Fitch Ratings has affirmed Ecobank Nigeria Limited’s (ENG) Long-Term Issuer Default Rating (IDR) at ‘B-‘ with a Stable Outlook. Fitch also affirmed the Bank’s Viability Rating (VR) at ‘b-‘ and National Long-Term Rating at ‘BBB (nga)’. The rating agency released this rating last week, stating that the Bank’s IDRs are driven by its standalone creditworthiness, as expressed by its Viability Rating. Fitch had in January also rated Ecobank Nigeria Limited’s (ENG) Long-Term Issuer Default Rating (IDR) at ‘B-‘ with a Stable Outlook.
According to the report, though “ENG has a moderate market share of Nigeria’s banking sector assets (3.9% at end of 2021), its franchise gets an edge and benefits from being a subsidiary of Ecobank Transnational Incorporated (ETI; B-/Stable), a large pan-African banking group with operations spanning 33 countries across Sub-Saharan Africa (SSA)”.
The report stated “rising global risks will weaken domestic operating conditions as any downside to operating conditions, “Inflation (17.7% in May 2022) is expected to remain stubbornly high, posing downside risks to real GDP growth forecasts of 3.1% and 3.3% in 2022 and 2023, respectively. However, downside risks are somewhat mitigated by strong oil prices, which should also underpin growth in non-oil sectors and banks’ asset quality”. It stated.
It reiterated that the Viability Rating of Ecobank Nigeria reflects its standalone creditworthiness despite the concentration of its operations within Nigeria’s challenging operating environment, high credit concentrations, asset-quality weaknesses, modest profitability, and weak capitalisation in the context of these risks. It also reflects a sizeable franchise and a healthy funding and liquidity profile.
“Ecobank Nigeria ENG has a Shareholder Support Rating (SSR) of ‘ccc+’. Fitch sees a high propensity in ETI to provide support given ENG’s importance to the parent’s pan-African strategy as its largest subsidiary (22% of group assets at end of 2021) and its presence in SSA’s largest economy. Fitch observed that rising global risks will weaken domestic operating conditions. Inflation (17.7% in May 2022) is expected to remain stubbornly high, posing downside risks to real GDP growth forecasts of 3.1% and 3.3% in 2022 and 2023, respectively. However, downside risks are somewhat mitigated by strong oil prices, which should also underpin growth in non-oil sectors and banks’ asset quality”. it stated.
Technology firms provide more opportunities for micro businesses in rural areas
B2B e-commerce platforms continue to provide increased access to products, for micro businesses in underserved areas as they expand their e-commerce services, reaching the retail market end in the underserved rural communities across Nigeria.
Alerzo’s Founder/Chief Executive Officer, Adewale Opaleye, said the B2B e-commerce firm was revving up its market presence with an ambitious expansion drive to bring the benefits of digital solutions closer to Nigerians irrespective of their locations, especially micro businesses operating in the underserved rural communities.
“Our strong presence in the South-West and continued expansion to the North-West and Central consolidate our desire to grow in a sustainable manner and continue to serve those that are underserved,’’ he said.
Speaking against the backdrop of the impact of e-commerce on the national economy, Opaleye stated that e-commerce players in the country were offering digital solutions that enabled informal retailers to access a vast assortment of goods and commodities with ease and faster, thereby saving them lot of time, energy and resources, and ultimately bring down their operating cost.
“On our Alerzoshop retail app, we have a vast assortment available to our customers to choose from, and we offer free delivery in all the over 13 cities we’re currently operating in. We change the landscape for the retailers through our one delivery at a time model,’’ he stated.
Opaleye added that, ‘‘for the past two years, we have delivered to informal retailers at no cost. With our delivery services, retailers save time, energy, and resources that they would have otherwise expended in restocking. These benefits have resulted in 85 per cent of our retailers reducing their two to four times a week restock trips to zero.”
He noted that Alerzo was committed to alleviating the peculiar challenges which micro business owners in underserved areas go through. According to him, some of the challenges include difficulty in accessing goods on time occasioned by dearth of infrastructure such as good road network, long distance to the market and lack of adequate transportation system to move purchased goods to the stores.
There is need for more intervention of e-commerce platforms to reach the underserved, and to further boost the national gross domestic product (GDP) of which the informal retailers are critical. The informal retail segment makes up the micro, small and medium enterprises (MSMEs) bloc which serves as the engine of economic growth contributing 50 per cent to the GDP and 80 per cent of the country’s total employment.
B2B e-commerce platforms have significantly impacted the manufacturing, distribution and retail value chains by supporting them with tech-driven digital solutions including warehousing and logistics infrastructure, and fulfilment solutions. B2B e-commerce platforms like Alerzo have their presence in rural areas and are reaching the underserved with access to extensive catalogue of products and logistics. Through texts, phone calls and logging on to the site where applicable, customers now easily place orders and get the goods delivered swiftly without being charged for delivery. So, unlike the deprivation of past years which micro business owners in underserved areas faced, most of them today can boast of better and faster access to goods and commodities.
It is worthy to note that e-commerce platforms operators in Nigeria are in no little way contributing to the promotion of MSMEs. Alerzo, a leading e-commerce platform in Nigeria is ahead of the pack in making strides towards empowering retail business owners with its various innovations including loan provisions.
This is following the data from the National Bureau of Statistics as well as the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), that Micro and Small Medium Enterprises (MSMEs) account for about 96 percent of registered Nigerian businesses that employs about 75% of the national labour force, and contributes about 48% to the country’s Gross Domestic Product (GDP), it is clear that the Micro and Small Medium Enterprises (MSMEs) form the bedrock of the economy.
With its cashless payment and lending platform – Alerzopay, Alerzo provides retailers, regardless of their economic situations, with working capital to keep their stores running and to drive financial inclusion to the excluded informal retailers.
With the advanced POS terminals that run on Alerzopay platform, retailers can act as agents: processing customer deposits and withdrawals to purchase goods or use as spending cash and process value added services such as utility bill payments, etc.
The integration of Alerzopay and the use of the POS machines in their customers’ businesses improves their overall profit margins, as retailers receive commissions for each transaction carried out on the platform.
ADEDUNTAN SUSTAINS HIS WINNING STREAK, PIONEERS LEADERSHIP EXCELLENCE IN BANKING
Since his appointment as MD/CEO of First Bank of Nigeria Limited in 2016, Dr. Adesola Adeduntan has completely transformed the financial institution and has made it attractive to every strata of the society. From an institution that used to be perceived as an old-generation bank, FirstBank is now a darling to all as it leverages latest digital tools to meet its customers’ needs. Also, under Adeduntan’s leadership, the 128-year old bank has made huge contributions to national development, thereby stimulating development, setting standards and motivating excellent output across sectors. Clearly, these contributions to national development were what endeared Adeduntan to President Muhammadu Buhari who recently saluted him on his recognition by Cranfield University, UK, one of the most prestigious citadels of learning in Europe. Adeduntan will on Wednesday, June 22, be conferred with Doctor of Science, Honoris Causa and he would be delivering an address to the graduating class of the university. This feat, the president in a statement by his Special Adviser (Media and Publicity), Femi Adesina, described as, “another testament to the fact that Nigeria is blessed with the brightest and the best in all areas of human endeavor.” Buhari lauded Adeduntan for being a role model to the younger generation, showing that hard work pays, and with resourcefulness and doggedness, great heights are achievable.
Adeduntan holds a Doctor of Veterinary Medicine from the University of Ibadan, Master’s in Business Administration from Cranfield University, and is Fellow of Institute of Chartered Accountants of Nigeria (ICAN), as well as Chartered Institute of Bankers of Nigeria (CIBN).
The president sent best wishes to Adeduntan and family as he hoisted Nigeria’s flag proudly to receive an honor Cranfield University said was in recognition of his outstanding contribution to business. Incidentally, Buhari’s commendation came on the day the bank successfully held its AGM which showed a stellar performance in its financials, a transformational result that put the bank on course to reclaiming its leadership position of the financial sector.
Adeduntan has a distinguished career in finance having held senior positions at Citibank Nigeria, KPMG and Arthur Andersen Nigeria. He studied at Cranfield University as a British Chevening Scholar, achieving an MBA in 2005.
Commenting on the honour by Cranfield University, the FirstBank boss said: “I am extremely humbled and most grateful to the university for this recognition. My time at Cranfield served as a catalyst for my professional and personal development propelling me to the leadership position I occupy today.
“I am a firm believer in talent management, being vital to further accelerate Africa’s growth to enable it to benefit from its demographic dividend and the opportunities therein. I look forward to sharing my experiences with the students on the universal applicability of the skills the Cranfield MBA provides to positively impact the world.”
On his part, the Chief Executive and Vice-Chancellor of Cranfield University, Professor Karen Holford CBE FREng also congratulated Adeduntan, saying: “It is an honour to welcome Dr Adeduntan back to Cranfield to recognise all his professional achievements in this way. His own experience at Cranfield University has propelled his career forward and this serves as a true inspiration for our graduates both this year and in the future.”
Indeed, Adeduntan is an accomplished professional with distinctive international and domestic experience in commercial and investment banking, development finance, audit, and consulting; a philanthropist and leader with keen interest in providing platforms for the development of other young leaders.
The FirstBank Group, the commercial banking arm of FBN Holdings Plc, which he heads is made up of First Bank of Nigeria and subsidiaries including FBNBank UK, FBNBank DRC, FBNBank Ghana, FBNBank Senegal, FBNBank Guinea, FBNBank Gambia, FBNBank Sierra Leone and First Pension Custodian as well as Representative Offices in France and China.
Adeduntan is overseeing one of the most extensive transformation programmes in sub-Saharan African financial services industry, with the goal to reposition FirstBank Group to market pre-eminence.
He is leading FirstBank Group on the journey to win the most significant emerging business opportunities in the financial services industry through the development and execution of a digital-led strategy that has established FirstBank as the dominant player in digital banking.
FirstBank Group’s transformation programme, under the leadership of Adeduntan has enabled the bank to grow customer accounts from about 10 million in 2015 to over 36 million (including digital wallets), become the second largest issuer of cards in Africa with over 11.8 million issued cards, onboard over 18.6 million active customers on FirstBank’s digital banking platforms, and initiate and grow the most expansive bank-led Agent Banking Network in Africa with over 170,000 agents.
His career in banking and finance, spanning almost three decades, has earned him various recognitions and awards including Forbes Best of Africa – Outstanding Leader in Africa, Distinguished Alumnus Award by both the Cranfield University’s School of Management and the University of Ibadan, African Banking Personality of the Year, African Banker of the Year Award; Banking Icon of the Decade by the Sun Newspapers and induction into the African Leadership Magazine (ALM) Hall of Fame, Honorary Citizenship of the State of Georgia and Congressional Commendation Award from the Georgia Senate – USA, Bank CEO of the Year by the AES Excellence Club and several other awards.
He has attended various executive and leadership programmes at Harvard Business School (USA), Wharton School (USA), London Business School (UK), IESE (Spain), University of Oxford (UK), University of Cambridge (UK), CEIBS (China) and INSEAD (France). He is a fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN).
Adeduntan’s leadership drive also reflected in First Bank Nigeria Limited’s recently released full year 2021 financial statement. The results clearly showed the strength and resilience of the iconic African elephant as well as the financial institution’s leadership in the industry. The impressive results were a reflection of the robust strength and growth of the iconic African elephant, showing that the bank has taken its rightful position among the industry leaders.
In addition, it showed the level of work the current board, management and staff of the bank have put in to turn the tide in the 128 years old institution with entrenched corporate governance.
The full year 2021 performance by the bank represented a shift in the financial institution’s performance trajectory and was made possible through its undeterred commitment in pursuing its transformational agenda; cutting across customer-led innovation, building a digitalised bank, culture change, reinventing the bank’s workplace and safeguarding its assets for the digital age.
For the first time, FirstBank Group posted the best result in more than a decade history of the bank by crossing the N100 billion profit line. Specifically, in the full year 2021 financial statement, the FirstBank Group reported a 73.9 per cent growth in its profit after tax to N117.8 billion, as against the N67.8 billion recorded as of December 2020, just as its profit before tax stood at N130.9 billion, which was a significant rise by 77.9 per cent year-on-year, as against the N73.6 billion it was as of December 2020.
FirstBank’s gross earnings also increased by 30.3 per cent to N716.8 billion in 2021, up from N550.3 billion it was as of December 2020. Also, it recorded non-interest income of N342.2 billion in the year under review, which was 106.4 per cent higher than the N165.8 billion recorded as of December 2020. As a result of years of strategic restructuring of its balance sheet and operations, its gross earnings also moved northwards by 30.3 per cent, its total assets was up 15.9 per cent to N8.5 trillion as of the end of 2021, as against the N7.4 trillion recorded the previous year, just as its customer deposits also climbed by 19.5 per cent to N5.6 trillion, up from the N4.7 trillion recorded the previous year. The bank’s customer loans and advances also improved by 28 per cent to N2.8 trillion in the year under review, up from N2.2 trillion the previous year.
FirstBank has shown innovation, resilience and commitment to growth by significantly reducing its non-performing loans (NPL) from 25% in 2016 to an acceptable level of 6.1% in 2021.
To demonstrate that the bank’s performance in 2021 was not a fluke, the Bank equally performed excellently well in Q1 2022. FirstBank recorded 32% increase in gross earnings to N180bn in Q1’22 from N136.6bn in Q1’21. Profit after tax was up 108% to N32.4 billion (Q1’22) relative to N15.6 billion (Q1’21). This impressive performance is hinged on robust loan portfolio, effective cost structure and increased digital services.FirstBank recorded the highest decline in its cost-to-income ratio in Q1 2022, dropping from 79.5% recorded in Q1 2021 to 67.03% amongst tier-1 Banks in the review period.
With FirstBank under Adeduntan, the safety of customers and the security of their transactions come first. This has ensured the bank keeps the trust of Nigerians gained over the many years of its enduring legacy of safety and security.
The bank also delivers unique and bespoke financial services solutions across all customer segments underpinned by its commitment to innovation and the customer experience. It also leverages its strong investment banking capabilities to support clients in defining and executing innovative debt solutions as well as offer strategic advice at the highest level, arrange tailor-made financing structures, manage risk and ultimately help clients to realise their aspirations
Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership.
Over the years, the bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the federal government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner. It is expected that the leadership excellence and recognitions accorded to Adeduntan would continue to reflect positively on the FirstBank brand and fundamentals of the bank so that the elephant will continue to stand ‘gidigba.’
Polaris Bank in N19 Million Criminal Deduction Mess
Innocent Chike, Polaris Bank Managing Director
A Magistrate Court sitting in Surulere area of Lagos has ordered Polaris Bank to refund the illegal deductions made on domiciliary and Naira accounts of three businesswomen with the bank to the tune of $30,769 (USD) N18,676,783.
The businesswomen – Mrs. Adebomi Orogun, Mrs. Kehinde Banjo, and Mrs. Oluwatoyin Ode had filed an originating application before the court against the bank over unjustifiable freezing of their accounts and subsequent illegal deductions on the said accounts.
In an application brought pursuant to Order 1 Rule 2 of the Magistrates’ Courts Civil Procedure Rules of Lagos State (2009), the businesswomen narrated how their USD (US Dollar), Euro, and Naira accounts were frozen by the bank without a valid court order.
They said the bank proceeded to make unauthorized deductions from their accounts without any justification whatsoever as there was no time they were accused of engaging in fraudulent activities with the said accounts.
In her affidavit in support of the application, the first applicant (Orogun) who maintained USD, Euro, and Naira accounts with Polaris Bank, said the bank usually deducts the requisite commission after every transaction she made.
According to her, “I regularly transact on my Euro account with the bank. I recently wanted to transfer money with my Euro account, only to discover that I no longer have access to make any transaction.
“I also discovered that there was no available balance left in my USD account. I was confused and had to make an inquiry with the bank to know the reason why I no longer have access to my Euro account and why my USD account was cleared out. However, I was informed by the Bank that they had not been deducting the proper commission per transaction on my account which they only commence later and ultimately led to my USD account being cleared out.
“This action carried out by the Bank was done entirely without recourse to me, who believed that all due commissions had been deducted and I had enough balance to plan my life with. On the 4th of March, 2022, I was shocked to discover that all my accounts (USD, EURO, and Naira) with the respondent (Polaris Bank) had been frozen and a post no debit order was placed on them.”
Orogun said she was neither informed nor given a satisfactory reason for the cruel act by the respondent, adding: “I did not engage in any fraudulent activity nor have I been officially accused of same by the bank. Hence, the freezing and placing of a post no debit on my accounts was totally unnecessary.”
She said the actions of the respondent greatly disrupted her business activities and also subjected her to financial cruelty with no hope as to when her accounts would be unfrozen.
“The actions of the respondent have also caused financial distress due to my inability to complete pending transactions,” she averred.
The other applicants also deposed to affidavits containing similar facts.
The bank failed to neither show up nor present any evidence to counter the claim of the applicants, while after reviewing the facts of the case, Magistrate Oluwatoyin Otitoju held that the action of the bank was illegal and void.
“An order of this Honourable Court is hereby made declaring the “post no debit” order placed on the 1st applicant USD, Euro, and Naira accounts and 2nd applicant’s USD and Naira accounts, and 3rd applicant’s USD and Naira accounts by the respondent (Polaris Bank) as illegal.
“An order of this Honourable Court is hereby made declaring the unauthorized deductions from the 1st applicant’s USD account, 2nd applicant’s USD account, and 3rd applicant’s USD account as illegal and void.
“An order of this Honourable Court is hereby made directing the respondent to revert the applicants’ accounts back to status quo as of 17th January 2022,” the court held.
Fidelity Bank Renovates Classroom Blocks, Commissions ATM Gallery In Zaria to Drive Financial Inclusion
L – R: Emir of Zazzau, His Royal Highness, Alhaji Ahmed Nuhu Bamalli; Executive Director, North Directorate, Fidelity Bank Plc, Hassan Imam; and Divisional Head, Brand and Communications, Fidelity Bank Plc, Meksley Nwagboh at the commissioning of classroom blocks renovated by the bank at Madrasatul Anwarul Islam, Kwarbai, Zaria, Kaduna State on Saturday, 18 June 2022. The bank also inaugurated a state-of-the-art Automatic Teller Machine (ATM) gallery at the Emir’s palace at the event.
Leading financial institution, Fidelity Bank Plc, recently commissioned the newly renovated Madrasatul Anwarul Islam school in Zaria, Kaduna State as part of its Corporate Social Responsibility (CSR) initiatives targeted across Nigeria.
Established over five decades ago by the emir’s father, late Maga in garin Zazzau, Alhaji Nuhu Bamalli, Madrasatul Anwarul Islam is the alma mater of the current Emir of Zazzau and has produced several notable personalities in the country.
The bank also inaugurated a state-of-the-art Automatic Teller Machine (ATM) gallery to drive financial inclusion within the community.
Speaking at the official project commissioning event which held on Saturday, 18 June 2022, Executive Director, North Directorate, Fidelity Bank Plc, Hassan Imam, said the bank’s decision to renovate the school was borne out of its commitment to make learning conducive for both students and teachers across the country.
According to Imam, “Our CSR footprint extends beyond education, healthcare and youth empowerment initiatives across the country as we are driven by the belief that we can only succeed as an organization when the people and community where we do business succeed. That is why we have taken it upon ourselves to help upgrade the facilities here at Madrasatul Anwarul Islam. Our hope is that the teachers and students in the school would put the facility to good use.”
“As part of our commitment to drive financial inclusion across the country and boost commerce in Zaria in particular, we have installed an ATM gallery at the emir’s palace. We hope this would make financial services easier and accessible to members of the Zaria community in line with our mission as a bank and thank the emir, His Royal Highness, Alhaji Ahmed Nuhu Bamalli, for his support in executing this project as well,” explained Imam.
Applauding the bank for its gesture towards promoting education and commerce in Zaria, HRM Ambassador Alhaji Ahmed Nuhu Bamalli encouraged members of the community to put the facilities to good use and protect them against vandalism. He also urged businesses and merchants to patronize the bank as a way of appreciating their efforts in developing the community.
Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6.7 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.
Ecobank Launches Super Rewards Season 3; 100 customers to get N50,000 Monthly
Ecobank Nigeria has launched Season 3 of its Super Rewards Campaign. The customer-focused initiative is designed by Ecobank to reward customers loyalty, with Season 3 set to reward 100 customers with cash prizes of N50,000 monthly, while 2 customers will go home with N1 million each at the end of the Season. The two-month campaign kicks off June 20 and will run through to August 21, 2022.
Announcing the commencement of the new season in Lagos, Korede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria said season 3 promises to be bigger with 100 customers benefiting N50,000 each. She stated that participation is open to both new and existing individual customers of the Bank, who qualify to be rewarded, while also enjoying a first-grade banking experience.
“Now is the perfect time to open an account with us or reactivate and fund your dormant account. The Super Reward campaign which was initiated by Ecobank in March 2021 is designed to promote a healthy savings culture amongst Nigerians and reward customers’ loyalty to the Ecobank brand. The success of season 1 and 2 campaigns followed by customers’ demand led to the introduction of Season 3. Both Seasons 1 and 2 have produced a total of 8 Millionaires and 1600 customers being rewarded N25,000 weekly in batches of fifty per week”. She stated.
Speaking on the dynamics of the campaign, Daberechi Effiong, Head, Consumer Products, Ecobank Nigeria, said the conditions to qualify for the campaign are simple and easy to ensure both new and existing customers participate and get rewarded. According to her, “New customers only need to open an account with a minimum of N5,000 while existing customers should make minimum deposits of N5,000. Customers with dormant account will also qualify when they reactivate and fund their account with a minimum of N5,000.
She further explained that qualifying customers will be rewarded monthly. “Rewards will be done monthly for the 2 months starting from July, 100 customers will be rewarded with N50,000 monthly. There will be two grand prize rewards of N1 million each at the end of the campaign.” She enjoined those that are yet to open an account with the bank to do so to enjoy the benefits of our bouquet of products and services.
Ecobank Nigeria Ltd. is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 33 African countries and an international presence in four locations (London, Paris, Beijing, and Dubai). Ecobank is a major player in the distribution of financial services in Nigeria, leveraging digital platforms including Ecobank Mobile App and USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, POSs and an extensive distribution network of over 250 branches and over 50,000 agency banking locations.
FIRSTBANK PARTNERS WITH ELOY FOUNDATION TO PROMOTE THE SUSTAINABILITY OF FEMALE OWNED SMALL BUSINESSES
In furtherance of the need to empower female business owners across the country, The ELOY Foundation, in partnership with FirstBank presents the ELOY Foundation Business Shower, created to support female entrepreneurs on their journey to building sustainable businesses. The support from FirstBank will be carried out through the FirstGem loan scheme designed for female-owned or partnered MSMEs and its SMEConnect initiative.
The partnership focuses on key sectors of the economy and designed to have female entrepreneurs exposed to essential business skills like training, networking and the ELOY Foundation Business Toolkit, a compilation of business survival skills nuggets. The business shower will avail businesses a platform to pitch their ideas to win seed grants and join the ELOY Foundation Sustainable Empowerment Programme 2022. Participants will also be able to access the FirstGem single digit loan, where eligible.
The ELOY Foundation Business Shower will hold in 5 locations across the country. Kicking off in Lagos on 23 June 2022, the train moves to Port Harcourt on 25 June 2022, then Abuja on 30 June 2022. In July, Kano and Abia will host female business owners on the 2nd and 7th, respectively.
The ELOY Awards Foundation Business Showers will offer an avenue to sustain women empowerment by providing entrepreneurial training and mentorship from experienced businessmen and women, arming participants with tools and information to help them grow their businesses.
According to Tewa Onasanya, Founder of the ELOY Awards Foundation, “it is not just enough to talk about empowering business owners, it is very important to sustain empowerment by providing guidance towards their business progress and giving them access to different resources to help them continue to thrive. MSMEs are the backbone of any nation and there is a great need to sustain this chain of the economy. It is on this common ground that FirstBank has partnered with the ELOY Team to contribute meaningfully in empowering women to achieve fulfilment in their chosen business endeavours.”
Speaking on the partnership, Folake An-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank said, “we commend ELOY Foundation for their efforts on this initiative as the continued strengthening and inclusiveness of female driven business endeavours is essential to the growth of the national economy. We are happy to partner with ELOY Foundation on its Business Shower. Together, we will drive the entrepreneurial viability of participants and expose them to business nuggets that will take their business to the next level.
Woven into the fabric of society for over 128 years, FirstBank plays a leading role in supporting women through strategic empowerment, capacity building and mentorship programs for women in MSME, leveraging its FirstGem and SMEConnect propositions to women across diverse sectors of the economy as well as strategic partnerships with women empowerment organisations like ELOY.
Registration is currently ongoing for the ELOY Business Shower via the link below.
Female business owners are encouraged to send in their business pitch video and business plan for a spot on the ELOY Foundation Sustainable Empowerment Program and a chance to win a grant for their business.
Heritage Bank wins Lagos Environmental Sustainability Award, commits to nature protection
R-L: Kehinde Olugbemi, Ag. Chief Risk Officer, Heritage Bank; Captain Babangida Zakari, Deputy Director of Coordination, Armed Forces Settlement Centre, Oshodi; Prince Ademola Docemo, MD, Lagos State Signage and Advertising (LASSA); Gaji Omobolaji Tajudeen, Permanent Secretary, Lagos State Government Representative; Brigadier General Maxwell Ejike, Director of Training, Armed Forces Settlement Centre, Oshodi, as Heritage Bank wins Environmental Sustainability Award at the 2022 World Environment Day event held in Lagos State.
For its contribution and support towards Environmental Sustainability, especially, in Lagos, the state government, awarded Heritage Bank with its 2022 Environmental Sustainability Award.
The bank joined other corporate organisations and schools within the State, awarded for their efforts towards protecting nature and limiting the impact of climate change on Earth.
The Award was given to the bank by the state government through the Ministry of Environment and Water Resources, Lagos State in the commemoration of 2022 World Environment Day Celebrations in which the bank was also a major sponsor.
Speaking at the year 2022 World Environment Day finale held at Alausa, Ikeja, Lagos at the weekend, the managing director/CEO, Heritage Bank Plc, Ifie Sekibo, commended Lagos state government and its ministry for the efforts exuded during environmental sustainability to protect ecosystems in supporting health and wellbeing of all creatures.
Sekibo, who was represented by the Chief Risk Officer, Heritage Bank, Mr. Kehinde Olugbemi, said: “as this year’s World Environmental Day Celebration theme implies, we have ‘Only One Earth,’ and truly, only one earth to protect. The fact is that human well-being is closely linked to the health of the environment. And our planet is reaching a breaking point. We are beginning to see the consequences of global warming on ecosystems and communities.”
Today, he said, industrialisation, though positive for human well-being on the flip side, has raked lots of havoc on human existence.
Quoting the World Health Organisation (WHO), he said, 24% of deaths can be traced back to avoidable environmental factors, adding that, Heritage Bank Plc has continued to prioritise and make huge commitments to environmentally sustainable practices to help build thriving communities and secure future growth potential.
R-L: Ozena Utulu, Ag. Group Head, Corporate Communications, Heritage Bank; Kehinde Olugbemi, Ag. Chief Risk Officer, Heritage Bank; Dr. S. Olayiwole Onasanya, Permanent Secretary, Lagos State Independent Electoral Commission (LASEIC) and Titilola Docemo, Regional Head, Lagos Island 2A, as Heritage Bank wins Environmental Sustainability Award at the 2022 World Environment Day event held in Lagos State.
“We realized that our people and other dwellers need clean air to breathe, fresh water to drink, and places to live that are free of toxic substances and hazards.
“So, as a part of our sustainability drive in the Corporate social responsibility space, we have continued to put sustainability at the heart of our decision-making for the sake of humanity and the bank’s own bottom line because a healthy planet is the backbone of nearly every industry on Earth,” he pointed out.
Earlier at the event, Lagos state governor, Mr. Babajide Sanwo-Olu stated that, there is an urgent need for everyone to focus on the need to live sustainably with nature for the benefit of mankind, adding that, this has become necessary to shift to a greener lifestyle through both policies and individual choices.
He added that sustainability of the environment is among the most pressing issues in the world today out of which the Earth faces triple planetary emergencies namely, Climate change, loss of biodiversity and Environmental Pollution.
The governor, who was represented by the Permanent Secretary, Office of Environmental Services, Dr. Omolaji Gaji, added that, the impact of the challenges has negatively made the achievements of Sustainable Development Goals (SDGs) less successful.
“With nature in emergency mode, the #OnlyOneEarth campaign for World Environment Day 2022, wants us to celebrate the planet through collective environmental action”, he said.
The governor commended Corporate Organisations, such as Heritage Bank for ensuring that the persistent drive of the State’s policy towards entrusting the legacy of greening and restoration of indigenous trees to the citizen is sustained.
Similarly, the commissioner for the Environment and Water Resources, Mr. Tunji Bello said, government through the ministry of the Environment & Water Resources has implemented several programmes to mitigate these challenges through Tree planting, Climate change summit, Environmental bees’ clubs in schools, waste to wealth and ban on open defecation.
Speaking through the Director of Sanitation Services Department, Dr. Hassan Sanuth, the PS added that, the government keyed into this call in 2021 by commencing the greening of Abraham Adesanya setback, together with restoration of some historical plants in specific locations like Agege, Idi-Mangoro where Mango trees were planted, Idi-Agbon in Ifako-Ijaiye where coconut trees were planted and in Lagos Island where breadfruit trees were planted at St. Paul Anglican Primary School, Breadfruit Lagos as part of this year’s celebration.
The guest lecturer, Dr. Ayo Tella while delivering his paper, noted that, Anthropogenic effects caused by human activities such as the felling of trees have altered the earth’s natural systems and survival of many species.
Heritage Bank had earlier donated plastic bins to Navy Town Secondary School, Ojo, Lagos, to mark the World Earth Day even as it has embarked on a project to address water crisis, whilst contributing towards making clean and potable water accessible to all.
Similarly, a global open-source movement known as Liter of Light Nigeria partnered with Heritage Bank Plc to provide sustainable solar electricity for Itomaro community in Lagos State while the bank, in 2020, had been on the move to distribute over 10, 000 mosquito nets to rural dwellers.
Dangote Cement Shareholders up dividend by 25% to N20 per share
Shareholders of Dangote Cement Plc yesterday commended the Management of the company for an impressive performance despite the economic challenges in the year under review.
Unanimously, the shareholders approved N20 per share for the year ended December 31, 2021 as against the N16 paid in the preceding year. This represents a 25 per cent increase in dividend compared to the 2020 dividend of N16.00 per share, reinforcing the Company’s commitment to maximising shareholder value.
The shareholders gave their approval at the 13th Annual General Meeting (AGM) held in Lagos. They commended the management for the impressive performance recorded in the year under review. They also applauded the company for its efforts in reducing unclaimed dividend of the company.
Dangote Cement in the year under review achieved its highest profit before tax in its history at N538.4 billion. Also, the Company recorded Group volumes of 29.3Mta, up 13.8 per cent. Exceptional EBITDA of N684.6 billion was achieved, up by 43.2 per cent owing to strong cost control measures.
Chairman of the company, Aliko Dangote, said that “Over the last decade, Dangote Cement has recorded exponential growth across all areas.”
According to him, Group volumes are now at almost 30Mta, our capacity has tripled to 51.6Mta and we export cement from five countries across Africa.
“As the volatile global environment propels us into a new era of uncertainties, we are fortunate that the last two years have taught us resilience, adaptability and grit. These values are what we need to face unpredictable times in the future.
“Dangote Cement remains the leading cement company in Africa, well-positioned for a positive and sustainable future. We are resolute in transforming Africa, while creating sustainable value for our stakeholders.”
Dangote said in January 2022, the Company completed the second tranche of its buy-back programme as Dangote Cement has now repurchased 0.98 per cent of its outstanding shares, saying this share buy-back programme reflects the Company’s unwavering commitment to creating value and identifying opportunities to return cash to shareholders.
He also noted that “We began operations in our new 3Mta Okpella plant in Edo state in 2021, where we are successfully ramping up production and have contributed to creating a new industrial hub.
“We are actively deploying our alternative fuel strategy across all countries of operations, to optimise energy efficiency, reduce reliance on fossil fuels and ultimately reduce CO2 emission. Whilst we focused our efforts on meeting the robust demand of our local market in Nigeria, at the expense of our export markets, we still made significant progress in our cement and clinker exports.
“In 2021, we exported seven ships of clinker out of Nigeria and exported cement from five of our operations. Our vision is for West and Central Africa to be cement and clinker self-sufficient, while making the regional and continental free trade agreements a reality.”
He added that along with the Company’s focus on strategy, it made progress on the effectiveness and diversity of its Board with the appointment of Ms. Halima Aliko-Dangote to the Board as a Non-Executive Director effective 26th February 2022, bringing female Board representation to 27 per cent, from 20 per cent in 2020 in addition to the six different nationalities and five independent non-executive directors on our Board.
He emphasised “We continue our sustainability and governance efforts with our 7 Sustainability Pillars – ‘The Dangote Way’. The 7 Pillars: cultural, economic, institutional, financial, environmental, operational and social, provide the appropriate framework in which we have embedded our corporate values and strategic objectives.”
He said “Our strategy in 2021 focused on energy transition, which is a crucial enabler of sustainable development and climate resilience on the continent. We have increased our focus on alternative fuels in our energy mix. We are actively investing in installing mechanical multi-fuel systems that can process diverse types of wastes.”
Outlook for Dangote Cement in 2022, Group Managing Director/Chief Executive Officer of Dangote Cement, Michel Puchercos said “Our goal to be the partner of choice for those transforming Africa, while creating sustainable value for our stakeholders remains firm and clear.
“Despite operating in a challenging and fast-moving environment, Dangote Cement consistently delivers superior profitability to the shareholders. The robust demand experienced across the continent despite the COVID-19 related challenges, confirm the powerful potential of these markets.”
