further enriches Worktainment's strategic vision and industry impact. read more

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