Heritage Bank CEO, Sekibo, wins Banker of Year SMEs & Agric 2021 award
Heritage Bank Plc, Nigeria most innovative service provider has been adjudged Banker of the Year 2021 under SMEs and Agric category, which was awarded to the MD/CEO of the Bank, Ifie Sekibo.
The bank won the prestigious award at the New Telegraph 2021 Awards in recognition of its leadership position in delivering sterling development and growth of the Agricultural sector and the Small and Medium Enterprises.
Presenting the award to Sekibo, earlier in a letter to congratulate him for his nomination as the Banker of the Year (SMEs & Agric) of the year 2021, the Managing Director/Editor-in-Chief, Ayodele Aminu explained, “after a thorough scrutiny of Heritage Bank’s laudable support for Small and Medium Scale Enterprises (SMEs), as well the country’s agricultural sector, in the last one year by our Panel of Judges and Editors, we at the New Telegraph 2021 are pleased to award Heritage Bank, Banker of the Year (SMEs & Agric).”
Receiving the award on behalf of the bank’s CEO, the Executive Director, Jude Monye stated that the Bank was honoured and motivated to do more for the sustainability and growth of the Agric and SME sectors following the award received from New Telegraph newspaper.
“We are highly honoured to receive the award as the Banker of the Year (SMEs & Agric) from the Board and Management of New Telegraph Newspaper. This validates the hard work and success story of the bank to create, preserve and transfer wealth across generations, as amongst other sectors of the economy, we have continued to ensure our efforts to support the Agric and SMEs sector in Nigeria counts.
“This is a result that will continue to motivate us to deepen our supports to Agric, SMEs sector and the economy at large for sustainable growth,” he assured.
Sekibo vowed that in line with its core mandate to create and transfer generational wealth, the bank would continue to make farming profitable to stakeholders and attractive to the youth, as Heritage Bank had taken the front seat in financing critical agricultural projects in several states in the country, especially in Oyo, Kaduna and Zamfara and recently in Plateau Jos.
He noted that most of the ventures in the agriculture sector fall within the Micro, Small and Medium Scale Enterprises (MSME) sectors of the economy, which Heritage Bank in close collaboration with CBN has been championing.
According to him, in complimenting the efforts of the Central Bank, Heritage Bank has made a huge success of the established agricultural schemes by making funds available to both small holder farmers and SMEs (Prime Anchors) in their efforts to increase agricultural output especially rice and wheat productions.
He explained that Heritage Bank has deepened support of small holders’ farmers and anchors in Ogun, Niger and recently Plateau state in rice and wheat seed and grain production under Prime ABP, which would help tackle gaps inherent.
“Heritage Bank in partnership with CBN is set to reverse the adverse trends by eliminating dependence on imported wheat which currently stands at over $2 Billion and the unavailability of high yield wheat seed that stands at 63,000 MT through a strategic approach which would facilitate import substitution and promote self-sufficiency in the wheat value chain in Nigeria, by funding the local production of wheat and encouraging backward integration by wheat millers,” he stated.
Meanwhile, Heritage Bank has recorded notable success stories in the Agric and SMEs’ spaces which in 2017 the bank won the maiden award from CBN for Sustainable Transaction of the Year in Agriculture.
In 2018, Heritage Bank emerged as a winner in the Agriculture Category during the year’s CBN Sustainable Transaction of the year award. The Nigeria Agriculture Awards (NAA), announced Heritage Bank as the Agric. Bank of the Year. According to NAA, Heritage Bank was selected in recognition of its footprints in the Agribusiness space.
In 2019/2020, Heritage Bank secured mandate as Transaction Advisers and Settlement Bank on Agribusiness and Solid Minerals to Lagos Commodities & Futures Exchange.
ZENITH BANK ACTIVATES THE SPIRIT OF CHRISTMAS WITH AJOSE ADEOGUN STREET LIGHT-UP
The Group Managing Director/Chief Executive of Zenith Bank Plc, Mr. Ebenezer Onyeagwu flanked by Executive Director, Mr. Dennis Olisa (1st Right); Head, Retail Banking, Mr. Lanre Oladimeji (4th Left); Executive Director, Mr. Henry Oroh (3rd Left); Head, Credit Risk Management, Mr. Felix Anahve (2nd Left) and General Manager, Mr. Lawani Adamu (1st Left) at the 2021 Zenith Bank Christmas Light-Up of Ajose Adeogun Street, Victoria Island on Saturday, November 20.
The yuletide season has come to life in Lagos with the 2021 Zenith Bank Christmas Light-Up Ceremony, which held at the Ajose Adeogun Street Roundabout, Victoria Island, Lagos, on Saturday, November 20 2021.
With the theme “Let There Be Light”, this year marks the 15th edition of the traditional Light-up Ceremony at the Ajose Adeogun Roundabout. Following the onset of the Coronavirus (COVID-19) pandemic, which stopped the annual event from holding last year, this year’s ceremony is indeed a momentous and significant one as it signals the return of what could be described as a spectacle that has come to be recognized by not only Lagosians but Nigerians in general as an iconic place and tourist attraction because of the beautiful decorations adorning the length and breadth of Ajose Adeogun Street – home to Zenith Bank’s Headquarters, during the yuletide season.
The official lighting ceremony, which was performed by the Group Managing Director/CEO of Zenith Bank Plc, Mr. Ebenezer Onyeagwu, supported by Executive Management, saw thousands of the Bank’s staff and customers joining virtually and through the Bank’s social media platforms.
Speaking during the ceremony, Onyeagwu praised Quantum, the company responsible for the annual decorations, for the very outstanding, gorgeous and extremely beautiful work that they have done this year. In his words, “each year when we come in, and we see the decorations, I keep asking myself what next? Would there be something better than what we have seen and I see that at the end of every season, they come up with innovations and creativity, and they make it even far better and take it to a higher level”.
Onyeagwu expressed his delight that this year’s Light-up Ceremony is able to hold following the cancellation of last year’s edition due to the COVID-19 pandemic and the EndSARS protests. According to him,“last year was a very unusual year. Covid threw a curveball at humanity, and as a result, it changed the way we engaged and the way we live; it transformed so many other things, and as a country, we had some unique challenges. As a result of those challenges, especially the EndSARS protest, last year we couldn’t light up, not because there was no money. It was because we had to grapple with Covid-19, and again during the EndSARS protest, the fittings that we employ in having this light-up were terribly vandalized, and it required time and resources for us to put it together. We didn’t want to have any undue exposure or create vulnerability. Therefore we had to allow time to put the fittings back, and as soon as we have put it back, here we are today”.
He noted that Zenith Bank is very happy to be able to reconnect with activating the spirit of Christmas, with the return of the annual turning on of the Christmas lighting and the decorations of Ajose Adeogun Street, which can compare and compete with any decorations anywhere in the world – be it in Europe, North America, or Asia.
Whilst wishing everyone a Merry Christmas filled with joy, love, peace and harmony, he enjoined all to remember that Christmas is also a time for sober reflection when we think about things that we couldn’t do and focus our thoughts on being better people and building a better society and country. He also used the opportunity to remind Nigerians and the whole world in general that the fight against COVID-19 is far from over. He, therefore, appealed to everyone that as “we celebrate Christmas, we should celebrate responsibly, maintain social distance, wear our masks and for those of us who haven’t been vaccinated, please take your vaccine for vaccination is saving lives”.
The Light-Up Ceremony is one of the many Corporate Social Responsibility and Sustainability Initiatives of Zenith Bank, as the Bank continues to lead in corporate social responsibility (CSR) contributions and spending by Nigerian financial institutions. Indeed, Zenith Bank has clearly distinguished itself in the Nigerian financial services industry as an institution that is committed to building a more sustainable and inclusive economy and one that promotes responsible business practices in Nigeria through the integration of sustainability principles in its business operations.
Zenith Bank’s sustainability and CSR initiatives are hinged on the belief that today’s business performance is not all about the financial numbers – the Bank believes that an institution’s social investments, contributions to inclusive economic growth and development as well as improvements in the condition of the physical environment, all constitute a balanced scorecard.
Through its CSR initiatives, the Bank has embodied the overarching objective of the 17 SDGs, which provide a framework for addressing the major challenges confronting our society. Its social investments are targeted at health, education, women and youth empowerment, sports development and public infrastructure enhancement. Overall, Zenith Bank’s total social investments in 2020 stood at NGN3.29 billion ($8.62million), representing 1.66 per cent of its Profit After Tax.
The Bank remains committed to furthering the economic, cultural and social development of host communities, particularly through community-based initiatives and philanthropy. As a good corporate citizen, it continues to deliver projects that have long-term social and economic benefits for the communities because it believes that its business is only as strong as the communities in which it operates.
To demonstrate its commitment to creating and expanding opportunities, the Bank regularly makes donations towards the setting up of ultramodern ICT centres in several educational institutions across the country. It also supports various developmental projects, and healthcare delivery causes in Nigeria and contributes to the development of sports in Nigeria through its sponsorship of the Zenith Women Basketball League and the Zenith Bank Delta State Principals’ and Headmasters’ Football Competitions, to mention a few.
The Bank also demonstrates leadership when its host communities deal with a crisis. For example, following the unfortunate gas explosion incident of March 15, 2020, which led to the loss of lives and properties at the Abule-Ado area in Amuwo Odofin Local Government Area of Lagos State, Zenith Bank made a donation of NGN100 million to the Emergency Relief Fund set up by the Lagos State Government for the victims of the explosion.
Amidst the COVID-19 pandemic, Zenith Bank’s commitment to sustainability has not waned, as the Bank donated NGN1 billion as part of the Coalition Against COVID-19 (CACOVID), a private sector-led initiative to support the Nigerian Government to combat the Covid-19 crisis.
LITF Lauds UBA’s Contribution To Growth Of African Economies
….AfCTA Present Limitless Opportunities, GDP of $3.4 trillion.
President, Lagos Chamber of Commerce and Industry LCCI; Mrs Toki Mabogunje; Group General Manager, United Bank for Africa, Mr Muyiwa Akinyemi, and Ambassador Stanislas Kamanzi, High Commissioner of the Republic of Rwanda at the Africa Day Celebration themed ‘Boosting Intra-African Trade’ at the on-going 2021 Lagos International Trade Fair which UBA is the Headline Sponsor held in Lagos on Wednesda
The Lagos Chamber of Commerce and Industry (LCCI) has commended Africa’s global bank, United Bank for Africa (UBA) for its contribution to infrastructure development and growth of trade in the 19 countries where it operates, which is why the bank remains its preferred partner for the Lagos International Trade Fair (LITF).
The President, LCCI, Mrs. Toki Mabogunje, said this while delivering a welcome address with the theme: ‘Boosting Intra Africa Trade ’during the Africa day celebration, held at the ongoing 35th edition of the Fair in Lagos.
She explained that the Africa Day was implemented because of the African Continental Free Trade Area (AfCFTA) agreement which is a long term dream and a long term goal, adding that; “To this end we have started taking first steps and are doing a lot of sensitization and awareness especially for the MSMEs.”
Mabogunje who took time to appreciate UBA’s efforts as headline sponsor, appreciated the bank’s consistency and support rendered to SMEs through making available windows of opportunities for businesses to thrive during and after the Fair.
She said, “Partnering with UBA is significant because it is an organisation that has its footprint in 20 countries and that is a big feat, it is not easy to achieve that. As Partners we are thinking in the same way and working together. UBA is also making it possible for us to successfully deliver LITF to the Nigerian and international public, and based on this fact we are profoundly appreciative and satisfied that we have a competent partner.”
UBA’s Head, Commercial & Corporate Banking, Muyiwa Akinyemi, while speaking at the event, said UBA realises that SMEs are the fulcrum of growth in any economy and is therefore dedicated to helping them thrive.
Akinyemi noted that boosting Intra-Africa trade is pertinent if Africa must truly attain self-reliance and economic development, adding that Africa and indeed Africans, must own the narrative for the economic emancipation of the continent.”
Akinyemi said, “The Theme of this year’s event resonates with our mission to create value for our stakeholders by supporting businesses across Africa, which led to our rapid expansion from Ghana in 2005 to 18 other locations in Africa within a space of five years. AfCTA is a transformational journey that we must all embrace and encourage, because it presents us with opportunities that will lead to creating a market of over 1.2 billion people with a combined GDP of over $3.4 trillion. Hence the possibilities of growth and prosperity on the continent are endless.”
The Chairman, Trade Promotion Board of the LCCI, Gabriel Idahosa, agreed with the possibilities that AfCTA presents and said it was one worthy of committing too. He also applauded UBA and the LCCI President as well as all members of the Executive Committee and Council for the tremendous support given which has been instrumental to the success of the fair thus far.
L-R: Commercial Secretary, Embassy of Egypt, Amr Altantawy; Consul General, Ghana Consulate General, Lagos, Ms. Samata Gifty Bukari; President, Lagos Chamber of Commerce and Industry LCCI; Mrs Toki Mabogunje; Group General Manager, United Bank for Africa, Mr Muyiwa Akinyemi, and Ambassador Stanislas Kamanzi, High Commissioner of the Republic of Rwanda at the Africa Day Celebration themed ‘Boosting Intra-African Trade’ at the on-going 2021 Lagos International Trade Fair which UBA is the Headline Sponsor held in Lagos on WednesdayL-R: Commercial Secretary, Embassy of Egypt; Amr Altantawy; Consul General, Ghana Consulate General, Lagos Ms Samata Gifty Bukari; Group General Manager, United Bank for Africa, Mr Muyiwa Akinyemi, receiving Plaque of Appreciation from the President, Lagos Chamber of Commerce and Industry(LCCI), Mrs. Toki Mabogunje ; Vice President, LCCI , Mr. Gabriel Idahosa, and High Commissioner of the Republic of Rwanda, Ambassador Stanislas Kamanzi, at the Africa Day Celebration themed ‘Boosting Intra-African Trade’ at the on-going 2021 Lagos International Trade Fair which UBA is the Headline Sponsor held in Lagos on Wednesday.
Nnamdi Okonkwo, the newly appointed Managing Director of First Bank of Nigeria (FBN) Holdings Plc, has been arrested and detained by the Economic and Financial Crimes Commission (EFCC).
According to Premium Times, Okonkwo is being questioned over his role in the transfer of $153.3 million from the Nigerian National Petroleum Commission (NNPC) in favour of Diezani Alison-Madueke, Nigeria’s former petroleum minister.
A source said that the banker, who was managing director of Fidelity Bank at the time of the incident, has remained in EFCC custody for at least three days, and it was unclear when he would be allowed to go home.
The EFCC had on April 28, 2016, detained Okonkwo over the same matter and later slammed a 14-count charge, including money laundering, on him. The status of the case is unclear as of the time of filing this report on Sunday morning.
It is also unclear if there are fresh evidences against the banker which has now necessitated a fresh round of investigation. EFCC officials contacted declined to provide details.
The board of FBN Holdings Plc had on October 28 appointed Mr Okonkwo the new GMD of the company with effect from January 1, 2022. He will succeed U.K. Eke, who will step down on December 31, according to the company’s note to the Nigerian Exchange Limited.
The board decision came five days after the chairman of Geregu Power Plc, Femi Otedola, declared his 5.07 per cent stake in the group, making him a substantial shareholder.
UBA Foundation Sensitises Staff, Customers on Mental Health Awareness, offers Therapies, Creative Opportunities, Giveaways
In line with its commitment towards giving back and impacting lives,UBA Foundation – the corporate social responsibility arm of United Bank for Africa (UBA) Plc – has kicked-off a week-long series of activities aimed at promoting mental health awareness for staff and customers starting with a panel session on Wellness at the Workplace.
Whilst studies revealed that over 19% of adults struggle with their mental health every year, a majority of those affected are reluctant to speak-out and seek help for fear of stigmatisation, UBA Foundation, through the panel discussion, sought to address the challenges that individuals are facing and how it has now become important to create consciousness and prioritise the general well-being of employees and clients.
UBA’s Group Managing Director, Kennedy Uzoka, delivered a good will message at the event emphasising the importance of wellness and mental health. He stressed the need for more organisations to ensure that the mental health of their staff and families are taken more seriously.
He said, “UBA has always engaged in a lot of ground-breaking initiatives and the issue of mental health is important to us. We have found that people do not want to talk about mental health because they think it is bad, but the truth is that you can only get good productive people when challenges like these are addressed and I am so happy that this has commenced here. “
The panel was moderated by the Managing Director/Chief Executive Officer, UBA Foundation, Bola Atta, who spoke about UBA’s goal to remain the best place to work. She noted that the bank is addressing these issues and championing the narrative that says that mental health issues shouldn’t be swept under the carpet.
“We want to create a workplace environment where people feel comfortable and encouraged to seek help when necessary, so that they can give the best of themselves in their respective roles. We hope to stomp out the stigma that keeps people suffering in silence and bridge the gap between mental health inclusivity, support and recovery in Africa,” Atta who is also UBA’s Group Head Corporate Communications, explained.
The panellists, UBA’s Group Head, Human Resources, Patricia Aderibigbe, Consultant Clinical Psychologist, BTH Therapy, Chris Abojei, Co-founder Africa’s Health Matters Foundation, Vanessa Adebayo and Angel Yinkore all agreed that wellness, especially at the workplace, has become a front burning issue and should be well addressed.
Atta announced the partnership with UBA Foundation and Inside Out as part of the weeklong activities to shine some light on mental health. Inside Out aims at teaching youths to channel their feelings through art expression and photography. She added that staff members would be able to benefit from free therapy sessions from BHT Therapy and many wellness giveaways such as spa and fitness vouchers.
Another major highlight of the week will be an intimate discussion with the Founder, Genevieve Magazine, Betty Irabor, on Thursday, November 11th, where she will share insights around her personal journey and the realities of balancing life, family, and mental health.
ACCESS BANK CONCLUDES LSETF W INITIATIVE GRASSROOT ENGAGEMENTS in LAGOS
Access Bank Plc, through its W initiative has concluded a community engagement program to create awareness for the LSETF W initiative loan package created for women in business.
One of the brand objectives of Access Bank is to be the Bank of choice for women, particularly women in business by providing them with access to finance. Accordingly, the Bank through its W Initiative, partnered the Lagos State Employment Trust Fund to launch the LSETF W Initiative loan
The LSETF W Initiative loan is a matching fund financing option for women-owned businesses in Lagos State
To further expand the reach of this offering, W Initiative and the LSETF teams embarked on a comprehensive community engagement across 4 local governments in Lagos to create awareness about availability of the product, processes as well as requirements involved. The sessions were held at Balogun Market, Alimosho LGA, Surulere LGA and Oshodi LGA respectively.
Group Head of the W Initiative, Abiodun Olubitan, encouraged women to take the opportunity noting that access to finance would help to grow their business.
“There is a financing gap for women owned businesses for which the LSETF W Initiative loan was developed. With a highly competitive interest rate of 10% per annum, no collateral requirements, and a maximum repayment period of 24 months, female-owned SMEs are able to thrive,” she added.
Olubitan further encouraged the women to use the funds appropriately to grow their businesses and ensure no diversion of funds for other purposes. She emphasised the need to register their businesses, keep financial records, and run a business account as this would help position them for the loan.
This LSETF W Initiative loan is projected to increase the contributions of women-owned businesses to the Nigerian economy and reduce unemployment which will have a significant developmental impact.
Heritage Bank, CBN adopt novel approach to boost wheat production capacity…To add 750, 000MTs via rain-fed cultivation, reduce annual import by 60%
In a bid to meet high demand amid poor production capacity of wheat, the Central Bank of Nigeria and Heritage Bank Plc have adopted a novel but more robust approach to boost local production and reduce dependence on importation.
The partnership is basically to consummate Wheat Seed Multiplication Project in Jos as part of the CBN’s Brown Revolution Initiative, the apex bank’s wheat value chain intervention to address the challenges in Wheat value chain, thereby increasing the domestic production of wheat and closing the wide supply gap in Nigeria agricultural space.
The novel initiative that will boost wheat production annually is being process via rain-fed cultivation, as this approach is actually the first ever wheat programme that it would be planted in wet season.
Meanwhile, as part of the pilot phase of the initiative, Heritage Bank financed the first ever large scale rain-fed wheat production in Nigeria.
Speaking at the flag-off ceremony for the Brown Revolution Initiative, which was the pilot project and also declared the 2021 dry season farming open in Jos yesterday, the Deputy Governor, CBN, Edward Adamu stated that the short-term benefit is the addition of about 2, 000 metric tonnes (MT) of high yield seed variety to the national wheat seed stock which is 20, 000MT currently.
According to him, this effort has the potential to add about 750, 000MT of wheat annually through rain-fed cultivation.
He noted that estimated that only one per cent or 63,000MT of wheat, out of the five to six million metric tons of wheat consumed annually was produced locally, whilst with the Brown Revolution and in partnership with Heritage Bank and others, CBN seeks to eliminate dependence on imported wheat by 60%.
The MD/CEO of Heritage Bank; Ifie Sekibo who frowned at that the country’s increased wheat importation bills affirmed that this strategic partnership would help reverse the trends and upscale domestic production of wheat to close the wide supply gap in the agricultural space.
As part of the Heritage Bank’s efforts to support the high yield seed variety to national wheat seed stock, Sekibo represented by the Head Agricbusiness and Export, Ugonwa Ikegwuonu explained that the bank set out to cultivate a total of 1, 000 hectares of farm land at the end of the year with at least producing about 5tonnes of wheat seeds per hectare in terms of yield.
“We set out to cultivate a total of 1,000 hectares of farm land but at the end of the day because of time constraints & other challenges, we have been able to cultivate 357 hectares. The crops according to the project manager are doing very well & in few weeks they will be ripe for harvest, in fact part of the farm is already ripe for harvest. So we set out with this partnership with two anchors which we call service providers,” he further explained.
Speaking during his welcome address, the Governor of Plateau State, Simon Lalong affirmed that Nigeria was on the path of Agricultural food sufficiency with the ‘Brown Revolution’ the rain-fed wheat would help curtail the $2billion spent on importation of wheat.
He further noted that the target of his administration was to attain zero-importation of wheat, attain wheat sufficiency in the economy and commence exportation to raise foreign reserve.
President of Wheat Farmers Association of Nigeria, Salim Muhammad stated that they have good understanding with Heritage Bank for its proactive approach to the objective of the rain-fed wheat production in Agriculture value chain.
He assured, “I assure you that at the end of this programme, by next season, it will be a different scenario/story because we are now doing on a very small scale but I’m sure by next season, the real revolution will start off and it will be seen all over Nigeria. Because, currently we are producing wheat in 16 wheat producing states. By the coming of this wheat dry season, seeds available and practicable; we are going to expand our scope to cover other areas that can produce wheat during the dry season. I’m not saying that we are going to cover the whole 36 states of the Country, but I assure you, by next season we will be thinking of about 20 to 27 states that we have.”
FIRSTBANK LAGOS AMATEUR OPEN GOLF CHAMPIONSHIP, THE LONGEST-RUNNING GOLF CHAMPIONSHIP IN NIGERIA BEGINS
FirstBank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced the commemoration of the 2021 and 60th edition of its annually sponsored Lagos Amateur Golf Championship. The tourney is scheduled to Tee-Off at the golf section of Ikoyi Club 1938 on Thursday, 18 – Sunday 21 November 2021.
The FirstBank Lagos Amateur Open Golf Championship is a World Amateur Golf Ranking (WAGR) listed competition that attracts the best golfers from the amateur scene, not only in Nigeria but across the continent and indeed the world. Participating in the competition contributes to the points for golfers to aid their WAGR rankings.
Preceding the competition will be a press conference, scheduled to hold on Wednesday 10th November 2021 at the Ikoyi Club House Terrace, where the CEO of FirstBank Nigeria Limited, Dr. Adeola Adeduntan will unveil the landmark edition of the longest-running known golf competition sponsorship the 60th FirstBank Lagos Amateur Open Golf Championship.
The highlights of the press conference are the unveiling of the “Corporate Golf Challenge”, “CEO’s CUP”, ProAm and Ladies Invitational. The Corporate Golf Challenge for Charity will be participated by twenty-Five (25) corporate teams of 4 players to compete in a networking environment of corporate hospitality designed to drive corporate social responsibility goals. It holds on Thursday 18th November, while the official competition will Tee-Off on Friday, 19th November through to the Championship Finals on Sunday, 21st November 2021. The net proceeds from team entry fees will be disbursed to charities under the FirstBank SPARK initiative. SPARK, an acronym – Start Performing Acts of Random Kindness – is a values-based initiative designed to raise consciousness that we can choose to be kind.
In addition, the “CEO’s CUP” is a newly introduced prize for the overall gross winner of the championship to recognise this indelible landmark and the unbroken legacy at the diamond jubilee.
The ProAm event, scheduled for Sunday 21st November 2021 is earmarked to recognise Professional Past Winners of the competition. Tagged ROLL OF HONOUR, the past winners play with invited amateur guests for a cash prize of US$5,000.00 (Five Thousand Dollars) as well as trophies and other prizes. The LADIES INVITATIONAL is a subset event of the ProAm, comprising female guests invited by the Bank.
Speaking on the landmark event the Group Head, Marketing and Corporate Communications, Ms. Folake Ani-Mumuney said “at FirstBank, we are excited to celebrate the landmark diamond jubilee of the Lagos Amateur Open Golf Championship which is indeed the longest sponsored golf championship in the country and arguably, the continent. For decades FirstBank has been at the forefront of the growth and development of sports in Nigeria, cutting across various and notably sporting events in the country. Sponsoring sports reflect our belief in the role of sports as a major vehicle for social development, whilst also being a unifying force of individuals, irrespective of language, culture, religion and social strata in any given society.
To continuously encourage and develop the game of golf, a series of professional coaching clinics and skills competitions are held during the Championships. The clinic will be facilitated each day, from Friday, 19th to Sunday 21st November 2021 at Ikoyi Club 1938 Golf Club Driving Range. Participants in the clinic include school children as well as advanced golf players that want to learn and/or improve their golf game. Participants are also able the exhibit their skills in Beat the Pro – Longest Drive and Beat the Pro – Nearest-To-the-Pin competitions.
Other FirstBank sponsored sporting events include the Georgian Cup of Kaduna Polo Tournament, sponsored for 102 years; the Dala Tennis Hard Court in Kano Club for over 30 years; the Obasanjo Pro-Amateur Golf tournament of Abeokuta Club now in its 5th year. The Bank’s influence in the development of sport in Nigeria is under its First@Sport initiative.
Heritage Bank launches Octiplus App, reinforces commitment as technology driven institution
Heritage Bank Plc has launched a robust innovative and advanced digital banking experience, “Octiplus”.
Octiplus as a bank-agnostic, all-in-one digital banking application, which grants users access to a bouquet of financial, lifestyle and social networking features with the added convenience of converging card based payments within one application irrespective of the issuing Nigerian Bank.
This state-of-the-art transactional and lifestyle application stands out in the industry, exposing customers to unique features which guarantee users access to relevant financial management tools which facilitate an improved spend and savings culture whilst affording users to a borderless transactional experience.
It is a mobile banking app developed and owned by the Bank and configured with a wide range of exciting features to meet the needs of the banking public.
The Divisional Head Innovation, Ikenna Imo stated that Octiplus promises an intelligent Omni-channel experience which augments the usual transactional features including bills payment, funds transfer and airtime recharge with its unique ability to facilitate person to person/group interactions which encourage small businesses and a thriving side hustle for young professionals.
He further confirmed that the App is now available for download on the Google and iOS App Stores.
Expressing his delight over the feat achieved, the MD/CEO of the bank, Ifie Sekibo stated, “Heritage Bank is a technology-driven institution with vast knowledge as a service organization in the business of banking and with the introduction of Octiplus, it is indicative that we are driven by the passion to ensure that your financial, business and lifestyle objectives are delivered in a convenient and interactive manner.
“With Octiplus, we are set to redefine the concept of digital banking for the discerning mobile user, as the app is equipped with several exciting features that reiterate the Bank’s commitment to expand its digital architecture and modernize its interactions with the banking public, irrespective of your preferred financial institution.
First Bank of Nigeria Limited created FirstSME Account to add to its SME product family in support of small and medium scale business owners by sustaining and expanding their business. AMAKA IFEAKANDU looks at what the facility offers and how SMEs owners can key in to boost their businesses.
There is no doubt that Small and Medium scale Enterprises (SMEs) are essential for rapid and sustained economic growth and development of any nation, including Nigeria, Africa and other growing countries of the world. First Bank of Nigeria Limited, the nation’s most valuable bank brand, has over the years shown commitment towards the success and growth of SMEs business in Nigeria.
The bank has severally introduced different customised products to provide solution that would grow SMEs in the country. Given that SMEs industry is the backbone of the economic development and the major contributor to employment opportunities and export growth, First Bank is committed to ensuring the sector sustains business growth by providing all the necessary financial support needed to grow their businesses and Nigeria economy at large.
Although the SME sector is awash with various industries and business, FirstBank is always at the forefront of packaging products and service that suit their various businesses. The bank, which has been in existence for over 127 years, has been a pillar of support to businesses in Nigeria and always develop the right products to provide flexible and dependable services that would help SMEs achieve the expected growth profile in all areas of their business lines.
FirstSME Account
The FirstBank’s leading SME Initiative – FirstSME account – was specifically created on August 2020, to support SMEs towards the sustenance and expansion of their businesses.
The FirstSME account, which comes in two variants – FirstSME Classic and First SME Deluxe – is offered to SMEs irrespective of industry and a tailor-made current account with a clear value proposition aimed at harnessing the huge opportunities available in the SME sector in Nigeria.
The product also exposes SMEs to a wide range of services that are essential for their continued growth and playing their roles in contributing to national development.
Apart from supporting SMEs, FirstSME account is also available to all non-individual entities like Limited Liability Companies, Public sector institutions, Enterprises/Sole proprietorships, Partnerships & Associations, Religious Bodies, Traders NGOs.
Benefits of FirstSME to customers
FirstSME account has been beneficial to a lot of companies, especially SMEs, in terms enhancing the capacity to sustain growth. The major benefits of these accounts include; access to Temporary OverDrafts (TODs) and other facilities subject to meeting Risk Adjustment Capital (RAC) of each product; immediate enrollment on all digital platform; free access to FirstBank SME events; free access to extensive business promotional and networking opportunities on the SMEConnect portal; access to a wide range of discounted and promotional offers and access to SMEConnect.
Other opportunities
Other available opportunities for operating FirstSME account is its connection to SMEConnect initiative of FirstBank which is a platform through which SMEs access the bank’s unique description that will equip them with the essential tools required for the growth of their business.
The SMEConnect portal is also designed to help SMEs identify various gaps affecting the growth of their business. Beyond financial support, SMEConnect offers strategic advisory services, business seminars periodic updates as well as information that will guide you in growing your business.
Importance of SMEConnect
SMEConnect is created to bring under one umbrella relevant resources, products and services aimed at helping SMEs in Nigeria. FirstBank has tailored -made products targeted at the specific needs of SMEs in Nigeria. These loan products have been designed for financing the activities of Small and Medium Enterprises (SMEs) under the U-First Scheme
The leading financial institution also provides Business Advisory and Support services and business-oriented credit access, customer/market, financing structure, access/availability of raw materials sales/cash flow projections, marketing/distribution/logistics and business strategic plan.
The platform provides other features including the SME Connect blog, business categories, e-newsletter, special offer and upcoming events and programme.
Accessibility/criteria for opening account
The FirstSME classic account is specifically designed to support small scale enterprises to grow and scale up their business with a minimum opening and operating balance of N50,000 and turnover limit caps at N100 mIllion with annual maintenance charge on the excess at 0.50k/mile.
The account also attracts Zero/mile annual maintenance charge subject to minimum operating balance and turnover limit.
But on the other hand, the FirstSME Deluxe account expects holders to have minimum opening and operating balance of N500,000 and N1 million respectively with zero annual maintenance charge subject to minimum operating balance and with no turnover limit caps.
FirstSME Connect’s scope of coverage
FirstBank’s SMEConnect services cover small/medium scale manufacturing firms, merchants (both suppliers, distributors), professional firms including law, consulting, audit, agricultural, Churches, Mosques and NGOs whose annual debit turnover is between N5 million and N500 million.
SMEs and FirstBank’s FirstSMEs account
The FirstBank’s FirstSME account is unique when compared with other SMEs accounts operating in the nation’s banking industry and the bank is passionate about helping SMEs to grow on all fronts
Another thing that makes the product stands out from products of other banks is that FirstSME customers get to enjoy services such as; zero account maintenance charge, access to webinar/training, various credit facilities, workplace resources, access to SMEConnect portal and directory and It is specially made for MSMEs and SMEs.
SMEs’ importance to FirstBank
Across the globe and Nigeria in particular, SMEs are known to be responsible for the majority of new jobs created and they are crucial to Nigeria’s success in the global economy, in so many ways namely: For government, SMEs, contribute to wealth creation and generate tax revenues; in business, SMEs represent an important source of innovation and in the society, they are an important source of employment.
Furthermore, SMEs drive consumption because they operate in every sector of the economy, and they have extensive local knowledge of resources, supply patterns and purchasing trends. In the same vein, the sector constitutes an important source of local supply and service provisions to larger corporations and makes a significant contribution to the revenue profile of most financial institutions. The SME sector stimulates growth and development within the economy.
NBS data
Available data from Nigeria Bureau of Statistics (NBS) showed that SMEs in Nigeria have contributed about 48 per cent of the national GDP in the last five years, account for 96 per cent of business and 84 per cent employment. With about 1.7 million people , the sector accounted for about 50 per cent of the industrial jobs. In other word, SMEs is one of the sectors that cannot be ignored in any given country
These also imply that First Bank of Nigeria Limited understands what it takes to turn around the nation’s economy, knowing fully well that supporting the SMEs will bring multiple effects on individuals, society and economy in general.
The bank also has deeper understanding that providing support, loans facilities and training to SMEs through SMEConnect would not only help their business to thrive, but increase employment opportunities, reduce high rate of crime, open doors for more investments in the country and bring return on investment and increase individual’s ability to save.
Impacts beneficiaries/economy
The FirstBank FirstSME account will go a long way to reducing cost of operating corporate account which frees up funds for the beneficiaries to grow their businesses faster. The resultant effect on the economy is the increased growth of SMEs.
Challenges of SMEs
Without any iota of doubt, the SMEs in the country is faced with different challenges ranging from poor capital structure, high cost of production, limited access to long term funds, poor business continuity/succession plan, weak value chain: supply, distribution, logistics, poor managerial and technical skills to lack of access to international market.
The FirstBank’s FirstSME account has provided an answer to some of the SMEs challenges by its readiness and commitment to providing the Nigerian SMEs with the necessary support needed to grow their various businesses
In all, for any SMEs company to move its business to the next level- both locally and internationally-, such business owner needs to open FirstSME account to avail him/herself of all the advantages provided by First Bank of Nigeria through its SMEConnect.
Operating FirstSME account is one step away from any form of distress, as all the training opportunities from SMEconnect and credit facilities embedded in the account will help to revive the company and place it on the path of growth.
