Kayode Akinkugbe, Managing Director/Chief Executive of FBNQuest Merchant Bank, the investment banking arm of FBN Holdings Plc, at the weekend in Lagos harped on the need for stakeholders to work toward continuously bridging Nigeria’s huge infrastructure gap.
The African Development Bank (AfDB) estimates that Nigeria’s cumulative financing infrastructure needs could reach $3tr by 2044, or about $100bn annually, hence the need to change the current funding mix and create partnerships to finance infrastructure and other projects in Africa.
In a keynote speech at the Corporate Dinner of the Association of Professional Women Bankers (APWB), on Friday October 19, 2018, he said, such would help create a sustainable legacy for future generations.
Akinkugbe, who spoke on theme: “Funding Infrastructural Development in an Emerging Economy,” stressed that although developing of infrastructure assets has proven to be extremely capital intensive, it requires substantial amounts of liquidity and takes time to complete.
For him, to fund infrastructure in an emerging economy like Nigeria, stakeholders must necessarily ensure investors- both onshore and offshore are attracted.
Specifically on APWB, the female arm of the Chartered Institute of Bankers of Nigeria (CIBN), the FBNQuest boss said banking has since transformed from being a predominantly male occupation, following “a significant shift over the years, as more women have risen to influential positions within the industry.”
This is why, he spoke of the need “to support women in banking at all levels, as women bankers are a powerful force in growing the economy.
“At FBNQuest Merchant Bank, we are committed to reducing the gaps in professional gender equality, and this is why we continue to sponsor engagements that will explore ideas, gain knowledge and imbue the culture of integrity, transparency, accountability, high ethical values and professionalism,” he stressed.
He expressed the pleasure of FBNQuest Merchant Bank to be part of the event as it provides a forum for exchange of information and ideas among members on common problems and matters of mutual interest affecting the banking industry.
Chief among them, he said, is: Promoting the image of women in the banking profession, commending the CIBN and APWB for their consistency in putting together innovative and pace setting activities and programmes with a wide range of objectives aimed at promoting the image of women bankers and encouraging them to seek executive and managerial positions.
Meanwhile, at the event participants brainstormed on ways to tackle financial illiteracy among SMEs, and position entrepreneurs on the path to economic growth; it also provided a forum for engaging and strategizing on methods that will enhance the business of banking in Nigeria.
A statement by the organizer quoted Funke Ladimeji, Chief Operating officer and Head Technology and Operations, FBNQuest Merchant Bank and Chairman of the APWB Dinner Committee Mercy Oluwatoyin Ojo, said the association offers “an excellent platform to bankers and other financial services professionals for strategic career planning and growth; especially for aspiring, junior and mid-career bankers, as they chart their professional course, as well as for seasoned bankers to groom the next generation.
“We are glad to have been able to effect positive development and empowerment of women in the banking sector through workshops, seminars and mentorship programmes. This year’s dinner provided yet another avenue to build positive growth among professionals in the financial circle and the corporate world.”
While appreciating the management of FBNQuest Merchant Bank for supporting the growth and development of women in banking in Nigeria, the organisers expressed confidence that insights garnered from the event will help inform the development of infrastructure and the Nigerian economy.