Banking/Finance Archives - Page 27 of 52

THE VOICE NIGERIA: FIRSTBANK IMPRINTS IN ENTERTAINMENT, YOUTHS DEVELOPMENT

By Israel Bolaji-Gbadamosi

One of the key metrics that well defines a truly 21st century brand beyond profit making is its ability to connect with customers and stakeholders as a complete enabler, touching on vital aspects of their lives, creating exciting memories and enabling them to access more enjoyable and convenient lifestyle, in shopping, studying, working, traveling, family living, entertainment and aspirations.

Its ability to also give back to the community through tangible corporate social investment programs that significantly translate to improved living and not just mere formality and publicity stunts is also pertinent.

First Bank of Nigeria Limited (FirstBank) is giving a good account of itself in this regard not only as a truly financial powerhouse but also as a life enabler, helping Nigerians live better and achieve their dreams.

In retrospect, banking, decades ago, was essentially about providing financial services and products to merely aid customers’ financial transactions. However, the smart ones are indeed changing the game. Not only is the envelope being pushed to ensure that the unbanked are banked through financial inclusion offers even to the remotest villages, FirstBank has taken banking to another level. Backed by superior technology firepower and capacity, it is assisting not only adults but also Nigerian youths to live better and fulfil their dreams.

The Nigerian nation and the most populous black nation of the world indeed has a youths bulge as observed by many experts with a growing army of young and vibrant people below 25 years of age constituting over 60% of its 200million population! While an unrelenting rate of unemployment, weak economy, soaring inflation and despair appear to dominate the national mentality, many youths are finding solace in entertainment, breaking the ceiling with their creative ingenuity, shunning out award winning hits and in fact making global headlines in music and other entertainment offshoots like movies, comedy skits and contemporary dance.

Nigeria’s 29 year old singer, Damini Ogulu popularly called Burna Boy in March shocked the world winning the world’s most coveted Grammy Award in the Best World Music category during the 63rd annual edition in Los Angeles Atlanta while another 30 year old Nigerian artiste, Ayo Balogun aka Wizkid was also a co-winner in the Best Music Video category for Beyonce’s Brown Skin Girl. These young Nigerian global music icons were raised and honed their skills in the suburbs of Nigeria through home grown competitions and platforms.

Music reality shows have also unveiled and nurtured music and entertainment talents like Timi Dakolo, Iyanya, Praise, Omawumi and other A-list musicians in Nigeria. This is why FirstBank’s intervention and sponsorship of a music and youths talents harnessing platform like The Voice Nigeria is strategic and instructive, and quite capable of helping to harness and nurture music and entertainment talents into celebrated musicians, make global stars of Nigerian youths, and truly help them achieve their dreams. Obviously, Firstbank has been a prominent force visibly empowering talents and the nation, and without the much-needed lifeline, many young talents would be taking to crime or other vices.

For over 127 years, the premier bank has been at the forefront of nation building; supporting through resourceful partnerships to build the Nigerian creative industry value chain which contributed 2.3 per cent (N239 billion) to Nigeria’s GDP in 2016 (NBS).

The bank’s support for the Voice Nigeria is also a demonstration of its commitment to contributing to the projected revenue of US$86m by 2021 from the Nigeria’s music industry aimed at promoting a diversified economy in line with the Federal Government’s diversification policy.

The bank assured that it has given voice to Nigerians for the past 127 years, and will continue to give voice to Nigerians by creating employment, economic empowerment in the country through its products, services and initiatives and it remains committed to strengthening the creative industry which is fast growing into a multibillion-dollar business, with potential to be a leading contributor to Nigeria’s GDP in the near future.

In fact, FirstBank has the network; reach and digital capability to enable the Voice. With its agent banking network across the nooks and crannies in country, it is helping in the search for the talent that will become a true inspiration to all.

True to the name, the Voice Nigeria has lived up to its promise, as it offers exciting and relaxing entertainment to families, music lovers, and other entertainment loving Nigerians who look forward to fresh seasons and episode of the well-crafted music program.

Now in its season 3, the Reality TV show has been a masterpiece in the last six episodes of the current season as viewers are serenaded by several awesome performances and display of raw talents on the show’s blind auditions which ended on Saturday, May 1. The episode ended with raging emotions, exhilarating sensations and blistering anticipation as the four judges – Falz The Bad Guy, Waje, Yemi Alade and Dare Art Alade had one final opportunity to forge their winning team.

So far, the coaches, hosts, producers and amazing talents have been a great delight to watch. They have been awesome with their good-natured banters, hilarious drama, top-notch fashion, electrifying opening performances, talent courting speeches, and chair turning and bell thumping spectacle. The optics is exciting! The expectation on the show has been so intense; you could cut with a butter knife. The coaches’ approach at winning talents over to their team has been fun and a fine blend.

There were no holds barred, as the judges were very warm, animated, upbeat, inspiring and full of energy. They were definitely not a team of avuncular examiners waiting to pass judgments. They brought much gusto and effect to the big stage! While Falz threw up his magical comic card severally, Dare maintained the cool dude posture while Yemi and Waje both brought on the alluring feminine appeal with Waje sometimes speaking in Igbo to convince a talent. In all, they fared well, each getting a fair share of talents to mentor and their combination depicted a perfect combo.

The talents on their part have not disappointed viewers. They came in different shades across both genders, with varying voice textures, mix and pitches – smooth, silky, velvet, shrill, husky, coarse or simply rough. And to the best of their abilities, they did justice to many songs, including some classic tunes and old hits. The creative fusion of multiple genres of music by some smart talents who beautifully delivered unique blend of music made good impressions which won the judges hearts. The awful looks on the faces of those who the judges would simply not behold, having failed to captivate their attention with the voice. The uncontrollable joy of those who got the bell ring and standing ovation and the incredible looks on their loved ones who came to show support. Not forgetting the jazzy presence and reassurances from the co-hosts including Toke Makinwa and Nancy Ikime which also complimented the soothing potpourri.

Interestingly, FirstBank made some smart moves on the show, with the bold inscription of “This is the moment you have been waiting for, Time to put You First”, clearly displayed at the entry of the contestant for the stage performance. This reinforces the bank’s thrust as an inspiration to motivate the talents and youths at large to excellence. It has also promised viewers mouth-watering prizes just by watching the show regularly and following updates on FirstBank verified social media handles.

Now that the Blind auditions stage has come to an end, it is game on! The next phase of the show is the highly anticipated Knockout Stage which starts on May 8. In this stage, the coaches will select the most outstanding talents to proceed to the battles. In this stage, there is so much to come and fans will certainly not be ready for all that is in store.

More than ever, the show’s fans are hopeful that the knockout stage will even be more entertaining but that will certainly not be a challenge with the dexterity of the handlers so far.

With all that has been seen so far, it is difficult to believe that this is only the beginning; it is certain that there is so much more to come.

Listing on LCFE: Heritage Bank-Dukia Gold set to unlock N344trillion market worth of gold

L-R: Olawale Akoni (SAN), Managing Partner, Babalakin & Co; Olusegun Akanji, Divisional Head, Strategy & Business Solutions, Heritage Bank Plc; Ife Fashola, Group Chief Executive of KADARI Capital; Tunde Fagbemi, Chairman, Dukia Gold; Akin Akeredolu-Ale, MD of Lagos Commodities and Futures Exchange (LCFE) and Olusoji Elias, Council General, Dukia Gold, during the LCFE-Dukia Gold media parley held yesterday at the LCFE Trading Floor in Lagos.

Heritage Bank for being part of valuable private sector collaboration with Dukia Gold & Precious Metals Refining Co. Limited is set to unlock the over N344trillion market worth of gold investible instruments in the solid minerals sector with the concluded plans of being listed on the Lagos Commodities and Futures Exchange (LCFE).

This move that will entrench expand revenue in the non-oil sector through diversification, by stimulating growth in solid minerals in line with the objectives of Economic Recovery and Growth Plan (ERGP) will also put Nigeria on the global map with regards to standardized gold tracing, sourcing procurement and trading it.

In summary, this was disclosed at the LCFE-Dukia Gold media parley held yesterday at the LCFE Trading Floor in Lagos.

Speaking at the parley, the Chairman of Dukia Gold, Tunde Fagbemi who commended Heritage Bank as the project financier and for its other pertinent supports, said Heritage had so far been the banker’s bank for playing key role in backing to promote the first solid mineral listing on Exchange in West Africa.

Specifically, he explained that the instruments which would be in the form of Exchange Traded Notes (ETN), Commercial Papers (CP), and other gold-backed securities would enable the company to deepen the commodities market in Nigeria. He added that it would increase capacity, generate foreign exchange for the government to diversify external reserves and create massive employment across the metal production value chain.

“We are proud to be the first gold company whose products would be listed on the Lagos Futures and Commodities Exchange. The listing shall enable us facilitate our infrastructure development, expand capacity and create fungible products.

“This has potential to shore up Nigeria’s foreign reserve and create an alternative window for preservation of pension funds.

“As a global player, we comply with the practices and procedures of London Bullion Market Association and many other international bodies. “Our refinery will also have multiplier effects on the development of rural areas anywhere it is located. “There must be constant power supply, good road network and other social amenities, apart from employment opportunities for the rural dwellers,” Fagbemi explained.

He also noted that with its current 25 production capacity pound and further room for expansion, Dukia Gold has the ability to meet both local and international demand through its gold refinery services to smelt melts.

Commenting on the collaboration, the MD/CEO of Heritage Bank Plc, Ifie Sekibo said that the partnership was one of the many initiatives of the bank’s foundational objectives of wealth creation, preservation and transfer across generations.

He further disclosed that the bank offer the gold commodity market three focal contact point in partnership, knowledge and perspective sharing, which ensure that every transaction was auditable to protect investors.

Sekibo who was represented by the Divisional Head, Strategy and Business Solutions, of the Bank, Olusegun Akanji, said the bank had created a buying centre for verification of quality and quantity of gold and reference price to ensure price discovery in line with the global standard.

Speaking, the MD, LCFE, Akin Akeredolu-Ale, who also commended Heritage Bank for its critical role in aiding the fundraising and the financier institution for the Dukia Gold’s diversified financial instruments, affirmed that this would enhance the company credibility rating and put Nigeria on the global map.

He noted that the LCFE was ready to support all the stakeholders in the gold sector in the areas of market creation, price discovery, and dissemination of market information, among others.

Gbenga Awe, Divisional Head, Agribusiness, Natural Resources & Project Devt., of Heritage Bank noted that one of the benefits of this initiative was that the local miners could now trade their gold at the bank’s designated experience centers, as solid foundation had been created for market, price and asset discovery.

Akintola noted that the firm had the capability, technicalities and the necessary accreditation to operate in the gold value chain.

He stated that the listing on the Lagos Commodities would raise awareness of performance of Dukia Gold to the investing world and position it as foremost number one Precious Metals Refining Company in Nigeria

Millionaires Emerge in UBA Savings Promo as 10 Customers win N1m Each

Pan African financial institution, United Bank for Africa (UBA) Plc, has rewarded 10 of its loyal customers with a total sum of N10m in the quarterly draws of the ongoing UBA Savings Promo.

This promo, which is held every quarter, is intended to appreciate loyal customers of the bank, who have stayed with the bank over the years, and offers fresh opportunities for potential and intending customers to join the growing number of UBA millionaires who have in the past benefitted from several Promo.

The virtual and transparent electronic draw which was held on Friday was transmitted live via zoom and the Facebook platform in strict compliance with social distancing rules as directed by the Federal and Lagos State Government.

UBA’s Head Personal Banking, Osita Ede, who addressed participants just before the draws, said there is no better time to give back and delight customers than this challenging economic period where people need all the support, they can get to make life more meaningful.

He said, “As a bank, UBA has been rewarding customers, we have been doing this for several years now; from the Wise Savers Promo, Bumper Draws, and now this. We have been doing this to touch lives and to show appreciation to our customers to tell them we are grateful for their business. This is also an opportunity to reward them for their loyalty to the bank.

Ede added that the promo is also a way of encouraging savings in a bid towards promoting financial inclusion, as statistics show that a lot of Nigerians are still largely underbanked.

“Our key objective is to encourage our customers to save regularly. We are here to support them and encourage them to save and ultimately grow as well, because we are aware that they are invaluable to all that we do;” Ede explained.

A representative of the National Regulatory Commission, Peace Ibadie, who witnessed the draws, congratulated the 10 winners and commended the bank for its efforts at rewarding loyal customers especially in the tough economic and business environment.

“Congratulations to all the winners, I am glad to be a part of this; UBA is always transparent in their promos and we can fully attest to this. It is important that the bank is also actively encouraging the savings culture. Again, I say congratulations,” she said.

The winners who cut across all the zones of the country are Emeka Onyemauche; Ezeigbokwe Oluebube Purity; Omoniyi A Jaiyeola; Olawale Omotayo Idowu; Zaharadeen Yandaki Umar; Aliyu Yaro Bakari; Samuel Enan Esua; Joseph Eze; Deborah Folusho Adebayo and Lucia Chinyere Adim.

When contacted via their mobile phone, the winners expressed their gratitude to the bank as they said the winnings will go a long way in meeting their pressing needs especially in these trying times.

One of the winners, Samuel Enan Esan, who was delighted at the news that he just won N1m, was full of praises. “Thank you UBA,” he stated.

Aliyu Yaro Bakari. who was extremely excited at the news, said, “Oh I am very happy, UBA is the best, you are the best, thank you very much,” he remarked when he learnt he was also one of the beneficiaries of N1m.

To qualify for the promo, new and existing customers of the bank are expected to make a one-time deposit of at least N30,000; before each draw date. Savings account holders eligible for this draw include Target, Bumper, Next Gen, Savings, Teens & Kiddies.

Apart from the savings promo which is held every three months, the bank also has the UBA Bumper Promo which is held monthly, where the first three winning customers are rewarded with N2m, Rent for a year at N1.2m and N500,000 respectively; with 20 others winning N100,000 each as consolation prices.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty million customers, across 1,000 business offices and customer touch points, in 20 African countries. With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

Heritage Bank partners Road Transport Workers on Insurance Scheme for travelers

Heritage Bank in partnership with the Road Transport Employee’s Association of Nigeria (RTEAN) has launched the Travelers’ Accident Insurance Scheme (TAIS) to assist road accident victims across the country.

The scheme which was launched on Friday, aims to address deaths associated with inability of travelers involved in accident to offset hospital bills.
The Regional Executive, Abuja and North, Heritage Bank Plc, George Okoh-Oboh, speaking at the launch of the scheme in Abuja, commended the thoughtfulness of the Association in coming up with such program to save the lives of accident victims.

He stated that the partnership would help address the road safety crisis due to the tragic loss from a road crash death or severe injury which was compounded by the harm to families, social networks, and national economies.

According to him, the majority of victims are part of the working-age population (between 15 and 64 years old). In fact, road crashes have become the #1 killer of the young worldwide.

He pledged the continued support of the bank in ensuring the success of the scheme.

Okoh-Oboh said, “At Heritage Bank, we believe in this project and we are ready to support it as it seeks to address accidents on the road.

“This project will save lives of many Nigerians, so we are not just here to see what comes in but we are here to add value and ensure that it succeeds.”
The National President of RTEAN, Musa Muhammed in his remarks said that the scheme aims at promoting the welfare of passengers, while ensuring security for passengers’ property.

He explained that the scheme would provide support to passengers who may be involved in accident at the course of their journeys.

“This scheme covers all Nigerians involved in accidents that require medical attention while on a road trip.

“This is part of effort to assist and improve the Nigerians transport system,” he added.

According to him, the scheme will cover only parks owned and operated by members of the Road Transport Workers Association.

He further stressed on the need for the government to deepen investments in road infrastructure, while ensuring security along the major road.
Nicholas Tofowomo, Senator representing Ondo South Senatorial District of Ondo State at the 9th National Assembly, urged transporters to ensure that workers are properly licensed and vehicles insured.

This, he noted, would ensure the effective implementation of the scheme.

10 Customers set to Become Millionaires in UBA Savings Promo

Pan African Financial Institution, United Bank for Africa (UBA) Plc has announced that 10 of its loyal customers will get a chance to win N1,000,000 each, in the ongoing UBA Savings Promo which is scheduled to hold on to May 7, 2021 at the bank’s corporate head office, in Lagos.

This unique promo intends to appreciate loyal customers of the bank, who have stayed with the bank over the years, and will also offer fresh opportunities for potential and intending customers to join the growing number of UBA millionaires who have in the past benefitted from the ongoing Promo.

To qualify for the draws, new and existing customers of the bank are expected to save N10,000 monthly or N30,000 at once for 3 months; before each draw date. Savings account holders eligible for this draw include Target, Bumper, Next Gen, Savings, Teens & Kiddies).

Some past winners who cut across all regions of the country and have previously benefitted from the promo include; Nnadumije, Ebube Dawn; Onwochei Christiana Okwukwe; Eze Mathias Nnaji; Christian N Orie; Uka, Okwudiri; Okata Stephen Uche; Okafor Onyinye Esther; Nwanekezi Chimezie Jude; Ayomide V Yahaya and Olanegan, Oyetunde Keji.

Others are Emmanuel Onu Chidozie; Mohammed Fatima; Aminu, Mustapha; James Nanre; Pahinti Albert; Emmanuel O Adeniji; Jaki Movihinze Mercy; Saminu Muritala Mohammed; Ezeh Raphael Uballa; Uchenna Iheji. Already the winners have claimed their cash prizes and are currently spreading the news so others can take advantage of this once in a life time opportunity.

Speaking ahead of the forthcoming draw, UBA’s Head, Personal Banking, Ogechi Altraide, said that without a doubt, UBA’s passion for the growth and overall success of its customers cannot be overemphasized, adding that this has consistently been proven in numerous ways. She explained that the bank has consistently invested in cutting edge technology to improve its service delivery and its overall aim of delighting customers.

She said, “With customer-centric promos like the UBA Savings Promo, we have created an ever increasing list of millionaires who continue to join the UBA customer millionaire club. For this edition of the promo, we decided to pick the month of May, which is the month that workers are celebrated across the world for their efforts at contributing to the growth of the economy. We know that this promo will put lasting smiles on the faces of our customers and will also assure them that UBA truly values them’” Altraide said.

UBA’s Head, SME Banking, Sampson Aneke, spoke of UBA’s continuous commitment to give back to its customers especially during these challenging economic periods, where people need all the support they can get to make life more meaningful.

“With this in mind we decided to prioritise them in as we always do at UBA, by giving them plenty to cheer about and that is the reason for the Promo. I have been privileged to visit some of the customers who won in January, and we were more than fulfilled to see happiness and gratitude on the faces of the lucky ones when their cash prizes were presented to them. That feeling is special. So I enjoin those who are yet to join the winning team, to do so. You never can tell, the next big millionaire could be you,” Aneke said.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points, in 20 African countries. With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

Fidelity Bank Approves 22 Kobo Dividend Per Share For FY2020

The shareholders of Fidelity Bank Plc have unanimously endorsed the payment of a cash dividend of 22 kobo per share to all Shareholders whose names appear in the Register of Members at the close of business on April 16, 2021. This translates to a dividend yield of 9.2%, making it the 4th most rewarding Bank to investors in the Nigerian Capital Market. This announcement was made at the 33rd Annual General Meeting (AGM) held in Lagos on April 30, 2021.

Shareholders who spoke at the event praised the Board of Directors and the management team for the 38.7 percent increase in total customer deposits, which rose from N1,225.2 billion in 2019FY to N1.699.0billion and was driven by strong double-digit growth in both local and foreign currency deposits.

Mustapha Chike-Obi, Chairman of the Board of Directors of Fidelity Bank, reassured shareholders at the AGM that the board and management of the bank would maintain the high corporate governance standard synonymous with Fidelity Bank and also ensure the bank continued in its growth trajectory in the years ahead.

“We will continue to strengthen our enterprise risk management capabilities to ensure the sustainability of our business, while modeling our governance practices to align with international best practice”, said Chike-Obi.

Mrs. Nneka Onyeali-Ikpe, Fidelity Bank CEO echoed the Chairman’s sentiments, stating that the bank’s financial performance for the period reflected the resilience of its business model in a challenging operating environment.

Mrs. Ikpe revealed that local currency deposits grew by 49.6 percent to N1,400.8 billion and constitutes 82.5 percent of total customer deposits while foreign currency deposits grew by 3.3 percent to N298.2 billion and now accounts for 17.5 percent of total deposits.

She further highlighted that the bank’s retail banking push continued to deliver impressive results as total savings deposits increased by 54.2 percent to N424.4 billion, making it the 8th consecutive year of recording double-digit growth in savings deposits. Total savings deposits now account for about 25.0 percent of total deposits, an attestation of the Bank’s increasing market share in the retail market segment.

Speaking on the strategy for the current financial year, Mrs. Onyeali-Ikpe, said, “We will continue to focus on redesigning our systems and processes to enhance service delivery, deepen our cost optimization initiatives to reduce operating expenses, and enhance our overall risk monitoring capabilities to ensure both internal and external risks are identified and mitigated. Our growth aspirations will be sustained while we continue to identify new opportunities in the new normal.

“On the back of the evolving dynamics in the economy, we will continue to increase the adoption and migration of customers to our digital platforms and increase our retail banking market share through innovative products and services”, she concluded.

The shareholders expressed their continued confidence in the Bank for its 2020 performance which saw a 50.9 percent increase in core operating profit to N44.9 billion. The share price also rallied 22.9 per cent, outperforming the Nigerian Stock Exchange (NSE) Index, which only gained 10.1 percent. According to Mrs. Onyeali-Ikpe, the Bank showed “strong resilience to the adversities the global economy witnessed in 2020”.

Speaking at the meeting, Dr Farouk Umar, President, Association for the Advancement of the Rights of Nigeria Shareholders, commended the bank for posting encouraging performance in 2020 despite the challenges of the COVID-19 pandemic.

Umar appreciated the bank for paying dividend the same day of the Annual General Meeting unlike their peers in the industry that pay dividends a day after the AGM. Also speaking, Mrs Bisi Bakare, National Coordinator, Pragmatic Shareholders Association of Nigeria, commended the bank for declaring dividend in spite of unfriendly economic environment and the COVID-19 pandemic challenges. Bakare who welcomed Mrs. Onyeali-Ikpe and Mr. Chike- Obi, urged them to sustain the growth and ensure higher dividend in the years ahead.

In compliance with the guidelines of the Corporate Affairs Commission’s (CAC), the meeting was held by proxy and had in attendance very few shareholders because of the COVID-19 precautionary measures.

Onyeali-Ikpe thanked the shareholders and the members of the Board for their continued confidence in the management team and specially appreciated Fidelity Bank customers for their patronage and loyalty.

Fidelity Bank began the year on a positive note having recorded a strong financial performance in the first quarter of 2021, posting appreciable growth in profit for the period ended March 31, 2021.

Details of the unaudited results showed that its profit before tax (PBT) grew by 53.9 per cent from N6.6 billion in the corresponding period in 2020 to N10.1 billion in the period under review. Similarly, net revenue in the period increased by 13.4 per cent from N30.3 billion in the first quarter (Q1) 2020, to N34.4 billion at the end of March 2021. The bank also recorded growth in other performance indices.

FIRSTBANK CORPORATE STATEMENT ON THE NEW BOARD CONSTITUTION

We refer to the Central Bank of Nigeria Limited (CBN) pronouncement on the reconstitution of the Board of Directors of First Bank of Nigeria Limited.

Further to the press conference held by the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele CON on Thursday, 29 April 2021, the Boards of FBN Holdings Plc and First Bank of Nigeria Limited were dissolved and reconstituted, pursuant to its power under Banks and Other Financial Institutions Act (BOFIA) 2020.

The Board of Directors of First Bank of Nigeria Limited is now comprised as follows:

1. Mr. Tunde Hassan-Odukale – Chairman

2. Mrs. Tokunbo Martins

3. Mr. Uche Nwokedi

4. Mr. Adekunle Sonola

5. Ms. Isioma Ogodazi

6. Mr. Ebenezer Olufowose

7. Mr. Ishaya Elijah B. Dodo

8. Dr. Adesola Adeduntan FCA – Managing Director/ Chief Executive Officer

9. Mr. Gbenga Shobo – Deputy Managing Director

10. Dr. Remi Oni – Executive Director

11. Mr. Abdullahi Ibrahim – Executive Director

Dr. Adesola Adeduntan has since resumed work as CEO in line with the directives of the CBN.

We can confirm that the Bank is cooperating with the Central Bank of Nigeria and other regulators while the operations of the Bank are not hampered or hindered in any way and are in fact running smoothly.

We further wish to reassure the public, our esteemed customers and stakeholders in the words of the Governor of the Central Bank in concluding his press conference, “The CBN hereby reassures the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system. There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the Bank and position it as a banking industry giant.”

Signed

Management

FIRSTBANK NEW WEBSITE IS BANKING MADE SIMPLE by Raheem Akingbolu

Raheem Akingbolu reviews the new FirstBank’s corporate website and reckons that it would go a long way in strengthening the ability of the bank’s patrons and other potential customers in addressing basic banking operations.

Outside the physical identity of any brand, the most accessible door into operations of a company in today’s market is perhaps the website. With digital technology taking the lead in today’s business environment, website has swiftly become the virtual meeting point for sellers and buyers.

As a result of the fact that website can make or mar companies, depending on its message and aesthetic look, companies are now evolving every day to communicate their ideals through their websites. Today, having a website and an online presence give brand promoter opportunity to market their products online.

For the management of First Bank of Nigeria Limited, the new website represents the trending posture of the brand. In line with today’s business environment, the bank has continued to evolve and reposition to strengthening its operational skills. Though ageing, the FirstBank brand is ever young at heart. Through the website, First Bank has been able to present less cumbersome operations and by extension woos potential members of the public to join the FirstBank’s family.

Specifically, the website appears to have demystified online banking. Among other unique features, it allows self-registration of online banking; it makes provision for loan facility and encourages multiple transfers at once.

In a way, handlers of the FirstBank brand show through the friendly site that they are not ready to waste their customers’ time. They are aware that people don’t visit their website because they are looking for somewhere to spend their extra time. The promoters are quite aware that their customers simply want to get to things quickly and that is why the messages on the website speak to the specifics. Technically but smoothly, each category of the products displayed also parades key issues without confusing customers with irrelevant details.

Though an upgrade of the old one, the current website plays up features that are streamlined to reinforce its role in delivering seamless banking and technology solutions to its customers across the world.

The website is configured with modern design and improved functionality that eases customer experience whilst carrying out various activities on the site, including electronic banking. Non-customers are also able to open an account, putting them at an edge in the industry as they establish a relationship with the bank that puts its customers first.

For instance, many analysts have commended the fact that the bank adopts a fresh, magazine-style look and feel for easy navigation in order to promote the access to essential information for its customers, FirstMonie agents, prospective agents and the public. Another beautiful thing about the site is that the upgrade also guides an average customer to make well-informed decisions about one’s personal, business and private financial needs.

There is no doubt the fact that the bank keys into the popular theory that responsive websites are now the rule for institutions, not the exception.

Recent experience in the market place has shown that offering a seamless and consistent user experience, responsive design, allows a single site to serve audiences on all devices and orientations. However, if a company’s analytics show that the percentage of mobile traffic to the company’s site is at least 10% and steadily growing, responsive design is a must for your redesign.

The new FirstBank website is built on a powerful content management system that meets all of the bank’s needs. Meanwhile, some of many basic considerations for institutions, which the new website has explored are; ease of use, features, security and responsive design support.

In financial website, content is more important than ever to a financial website, offering visitors useful information, tools and resources to make better decisions with their money. Again, First Bank explores this maximally.

The bank’s messaging is simple and consistent, and organised in a scannable format for users to digest and take action. Additionally, like all great sites, the site focuses content around visitor’s needs, offering solutions and varied content types.

Being the first impression that its customers gets, website designers often advise that site design should be visually consistent with everything else the audience sees – from customer’s branch to his statement inserts to his emails.

In a way, the design of the FirstBank website is unique, uncluttered and well-planned so it can keep up with the institution’s changes. Another beautiful thing is that the site’s imagery feel distinct and appeal directly to First Bank’s geographic footprint and specific demographics, successfully balancing branded photography and promotional graphics. Each element of the design has a clear strategic purpose, align with the FirstBank brand promise, and send the right message to the bank’s customers.

Fidelity Bank Plc Announces a 53.9% Growth in Profit Before Tax to N10.1bn For the 3 Months Ended 31 March 2021

Top Nigerian lender, Fidelity Bank Plc recorded a strong financial performance in the first quarter of 2021, posting appreciable growth in profits for the period ended 31 March 2021.

Details of the unaudited results, released at the Nigerian Stock Exchange (NSE) show that Profit before Tax (PBT) grew by 53.9% from N6.6bn in 2020 to N10.1bn for the corresponding period of March 31, 2021. Similarly, Net revenue in the period increased by 13.4% from N30.3bn in Q1 2020 to N34.4bn in 2021, just as the bank recorded growth in other performance indices.

Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc commenting on the results, stated that:

“We commenced the year showing impressive double-digit growth in profitability and improved performance across key efficiency indices whilst ensuring our business model continued to deliver strong positive results in line with our guidance for the 2021 financial year.

Gross Earnings increased by 7.7% YoY to N55.1bn on account of 66.7% growth in non-interest revenue to N12.1bn from N7.2bn in Q1 2020. In absolute terms, the increase in NIR came from FX related income, digital banking income and account maintenance charge etc. as total customers’ induced transactions across all our service channels increased by 30.4% YoY and 17.1% QoQ.

Net Interest Margin remained unchanged at 6.3% compared to 2020FY as the drop in average funding cost offset the decline in average yields on earning assets. Average funding cost dropped to 2.5% from 3.6% in 2020FY due to a combination of improved deposit mix and a slight moderation in average borrowing cost. This led to 26.2% decline in total interest expenses, which translated to 17.1% increase in net interest income to N28.8bn despite a 4.3% increase in interest bearing liabilities. We refinanced our 7-Yr N30.0bn Tier II Bonds issued in 2015 at 16.48% p.a. with cheaper 10-Yr N41.2bn Tier II Bonds priced at 8.5% p.a., which led to a 61bpts drop in average borrowing cost to 4.5%.

Operating Expenses increased by N1.3bn (6.2%) to N23.0bn largely driven by N4.3bn growth in regulatory charges (NDIC & AMCON Charges). Excluding the increase in regulatory charges, total operating expenses would have dropped by 13.8% (6.1% QoQ) to N18.6bn from N21.6bn in Q1 2020 (Q4 2020: N19.8bn).

Total Deposits increased by 3.1% YTD to N1,751.3bn from N1,699.0bn in 2020FY, driven by 5.5% increase in low cost deposits (Demand: 6.2% | Savings: 4.1%). Foreign currency deposits increased by 15.7% YTD (N46.9bn) and now accounts for 19.7% of total deposits from 17.5% in 2020FY, as we harness the benefits of our renewed drive in Diaspora Banking as well as the recent CBN Naira-for-Dollar Incentive Scheme for diaspora remittances to Nigeria.

Retail Banking continued to deliver impressive results as savings deposits increased by 4.1% YTD to N441.6bn and we are on course to achieving the 9th consecutive year of double-digit growth in savings deposits. Savings deposits was responsible for 32.9% of the absolute growth in total deposits and now accounts for 25.2% of total deposits compared to 25.0% in 2020.

Net Loans and Advances increased by 7.6% YTD to N1,426.3bn from N1,326.1bn in 2020FY. However, the actual growth was 6.8% while the impact of the currency adjustment (2020FY: N400.3/$ – Q1 2021: N407.6/$) accounted for a 0.8% YTD growth in the loan book. Cost of risk came in at 0.4% and the NPL ratio dropped to 3.6% from 3.8% in 2020FY.

Other Regulatory Ratios remained above the required thresholds with liquidity ratio at 33.9% and capital adequacy ratio (CAR) at 18.4% from 18.2% in 2020FY.

We are committed to sustaining our growth trajectory and achieving the long-term strategic aspirations of the Bank as we look forward to delivering another set of good results in the next quarter”.

Ecobank Group Declares Superlative Q1 Result; PBT Up 22% to N40.3 billion

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.”