society_admin, Author at SocietyGazette.com

ZENITH BANK RANKED NUMBER ONE TIER-1 BANK IN NIGERIA

Zenith Bank Plc has again emerged as the Number One Bank in Nigeria by Tier-1 Capital in the 2020 Top 1000 World Banks Ranking published by The Banker Magazine. Climbing a whopping 29 spots from 415 in 2019 to 386 in the 2020 global ranking of banks, Zenith Bank retained its position as the number one Tier-1 bank in Nigeria with Tier-1 Capital of $2.79 billion, an increase of 16.1% on the $2.40 billion recorded in the 2019 rankings.

The ranking which was published in the July 2020 edition of The Banker Magazine of the Financial Times Group, United Kingdom, was based on the 2019 year-end Tier-1 capital of banks globally. According to the Ranking Report, Zenith Bank extended its lead over the second-placed bank in Nigeria. Zenith’s financial performance for the year was underpinned by a 29% increase in non-interest income, with an improved market share in both retail and corporate sectors.

Speaking on the latest rankings, the Group Managing Director/Chief Executive, Mr. Ebenezer Onyeagwu said: “this ranking, which further attests to our market leadership, is the outcome of a well-thought-out strategy of always delighting and creating value for our teeming customers through a broad range of superior product offerings, best-in-class service and top-of-the-range technology”.

Tier 1 capital describes the capital adequacy of a bank, and it is the core measure of a bank’s financial strength from a regulator’s point of view. According to the ranking, Tier 1 Capital, as deﬁned by the latest BIS guidelines, includes loss-absorbing capital, i.e. common stock, disclosed reserves, retained earnings and minority interests in the equity of subsidiaries that are less than wholly owned.

Zenith Bank has clearly distinguished itself in the Nigerian financial services industry through superior service quality, unique customer experience and sound financial indices. The bank, with a knack for setting the pace and raising benchmarks, is a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

As a testament to its resilience and market leadership, Zenith Bank announced an impressive result for the year ended December 31, 2019, with profit after tax (PAT) of N208.8 billion, achieving the feat as the first Nigerian Bank to cross the N200 billion mark. In the recently released Q1 2020 unaudited financial results, the bank also recorded an improved result over the corresponding period in 2019, with gross earnings rising by 6% to N166.8 billion and profit before tax (PBT) growing 3% to N58.8 billion.

Consistent with this excellent performance and in recognition of its track record of exceptional performance, Zenith Bank was ranked as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto & Co. The bank was also voted as Bank of the Year and Best Bank in Retail Banking at the 2019 BusinessDay Banks and other Financial Institutions (BAFI) Awards. Most recently, the bank was recognized as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the Banker Magazine “Top 500 Banking Brands 2020”, Best Bank in Nigeria in the Global Finance “World’s Best Banks Awards 2020” and the Bank of the Decade (People’s Choice) at the ThisDay Awards 2020.

Seasoned Journalist, Wale Fatade Eulogize CAPPA Africa Leader

Earlier today Wale Fatade on his Facebook page announces the birth of CAPPA Africa, the finicky writer and editor tell us more about his relationship with Akinbode Oluwafemi and the new born CAPPA

Yesterday, my friend of almost three decades, Akinbode Oluwafemi, took a bold step. Not one to be afraid, but dithering over the years on what some of us believed should be the next logical step of his career in social justice is another example of why he is Bode. Always putting the interest of others before his, he romanticises self-immolation so much that ‘others first’ remains his mantra. I mean how many people could turn down job offers with two international NGOs just to continue bringing succour to poor and marginalised people?

But he broke free. He decided to chart a new course. Together with his team, he started Corporate Accountability and Public Participation Africa (CAPPA) not Cappa and D’ Alberto, a new level in social justice movement not just in Nigeria, but in Africa as well.

Formed in the classical furnace of students’ movement of the mid -1980s to early 1990s at the University of Ilorin, Bode continued on the path with a career in journalism. But his heart was set on social justice, fighting for the rights of the oppressed and equitable distribution of resources for all.

It was Bode who will first go and volunteer his time and intellect at NGOs offices early in the morning before resuming at his desk in the afternoon since he was on the sub desk. While some of us limited our involvement in the fight against Abacha to our stories as journalists, my friend was part of the underground movement in the battle against dictatorship with other Nigeria Union of Journalists (NUJ) members. My path and Bode’s first crossed at The Guardian newspapers in 1996 and he used to envy us while we travelled across Nigeria. Now I don’t know the country my friend has not been to, he is one person the appellation ‘widely travelled’ fits so well.

He, however, could not continue with us as the pull became more serious. He resigned in 1999 to join the Environmental Rights Action/Friends of The Earth Nigeria. I remember some of our colleagues, especially seniors, who thought he was crazy. Guardian was the place to be then, but I knew if anybody could make a success of activism, my friend is one. And he has not disappointed. The day I knew he has made it was when I interviewed him for a story to mark World No Tobacco Day in 2000. I quoted the Irele Ekiti man in a story? That was it and there has been no looking back since then.

Of course his signature crusade was getting a tobacco control bill passed into law which he did together with other advocates. He was also involved in Our Water, Our Rights movement with others, practically forcing the Lagos Government to rescind its decision to criminalise the informal water sector.

Corporate Accountability and Public Participation Africa (CAPPA) works to advance human rights, challenge corporate abuse of our natural resources and build community power for inclusive development and participatory governance. A Pan – African organisation devoted to working with African communities to build partnerships with them towards taking collective social action towards the promotion and defence of the rights of peoples. It challenges the abuse of our natural resources, our environment and our people through corporate and state policies and practices.

CAPPA’s goal is Africa that is free of injustices and inequalities caused by corporations and unfair state structures.

FrieslandCampina WAMCO reports N161.8 billion turnover at AGM

…Pledges to Lead Dairy Development in Nigeria

Executive Director, Finance, FrieslandCampina WAMCO Nigeria Plc, Mr. Dirk van Breen; Managing Director, Mr. Ben Langat; Chairman, Mr. Moyo Ajekigbe; and Non-Executive Director, Rev. Isaac Agoye, at the 47th Annual General Meeting of FrieslandCampina WAMCO Nigeria PLC held yesterday at the FC Academy in the Company’s Head Office, Ikeja, Lagos.

Nigeria’s foremost dairy company, FrieslandCampina WAMCO Nigeria PLC, producers of Peak and Three Crowns milk has announced a turnover of N161.8 billion at the 47^th Annual General Meeting held at the FC Academy in the Company’s Head Office at Ikeja, Lagos, Thursday, 25 June 2020.

The meeting was held under strict adherence to government-approved COVID-19 protocols, including social distancing and restrictions on the maximum number of persons at a gathering.

As a result, the Annual General Meeting (AGM) was streamed live for shareholders and other relevant stakeholders to participate in the proceedings. Shareholders were earlier invited to give their proxy to representatives published on the Proxy Form contained in the Company’s 2019 Annual Report, to act on their behalf.

At the meeting, FrieslandCampina WAMCO reported a turnover of N161.8 billion representing an 8.5% increase over 2018 and a Profit Before Tax (PBT) of N18.8billion, a 15% increase over previous year.

The shareholders unanimously approved a total dividend payout of N9.49 per N0.50, having paid an interim dividend of N2.68 per N0.50 share in November 2019; and a final dividend payout of N6.81 per N0.50 share.

According to the Managing Director, Mr. Ben Langat, “In the year under review, the business environment remained challenging. In spite of the headwinds, FrieslandCampina WAMCO played a leading role in Nigeria’s backward integration initiative led by the Central Bank of Nigeria in the dairy sector.”

The company activated its Dairy Development Programme (DDP) in Bobi Grazing Reserve, modeling its 10year success of the programme on a 10,000-hectare grazing reserve in Mariga local government area of Niger State.

In line with its business plan, the Company commissioned a state-of-the-art factory for the production of yoghurt and introduced the new Peak Yoghurt Drink in three distinct flavours (Plain Sweetened, Strawberry and Orange) into the market.

Business Outlook 2020

The Board of Directors and Management of FrieslandCampina WAMCO remain positive and confident about the future of the Company despite the disruption by the current pandemic. The Company will remain focused on its purpose of providing better nutrition and advocating healthy living. FrieslandCampina WAMCO will continue to actively engage consumers and pursue its backward integration for business sustainability.

The 47^th Annual General Meeting adopted the Company’s financial statement for the year under review. The report can be found on the Company’s website www.frieslandcampina.com.ng

Whistleblower Accuse AGF Malami of Exploiting $1 Billion NPA Secret Account Money

Abubakar Malami, the Attorney-General of the Federation and Minister of Justice, has been accused by a whistleblower, John Okpurhe, of refusing to pay him the reward after exposing over $1 billion government money hidden in Unity Bank Plc.

In a letter dated June 22, 2020, written to President Muhammadu Buhari by his lawyer, Aliyu Lemu, the whistleblower said the account was secretly being operated by the Nigerian Ports Authority to illegally collect revenue from vessels.

He said upon discovery, he informed the Office of the AGF in line with the whistleblower policy of the secret account and an agreement was signed.

The agreement stated that Okpurhe would be entitled to a reward if the information provided turned out credible.

The whistleblower said after playing his own part, the AGF’s office began to play games.

The letter read in part: “Pursuant to the whistleblower policy of the Federal Government, our client approached the Office of the AGF with confidential information in respect of hidden public funds concealed within a commercial bank in Lagos contrary to the Treasury Single Account policy which requires all public revenue or funds to be domiciled in the Central Bank of Nigeria.

“Our client presented the Office of the AGF with qualifying information on a cloned account with the Nigerian Ports Authority which was being used to illegally collect revenue from vessels by the signatories who are no longer in the service of the NPA.

“Upon establishing that our client’s information qualified under the whistleblower policy, the Office of the AGF signed a whistleblower agreement with our client through his appointed counsel- Mamman, Maiyaki & CO.

“The information provided by our client eventually led to the exposure of the hidden/concealed funds in Unity Bank Plc to the tune of $1, 034, 515, 000 (One billion, thirty four million, five hundred and fifteen thousand dollars only).”

The whistleblower said the Office of the AGF had been making flimsy excuses as to why the reward was not paid.

He said the Head of Asset Management and Recovery Unit, Ladidi Mohammed, informed him that the matter was in court and the plans had changed.

He added: “On the next day, one Ms. Bunmi who deputizes for Mrs. Mohammed, called our client and asked him to come alone without a lawyer. Upon arrival, she informed our client that there was no pending matter in court on the account.”

The whistleblower said he was told that because the money involved was huge, the Office of the AGF recommended a private firm with which he should enter into a contract to help him get the funds.

The whistleblower said upon the insistence of the AGF’s office, he was made to sign a Memorandum of Understanding with the company to forfeit 60 per cent of his reward.

He said in a dramatic twist, his lawyer was attacked by armed policemen in his office who robbed him and made away with the original copy of the agreement signed with the AGF.

Okpurhe called on the President to quickly intervene as failure to pay him could compromise the whistleblower policy and affect public trust in the government.

Ecobank Nigeria Extends Zero Charge For Digital Money Transfers

The zero charge for mobile money transfers by Ecobank commenced in March as part of the bank’s corporate action to cushion the rising spread of Coronavirus.

Ecobank has extended its zero-charge fee for digital money transfers below N5,000 till the end of September this year. In addition to the free USSD session fee currently enjoyed by Ecobank customers, users of Ecobank Mobile, Ecobank Online, USSD – Ecobank *326# can continue to enjoy zero fee charge for digital money transfers below N5,000. New customers can also benefit from this by opening an Xpress account from the comfort of their homes by simply dialling *326#.

The zero charge for mobile money transfers by Ecobank commenced in March as part of the bank’s corporate action to cushion the rising spread of Coronavirus. The decision to extend the zero-charge policy is hinged on the bank’s drive to continuously encourage citizens to adopt digital banking particularly with the ongoing social distancing campaign targeted to check the spread of COVID-19.According to Olukorede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria, “As a bank, our priority is people’s wellbeing. We place great emphasis on rewarding and identifying with our customers and citizens of Nigeria especially at a time like this. We are determined to ensure that the impact of the pandemic is minimal on citizens. We encourage our customers to utilize our digital self-service solutions including Ecobank mobile app, Ecobank Online, EcobankPay, Ecobank Omniplus, Omnilite and the rapid transfer app; where they can easily access their bank accounts, make payments, transfer funds, process salaries and carry out ancillary banking transactions from the comfort of their home and offices without having to visit the branches”.

She further stated that, “At Ecobank, we are always finding ways to improve our customer experience digitally, which is why I encourage our customers to upgrade to the new Ecobank mobile app 4.0. Customers can carry out banking transactions and enjoy some of the new features that the app provides, such as the ability to send money via email or SMS and of course, take advantage of the zero charge on money transfers below N5,000”.She added that the bank was also supporting over 50,000 farmers across the country to grow maize, under the CBN Anchor Borrowers program with the Maize Growers, Processors and Marketers Association of Nigeria (MAGPAMAN)

FIRSTBANK EMPOWERS WOMEN THROUGH FIRSTGEM ONLINE COMMUNITY

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced that its all-female online community www.firstgem.com.ng , offers mentoring, support and capacity building opportunities for all to create a new generation of financially literate women.

With the aim to increase its engagement and reach a wider audience, an online repository for its FirstGem product was created and designed to provide a virtual online community where like-minded women irrespective of where they are in Nigeria and abroad, gather to connect, grow and share knowledge on everything about lifestyle, parenting, career development, entrepreneurship, health, work and family. Financial empowerment and wealth creation ideas are shared to encourage women to play their part in providing financial support for their families.

The portal provides varied contents ranging from Blog stories to Vlogs, Newsletters, Chat rooms which are built on 6 pillars – Health, Wealth and Finance, Food and Recipes, Events, Entrepreneurship, Lifestyle and Beauty. The FirstGem online community presently has over 61,634 members drawn from all walks of life sharing ideas, insights and experiences.

According to Chuma Ezirim, Group Executive, e-Business & Retail Products, First Bank of Nigeria Limited, “FirstGem is suited for the Nigerian woman, and we are using this online community as the ideal opportunity to position the Bank’s gender initiatives to meet the required needs on a wide range of issues affecting women from lifestyle, skills acquisition, finances, wealth acquisition and management, business support, etc.

We encourage all women to join the community by signing up via this link https://firstgem.com.ng/community to enjoy this experience.

FirstGem is a gender specific account designed to meet the needs of women, aged 18 years and above. It is targeted at a broad spectrum of women, working professionals, entrepreneurs and MSMEs with a view to promoting growth via an array of benefits, from free business advisory services, regular information or insights on business opportunities in various sectors and industries, as well as mouth-watering discounts at partnered stores and outlets.FirstGem has successfully empowered women in states across the geo-political zones in Nigeria and the UK.

ACCESS BANK EXCITES SMES WITH DIGITAL CASHFLOW LENDING

As part of its effort to provide access to finance for small and medium enterprises, SMEs, to grow and expand their businesses, Access Bank Plc has launched a digital lending portal, “Cashflow Loans by Access”, which is a solution for business owners to access loans easily from the comfort of their homes through an online platform while staying safe.

This new service, is accessible to all SME customers who have established sufficient cashflow records with the bank. Speaking at the launch of the portal, Victor Etuokwu, the bank’s Executive Director, Retail Banking, reiterated the bank’s commitment to impact SMEs positively.

He stated: “In a period like this, when we need to be more present and relevant in the lives of our customers than ever, we have risen to the challenge to ensure business owners have easy access to funds to sustain and expand their businesses while keeping safe. We are committed to not only providing uninterrupted service but superior service to meet the needs of all our customer segments.

“To deliver on our promise to continually give our customers ‘more’, we have developed this efficient digital lending platform which will make loan application more convenient with flexible collateral, favourable interest rates, application tracking, robust customer service and much more.

“We have been focused on providing solutions targeted at boosting the economy because we believe it is our responsibility to contribute to the stimulation of economic growth. With the launch of “Cashflow Loans by Access”, we are renewing our committment to providing the much needed financial support to SMEs.”

Seyi and Layal Tinubu Welcome a Baby Boy

The news we are getting now is that the household of Asiwaju Bola Ahmed Tinubu just receive a new addition as we can reliably inform you that his industrious and hardworking son Seyi and his equally wonderful wife Layal were blessed with a bouncing baby boy earlier today.

Seyi is the philanthropic Chairman of Loatsad Promomedia, an out of home advert company, while the wife is the proprietor of Tots Toys here in Nigeria. The baby was delivered today in a London hospital and we can inform you that both the mother and the new born are doing wonderfully well with Seyi Tinubu present for the birth.

The entire family are saying a heartfelt thank you to everyone for their prayers, support and well-wishes. This will be Layal & Seyi’s second child as they already have an adorable daughter, Noella, who was born in 2017.

The family will make further announcements over the next few days.

Captain Okunbo: His Only Sin! By Ahmed Olusile

The conception, birth and ministry of Jesus Christ were nothing shrouded in secrecy. Long before each of the phases in the life of God’s only son, His father had announced them and true to the prophecies, they all came to pass one after the other.

But why did you think He was also crucified? The answer is not far fetched: because he fulfilled his destiny as prophesied long before his coming. That was His only sin. Besides, as the Bible records, it was also to fulfill all righteousness.

Pause a moment and spare a thought for some of the undeserving attacks on the person of one of Edo State’s billionaires and philanthropists, Captain Idahosa Wells Okunbo, and ask yourself: why is Captain Hosa, as many are wont to call him, suddenly an issue in the state’s body polity?

Curiously, his only sin is that Captain Okunbo remains one of the few incorruptible billionaires, who started making money some 30 years ago, with a consistent lifestyle, steeped in hard work, affluence, generosity, philanthropy, sympathy and the fear of God.

Now, let’s get it straight. As simple as all these may sound, they do not come easy. Operating in an environment, where sleaze, manipulation and official corruption are a norm, it’s hard to find individuals, who are better than the system that raised and produced them.

This is where Captain Okunbo is different and incidentally, it is also the reason his traducers have remained unrelenting in their fruitless efforts to dig up what is tawdry, smelly and non- existent, just to smear him, especially, their penchant for linking him with what he’s never had business with.

But for a man, who isn’t just doing things right but has also found favour before God and a majority of men as well as his people of Edo, the traducers of this rare creature would have to try harder to bring down a man, meticulously sculpted by God for a specific assignment on earth.

A pride of his people and sincere patriot by all standards, the good people of Edo, today, are proud to have one of God’s uncommon creatures amongst them. Humble, self-effacing and not by any stroke of imagination conceited, it is curious to know why his haters have refused to admit that Captain Hosa has paid his dues to deserve his current station in any human rating.

Not only are his businesses legitimate, he has been conscientious and consistent over the years, the result of which is his ever increasing wealth, the larger chunk of which he has also dedicated to improving humanity and healing the world.

It is simple logic, of course, that anyone, who has continuously maintained the same decent lifestyle for so long a time, out of outright hard work and God’s given providence, should be respected by his people, and at the same time adore the grace of God upon his life, especially, for having attracted some of the most prestigious recognitions both at home and abroad.

Without rejoicing at the misfortune of others, it goes without saying that many others had fallen off the ladder of success after a few years of joining the class of the rich.

This is also why Captain Okunbo cannot be described as rich but a wealthy man,
because he has been able to reach out to his people and those around him through his philanthropy.

Why then should anyone go to the gutters with such a man, who had said times with out number that he should be left out of Edo politics?

Well, hopefully they don’t finally get to drag him into the arena, where of course, he would do nothing but further display his goodwill amongst his people.

Although a fighter, he engages only in reasonable battles.

Suffice it to say, however, that it is not by sheer happenstance that the lines are constantly falling in the right places for him; it is instructive to mention for the record, that his dedication, transparency, sincerity with family, friends, colleagues and partners as well as reckoning the GOD FACTOR have combined to bring him this far.

Therefore, if Captain Okunbo’s only sin is that he is clean and unapologetically so, it is okay to let the failures continue with their journey on the highway to nowhere. It would not in anyway diminish what God began in his life over 30 years ago.

For a man, who is a rarity amongst the ‘characters’ that currently populate Nigeria’s social unit, wisdom and common sense celebrate such a fellow and not to continue to try effortlessly to destroy his hard earned reputation.

But, hey, here’s a note to Captain Hosa: don’t stop the sin of a decent and enviable lifestyle. It distinguishes you, sir!
*Olusile wrote from Abuja

Igbos Condemn Malicious attack on Lagos Ohanaeze president

A group of Igbos in Lagos State has lambasted some disgruntled elements spreading false allegations about the present progressive president of Ohanaeze Ndigbo, Lagos State, Chief Solomon Ogbonna.

According to some of them who don’t want their names in print, these set of people are just bent on causing distractions on the unity and progress enjoyed currently by the Igbos under the present Ohanaeze leadership of Chief Ogbonna in the state.

Reacting on the issue, Chief CDC Ezenekwe described them as mischievous and selfish people who are just envious of the achievements of the present Ohanaeze Ndigbo leadership, stating that in a short period of time under Chief Solomon Ogbonna, the good people of Igbo in Lagos State has enjoyed concrete cordiality and relationship with the state government.

Even Igbos and non Igbos has benefitted several assistance and support from the Ohaneze leadership which includes the taking care of widows and less privileged. His government has given the Igbos edge in Lagos State promoting their respect and success in the state. This has forced these fake news peddlers to be churning out malicious stories about the president of Ohaneze Ndigbo. He urged all Igbos to join hands together in order to achieve a common goal in promoting peace and unity among themselves.