Business
It is A-League Wins as Norrenberger Scoops Two Prestigious Awards at BAFI Awards 2023
Norrenberger, an industry leading, integrated financial services Group, is proud to announce that it has been bestowed with two prestigious awards at the 2023 Banking and Finance International (BAFI) Awards organised by Business Day.
We received the coveted Deal of the Year (acquisition of The Infrastructure Bank) and Innovative Fund Managers of the Year accolades.
Listed as a nominee in the keenly contested categories that featured strong competitors jostling for the number one spot as “Deal of the Year” and “Innovative Fund Manager of the Year, Norrenberger’s win of the awards is a well-deserved recognition of its outstanding achievements, innovative practices and contributions to the financial services industry, and the Nigerian economy.
The BAFI Awards, organized annually to recognize and celebrate outstanding achievements in the finance industry, have established themselves as a symbol of excellence, integrity, and innovation. This year, Norrenberger’s remarkable accomplishments have earned the Group the spotlight in not one, but two categories.
The “Deal of the Year” award recognises Norrenberger’s acquisition of The Infrastructure Bank with a 60 percent controlling equity stake, which has had a significant impact on the financial landscape as one of the first PPP acquisition in recent times. The Group’s commitment to delivering exceptional value to its clients, coupled with its ability to structure and execute complex deals, set it apart as the undisputed winner in this category.
In addition to the “Deal of the Year” award, Norrenberger was also named “Innovative Fund Manager of the Year.” This recognition underscores the company’s continuous pursuit of innovation and excellence in the fund management space.
Speaking on the occasion, Tony Edeh, Group Managing Director/Chief Executive of Norrenberger, expressed gratitude for the prestigious awards, saying “We are truly honoured to receive the ‘Deal of the Year’ and ‘Innovative Fund Managers of the Year’ awards from BAFI.
These accolades are evidence of our team’s hard work, dedication, and innovative spirit. At Norrenberger, we are constantly striving to exceed expectations and set new industry standards. We remain committed to providing our clients with world-class financial solutions.”
Norrenberger’s innovative strategies, prudent risk management, and unswerving determination to maximizing returns on investments for its customers have cemented its position as a trailblazer in the financial services industry.
These unique capabilities have crystallised improvements in its industry ratings – as its ratings were recently upgraded to ‘BBB(IM)’ and ‘A-’ by Agusto & Co Limited and Data Pro Limited, respectively.
Speaking on this growth, Pabina Yinkere, representing the Business Head, Asset Management said ‘’there is an undeniable and indefatigable commitment on our path as fund managers to ensure that we remain an asset management company par excellence in our unique offerings to our customers.
These awards come right after the Group celebrated a prestigious 5th year anniversary – A half decade of transforming lives and supporting Nigerians through sustainable wealth creation.
During the anniversary celebrations, Norrenberger launched its corporate responsibility and sustainability-impact focused fund of over N500m targeting young entrepreneurs. The Group also hosted an elegant gala night with customers, partners, industry players and staff to celebrate its numerous milestones.
Norrenberger’s success in securing these two accolades demonstrates its commitment to excellence and innovation in the financial services industry. The company’s strong track record, client-centric approach, and forward-thinking strategies have propelled it to the forefront of the industry.
Founded in 2017, Norrenberger is a financial services group that provides bespoke financial solutions that add value to our individual and institutional clients.
With a team of experienced professionals, Norrenberger offers a comprehensive range of services, including asset management, private equity, development finance, investment banking, insurance, pensions, securities trading, fintech and digital banking. We are guided by our mission to positively unlock the opportunities in society for our clients and stakeholders.
By 2025, we hope to have delivered at least one financial solution to every household.
Our component companies are licensed, authorised, and regulated by either the Securities & Exchange Commission (SEC), Central Bank of Nigeria (CBN), Nigerian Exchange Limited (NGX), National Pension Commission (PenCom) or National Insurance Commission (NAICOM).
The Economic and Financial Crimes Commission (EFCC) has cautioned Nigerians against the excessive desire for money.
The agency issued the advice in a terse post on its X handle on Sunday.
“Love money too much, and Ponzi schemes will love you …..as their next target….be guided, the Eagle loves you all,” the post read.
This is coming amid ongoing investigation into the alleged fraud perpetrated by a digital investment platform, CryptoBank Exchange (CBEX).
CBEX had reportedly crashed on April 14, leading to the loss of billions of naira belonging to Nigerian investors.
Several videos online had shown some Nigerians raising the alarm over the loss of their funds to the scheme.
The EFCC had on Friday declared eight persons wanted over their alleged involvement in a fraudulent scheme linked to the online trading platform.
The move came on the heels of the Federal High Court in Abuja granting the EFCC’s request to arrest and detain persons found promoting the CBEX scheme.
Justice Emeka Nwite, issued the order following submissions by the counsel for the EFCC, Fadila Yusuf, seeking the court’s approval to detain the promoters pending the conclusion of investigations into the alleged offences and their possible prosecution.
The EFCC stated that during the investigation, it found that ST Technologies, while registered with the Corporate Affairs Commission, was not authorised by the Securities and Exchange Commission to conduct investment activities.
Furthermore, it said the defendants had vacated their last known addresses in Lagos and Ogun States.
The EFCC had argued that a warrant of arrest was necessary to place the defendants on a red watch list to facilitate their capture and ensure they face charges.
The commission said its investigation had also established a prima facie case of an investment scam and that granting the application was in the interest of justice.
During an interview on Channels Television’s breakfast programme, The Morning Brief, on April 16, the EFCC spokesperson, Dele Oyewale, advised Nigerians against investing in a business without considering the legal framework that regulates it.
Oyewale said, “We know that for every business concern, you declare your profit either quarterly, annually or bi-annually, but if somebody says, ‘Bring your money; I’m going to give you a return in 30 days,’ you know that is not realistic; it’s just not pragmatic.
“Or if somebody says, ‘If you bring your money, we’re going to give you a 100% return on investment,’ that is not possible”.
Nigerian carrier, Air Peace, has clarified why its Benin to Abuja flight P47171 was delayed in the air on Friday.
In a statement issued by the Head of Corporate Communications, Ejike Ndiulo, Air Peace Airline on Saturday stated that during the aircraft’s descent into Abuja, the flight encountered turbulence as a result of adverse weather conditions, including thunderstorms.
The statement further stressed that in line with global aviation safety standards, “our crew activated appropriate safety protocols and held in a holding pattern until weather conditions improved.”
Social media users complained on Saturday that the aircraft hung in the air longer than necessary before landing.
Elanza news understands that when an aircraft is held in a holding pattern, this means the plane was instructed to fly a specific course around a designated point while waiting for permission from the control tower to proceed with its planned route, approach, or landing.
This is often due to factors like traffic congestion at the given airport, weather delays, or other operational issues that could result in an incident or accident if the aircraft had landed against instructions.
In simpler terms, a holding pattern is a temporary waiting area for an aircraft in the air, allowing it to remain airborne while awaiting further instructions for landing.
The statement further stated, “We are pleased to confirm that the aircraft landed safely and the passengers disembarked normally. Air Peace is unwavering in its commitment to ensuring the highest standards of safety across all our operations.”
IMF to FG: Enhance transparency in oil sector, contain borrowing
The International Monetary Fund (IMF) has advised Nigeria to enhance transparency in the oil sector to ensure that the subsidy removal savings are transferred to the government’s budget.
Abebe Selassie, the director of the African department at the IMF, gave the advice on Friday while presenting the findings of the Regional Economic Outlook for Sub-Saharan Africa report at the IMF and World Bank spring meetings in Washington, DC, the United States.
Selassie was responding to questions on the federal government’s reforms and Nigeria’s debt profile, which currently sits at N142.3 trillion as at September 2024.
Speaking to journalists, the director said the fund has been very impressed by the reforms Nigeria has undertaken to address microeconomic imbalances in the country.
The director said the subsidy was taking “a very large” share of the limited tax revenues, which was not effectively used to help the most vulnerable people.
“So it’s been really good to see the government taking these head on, and also beginning to roll out the third component of the reforms that we’ve been advocating for, [that] government has been pursuing, which is to expand social protection to target generalised subsidies to help the most vulnerable,” he said.
“This has all been very good to see, but more can be done, particularly on the latter front: expanding social protection and also enhancing a lot more transparency in the oil sector, so that the removal of subsidies does translate into flow of revenue into government budget.
“So, there’s still a bit more work to do in these areas.”
Selassie disclosed that the IMF had a mission in Nigeria, where discussions with the authorities focused on issues related to the nation’s macroeconomic conditions.
Still, the director advised the federal government to consider reforms in other areas to engender more private sector investment, and also how more resources can be “adopted” to help Nigeria generate the revenues needed to build more schools, universities, and infrastructure.
“So there’s a comprehensive set of reforms that Nigeria can pursue that would help engender more growth and help diversify the economy away from reliance on oil,”
“And this diversification is all the more important given what we’re seeing happening to commodity prices.”
Selassie acknowledged that while the government is undertaking reforms, there will be a financing need.
He urged the authorities to adopt “a judicious and agile” way of dealing with the financing challenges the country faces.
The IMF official said Nigeria’s financing gap “can only be filled” by permanent sources such as revenue mobilisation in the long run.
“But in the interim, carefully looking at all of the options the country has to borrow in a contained way, will be part of that solution,” he said.
“And I think the government has been going about this prudently and cautiously so far, and we’re encouraged by that.”
In January, the Debt Management Office(DMO) said the total domestic debt was N73.4 trillion ($45.8 billion) while the total external debt was N68.8 trillion ($43 billion).
The debt body said the increase was primarily due to rising domestic borrowing and the impact of exchange rate depreciation on external debt when converted to naira terms.