Connect with us

Business

Woodhall Capital unveils UAE-Nigeria investors’ forum

Published

on

Nigeria and the United Arab Emirates (UAE) are eagerly making plans to explore the limitless business opportunities present in both countries.

This was the talking point at an exclusive business forum organised by Consulate General of the United Arab Emirates in Lagos and the leading financial advisory firm in Nigeria, Woodhall Capital, at the prestigious Lagos Continental Hotel in Victoria Island, Lagos, recently.

Themed “UAE-Nigeria: Investors’ 1st Meeting”, the objective of the forum was to create a platform for the government of the UAE to meet with top and carefully selected members of the Nigerian business community.

The founder of Woodhall Capital, Moji Hunponu-Wusu, revealed to the top business leaders that the government of The UAE believes in Africa and is willing to continue supporting the continent.

Advertisement

“Woodhall Capital is a financial services firm, which raises international funding for banks, corporates and governments. We set up in 2014 and the story of why we’re here began in 2020, when we took the leap to open an office in Dubai.

“And the reason why we thought we should pull you into what we feel has been a monumental leap in the history of Woodhall Capital is what happened after we decided we were going to open in Dubai. I was reluctant because I’m European-based; I grew up in Europe.

“We then decided at one point during COVID-19 to set up in Dubai, and just look at what it has taken us—four years under that; we raised just under half a billion dollars from the support that Dubai and Middle East banks have given to Woodhall Capital, believing in this Africa that so often the rest of the world has pulled out on. As a matter of fact, we closed a $150 million transaction last Friday with a corporate here in Nigeria.

ALSO READ  Wema Bank Emerges ‘Best Overall Investor Relations’ Brand

“The UAE government has decided that it would collaborate, not only with Woodhall Capital, but they are looking for captains of industry. And when we were given the brief to put this forum together, they wanted to show that if they can collaborate with us, they’re willing to have discussions not only with us, but they are also interested in the clients we represent,” she stated.

While adding that the forum is an avenue for an open discussion about the best of Nigeria and Africa, Hunponu-Wusu also announced that the UAE government has welcomed the firm to open in Abu Dhabi, the capital of the UAE.

Advertisement

In his speech, the Consul General of the UAE in Lagos, His Excellency Dr. Abdulla Al Mandoos, revealed that Nigeria is a key West African country with many opportunities and challenges.

“I firmly believe that with the esteemed individuals gathered here today, we have an opportunity to accomplish significant achievements for both the UAE and Nigeria. Our vision is to engage with Nigeria and explore how we can contribute further to the growth and development of both countries,” Dr. Al Mandoos stated.

The Consulate General of the UAE in Lagos also stated that its government has prioritised humanitarian activities and attracting FDI (Foreign Direct Investment). It has also identified Nigeria as a key and strategic partner because of esteemed investors like yourselves and several investment indicators, thus making the Consulate in Lagos and the Embassy in Abuja an extension of this objective.”

While, the Consulate General is the official contact point assigned by the UAE government to help carry out its activities in Lagos, Nigeria, which include economic, cultural and humanitarian endeavours. However, it was emphasised that the consulate is also tasked with facilitating investment between Lagos- Nigeria and the UAE.

ALSO READ  Cody Gakpo: Manchester United preparing move for £35m-rated PSV Eindhoven winger

While outlining reasons the UAE should be the preferred investment destination, it was mentioned that the UAE has a very strategic geographical location with access to over 200 cities, more than 400 direct shipping lines for import and export, and top-notch infrastructure.

Advertisement

“The UAE is also the first in the region to achieve macroeconomic stability, earning an Aa2 Moody’s rating. This became more evident in 2022, when we attracted over $20 billion in terms of FDI” he said.

During the open discussion, the industry leaders as well as Woodhall Capital were given the opportunity to present their capabilities, their concerns and deliberations on how they would want the Consulate General of the UAE in Lagos to support the establishment and operations of their businesses in the UAE.

In his words, the founder of A2Energy Limited, Abdul Abiola, believed that the forum provided a platform for the exchange of ideas from masters in different industries, and that the UAE’s partnership with Nigerian businesses would go a long way in fostering innovations useful to both countries.

“We focus on clean energy and our goal is to accommodate innovation for energy transition. For Africa to grow, we need energy, and as much as we’re still focusing on fossil fuels, climate change is real. For A2Energy, our focus is on how we can develop innovation for the growth of Africa, and coming to this event has been really exciting because we’ve received different ideas from different counterparts from different industries to unlock investments,” he added.

Akinsola Akeredolu-Ale, Chief Executive Officer of Lagos Commodities and Futures Exchange (LCFE), believed that the efforts of the Nigerian government in attracting investments into the country are beginning to bear fruit.

Advertisement
ALSO READ  HSBC reports 10% rise in Q3 profit amid organizational overhaul

“Market infrastructure, where we operate, is a particular sector of the market that allows you to use templates and mediums for people to engage in trades with each other, which is called a commodity exchange; and that’s why we are here today.

“What the UAE delegates have been able to do underscores the fact that some of the roadshows the federal government has held are bearing fruit now, and they are coming home to establish that the UAE is ready to do business with Nigeria. They have a consulate and embassy that handle their economic affairs here.

“I’m happy to be part of this conversation because for the market infrastructure that creates enablement for capital mobilisation, particularly in the agricultural and solid minerals sectors, we’ve been able to move the conversation to a very high level today,” Akeredolu-Ale emphasised.

For Woodhall Capital, having benefited so much from establishing its roots in Dubai by telling the African story to the international community, Nigerian businesses can dare and be bold enough to set up in the financial markets of the world, connecting the world to Nigerian captains of industry with integrity as its primary objective.

“We proudly say to the world that there are Nigerians we can showcase—Nigerians with integrity and serious about doing business. And that there are global captains of industry emerging from the continent of Africa, and particularly my home country, Nigeria,” Hunponu-Wusu announced.

Advertisement

The resumption of Emirates Airline’s daily flights in and out of Nigeria is further evidence that the business communities of Nigeria and the United Arab Emirates (UAE) are ready and willing to explore the limitless business opportunities present in both countries.

Mojisola Hunponu-Wusu, Founder of Woodhall Capital with HE Dr. Abdulla Al Mandoos, The Consul General of the United Arab Emirates

Business

Massive fuel shipment and incoming vessels with goods arrive at Lagos Ports

Published

on

Nigerian Ports Authority vessels Lagos ports

The Nigerian Ports Authority confirms the arrival of vessels with 40 million litres of fuel at Lagos ports, alongside ships carrying various goods.

 

 

The Nigerian Ports Authority (NPA) confirmed the arrival of two vessels carrying an estimated 40,766,400 litres of Premium Motor Spirit (PMS), commonly known as petrol, at Tincan Island Ports in Lagos on Friday.

This shipment is expected to bolster local petrol supplies and potentially impact fuel distribution across the region.

Advertisement

 

Also read: Dangote advocates ending crude oil mortgaging for Nigeria’s refining future

 

In its daily report, the NPA also noted that an additional ten vessels, each loaded with various commodities, are scheduled to arrive at the ports between Friday, 1 November 2024, and 8 November 2024.

These vessels will carry a range of goods, including vehicles, diesel, containers, and bulk wheat.

Three of the incoming vessels will specifically deliver vehicles, with two ships carrying a total of 600 used vehicles and one vessel delivering 600 new vehicles.

Advertisement

The remaining five vessels will bring in consignments such as AGO (diesel), assorted containers, and bulk wheat, reflecting the diverse import activity at Nigeria’s major port facilities.

The NPA has designated multiple terminals across Lagos for the berthing of these vessels, including the Kirikiri Lighter Terminal, Five Star Logistics, Ports & Terminal Multipurpose Limited, Josepdam Ports Service Limited, and the Tincan Island Container Terminal.

This week’s shipments follow recent updates regarding fuel pricing in Nigeria, where marketers plan to offer petrol below N1,028 per litre, closely monitoring local production costs and availability.

ALSO READ  Meta's Facebook to pay $90 million to settle privacy lawsuit over user tracking

Amid inflation and ongoing debates about workers’ minimum wage, the delivery of these essential goods will likely be of considerable interest to both businesses and consumers.

The Nigerian Ports Authority’s coordination ensures the timely arrival and efficient processing of critical imports, supporting the nation’s economy and addressing the demand for essential commodities.

Advertisement

Continue Reading

Business

Woodhall capital partners with Afreximbank to launch $25 million SME export boost in Nigeria

Published

on

Woodhall Capital Afreximbank SME support

Woodhall Capital and Afreximbank unveil a $25M facility to support Nigerian SMEs, marking a significant step toward bridging export barriers in Africa.

 

 

In a pivotal move aimed at empowering Nigerian small and medium enterprises (SMEs) for export, Woodhall Capital, a leading financial services firm, has partnered with the African Export–Import Bank (Afreximbank) to introduce a $25 million loan facility.

This initiative, formalised at the first-ever Afreximbank SME Development Workshop and Stakeholder Engagement Programme in Lagos, signifies a vital step in enhancing market access for SMEs in Africa.

Advertisement

 

Also read: CBN partners with Microfinance Banks to boost MSMEs growth

 

Held at the renowned Zinnia Hall, Eko Hotels & Suites, Lagos, the workshop, themed “Nurturing African SMEs: Bridging the Barriers to Export,” saw over 400 attendees, including industry leaders, financial institutions, and government officials.

In opening remarks, Kanayo Awani, Executive Vice President of Intra-African Trade & Export Development (IAED) at Afreximbank, underscored the importance of the event in supporting Nigerian SMEs to embrace trade and drive continental development.

“Collaborating with Woodhall Capital enables us to build up SMEs, which are the backbone of Africa’s economy. Beyond financing, this partnership aims to identify financial institutions capable of fostering SME growth,” Awani noted.

Advertisement

With SMEs constituting 90% of business activity in Africa, Afreximbank has observed that financial access remains a major challenge. Awani highlighted that around 60% of SMEs struggle to obtain necessary financing, limiting their potential in both local and international markets.

ALSO READ  Naira strengthens to N806.73/$ at official market, stable on parallel window

By providing affordable and accessible funding, this partnership intends to create lasting growth for African SMEs, she added.

In his remarks, Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, represented by Alhaji Shekarau Umar, Executive Director of MSMEs at the Bank of Industry, emphasised the role of Nigerian SMEs in regional development.

“Nigeria’s vast SME population, exceeding that of 39 other African nations combined, demonstrates the strategic choice of Nigeria as the workshop’s host. Afreximbank’s role in facilitating SME access to cross-border trade is invaluable,” Dr. Uzoka-Anite remarked.

Uzoka-Anite also called on attendees to focus beyond financial barriers and address critical issues like market access and capacity-building. “Funds provided to SMEs are impactful only when paired with training that enables long-term success,” she stated.

Advertisement

A wide array of experts further contributed to the discussions, including Oluranti Doherty, Afreximbank’s Managing Director of Export Development; Dr. Olayemi Cardoso, Nigeria’s apex bank governor, represented by Dr. Blaise Ijebor, Director of Risk Management at the Central Bank of Nigeria; and Ody Akhanoba, Head of SME Development at Afreximbank.

Also participating were Will Stevens, the US Consul General, represented by Daniele Jean-Pierre, Managing Director of Trade at Prosper Africa, and Fola Olowu, founder of Oriki Group, who discussed the African Growth and Opportunity Act (AGOA) and its benefits for SMEs.

The workshop delivered a range of presentations aimed at equipping Nigerian SMEs with essential tools for scaling up export operations. Panel discussions focused on creating a supportive ecosystem for SME growth and improving finance accessibility for African SMEs, with valuable insights from key industry leaders.

ALSO READ  HSBC reports 10% rise in Q3 profit amid organizational overhaul

Speaking on Woodhall Capital’s journey, founder Mojisola Hunponu-Wusu explained how the firm evolved from a local entity into a global institution with Afreximbank’s support.

“Afreximbank’s commitment allowed our small company to scale globally, underscoring the importance of guidance and training for any business,” she said. Highlighting the potential for African SMEs, Hunponu-Wusu encouraged participants to pursue success with a growth-oriented mindset.

Advertisement

This collaboration between Woodhall Capital and Afreximbank symbolises a promising path forward for African SMEs, with the potential to transform the region’s economic landscape by bridging the financing and export barriers that have hindered SME growth across Africa.

Continue Reading

Business

World Bank urges CBN to refrain from forex auctions and embrace flexibility

Published

on

CBN foreign exchange policy

The World Bank has advised the Central Bank of Nigeria to halt forex auctions and adopt a transparent framework for foreign exchange interventions to stabilise the naira.

 

 

The Central Bank of Nigeria (CBN) has been urged by the World Bank to cease its intervention in the foreign exchange (FX) market through auctions and instead adopt a flexible exchange rate system.

This recommendation was part of the Nigeria Development Update, which outlines strategies to stabilise the naira against foreign currencies.

Advertisement

 

Also read: FG gets over $751m World Bank loan

 

On August 26, 2024, the CBN conducted a significant auction, selling $876.26 million to end users via a retail Dutch auction.

This marked a shift from the bank’s traditional sales to Bureau De Change operators and was one of the most substantial FX interventions under Governor Yemi Cardoso’s leadership.

The CBN stated that the auction aimed to enhance liquidity in the FX market, alleviate demand pressure, and support price discovery.

Advertisement

The sales report indicated that 3,347 firms accessed dollars at a cut-off rate of N1,495 per dollar through 26 banks. However, the World Bank’s report highlighted that allowing market participants to trade FX with greater flexibility would deepen the FX market.

 

The report outlined several recommendations for the CBN, including:

1. Maintain a Unified Exchange Rate: The CBN should continue to pursue a unified and market-reflective exchange rate while deepening the official FX market.

2. Facilitate Formal Remittance Inflows: The bank should work towards enhancing formal remittance inflows and allow international oil companies to concentrate their FX sales in the official market.

Advertisement
ALSO READ  “My heart smiles knowing that you both have a deeper bond” Lola Omotayo celebrates Psquare on their 41st birthday

3. Restore Bureaux de Change Access: Efforts should be made to restore intermediated market access to bureaux de change and refrain from ad-hoc FX auctions.

4. Build Foreign Reserves: The CBN should strategically build foreign reserves to accurately determine the fair value of the naira against foreign currencies.

5. Adopt a Transparent Framework: There is a call for a comprehensive, systematic, and transparent framework for CBN FX interventions to anchor exchange rate expectations to fundamentals rather than perceived targeted rates.

The World Bank emphasised that maintaining a single, market-reflective exchange rate is vital for increasing fiscal revenues, attracting investment, and creating conditions for inclusive growth.

In related news, during the recent IMF/World Bank annual meeting in Washington D.C., Nigeria’s Finance Minister Wale Edun noted that the government has not always adhered to the policy recommendations provided by international agencies.

Advertisement

He cited an example of oversubscribed domestic bonds, indicating that while advice from these institutions is valuable, it is not always mandatory to follow.

Additionally, the World Bank’s report revealed a concerning rise in non-performing loans (NPLs) in Nigerian banks, which reached 5.1% in the first quarter of 2024, slightly above the prudential benchmark of 5.0%.

This increase has been attributed to high inflation, depreciation of the naira, and a decline in the banking system’s capital buffers, which fell to 11.1% in Q1 2024 from 14.2% in Q1 2023.

Advertisement
Continue Reading

Trending

Copyright © 2022 TheHeute.