Ecobank Transnational Incorporated holds its 34th AGM and Shareholders approve resolutions
Ecobank Transnational Incorporated (“ETI”), the parent company of the Ecobank Group, the leading pan-African bank with operations across 33 African countries, today held its 34th Annual General Meeting (AGM) in Abidjan, Côte d’ Ivoire.
Alain Nkontchou, Chairman Ecobank Group said: “2021 was a transformational year for the Group and the Board is pleased to be rewarding shareholders with a dividend for the first time since 2016. Our results show that we are maximising operational efficiencies and successfully transforming our business for sustainable long-term growth. As we continue to deliver on our strategic imperatives, we are firmly positioned as the ideal partner for households and businesses to grow and succeed, and to foster Africa’s economic development, while continuing to grow our revenues and value.”
Ade Ayeyemi, Chief Executive Officer, Ecobank Group, further observed: “The Group’s years of consistent and disciplined management, decisive action, investments in people and innovative technology are producing tangible results with 2021’s record growth in profits. Our scalable payments ecosystem endows us with low cost-to-serve and the readiness to facilitate the expected huge growth in payments and collections. This, coupled with our intent to be the trade bank for sub-Saharan Africa, makes us a key player in helping Africa’s businesses and economies to maximise the huge opportunities created by the African Continental Free Trade Area (AfCFTA).”
Ade added that the Bank’s first quarter results for 2022 provided a clear confirmation of Ecobank Group’s continuing strong and sustained performance trajectory reinforcing the Bank’s reliability and capacity to successfully deliver on its Africa-focused purpose and support for the continent’s economies, regardless of the prevailing challenges. “We are steadfast in our determination to win for all our stakeholders,” he noted.
Shareholders applauded the Group’s impressively strong performance in 2021, which was achieved despite the challenging environment. The Group’s profit for the year was $357 million compared with $88 million in 2020, although the latter was adversely affected by a goodwill impairment charge of $164 million. The Group’s net revenues increased by 4.6 per cent to $1,757 million.
Ecobank’s ‘One Market. Endless possibilities.’ AGM theme underlines the infinite possibilities offered by the African market, especially in the era of the AfCFTA. The Bank is ready to maximise this one market with endless possibilities with its customers and clients by providing support to trade and satisfying the financial needs of customers and clients, using its innovative solutions and services. With an unrivalled African footprint, strong balance sheet and ability to tap capital markets as necessary, Ecobank’s Commercial, Corporate and Investment, and Consumer Banking divisions’ continued and effective growth and impact is assured.
The Shareholders approved all the resolutions presented at the AGM, including the appropriation of profits, the renewal of the mandates of directors and the appointment of alternate auditors.
WEMA Bank Reiterates Commitment To Customer Data Confidentiality
The attention of Wema Bank has been drawn to recent reports of members of the public receiving text messages with account numbers.
We implore members of the public that, as a financial institution, Wema Bank takes issues around data integrity and breaches seriously, and we are currently investigating the reports. Recently, we embarked on a massive activation campaign in the month and wish to state that all accounts opened are valid and fit for use. We would like to reassure our customers that we keep all customer data confidential.
Do note, however, that no account can be activated except by the owner of the account, when the person downloads the app and proceeds with account confirmation.
Again, we implore everyone to keep their personal details safe as scammers are on the prowl and would use all opportunities to defraud customers. Where you think your data may have been compromised, please change all your passwords and PINs immediately.
We want to assure all our customers that your financial transactions remain safe and secure with Wema Bank. We appreciate all our customers for choosing to bank with us and urge them to refer our simple, convenient, and reliable digital banking services via ALAT to their friends and family.
Youssou Ndour headlines UBA Africa Conversations 2022: Panellists Celebrate Continent’s Success Stories, Seek Collaboration to Bridge Culture Gap
l-r: Company Secretary, United Bank for Africa(UBA), Bili Odum; Executive Director, UBA, Chukwuma Nweke; Fashion Designer and Panelist, Kenneth Ize; High Commissioner of Namibia to Nigeria and Panelist, Humphrey Geiseb; Deputy Managing Director, United Bank for Africa(UBA) , Oliver Alawuba; Culture and Entertainment Commentator and Panelist, Steve Ayorinde; Ghanaian Actress and Panelist, Lydia Forson; Executive Director, UBA, Chiugo Ndubisi; Nigerian Journalist and Moderator, Laila Johnson-Salami and Group Head, Human Resources, UBA, Patricia Aderibigbe ; at the 4th UBA Africa Conversations, themed, The Importance of Reflecting Our African Culture in Global Success Stories, organised by UBA Group in commemoration of Africa Day 2022, held at the UBA House , Marina, Lagos on Tuesday
The United Bank for Africa (UBA) Plc, celebrated this year’s Africa Day in commemoration of African unity with the fourth edition of its annual UBA Africa Conversations which was held at the Tony Elumelu Amphitheater at the UBA House in Lagos on Tuesday, May 24th, 2022.
The UBA Africa Conversations was established in May 2019 as a hallmark initiative in a series of celebrations for Africa Day. The conversations provide a platform for African and global audiences to connect with global thought leaders both in the private and public sectors, on their African journey, in a quest to change the narrative on Africa from desolate to successful.
This year’s conversation was themed ‘The importance of reflecting our African culture in global success stories’ and underscores the tremendous shift in Africa’s cultural influence – from Afrobeat to African films; Big African fashion labels and African authors; entertainment and culture. The African continent is creating positive impact globally.
UBA’s Deputy Managing Director, Oliver Alawuba, who welcomed the panellists and the guests to the event stated that as Africa’s global bank, UBA remains at the forefront of supporting businesses across the continent. He said, “It is from Africa that UBA Africa was set up. UBA has invested so much in Africa. We are in 20 African countries and 4 countries outside Africa; Our focus has always been on driving investments into Africa, through conversations such as this.
As always, UBA brought together a rich and diverse panel including Legendary African musician and Songwriter, Youssou Madjiguène Ndour, who gave the keynote address at the event, speaking on the need for collaboration to boost the continent’s fortunes. “Young people in Africa have a lot of questions and we have to listen to them and see how together we can be a solution for Africa. We need to understand that there is a lot to do. Together we can make it,” Ndour said.
The Namibian High Commissioner to Nigeria, Ambassador Humphrey Desmond Geiseb talked about how globalisation has been good for Africa. He said, “Of course, there are still some gaps, there are still a lot of things about Africa that is not known, and I believe that culture and Arts can help to get it right for us.” He added that UBA’s foray as an African bank into the United States of America is a testament to this fact.
The Former Commissioner for Tourism, Lagos State, Steve Ayorinde who also sat on the panel pointed out that the liberalisation of the Media and digital content is helping to improve the African narrative. “As Africans, we are at the point where no one denigrates the African culture anymore. Indeed there is still a gap, but we are bridging that gap,” he said.
l-r: Fashion Designer and Panelist, Kenneth Ize; Nigerian Journalist and Moderator, Laila Johnson-Salami; High Commissioner of Namibia to Nigeria and Panelist, Humphrey Geiseb; Deputy Managing Director, United Bank for Africa(UBA), Oliver Alawuba; Ghanaian Actress and Panelist, Lydia Forson; and Culture and Entertainment Commentator and Panelist, Steve Ayorinde; at the 4th UBA Africa Conversations, themed, The Importance of Reflecting Our African Culture in Global Success Stories, organised by UBA Group in commemoration of Africa Day 2022, held at the UBA House , Marina, Lagos on Tuesday
African Movie Academy Award Winning Ghanaian Actress, Lydia Forson, who appreciated UBA’s contribution towards changing the African narrative, spoke to how the African culture is now more widely accepted around the world. “It is great to see a bank like UBA being intentional about promoting Africa. Now, the world gets to see more of us, because, we have started to tell our own stories’.
On his part, young talented Fashion Designer, Kenneth Ize, said that the continent holds a lot of potential that we are yet to tap into. “Africa is our home, our culture, and we have to do everything to preserve our culture,” he said.
Television Anchor and jorunalist, Laila Salami-Johnson, who moderated the panel emphasised “Our creativity is really putting Africa on the map.”
Africa Day has been celebrated every May 25th, since 1963, across the African continent and worldwide. The day was inaugurated by the Organisation of African Unity, in celebration of the unity, diversity and beauty of Africa and its people. UBA, one of Africa’s leading financial services institutions, with a pan-African footprint spanning 20 African countries and globally in the United States of America, the United Kingdom, the United Arab Emirates and France, is fully committed to unifying Africa and continues to lead the narrative focused on the development, growth, and unity of Africa.
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, Paris, and an operating license in Dubai, 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. UBA is Africa’s global bank.
l-r: Panelists – Fashion Designer, Kenneth Ize; High Commissioner of Namibia to Nigeria, Humphrey Geiseb; Ghanaian Actress, Lydia Forson; Culture and Entertainment Commentator, Steve Ayorinde; and Nigerian Journalist and Moderator, Laila Johnson- Salami at the 4th UBA Africa Conversations, themed The Importance of Reflecting Our African Culture in Global Success Stories, organised by UBA Group in commemoration of Africa Day 2022, held at the UBA House , Marina, Lagos on Tuesday
Popular Public Relations consultant, AdetokunboModupe on Monday, emerged victorius at the Peoples Democratic Party, PDP, primary election to pick the flag bearer that will contest 2023 election for Ondo North Senatorial District.
Toks as he is fondly called garnered 124 votes to beat his rival, Prince Foluso Mayowa Adefemi, who polled 93 votes.
The PR guru who contested but lost in the primaries for the same position four years ago, was the Ondo State campaign director of the Goodluck Jonathan presidential campaign for the 2015 election.
He sits atopTPT International, one of the leading PR agencies in Nigeria.
Heirs Oil & Gas (HHOG) Reiterates Commitment to Global ESG Best Practices
Doubles gas production capacity of OML 17 while upholding ESG commitments
Heirs Oil & Gas, Africa’s integrated energy company has reaffirmed its commitment to both national and global environmental, sustainability and governance (ESG) best practices in view of its upcoming operational 1-year anniversary. An important aspect of this commitment is the elimination of routine flaring from HHOGs OML 17by 2025, in compliance with the Nigerian Government’s routine Flare Reduction/Elimination goal and global greenhouse gas reduction initiatives.
The CEO, Heirs Oil & Gas, Osa Igiehon, in a comment, laid out the steps being taken by the organisation to ensure the implementation of the plans to meet the commitment.
“Decades of underinvestment in the asset cannot be corrected in a few months, since taking over the asset, we have been working arduously on this objective with the execution of flare reduction projects such as follows: AGG (Associated Gas Gathering) compressor uptime improvement, Facility upgrades, provision of gas gathering solutions and Facility off-gas utilisation initiatives,” he stated.
In line with the set objectives, since the acquisition, Heirs Oil & Gas have more than doubled the gas production capacity of OML-17 from 50 to 120 mmscfd within the short period we have operated this asset. All this gas goes into the eastern Nigeria domestic gas market to enhance power generation and create the much-needed feedstock for gas-based industries, sustaining & creating jobs and improving lives.
On the social front, HHOG continues to make meaningful contributions towards improving the livelihoods of Africans. We believe that understanding and addressing the interests of our host communities is critical for achieving success in our operations. We continuously seek opportunities to create a positive impact through community infrastructure development and empowerment initiatives.
As a leading indigenous operator, HHOG remains committed to making a positive impact in Nigeria, Africa, and the world at large.
FIRSTBANK REWARDS CUSTOMERS IN ITS FIRSTMOBILE CASH-OUT PROMO
In collaboration with Interswitch, FirstBank has launched a promo to reward users of the FirstMobile app, its industry-leading mobile banking application. The promo tagged FirstMobile Cash-out Promo will run for 3 months. The promo, which started on Monday, 21st March 2022 will end on Tuesday, 21st June 2022.
Various prizes including, N1,000,000, N40,000, N10,000.00 cash prizes, N40,000 Airtime, LED Televisions, refrigerators, washing machines, air conditioning systems will be won in the course of the three months campaign. A minimum of two bills payment worth N1000 and five airtimes of at least a total of N2000 in a week qualify a customer for any of the prizes. The promo is open to new customers and existing users of the FirstMobile app.
FirstMobile customers who do a minimum of 6 transactions weekly on the FirstMobile app, will be eligible for the respective rewards: N10,000 cash for 200 winners; Gift items (TVs, Refrigerators and AC) for 10 winners; N10,000 airtime for 340 winners.
On the other hand, 500 customers that carry out a minimum of 10 transactions monthly will win N30,000 cash. The Grand Prize of N1,000,000 will be won by 2 lucky customers who carry out a minimum of 20 transactions or a minimum of two bills payment of N1000 plus five airtime transactions of at least a total of N5000 in a week.
Speaking on the campaign, Chuma Ezirim, FirstBank’s Group Executive, e-Business & Retail Products said, “as the leading financial inclusion services provider in Nigeria, we are delighted to partner with Interswitch, an Africa-oriented technology-driven company, to reward our customers for their continuous patronage. Together with Interswitch, we remain committed to ensuring the continued safety of customers’ funds across multiple electronic payment channels irrespective of where our customers may be across the world. FirstMobile remains another obvious step towards leveraging evolving technologies to bring fast and convenient digital banking solutions to our customers”.
FirstMobile is built to reflect FirstBank’s resolve at reinforcing the digitisation of payment systems, whilst putting customers at an edge to conveniently meet their everyday needs at any time, irrespective of where they are. The app provides convenient access to both financial and non-financial transactions by FirstBank account holders via their mobile devices. It is sleek and convenient to use – evident in its easy enrolment process as all FirstBank customers with Verve and Naira Mastercards can begin using the app without having cause to visit a FirstBank branch. It is also poised to offer a more reliable and more convenient overall digital banking experience.
To set up the FirstMobile app, customers with android phones should visit the Google Play store to download and install the FirstMobile app. Customers with Apple devices can download it from the Apple Store. Once installed, customers are required to open the app, tap the register button, and use their FirstBank issued Naira MasterCard or Verve card to activate the app. After details have been inputted, an OTP code will be sent via an SMS to your phone number that is linked to your bank account and you are then required to Input a 5 digits code that will be your login password, select two security questions and answer them, create a personalised 4 digits transaction pin that will help your confirm transactions. Upon the conclusion of these steps above, click Done and start enjoying the app.
Fidelity Bank partners Edo State and GIZ to host CBN RT200 FX Exports Roundtable and Sensitisation Workshop
Leading financial institution, Fidelity Bank Plc, has announced plans to host an exports roundtable and policy sensitisation workshop for businesses in Benin-City, Edo State capital in partnership with the Edo State Investment Promotion Office (ESIPO) and GIZ on Tuesday, 24 May 2022.
The event, which would be the fourth edition of the bank’s CBN RT200 FX Sensitization seminars following successful outings in Kano, Ondo and Plateau States in February, March and April 2022 respectively, is part of the bank’s initiatives to help importers pivot to exports.
According to the Divisional Head, Export and Agriculture, Fidelity Bank Plc, Isaiah Ndukwe, Fidelity Bank’s decision to partner ESIPO and GIZ is borne out of the need to help exporters to build their business management capacity and is further proof of the value the bank provides to export-oriented businesses in Nigeria.
“At Fidelity Bank we are known for empowering our customers with the necessary financial and non-financial services to upscale their businesses. We consider the CBN RT200 FX scheme an amazing opportunity for businesses to bolster their FX earning capacity and we are delighted to collaborate with ESIPO and GIZ to host businesses in and around Benin City to a workshop to help them take advantage of the scheme”, explained Ndukwe.
Launched on February 10, 2022, by the Central Bank of Nigeria (CBN) as part of measures to reduce the increasing demand for foreign currency by importers, the RT200 FX scheme is designed to help Nigeria achieve $200 billion in FX repatriation from non-oil exports over the next five years. The policy has been hailed by stakeholders in the export sector as an initiative capable of stimulating the growth of non-oil exports in Nigeria.
“The goal of the roundtable is to identify and promote viable non-oil export opportunities, provide financing options, and proffer steps to removing the identified bottlenecks in the export process for non-oil products from Edo State to the global market. It will provide a platform for the exporters to meet with the export regulatory bodies and express their challenges which hinder exports. The event will also serve as an opportunity for the regulatory agencies to address the challenges on the spot and provide solutions to them with a view of enhancing Nigeria’s capacity in the African Continental Free Trade Area deal”, commented Marcus Unuebho of the Business Development Support and Export Unit, ESIPO.
On his part, the Technical Advisor for Edo State, Local Economic and Value Chain Development, GIZ SEDIN, Nosakhare Omon Aigiomawu stated that, “Micro, Small and Medium Enterprises are the drivers of local economic development. Collaborating to provide market linkages and access to finance would address major constraints to these groups and ensure more employment creation as well as higher income”.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6.5 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
Africa Fintech Summit Recognizes Ecobank with “Excellence in Fintech-Banking Relationships” Award
Africa Fintech Summit has awarded Ecobank Group with “Excellence in Fintech-Banking Relationships” award in recognition of the bank’s activities to support and facilitate fintech growth on the African continent. The award was given at its last meeting in Washington DC, United States of America. Africa Fintech Summit is a global knowledge-sharing platform that connects innovators, regulators and entrepreneurs, facilitating conversations and partnerships that help them explore financial technology solutions to improve African individuals, economies and societies. The summit holds twice a year in Washington D.C. and a selected African country and sees stakeholders from around the world assemble to chart a progressive course for fintech in Africa by mobilizing investments, hashing out enabling policies, and sharing growth strategies.
The Summit which was the seventh edition of the bi-annual event, also recognized TeamApt for Excellence in Digital Banking, PiggyVest- Excellence in Savings and InvestTech, Flutterwave-Excellence in Fintech Infrastructure, while Excellence in Blockchain Technology went to Appzone Group. Others are Excellence in Fintech investment – Future Africa, Excellence in Cryptocurrency – Paxful, Excellence in Ecosystem Research – Briter Bridges, Excellence in Cross-border Solutions – PAPSS, Excellence in Payments – Paystack, Excellence in InsurTech – Turaco, Excellence in Fintech and Lending – Payhippo, Excellence in Embedded Fintech – Cellulant and Excellence in TradeTech – AFEX.
Dr. Tomisin Fashina, Group Executive, Operations & Technology, Ecobank, who received the award on behalf of the bank, said the award is well deserved as it was attributable to the Pan African Bank’s unparalleled influence in Africa and its unwavering support and numerous initiatives aimed at fostering relationship with fintechs to jointly win in the marketing place, stressing that the bank have put structures and initiatives in place to collaborate and cooperate with fintechs to facilitate the bank’s vision of financial integration of Africa.
According to him, “As a bank, one of our strategic objectives is to bank 100 million Africans, across Africa. We won’t go out there with account opening documents to do this. We believe we can achieve that by collaborating and cooperating across board, and the fintechs come into that space. We came out with ‘Ecobank as a service’, this is at the heart of why wepublished our sandbox to encourage fintechs, big techs and any player that want to do business in Africa to ride on our platforms and help facilitate our vision of a financially integrated Africa. We see ourselves as a key player in the African Continental Free Trade Area (AfCFTA) and we believe we are the ultimate bank to facilitate trade across Africa.”
Ecobank has many initiatives to support growth of fintechs on the continent. The Ecobank Fintech Challenge launched in 2017 identifies and partners with fintechs that are ready to scale, providing them with mentoring, networking, support, and opportunities to access Ecobank’s 33 African markets, as well as opportunities to integrate with existing Ecobank digital offerings. This has recorded significant results and success stories since its inception.
Ecobank’s Pan-African Banking Sandbox allows partners and Fintechs across 33 African countries gain access to its application programming interface to develop innovative financial solutions. As an avenue for collaboration between Ecobank and fintechs to develop the fintech ecosystem in Africa, Ecobank’s sandbox is an era-defining game changer for Africa’s financial sector.
Africa Fintech Summit, since 2018, has held six times, and has supported: Over $20 million in capital raise efforts for African startups; The launch of strategic partnerships and new businesses; Policy guideline creation; The growth of local tech and startup ecosystems; Knowledge sharing for African banking/fintech operators and regulators.
UBA Upgrades Chatbot features, as Leo launches service on Google Business Chat, Instagram
Africa’s Global Bank, United Bank for Africa (UBA) Plc has announced the expansion of the services of Leo, its Artificial Intelligence chatbot to Google Business Chat and Instagram.
Leo – UBA’s AI-powered chatbot, which enables customers to make use of their social media accounts to carry out key banking transactions – was first introduced in January, 2018. It has since evolved to become a custom-fitted, personalised virtual banker to several UBA Customers across its 20 African countries. Before now, UBA’s Leo was servicing customers on Facebook Messenger, Whatsapp and Apple Chat.
The bank also announced an interesting upgrade to the existing features of Leo, where customers can now carry out their activities in a 3D animated format. Armed with this upgrade and with its recent expansion to Instagram and Google Business, customers will now be able to carry out more transactions from the comfort of their homes and can now perform more activities such as funds transfer, checking balances, buying airtime and data, and getting their bank statements with ease, from any of these social media platforms.
UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who spoke about the upgraded features of Leo, explained that the bank was always on the lookout for innovative ways to develop strategies aimed at easing transactions for the bank’s numerous users, while ensuring utmost safety of their transactions.
He said, “At UBA, we have been working with technology giants that have the global capacity to ensure not only seamless but also effortless banking for millions of our customers across Africa. We at UBA, have collaborated with the very best to actualise this unbeatable innovation that is capable of revolutionising the way banking is done in Africa.”
He disclosed that Leo’s activities has aptly spread across Africa, changing the face of e-banking in other key African locations including Cameroon, Zambia, Cote D’Ivoire, Senegal, Congo DRC, Tanzania, Kenya, Uganda, Sierra Leone, Gabon, Chad, Congo Brazzaville, Benin, Mozambique, Zambia, Guinea, Burkina Faso, Mali.
Uzoka emphasised that the uniqueness of Leo lies in the convenience. “Customers can initiate transactions without leaving their favoured phone applications. By bringing Leo to the comfort zone of its customers, UBA’s chat banking became a pioneer innovation and has since enjoyed leadership status in the chat banking space,” he explained.
Since inception, Leo has been effortlessly enhancing the digital customer experience in banking and also achieving a range of other benefits like 24/7 availability as the chatbot Leo stays available round the clock to assist customers and handle the common financial queries asked by the customers.
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.
Heirs Oil & Gas’ OML 17 wins PFI Africa deal of the year
Heirs Oil & Gas (HHOG), Africa’s integrated energy company has been awarded the ‘Africa deal of the year 2021’by Project Finance International (PFI), following the $1.1 billion financing and acquisition of 45% stake in OML 17 in 2021. The award ceremony which took place on Monday, May 9 2022 in London was a gathering of senior industry leaders across various sectors to celebrate excellence.
“On behalf of the HHOG team, I would like to thank PFI for this great honour which recognises the OML 17 acquisition deal, while also acknowledging the efforts of the entire team involved in the transaction.” said Executive Director, Heirs Oil & Gas, Samuel Nwanze.
The deal, which was announced in January 2021, saw Heirs Holdings, the leading African strategic investor, in partnership with affiliated company Transnational Corporation (Transcorp), acquire a 45% participating interest in Nigerian oil license OML 17 and related assets from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited, and ENI.
While acknowledging the award, Chief Executive Officer, Heirs Oil & Gas, Osayande Igiehon said “This great recognition reiterates our commitment to excellence in our bid to fulfil Africa’s unique energy needs and ensure that Africa’s natural resources are directed toward value creation on the continent.”
The PFI awards is organised by Project Finance International (PFI), a leading source in global project finance reporting, covering all the major sectors, including transport, power, oil & gas, infrastructure and mining.
