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Woodhall Capital unveils UAE-Nigeria investors’ forum

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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.
“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.
“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.
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.
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.
“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.
“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.
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.

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We do not understand limits; we strive for the best” Oando boss, Tinubu

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Oando restates commitment to a sustainable energy future for Nigerians

In continuation of his dedicated mission to ensure a robust sources of energy for Nigerians, Wale Tinubu, the Group Chief Executive, Oando Group, has emphasized the company’s long-standing dedication to transforming lives through accessible energy sources.

“This is an energy story we’ve been writing for over 30 years. We are changing Nigeria’s lives every day by providing access to varied energy sources that power industries and fuel the economy,” Tinubu stated.

 

Tinubu, in a compelling narrative about Nigeria’s energy landscape, conveyed a strong sense of purpose, asserting that Oando has a mission to demonstrate the capacity of indigenous companies to lead the nation’s energy sector.

While drawing a parallel to Nigeria’s independence in the 1960s, he explained, “We see this as the emancipation of Nigeria’s indigenous oil and gas community.

“With a deep understanding of the resources beneath the surface, Oando is determined to excel and embrace meritocracy. We do not understand limits; we strive for the best,” Tinubu affirmed.

He noted that the company adheres to global standards in operations and maintenance, while at the same time showcasing its commitment to quality and excellence.

Highlighting the significance of the Okpai Phase I and II projects, Tinubu explained that the facilities boast a combined capacity of approximately 1GW, marking them as “the most reliable and efficient plants in the country.

“Since 2005, Okpai has contributed over 43,435 GWh to the national grid, enabling communities across Nigeria to thrive. Okpai Phase II is set to make an immediate impact, with an expected injection of 300 MW into the national grid, followed by an additional 180 MW anticipated by the third quarter of 2025.”

Tinubu emphasized that the $800 million, 480 MW facility is centered on the company’s mission: “Building our nation remains at the heart of what we do.”

He went further to highlight Oando’s commitment to local communities, noting that over 8.5 GW of electricity has been delivered since the commissioning, and stressing the company’s role in fostering employment.

“We have achieved 12,332,594 LTI-free man-hours as of September 2024,” he proudly announced.

Oando continues to lead the charge in the energy sector, taking significant strides in illuminating the lives of Nigerians and securing a sustainable energy future for all.

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Wema Bank Declares profit before tax of ₦60.62bn

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Wema Bank Nigeria has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.

 

Wema Bank’s balance sheet remained well structured with total assets growing by 38% to

 

₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.

 

The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to

 

₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023:

 

₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).

 

Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.

 

The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.

 

 

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Wema Bank Declares profit before tax of ₦60.62b

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on

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Wema Bank Nigeria has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.

Wema Bank’s balance sheet remained well structured with total assets growing by 38% to

 

₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.

 

The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to

 

₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023:

 

₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).

 

Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.

 

The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.

 

 

 

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