Day: July 6, 2023

Stanbic IBTC Holdings PLC, a member of Standard Bank Group and the leading end-to-end financial services provider in Nigeria, recently announced various Board appointments across the Group. These appointments are a reflection of the Group’s commitment to strengthening its leadership teams and driving continued growth and innovation in the financial services sector.

Mrs. Ndidi Nwuneli, a highly accomplished businesswoman and social entrepreneur, was appointed Independent Non-Executive Director of Stanbic IBTC Holdings PLC. With an extensive experience and deep understanding of business development and sustainability, Ndidi will contribute invaluable insights to the Board’s strategic decision-making processes.

Mr. Yinka Sanni also joined the Board of the Holding Company as a Non-Executive Director. Yinka brings a wealth of experience in the financial services industry, and a strong track record of leadership. His robust industry experience and strategic insight will be instrumental in shaping the company’s growth trajectory. In addition to this role, Yinka will serve as a Non-Executive Director of Stanbic IBTC Bank.

Mrs. Funeka Montjane was appointed Non-Executive Director of Stanbic IBTC Bank PLC. Her rich expertise in banking and financial services across Africa and beyond will be instrumental in achieving the Bank’s strategic objectives and ensuring its continued success.

Mr. Efe Omoduemuke joined the Board of Stanbic IBTC Asset Management as an Executive Director. With broad knowledge in investment management and risk management, Efe will play a pivotal role in driving the next growth phase and development of the asset management business.

Mrs. Joyce Dimpka was appointed Non-Executive Director of Stanbic IBTC Insurance Brokers. Her vast background across the financial services industry at Senior Management and Board levels will provide valuable insights and guidance to the company’s operations.

Similarly, Mrs. Temitope Popoola was recently appointed as an Executive Director of Stanbic IBTC Insurance Brokers Limited. Temitope’s wealth of experience, which traverses Finance, Operations, Customer Service, Internal Audit, and Human Capital will be instrumental in achieving the Company’s strategic objectives in delivering excellent service and innovative insurance solutions to clients.

Mr. Oladele Sotubo was appointed as Executive Director on the Board of Stanbic IBTC Capital Limited. With his expertise and experience in the capital markets, Oladele will bring valuable insights and contribute to the growth and success of Stanbic IBTC Capital Limited.

Lastly, Mrs. Titi Ogungbesan was appointed as the Chief Executive of Stanbic IBTC Ventures. With her demonstrated leadership skills and deep understanding of the Nigerian business landscape, Mrs. Ogungbesan will lead the company in identifying and maximizing investment opportunities, driving its growth, and expanding the company’s portfolio.

The Chief Executive of Stanbic IBTC Holdings, Dr. Demola Sogunle, said: “These appointments represent a significant milestone in the flight plan of Stanbic IBTC as we continue to position ourselves as a leader in the Nigerian financial services industry. The newly appointed directors bring a wealth of multi-dimensional experience, diverse perspectives, and a deep commitment to driving excellence and innovation.”

“We are delighted to welcome these esteemed professionals to our Board of Directors. As we navigate the evolving financial landscape and continue to deliver exceptional value to our shareholders, clients, and communities, we recognise that people are the driving force behind any company’s growth. Hence, we prioritise people over profits at Stanbic IBTC,” Demola said.

Demola expressed his satisfaction with the newly appointed directors and reaffirmed the Group’s commitment to nurturing its workforce while maintaining exceptional service standards across its subsidiaries.

He encouraged the new appointees to make a meaningful impact in their roles while expressing confidence that their collective experience and skills would further strengthen the organisation’s corporate governance.

Source: News Agency of Nigeria

Prime Minister Abiy Ahmed noted that the government’s prevention measures to control inflation rate from exceeding 30 percent in this Ethiopian fiscal year (EFY) amid international challenge and pressure is a very good start.

The House of Peoples’ Representatives (HPR) held its 28 regular session today.

During the session, members of the parliament(MPs) posed questions on overall performance of the government including the rising inflation, which in particular is highly affecting people with low income.

The premier said that the government has carried out various activities in different sectors to reduce inflation.

Pointing out that the inflation has been stubborn for many countries to control, the government has been undertaking activities which were able to prevent the inflation rate from rising above 30 percent in the fiscal year amid international challenges and pressure.

Despite efforts of containing inflation from exceeding 30 percent, food inflation reached 43.9 percent, he said.

"But we were able to reduce it to 28.5 percent this year," the prime minister stated.

Abiy added that "the general inflation has reached 37 percent and was reduced to 30 percent. This is not enough as we do not have citizens who could shoulder 30 percent inflation."

The prime minister underscored that more works will be done in the future to reduce inflation in Ethiopia.

The achievement in preventing inflation from exceeding 30 percent while overcoming international challenges and pressures of the year is a very good start. There is hope that this will improve further next year, Abiy said.

According to him, activities are being carried out in different sectors, including in the agriculture sector, to stabilize inflation.

At least 2 million additional hectares of land will be cultivated in this crop season and agricultural production is expected to increase, Abiy stated.

According to him, it is for the first time for the country to cultivate more than 15 million hectares of land.

Moreover, he pointed out that the annual budget for the upcoming Ethiopian Fiscal Year was prepared in a different way than the previous years in order to fight the inflation growth.

He also expressed his hope that the Group 20 countries in their upcoming meeting in India are expected to pass decisions on debt restructuring and flow of additional financial resource to the international financial institutions to respond to the problem and agenda of many countries.

Source: Ethiopian News Agency

Prime Minister Abiy Ahmed disclosed that 3.5 million internally displaced peoples (IDPs) have returned to their homes with the support of the government.

Responding to queries raised by members of the HPR during its 28th regular session, the premier recalled that 4.6 million citizens have been displaced due to various reasons.

Of those, 3.5 million IDPs have returned to their homes as a result of the efforts exerted by the government in coordination with stakeholders, he added.

Since there is a tendency of developing dependency mentality among some IDPs, it is necessary for Ethiopians to tailor lasting solutions to the problem, according to the premier.

As regards withstanding such problems, the prime minister for example stated that the drought experienced in Borena has been successfully tackled by the agricultural activities carried out by the government, especially in wheat production.

Therefore, he stressed that we should always work on getting out of the problems we face by ourselves.

Abiy underlined that efforts would be made to return the more than one million citizens who have not yet returned to their villages to settle them permanently.

Meanwhile, he stated that 3.1 jobs were created in the past eleven months of the Ethiopian fiscal year. The jobs were created in agriculture, industry, and service sectors as well as employments abroad.

According to the premier, additional legal foreign employments for two million citizens are being processed by the Ministry of Labor and Skills.

Source: Ethiopian News Agency

The 28th regular session and second tenure of the House of People's Representatives (HPR) have today approved the 801.65 billion birr budget of the federal government for the Ethiopian fiscal year of 2016.

The budget proposal was presented to the HPR by the Planning, Budget and Finance Affairs Standing Committee of the HPR.

The budget slated for the fiscal year includes 369.6 billion birr for regular government expenditure and 203.9 billion birr for capital expenditure while 214.07 billion birr is to be disbursed in budget subsidy for regional states. Moreover, 14 billion birr was earmarked for sustainable development programs to be implemented during the fiscal year.

The approved budget is slightly higher than the budget allocated for the concluding fiscal year by 2 per cent.

The federal government budget is expected to focus on supporting citizens who were affected by the drought situation and those displaced during the two years war in the northern part of the country as well as rehabilitation of social and infrastructure services destroyed during the war.

Source: Ethiopian News Agency

The City of London played host to the 6th Annual Conference on Energy Arbitration and

Dispute Resolution in the Middle East and Africa on the 27th and 28th of June 2023. Participants at

this two-day event included government officials, legal practitioners, diplomats, and academics from

around the world.

During the first day of the conference, a distinguished lineup of speakers captivated the audience

with their insights. Lise Boseman set the stage, delving into the complex realm of Investor-State

Dispute Avoidance. According to Boseman, a state’s national laws must be aligned with its

international investment obligations and cohesion.

The next speaker, Dr Glenn George, discussed the prevailing global energy mix, which remains

heavily dependent on fossil fuels. Dr George emphasized that renewable energy sources still require

a large quantity of rare earth elements, despite their impressive progress.

A prominent figure in the field, Khawar Qureishi KC, shared his invaluable experience in representing

investors and states in Africa. According to Qureishi, a delicate balance must be struck between

protecting foreign investors and safeguarding the legitimate interests of states. Drawing from his

experiences, he highlighted the need for strategic decision-making.

A riveting panel discussion featuring Emilia Onyema, Dr. Victoria Nalule, Kirtan Prasad, and Sanjeev

Bahl sparked a lively debate about whether green energy production for export is the best policy for

African countries. The panellists stressed the potential for job creation as well as the need to assist

domestic markets. However, they also emphasised the importance of modernising household grids

and establishing appropriate grid infrastructure.

Daniel Correa emphasised the importance of early instruction during arbitration since it provides for

a quick knowledge of the project, claims, and positions of the parties concerned. This enables courts

and tribunals to issue well-informed and concise opinions.

Another panel, which included Yolanda Walker, Paul Sills, Jide Adesokan, Luis Martinez, Duncan

Bagshaw, and Martin Burns, discussed dispute-resolution strategies in African energy infrastructure

projects. The panellists offered their knowledge, giving light on various conflict resolution solutions.

The day concluded with a stimulating discussion involving Victoria Kigen, Daniel Wilmot, Gillian

Lemaire, and Steve Finizio. The panel centred around Queen Mary’s University London and Pinsent

Masons survey on international energy arbitration’s future. Interestingly, the survey revealed that

27% of respondents predicted increased energy disputes in Africa, making it the region most likely to

experience such disputes.

Day two of the conference focused on the Middle East and North Africa region. The panel

discussion, led by Jamie Trinidad KC, Lady Olga Maitland, Laurence Franc-Menget, Tarek Eltumi, Rym

Loucif, and Ahmed Abdel Hakam, explored various risks and challenges faced by states and investors

in the region. Attention was drawn to the rise of sham claimants targeting states and the need to

adapt to the shifting geopolitical landscape.

The conference continued with an engaging conversation between Clarissa Coleman, Cherine Ghali,

Dan Turner, and Lindy Patterson. They deliberated on the crucial decision of choosing the arbitration

seat for MENA disputes. The panellists emphasised the significant impact the seat has on the choice

between civil and common law systems, document disclosure, and case funding.

Craig Tevendale’s keynote speech was the day’s high point. He brought light on the frightening

Energy Trilemma. This entails striking a delicate balance between ensuring a consistent energy

supply, lowering prices, and minimising environmental effect.

The final panel, which included Professor Peter Cameron, Michael Patchett Joyce KC, Vivek Kapoor,

Deger Boden, and Naomi Bariercliffe, focused on the evaluation of Middle East Investment Treaties

relating to oil and gas investments and climate change. The panellists provided useful insights

towards understanding the intricate interplay between these critical factors.

The conference concluded with a riveting discussion led by Asel Housan, Charlie Morgan, and James

M. Turner KC. The discussion focused the role of Artificial Intelligence (AI) in driving productivity and

research within the legal field. While AI is already playing a substantial role in large law firms, the

panellists were sceptical of its potential as a decision-maker in conventional dispute resolution. The

future of AI in this domain will ultimately depend on the evolution of disputes and changes in

business practices.

The 6th Annual Conference on Energy Arbitration and Dispute Resolution provided a valuable forum

for specialists from around the world to share their knowledge and perspectives, and provided

attendees with enhanced knowledge of the complex terrain of energy arbitration and dispute

resolution.

Source: Cameroon News Agency