Archive for the 'Events' Category

Africa’s DFIs proud at banking awards gala

Two leading African development finance institutions led the pack at this week’s African Banker Awards. Bank of the Year 2019 goes to Afreximbank, making giant steps in growing profitable operations in financing and promoting trade within and from African and launching many key new products in the past 18 months.

African Banker of the Year is Admassu Tadesse, President of Trade and Development Bank and from Ethiopia. The bank – formerly PTA Bank –  has been expanding its operations in East and Southern Africa and launched many new products.

Olukayode Pitan of Bank of Industry (left) awards African Banker of the Year 2019 to Admassu Tadesse of Trade and Development Bank

The African Banker Awards spotlight and celebrate excellence in banking and finance in Africa. The 2019 winners were announced at a prestigious gala dinner in Malabo, Equatorial Guinea, on the fringe of the annual meeting of the African Development Bank.

“I am very honoured to be a judge. It’s exciting to read the submissions about many top-quality African institutions and excellent leaders. Its very hard to choose winners from many inspiring entries, including giant investments and transactions that are transformational for African economies.” Tom

South African banks dominated in tightly-contested investment banking and in the deals of the year. Absa won investment bank of the year; Standard Bank and RMB won the equity deal of the year with the VIVO Energy’s £548m ($742m)  IPO in London (see our story); debt deal of the year went to Rothschild & Co for Senegal’s dual-currency Eurobond ($1bn and €1bn); and infrastructure deal of the year went to Credit Agricole and TDB which financed a floating liquefied natural gas (LNG) platform in Mozambique. 

In other categories: Ecobank won retail bank of the year; Kenya’s KCB won the prize for innovation; Equity Bank for its CSR activities; and Nigeria’s Bank of Industry won the prize for financial inclusion.

Overall there were excellent winners from most African regions in 2019. Organizers and the 2 main sponsors of the awards, the African Guarantee Fund and the Bank of Industry, called to make banking more inclusive, both in gender representation among senior managers and through lending to small and medium sized enterprises (SMEs).  

The 2019 lifetime achievement award went to South African Sizwe Nxasana, former CEO of First Rand group, which grew at a compound annual growth rate of 20% under his leadership. In his speech, Nxasana called for even greater investment in human capital to accelerate growth in Africa. The African Banker Icon award was for Mitchell Elegbe, founder of Interswitch, the payments service provider another Africa-led “unicorn”, a tech start-up business whose value is likely to exceed $1bn (see our story).

Tarek Amer, Governor of the Central Bank of Egypt, won Central Bank Governor of the Year for his work in restoring faith in Egypt’s markets, helping make it one of the best-performing emerging markets. Benin’s Romuald Wadagni won Finance Minister of the Year, after big improvements to macro-economic indicators and structural transformation reforms.

Omar Ben Yedder, Publisher of African Banker magazine, said: “2018 was another strong year for banks. Undoubtedly fintech was the most buoyant sector in terms of tech investments and we are yet to truly see the transformative impact it can have. Despite the positive stories from the banking sector, the words of the winner of our Banker of the Year still resonate when he said last year at the Africa Investment Forum: we need to speed up, scale up and synergize. ”


THE 2019 AFRICAN BANKER AWARD WINNERS
 
African Banker of the Year
Admassu Tadesse, TDB

Lifetime Achievement Award
Sizwe Nxasana, former CEO, First Rand Group 

African Banker Icon
Mitchell Elegbe, Founder, Interswitch Group

African Bank of the Year
Afreximbank

Minister of Finance of the Year 
Romuald Wadagni, République du Benin

Central Bank Governor of the Year 
Tarek Amer, Central Bank Governor, Egypt
 
Best Retail Bank in Africa
Ecobank
 
Investment Bank of the Year
Absa Capital
 
Award for Financial Inclusion
Bank of Industry, Nigeria

Special Commendation for their contribution to the development and financing of the Rural Sector: Banco Nacional de Guinea Ecuatorial (BANGE)
 
Socially Responsible Bank of the Year 
Equity Bank, Kenya
 
Innovation in Banking 
KCB, Kenya

Special Commendation: JUMO, South Africa

Deal of the Year – Equity
Vivo IPO
Standard Bank & Rand Merchant Bank (South Africa)
 
Deal of the Year – Debt
$2.2bn Senegal Eurobond
Rothschild 

Infrastructure Deal of the Year 
Mozambique Floating LNG
TDB & Credit Agricole

Regional Bank of the Year
East Africa – KCB, Kenya
West Africa – Orabank
North Africa – Banque de l’Habitat (Tunisia)
Southern Africa – Mauritius Commercial Bank
Central Africa – BGFI, Gabon

African Banker Awards coming up 11 June 2019

The African Banker Awards 2019 are coming up next week during the African Development Bank annual meeting in Malabo, Equatorial Guinea. Dynamic banks are competing for awards including:

  • African bank of the year
  • African banker of the year
  • Investment bank of the year
  • Best retail bank
  • Innovation in banking and 5 other categories

For a full list of entries, including the African megadeals competing for debt and equity deals of the year, see the awards website.

Omar Ben Yedder, the Group Publisher and Managing Director of IC Publications Group, which publishes African Banker Magazine, said:
“We have received a record amount of entries this year. The banking industry is being disrupted by technology and one could sense that the sector is embracing this technology to develop solutions that will truly benefit the real economy. Financial inclusion lies at the heart of formalising our industries and fintech is playing a role in bringing finance to the masses. ” 

The awards are held under the patronage of the African Development Bank and are sponsored by The African Guarantee Fund and The Bank of Industry. The Gala Dinner and Awards presentation will take place at the Gaviota, by the Sofitel Sipopo, Malabo. 

Exploring African bond markets at Livingstone

Africa’s bond market gurus will gather in Livingstone, Zambia, on 29 October, to discuss trends and developments in the local currency bond markets. The 3 day gathering is organized by the African Financial Markets Initiative AFMI, which highlights African Development Bank’s leading role to develop Africa’s domestic local currency bond markets, establish best practices and document lessons.
The first day of the AFMI 10th anniversary workshop is open to the public, and highlights “enhancing transparency in African bond markets”. It includes panels on initiatives in the African capital markets ad steps to increase transparency in bond markets, led by your author.

Victoria Falls

There are also presentations on African Development Bank’s contributions to deepening local currency bond markets including: the data collection tool and platform, bringing together data from African central banks; the African Bond index ABABI, BADBC and BADBX compiled with Bloomberg.
A key highlight will be the progress of the African Domestic Bond Fund, recently listed in Mauritius.xx Other sessions cover regional integration, African credit risk measuring and a top Zambian panel highlighting the business opportunity in Zambia. Prof Leonce Ndikumana from Massachusetts University will speak on African illicit financial flows.
Top speakers also include Thapelo Tsheole (Chairman of the Committee of SADSC Securities Exchanges COSSE), Stefan Nalletamby (Director Financial Sector Development at AfDB), Cedric Mbeng Mezui (AfDB’s Chief Bond Markets Expert and AGFMI Coordinator), Joseph Rohm (MD Adventis and African Financial Sector Deepening Fund) and many others. Keynote speaker in the evening will be Christopher Marks (Managing Director and Head of Emerging Markets at Mitsubishi UFI Financial Group MUFG)
The conference is co-organized with Bank of Zambia and the session will include the Ministry of Finance, Lusaka Stock Exchange, BoZ, Investment Board and stakeholders.
The following days, 30-31 October, are closed sessions for central bankers.

Latest on developments in African capital markets

Presentations from the exciting Building African Financial Markets (BAFM) seminar are now available on the Internet. The 6th edition of BAFM was hosted the first time in North Africa by the Casablanca Stock Exchange (CSE) in Morocco on 18-19 May, 2017. The seminars are organized with the African Securities Exchanges Association (ASEA).

The theme of the event was “Global Best Practices to Enhance the African Capital Markets”, I was compere and there were many top presentations which you can download here. It provided a great platform for sharing information and discussing best ways the exchanges can support Africa’s needs for long-term capital.

According to the host, Karim Hajji, Deputy President of ASEA and CEO of the Casablanca Bourse: “The Casablanca Stock Exchange is more than ever before convinced of the important role of African exchanges in mobilizing the means for financing the continent’s growth. BAFM is indeed an opportunity to consider new paths of cooperation and enhance synergies so as to improve the role of Exchanges in financing the African economy.”

BAFM is a capacity-building initiative designed to promote growth in African financial markets. The Casablanca meeting attracted more than 100 delegates from within and outside Africa. There were very many top speakers including: Abimbola Ogunbanjo (First Vice President of the Nigerian Stock Exchange), Ronald Webb (Director – Financial Services, Safaricom Ltd), Riccardo Ambrosini, (Climate Finance Specialist, IFC World Bank Group) and Selloua Chakri (Head of Market Structure Strategy MEA Region, Bloomberg L.P.).
This high-level meeting provided a.

Oscar N. Onyema, President of ASEA and CEO of the Nigerian Stock Exchange, said; “Building the African financial market is our collective responsibility, hence we must seek out knowledge that empowers each of us to remove impediments to the advancement of our market.”

To view the presentations as well as the pictures of the Seminar, please visit http://www.african-exchanges.org/sites/default/files/publications/building_african_financial_markets.pdf and http://www.african-exchanges.org/en/media#contentCarousel/gallery respectively.

Top speakers for BAFM capacity-building seminar 18-19 May


Leaders and movers of African capital markets are heading to Casablanca for the 6th Building African Financial Markets (BAFM) capacity-building seminar on 18-19 May, organized by Casablanca Stock Exchange with the African Securities Exchanges Association and supported by member exchanges.
This year focuses on “Global best practices to enhance African capital markets”. The agenda features CEOs of top African exchanges and other industry leaders: Oscar Onyema CEO of Nigerian Stock Exchange and President of ASEA, Siobhan Cleary of the World Federation of Exchanges, Karim Hajji CEO of Casablanca Stock Exchange, and speakers from Bloomberg, International Finance Corporation, Ethiopian Commodity Exchange, Tanzania Capital Markets and Securities Authority, Securities and Exchange Commission (Nigeria), Safaricom, Kenya Retirement Benefits Authority, Maroclear, and many others.
Topics include: demutualization and growth, what the new US administration means for African markets, financial inclusion, pensions, liquidity, green finance, global principles on IT infrastructure, and regional integration of exchanges in East, West and Southern Africa.
It will be held at Casablanca Most Events Business Center, Anfa Place, Casablanca, Morocco. Don’t miss a great chance to meet the drivers of Africa’s capital markets development. For more, check the Casablanca Stock Exchange website page.

World Exchange Congress 2017: First step – get domestic capital markets right

Here are some key points from the panel on “Alternative exchanges and connecting the African markets: What do you need to know?” at the World Exchange Congress 2017 in Budapest. All are CEOs: Moderator: Hirander Misra, Chairman and CEO, GMEX Group; Thapelo Tsheole, Botswana Stock Exchange; Moremi Marwa, Dar Es Salaam Stock Exchange; Sunil Benimadhu, Stock Exchange of Mauritius.

Q1: How to develop frontier African stock markets? Benimadhu: “We look at what our niche products are, that we do better than others. We list those products on the exchange. Then we think: ‘How we reach out to the world and tell our story?’ We need to make sure trading on our exchange is easy, efficient and meets international standards. Then we can look beyond our borders and ask what does the region need?”

Q2: Should you offer risk mitigation for currencies? Tanzania, Botswana and Mauritius are all open for investors to take their capital out, Mauritius was one of the first African markets to drop exchange control; it was brave as it’s a small economy, but it found the capital flowing in soon became more than the capital flowing out.
Protecting against changes in value of African currencies such as KES and NGN will be very important for attracting foreign investors, for inter-African trade and for trading in derivatives linked to international currencies. Benimadhu – Mauritius (and other markets) are looking at exchange-traded linked products to mitigate currency risk “there is a strong need to come up with a very sophisticated derivatives platform for mitigating currency risk”.

Q3: Inter-African stock-market links? Marwa: “We are harmonizing our trading rules among the 4 markets in the region – Kenya, Tanzania, Uganda and Rwanda – with the help of the World Bank. We are building an infrastructure based in Tanzania combining our automated trading systems (ATS) and central securities depositories (CSDs). In the Southern African Development Community (SADC) we are also making some progress in harmonizing and integrating our markets.
“Investors would rather see us as one big market, instead of small markets. For any issuer, reaching out the whole region will attract wider interest. In Tanzania we are well placed for this and we encourage harmonization and integration.”
Benimadhu “I have seen examples of larger markets and we should learn from that and use their experience. Take the case of Australia and Singapore, they allowed brokers from Singapore to trade in Australia and vice versa to increase order flow. After 10 years they scrapped it, it did not generate expected volumes. Many of the others have also fallen short of expectations. One which is working is Hong Kong-Shanghai but that is for specific reasons, including access to the Chinese market.
“I am a contrarian. I believe linkages make sense, but before doing that it makes sense to grow the domestic market. Open up, attract foreign flows. Don’t spend a lot of time and energy on linkages, but focus first on growing the domestic market. We should follow regional links, but they should not sidetrack us from where we should concentrate, on our own markets”.

Rwanda to host 20th African Securities Association conference on 27-29 November

The Rwanda Stock Exchange (RSE) and the African Securities Exchanges Association (ASEA) will host the 20th Annual ASEA Conference in Kigali, Rwanda on 27-29 November. The ASEA annual conference is the flagship event for Africa’s capital markets and all those who work in them. This year’s theme is “The road to 2030: Making the African capital markets relevant to the real economy”.
Celestin Rwabukumba, RSE CEO, explained: “The conference will bring together more than 300 global and regional experts and stakeholders in capital markets, regulators, law firms and issuers, domestic, regional and international investors, rating agencies, portfolio and investment managers, government representatives, and technology providers to ask questions and address the big question of how African securities exchanges should become more effective and play a bigger role in mobilizing capital for African businesses that will drive our economies on the global economic stage.” He added it offers an opportunity for the East Africa Community (EAC) region to demonstrate how much can be achieved through integration of regional securities markets – the EAC is leading the way with an exciting capital markets integration programme as part of stronger regional economic links.
The gathering will also celebrate the RSE’s 5th birthday, it was formed in 2011. “It’s been an exciting 5 years for us. We have grown on all fronts and are increasing our numbers every year in terms of market participation, companies coming on board and technology. This will definitely be a good occasion,” Rwabukumba added.
There will also be scope for tourism and other enjoyment after the conference.

Kigali under Vision 2020 (photo: www.TopBoxDesign.com)

Kigali under Vision 2020 (photo: www.TopBoxDesign.com)

Private Equity Africa award winners 2016

What a night – the gala dinner of the Private Equity Africa 2016 awards. It is the 5th year of these awards and all the “great and good” of Africa’s private equity fund managers (general partners/GPs), investors (limited partners/LPs) and service providers gathered at The Langham hotel in London to celebrate how their industry is growing in size and sophistication. A full day conference (I was honoured to be MC) charted the changes with sessions on new structures for private equity funds, the rise of stock exchange IPOs as exits, specialized agriculture, healthcare and other funds, the changing valuation premium on Africa’s businesses post the currency crises.. and many more topics for 2016.

Congratulations to the winners of the 2016 Private Equity Africa Awards. The final award winners were selected by an independent panel of judges and recommendations from the London Business School Institute of Private Equity nomination team.

OUTSTANDING LEADERSHIP AWARD
Honourable Okey Enelamah, founder of African Capital Alliance and now Minister for Industry, Trade & Investment, Government of Nigeria. The award was presented by Right Honourable Baroness Lynda Chalker of Wallasey who also made a speech. It is awarded based on voting by leading industry investors.

Okechukwu Enelamah, Minister of Trade & Investment (photo: Guardian Nigeria)

Okechukwu Enelamah, Minister of Trade & Investment (photo: Guardian Nigeria)

HOUSE AWARDS
HOUSE OF THE YEAR
Sub-Saharan Africa House of the Year: Helios Investment Partners
North Africa House of the Year: Abraaj
Francophone Africa House of the Year: Adenia
West Africa House of the Year: Synergy Capital Managers

SPECIAL RECOGNITION: HOUSES
The event also recognised investors that had delivered exceptional transactions during 2014 that do not fall into the main award categories.
Credit Investor: Investec Asset Management
Mid Cap Investor: Development Partners International (DPI)
SSA Fund of the Year, awarded in partnership with Financial Services Promotion Agency (FSPA): Helios Investment Partners for Helios III
Pan-Africa Exits: Actis
Outstanding First-Time GP: Verod Capital

DEAL AWARDS
EXIT OF THE YEAR
Large Cap Exit of the Year: Helios Investment Partners for Equity Bank
Mid Cap Exit of the Year: AfricInvest for UAP Holdings
Small Cap Exit of the Year: Adenia for Newpack

DEAL OF THE YEAR
Mid Cap Deal of the Year: Amethis for Novamed
Small Cap Deal of the Year: Databank for Norish

SPECIAL RECOGNITION: DEALS
The event also recognised deals that had delivered exceptional transactions during 2015 that do not fall into the main award categories, are had not comparable contenders.

Debt Deal: XSML for Médecins de nuit
Infrastructure Deal: African Infrastructure Investment Managers (AIIM) for Azura Power
Large Cap Deal: Abraaj for North Africa Hospital Holdings Group
Frontier Deal – Morocco: TPG-Satya for Ecoles Yassamine
Frontier Deal – Côte d’Ivoire: Duet for SAPLED
Frontier Deal – Uganda: 8 Miles for Orient Bank

PORTFOLIO AWARDS
PORTFOLIO COMPANY OF THE YEAR
Development Impact: Emerging Capital Partners for CIPREL
Social Impact: Fanisi for Haltons
Innovation: Adenia for Syrse
Improvement: Mediterrania Capital Partners for CashPlus

ADVISOR AWARDS
ADVISORS OF THE YEAR
Overall Legal Advisor (Deals & Funds): Clifford Chance
Funds Legal Advisor: King & Wood Mallesons
Deals Legal Advisor: Webber Wentzel
Single Deal Advisor of the Year: Linklaters for NSIA
Single Fund Advisor of the Year: O’Melveny & Myers for Helios III

SPECIAL RECOGNITION: ADVISORS
Advisor of the Year – Fund Administration: Trident Fund Services

SPECIAL RECOGNITIONS: ADVISORS
The event also recognised advisors that had delivered exceptional transactions during 2015 that do not fall into the main award categories.
Mid-Cap Advisor: Dentons
Local Legal Advisor: Anjarwalla & Khanna
Regional Legal Advisor: Freshfields Bruckhaus Deringer
Corporate Finance Advisor: Intercontinental Trust

The hard-working awards judges were:
Vivina Berla, Co-Managing Partner, Sarona Asset Management
Daniel Broby, Director CeFRI, University of Strathclyde
Matthew Craig-Greene, Founder, Craig-Greene & Co
Arnaud de Cremiers, Partner, Adams Street Partners
Mark Flanagan, Assoc. Partner, Aon Hewitt
Mark Florman, ex-CEO, British Private Equity & Venture Capital Association
Jean-Luc Koffi Vovor, Founder, Kusuntu
Peter Maila, Investment Director, CDC
Tom Minney, CEO, African Growth
Rory Ord, Executive, RisCura
Charles Rose, Chairman, Hainsford Renewable Energy
Daniel Schoneveld, Principal, Hamilton Lane
Hervé Schricke, President, AFIC Africa
Dushy Sivanithy, Portfolio Director, CDC
Arjette van den Berg, Independent Private Equity Advisor
Erika van der Merwe, CEO, SAVCA
Gail Mwamba, Editor, Private Equity Africa (Awards Chair)

The advisors were Adeola Dosunmu, Head of Research, Private Equity Africa (Awards Director); Mark Artivor, Independent Private Equity Advisor; Alfonso Campo, Reporter, Private Equity Africa and Joe Walsh, Reporter, Private Equity Africa.

Local bond markets to fore at AfDB workshop

The African Development Bank’s African Financial Markets Initiative (AFMI) is discussing local-currency bond markets this week in Johannesburg, and over 30 countries will be there according to the press release. Key topics include how to develop domestic institutional investors, with experiences shared from across Africa, and updates on gathering data and help to include more countries in an AfDB-Bloomberg bond index.
AFMI runs a helpful financial markets database, available through their website www.africanbondmarkets.org, featuring bond and money-market news and helpful capital market descriptions for different African countries as well as a data portal.
The first day of the workshop, today 30 Nov, covers the database and the African Fundamental Bond Index as well as technical assistance. It includes how to collect accurate pricing data so that more countries can be included in the African Development Bank (AfDB/AFMI-SM) Bloomberg® African Bond Index (ABABI).
Tomorrow, 1 Dec, is open to investment banks, stockbrokers, exchanges and financial institutions. This includes presentations on the ABABI index, an African Domestic Bond Fund, and perspectives from institutional investors.

To participate in the 1 Dec African bond markets workshop please contact afmi@afdb.org as soon as possible.

AfDB launched the initiative in 2008 as part of its strategy to develop Africa’s financial sector. It contributes to developing domestic bond markets through: the African Financial Markets Database (AFMD); and the African Domestic Bond Fund (ADBF).

African Financial Markets Initiative data portal

African Financial Markets Initiative data portal

Africa’s securities exchanges summit next week

Africa’s securities exchanges gather for their flagship conference in Johannesburg from 15-17 November. The 19th African Securities Exchanges Association annual summit is hosted by Johannesburg Stock Exchange. The association ASEA draws together 25 securities exchanges and ASEA President Oscar Onyema, CEO of the Nigerian Stock Exchange, says the theme – “Africa Evermore: Growth for sustainability” — emphasizes that Africa’s capital markets are stable, have huge potential and are growing.

Oscar Onyema, CEO of Nigerian Stock Exchange

Oscar Onyema, CEO of Nigerian Stock Exchange

The association has as objectives to develop its member exchanges and enhance their global competitiveness. Those at the conference are the major players in capital markets, including listed companies, trading participants, regulators, government representatives, technology providers, legal advisors, and institutional investors from Africa, Europe, and Asia. It’s an ideal opportunity to network and exchange information with industry leaders from across the continent.

Capital markets should be the key channel for the massive investment to fuel Africa’s economic growth of the coming 20-30 years, including finance for business, for infrastructure and for a social and development gains.

Onyema says ASEA’s mandate is not just to promote Africa as a sound investment destination which offers better returns than more developed markets but also to highlight that Africa has strong regulatory structures and that the capital markets and policy-makers are committed to transparency and governance as fundamental to a healthy business environment.

Zeona Jacobs, Director of Marketing and Corporate Affairs at the JSE and ASEA Executive Committee Member, says: “ASEA has been successful in attracting capital inflows to key markets in Africa by positioning them as key engines of economic growth and opportunities for business development. The conference highlights the important role its members have in advancing the exchange market and raising Africa’s global competitiveness in this sector.”

Themes and speakers

The conference agenda covers key topics for Africa’s exchanges including
• How the economic health of African countries affect the capital markets, with perspectives from issuers and investors as well as the exchanges
• Role of exchanges as corporate citizens
• Sustainable stock exchange
• Sovereign wealth fund and how they see African exchanges
• Is increasing liquidity and transparency a pipe dream?
• Friend or foe – prop trading firms in Africa
• How do African markets become more influential in shaping the global regulatory environment?
• Challenges and opportunities of commodity derivative exchanges
• Do we need a pan-African clearing house?

Speakers include the leaders and top executives of many top African exchanges as well as global exchanges such as Nasdaq, key banks, international and African stockbrokers, private equity and asset managers, IT providers to Africa’s exchanges, data and information vendors, government officials and leading regulators

Your writer on panel

Your writer is honoured to be sharing a panel talking about the key post-trade sector and also securities exchanges integration: “Does Africa need a need a pan-African clearing house serving all its exchanges across asset-classes?”, moderated by Leila Fourie, Director: Post Trade and Information Services, JSE, with speakers Terry Gibson (External Post Trade Consultant, MillenniumIT) and Selloua Chakri (Head of Market Structure Strategy, MEA, Bloomberg L.P.).