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Stock Exchange, Four Banks Close Shop In Cote d’Ivoire

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The West African

Stock Exchange and four banks have suspended their operations in Cote d’Ivoire, following disagreements and security fears raised with the government of President Laurent Gbagbo.

Three international banks, Nigeria’s Access bank plc, the French subsidiary of BNP Paribas- BICICI and America’s Citi bank, announced their suspension of operations on Monday.

On Wednesday, the Standard Chattered Bank, established for corporate banking, was closed to customers and other business activities.

The West African central bank, BCEAO, which provides the financial backbone to eight francophone West African countries including Cote d’Ivoire, had earlier suspended its operations in Cote d’Ivoire in January.

The closure of the four international banks, the stock market and the central bank signals the gradual pulling of the curtain over economic activities in Cote d’Ivoire.

The Ivorian economy is already crawling from the battery of international sanctions targeted at the cocoa industry, which is the mainstay of the economy.

The international community had piled sanctions on the Ivorian economy, following President Laurent Gbagbo’s refusal to hand over power to Alassane Ouattara.

Ouattara was the declared winner of the presidential elections held in November 2010 by the Ivorian electoral commission and the UN operations in Cote d’Ivoire, but Gbagbo rejected the results.

The Tide West African correspondent, who went round the branches of the banks in the central business and administrative zone of Cote d’Ivoire reports that all the banks were closed for business.

The premises of the West African Stock market was also sealed, with a strong presence of Ivorian security guards.

A communiqué issued by the West African Stock exchange on Wednesday said it had to suspend operations because Gbagbo had “requisitioned” the office.

The communiqué said the Board of Trustees of the Stock Market met in Ouagadougou and decided to suspend the operation of the market in Abidjan, after reviewing the political situation.

The communiqué, signed by the Stock Exchange president, Yade Coulibaly, said “all market operators are to stop trading in the Abidjan market until further notice’’.

The statement on the susupension of operations by BICICI, posted on its website on Monday, said the bank had to close temporarily for security reasons.

“We regret to announce to you that BICICI temporarily suspended its activities from this day February 14, 2011.

“We are no longer able to ensure that our work is done in satisfactory legal and accounting conditions for our customers or ensure the physical security of our staff,’’ a statement signed by the bank’s Managing Director, Yao Kouassi, said.

According to a statement, the French bank said its operations had been hampered by many “legal and regulatory confusions’’ in Cote d’Ivoire.

A Staff of the Nigerian Access bank in Abidjan told newsmen that there was a “directive from Lagos that the bank in Cote d’Ivoire should be closed on Monday.

“We had to go home, but we are not sure when the bank will be re-opened,’’ the staff said.

The Ivorian Minister of Budget, Katinan Kone, said the closure of the banks contravened the legal agreements entered on the security of depositors’ funds.

“The BICICI and Citi bank violate the rights of investors by confiscating their deposits. The Laurent Gbagbo-led government cannot tolerate these acts of defiance,’’ he said.

Meanwhile, customers had a run on the West Africa regional bank, Ecobank and the subsidiary of the Societe Generale bank in Cote d’ Ivoire, SGBCI, on Wednesday.

“We had many customers, who came in to draw down their money and we met all their requirements,” a senior manager at the headquarters of Ecobank told newmen.

Okwuashi said that it was unfortunate that Nigerian port system lacked the requisite number of professionals to manage the system effectively.

The port technocrat stressed that the Inland Container Depots (ICDs) were initiated to alleviate port congestion and that port managers should understand the importance of the ICDs.

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Maritime

Shippers’ Council Registers 160 Port Operators

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The Nigerian Shippers Council (NSC) says it has registered 160 Port stakeholders into its Regulated Port Service Provider and Users platform since the initiative began in 2023.
Executive Secretary, NSC, Mr Pius Akutah, made the disclosure on the sideline of a sensitisation programme by the commission for port operators in Lagos, with the theme, “Regulated Port Service Provider and Users”.
Represented by the Director, Consumer Affairs, Chief Cajetan Agu, Akutah emphasised the significance of the programme for stakeholders.
He said the sensitisation programme was the second edition after its commencement during the last quarter of 2023.
The Secretary said the 160 registered port operators consist of agencies, terminal operators, shipping companies, individual port users as well as service providers.
“We invited the ports stakeholders for enlightening them on the processes for online registration of Regulated Port Service Provider and Users.
“We have demonstrated to them how to register and how to make payment and we were able to present before them the various categories of the registration.
“The rate of payment is also in the registration. The payment of each group depends on the operation. A shipper pays N30,000, terminal operators and shipping companies pay N300,000, truckers also pay N30,000, while some pay N50,000 and N100,000.
“The Council was able to intimate them on the benefits, because port users benefit more as we help to interface on reducing port charges from time to time”,  Akutah said.
He said  that there was a need to continue to work with port operators to stop delays and eliminate high costs to make the port efficient.
Also speaking, the Deputy Director, Stakeholders, Service, NSC, Mr Celestine Akujobi, said “the sensitisation exercise was important for the council to enable us bring all the port stakeholders together”.
According to him, this is to avoid challenges during the implementation of the council’s responsibilities.
“By the time we introduce sanctions on defaulters, no operators will complain that he or she is not aware of the registration.
“I’m happy with the turnout of this sensitisation. This shows that the operators are well informed of the statutory friction of the council as the port regulator.
“The final implementation will commence as soon as we discover that all the operators have keyed into the portal.
“We are engaging other ports across the country and we’re hopeful that before the last quater of 2024, the council will implement sanctions on defaulting operators”, Akujobi said.
Earlier, Vice Chairman, National Association of Government Approved Freight Forwards (NAGAFF), Dr Ifeanyi Emoh, said  port challenges were enormous, adding that they originated from some of the government agencies.

Emoh urged the council to look into regulating other government agencies, so that there could be a window through which they can collect port charges collectively instead of indiscriminately.

By: Chinedu Wosu

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Business

Chivita, Hollandia Reward Outstanding Trade Partners At Annual Conference

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Chivita| Hollandia (CHI Limited) leading fruit juice and value-added dairy manufacturer in Nigeria has rewarded its long standing distributors at the recently held 2024 Distributor Conference. The event with the theme, “Break Boundaries Exceed Expectations” served as a platform to recognise and reward the exceptional contribution of the distributors and wholesalers who play a critical role in Chivita|Hollandia (CHI Limited) success and business goals for the year.
The Distributor Conference was held in two sessions. While the morning session featured keynote addresses, industry insights and brand immersion experience, the evening session was a cultural display of elegance and funfair that culminated in the award presentation and recognition of the contribution the trade partners made to the company in the 2023 year under review.
A key highlight of the event was the award ceremony which acknowledged outstanding trade partners in various regions across the country. The awards recognized commitment, dedication, and outstanding performance in areas of sales growth, brand promotion, and market expansion.
Eelco Weber, Managing Director, Chivita|Hollandia (CHI Limited), stated that the company’s success story is incomplete without the strong partnerships it has built with trade partners. “Today, we celebrate not only the achievements, but the collaborative spirit that has made our growth possible” he said.
Bola Arotiowa, Chief Commercial Officer, Chivita|Hollandia (CHI Limited), in his statement revealed that, the event which was first of its kind will continue to be an annual meeting to enable the company work more closely with its distributors, share insights and action points, help the trade partners familiarize themselves with the company’s goals and objectives for each year, and serve as a driver for mutual success.
“Our distributors are the backbone of Chivita|Hollandia (CHI Limited). Their relentless efforts in distributing our products, promoting our brands, and expanding our reach across the nation is truly commendable. As the bridge between us and our valued consumers, it is very important to reward their hard work and dedication for being an essential part of the Chivita|Hollandia (CHI Limited) family. Together, we will continue to deliver great products to our conusmers which in turn will deliver value to them”, Mr. Arotiowa added.
Speaking at the conference, HajiyaBilikisuSaida, Chief Executive Officer of Smabirm Nigeria Limited, who won the Outstanding Distributor of the Year in North 1 region, and got a reward of two million Naira worth of Chivita|Hollandia (CHI Limited) products expressed delight at the company’s recognition, and stated that the awards served as a way to inspire distributors to do more and put in more effort, which in turn would help both the distributors and the company to grow.
Other outstanding performance distributors of the year rewarded with a two million Naira worth of Chivita|Hollandia (CHI Limited) stock include, Sunny Chuks Limited for East 1 region, MRS FA & Sons Limited for East 2 region, Hussakas Ventures for North 2 region, Rookee 1388 Ventures for Lagos 1 region, Pik N Pil Ventures for Lagos 2 region, FaithJoe Event Management Limited for West 1 region, and Progress Family Nigeria Enterprise for West 2 region.
The annual Distributors Conference aims to strengthen the bond between Chivita|Hollandia (CHI Limited) and its trade partners. This collaborative approach fosters mutual growth and ensures the continued success of the brands in the Nigerian market.
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Business

AXA Mansard Backs Female-Owned MSMEs With N1.4m Grant

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A global leader in insurance and asset management, AXA Mansard, has supported three female-owned MSMEs with business grants totaling 1.4 million to boost their operations.
This, the company said, is part of its commitment to women and the Medium, Small, and Medium-scale Enterprise (MSME) sector in the country.
The three businesses were successful at the International Women’s Day Pitch Competition, organised in partnership with SME 100 Africa in Lagos.
According to the Head of Marketing, AXA Mansard, Olusesan Ogunyooye, the competition, which is aimed at supporting female entrepreneurs in Nigeria, “is another way AXA is demonstrating its commitment to the causes of women and stimulating the MSME sector in Nigeria”.
The business pitch competition received numerous entries from women across different sectors, but after a rigorous selection process, shortlisted participants were selected to participate in the competition.
Ogunyooye said “the programme provided a unique opportunity for women from various works and socio-economic classes to showcase their innovative ideas and solutions in sectors such as food, tech, fashion, and fragrance, creating an atmosphere filled with excitement, enthusiasm, and a strong sense of community”.
He stressed the importance of investing in women, saying it is not just the right thing to do, but also aligns with AXA’s purpose of acting for human progress.
He explained that AXA believes the future of women should not be at risk, hence investing in their economic empowerment is a crucial part

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