Business Archives - Page 23 of 83

FG is Working to Remove Impediments to FX Rate Wale Edun tells Indian Investors at G20

Wale Edun, minister of finance and coordinating minister of the economy, has assured investors that the government is working to expunge macroeconomic impediments to the stability of the exchange rate and inflation in the country.

Speaking on the sidelines of the Group 20 (G20) summit in India on Sunday, Edun expressed Nigeria’s perspective and commitment to building a stronger, sustainable, and resilient economy.

The minister’s address during the Nigeria-India presidential roundtable, was captured in a short clip posted by the finance ministry on X – formerly Twitter.

Edun said the government has taken steps to improve the business environment, including removing foreign exchange restrictions and streamlining the investment approval process.

He urged investors to take advantage of the opportunities that Nigeria has to offer.

“Our focus is on attracting global capital, promoting foreign direct investments and this underscores our commitment to job creation, economic diversification, and revenue expansion,” Edun said.

“Nigeria is an attractive destination for business. It is brimming with opportunities across the various sectors.

“The major macroeconomic impediments to the stability of the exchange rate, of inflation, of interest rates and indeed of obstacles to liquidity, to enough financing, are now in the process of being removed.

“Driving inclusivity, including women and young people in what is going on in the economy and having them play their role.

“For those interested in investing, the playing field has been levelled, it has been cleared of debris and the opportunity is now there for you to seize.”

– The Cable

Nigeria is the Right Place for You…Tinubu Tells Hinduja Group Chairman

President Bola Tinubu has assured potential Indian investors about the enormous profits they stand to make in Nigeria.

He premised this on the pledge that his administration would break every bottleneck that impedes their ease of doing business in the country.

“I am here to personally assure our friends and investors that there is no bottleneck that I will not break. Nigeria will become one of the most conducive places on earth to make good profits and create lasting jobs,” Tinubu told the Chairman and CEO of the Hinduja Group of Companies, Gopichand Hinduja, a conglomerate with a total asset portfolio exceeding $100bn.

“The Indian Industrialist was received by the President within 90 minutes of the President’s arrival in India for a meeting, which began around 8:00 pm local time,” read a statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale.

The statement is titled, ‘President Tinubu Arrives India and heads straight into top-level investment meeting with Hinduja Chairman after 15a -hour journey’.

Accompanied to the meeting by Nigeria’s Ministers of Finance, Trade & Industry, and Foreign Affairs, Tinubu told his first visitor, Hinduja, that he was in India to attract investments to Nigeria with lucrative opportunities for investors, but most essentially, jobs for Nigerians and new revenue opportunities for Nigeria’s federal and sub-national governments.

“We are here for business. With my support, nothing is standing in your way of enjoying the unrivalled opportunities presented by our massive market and the ingenious & hardworking nature of the Nigerian people. We are open for business,” he stated.

The Hinduja Group Chairman told the President that he witnessed his landmark effort as Governor of Lagos in turning a coastal erosion and water encroachment crisis into a massive free trade zone, where industry now thrives.

He said this was partially responsible for his excitement to partner with Nigeria’s new President to create win-win prosperity for Nigeria’s talented population.

“We believe in you as a leader who has done this before. You know what the challenges are. You know how to fix them.

“We are going to make investments into the billions of dollars under your leadership because we see you are already addressing the systemic problems. I am ready now to sign an MoU and to begin execution.

“You tell me who to liaise with and we will get to work immediately, particularly concerning bus and automobile manufacturing in Nigeria, amongst other areas,” the industrialist said.

Responding to Gopichand, Tinubu said, “Ministers of Trade and Finance, the two of you will follow this up immediately and you will draw up the terms to the satisfaction of both parties.

“If there are any issues at all which require my intervention, they must be brought to my attention immediately.”

Nigeria Export Trade to UK stood at £3.3bn by June 2023 – British Deputy High Commissioner

Nigeria’s exports into the UK from June 2022 to June 2023 were worth 3.3 billion pounds, according to the British Deputy High Commissioner, Jonny Baxter.

Baxter gave the figure while speaking on the level of trade between both countries in an interview with the News Agency of Nigeria (NAN) in Lagos on Thursday.

He said that the figure was 1.4 billion pounds higher than what was achieved in the corresponding year before.

“The overall trade figures, which include imports and exports, are 7.6 billion pounds, and of that, 4.3 billion are made up of UK products that are imported into Nigeria, and that figure has gone up by 1 billion pounds if you compare it with the figure of the year before.

“The rest of the 3.3 billion are Nigerian exports into the UK, and this has gone up by 1.4 billion, so the increase in Nigerian exports into the UK has been much more rapid, and this is great news.

“It shows that Nigeria is producing goods and services that people in the UK want to buy, and they are being bought and purchased from Nigeria,” he said.

He noted that the introduction of the Developing Countries Trading Scheme (DCTS) has further strengthened trade relations between both countries

“The UK is committed to creating the best conditions possible for trade to continue to strengthen, and in June this year, we started a new programme called DCTS.

“It is a global scheme covering all developing countries in the region of 65 countries, and Nigeria in particular benefits from that.

“What it does is that it allows more and more goods into the UK with reduced tariffs or no tariffs at all, and for Nigeria, 99 per cent of what Nigerians export to the UK in goods and services is tariff-free.

“This means that it is cheaper for people in the UK to buy those Nigerian goods, which are therefore going to be more popular, and it is a great thing for Nigeria to benefit from,” he said.

Baxter revealed that both countries were exploiting ways to address some barriers and hindrances to trade.

He said that in April 2024, the UK would host an African Investment Summit, which would serve as a platform for Nigerian Companies to meet British investors.

“ In April next year, the UK is hosting an African investment summit and Nigeria would be a big player as it is an opportunity for Nigerian companies to pitch to British companies for investments, contracts, imports and exports.

“As part of that, there would be a special side event on Nigerian creatives, as I think in the past, maybe people haven’t focused so much on the creative industry as part of the economy.

“Nigeria is such a classic place where the creatives are so important and they have produced a lot of money and wealth, and indeed, I think it is an increasing area for Nigeria’s economy, and it is brilliant that the African Investment Summit would have this side event,” he said.

ZENITH BANK APPOINTS DR. JULIET EHIMUAN AS NON-EXECUTIVE DIRECTOR

The Board of Directors of Zenith Bank Plc has appointed Dr. Juliet Ehimuan as a Non-Executive Director of the bank effective August 29, 2023. The appointment, which was announced in a statement to the Nigerian Exchange (NGX) Limited on Tuesday, August 29, 2023, has also be confirmed by the Central Bank of Nigeria.

Dr Juliet Ehimuan is the Founder and CEO of Beyond Limits and the immediate past Director of Google West Africa. She was named by Forbes as one of the top 20 power women in Africa, by the London Business School as one of 30 people changing the world, and as one of the Most Influential People of African Descent (MIPAD). She was also featured in the BBC Africa Power Women series, and on CNN Innovate Africa.

With over 25 years experience primarily in Technology, Oil & Gas, and New Media industries across Europe, Middle East and Africa; Juliet is a leading voice on Innovation, Transformation, and Leadership.

During her remarkable 12-year tenure at Google, Juliet played a pivotal role in expanding the company’s presence in Nigeria and the wider West Africa region. She championed initiatives to increase digital access, local content development, skills acquisition, entrepreneurial growth, innovation, and fostered strategic partnerships with leading private sector and government institutions.

Dr Juliet has made significant contributions to the tech ecosystem in Nigeria and Africa at large. She served on committees that developed the national broadband plan and ICT incubation strategy in Nigeria, and has been involved in national strategic advisory groups focused on economic growth. These engagements demonstrate her commitment to shaping the future of tech in Africa. She has received numerous awards for outstanding contribution to the digital landscape in Africa.

She holds board positions across multiple industries including Finance, FMCG, Oil & Gas, Education and social enterprises.

Her education includes a Doctoral degree in Business from Walden University in Minneapolis, an Executive MBA from the London Business School, a Postgraduate degree in Computer Science from the University of Cambridge; and a BSc in Computer Engineering (1st class honours) from the Obafemi Awolowo University, Ile-Ife. She is a recipient of the London Business School Global Women’s Scholarship, and at Cambridge University was awarded Selwyn College Scholar and Malaysian Commonwealth Scholar. She is a Fellow of the Cambridge Commonwealth Society.

She was awarded IT Personality of the Year in 2012 by the Nigeria Computer Society, Digital Personality of the year 2016 by Marketing World; and received a 2015 Titans of Technology award from Technology Africa. She is a published Author, Executive Coach, and a member of the Forbes Coaches’ Council.

Access Pensions Surpasses N1 Trillion AUM Milestone

Access Pensions Limited, a subsidiary of Access Corporation, has achieved an astonishing feat, surpassing the N1 trillion mark in assets under management (AUM).

In an impressive trajectory, the Company – which emerged from the business combination of Sigma Pensions and First Guarantee Pension in December 2022 – has scaled up its assets under management to surpass the N1 trillion threshold in just six months.

This remarkable feat firmly establishes Access Pensions position as the fourth largest Pension Fund Administrator (PFA) measured by AUM in Nigeria and the second largest PFA, overseeing a portfolio of over 1 million Retirement Savings Accounts (RSAs).

Commenting on this feat, the Managing Director, Access Pensions, Dave Uduanu said: “Our journey to N1 trillion has been guided by a strong commitment to partnering with clients to shape their future.”

While technology served as a cornerstone, Uduanu also attributed Access Pensions’ success to a disciplined investment management approach and a resolute client-centric philosophy.

“Leveraging on technology in service delivery to improve user experience, following a disciplined approach to investment management, and being a member of the largest financial ecosystem in Nigeria, we can offer clients a superior retirement planning experience. Having a client-centric approach has played a significant role as we look to match our client’s needs and aspirations, building trust along the way,” Uduanu continued.

He added that Access Pensions is committed to delivering consistent results, even in challenging times, which has been the cornerstone of its credibility and client promise.

Furthermore, on leveraging technology, Uduanu noted that Access Pensions has invested heavily in technology to enhance its operations and client experiences and that its digital platforms (USSD, Mobile, WhatsApp chatbot) and Contact Centre provide real-time updates, keeping clients informed about their portfolios and requests.

Since its official formation in December, Access Pensions has brought forth innovative products that cater to a wide range of risk preferences, effectively staying ahead of changing demands.

“Our vision is clear – to provide our clients with the financial tools needed to shape their retirement future. We are dedicated to raising the bar in service, performance, and client satisfaction. As we expand, responsible and sustainable investing will remain our priority,” Uduanu added.

With its range of innovative products and remarkable achievements like this, Access Pensions is unquestionably charting a new course for success in the pensions industry and playing a pivotal role in shaping the financial future of Nigerians.

All you Need to know about NNPCL’s $3billion Emergency Crude Repayment Loan from Afrexim Bank

The current economic situation of things in the country especially the planned increase of the fuel price was due to the deep in value of the Naira against the dollar, just yesterday a dollar was exchanged for 972 naira at the parallel market, giving serious need for the government to formulate policy that will help the Naira rally against the dollar and it was this that necessitate the NNPCL to approach the Afrexim Bank to obtain the Emergency Crude Repayment loan and the result seems to be coming in as the Naira appreciated strongly against the dollar as at close of work to the naira gained over 200 naira to close at 752 against the 970 of yesterday morning.

This is an attempt by the president’s aide on New Media O’tega Ogra to answer some questions that might be begging for answers from the public

What is the $3 billion loan about?

The NNPC Ltd. secured an emergency $3 billion crude oil repayment loan from AFREXIM Bank. This is not a crude-for-refined products swap but an upfront cash loan against proceeds from a limited amount of future crude oil production.

Is this loan risky for NNPC Ltd. or the Nigerian Treasury?

No. The exposure for NNPC Ltd. is very limited, covering just a fraction of their entitlements. Additionally, there are no sovereign guarantees tied to this loan.

What’s the benefit of this loan to Nigeria?

The loan will assist NNPC Ltd. in settling taxes and royalties in advance. It will also equip the Federal Government with the necessary dollar liquidity to stabilize the Naira, with limited risk.

How will the loan be disbursed?

The funds will be released in stages or tranches based on the specific needs and requirements of the Federal Government.

Will this affect fuel prices?

A strengthened Naira as a result of this initiative will lead to a reduction in fuel costs. This means that if the Naira appreciates in value, the cost of fuel will drop and further increases will be halted.

What about subsidies? Are they coming back?

No. A stronger Naira will result in lower prices from the current level, making subsidies unnecessary. The deregulation policy remains unchanged.

How will the loan be repaid?

The loan will be repaid against a fraction of proceeds from future crude oil production. It’s a strategic move that ensures a balance between our current economic needs and future production capabilities.

What is the difference between this and previous swap deals?

This is not a crude for refined products agreement where the government does not earn any proceeds from the swap.

Access Holdings Receives Karlsruhe Award for Outstanding Business Sustainability Achievement for the Eighth Consecutive Time

Access Holdings Plc has been honoured with the prestigious Karlsruhe Award for Outstanding Business Sustainability Achievement for the eighth consecutive time.

Presented at the Global Sustainable Finance Conference (GSFC) organised by the European Organisation for Sustainable Development (EOSD) in partnership with the city of Karlsruhe, Germany, the Award underscores the sustainability commitment demonstrated in the way Access Holdings conducts its business operations and activities.

Delivering the opening remarks at the Awards event, the Lord Mayor of Karlsruhe, Dr. Frank Mentrup, lauded the unwavering commitment of the organisations present and urged all stakeholders to collaborate to achieve the global sustainability vision.

“In today’s globalised world, the responsibility of each one of us does not end at our borders. We need to work together to make our world more just, more peaceful, and more sustainable. This requires a high level of commitment and allocation of resources – including finance and investments,” Mentrup said.

Reiterating Access Holdings’ commitment to driving the achievement of the SDGs, Omobolanle Victor-Laniyan, Head, Group Sustainability, at Access Holdings Plc said, “We are pleased to receive the Karlsruhe Award for Outstanding Business Sustainability Achievement for the eighth consecutive time. At Access Holdings, we believe that businesses must play a significant role in addressing sustainability challenges and driving positive impact. In line with this, our approach to sustainability reflects our dedication to creating long-term value for our stakeholders in Africa and beyond.”

The 2-day Global Sustainable Finance Conference and Awards also had in attendance other notable stakeholders such as Arshad Rab, Chairman, International Council of Sustainability Standards and CEO, European Organisation for Sustainable Development; Dr. Jesimen Chipika, Deputy Governor, Reserve Bank of Zimbabwe; Amaechi Okobi, Group Head, Corporate Communications, Access Holdings Plc; Rolando Victoria, President and CEO, Aski Group, Philippines; Romani de Silva, Deputy Chairman and CEO, Alliance Finance, Sri Lanka; Mr. Krishnan Vimalanandavally Shaji, Chairman, National Bank for Agriculture and Rural Development, India; Mrs. Sylvi J. Gani, Director, PT. Sarana Multi Infrastruktur (Persero), Indonesia; Dr. Kao Thach, The Delegate of the Royal Government of Cambodia; Jide Akintunde, Director, Nigeria Development and Finance Forum (NDFF) and Nigeria Country Representative, European Organization for Sustainable Development (EOSD), and Tom Hoyem, Former Cabinet Minister of the Kingdom of Denmark and Member, City Council of Karlsruhe, Germany.

Access Holdings has been widely recognised as one of Africa’s most responsible companies, earning numerous national and international honours and awards including the World Finance Award for Most Sustainable Bank (eleven-time winner) and Global Brand Awards for Best CSR Bank and Investor Relations (four-time winner).

FOR A THIRD CONSECUTIVE YEAR, ZENITH BANK RETAINS POSITION AS NIGERIA’S BEST COMMERCIAL BANK, ALSO NAMED BEST CORPORATE GOVERNANCE BANK AT WORLD FINANCE 2023 AWARDS

For a third year running, Zenith Bank Plc has been named the Best Commercial Bank in Nigeria at the World Finance Banking Awards 2023. The bank also emerged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards 2023, retaining the award for a second consecutive year.

These awards were presented to Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, at the London Stock Exchange recently. The recognitions celebrate the bank’s tremendous feats and milestones in financial performance, financial inclusion, corporate governance, and sustainability.

Commenting on the awards, Dr Onyeagwu said that: “these awards are a testament to our resilience and ability to adapt to the vagaries of the market as well as our innate capability to engender very stellar business performances through our innovative products and solutions. It also affirms our continued commitment to global best practices in corporate governance, sustainability and corporate social responsibility.”

Dr Onyeagwu dedicated the awards to the Founder and Group Chairman, Jim Ovia, CFR, thanking him for his mentorship and for establishing the basis for a resilient and highly successful institution. He also expressed gratitude to the board for their exceptional leadership, vision, and insight; to the staff for their unwavering commitment and dedication; and to the bank’s customers for making Zenith their preferred bank.

World Finance is a foremost international magazine providing extensive coverage and analysis of the financial industry, international business, and the global economy. Its editorial combines award-winning journalism, covering a vast array of topics from banking and insurance to wealth management and infrastructure investment, with contributions from some of the world’s most esteemed economists and theorists and consultants from government think tanks and the World Economic Forum.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest honours coming on the heels of several recognitions, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021 and Retail Bank of the Year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

Wema Bank showcases strong performance – Doubles Profitability. Commences Rights Issuance in Q3

WemaBank announces its unaudited results for Half Year ended 30th June 2023.

The commercial bank achieved improved performance including Gross Earnings of ₦89.09bn, a y/y increase of 49% (H1 2022: ₦59.59bn). Interest Income up 53% y/y to ₦76.11bn (H1 2022: ₦49.75bn). Non-Interest Income up 32% y/y to ₦12.98bn (H1 2022: ₦9.85bn). Profit before Tax (PBT) was ₦12.05bn a y/y increase of 97% over the ₦6.13bn reported in H1 2022. Profit after Tax (PAT) also increased y/y by 97% to ₦10.48bn (₦5.30bn in H1 2022).

The bank grew its deposit year to date by 19% as at H1 2023 to ₦1,392.85bn from ₦1,165.93bn reported in FY 2022. Loans and Advances also grew by 20% to ₦627.01bn in H1 2023 from ₦521.43bn in FY, 2022.

Income statement (N’bn) H1 2023 H1 2022 (∆)

Commenting on the result, the Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘Our H1 2023 results saw significant upsides with profit before and after tax growing strongly by about 97%. The management team at Wema Bank is focused on driving the execution of our current corporate strategy. Our embrace of technology is helping us deliver seamless best in class services while offering compelling value propositions to customers. Hence, we are seeing record breaking returns across board. Finally, we continue to see improvements in our corporate, commercial, and retail businesses as evidenced by our strong loan growth.’

Also speaking on the result, the Managing Director communicated that, with the improved stability in the operating environment, the Banks earlier approved Rights Issuance will be commencing this 3rd quarter of 2023.

“It has been a good half year performance for Wema Bank with gross earnings growing by 49% year on year and earnings per share at 163.0 kobo,”. In addition, our cost to income ratio at 72.71% has witnessed significant improvement from the previous period.

“We have also succeeded in making Wema Bank an integral part of the Fintech ecosystem in Nigeria with our ubiquitous fintech infrastructure support play”.

Second Pay Rise In 90 Days UBA Improves Staff Welfare in Quick Response to Rising Cost of Living

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has reaffirmed its commitment to prioritise the welfare of its staff and their families reflecting the current economic realities and its impact on living conditions.

To this end, the bank’s Board of Directors have announced the implementation of a cost of living adjustment for its staff effective immediately

The bank said that over the past few months, it has been closely monitoring the effect of the rising cost of living on its employees and recognises the importance of addressing these challenges proactively.

It is interesting to note that even when the bank had previously implemented cost of living adjustment for staff on October 1, 2021 and more recently on April 1, 2023, the persistent economic challenges faced by employees and the broader society as a whole, informed the unanimous decision to again implement another adjustment.

Also in line with its commitment to promote staff for excellent performance every year, UBA had in March 2023, announced the promotion of over 1,500 staff across Africa, and had also elevated close to 1,000 staff in 2022.

UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who made the announcement, said, “We are aware of the impact of recent economic policy pronouncements on prices and your capacity to meet your financial commitments to family and personal needs. As an organisation focused on the well-being of our people, I am pleased to inform you that the Board of UBA Plc has approved a Welfare Allowance for all employees.”

Alawuba explained that the decision to adjust the staff’s remuneration package once again demonstrates UBA’s unwavering commitment to maintaining the standard of living for its employees at a level that is commensurate with prevailing economic conditions.

“This move will serve to alleviate the financial burdens faced by our staff and their families, reinforcing the bank’s position as a responsible and caring employer,” he explained.

He took time out to appreciate the staff for their effort and dedication and hard work of its employees, which remains the bedrock of its success, as he noted that the bank recognises the critical role played by its workforce in navigating challenges and ensuring the continued growth of the institution.

“My profound appreciation to you for your commitment to our corporate goals and adherence to our core values, as demonstrated in our remarkable half-year 2023 results. By enhancing staff welfare, we aim to boost employee morale and foster a conducive and rewarding work environment that empowers employees to thrive both personally and professionally,” the GMD added.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 35 million customers globally. Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.