Omodele Adigun
To encourage participation in the $158billion Dubai’s financial free zone, Access Bank Plc, in collaboration with Dubai International Financial Centre (DFIC), has reached out to Nigerian and African businesses to grab the opportunities offered by its large global markets.
According to the Deputy Managing Director of Access Bank Plc, Mr Roosevelt Ogbonna, and DFIC Chief Representative of International Market, Vikrant Bhansali, the idea of DFIC coming to Africa and Nigeria is to provide opportunities for family businesses and large corporate organisations looking for safe haven to operate, even as 2005 African firms were among the earliest settlers at the centre. The duo, who stated these at a briefing Thursday in Lagos, explained that DFIC has been in existence for the past 15 years and it is making waves at the international market with Access Bank having a swing time operating there through its UK office.
Ogbonna stated that the bank decided to reach out to its customers with a view to dangling same opportunities before them, saying ”unlike most Nigerian institutions who enjoy something and keep quiet. Why don’t we enjoy it and share it with the rest of the world so that others too can take the benefit and enjoy the things we have been enjoying in the DFIC.”
On the opportunities available, Bhansali said: “DIFC is the World leading financial centre ranked number one in Middle East and number 12 globally. It has $6.2 million invested in FinTech, while its balance sheet size is $158billion with 23,604 workforce; 625 financial firms; 2,137 active registered firms and 4,154,057sq.ft of occupied space. It offers zero percent tax rate on profits; zero per cent personal income tax; 100 per cent of foreign ownership: no restriction on foreign talent or employees; no restriction on capital repatriation. The DIFC courts are tried and tested with enforceability of judgements across other jurisdictions, including Singapore, India and China. It also has 248 Wealth & Asset Management firms whose sectoral size is put at $424 billion; $99 billion assets are under management.
“DIFC, as gateway to African business, 2005 African firms are among earliest to establish in the centre, while nine per cent working population from African origins represent three-quarter of the African countries.”
He listed the African banks and capital markets operating at the centre to include Access Bank, Zenith Bank and Standard Bank of South, among others.
He added that DIFC has built an enabling ecosystem that inspires innovation and encourages technological disruption with opportunity to access up to $100 million FinTech Fund.
On his part, Ogbonna added: “It is another opportunity for us to partner with an international institution like the DFIC. It is the one that is building its brand globally. And clearly, a lot of us have not realised that DFIC has been on for 15 years because of the impact they have made in international market. Access Bank operates through the UK office in Dubai. We have been in Dubai for the last four years. It has been an excellent experience for us. The idea of DFIC coming to Africa and Nigeria specifically is to provide opportunities for large corporate that are looking either to buy offices or looking for large global markets where they can operate.