Business
IFC Invests $100m Equity In ETI
International Finance Corporation (IFC) the private sector arm of the World Bank Group, has invested $100 million in equity in Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group. The investment makes IFC one of the leading shareholders in ETI.
This investment is part of ETI’s ongoing capital raising, continued from 2008 when the company raised US $150 million in long- term capital from a number of development of Finance Institutions, including IFC and FMO, the Netherlands Development Finance Company. The investment stems from a $100 million convertible loan that Ecobank secured from IFC in July 2008 in support of US growth and diversification strategy in Sub-Saharan Africa.
“This substantial injection of capital is a strong indication of continued investors’ confidence in ETI”, says Arnold Ekpe, Chief Executive of Ecobank Group.
Incorporated in Lome, Togo, ETI is the parent company of the leading independent of the regional banking group in Africa. It currently has a subsidiaries and offices in 31 countries.
ETI is listed in the stock exchange in Lagos, Accra and the Bourse Regional desualeurs mobilieres (BRUM) in Abidjan. The Group is owned by more than 180,000 Local and international institutional and individual shareholders. It has over 11.000 employees from 29 different countries in over 700 branches-Ecobank is a full- service bank providing wholesales, retail investment and transaction banking service and products to government financial institutions, multinationals international organisations, medium small and micro business and individuals.
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Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
