The investment firm made this known during its Afrinvest Meetup held in Lagos, where executives sat face-to-face with users, retail investor, finance creators and influencers in what became an unusually open conversation about the company’s technology problems, customer frustrations and resolutions future plans.

At the centre of the discussion was Afrinvest’s renewed drive to win back investor confidence after recent platform glitches that triggered backlash online and complaints from users over delayed settlements, duplicated trades and customer support gaps.

Speaking during the session, Ike Chioke, group managing director of Afrinvest (West Africa) Limited, admitted the firm had learned difficult lessons from the experience and would use the feedback to improve its systems.

“I can assure you that we’re going to take all of this feedback and integrate the systems and processes, and then figure out how to come up with a better application,” he said.

Chioke said one of the biggest realities the company had to confront was the gap between financial products and the average Nigerian investor.

The meetup focused heavily on Afrinvestor 2.0, the company’s upgraded investment platform, which executives said now includes improved security, easier onboarding and a new IPO subscription feature designed to handle upcoming public offers, including the expected Dangote Refinery IPO.

During a product showcase led by Taiwo Ogundipe, managing director of Afrinvest Securities Limited, the company demonstrated how users can subscribe to the IPO directly through the app.

Ogundipe explained that users can now access Nigerian equities, treasury bills, commercial papers, bonds and public offers from one platform.

Victor Ndukauba, deputy managing director, Afrinvest, said at the event: “Afrinvest today is well positioned for the upcoming Dangote Refinery IPO.”

The company also used the event to address the multiple trade execution issues that affected thousands of users earlier in the year.

Ndukauba explained what happened behind the scenes, saying the issue involved failures between external trading infrastructure providers and exchange systems.

“94,000 clients were affected,” he disclosed, explaining that unstable connections between systems triggered repeated order execution loops during trading sessions, forcing the company into weeks of investigations with technology providers and market infrastructure operators.

“We restored all the accounts to where it was,” he said. “Clients come first. No client would ultimately bear losses from the incident.” 

During the feedback session moderated by Margaret Ofem, head of Customer Success, users challenged the company over poor communication, confusing user experience and delayed complaint resolution.

Rather than avoid the criticism, Afrinvest executives spent hours responding point by point.

Ndukauba acknowledged the challenges, adding that Afrinvest is now redesigning its support structure to scale faster during complaint spikes and improve response times across email, calls and social media.

The company also revealed that it is working on integrating banking services directly into the investment ecosystem after acquiring a microfinance banking entity.

Chioke said the integration would eventually turn the investment app into a full financial platform where users can invest and save from one account.

“The same app you’re using becomes a bank account effectively,” he said.

“There will be no firm that can offer that kind of platform because of the integration of investment and savings.”

Afrinvest executives also disclosed that discussions are ongoing around cross-border investing within Africa.

According to the firm, the goal is to eventually allow users to buy shares across markets including Ghana and Kenya from a single platform, although regulatory approvals and settlement systems are still being worked out.

“We have already done some work around making it possible for other people to invest in Nigeria,” Ogundipe said.

“So that very soon within the Afrinvest stock app, you will begin to see shares from Ghana, from Kenya.”

The company said investor education would also become a bigger priority going forward, especially as more first-time investors enter the market.

Executives admitted many Nigerians still struggle to understand how investing works, despite increased interest in stocks and wealth creation products.

Victor Ndukauba, deputy managing director of Afrinvest, said retail investing in Nigeria has changed significantly in recent years.

“A few years down the line, nobody really cared about buying stocks or buying mutual funds,” he said. “That mindset is beginning to change.”

Afrinvest intends to stay long-term, despite the recent challenges. “We are not a wonder bank, and we are here for good,” Chioke said.

“We’ve been here since 1995, 30 years, and we’ll be here for another 30 years and beyond.”

The post Afrinvest Rolls Out IPO Subscription Feature, Eyes Ghana and Kenya Expansion in Retail Investment Goal appeared first on Tech | Business | Economy.

Speaking on the feasibility of the federal government’s ambitious target during a recent ThisDay interview, Dr. Chioke, noted that the current economic momentum remains significantly below the double-digit trajectory required to bridge the gap from the current $240 billion valuation to the trillion-dollar mark.

The Math of the Trillion-Dollar Dream

Dr. Chioke highlighted a massive growth deficit in the current projections. While the government is eyeing a $1 trillion economy, Nigeria’s GDP growth forecast for 2025 is pegged at just above 4%.

According to Afrinvest’s analysis, the math simply does not add up under current conditions.

The High-Growth Scenario:

• If Nigeria grows at 15% annually: The GDP would only reach approximately $550 billion by 2031, barely half of the target.
• The Required Scenario: To actually hit $1 trillion by 2031, Nigeria would need to maintain a compounded annual growth rate of above 25% starting immediately.

“To achieve a $1 trillion economy, Nigeria’s GDP will need a double-digit growth compounded… 12 to 15 per cent per year is not even enough,” Chioke explained. “This would mean that the Nigerian economy by now will be pumping practically on all sectors consistently.”

The Election Factor and Policy Friction

Beyond the purely mathematical hurdles, Afrinvest identified the 2027 General Elections as a major headwind. History shows that as election cycles approach, the business of governance and critical policy execution often take a backseat to political maneuvering.

Key Constraints Identified:

• Political Distraction: Policy execution is likely to be sidelined by 2027 politics.
• Momentum Gap: Achieving 25% growth requires unprecedented productivity across every sector, from manufacturing to tech, which hasn’t yet materialized.
• Current Baseline: A 4% growth rate in 2025 is insufficient to serve as a launchpad for the $1 trillion goal.

The $1 trillion target was always a stretch goal, but Afrinvest’s reality check underscores the gravity of the challenge.

While the Naira’s appreciation and FX inflows are positive signals, they are stabilization factors rather than exponential growth drivers.

For the $1 trillion dream to stay alive, the federal government must look beyond mere stabilization and find a way to trigger industrial-scale productivity.

Without a 25% year-on-year growth miracle, the 2031 target remains mathematically out of reach, potentially ending up as another ambitious policy aspiration unmet by economic reality.

The post Afrinvest: Nigeria Needs 25% Annual Growth to Hit $1trn Target by 2031 appeared first on Tech | Business | Economy.

Dozie died on April 8, 2025, a day before his 86th birthday.

Quoting from William Shakespeare’s Julius Caesar, in a statement on May 2, 2025, he  asserted that the deceased, whom he addressed as PGD (considering Gabriel, his middle name), was a metaphor of “calm and peace at the summit.”

Dozie was former chairman of MTN Nigeria; founder of Diamond Bank, which was acquired by Access Bank; founding member and former chairman of the Nigeria Economic Summit Group; and former President of Nigerian Stock Exchange.

Chioke stated,

“Long before I met PGD, I had heard of his entrepreneurial genius, innovative flair and educational philanthropy. To cite just one of the last elements, he had sponsored several people from my generation to Harvard Business School and other Ivy League institutions in the mid-90s. His motive was to influence the economic and financial future of Nigeria by empowering hundreds of young people to lead the nation into that future.”

He added,

“His vast educational philanthropy was never sporadic; it was an intentional, consistent, and sustained commitment to uplift others. He was preeminently ‘as constant as the northern star’ in his devotion to God and humanity.”

The Afrinvest boss said Dozie never sought accolades; accolades sought him.

Afrinvest, a Nigerian capital market holding company, is both a provider of research content on the Nigerian market and an advisor to blue-chip companies across West Africa on mergers and acquisitions as well as international capital market transactions.

Chioke couched Dozie’s virtue poetically, “In every interaction, PGD exhibited an uncommon fusion of strategic foresight and deep compassion. He listened more than he spoke; and when he did speak, he did so clearly, humbly and insightfully.

“His presence was never imposing, but was always commanding – he was a delight to follow. He led by the power of his example, not by the example of his power.

“His legacy is one of service without self-interest, leadership without arrogance, and faith without cynicism.”

He noted that Dozie’s visible achievements, awesome as they were, “pale into insignificance when juxtaposed with the countless lives he transformed; the numerous life stories he changed; the business and political leaders he nurtured; and the spirit of excellence, compassion, and integrity he instilled across generations.”

According to him, earthly sojourn is a testament to the idea that one man, with vision and compassion, can indeed alter the trajectories of countless lives.”

Born in 1939 in Egbu village of Owerri, Imo State, into the family of Catholic catechist, Charles Dozie, the deceased attended Our Lady’s School (Emekuku), Holy Ghost Juniorate Seminary, and Holy Ghost College, all in Owerri, before travelling to London to study Economics at the London School of Economics.

He also attended City University in London for his Master’s in Operational Research and Industrial Engineering.

He began his career as an economist at the National Economic Development Office in the United Kingdom. He was also a part-time lecturer at the North Western Polytechnic, London. Between 1970 and 1971, he served as a consulting economist at the African States Consulting Organisation in Uganda. After leaving his job in Uganda, he relocated to Nigeria at his mother’s instance.

He was subsequently hired by Clement Isong, then Governor of the Central Bank of Nigeria, to conduct studies on the Co-operative and Commerce Bank.

In 1985, he was appointed Chairman of Progress Bank (now defunct). Later that same year, Dozie applied for a banking licence to help traders in South Eastern Nigeria, who were faced with banking problems.

This birthed Diamond Bank, which at inception had a share capital of N10m, with only 21 interested shareholders.

In 1990, he satisfied the requirements of the CBN to operate a standard bank, and in 1991, Diamond Bank began operations, and he was the Chief Executive Officer till 2006.

The post Afrinvest Boss Eulogises Dozie as Humble Transformer, Entrepreneur appeared first on Tech | Business | Economy.

The donations were made both physically and online during the fundraising dinner organised by the State Trust Fund at the Old Government Lodge, Enugu.

More than N3 billion was realized from individuals and corporate bodies.

In his opening remarks, Dr. Ike Chioke, the chairman, board of Trustees of the Fund and group managing director of Afrinvest West Africa Ltd., while commending the Dr. Peter Mbah administration for the huge impact and investments made in the area of security, including the constitution and inauguration of the Board of Trustees of the Enugu State Security Trust Fund a year ago, stressed that security was everybody’s business.

He said the only way to achieve the $30 billion GDP mark set by the governor was by sustaining and consolidating the successes made in securing lives and property through contributions by citizens, corporate bodies and all levels of government.

“So, our target is N20 billion. Our population as a state is well over 5 million people. We think that 2 million working adults in the state, assuming each person contributing N1,000 every month, that is N2 billion a month already. If you get N2 billion naira a month for 12 months, it means that the citizens alone can raise N24 billion. That is for individuals alone before adding the government. That tells you our capacity,” he asserted.

Governor Mbah, on his path, recalled the grave security situation at the time his administration came on board, noting that there was no room for complacency despite the massive successes.

“Back then, criminals gleefully posted bodies of security personnel and the arms they had stolen through their brazenly regular attacks.

“But what difference 20 months make! Such wanton attacks have been pushed to the darkest recess of history. We have gained control of our streets. The outlaws who once held our people hostage have either been neutralized or fled.

“The pleasant experience arising from the vastly improved security is widespread: The businessman who could not open his shop and incurred losses as a result has found the confidence to do so; the child, who could not go to school every Monday in the past can now confidently do so without any fear; our security men and women can now carry on their law-enforcement duties without any brazen attack.

“But our job is not done yet; it needs to be sustained,” he said.

Highlighting the massive investments of his administration in security, Mbah said there was much more to be done through concerted effort.

“We have invested substantially in securing our state, and continue to do so, because there are no half measures in the fight against insecurity.

“The Enugu State Command and Control Centre is a logistical novelty built via cutting-edge innovation comparable to what exists in more advanced countries.

“It was a moment of pride for us when it was commissioned in January to national acclaim, by the President.

“Even when no security official is in sight, our round-the-clock surveillance system that covers our streets and neighbourhoods still ensures strict vigilance. The ultimate goal is to nip crime in the bud.

“This crime-fighting device is complemented by the Distress Response Squad, designed to react swiftly to any security breach or threat of it.

“It is also further boosted by a large fleet of 150 security vehicles embedded with AI-enhanced cameras deployed across the state.

“But enthroning a water-tight security, such as we are implementing in Enugu State, requires a humongous amount of funds to sustain,” Mbah explained.

Critical stakeholders at the event, including the business mogul and philanthropist, Prince  Arthur Ezeh, commended Mbah for his strides in security and infrastructural development.

“Enugu is the capital of Igboland. The governor has character like Mbakwe, like M.I Okpara, who I knew from childhood. This man – Governor Mbah – in less than one year transformed Enugu State. And because of what he has done in Enugu State, I became very happy as an Igboman and happy that we have people who are very intelligent,” Prince Ezeh said.

The post Enugu Security Trust Fund Raises N3billion appeared first on Tech | Business | Economy.

During the four-day visit, the High Commissioner met with Governor Dapo Abiodun of Ogun State and Governor Babajide Sanwo-Olu of Lagos State, engaging in discussions focused on enhancing economic ties, driving investments, prosperity opportunities and future priorities that could be beneficial to the states and the UK.

A key highlight of the visit to Ogun State was the announcement by UK company, Hinckley Recycling, that they are establishing a new battery recycling facility in the state, using UK-patented technology. Hinckley’s $5m investment will create Africa’s first lithium-ion and lead acid battery recycling and treatment plant.

In Lagos, Dr. Montgomery met with Chief Emeka Anyaoku, and some business leaders in Nigeria including the CEOs of Airtel Nigeria, Standard Chartered, Nigeria Helios Investment Partners, Afrinvest and KPMG West Africa.

At the end of the visit, the British High Commissioner, Dr. Richard Montgomery, said:

“My visit to Lagos and Ogun States has reinforced the strong ties between our two great countries.

“Both states are key to boosting Nigeria’s economic prosperity and the UK is committed to driving that growth, promoting trade and supporting their developments.”

On the $5 million investment to establish Nigeria’s first battery recycling facility in Ogun State, he said:

“It is fantastic that Hinckley Recycling is establishing the first lithium-ion and lead-acid battery recycling facility in Nigeria, creating a new high-value export industry in Ogun State and 100 new direct jobs. Congratulations to the Commissioners and to OgunInvest who worked with Hinckley to make this ground-breaking project a reality.

“The UK fully supports His Excellency Governor Abiodun’s mission to bring new investment and new jobs into Ogun State. The UK Government’s development finance bank British International Investment invested $15 million into Valency International in Ogun State last year, and the UK’s Manufacturing Africa programme is supporting four other companies in Ogun to raise capital and expand their production facilities.”

The post British High Commissioner Backs Hinckley Recycling’s $5m First Battery Recycling Facility in Nigeria appeared first on Tech | Business | Economy.

This was as traders predicted the dollar’s fall to below N1,000 before the end of the week.

At the official foreign exchange market, data from the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market, revealed that the naira surged by 6.1 per cent or N69 from N1,205/$ recorded on Friday to N1,136/$ on Monday.

The total daily turnover dropped slightly to $251.60m on Monday, from $281.34m recorded on Friday.

The intra-day high also improved significantly, closing at N1,227 per dollar from N1,265 per dollar quoted on Friday.

The intra-day low appreciated by N100/$1 as the dollar was quoted on the spot at N1,000 on Monday, stronger than the N1,100 quoted on Friday.

The improved rate followed a string of foreign exchange directives by the Central Bank of Nigeria aimed at stabilising the naira.

The apex bank last month said it had successfully resolved all valid foreign exchange backlogs, as pledged by Olayemi Cardoso, the CBN governor, addressing inherited claims amounting to $7bn.

Data from the FMDQ also indicated that total inflows into the NAFEM increased by 41.7 per cent to $3.75bn as against $2.64bn in February – the highest level since March 2019 ($6.07bn).

The apex Bank had last week reviewed the exchange rate for the Bureau De Charge operators to N1,101 per dollar from N1,251/$1 as it plans to sell $15.88m to 1,588 eligible BDC operators.

As part of measures to control inflation and stabilise the naira, the CBN last month raised its benchmark interest rate, known as the Monetary Policy Rate by 200 basis points to 24.75 per cent from 22.75 per cent in February 2024.

“We anticipate that the naira would continue to strengthen as the CBN intensifies efforts to bolster liquidity in the market,” analysts at Afrinvest said.

Last week, an investment company, Goldman Sachs Group, said the Naira had already established itself as the top-performing currency globally in April, adding that the local currency was expected to extend its gains, amid the continuing effective policy management by the Central Bank of Nigeria.

Goldman Sachs economists, who previously forecasted in February that the Naira would strengthen to N1,200/$ in 2024, now anticipate it could surpass this level due to aggressive measures by the central bank, including a total of 600 basis points in interest rate increases during policy meetings in February and March.

The post Naira Predicted to Exchange 1,000/$ Before Weekend appeared first on Tech | Business | Economy.

The Company in its latest outlook report titled ‘Pulling Back from the Precipice’, said NNPC limited, Veritasi Homes, Nigeria Reinsurance, Nigeria Machine Company, Haldane McCall, and Eleme Petrochemicals are possible listings on the NGX.

“The debut listing of VFD Group Plc and Mecure Industries Plc on the Nigerian equities market resulted in an inflow of N86.5 billion as of December 15, 2023,” the report said.

It said the entrants have contributed to the deepening of the market, and the NGX would anticipate additional listings to further enhance market depth,” the report said.

The report also revealed that the top 10 performing stocks in 2023 are Transcorp Hotels at 1,022.9 percent, Chams with 795.5 percent, CWG at 721.8 percent and Transcorp at 666.4 percent.

Others are MRS Oil (644.7 percent), Northern Nigeria Flour Mills (639.8 percent), Japual Gold and Ventures (507.1 percent), Ikeja Hotel (471.4 percent), FTN Cocoa processors (410.3 percent), Skyway Aviation Handling Company (407.0 percent).

The equities market closed last year with a capitalisation of N40.9 trillion and NGX All Share Index at 74,773.7 points. The market finished 2023 with returns of 45.9 percent.

“The equity market has benefited from recent government reforms, but challenges like inflation and fuel price rigidity persist,” analysts at Vetiva Research said in their latest outlook report.

They added that the market’s future trajectory will depend on how these issues are addressed and the government’s commitment to reform implementation, making it a landscape to watch closely in 2024.

“The market outlook remains mixed, with the potential for a currency devaluation by the Central Bank of Nigeria to combat currency pressures not entirely ruled out.

“Simultaneously, the CBN’s increase in stop rates at its primary auction reflects a cautious approach to monetary policy. Investors will closely monitor the pace and sustainability of these reforms and the government’s dedication to their effective implementation,” they added.

On the outlook on consumer goods, Afrinvest noted that they are less bullish on the sector due to the expectation of continued cost pressure on raw material items due to lingering inflationary and FX illiquidity.

“We are mildly bullish on the sector as players are expected to drive higher mobile penetration, however, weak purchasing power could negatively impact our outlook,” it said for the telecoms sector.

For the banking sector, the firm said it is cautiously optimistic and it is hinged on expected normalisation in banks earnings (post positive FX revaluation gain in 2023). (Independent)

The post NNPC, Nigeria Reinsurance, Four Other Possible Listings on the NGX in 2024 – Afrinvest appeared first on Tech | Business | Economy.

The new partnership was established in close collaboration with Afrinvest (West Africa) Limited, a leading capital market holding company in Nigeria active in six principal areas: investment banking, securities trading, asset management, trustee, consulting and financial technology.

This joint effort will make it easier for licensed broker-dealers, asset managers, large commercial banks and other institutional investors from across the continent to invest in Nigeria’s premier exchange via SecondSTAX’s transparent, easy-to-use, cloud-based portal.

Investors will also be able to invest in their native currencies, making a wider range of assets and opportunities available to more Africans and creating an efficient route to increased wealth on the continent.

Nigeria is Africa’s largest economy and its capital markets present some of the most profitable investment opportunities globally. For example, the Lagos bourse ended the year 2020 as World’s Best with a 50% gain, the most since December 2007.

The equity index was also the world leader among the 93 stock indexes tracked by Bloomberg. Some companies listed in the exchange posted a positive return of up to 400 percent. However, the siloed nature of the exchanges in Africa meant that only people based in Nigeria were able to access these opportunities.

SecondSTAX is building technology solutions for investment firms that will power the seamless flow of capital and institutional investment across the continent, and it is consolidating all debt and equity capital markets throughout Africa, making it easier to access opportunities in relevant markets.

The platform facilitates transactions by securely and efficiently routing orders onto existing mature capital markets infrastructure in complete compliance with local regulations.

As a result, African investment firms are empowered to do more for their clients and have the opportunity to earn more for themselves.

The company already has partnerships with the Nairobi Securities Exchange (NSE) and the Ghana Stock Exchange (GSE), driving investment into these exchanges from across the continent.

Along with new investment opportunities into Nigeria’s capital markets, this partnership will also make it easier for institutional investors from Nigeria to invest into other capital markets that are available on the SecondSTAX platform.

Following the NGX launch, access to the service will initially be restricted to Qualified Institutional Investors who are able to place minimum trade orders of USD 10,000.00 (or the equivalent value in NGN). Over time, this limit will be reduced to extend services to other customers.

According to Eugene Tawiah, CEO and co-founder of SecondSTAX, “Our aim is to integrate all the capital markets across Africa to enable more seamless investment flows and this partnership with the Nigerian Exchange Limited represents a major milestone on our journey. Nigeria’s capital markets are full of lucrative opportunities that have until now been out of reach to institutional investors outside the country. At the same time, Nigeria’s institutional investors have largely found it challenging to invest into other capital markets across the continent. This partnership addresses both problems and we are excited to see how investors take advantage of the opportunities that abound across the continent.”

Temi Popoola, CEO, Nigerian Exchange Limited, commends SecondSTAX for its visionary solution to drive institutional investments across Africa.

“This closely aligns with our ongoing efforts to foster innovation and growth in our market through initiatives such as the African Exchanges Linkage Project, which aims to integrate capital markets in the continent; and our partnership with Afreximbank’s Pan African Payments Settlement System (PAPPS) to facilitate seamless cross-border transactions within the African capital markets”, Popoola said.

At NGX, we remain committed to fostering inclusive growth and are open to collaborating with more capital market innovators to stimulate participation and investment in the Nigerian and African capital market. We look forward to the opportunities this partnership with SecondSTAX will unlock and the positive impact it will have on the continent”.

Ike Chioke, Group Managing Director of Afrinvest, said “As a leading capital marketing holding company, we are always at the forefront of driving innovations that grow Nigeria’s capital market. We are delighted to be in partnership with SecondSTAX to enable more opportunities to drive capital inflows into Nigeria’s capital markets and increase investment options for investors in Nigeria.”

The post SecondSTAX Partners with NGX to Drive Institutional Investment appeared first on Tech | Business | Economy.

Despite the economic downturn, some brands have found ways to cope with the present realities to create value for Nigerians.

It is on this note that Plexus Media Interlinks, an integrated marketing communications firm, compiled the list of the most performing brands of the year in 2022.

The firm, which understands the value of brands, included players in the financial services, information technology, education, consumer goods, oil and gas, professional services, among others on the list, taking into cognisance their media presence, media exposure and overall impact across the country.

Below are the Top 10 Performing Brands in Nigeria for 2022

1. Afrinvest

Afrinvest West Africa, one of the foremost investment organisations, is a financial advisory holding company with a focus on Nigeria and West Africa. It is active in four principal areas: investment banking, securities trading, asset management and investment research.

From the third quarter till the end of 2022, Afrinvest was the most performing brand in the media by virtue of its dominant presence across all media platforms. It also achieved various milestones, including the launch of a new subsidiary, Afrinvest Securities Limited, a new logo signifying its new brand identity as a digital investment bank, and celebrated its 27th anniversary. 

Afrinvest Securities combines the experience, expertise, infrastructure and network of Afrinvest for the purpose of delivering award-winning capital markets, corporate finance, asset management and research services to investors and institutions operating across Nigeria and abroad.

In October 2022, the leading investment banking holding company launched Afrinvest Sparkle, to create more value for institutional investors, active investors and the general public.

Its equity fund was also ranked the best-performing for 2022. Achieving all these shows resilience, innovation, consistency and, of course, a sparkling track record.

2. Optimus

Navigating uncharted territories is one of Afrinvest’s strongest suits, and it accomplishes this through innovation and creativity. With almost a three–decade history of pioneering innovation in the Nigerian investment banking sector, it unveiled its new financial digital platform, Optimus – a financial technology solution by Afrinvest designed to provide financial freedom for Nigerians. It combines banking, wealth management and brokerage requirements into one simple and secure platform, thereby simplifying investment and creating wealth. 

With Optimus, customers get access to intelligent financial insights from experts with a wealth of experience to help individuals make informed financial decisions now and in the future. The fintech platform helps Nigerians invest their funds in the best investment portfolio types across the world.

Afrinvest, already transforming Nigeria’s investment banking sector, is set to improve the digital banking space and become Africa’s preferred digital investment bank in the coming years with Optimus.

3. Willie Obiano

For our pick of personal brands, Willie Obiano stands out as an icon. In the first half of 2022, the accomplished politician, banker and technocrat was a media sensation. As one of the performing governors in Nigeria before his tenure ended on March 17, 2022, he became the first and only governor to successfully build an oxygen production plant in the region. The largest oxygen plant in the South East, the facility has changed the state’s health sector.

Not only were his audacious achievements the talk of the nation, he also survived the malignant media attacks on his person and administration. 

Remarkably, he kept his cool and let his achievements as a democratically elected governor speak for himself. These historic achievements cut across security, education, health, agriculture, industrialisation, trade and commerce, transportation, among others. Countless road projects and industries were completed, including the renovation of schools and primary health centres across the state.

Under Obiano, Anambra was declared one of Nigeria’s safest states in the federation. This was after successful efforts in organising Nigeria’s first international conference on security. He established a Court of Appeal in Awka, the state capital, making legal services easily accessible to the citizens.

Further, he created a Small Business Agency and funded 10,000 cooperatives, micro-enterprises and artisans while also providing operating capital to 3,000 small and medium-sized enterprises.

Having achieved all these, among many other milestones, little wonder he’s fondly called ‘Akpokuedike’, which literally means a dependable protector. Among his peers, he is described as ‘a genius with numerous achievements’.

4. Central Primary School, Obioma

Another media sensation in 2022 was the 85-year-old Central Primary School, Obioma, in Udi Local Government Area of Enugu State. The timeworn school was renovated and remodelled by the Group Managing Director of Afrinvest West Africa, Prince Ike Chioke.

This was the first renovation since its establishment in 1937 by the missionaries. The school got a new building and modern learning facilities, including electronic library, computer laboratory, solar-powered systems, as well as modern tables and chairs. Buildings in the school also received a facelift.

New equipment and academic materials were donated to the school and dilapidated infrastructure was refurbished. The school was commissioned by the wife of Edo State Governor, Betsy Obaseki, and the wife of the Deputy Governor of Enugu, Cecilia Ezeilo. The renovation of CPS, Obioma, was one of the most talked about educational projects in the media.

5. UBA

With multiple awards over the years, Africa’s global bank, United Bank for Africa Plc. continues to distinguish itself in the financial service industry. The first of its many 2022 highlights was the performance in terms of profitability. The tier-one bank recorded a 12.6 per cent increase in its profit before tax, which stood at N85.7bn for the first half of 2022 from N76.2bn in the same period of 2021.

The bank’s financial results show that it recorded double-digit growth across key income lines, as well as significant progress in the contribution from its subsidiaries.

UBA Foundation was recognised as a leader for its veritable Corporate Social Responsibility projects at the 10th anniversary of the Marketing Edge Brands and Advertising Excellence Awards in Lagos. 

The CSR arm of the bank is committed to the socio-economic betterment of its host communities, focusing on development in areas of education, environment, economic empowerment and special projects. Its education initiative has been changing lives for over a decade, granting numerous individual scholarships.

In addition, the highly impactful projects of the UBA Foundation such as the yraly National Essay Competition, Read Africa, Each Teach One, Food Bank, among others, are being cascaded across Africa to reach more people every year.

6. Interswitch

Interswitch is an African-integrated payments and digital commerce company headquartered in Lagos. Founded in 2002 as a transaction switching and processing company with national focus, the organisation has achieved success in the financial technology sector.

The company’s vision for the fintech space is to deepen financial inclusion through its innovative products and solutions.

It received the 2022 Fintech of the Year award hosted by the African Bankers Association. It also received the ‘Best in Delivering Impactful Organisational Values’ award at the 2022 edition of the ‘Best Companies to Work For’ awards, organised by the global research and consulting firm, Great Place to Work.

The recognition is a demonstration of the tech firm’s dedication to creating an enabling environment that fosters employee growth and team collaboration, which in turn boosts the company’s overall performance.

7. Pocket by Piggyvest

One of the biggest success stories of 2022 was the Pocket App by Piggyvest. Pocket, formerly known as Abeg, is a payments app, which rebranded itself as Pocket by Piggyvest, a social e-commerce platform. 

The rebrand, which reflects its ambition to expand its services from money transfers to a social commerce app, and reinforces its push into a social commerce market, is estimated to reach $23.8bn by 2028 in Nigeria alone. 

The Pocket by Piggyvest app secured its Approval In Principle from the Central Bank of Nigeria, for its mobile money licence, making it Nigeria’s first social commerce platform to secure CBN’s AIP for Mobile Money Operator licence. 

It also dominated all media platforms as the lead sponsor of the 2022 Big Brother Naija reality TV show, where its awareness increased its user base from two million in 2021 to nearly four million by the second quarter of 2022. 

8. Access Holdings

Access Bank, a wholly owned subsidiary of Access Holdings Plc., established in 1989, is a leading full service commercial bank operating through a network of more than 700 branches and service outlets, spanning three continents, 17 markets and over 52m customers.

The financial institution offers banking products and services for the retail, private, corporate and institutional and non-institutional sectors. 

Access Holdings financial results, as at mid-2022, posted gross earnings of N591.803bn for its 2022 half-year results, representing a growth of 31.42 per cent year-on-year.

In its unaudited half-year financials submitted to the Nigeria Exchange Limited, the bank also made significant improvements across Key Performance Indicators.

In the course of the year, the company also embarked on a CSR project to impact over 90,000 youths across Nigeria. The project, entitled Project LEAD, acronym for Leadership, Enterprise and Academic Development, in partnership with Revamp Africa Foundation, commenced in 2022.

9. Dangote Group

Dangote Group has been a household name for decades. Founded in 1981 by Alhaji Aliko Dangote, the group has performed exceedingly well over the years. The organisation moved into manufacturing in the 1990s, starting with textiles, moving into flour milling, salt processing and sugar refining by the end of the decade. The company moved into cement production, growing rapidly into other African countries.

Dangote Cement is one of the subsidiaries listed on the NGX, with its market capitalisation accounting for almost 20 per cent of the total capitalisation of the Exchange.

The group has been described as a significant player in fuelling Nigeria’s economic transformation, and it is no surprise that they are on this list. It ventured into oil and gas in 2016, with an estimated investment of $12bn. The project team hit a major milestone, recently, when it installed the world’s largest crude distillation column for top tier refining operations.

Aside the achievements, Dangote Group maintained a strong media presence and top-of-mind awareness, emerging a top performer last year.

10. Leadway Assurance

Leadway Assurance Company, one of the foremost Nigerian insurance corporations headquartered in Lagos, is another brand that performed very well in 2022.

Established in 1970 by Sir Hassan Odukale, it commenced business in 1971 as a direct motor insurer. It expanded into other areas until it became a composite company underwriting both life and general insurance business.

Decades later, the company is still standing strong, entering new territories and providing more value to its numerous customers.

Leadway Assurance’s investment income for 2022 amounted to N17.2bn, compared to 2021, which stood at N10.7bn, translating to an increase of 61 per cent.

The organisation restated its commitment to sustaining its CSR to enhance socio-economic growth in the country by sponsoring several health campaigns.

The year ended on a high note for Leadway, as it gained more popularity in the media by sponsoring the ‘Stacked December’ show, with A-list artistes, Wizkid and M.I, whose massive fan base sold out venues for the event.

Verdict

These brands displayed resilience, innovation and determination to succeed. The future is, indeed, bright for these top performers. 

The post Afrinvest, Interswitch, Optimus, UBA Top 10 Performing Brands 2022 appeared first on Tech | Business | Economy.

Chioke, who spoke at his alma mater, the Federal Government Jos Old Students’ Association 16th National Convention, with the theme ‘Fostering National Unity,’ said “Nigeria’s unity has been called into question.”

On the value of unity, he noted that since Nigeria’s Independence in 1960, successive governments had prioritised promotion of national harmony.

He stated that Unity Schools were established in the aftermath of the Nigerian Civil War by then head of state, Gen. Yakubu Gowon (rtd), as a reconciliatory move to heal a devastated nation and promote harmony among the citizenry; hence, the Federal Government colleges have the Latin motto, Pro Unitate, which means ‘For Unity.’

“Once upon a time, our faith in one Nigeria was unimpeachable, unshakable and unquestionable. In 1952, a Fulani man from Sifawa in Sokoto Caliphate, Mallam Umaru Altine, was elected as the first Mayor of the City of Enugu. Fast forward 70 years and what we see in Nigeria today is a glaring lack of national unity and consciousness, no sense of nationhood, absence of patriotism and open hatred among the people.

“For instance, I, as an Igbo man, who has lived in Lagos for over 12 years, cannot aspire to a public office in Lagos because of my tribe. The same thing goes for a Christian Yoruba man who has lived all his life in the North East. He can never contest for a public office because he is judged first by his tribe, then by his religion, and not at all by his competence,” Ike Chioke said.

He identified cases of non-indigenes being deported from where they live to “states of origin” that they have never visited, emphasising the importance of embracing one another, regardless of tribe or language.

“Are we not all Nigerians?” he queried. “Despite being blessed with enormous natural endowments and human capital, the Nigerian economy is on the brink of collapse, with no clearly defined strategy in place to deal with the effect of domestic and global headwinds. Inflation levels are at a record high, unemployment is getting worse, and the country’s debt keeps piling up.”

He urged the acceptance of Senator Ovie Omo-Agege’s bill, while outlining why Nigerians needed unity more than ever. According to him, such a bill will inspire citizens to share a common vision of Nigeria. In a sense, Nigerians may be attending unity schools and being socialised with similar characters, values and patriotic ideals.

Ike Chioke noted, “About two years ago, ‘A Bill For An Act To Alter The Provisions Of The Constitution Of The Federal Republic Of Nigeria1999 To Define Who Is An Indigene Of The State’ was sponsored by Omo-Agege. The bill seeks to provide for indigeneship by application and the interpretation of the word ‘indigene’ by amending Sections 31 and 318 of the 1999 Constitution, with a view to conferring indigeneship of a state on any resident that has consistently lived in that state for at least 10 years.

“If this bill can be passed into law, it will help us achieve the cohesiveness and integration that we need as a nation. That way, a Hausa man that has lived for the last 15 years of his life in Enugu will not feel alienated and could well have been running for election to the House of Assembly in 2023.”

He added that unless Nigerians took proactive and intentional steps to close the ethnic, religious and political divisions, and pursue inclusivity, national unity would remain elusive in the country.

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