Ecobank Transnational Incorporated (ETI) has released its Q1, unaudited results for the period ended March 31st, 2021 showing remarkable performance in all the key financial indices. The Pan African bank recorded a profit Before Tax (PBT) of N40.3 billion, representing 22% increase over the N33 billion reported at the same time in 2020. Profit After Tax (PAT) closed at N30.5 billion.
The result submitted to the Nigerian Stock Exchange on Monday indicated a Gross earnings of N214.3 billion representing 10% increase against N194.9 billion during the same period in 2020. Similarly, Revenue went up by 15 per cent to N 164.6 billion; Operating income before impairment losses up by 37 per cent to N 67.0 billion and Total assets went up 1 per cent to N 10.4 trillion. However, Loans and advances to customers went down by 1 per cent to N 3.6 trillion and Total equity also reduced by 2 per cent to N8 trillion.
Analysts linked this remarkable improvement in the Bank’s financials despite global economic challenges to its digital platform and innovative products and services. Ecobank Group CEO, Ade Ayeyemi had said “We are focusing on achieving execution momentum in our payment business, the sustained reliability of all our platforms, driving increased adoption of our products and services, bringing our NPL ratio low and exceeding the expectations of our customers to truly be the pan-African Bank that Africa trusts”. He noted that “these, together with all our investments and achievements to date, will enable us collectively grow revenues and generate long-term return of capital to our shareholders, despite the near- term challenges from COVID-19.”
Ecobank Nigeria Limited has concluded plans to host a digital conference as part of its commemoration of this year’s Workers’ Day. According to Korede Demola-Adeniyi; Head, Consumer Banking, the webinar which is scheduled for the 29th of April titled “Inflation and Your Money – Our role As Your Bank” is targeted at educating members of the public on how to manage limited resources at their disposal, stressing that it would also provide tips on savings, borrowing, investments and how Ecobank can be useful to the participants and general public amidst the rising inflation.
According to Mrs. Demola-Adeniyi, though Nigeria recorded early exit from the recession in the fourth quarter of last year, the effects of the COVID-19 pandemic have continued to impact negatively on the revenues of many corporate entities, businesses and income of individuals; noting that this development has been further compounded by inflation. In her words, “Inflation rate has continued its upward trend to settle at about 18.1% in March with prices of goods rising significantly in the last six months. This, in turn has significantly reduced the disposable income and cash available to consumers.” Consequently, as a bank set up to contribute to economic development, we thought it important to facilitate a discussion during this period of Worker’s Day, that will provide some guidance to our customers and the general public on how they can manage their cash and resources through rising inflation.”
She disclosed that the webinar which will be hosted on the Microsoft Teams’ platform will converge important stakeholders who will discuss the realities of the economy of the country and also proffer solutions on how to stay afloat financially and better manage resources. Some of the speakers include Jimi Ogbobine, FCA – Head, Agusto Consulting Ltd; Fela Popoola, Managing Director, EDC Nigeria Limited and Daberechi Effiong, Head, Consumer Products, Ecobank Nigeria, amongst others.
While imploring members of the public to join the webinar, Mrs. Demola-Adeniyi maintained that “The webinar is bound to provide financial education and financial planning tips to our customers and every other participant. Participants will be informed about relevant investment opportunities to create wealth and most importantly, how the bank can be useful to them at this time. It is important to make an informed decision regarding how to manage your money”.
The Ecobank Digital Series is a virtual programme organised by Ecobank to educate and enlighten the public on crucial issues of public interest, especially as it relates to their financial freedom.
The Oloto Royal Family of Iddo and Lagos Mainland recently urged politicians to stay away from their king-making process, adding that the imposition of monarchs on kingdoms by politicians is allien to their culture and tradition.
The call was made by chiefs of the ruling houses at a recent meeting held in Lagos.
Present were Chief Mohammed Bashir Ayinla Akinola, the Odofin Oba and Secretary of Oloto Royal Family; Chief Lamina K. Akinlolu, the Ojomo Oba and Head Baalo Ruling House; Chief Jubril Adebayo Oloto, the Aro Oba and Head of Olupejobi Ruling House, and Chief Shamusideen Adisa Pedro, the Eletu Oba and Head of Eru-Ifa Ruling House, all representatives of the three ruling house of The Oloto Royal Family of Iddo and Lagos Mainland.
The chiefs revealed that their call for politicians to stay away from their affairs follows speculations of an attempt by some very powerful persons in Lagos State to impose a monarch on the kingdom following the death of the last King, Oba Ganiyu Okeyide Odesanya who reigned between 1990 and 2016.
A statement signed by the Secretary of the ruling houses said “We are dismayed that persons are trying to impose a candidate from Olupejobi ruling house, which produced the past Oba.”
The statement further said “the act is not only against the culture and traditions of the Oloto Royal Family practised over six centuries ago, but against the express provisions of the aforementioned declaration which is an official record of the government of Lagos State.”
Chief Jubril Adebayo Oloto, the Aro Oba and Head of Olupejobi Ruling House while speaking noted that prior to the installation of Oba Okeyide Odesanya, the chiefs, kingmakers, branch heads and entire Oloto Royal Family identified three ruling houses in Otto namely Olupejobi, Baalo, and Eru-Ifa Ruling houses, with succession to the throne to rotate from Olupejobi through Baalo to Eru-Ifa ruling houses.
He further noted that the attempt at imposing a candidate on the kingdom is against the express declaration of late Oba Okeyide Odesanya whose wish and declaration was that a person from Baalo ruling house should succeed him.
According to him, the move to impose a candidate from the ruling house which produced the last Oba is one which if allowed to succeed will breed problems in Otto and distort the peaceful co-existence of the people in the area.
He thus urged people who are not familiar with the culture and tradition of the kingdom to halt their attempt at causing unrest with their planned imposition of a candidate outside the ruling house who is supposed to produce the next monarch, adding that the ruling houses are capable of handling their affairs.
One of Nigeria’s foremost institutions of learning, the Yaba College of Technology (YABATECH) has decided to meet the yearnings of many Nigerian youths by introducing the first of its kind music certificate courses.
The program which is the brain-child of YABATECH Consult Limited an entity of Yaba College of Technology in collaboration with Diamond Well Integrated Concepts Limited will be offering Basic Certificate in the following courses;
Music Production and Engineering
Music Law
Music Business.
This three months program is structured to address the pressing demand for courses that will solve problems ravaging Nigeria booming music industry in terms of Production and Engineering, Law and Business.
The program will also help tilt the exuberance of many Nigerian youths towards creative and marketable music.
The Men’s Club (TMC), Africa’s highly anticipated online series powered by the United Bank for Africa’s Lifestyle and Entertainment channel, REDTV, has emerged the winner of Gage’s Awards’ Web Series of the Year 2020.
Following a thorough audit by the organisers of the awards, TMC which was nominated alongside four other popular online shows, clinched the highly coveted award, and was announced as the winner in an elaborate virtual event which was held on Saturday, April 24th,2021.
Now in its third season, TMC is one of the top hits from REDTV, producers of other popular shows like Our Best Friend’s Wedding, Inspector K, Assistant Madams, RedHot Topics, Hotel Boutique and a host of other entertaining content.
The Men’s Club has enjoyed a huge following since its launch in 2018, taking viewers on a roller-coaster ride with Africa’s hottest screen men – Ayoola Ayoola, Efa Iwara, Daniel Etim and Baaj Adegbule. Their adventure filled with love, friendship, fear, betrayal and Romance has had viewers clamoring for more. The show also stars top actors like Sharon Ooja, Mimi Chaka, Folu Storms and features some of Nollywood’s finest legends like Sola Sobowale and Shaffy Bello.
Executive Producer, REDTV, Bola Atta, thanked the organisers of the Gage awards for the recognition as she elaborated on the mission of REDTV since it was birthed five years ago. She said, “REDTV was set up to support Africa’s creative industry. Developing and nurturing talent is what we are most focused on as we make available opportunities for creative people across the continent. We do this through the creation of compelling and positive stories about Africa and Africans’.
Acknowledging UBA’s continuous investment in REDTV and in SMEs, Atta who is also the bank’s Director of Corporate Communications, said, “REDTV was birthed by the United Bank for Africa, to support the youths and the creative sector in Nigeria and across the African continent and for over five years we have been creating employment through entertainment. At UBA, we aim to empower talented and creative professionals in the pursuit of their dreams whilst they contribute to economic growth.
She disclosed that the online platform will be launching more pan- African content in the next few weeks, which she stated, will further connect African talent to the world, providing the best in entertainment and storytelling to its teeming fans.
Organisers of the awards, said the aim of the Gage Awards, which is in its second year, is to recognise institutions that have added value towards making the internet a haven for the development of African content.
REDTV is a fast-paced lifestyle channel that puts Africa on the global stage. Proudly powered by UBA, the network aims to entertain and inform through rich and engaging content that feature the very best of Africa focused on fashion, news, music, sports, drama, travel and much more.
REDTV collaborates with the most talented visionaries and creative minds who dare to believe in a New Africa, putting together content that reflect its vision.
The leader of INRI evangelical spiritual church, Primate Elijah Ayodele has released a strong message for the governor of Imo state, Hope Uzodinma regarding the unfortunate events that has been happening in Imo state for some time.
We recall that yesterday, the country home of the governor was attacked and razed by fire, with properties and vehicles getting burnt to ashes.
Primate Ayodele in a live session revealed that Governor Hope Uzodinma is being fought by forces of Imo land and that they want to ensure the state is ungovernable for him.
The man of God made it known that this is happening because Hope Uzodinma became governor in a wrong way, and that he is not meant to be governor of the state, hence, the coming together of forces to fight him.
He however stated that the solution for peace to return to Imo state is returning Emeka Ihedioha as governor of the state, if not, the forces will continue to attack.
‘’ It’s unfortunate that this happened to Hope Uzodinma who has been working well to see that everything goes well in his state.
The fact is the forces are fighting the governor and that is why the state is being ungovernable for him. There is a conspiracy in his government and the forces of the land are fighting him. This happens when something that doesn’t belong to you is given to you; forces will come together to fight you, forces are fighting him, let them do what is right by restoring Emeka Iheadioha back as governor of the state for peace to reign’’
Also, the man of God blasted the SSA On media to President Buhari, Garba Shehu for his comments on Isa Pantami’s travails.
Garba Shehu had said that Isa Pantami, a minister of communications was young when he made some statements that encouraged terrorism, and that he has changed his orientation now.
Also, he compared the situation of Isa Pantami to that of Kemi Adeosun who resigned due to some discrepancies in her NYSC ceritificate. The presidential aide noted that Kemi Adeosun’s case is higher than Isa Pantami’s.
Primate Ayodele in his reaction maintained that Garba Shehu is one of the people misleading this government, and that he needs to think deeply before saying anything.
‘Garba shehu is one of the people misleading Buhari’s government, I am not sure he thinks very deeply before commenting on issues, Kemi Adeosun’s case doesn’t even warrant resignation because it was not totally her fault, but she willingly resigned because she is a woman of integrity, honour and note when she discovered that her certificates are not in order
But what Pantami has done is related to terrorism, it involved terrorist groups, its shameful, he doesn’t even need to say anything, the first thing is to resign before anything if he is an honorable person, this position they are dragging is just for the main time, why stain yourself forever for a post that won’t exceed eight years? Garba shehu also needs to be investigated for supporting Isa Pantami in such way, With Isa Pantami in this cabinet, it’s a disgrace to Nigeria, this will cause chaos, conspiracy in his government, why must he still be there, on what account? Are they serving the nation or their pocket? Someone who is serving the nation will leave with honour and not wait till anyone to molest him because as it is now, he has been molested by this act. This also berates out DSS, Senators who did screening for him’’
Furthermore, He adviced the government to beef up the security in nigerian universities because the terrorists are everywhere in the country.
The Federal Government has prohibited the importation of refined sugar and its derivatives from the nation’s Free Trade Zones (FTZs), in a bid to protect the sugar industry, which is governed by the Nigerian Sugar Master Plan (NSMP).
The prohibition move, which came through a directive from the Minister, Ministry of Industry, Trade and Investment, was conveyed in a letter by the Nigerian Ports Authority (NPA), Lagos Port Complex, Apapa, Lagos, sent to the Terminal operators of the Lagos Port Complex (LPC), Apapa, Lagos.
The NPA letter dated 08 April, 2021, and titled ‘RE: Prohibition of Importation of Sugar from the Free Trade Zones into the Nigerian Customs Territory’, was signed by Mr. Buba Jubril for the Port Manager, Lagos Port Complex.
According to the letter, “We have for reference a letter from Honourable Minister of Industry, Trade and Investment ref: HMIT1/GEN/ CORR/008/ VOL. I/ dated 15th February, 2021 on the above subject.
“It has recently come to our notice that due to the recent location of a Sugar Refinery in a Free Trade Zone, Refined Sugar is being imported into the Nigerian Customs Territory under the concession granted to enterprises in the Free Trade Zones to export 100% of their output to the Nigerian Customs Territory, and this is real potential threat to the goals of the Nigerian Sugar Master Plan (NSMP).
“The Nigeria Sugar Industry is governed by the Nigerian Sugar Master Plan (NSMP). The NSMP provides a framework for motivating investment in the local production of Refined Sugar by securing the Nigerian Sugar market for investors in the Backward Integration Program (BIP). It does this by providing import sugar allocations for Raw Sugar to recognised investors based on the performance on the BIP and guided recognition of their installed refining capacity.
“Your Terminal is hereby informed by this letter that, in order to protect our national interest and ensure the returns in the Federal Government’s investment in the NSMP are realised, and in line with extant laws and regulations of the Federal Government of Nigeria, importation of Refined Sugar and all other sugar derivatives from the Free Trade Zones into the Nigerian Customs Territory are here prohibited by the Honourable Minister, Ministry of Industry, Trade and Investment,” the NPA letter stated.
It added that, “In view of the above, your terminals are by this letter directed to ensure strict compliance with this directive. Please accept as always the assurances of our esteemed regards.”
Four astronauts from three countries bound for the International Space Station launched from the Florida coast early Friday morning as part of NASA’s SpaceX Crew-2 mission.
The Falcon 9 rocket blazed across a black sky just before sunrise and NASA confirmed shortly after liftoff Friday that the astronauts had safely reached orbit.
After about a 23-hour ride, the Crew Dragon spacecraft is scheduled to dock at the ISS around 5:10 a.m. ET on Saturday.
“Watching a launch from Kennedy Space Center never gets old for me. I’ve watched many launches and watching a pre-dawn launch is especially exciting and just visually stunning,” NASA’s acting administrator, Steve Jurczyk, said at a post-launch news conference Friday morning. “I could not be more proud of the team.”
The crew is composed of NASA astronauts Shane Kimbrough and Megan McArthur as well as Japan Aerospace Exploration Agency (JAXA) astronaut Akihiko Hoshide and European Space Agency (ESA) astronaut Thomas Pesquet.
3.. 2.. 1.. and liftoff! Endeavour launches once again. Four astronauts from three countries on Crew-2, now making their way to the one and only @Space_Station: pic.twitter.com/WDAl8g7bUK
“What an incredible launch, hopefully you guys got to watch it this morning, right as the sun was rising we took off,” Kimbrough said from the Crew Dragon “Endeavor” capsule shortly after the astronauts reached orbit.
“We chased the sun pretty quickly and caught up just a few minutes after we took off. That was really special to see the sunlight coming in shortly after liftoff,” the mission’s commander added.
McArther said, “The ascent was incredible, the ride was really smooth. We couldn’t have asked for anything better.”
Friday’s launch marked only the third time that Elon Musk’s private space-faring firm has flown astronauts.
It also ushered in a new era of reusability in human space exploration, as the mission uses the same Falcon 9 rocket that sent four astronauts to the ISS last November and the same Crew Dragon spacecraft that sent and returned two astronauts during the first crewed SpaceX flight last May.
“I met with the crew last night, they are ready to go,” Jurczyk said at a pre-launch news conference from the Kennedy Space Center on Wednesday. “I asked them what they look forward to most in the mission, and they said launching and getting up on station and getting to work.”
This marks the “third launch in less than a year” for NASA’s Commercial Crew program, he said.
The launch was originally scheduled for early Thursday morning but was moved to Friday due to downrange inclement weather. Liftoff occurred at 5:49 a.m. ET on Friday from the historic Launch Complex 39A at NASA’s Kennedy Space Center in Florida.
Prior to liftoff, the U.S. Space Force 45th Weather Squadron had forecast a 95% chance of favorable weather conditions in the area for a launch.
NASA’s live coverage of the launch kicked off at 1:30 a.m. ET on its website and social media accounts.
Four astronauts are set to launch aboard their Crew Dragon Endeavour spacecraft tomorrow morning at 5:49 a.m. ET! 🚀🐉
— NASA's Kennedy Space Center (@NASAKennedy) April 22, 2021
Jurczyk said Wednesday that NASA’s Jet Propulsion Laboratory team received a call earlier this week from U.S. President Joe Biden, who congratulated the researchers on their success in conducting the first controlled flight on another planet.
“He told the team that his grandson asked him when was he going to travel to Mars,” Jurczyk said. “So that’s something really important that we do.”
“We enable commercial activities in space, we demonstrate leadership, and we inspire the next generation,” he said.
Red Star Express Plc, one of Nigeria’s foremost logistics solutions providers, has launched an online platform which enables customers to make custom duty payments for imported items.
In a statement from the company, this platform will provide a more convenient option for customers to make such payments as they look to clear their items at the ports.
The company’s Group Managing Director, Dr Sola Obabori, in the statement, also mentioned that the platform will also offer customers other benefits alongside its convenience. “We understand that customers demand more in terms of transparency and accountability; especially when it concerns the payment of their custom duties for items brought into the country. Not only does this platform give them the convenience of paying online, customers will also be able to view the complete breakdown of these charges as determined by the agencies involved at the ports.”
“As always, Red Star Express Plc will continue to strive to meet and exceed the expectations of its customers. This development is just another step towards achieving that aim,” he added.
The trajectory of Junior Achievement Nigeria reaching over 1 million youths is one that has embraced diverse support of individuals, groups, and organisations. The continuous tenacity applied to impacting the lives of youths especially in a time where the pandemic brought many to economic recession is one that can best be described as apt. Our programs are helping young people recover from loss, stay updated and learn in-demand skills that could help them become more attractive to the labour market. The support of Board members such as First Bank of Nigeria Limited, Sigma Pensions, Schlumberger, Citi, Channels Television, Agile Communications, Deloitte, Aliko Dangote Foundation, and partner organizations such as Union Bank, Google, ACT Foundation, Facebook, Slum2school gave life to these programs.
JA Nigeria kicked off the year with a financial literacy program themed ‘Break Free’ – #JAPA. ‘Break free’ was tailored toward impacting the lives of young professionals on matters regarding money management. Burdened with the fact that COVID-19 affected the finances of many, we organised a program aimed at helping young people gain financial freedom. With the support of Sigma Pensions, ‘Break free’ gave insight on basic finance understanding finance concepts such as saving, pension, and investments, and strategies to live a debt-free life.
As you know, one of JA’s aims is to build a generation of digitally inclined youths. To make this happen, youths need to learn diverse strategies on how to stay safe online. Due to the pandemic, more young people embraced online activity and this led to the implementation of the Safe Online Spotlight Series with Facebook. Although Safe Online has since been implemented, the COVID-19 outbreak made the implementation even more necessary. This program seeks to help young minds stay aware of online bullies, fraud, and other internet-like dangers that could pose a threat to them while surfing the Internet. JA Nigeria is glad to have Facebook support this program that helps protect young people from online dangers.
In the light of impact and choosing to challenge diverse societal abnormalities that could serve as barriers to the successes of women, JA Nigeria celebrated International Women’s Day. An offshoot of marking the IWD 2021 was the weekly ‘Girls4Tech’ program sponsored by Mastercard. This program was designed to inspire female teenagers between the ages of 8-14 as taking STEM-related courses could encourage more girls to consider a career in STEM. Did you know that in Nigeria, only 20% of girls are enrolled in STEM-related courses? This reveals the urgency for programs like ‘Girls for Tech.’ Recall, “An equal world is an enabled world.”
Our GoogleIT Support program is on the run! Organisations are counting on young people who can think outside the box and we delight in building young people to not only think creatively but to see how their potentials can cause a global impact. This program is a 4-6 month program that aims to equip young graduates and ‘out of school’ youths with 21st century professional IT skills needed for the job market. At Junior Achievement Nigeria, we are intentional about leaving no stone unturned as regards matters that can contribute to a thriving economic environment for youths. According to a statement by Adebowale Akinbobola, one of the beneficiaries of the JA Nigeria Google IT support program, he stated; “I am looking forward to the other modules and I appreciate JA Nigeria for this opportunity. I say cheers to greater impact from JA Nigeria and also for myself”.
In 2020, JA Nigeria started the #NoStudentLeftBehind campaign to support young people in developing skills that they need to be economically independent even in trying times. We look forward to more donations; this would accelerate our goals towards ensuring that there are No Students Left Behind.
In another development, JA Nigeria implemented its Financial Literacy Day program as part of the celebration for Global Money Week. Global Money Week is a worldwide celebration held in March to empower the next generation to be confident and money-savvy global citizens. The event which is in partnership with the Central Bank of Nigeria was held simultaneously in select schools across the country in efforts to create a financially literate generation. Similarly, through a partnership with Prudence Foundation. Primary school students were exposed to the basics of money management through the implementation of the ‘ChaChing’ program. ChaChing uses the ‘Earn. Save. Spend. Donate.’ mantra to teach these students life-long learning about financial management.
Furthermore, in line with JA Nigeria’s mission of providing business and economic education for young people, a recycling program titled ‘Every Can Counts’ will be implemented with the support of Novelis/GZI. ‘Every Can Counts’ is an educational program for primary and secondary school students, where they will be taught and motivated to know about the meaning and value of aluminum recycling, the importance of putting recycling into practice, and how this can help them become entrepreneurs who care about a sustainable future.
JA Nigeria, however, solicits support from well-meaning Nigerians, philanthropists, and corporate organisations to partner with us to accelerate our impact by helping us raise a generation of conscientious business leaders leading a vibrant economy and ultimately help young people to own their economic future.
