The Executive Vice Chairman of Credent Capital and Advisory Limited, Dr Dauda Lawal, is a distinguished recipient of the 11th edition of the African Achievers Awards held on Friday, 10th December, at Kensington Palace, United Kingdom.
The African Achievers Awards is one of Africa’s most prestigious awarding bodies which honors great African achievers – including African leaders, young achievers, and community builders to captains of industries, whose works have had a meaningful impact on building Africa.
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The Theme for the 2021 ceremony is: ‘‘Initiating Diaspora Investment for a diversified African economy’’.
The Awards ceremony over the years has become established as one of the biggest gatherings of influential and global African Achievers on the continent.
It has been rated by Forbes Magazine as one of the most prestigious award ceremonies at Cambridge University.
Lawal, a former Executive Director of First Bank, has joined the illustrious list of change agents.
Receiving the award under the “Integrity in Corporate Governance” category, he was honoured for his transformative and leadership role in the financial sector.
Prior to the awards, an international colloquium was organised on Thursday, 9th December, which was held at the University of Cambridge.
Mr Lawal was among African leaders selected as keynote speakers at the Cambridge colloquium.
In his speech, titled ‘mobilizing diaspora investment for sustainable development in Africa’, the financial expert reiterated that the topic is both apt and timely, especially in its relation to finance and development in Africa.
He said: “In a precarious world of global socio-economic upheavals worsened by a most difficult era of coronavirus pandemic, no time is more suitable for the revival and sustenance of the African continent than now.
“According to population experts, the African diaspora is over 40 million. Nevertheless, the figure is believed to be far higher than estimated, as it does not encompass subsequent generations of migrants as well as those who migrated as a result of the pre-colonial Atlantic movement.”
Lawal added: “Diaspora Africans enamoured with their homeland go into investments, from their host countries in favour of their origins or heritages. Diasporic Africans are all over the world from Europe to the Americas, Asia, the Middle East to Nordic settlements. The mobilization of Diaspora investment across the globe is vital to the economic growth of Africa towards sustainable development.
“A World Bank report (2019) indicates that Diaspora investments in form of remittances to Africa stood at 86 billion dollars. I am glad to inform you that a significant sum, 22 billion dollars were received by my country, Nigeria in 2018.
“This surpassed her entire federal budget of that year, totalling 18 billion dollars by $2 billion. These exclude remittances through informal and unregistered channels, raising prospects of higher investments.
“I am confident to state that the Nigerian case study represents, notwithstanding in varying proportions, the scenario in virtually all the 54 countries in Africa.
“Beyond financial repatriations, there is also investment through real estate. In fact, the desire to acquire and develop real estate serves as the largest investment either by individuals or groups in relation to Diaspora Africans.
“The preference for real estate is driven by economic considerations on micro and macro levels.
“The estates fill the gaps of ‘housing at retirement’ for the homeward bound migrants, place of abode for nuclear and extended families, commercial houses, lease or sale, collaterals for bank loans and related transactions among other values.”
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