2023: A New Nigeria Beckons With Tinubu As President, Says Lagos Assembly
– Lawmakers to write Buhari, Northern APC governors, others
– Commend Obasa for championing the cause for Tinubu’s victory
– Describe Tinubu as a political warlord whose time has come
Members of the Lagos State House of Assembly resumed plenary on Monday with a resolution to write commendation letters to Northern governors on the platform of the All Progressives Congress (APC) for their collective decision that resulted in the victory of Asiwaju Bola Tinubu during the party’s recent convention.
President Muhammadu Buhari, Southern governors on the platform of the APC, the Conference of Speakers and the National Assembly are to also receive letters of appreciation from the Assembly.
The House, which also resolved to send a congratulatory message to Tinubu, who the lawmakers called a ‘golden fish’, thanked the presidential aspirants who stepped down from the race and supported the former governor of Lagos state to victory.
This is as the members of the House further took turns to eulogise the Speaker of the House, Rt. Hon. Mudashiru Obasa, who is known to have commenced the mobilisation for Tinubu long before the latter officially declared his intention.
Recall that Speaker Obasa, since 2020, had visited many states of Nigeria canvassing for support for the emergence of Tinubu as APC flag bearer.
In his contribution, Obasa said the outcome of the primary election was worth celebrating, especially in relation to the number of people who supported and played various roles to ensure Tinubu’s victory.
According to him, the action of the Northern governors has further deepened democracy and unity.
Ahead of the convention, the APC governors in the North had resolved to support a Southern aspirant. They also made their decision public.
“That singular action of the Northern governors is proof and testimony that Nigeria’s democracy has come to stay and that Nigeria will continue to exist as one. It goes beyond giving Asiwaju support and shows that in togetherness, we can take this country forward.
“The emergence of Asiwaju gives hope that there are better days ahead where we would have an egalitarian society.
“We have absolute confidence that just like he did it before, he can do it again,” the Speaker said as he recalled the various achievements recorded by Tinubu as governor of Lagos state.
He tasked stakeholders and party leaders to intensify their support for Tinubu ahead of the general election.
On his part, a lawmaker, Abdulsubur Olayiwola, described Tinubu as a political warlord just as he argued that the presidential candidate’s Abeokuta declaration helped his victory.
He also noted that Speaker Obasa started reaching out to Nigerians from other parts of the country even before it became public knowledge that Tinubu would run for the position.
While another lawmaker, Hon. Tobun Abiodun, confirmed that Obasa started the move even “things were still sketchy”, his colleague, Hon. Adedamola Richard Kasunmu, said: “Nigeria as a nation just got lucky because by 2023, we are going to have a President who has the grace to move this country to greater heights.
“With a true democrat in the person of Asiwaju, a new Nigeria beckons.”
He described Obasa as a man with foresight for championing Tinubu’s cause.
Also contributing, the Majority Leader of the House, Hon. Sanai Agunbiade, described Tinubu as a man whose time to lead the country has come.
While commending Obasa, Agunbiade added: “We must go back to our constituencies and ensure that those who would vote for Asiwaju get their Permanent Voters Cards (PVCs).
For Hon. Gbolahan Yishawu, Tinubu reaped what he had sowed for many years with his victory at the convention.
Eromosele Ebhomele
Chief Press Secretary to the Speaker of the Lagos State House of Assembly.
UBA Foundation Joins Rest of the World to Celebrate International Day of the African Child
….Donates Books, Reading Sessions Across Africa . In commemoration of the 2022 International Day of the African Child, the UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Group, on Thursday, joined the rest of the world to celebrate African children by holding reading sessions for school children across the African continent and donating thousands of books in a special ‘Read Africa’ initiative
UBA Foundation’s Read Africa initiative was birthed almost two decades ago with a purpose of ensuring that African school children continue to read as they further their education. Read Africa also supports African authors in different languages(English, French, Portuguese, Swahili) through the selection and purchase of books by African authors from different countries on the continent.
In celebration of the African child, the UBA Foundation visited schools and orphanages across Africa donating thousands of books, school bags, food and other gifts as they stressed the importance of education and the expansion of knowledge.
At one of the reading sessions which was held at the Joef Dynamic College, Obalende, Lagos, the Foundation, led by its Managing Director/CEO, Bola Atta talked to the school children about topics ranging from financial literacy and the importance of imbibing a good reading culture to developing business acumen and following through passionately.
During her interaction with the school children, Bola Atta emphasised that every child deserves the right to learn. She told them, “The pursuit of knowledge should be a lifelong activity that starts at a very young age. You should cultivate an interest in reading not just academic text books but different types of books that will allow you to explore cultures and worlds outside your immediate environment so that you can expand your knowledge and your mind’ Atta said.
Whilst answering questions from the students, the Foundation’s CEO highlighted that one of the main objectives of the UBA Foundation is uplifting lives and communities on the African continent by creating dynamic educational platforms for future generations and future leaders.
June 16 every year has been set aside by the United Nations as the International Day of the African Child to celebrate children in Africa and to recognise the courage of students who marched for their right to better education in Soweto, South Africa.
The Vice Principal of Joef Dynamic College, Danladi Ladan, in his appreciation of UBA Foundation’s visit to the school and donations of books and other educational items said “Our school will continue to inculcate the habit of reading amongst students as we believe a society of knowledge is a panacea towards development.” He called on other corporate organisations to emulate UBA Foundation’s initiatives especially in the area of educational development.
UBA Foundation remains committed to its three key pillars which are Education, Empowerment and Environment. The Foundation has been actively involved in facilitating educational projects and bridging the literacy-wide gap on an African wide scale for close to two decades.
Heritage Bank wins Lagos Environmental Sustainability Award, commits to nature protection
R-L: Kehinde Olugbemi, Ag. Chief Risk Officer, Heritage Bank; Captain Babangida Zakari, Deputy Director of Coordination, Armed Forces Settlement Centre, Oshodi; Prince Ademola Docemo, MD, Lagos State Signage and Advertising (LASSA); Gaji Omobolaji Tajudeen, Permanent Secretary, Lagos State Government Representative; Brigadier General Maxwell Ejike, Director of Training, Armed Forces Settlement Centre, Oshodi, as Heritage Bank wins Environmental Sustainability Award at the 2022 World Environment Day event held in Lagos State.
For its contribution and support towards Environmental Sustainability, especially, in Lagos, the state government, awarded Heritage Bank with its 2022 Environmental Sustainability Award.
The bank joined other corporate organisations and schools within the State, awarded for their efforts towards protecting nature and limiting the impact of climate change on Earth.
The Award was given to the bank by the state government through the Ministry of Environment and Water Resources, Lagos State in the commemoration of 2022 World Environment Day Celebrations in which the bank was also a major sponsor.
Speaking at the year 2022 World Environment Day finale held at Alausa, Ikeja, Lagos at the weekend, the managing director/CEO, Heritage Bank Plc, Ifie Sekibo, commended Lagos state government and its ministry for the efforts exuded during environmental sustainability to protect ecosystems in supporting health and wellbeing of all creatures.
Sekibo, who was represented by the Chief Risk Officer, Heritage Bank, Mr. Kehinde Olugbemi, said: “as this year’s World Environmental Day Celebration theme implies, we have ‘Only One Earth,’ and truly, only one earth to protect. The fact is that human well-being is closely linked to the health of the environment. And our planet is reaching a breaking point. We are beginning to see the consequences of global warming on ecosystems and communities.”
Today, he said, industrialisation, though positive for human well-being on the flip side, has raked lots of havoc on human existence.
Quoting the World Health Organisation (WHO), he said, 24% of deaths can be traced back to avoidable environmental factors, adding that, Heritage Bank Plc has continued to prioritise and make huge commitments to environmentally sustainable practices to help build thriving communities and secure future growth potential.
R-L: Ozena Utulu, Ag. Group Head, Corporate Communications, Heritage Bank; Kehinde Olugbemi, Ag. Chief Risk Officer, Heritage Bank; Dr. S. Olayiwole Onasanya, Permanent Secretary, Lagos State Independent Electoral Commission (LASEIC) and Titilola Docemo, Regional Head, Lagos Island 2A, as Heritage Bank wins Environmental Sustainability Award at the 2022 World Environment Day event held in Lagos State.
“We realized that our people and other dwellers need clean air to breathe, fresh water to drink, and places to live that are free of toxic substances and hazards.
“So, as a part of our sustainability drive in the Corporate social responsibility space, we have continued to put sustainability at the heart of our decision-making for the sake of humanity and the bank’s own bottom line because a healthy planet is the backbone of nearly every industry on Earth,” he pointed out.
Earlier at the event, Lagos state governor, Mr. Babajide Sanwo-Olu stated that, there is an urgent need for everyone to focus on the need to live sustainably with nature for the benefit of mankind, adding that, this has become necessary to shift to a greener lifestyle through both policies and individual choices.
He added that sustainability of the environment is among the most pressing issues in the world today out of which the Earth faces triple planetary emergencies namely, Climate change, loss of biodiversity and Environmental Pollution.
The governor, who was represented by the Permanent Secretary, Office of Environmental Services, Dr. Omolaji Gaji, added that, the impact of the challenges has negatively made the achievements of Sustainable Development Goals (SDGs) less successful.
“With nature in emergency mode, the #OnlyOneEarth campaign for World Environment Day 2022, wants us to celebrate the planet through collective environmental action”, he said.
The governor commended Corporate Organisations, such as Heritage Bank for ensuring that the persistent drive of the State’s policy towards entrusting the legacy of greening and restoration of indigenous trees to the citizen is sustained.
Similarly, the commissioner for the Environment and Water Resources, Mr. Tunji Bello said, government through the ministry of the Environment & Water Resources has implemented several programmes to mitigate these challenges through Tree planting, Climate change summit, Environmental bees’ clubs in schools, waste to wealth and ban on open defecation.
Speaking through the Director of Sanitation Services Department, Dr. Hassan Sanuth, the PS added that, the government keyed into this call in 2021 by commencing the greening of Abraham Adesanya setback, together with restoration of some historical plants in specific locations like Agege, Idi-Mangoro where Mango trees were planted, Idi-Agbon in Ifako-Ijaiye where coconut trees were planted and in Lagos Island where breadfruit trees were planted at St. Paul Anglican Primary School, Breadfruit Lagos as part of this year’s celebration.
The guest lecturer, Dr. Ayo Tella while delivering his paper, noted that, Anthropogenic effects caused by human activities such as the felling of trees have altered the earth’s natural systems and survival of many species.
Heritage Bank had earlier donated plastic bins to Navy Town Secondary School, Ojo, Lagos, to mark the World Earth Day even as it has embarked on a project to address water crisis, whilst contributing towards making clean and potable water accessible to all.
Similarly, a global open-source movement known as Liter of Light Nigeria partnered with Heritage Bank Plc to provide sustainable solar electricity for Itomaro community in Lagos State while the bank, in 2020, had been on the move to distribute over 10, 000 mosquito nets to rural dwellers.
REDTV’s Creative Director, Obinna Okerekeocha receiving the award
REDTV, Africa’s leading lifestyle entertainment online network, powered by Africa’s global Bank, the United Bank for Africa (UBA) has been announced as the winner of Online TV of the Year at the prestigious 2022 edition of the GAGE Awards which was held over the weekend in Lagos, Nigeria.
The award came as a result of open online voting which saw REDTV top the list of very highly reputable online television platforms including Accelerate TV, Channels TV, Ndani TV and Nevada Bridge TV, signifying the widespread acceptance of the YouTube channel.
The 2022 edition of GAGE Awards themed, “Co-Create 2022”, which, according to the organisers, was proof of how much Africans can achieve together in the tech space by collaborating, celebrated distinguished individuals and brands who have utilised technology and the digital space remarkably and with high impact.
Speaking whilst receiving the Award, the TV’s Creative Director, Obinna Okerekeocha said “We have UBA to thank for always supporting REDTV from inception. We are committed to telling the best stories from Africa and empowering the next generation of young African content creators”.
According to the REDTV Executive Producer, Bola Atta: “Our content is diverse, modern and versatile, but also distinguishable. We want to continue to tell positive African stories in the most entertaining and informative manner. We also want to remain very conscious about adding value to this segment of the economy, focusing on employing young talents across Africa in the film industry.’
REDTV is the home to award winning content such as The Men’s Club(TMC); Unintentional; Mighty; Assistant Madams; RED Hot Topics; Inspector K; Our Best Friend’s Wedding; The Sauce; Boutique Hotel; Here and Now and many others.
The GAGE is Nigeria’s leading digital awards focused on promoting and rewarding digital personalities and brands on a global platform with strong federal government backing through the Nigerian Communications Commission and National Information Technology Development Agency (NITDA).
This year’s event featured the biggest brands and personalities in fintech, adtech, edtech, healthtech, insurtech, logistics and supply, content and media.
Dangote Cement Shareholders up dividend by 25% to N20 per share
Shareholders of Dangote Cement Plc yesterday commended the Management of the company for an impressive performance despite the economic challenges in the year under review.
Unanimously, the shareholders approved N20 per share for the year ended December 31, 2021 as against the N16 paid in the preceding year. This represents a 25 per cent increase in dividend compared to the 2020 dividend of N16.00 per share, reinforcing the Company’s commitment to maximising shareholder value.
The shareholders gave their approval at the 13th Annual General Meeting (AGM) held in Lagos. They commended the management for the impressive performance recorded in the year under review. They also applauded the company for its efforts in reducing unclaimed dividend of the company.
Dangote Cement in the year under review achieved its highest profit before tax in its history at N538.4 billion. Also, the Company recorded Group volumes of 29.3Mta, up 13.8 per cent. Exceptional EBITDA of N684.6 billion was achieved, up by 43.2 per cent owing to strong cost control measures.
Chairman of the company, Aliko Dangote, said that “Over the last decade, Dangote Cement has recorded exponential growth across all areas.”
According to him, Group volumes are now at almost 30Mta, our capacity has tripled to 51.6Mta and we export cement from five countries across Africa.
“As the volatile global environment propels us into a new era of uncertainties, we are fortunate that the last two years have taught us resilience, adaptability and grit. These values are what we need to face unpredictable times in the future.
“Dangote Cement remains the leading cement company in Africa, well-positioned for a positive and sustainable future. We are resolute in transforming Africa, while creating sustainable value for our stakeholders.”
Dangote said in January 2022, the Company completed the second tranche of its buy-back programme as Dangote Cement has now repurchased 0.98 per cent of its outstanding shares, saying this share buy-back programme reflects the Company’s unwavering commitment to creating value and identifying opportunities to return cash to shareholders.
He also noted that “We began operations in our new 3Mta Okpella plant in Edo state in 2021, where we are successfully ramping up production and have contributed to creating a new industrial hub.
“We are actively deploying our alternative fuel strategy across all countries of operations, to optimise energy efficiency, reduce reliance on fossil fuels and ultimately reduce CO2 emission. Whilst we focused our efforts on meeting the robust demand of our local market in Nigeria, at the expense of our export markets, we still made significant progress in our cement and clinker exports.
“In 2021, we exported seven ships of clinker out of Nigeria and exported cement from five of our operations. Our vision is for West and Central Africa to be cement and clinker self-sufficient, while making the regional and continental free trade agreements a reality.”
He added that along with the Company’s focus on strategy, it made progress on the effectiveness and diversity of its Board with the appointment of Ms. Halima Aliko-Dangote to the Board as a Non-Executive Director effective 26th February 2022, bringing female Board representation to 27 per cent, from 20 per cent in 2020 in addition to the six different nationalities and five independent non-executive directors on our Board.
He emphasised “We continue our sustainability and governance efforts with our 7 Sustainability Pillars – ‘The Dangote Way’. The 7 Pillars: cultural, economic, institutional, financial, environmental, operational and social, provide the appropriate framework in which we have embedded our corporate values and strategic objectives.”
He said “Our strategy in 2021 focused on energy transition, which is a crucial enabler of sustainable development and climate resilience on the continent. We have increased our focus on alternative fuels in our energy mix. We are actively investing in installing mechanical multi-fuel systems that can process diverse types of wastes.”
Outlook for Dangote Cement in 2022, Group Managing Director/Chief Executive Officer of Dangote Cement, Michel Puchercos said “Our goal to be the partner of choice for those transforming Africa, while creating sustainable value for our stakeholders remains firm and clear.
“Despite operating in a challenging and fast-moving environment, Dangote Cement consistently delivers superior profitability to the shareholders. The robust demand experienced across the continent despite the COVID-19 related challenges, confirm the powerful potential of these markets.”
Genesis Global Ikeja Invasion: Renowned Televangelist Prophet Israel Oladele Ogundipe Takes over Ikeja Lagos With Miracles and Prophetic Deliverance
+ Begins Ikeja Outreach with Mind Blowing Testimonies
…Dare Justified, Segun O2 and Rain Dazzles Faithful at the Maiden service in Ikeja
– Prays For Asiwaju Bola Ahmed Tinubu and entire Nigerians as Election Draw Nearer
The significant date 12th june 2022 will ever remain a memorable day in the life of Christians faithfuls that join famous global Accurate seer, the Senior Prophet of Genesis Global churchProphet Israel oladele Ogundipe as he invades Ikeja Lagos as he opens another outreach in the capital city of Lagos.
The service which was well attended by over 2million faithful at the Temporary church located at Plot 6 Agidingbin opposite Chicken Republic witnessed prophetic praise and worship and Prophetic Declaration by the Man of God Prophet Israel Oladele Ogundipe
Earlier in his sermon, Guest preacher Pastor David who spoke on series prophetic declaration, God is the supernatural Builder explained that except the lord build the house the labourer are labouring in Vain, Pastor David explain further, that Genesis Global in Ikeja has been built on a solid rock, therefore no forces can bring it down, the man of God has carefully seek the face of God before beginning the outreach, says whatever God built no one can pull it down, Genesis Global has come to stay in Ikeja, no forces of enemies can pull it down why because God purpose on the good people of Ikeja and Nigeria as a whole must surely come to pass Pastor David concluded
While making prophetic declaration at the official opening of the Ikeja Outreach, the Oracle of God and senior Prophet Genesis Global Prophet Isreal Oladele declared that within 72 Hours what almighty God showed him in the place of Prayer will manifest in the Life of all that witnessed the maiden service of Genesis Global In the name of Jesus Christ.
The man of God also used the service to Pray for the stability in Nigerian Politics saying that The Flag Bearer of APC at the just concluded APC presidential Primaries Asiwaju Bola Ahmed Tinubu has proved himself capable as the Former Governor of Lagos State but with Prayers by all faithful for a divine wisdom he will definately meet the yearning and expectation of the people with Prayers
It will be recalled that Prophet Isreal Oladele remains one of the famous Global Prophet with Accurate Prophesy and humanitarian Philanthropist across the globe.
Wema Bank emerges most profitable in PAT growth in Q1 2022
The Nigerian banking sector recorded impressive growth in the first quarter of the year, recording a 23.24% year-on-year increase in real GDP. This is also evidenced by the performance of the twelve commercial banks listed on the Nigerian Exchange (NGX).
Wema Bank proved its mettle in the key metrics of total assets growth, customer deposit growth, profit after tax growth, loan book growth, return on average equity and cost to income ratio.
According to a special report on the financial performance of quoted Nigerian banks by Nairametrics, some banks have dominated the efficiency, deposit, and profitability metrics, especially newly re-engineered banks like Wema Bank and Unity Bank, among others. They are now two of the top five leading banks in the country.
According to data from Nairalytics – the research arm of Nairametrics, the twelve banks reviewed posted an aggregate profit after tax of N275.27 billion in Q1 2022, representing a 14.7% increase compared to N239.95 billion posted in the corresponding period of 2021.
The banks were able to record an improved bottom line despite the CBN monetary policy leaning towards a dovish direction, that is, keeping interest rates low. However, the apex bank in its latest MPC meeting has raised the benchmark interest rate from 11.5% to 13%, and banks could be seeing a rise in their interest earnings going forward.
For this analysis, the Q1 2022 results of the following banks were tracked: Access Holdings, FBN Holdings, FCMB, Fidelity Bank, Wema Bank GT Holding, Stanbic IBTC, Sterling Bank, Union Bank, UBA, Unity Bank, and Zenith Bank. Ecobank was not considered in the analysis as the bank operates efficiently in other markets besides Nigeria.
The key metrics considered in these analyses are total asset growth, loan book growth, profit growth, cost–to–income ratio, and return on average equity.
Leading Banks by Profits After Tax (PAT) growth
The twelve banks under our radar posted an aggregate profit after tax of N275.27 billion in Q1 2022, which is 14.7% higher than the N239.95 billion recorded in the previous year (Q1 2021).
First position – Wema Bank (+119%)
Second position – First Bank (+108%)
Third position – Sterling Bank (+47.9%)
Fourth position – FCMB (+44.6%)
Fifth Position – FBNH: (+33.9%)
Upshots: In terms of net profit, Zenith Bank recorded the highest profit after tax of N58.19 billion. In terms of growth, Wema Bank topped the list with a 119% growth in its bottom line while First Bank recorded a 107.7% growth.
Leading Banks by cost-to-income ratio performance
The cost-to-income ratio is a key financial metric, which shows a company’s costs as a proportion of its income. It helps to give investors a clear view of how efficiently a bank is being run. Specifically, it shows how much input the bank requires to generate N1 of output.
Notably, the lower this ratio, the more profitable, productive, and competitive the bank will be. Here are the banks with the lowest cost-to-income ratio:
First position – First Bank (-12.48%)
Second position – FCMB (-6.83%)
Third position – Wema Bank (-5.5%)
Fourth position – Stanbic IBTC (-5.4%)
Fifth Position – Sterling Bank (-2.1%)
Upshots: First Bank recorded the highest decline in its cost-to-income ratio in Q1 2022, dropping from 79.5% recorded in Q1 2021 to 67.03% in the review period. FCMB also saw a decline in its numbers to 72.69%. However, GT Bank currently has the lowest cost-to-income ratio of 42.42% in Q1 2022.
Leading Banks by Total Assets growth
The analysis of the combined assets of the 13 listed banks (Ecobank excluded) reveals that the total assets increased by 6.7% from N57.67 trillion recorded as of December 2021 to N61.54 trillion in the review period. The total asset of the listed banks amounts to over 85% of Nigeria’s annual real GDP (2021 estimate).
The increase in the total assets of the banks indicates a stronger financial position. All the banks under study recorded an improvement in their total asset base. Below are the leading banks by total assets growth between March 2022 and December 2021.
First position – Fidelity Bank (+22.9%)
Second position – Zenith Bank (+18.9%)
Third position – Stanbic IBTC (+13%)
Fourth position – Unity Bank (+9.7%)
Fifth Position – Wema Bank (+7.7%)
Upshots: Fidelity Bank tops the list of best performers in terms of asset growth in the first quarter of 2022 after its total assets increased by 22.9% from N2.89 trillion recorded as of December 2021 to N3.56 trillion by the end of March 2022.
Leading Banks by Customer Deposits growth
Customer deposits remain one of the most competitive items in the banking sector since it is from deposits that loans are issued out and other investments are made.
The total customer deposits stood at N40.34 trillion, as of the first quarter of the year, representing an 8.7% increase compared to N37.1 trillion recorded as of the previous quarter. The bank leading the charge in terms of value is Access Bank, which accounts for 18.5% of the total share, however, Zenith Bank tops in terms of growth.
First position – Zenith Bank (+27.8%)
Second position – Fidelity Bank (+18%)
Third position – Unity Bank (+17.4%)
Fourth position – Wema Bank (+8.8%)
Fifth Position – Access Bank (+7.8%)
Upshots: Zenith Bank recorded the highest growth in customer deposits, followed by Fidelity and Unity Bank with 18% and 17.4% increases respectively. Only Union Bank recorded a customer deposit decline in the first quarter of 2022.
Leading Banks by loan book growth
Bank loan is an important metric used in assessing the performance of banks. Notably, loans allow for growth in the overall money supply in an economy and open up competition by lending to new businesses.
The interest and fees from the loans form a major part of where banks generate their earnings. According to the analysis, loans to customers increased by 8.3% to N21.71 trillion in Q1 2022 from N20.05 trillion recorded as of December 2021.
First position – Fidelity Bank (+28%)
Second position – Zenith Bank (+25%)
Third position – Unit Bank (+11.9%)
Fourth position – UBA (+7.1%)
Fifth Position – Stanbic IBTC (+6.4%)
Upshots: Fidelity Bank led the list of banks with the highest loan book growth in the first quarter of 2022. Specifically, its customer loan increased by 28% to N1.83 trillion from N1.43 trillion recorded as of December 2021.
Leading Banks by Return on Equity (ROAE)
The return on equity is an important metric that shows the percentage of profit made on every N1 of the shareholders’ fund. It is used to measure the performance and efficiency of the banks.
This metric will show how well banks have maximized any increase in shareholders’ wealth.
First position – Access Bank (21.39%)
Second position – UBA (20.4%)
Third position – GT Bank (19.3%)
Fourth position – Zenith Bank (19.2%)
Fifth Position – Wema Bank (15.96%)
Upshots: The aggregate returns on equity for the twelve banks stood at 13.72% as of March 2022. Access Bank led the list with a return on average equity of 21.39% (annualized) in March 2022, closely followed by UBA (20.4%) and GT Bank (19.3%).
Final Scorecard
Taking the average of the performance of the banks across the six metrics under our radar, we see Zenith Bank on top of the rank, followed by Wema Bank, Stanbic IBTC, First Bank, and Fidelity Bank based on their Q1 2022 numbers.
Buratai To Speak At ABU Symposium On National Politics And Insecurity
Nigeria’s Ambassador to Benin Republic, Amb. Lt. Gen. Tukur Yusuf Buratai (Rtd), would deliver a lecture at the Ahmadu Bello University, Zaria, Kaduna on Saturday, June 11.
National Association of Online Security Reporters, NAOSRE reports that the lecture would take place at a day symposium on national security organised by the centre for research and historical documentation, Ahmadu Bello University with the theme: “Politics And Insecurity In Nigeria: Way Forward”.
Buratai, former Chief of Army Staff, would speak on issues bordering on Nigeria’s politics and insecurity. The discourse would proffer solutions to challenges bedeviling Nigeria at large, as well as empower students to generate ideas for equitable development in the political sector.
Expected guests are His Excellency Mallam Nasiru El Rufai, the executive governor of Kaduna stare, His Excellency Prof. Babagana Zulum, the executive governor of Borno state, His Eminence Alhaji Sa’ad Abubakar III, the Sultan of Sokoto and other notable Nigerians.
UBA set to Reward Loyal Customers in Super Savers Draw
Africa’s Global Bank, the United Bank for Africa (UBA) Plc, is set to reward several of its loyal customers in its upcoming Super Savers Draw which will be held on Friday, May 27th at the UBA Head Office, Marina, Lagos.
The UBA Super Savers Draw is a promo organised by the Bank through a series of transparent draws which will see hundreds of its Savings Account holders, rewarded with huge prizes after a transparent draw. At the draws, one lucky customer will win N2 million, N1.2 million, N500,000 each; while N100,000 cash prize will be up for grabs for 20 Bumper Account holders.
Another 10 Savings Account holders will win N1million each and some university students with a NextGen Account will win a monthly salary of N15,000 for a year.
UBA’s Head, Personal Banking, Ogechi Altraide, who spoke ahead of the draws, explained that the Super Savers promo is yet again another opportunity for customers to have their lives transformed. All existing customers should do to qualify is to ensure that they save monthly in their UBA Savings Account, while new customers should simply dial *919*20# to open a UBA Bumper Account.
According to her, the Super Savers Draw is open to account holders of the bank from the six geographical zones in Nigeria and has something big for everyone. The aim is to appreciate loyal customers of the bank, who have cultivated a savings culture and stayed loyal to the bank over the years. It will also offer fresh opportunities for potential and intending customers to join the growing number of UBA millionaires and lucky winners who have in the past benefitted from various promos held by the bank.
Winners who recently emerged from the draw, include, Olunwa Osita Ambrose who smiled home with the star prize of a whooping N2m, while Saheed Adeshina Adediran won N1.2m rent for a year. Adewunmi Olaniyi Sobowale, another lucky winner got N500,000 shopping allowance.
Others who equally smiled home with N100,000 cash prizes were; Bayode Peter Oluwaseun, Archibong Unyime Gift, Yakubu Fali, Alaegbu Promise Uchenna, Onyenwenyi Chidimma Confidence, Maria Obianuju Onyeneke, Emmanuel Kalu, Aramide Afolabi Temitope, Ijeoma Juliet Okika, Taiwo Micheal Odofin, Daina Ochekema Egbe, Ighodalo Thompson, Mercy Effiong, Alice Gabriel, Imrana Bello, Onyedika Promise Umeji, Uzoma Chibuike Timothy, Adewole James Idowu, Opeyemi John Kolawole and Israel Ojima Daniel.
Altraide said, “Indeed, there is something for everyone in the Super Savers Draw and it goes without saying that UBA prioritises not only the financial well-being, growth and ultimate success of customers but also places them at the very heart of its business which is why the bank keeps making more and more of its customers millionaires. Our customers are special to us, and this is another opportunity to prove just that”.
“Without a doubt, UBA prioritises not only the financial well-being, growth and ultimate success of customers but also places them at the very heart of its business which is why the bank keeps making more and more of its customers millionaires”.
Since UBA commenced the promo in 2020, about 300 winners have emerged from the initiative that continues to reward loyalty and encourage customers to cultivate a savings habit. The last mega draws which was held in December 2021, saw lots of customers rewarded by the bank.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
Heritage Bank leveraging technology to promote financial inclusion for inclusive growth
In today’s world, making financial services accessible is fast becoming a key area of concern to policymakers for the well-known reason that it has far reaching economic implications. To this end, financial inclusion has assumed a greater level of importance due to its perceived relevance as catalyst for economic growth since it is critical for attaining inclusive growth in an economy.
In 2012, Nigeria took major steps in its journey by launching the National Financial Inclusion Strategy (NFIS). The main goal of the NFIS is to ensure that 80per cent of Nigerian adults are financially included by 2020. Before this, the formal use of financial services by the adult population stood at 36.3per cent in 2010. To achieve the 2020 goal, the Central Bank of Nigeria (CBN) introduced strategies to spike innovation in the financial services sector in Nigeria and by 2017, one amongst the achievements was that the CBN had given over 20 licenses to mobile money operators, which has currently grown to 21.
According to 2018 data from Enhancing Financial Innovation and Access (EFInA), 38.1million of Nigeria’s 106million (18years and above) adults or 36 percent of Nigerians remain completely financially excluded.
In a recent survey by Augusto & Co on Consumer Digital Banking, only 34per cent of the respondents said they had experienced the service of digital banks. Only 17per cent of respondents above the age of 55 are aware of their services, while for people aged 41-54, the awareness rate stood at 31per cent. This spells the need to deepen the financial inclusion drive if Nigeria is to attain the NFIS target and accelerated economic growth.
The apex bank may have missed the 2020 target of 80 percent for financial inclusion, but it stands a better chance of meeting the target of 95per cent by 2024, as industry players have argued that to achieve the NFIS target for inclusive economic growth, the financial sector must strongly leverage technology (mobile and digital channels) to promote financial inclusion and enhance access to financial services for the unbanked and underserved segments of the population.
One of the financial institutions that has continued to leverage on technology to revitalize the industry via deploying its huge resources and vast networks to deepen financial inclusion in the country for inclusive economic growth is Heritage Bank Plc, Nigeria’s most innovative banking service provider.
The MD/CEO of Heritage Bank, Ifie Sekibo, affirmed that banks cannot push financial inclusion unless they also push secured technology inclusion.
According to him, Heritage Bank has continued to entrench financial inclusion across board via creating access to accounts and other financial products, savings, mobile money systems and payment systems that provide opportunities for financially excluded Nigerians and Micro, Small and Medium Enterprises.
Introducing HB API Sandbox & Banking as a service via One Pipe
The Bank launched an API Sandbox to accelerate the ideas of technology entrepreneurs to build innovative and commercially viable products that were birthed through HB LAB. This platform provides a suite of financial and non-financial APIs targeted to meet the needs of FinTech, Tech SMEs, and Communities. Our APIs grants Tech Companies, third-party developers, and non-Fintech companies access to multiple payments and financial services required by their customers.
Following the launch of HB’s API Sandbox, the Bank partnered with API aggregator Companies to extend the Bank’s API services to a wider audience, layering their value-added services to deliver our BaaS platform. Banking as a Service (BaaS/Open Banking) is an end-to-end business process that allows FinTech and other third-party service providers to offer core financial services to their customers by integrating with the Bank via our readily available APIs. This is a billed service that also provides relevant data insight required to pursue aggressive retail accounts acquisition by leveraging the aggregator robust retail prospect pipeline.
Redefining digital banking space with ‘Octiplus’
Sekibo promised that his bank would continue to drive financial inclusion through a robust, innovative, and advanced digital banking solution, ‘Octiplus’ which it recently launched.
Octiplus is a bank-agnostic, all-in-one digital banking application, which grants users access to a bouquet of financial, lifestyle and social networking features with the added convenience of converging card-based payments within one application irrespective of the issuing Nigerian bank. Ifie Sekibo stated that, “with Octiplus, we are redefining the concept of digital banking for the discerning mobile user, as the app is equipped with several exciting features that reiterate the bank’s commitment to expand its digital architecture and modernize its interactions with the banking public, irrespective of your preferred financial institution.”
Octiplus promises an intelligent Omni-channel experience which augments the usual transactional features including bills payment, funds transfer and airtime recharge with its unique ability to facilitate person to person/group interactions which encourages small businesses and a thriving side hustle for young professionals. The App is now available for download on the Google and iOS App Stores.
Catching them young with HB BUD Account
HB Bud account is a savings account for children and the younger demographic aimed at introducing financial literacy and inclusion. The account can be opened in trust for a child by the parent/guardian who will be the primary account holder with the responsibility of running this account until their child attains adulthood and can solely operate their own accounts or possibly move to other age-appropriate products. This product was initially launched in 2014 as a unique proposition to cater mostly to the educational needs of children and young adults who are preparing and saving up for further education and, as well, deepen brand visibility and increase the bank’s market share. However, some operational exigencies and regulatory framework have necessitated the modification and adjustment of this product to serve the customers optimally. Children and teens from 0 to 18yrs are the target market.
The features are unique as outlined: Access to cash backed loan by parent/guardian/sponsor for school fees/education loan. You can access up to 70per cent of your balance held with the Bank as cash backed loan. The customer must have run the BUD account for a minimum of 6 months to access the cash backed loan. Ease of saving through standing order instructions. Access to exclusive events. Free participation in the BUD MINI career mentoring and coaching sessions once a year. Opportunity to act as a Heritage Bank Executive Committee member for one day.
Catering for the unbanked via HB Starter Product
This is the banks flagship CBN KYC Tier 1 savings account to cater for the unbanked. It is a level 1 entry into savings account category in Nigeria, in which an individual can open without having the mandatory requirements/documents to open a standard or regular account in Nigeria. This is one way of ensuring that all citizens of Nigeria are financially included since the account can be opened with or without a smart phone at the bank or online. In essence, this type of savings account doesn’t require any utility bills, or even an ID to open.
Most people who fall under this category usually do not see the need to open an account because they find it easier to save whatever money they have in their houses. This category of people wants to avoid bulky manual account opening process and have a better time management. This product is very precise and requires minimum account opening documentation, also it can be done at the comfort of one’s home. Customers can in addition be assisted by the Bank’s relationship managers and sales teams. Also, customers can get on the bank’s website to initiate a new account opening process from start and receive the account number at the end of the process.
Product targeted at individuals across all market segments
This is known as HB Individual Current Account Product, which is a checking account for all individuals across market segments above the age of 18years. This account has been made seamless with unique features for individuals’ access to loan products, minimum balance of N0.00, No COT on all transaction, account opening balance N5, 000 and access to clearing check book.
Customization of payment gateway on HB CheckOut and Virtual Accounts
Heritage CheckOut is a fully integrated payment processing platform with infrastructure for digital payments across Africa. Olusola Longe-Okenimkpe, Divisional Head, E-Business & Collections disclosed that the platform provides an underlying technology platform that allows businesses to receive and issue payments from anywhere in the world, with robust inbuilt fraud management, compliance, and security applications.
She also defined Virtual Accounts as series of off-balance accounts whose total balance mirrors the balance in pool account. According to Olusola, pool account is linked to all the virtual accounts and the balance in the pool account mirrors the total balance in the virtual accounts.
Opportunities for financially excluded with HB Business Account
The Heritage Bank Business Account is a cost-effective current account that provides flexible, affordable, and transparent pricing grid based on debit monthly turnover covenant. The product is targeted at all Micro and Small Enterprises of SME and Retail segments.
Ensuring seamless transaction using HB transfer code
The transfer code *745# of Heritage bank guarantees seamless usages and reduces the stress of going to the branch of Heritage bank to make payment. Just like other banks, you can use Heritage bank mobile banking code which is *745# to check your account balance, transfer money to Heritage bank or other banks, pay for utility bills and cable TV subscription, pay for church’s services everywhere you are using your mobile phone.
Capturing educational sector via Alumni Banking service, Acada Portal Solution
To further capture individuals in educational sector into the financial inclusion space, Heritage Bank unveiled the Alumni Banking Service and Acada Portal Solution which are internet-based solutions that seamlessly integrate school’s portal and Alumni platforms that benefit the different stakeholders and complement efforts in attaining the best global practices in school management. Alumni Banking service is an educational provision by Heritage Bank that seeks to utilize and track, engage, endow, and invest a model to help secondary and tertiary educational institutions create modern alumni systems that contribute to their financial stability just like great alumni do in the best global schools.
Inclusion of creative industry, e-sport gaming on HB YNSPYRE Account
YNSPYRE Account is a product targeted specifically at the creative economy populated by not only youths in video and film, and music. It goes much more than that as it involves people in technology, the creative industry and gaming as part of the creative industry.
Addressing the press about the initiative in gaming as a creative endeavour, Dike Dimiri, Heritage Bank Regional Executive, Lagos, and South-West explained that the involvement of the bank is to identify income-earning opportunities for some people in the economy.
According to him, “HB has designed a product that identifies and finds a mechanism that guides Nigerians in gaming or e-sports. The bank is set to revolutionize e-sports by bringing it to an acceptable level attained by football, lawn tennis and other crowd pulling games.”
Heritage Bank is fast changing the narratives of the banking landscape through the adoption of more secured technology (product and channels) for seamless services that guarantee the larger part of the population is involved in economic activities as well as being financially included.
For this to be effective, Sekibo affirmed that the population must access financial services and products which ensure that households and businesses irrespective of income levels have access to and can effectively use the appropriate financial facilities they need to improve their lives and further their savings and investments.
