Lanre Teriba bill for American Tour …To perform at ICCS Summit
For his unfailing talent and consistency, handsome gospel artist, Lanre Teriba who is better known Atorise, ranks among the high profile and long-standing gospel singers around. Aside release of albums, ceaseless weekly engagements, one other factor that has made the popular singer remained relevant, is knowing how to keep up with his fans around the world and that explains why he embarks on foreign tour annually.
Meanwhile, as the new year progresses, the Ogun state versatile singer is already in a mood to embark on a tour of the United State of America. The tour that will be kicking off May is tagged, Breakthrough. The tour is designed to make him perform across 21 cities in the United States of America.
The tour kicks off in May as Teriba headlines events in Houston, Texas to celebrate Memorial Day weekend. The award winning musician will continue to spread gospel of his music at the Summer 2022 African Pop-Up Festival in New York taking place from the 25th – 26th of June.
The Summer 2022 African Pop-Up Festival is one of several annual festivals including the African Restaurant Week “Food & Music” Festival produced by Akin Akinsanya in celebration of African music, food and culture across America.
Various promoters in America have also booked him to perform at concerts in Indianapolis, Minneapolis, Chicago, Dallas, Miami, Philadelphia and many more cities.
Speaking on the tour, Teriba said he’s excited about the tour as he revealed he eagerly looks forward to commence the tour as he can’t wait to see his teeming fans in America.
“I must confess I am so happy about this particular tour. Of course, it is not my first time of doing my thing in the States but I am particularly happy the world is healing and opening up after the pandemic that practically brought the world to a halt. My heart genuinely goes out to lives that were lost during that period, but at the end, we still have to give glory to God for everything. That is why I look forward to seeing my fans throughout America like never before”. Lanre said.
“ I can also promise this tour is going to be a totally new experience”. He concluded.
It is anticipated that this tour will be record breaking amongst Nigerian musicians as Teriba will be among other international Gospel artists to perform at the International Cultural & Music Convention – ICMC night at the ICCS SUMMIT in Washington DC from the 26th of August – 28th of August hosted by All Christian Network.
On another note, amiable Teriba who has made several appearances as an actor in a number of movies, is currently up to a new thing. Although, details of the whole thing are still being jealously guided but it was learnt Lanre just wrapped up from a movie location where he was for some time. It was also learnt his role in the movie would definitely redefine him as an actor when the effort is finally released.
Youths Can Be Catalyst Of Creative And Innovative Agents To Strengthen Democracy As Buhari Signs Electoral Bill Into Law – Ambassador Buratai
Following the signing of the 2022 electoral bill into law by President Muhammadu Buhari ahead of the 2023 general elections, Nigerian Ambassador to the Republic of Benin and former Chief of Army Staff, Lieutenant General Tukur Yusufu Buratai, Rtd, says the youths should take full advantage of the opportunities in the political space as agents of innovation to strengthen democratic practice for all inclusive growth.
Buratai’s itemized analyses are presented below
1. Let me begin by stating unequivocally that I have spent my entire service life defending my nation and democracy because I am convinced that it is the political system most conducive to peace, sustainable development, the rule of law, and respect for human rights, which are the three pillars of any healthy and democratic nation. Permit me to utilize this opportunity to congratulate Nigeria and all Nigerians, particularly the youth, on 22 years of uninterrupted democratic administration. Some may argue that Nigeria’s young democracy is nothing to celebrate because its elections, which are designed to serve as means for the peaceful resolution of political rivalries, are frequently flashpoints for political bloodshed. I concur that elections devoid of integrity cannot bring legitimacy to the winners, security to the losers, or public confidence in their leaders and institutions. This weakens polities by encouraging disaffected groups to seek out less constructive outlets for their discontent. Because of this challenge associated with all nascent democracies, some people feel that there is no need to commend the Nigerian democratic project. I respectfully disagree. We are evolving, and as you can see, the system is improving daily as a result of our leaders’ periodic enhancements to the democratic system. For instance, the 2022 Electoral Act which the President, Commander-in-Chief, President Muhammadu Buhari just signed into law, is a factor that will undoubtedly improve the transparency and acceptability of the country’s future elections and promote democratic governance.
2. Democracy remains a universal aspiration because it actually delivers. For example, of the twenty countries with highest levels of human development as measured by the UN’s human development index, nineteen are liberal democracies. Among the top forty, thirty-six are liberal democracies. And even the citizens of poorer democracies live, on average, nine years longer than citizens of poor autocracies, because they have better access to health and education. Democracies are also less vulnerable to famines and conflicts.
3. It was the Greek philosopher, Aristotle, who said, “Man is, by nature, a political animal.” It means that a man is born, lives, and dies as a member of a community, and the affairs of that community are therefore his and vice-versa. This is why since my transition back to civilian life from the Army, I have continued to participate in every civic activity I could to promote peace and strengthen our democracy. It is the reason I decided to send this message to all Nigerian youths.
4. Democracy is known as the finest form of government. Why so? It is because in a democracy, the people of the country choose their leaders who will then form a government to lead them. They enjoy certain rights that are very essential for any human being to live freely and happily. On the other hand, Good governance has been defined to refer to structures and processes that are designed to ensure accountability, transparency, responsiveness, rule of law, stability, equity and inclusiveness, empowerment, and broad-based participation. Good governance also represents the norms, values and rules of the game through which public affairs are managed in a manner that is transparent, participatory, inclusive and responsive.
5. If we want to continue to make our democracy work and deliver dividends, we must take the critical issues of participation and a vibrant democratic system in Nigeria as sacrosanct, and our youths must embrace what I termed political dynamism. Political dynamism can be defined as vigorous political activity that is geared towards progress, and strength in the polity. It is usually characterized by patriotism, service to the fatherland, and youth inclusivity. Youth can be a creative force, a dynamic source of innovations, and they have undoubtedly, throughout history, participated, contributed, and even catalyzed important changes in political systems, power-sharing dynamics, and economic opportunities.
6. However, young people also face poverty, barriers to education, multiple forms of discrimination, and limited employment prospects and opportunities. This is a global challenge although it differs across countries, and it is why the youth must take the issue of electing their leaders very seriously. Our greatest resource as a country is not crude oil or any of the natural minerals but our population, our youth. Today, we have the largest global youth population in history, and the large majority of young people around the world are committed to peace, sustainable development, and human rights. Throughout my time in the Army, I’ve met with many groups of young people, including youth groups, student groups, and young leaders. I’ve always been impressed by their talent, knowledge, and desire to make the world a better place.
7. If I should take you back to memory lane to the history of our founding fathers, which most people agree that Dr. Nnamdi Azikiwe, Sir Ahmadu Bello, the Sardauna of Sokoto, and Chief Obafemi Awolowo agreed on, you will find out that they all started as youths fired by political dynamism. Dr. Azikiwe captured the nation’s attention when, in 1937, he arrived in Nigeria with an electrifying personality and a bundle of talents, and on November 22, 1937, he published the maiden edition of his popular newspaper, The West African Pilot. The Sardauna started to experiment with his leadership qualities right from Katsina Teachers’ College, and later on, through political dynamism characterized by inclusiveness of all ethnic nationalities in the North. Same with Awolowo who showed his people the power of education as a liberating and equalizing force in any society. All three of these great leaders practiced political dynamism characterized by non-violence, patriotism, human development, and service to humanity.
8. The first time all three met together was on Friday, June 19, 1953. Enahoro’s Self-Government-Now bill and the consequent resignation of all the Action Group’s federal ministers caused a constitutional crisis which made Nigeria ungovernable. Oliver Lyttleton, the secretary of state for colonies, tried to salvage the situation by inviting the main players to a constitutional conference in London. But Awolowo and Azikiwe, who had become friends since Enahoro’s bill was tabled, refused the terms and conditions. Because the Sardauna was fine with them, Macpherson, Nigeria’s governor, brought Sardauna, Azikiwe and Awolowo together in his office to jointly fashion new terms and conditions.
9. After the meeting, which ended at 10:10pm, he presented the trio to the media and the Daily Times the following day, naming them The Big Three. Since then, it has stuck that they were founding fathers because their tribes and their parties were the largest and because it offered an inclusive impression that all the regions had a say in the formation of the country.
10. In countries emerging from or facing conflicts, young people can engage in peace-building by leading non-violent movements and using innovative solutions to mobilize societies to bring about the needed transformation. Young people have demonstrated the potential to build bridges across communities, working together to help manage conflict and promote peace. Young people play a big role in conflict and peace-building, and they can be agents of peaceful change and help rebuild lives and communities, making the world a better place.
11. President Muhammadu Buhari has laid a foundation for a new Nigeria. Despite the myriad of challenges, he has kept faith with his vision and principles. The youths must carry these vision and principles beyond this administration. The legacies must be protected for a greater Nigeria and a formidable future generations.
12. My message to young people today is that they must not let themselves be used as willing tools by do-or-die politicians who want to stir up trouble in their communities. Instead, you must embrace the tenets of political dynamism and root out every factor that contributes to the democracy deficit in Nigeria, namely voter apathy, ballot snatching, looting, arson, and the likes. You constitute a large percentage of our voting and working population. You are also going to be the number one population block that will suffer the consequences of bad governance and incompetent leaders in the future. Therefore, you must do everything to safeguard your future survival and welfare in mind. Get actively involved in the democratic process by joining a political party and electing those who will lead you. Remember that voting is a civic duty expected of every Nigerian.
LASUSTECH: Getting it right from the start By Steven Anu’ Adesemoye
The world over, academic excellence is typically an offshoot of endogenous and enduring culture that has immunity against compromise, but mutation to classic global best practices. This has always been the benchmark that many universities are struggling to catch up with, while many others have considered this rare feat as a sprint and not a marathon.
The outcome of personal research has shown that, designing an evolving and adaptable academic culture requires critical thinking that is capable of espousing need-oriented courses and robust curricula, 360-degree touchpoint digital automation, technology-driven teaching and learning, versatile and creative administration, qualitative manpower, dynamic policy formulation, collaboration and networking, strict internal and external regulations, adequate and purposive funding, branding and Public Relations for Marketing (PRM) and ultimately the mindset of excellence by all stakeholders.
Now that the transmutation of the Lagos State Polytechnic (LASPOTECH) to Lagos State University of Science and Technology (LASUSTECH) has been consummated, the next phase of the process should be to take the advantage of starting afresh into laying the foundation of a specialized university that would become the pride of Lagos and Africa at large. It is possible and in our time too.
Considering the peculiarity of the university, starting with the existing programmes of the former polytechnic to keep people’s jobs won’t be a bad idea. Looking at the bigger picture, this university will need to do a Skill Gap Assessment – what are the industry’s first line needs? Skillsets versus current and emerging ‘need sets’. The Knowledge Gap Deficiencies (KGD) must give way to a systemic approach in the Productive Science and Technology (PS&T) model that is not only unique but 100% result-oriented. There must also be an environmental scanning of the immediate community to determine the relevant courses and programmes that are community needed. These two needs assessments would help the university to define and develop its core competencies from the beginning. The fourth industrial revolution (industry 4.0) as the current and developing environment for disruptive technologies and trends such as the Internet of Things (IoT), robotics, virtual reality (VR), and artificial intelligence (AI), among others, must be considered. For the community and Lagos as a whole, the university should consider programmes like Ferry Fabrication and Services Technology (Marine Technology); AgriTech and Post-Harvest Processing Technology; Digital Transformation Technology; Integrated Waste Management and Recycling Technology; Alternative/ Renewable Energy Production Technology; Oil and Gas Supports Technology. This is the era of nanotechnology, we can do it.
Automating the whole system, including the management of the new university is key. From admission to graduation, the process must be seamless. One digital solution should connect payments, registration, result processing, administration, information dissemination, library services, etc. No loopholes must be allowed. In this new university, there should not be missing scripts or results. Result, certificate, and transcripts should be ready in less than 72 hours upon request, yes, it is possible. 24/7 internet facilities and handshake with big tech firms would go a long way to position the institution.
Teaching and learning must have a technology interface. This is not a conventional university of marker and board, 70 percent of the learning process must be demonstrated if we must do anything differently. Up to the Ph.D. level (it is the new direction), attention must be given to hands-on practical demonstrations. Only modern and digital laboratories, studios, workshops, and classrooms can deliver the desired results as seen in a well-educated cultured society.
The drivers of LASUSTECH must be able to think like there is no box anywhere. Creativity and ingenuity should guide the administration of the new university. There must be an enduring line of ideation and curation. The principal officers must be fired for excellent development in all forms. In the same vein, if the government is really genuine in setting a standard for this university, the members of the Governing Council must be a mix of blue-chip captains, boardroom technocrats, industry experts, technophiles, philanthropists, and education enthusiasts. This very council should not be made a retirement plan for tired hands. And the university must not be made a dumping ground for the unqualified job-seeking family, friends, and associates. Relying on school fees to undergo a substantial development is no more in vogue, therefore, the business arm of the university must wake up to its responsibility to drive development, while maintenance culture must be entrenched in the core value of the institution.
Skilling, reskilling, upskilling, research, and development are very essential in defining qualitative manpower for the university. Emotional Intelligence (EI) and the excellent mindset of a goal-getter are equally of great importance. Knowledge of what to teach and the skill to teach right would be more appreciated if the lecturers put students at the centre of teaching. Other staff must have a total reorientation to understand that students are customers and kings in their right. To achieve excellence, there must be a systemic adoption of excellent culture across the board.
In making policy, the drivers of the new university may have to borrow some quality templates from the best universities. Policies like the Graduate on Time (GOT) system that guides against lecturer frustrating a student with extra year(s) or unserious student overstaying the period of graduation would be a welcome development. Students accessing lecturers performance and completing progress reports per semester before they (students) can access results is going to improve standards. Digitally monitored compulsory 75 percent attendance and regular use of customized mail/digital wallet would encourage seriousness and dedication. Policies should be made flexible and people-oriented. The Directorate of Students’ Affairs (DSA) should have a policy document that takes care of the students’ welfare, sporting activities, complaints, and graduation.
This is the era of collaboration, co-creation, and networking. LASUSTECH needs to stretch the hands of fellowship to partner universities (home & abroad) for students and staff exchange programmes. The university must also be ready to have a strong tie with the industry, foreign embassies, politicians, government at all levels to attract research grants, chairs, endowments, bursary, and donations.
Aside the statutory National University Commission (NUC) accreditation exercise, the internal and external assessment should be carried out regularly and diligently. The Annual Performance Evaluation (APER) must be holistic and watertight. As part of the culture that must be established from now, only journal articles on Scopus Journal Metrics or indexed journals should be allowed. Inventions, Innovations, creations, and ideations should also be considered for promotion. The OSAE visit should go beyond inspection; it should include government accreditation with well-crafted Key Performance Indicators (KPIs).
There should be the immediate design of a brand strategy that must take care of the rebranding, repositioning, and internal /external communication architecture- brand manual. The ergonomics design of the campus must be fascinating. We are in the woke era, issues should not be allowed to snowball into a crisis. Response time to students’ distress must be swift and effective. Internal communication is as important as external communication, therefore, there must be a structured conflict resolution mechanism, community and government relations.
Lastly, the government must be ready to fund every aspect of the university or give it complete autonomy. It will be easier to partner with firms like Google, Microsoft, among others, to enhance the smooth operation of the university. Apart from the overhead cost, recurrent expenditure, and cost of accreditation, Lagos State Education Trust Fund should aggressively look into infrastructural development, capacity building, research and development, software acquisitions for all Lagos state-owned universities, such as Turnitin, Nvivo, IBM SPSS, ATLAS.ti, RStudio, Orange, Base SAS, OriginPro, TIMI Suite, etc.
As the summary of my piece, I wish to leave stakeholders of the new university with the Times Higher Education for university rankings which, calibrated 13 performance indicators into five areas: Teaching (the learning environment); Research (volume, income, and reputation); Citations (research influence); International outlook (staff, students and research); and Industry income (knowledge transfer).
Steven Anu’ Adesemoye is a researcher in the Department Of Media and Communications, University of Malaysia.
One of Nigeria’s finest Disc Jockeys, DJ Slam, will be honoured at the inaugural edition of Unique Celebrity Nite on Wednesday, 30 March, 2022.
Unique Celebrity Nite is a night of complete entertainment package where Nigeria’s finest talents from all walks of life are celebrated.
The all-night event will be held at the serene Unique Gentlemen’s Club, located at 37, Ogundana Street, Allen Avenue, Ikeja Lagos.
The host, Mr Tony Ojo, said that the decision of celebrating DJ Slam was not difficult, considering his immense contributions to the hospitality and entertainment sectors in the last two decades.
“As a young man, he has been very consistent and passionate with his job. You will be amazed at the number of talents he has groomed, and a lot of youths look up to him as a role model.
“Unique Celebrity Nite is designed to monthly celebrate people who are adding value to the society with their talent and resources. And it is a way to encourage them to do more.
“Some of our media personality friends will also be celebrated on the same day. This is an exercise we have decided to be staging every last Wednesdays of the month,” Tony Ojo said.
Born Ayeni Ismail, DJ Slam D turntable wizard is an household name that has been working with Star 101.5 FM for more than a decade.
He studied Marketing from Lagos State University, LASU. DJ Slam is also an official DJ for MonsterMuziq radio show, which airs from 4pm daily on Star FM. He’s no doubt one of Nigeria’s most popular DJs.
Lagos Safe For Your Investments, Speaker Obasa Tells Qatari Government
Qatari officials with the Hon. Temitope Adewale, representative of Speaker Mudashiru Obasa, at the event.
The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has described the State as one that guarantees safety of investors and their businesses since the government takes seriously the protection of lives and property.
Dr. Obasa said this at the Qatar-Nigeria Business Matchmaking Event which had officials of the govermment of the two countries on Wednesday. The event also had businessmen and prospective investors in attendance.
The meeting, it was learnt, is aimed at deepening trade between the two countries in manufacturing, construction, oil and gas, technology and other related areas.
Represented by Hon. Adewale Temitope, Chairman of the Lagos State House of Assembly Committee on Transportation, the Speaker noted that the growth and advancement of Lagos in various areas of the economy are the result of true leadership.
He added that for investors in Lagos, it has always been a symbiotic relationship since the State has the needed human capital and the market while they have the resources.
“It is, therefore, going to be a symbiotic relationship between Qatar and Nigeria,” he said while urging prospective investors to also consider the transportation and health sectors of the State in view of government’s successful effort to create an enabling environment.
Speaking at the event, Ali Ghanem Al-Hajri, ambassador of the State of Qatar to Nigeria, said the meeting would further strengthen bilateral relations between Nigeria and his country.
“We think this meeting to deepen bilateral relations to build an economic bridge between the two markets.
“Nigeria is the biggest market in West Africa, and there are lots of potentials and opportunities to deal with the Qatari market. I can see a huge economic bridge between the two countries,” he said.
Qatar Development Bank (QDB), which organised the business matchmaking event, used the opportunity to engaged with Nigerian businesses on strengthening investment ties across diverse sectors.
Obasa Congratulates Adeboye At 80, Says RCCG Leader Divinely Chosen
The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has described Pastor Enoch Adeboye as a man divinely chosen by God to lead the Redeemed Christian Church of God (RCCG).
Dr. Obasa, who said this in a message congratulating Adeboye on his 80th birthday on Tuesday, added that the Pastor’s leadership style has resulted in massive growth, progess and expansion of the church making him one of the most popular religious leaders across the globe.
The Speaker also thanked the General Overseer for his advice to leaders, encouragements and contributions to the efforts to have a peaceful Nigeria.
“We thank God for picking you to lead the Redeemed Christian Church of God. Today, like always, there is no doubting the fact that you were truly and divinely chosen to lead His flock,” he said.
Read the full Congratulatory message below:
Tribute To Pastor Adeboye At 80
Your humility, Pastor Enoch Adeboye, respected man of God and General Overseer of one of the largest churches in the world, is topnotch.
As you clock 80, I want to say it is only God that could have blessed you with such an age and agility. Many people would hardly believe that you are already 80. Your physical strength remains. I have never seen you read the Bible or any other material with difficulty, your gait confirms your strength. This proves Gods words that He would bless those He would bless. It also reminds of how God blessed Moses in Deuteronomy 34:7 to the extent that even at 120, his eyes were not dim and his vitality never waned. Dear Pastor Adeboye, you are blessed!
Thank you for being a foster father to a lot of Nigerians. Thank you for adding your voice at all times when issues that need your fatherly advice or words of wisdom arise. Your contributions to the efforts at having a peaceful Nigeria cannot be over-emphasised. We follow your teachings, we hear your appraisal and words of encouragement.
We thank God for picking you to lead the Redeemed Christian Church of God. Today, like always, there is no doubting the fact that you were truly and divinely chosen to lead His flock. The growth, progress and expansion of Gods work across the globe with you being the head of the RCCG are attestations to your effectiveness as a religious leader. There is no way religious leaders would be listed globally without your name in a prominent position. And to many clergymen in Nigeria, you remain a father figure, a teacher and inspiration.
You have been a source of encouragement to us in Lagos State. We thank you for always praying for us and for your wise counsels. We appreciate your time because you are always there whenever we need you.
Your attainment of 80 years on earth is significant in the sense that it proves God’s love for you and for us who gain from your tutelage.
On behalf of my family, colleagues and staff of the Lagos State House of Assembly, I celebrate you on this special occasion of your 80th birthday. I also pray that God bless you with more wisdom, divine health and protection so that you can continue to be of service to Him and humanity, amen.
Transcorp Hotels Plc posts impressive performance as gross profit increases by 143% and revenue grows by 114% to end a record-breaking year at N21.74bn
Shareholders to receive about N717m dividend
Dupe Olusola, MD/CEO Transcorp Hotels Plc.
Transcorp Hotels Plc has announced its Audited Financial Statements for the full year ended December 31, 2021.Theresults published on the Nigerian Group Exchange showeda 114% growth in Revenue to N21.74bn from N10.16bn as of December 2020,while Gross Profit rose by 143 %to N16.23bn from N6.67bn.
The Company’s results show an impressive growth in its performance signalling its strong recovery from the impact of the COVID- 19 pandemic in 2020. The performance also reflects the Company’s resilience and nimbleness, as it consistently leverages innovation to achieve an outstanding performance, breaking occupancy, and revenue records in 2021.
“We are very pleased with the incredibly strong operating performance of our businesses, as most segments improved in 2021. Our leisure demand remained strong throughout the year as different leisure packages introduced continue to drive occupancy,” said Mrs Dupe Olusola, Managing Director/Chief Executive Officer of Transcorp Hotels Plc.
“We believe that Transcorp Hotels Plc is well-positioned to continue to capitalise on the recovery in the hospitality industry as we work towards achieving our vision of becoming Africa’s leading hospitality brand. We are on launching several projects that have been in the pipeline to further our play of being a full-service hospitality brand and diversify our portfolio,” Mrs. Olusola added. “We are excited about the opportunities to deliver continued growth in 2022, as we remain focused on strengthening our business and investing for the future.”
Mr. Emmanuel Nnorom Chairman Transcorp Hotels Plc. in his comments said he expects the hospitality industry to continue to recover in 2022.
“As the domestic leisure, business and the Bleisure segment — corporate travellers which also add leisure activities into their stay – continue to expand, even as international guests return, we expect the hospitality industry to continue its recovery,” Mr Nnorom said, adding that Transcorp Hotels Plc is in an advantageous position to drive the recovery of the industry in Nigeria.
“Having steered the business out of the effects of the pandemic, and back to profitability, our management team has shown the resilience and potential of our business, as well as a sign of the bright future that lies ahead. Backed by a Board committed to corporate governance and organisational excellence, our esteemed shareholders can be reassured that we will continue to deliver value and strong returns, “Mr Nnorom added.
The Nigerian Exchange Group (NGX) listed hospitality giant has continued to set the pace in the industry, reinforcing its position as a leading hospitality brand. In the second half of 2021, the Company launched Aura by Transcorp Hotels, an online booking platform that allows people to book accommodation (hotels and apartments), order food and book diverse kinds of experiences, including tours. Transcorp Hotels has continued to strengthen its business and invest for the future. The Company is developing a world-class event center at the Transcorp Hilton premises in Abuja. It is also working on a Lifestyle Center/Hotel in Lagos, one expected to rival the best of its kind globally.
The hospitality brand maintains that its activities are in furtherance of its mission to redefine hospitality standards in Africa through innovation and exceptional service, creating value for its customers and other stakeholders.
Transcorp Hotels Plc has proposed a final dividend of 7 Kobo per share, subject to appropriate withholding tax and shareholders’ approval.
ZENITH BANK REMAINS RESOLUTE, BEATS MARKET EXPECTATIONS WITH DOUBLE-DIGIT GROWTH IN GROSS EARNINGS
Zenith Bank Plc has announced an impressive result for the year ended December 31, 2021, recording a double-digit growth of 10% in gross earnings which rose to N765.6 billion from N696.5 billion reported in the previous year. This is despite a challenging macroeconomic environment aggravated by the coronavirus (COVID-19) pandemic.
According to the bank’s audited financial results for the 2021 financial year presented to the Nigeria Exchange Group (NGX), the Group achieved year-on-year (YoY) growth in gross earnings of 10% from NGN696.5 billion reported in the previous year to N765.6billion. This was on the back of 23% YoY growth in non-interest income from N251.7billion to N309billion and a 2% YoY growth in interest income from N420.8billion to NGN427.6billion.
Profit before tax also grew by 10% from NGN255.9 billion to NGN280.4 billion in the current year. The increase was due to growth in the top-line and very strong management of the treasury portfolio that increased efficiency, resulting in a drop in interest expense by 12% from NGN121.1 billion in 2020 to NGN106.8 billion in the current year. This further led to a 7% increase in net interest income of NGN320.8 billion in 2021 from NGN299.7 billion in 2020.
Customer deposits increased by 21%, growing from NGN5.34 trillion in the previous year to NGN6.47 trillion in the current year. The growth in customer deposits came from both corporate and retail customers. Retail deposits grew by NGN146 billion from NGN1.72 trillion in 2020 to NGN1.87 trillion in 2021. The Group’s continuous drive for retail deposits combined with the strategic rebalancing of its funding base helped to reduce the cost of funding from 2.1% to 1.5% in the current year. Although operating expenses grew by 13% YoY, growth remains below the inflation rate, and the Group improved its Earnings per Share (EPS) which grew by 6% from NGN7.34 to NGN7.78.
Total assets increased by 11%, growing from NGN8.48 trillion in 2020 to NGN9.45 trillion in 2021, mainly driven by growth in customer deposits. With the steady recovery in economic activities, the Group prudently grew its gross loans by 20%, from NGN2.9 trillion in 2020 to NGN3.5 trillion in 2021, with moderated NPL ratio from 4.29% to 4.19% YoY. The Group recorded impressive liquidity and capital adequacy ratios of 71.6% and 21.0%, which remained above regulatory thresholds of 30% and 15%, respectively.
In 2022, the Group intends to consolidate on the gains achieved in the previous year in all business segments and combine leadership in the industry, innovation and technology to drive improved performance and deliver enhanced returns to all stakeholders.
As a testament to its commitment to its shareholders, the bank has announced a proposed final dividend payout of N2.80 per share, bringing the total dividend to N3.10 per share.
Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices. The bank remains a clear leader in the digital space with several firsts in deploying innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.
In recognition of its track record of excellent performance, Zenith Bank was voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, and Best in Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.
Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.
Wema Bank, ADEMOLA ADEBISE ADMONISHES ACCOUNTANTS ON DATA PROTECTION
Mr Ademola Adebise, Managing Director Wema Bank Plc
The Managing Director and Chief Executive Officer of Wema Bank Plc, Mr Ademola Adebise, has advised accountants to store data safely and protect them against cybersecurity threats and other criminal breaches.
Adebise said this on Tuesday at the 16th Institute of Chartered Accountants of Nigeria (ICAN) Western Accountants Conference themed ‘Digital Economy: Whither the Professional Accountant’ held in Ijebu-Ode, Ogun State.
The MD/CEO who stressed the importance of data storage and security said that accountants in the digital age must be flexible and knowledgeable to save data on storage devices on-premises or in the cloud.
He also noted that in case of loss or data corruption, the 21st-century accountant needs to be conversant with the Disaster Recovery Plan (DRP) to mitigate loss.
Mr Adebise explained that “a large amount of data is sitting on storage. As accountants, we need to safeguard our storage and be versed in data recovery and business continuity planning should there be a loss or corruption of data.
“The accountant must know contemporary issues on cybersecurity – ensuring that digital information is safe and secure, at all times. Going digital exposes you to risk from hackers. So, as an accountant, you need to have an in-depth knowledge of cybersecurity and must know the various data and information security standards to audit the environment.”
Apart from being security conscious and storing data securely, the MD/CEO further noted that modern accountants should understand the changes taking place in the profession, including the evolution from traditional data collection methods.
He said, “these include using Enterprise Resource Planning systems that are interconnected to process data from production, distribution, marketing, and sales. The accountant, therefore, needs to be skilled to understand the complexities, transaction flows of the new ways of doing things and understand what data is saying.”
In Nigeria, the most popular forms of cybercrimes that accountants and other professionals in the financial services sector are susceptible to include fraudulent electronic mails, identity theft, hacking, cyber harassment, spamming and Automated Teller Machine spoofing.
The biggest, however, is still fraud emails. The Nigeria Electronic Fraud Forum (NeFF) revealed that bank customers lost N3.6 billion to cyber-fraud in two years (2017 and 2018).
Data released by the Nigeria Inter-Bank Settlement System (NIBSS) also showed attempted fraud in 2018 alone was about N9 billion.
Photos: Moment Tinubu, Obasa Arrive Agege, Visit Home Of Late Prof Samuel
The National Leader of the All Progressives Congress (APC) and presidential hopeful of the party, Asiwaju Bola Ahmed Tinubu, on Sunday evening paid a condolence visit to the home of late Professor Tunde Samuel, a member of the Governor’s Advisory Council (GAC), who passed on recently.
Asiwaju, who arrived Lagos from a visit to the Alaafin of Oyo, Oba Lamidi Olayiwola Adeyemi, moved straight to the home of the deceased ally, accompanied by the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa.
The duo had earlier expressed sadness at the demise of the academic, who was 73.
In the Speaker’s condolence message, he had described the death of Prof Samuel as “a blow, a pain that would take long for us to bear both as people of Agege, the APC as a family, the GAC and the entire Lagos State.
“His importance to Lagos State can never be under-emphasised. He was a passionate Lagosian whose thoughts, actions and activities were all geared towards strengthening democracy in Nigeria and the creation of an egalitarian state where individuals would live their lives in peace.”
Obasa, who visited the family of the deceased on Wednesday, added: “We will continue to miss his wisdom, knowledge and understanding of how Lagos and Nigeria should be run for the utmost good of the people. We will miss his advice and productive efforts to keep a united APC in Lagos.
“I, on behalf of my colleagues at the Lagos State House of Assembly, pray that God grant him peace and give his immediate family, friends and associates the fortitude to bear this huge loss, amen.”
