FIRSTBANK LAGOS AMATEUR OPEN GOLF CHAMPIONSHIP, THE LONGEST-RUNNING GOLF CHAMPIONSHIP IN NIGERIA BEGINS
FirstBank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced the commemoration of the 2021 and 60th edition of its annually sponsored Lagos Amateur Golf Championship. The tourney is scheduled to Tee-Off at the golf section of Ikoyi Club 1938 on Thursday, 18 – Sunday 21 November 2021.
The FirstBank Lagos Amateur Open Golf Championship is a World Amateur Golf Ranking (WAGR) listed competition that attracts the best golfers from the amateur scene, not only in Nigeria but across the continent and indeed the world. Participating in the competition contributes to the points for golfers to aid their WAGR rankings.
Preceding the competition will be a press conference, scheduled to hold on Wednesday 10th November 2021 at the Ikoyi Club House Terrace, where the CEO of FirstBank Nigeria Limited, Dr. Adeola Adeduntan will unveil the landmark edition of the longest-running known golf competition sponsorship the 60th FirstBank Lagos Amateur Open Golf Championship.
The highlights of the press conference are the unveiling of the “Corporate Golf Challenge”, “CEO’s CUP”, ProAm and Ladies Invitational. The Corporate Golf Challenge for Charity will be participated by twenty-Five (25) corporate teams of 4 players to compete in a networking environment of corporate hospitality designed to drive corporate social responsibility goals. It holds on Thursday 18th November, while the official competition will Tee-Off on Friday, 19th November through to the Championship Finals on Sunday, 21st November 2021. The net proceeds from team entry fees will be disbursed to charities under the FirstBank SPARK initiative. SPARK, an acronym – Start Performing Acts of Random Kindness – is a values-based initiative designed to raise consciousness that we can choose to be kind.
In addition, the “CEO’s CUP” is a newly introduced prize for the overall gross winner of the championship to recognise this indelible landmark and the unbroken legacy at the diamond jubilee.
The ProAm event, scheduled for Sunday 21st November 2021 is earmarked to recognise Professional Past Winners of the competition. Tagged ROLL OF HONOUR, the past winners play with invited amateur guests for a cash prize of US$5,000.00 (Five Thousand Dollars) as well as trophies and other prizes. The LADIES INVITATIONAL is a subset event of the ProAm, comprising female guests invited by the Bank.
Speaking on the landmark event the Group Head, Marketing and Corporate Communications, Ms. Folake Ani-Mumuney said “at FirstBank, we are excited to celebrate the landmark diamond jubilee of the Lagos Amateur Open Golf Championship which is indeed the longest sponsored golf championship in the country and arguably, the continent. For decades FirstBank has been at the forefront of the growth and development of sports in Nigeria, cutting across various and notably sporting events in the country. Sponsoring sports reflect our belief in the role of sports as a major vehicle for social development, whilst also being a unifying force of individuals, irrespective of language, culture, religion and social strata in any given society.
To continuously encourage and develop the game of golf, a series of professional coaching clinics and skills competitions are held during the Championships. The clinic will be facilitated each day, from Friday, 19th to Sunday 21st November 2021 at Ikoyi Club 1938 Golf Club Driving Range. Participants in the clinic include school children as well as advanced golf players that want to learn and/or improve their golf game. Participants are also able the exhibit their skills in Beat the Pro – Longest Drive and Beat the Pro – Nearest-To-the-Pin competitions.
Other FirstBank sponsored sporting events include the Georgian Cup of Kaduna Polo Tournament, sponsored for 102 years; the Dala Tennis Hard Court in Kano Club for over 30 years; the Obasanjo Pro-Amateur Golf tournament of Abeokuta Club now in its 5th year. The Bank’s influence in the development of sport in Nigeria is under its First@Sport initiative.
Transcorp Delivers Robust Q3 Results…Records accelerated PBT growth of 671%
Hospitality subsidiary, Transcorp Hotels, returns to profitability amidst the Covid-19 pandemic
Nigeria’s leading and largest listed diversified conglomerate, Transnational Corporation of Nigeria Plc (Transcorp) has released its unaudited results for the third quarter ended September 30, 2021, indicating sustained growth in 2021 as seen in the first two quarters of year.
With strategic investments in the Power, Hospitality, and Energy sectors, the conglomerate recorded a profit after tax of N13.5bn, rising by 617% up from N1.75bn recorded in the previous year.
Other key highlights of the result include the following:
Revenue rose by 57%, from N54.4bn in Q3 2020 to N85.6bn in the period under consideration.
Gross profit grew by 74%, from N22.7bn in Q3 2020 to N39.4bn in Q3 2021.
Profit before tax accelerated by 671% from N1.75bn in Q3 2020 to a significant N13.5b in Q3 2021.
Mrs. Owen Omogiafo, President/Group CEO of Transcorp, commenting on the performance said “the results reflect the continued commitment by the group to improve performance across all the sectors in which we operate. Our power business increased by 49% year on year, while our hospitality business increased by 115%.”
Omogiafo indicated that the company intends to complete the year with another quarter of excellent year-over-year growth, thanks to its scalability and sustainability strategy.
Omogiafo said, “Our outlook for the rest of the year remains positive despite some macro-economic issues. We are particularly excited by the performance of our Hospitality business and its recovery following the impact of the Covid pandemic. We have remained on track regarding our capacity recovery plan in our Power business and despite the systemic challenges in the Power sector, Transcorp remains a strong contributor to the power generated in the country. We will continue to drive operational efficiency and focused on delivering value to all stakeholders as we work towards building a long-lasting institution that would deliver on our purpose of Improving Lives and Transforming Nigeria.”
Heritage Bank launches Octiplus App, reinforces commitment as technology driven institution
Heritage Bank Plc has launched a robust innovative and advanced digital banking experience, “Octiplus”.
Octiplus as a bank-agnostic, all-in-one digital banking application, which grants users access to a bouquet of financial, lifestyle and social networking features with the added convenience of converging card based payments within one application irrespective of the issuing Nigerian Bank.
This state-of-the-art transactional and lifestyle application stands out in the industry, exposing customers to unique features which guarantee users access to relevant financial management tools which facilitate an improved spend and savings culture whilst affording users to a borderless transactional experience.
It is a mobile banking app developed and owned by the Bank and configured with a wide range of exciting features to meet the needs of the banking public.
The Divisional Head Innovation, Ikenna Imo stated that Octiplus promises an intelligent Omni-channel experience which augments the usual transactional features including bills payment, funds transfer and airtime recharge with its unique ability to facilitate person to person/group interactions which encourage small businesses and a thriving side hustle for young professionals.
He further confirmed that the App is now available for download on the Google and iOS App Stores.
Expressing his delight over the feat achieved, the MD/CEO of the bank, Ifie Sekibo stated, “Heritage Bank is a technology-driven institution with vast knowledge as a service organization in the business of banking and with the introduction of Octiplus, it is indicative that we are driven by the passion to ensure that your financial, business and lifestyle objectives are delivered in a convenient and interactive manner.
“With Octiplus, we are set to redefine the concept of digital banking for the discerning mobile user, as the app is equipped with several exciting features that reiterate the Bank’s commitment to expand its digital architecture and modernize its interactions with the banking public, irrespective of your preferred financial institution.
First Bank of Nigeria Limited created FirstSME Account to add to its SME product family in support of small and medium scale business owners by sustaining and expanding their business. AMAKA IFEAKANDU looks at what the facility offers and how SMEs owners can key in to boost their businesses.
There is no doubt that Small and Medium scale Enterprises (SMEs) are essential for rapid and sustained economic growth and development of any nation, including Nigeria, Africa and other growing countries of the world. First Bank of Nigeria Limited, the nation’s most valuable bank brand, has over the years shown commitment towards the success and growth of SMEs business in Nigeria.
The bank has severally introduced different customised products to provide solution that would grow SMEs in the country. Given that SMEs industry is the backbone of the economic development and the major contributor to employment opportunities and export growth, First Bank is committed to ensuring the sector sustains business growth by providing all the necessary financial support needed to grow their businesses and Nigeria economy at large.
Although the SME sector is awash with various industries and business, FirstBank is always at the forefront of packaging products and service that suit their various businesses. The bank, which has been in existence for over 127 years, has been a pillar of support to businesses in Nigeria and always develop the right products to provide flexible and dependable services that would help SMEs achieve the expected growth profile in all areas of their business lines.
FirstSME Account
The FirstBank’s leading SME Initiative – FirstSME account – was specifically created on August 2020, to support SMEs towards the sustenance and expansion of their businesses.
The FirstSME account, which comes in two variants – FirstSME Classic and First SME Deluxe – is offered to SMEs irrespective of industry and a tailor-made current account with a clear value proposition aimed at harnessing the huge opportunities available in the SME sector in Nigeria.
The product also exposes SMEs to a wide range of services that are essential for their continued growth and playing their roles in contributing to national development.
Apart from supporting SMEs, FirstSME account is also available to all non-individual entities like Limited Liability Companies, Public sector institutions, Enterprises/Sole proprietorships, Partnerships & Associations, Religious Bodies, Traders NGOs.
Benefits of FirstSME to customers
FirstSME account has been beneficial to a lot of companies, especially SMEs, in terms enhancing the capacity to sustain growth. The major benefits of these accounts include; access to Temporary OverDrafts (TODs) and other facilities subject to meeting Risk Adjustment Capital (RAC) of each product; immediate enrollment on all digital platform; free access to FirstBank SME events; free access to extensive business promotional and networking opportunities on the SMEConnect portal; access to a wide range of discounted and promotional offers and access to SMEConnect.
Other opportunities
Other available opportunities for operating FirstSME account is its connection to SMEConnect initiative of FirstBank which is a platform through which SMEs access the bank’s unique description that will equip them with the essential tools required for the growth of their business.
The SMEConnect portal is also designed to help SMEs identify various gaps affecting the growth of their business. Beyond financial support, SMEConnect offers strategic advisory services, business seminars periodic updates as well as information that will guide you in growing your business.
Importance of SMEConnect
SMEConnect is created to bring under one umbrella relevant resources, products and services aimed at helping SMEs in Nigeria. FirstBank has tailored -made products targeted at the specific needs of SMEs in Nigeria. These loan products have been designed for financing the activities of Small and Medium Enterprises (SMEs) under the U-First Scheme
The leading financial institution also provides Business Advisory and Support services and business-oriented credit access, customer/market, financing structure, access/availability of raw materials sales/cash flow projections, marketing/distribution/logistics and business strategic plan.
The platform provides other features including the SME Connect blog, business categories, e-newsletter, special offer and upcoming events and programme.
Accessibility/criteria for opening account
The FirstSME classic account is specifically designed to support small scale enterprises to grow and scale up their business with a minimum opening and operating balance of N50,000 and turnover limit caps at N100 mIllion with annual maintenance charge on the excess at 0.50k/mile.
The account also attracts Zero/mile annual maintenance charge subject to minimum operating balance and turnover limit.
But on the other hand, the FirstSME Deluxe account expects holders to have minimum opening and operating balance of N500,000 and N1 million respectively with zero annual maintenance charge subject to minimum operating balance and with no turnover limit caps.
FirstSME Connect’s scope of coverage
FirstBank’s SMEConnect services cover small/medium scale manufacturing firms, merchants (both suppliers, distributors), professional firms including law, consulting, audit, agricultural, Churches, Mosques and NGOs whose annual debit turnover is between N5 million and N500 million.
SMEs and FirstBank’s FirstSMEs account
The FirstBank’s FirstSME account is unique when compared with other SMEs accounts operating in the nation’s banking industry and the bank is passionate about helping SMEs to grow on all fronts
Another thing that makes the product stands out from products of other banks is that FirstSME customers get to enjoy services such as; zero account maintenance charge, access to webinar/training, various credit facilities, workplace resources, access to SMEConnect portal and directory and It is specially made for MSMEs and SMEs.
SMEs’ importance to FirstBank
Across the globe and Nigeria in particular, SMEs are known to be responsible for the majority of new jobs created and they are crucial to Nigeria’s success in the global economy, in so many ways namely: For government, SMEs, contribute to wealth creation and generate tax revenues; in business, SMEs represent an important source of innovation and in the society, they are an important source of employment.
Furthermore, SMEs drive consumption because they operate in every sector of the economy, and they have extensive local knowledge of resources, supply patterns and purchasing trends. In the same vein, the sector constitutes an important source of local supply and service provisions to larger corporations and makes a significant contribution to the revenue profile of most financial institutions. The SME sector stimulates growth and development within the economy.
NBS data
Available data from Nigeria Bureau of Statistics (NBS) showed that SMEs in Nigeria have contributed about 48 per cent of the national GDP in the last five years, account for 96 per cent of business and 84 per cent employment. With about 1.7 million people , the sector accounted for about 50 per cent of the industrial jobs. In other word, SMEs is one of the sectors that cannot be ignored in any given country
These also imply that First Bank of Nigeria Limited understands what it takes to turn around the nation’s economy, knowing fully well that supporting the SMEs will bring multiple effects on individuals, society and economy in general.
The bank also has deeper understanding that providing support, loans facilities and training to SMEs through SMEConnect would not only help their business to thrive, but increase employment opportunities, reduce high rate of crime, open doors for more investments in the country and bring return on investment and increase individual’s ability to save.
Impacts beneficiaries/economy
The FirstBank FirstSME account will go a long way to reducing cost of operating corporate account which frees up funds for the beneficiaries to grow their businesses faster. The resultant effect on the economy is the increased growth of SMEs.
Challenges of SMEs
Without any iota of doubt, the SMEs in the country is faced with different challenges ranging from poor capital structure, high cost of production, limited access to long term funds, poor business continuity/succession plan, weak value chain: supply, distribution, logistics, poor managerial and technical skills to lack of access to international market.
The FirstBank’s FirstSME account has provided an answer to some of the SMEs challenges by its readiness and commitment to providing the Nigerian SMEs with the necessary support needed to grow their various businesses
In all, for any SMEs company to move its business to the next level- both locally and internationally-, such business owner needs to open FirstSME account to avail him/herself of all the advantages provided by First Bank of Nigeria through its SMEConnect.
Operating FirstSME account is one step away from any form of distress, as all the training opportunities from SMEconnect and credit facilities embedded in the account will help to revive the company and place it on the path of growth.
U.K. Eke Retires From FBN Holdings Amidst Encomiums…As Nnamdi Okonkwo Becomes New GMD
The board of FBN Holdings Plc (FBNHoldings) has appointed the immediate past managing director of Fidelity Bank Plc, Mr. Nnamdi Okonkwo as its group managing director following the retirement of Mr. U.K. Eke, who has completed his two-term tenure..
Okonkwo’s appointment takes effect from January 1, 2022.
Uke, according to the board, tendered his Notice of Retirement on August 10, 2021
The board further announced the renewal of the appointments of Dr. Adesola Adeduntan and Mr. Gbenga Shobo as the managing director and deputy managing director of FirstBank respectively, for another term.
In same vein, the Board announced the renewal of appointments of Mr. Kayode Akinkugbe and Mr. Taiwo Okeowo as the Managing Director and Deputy Managing Director of FBNQuest Merchant Bank Limited respectively, for another term.
“Uke’s retirement takes effect at the end of the current Financial Year on December 31, 2021. Mr. Eke’s retirement follows from a 35 years’ career in financial services, strategy, auditing, consulting, taxation, process reengineering and capital market operations.
“FBNHoldings Board has also announced that Eke will be succeeded by Mr. Nnamdi Okonkwo, a focused and result-oriented top banker, who will assume office as Group Managing Director, FBN Holdings Plc effective January 1, 2022,” Seye Kosoko, the Company Secretary said
Okonkwo, the immediate past Chief Executive Officer of Fidelity Bank Plc, brings to bear on the Board of FBNHoldings more than 30 years unbroken banking career spanning local and international experience.
He has a wealth of experience in transformational leadership, business strategy development and visioning, innovative corporate governance and risk management.
He has led the transformation of banks, with the most recent being Fidelity Bank, where he led the management team in seven years to achieve remarkable results culminating in tripling profit and shareholder value.
Okonkwo previously served as the Executive Director for Southern Nigeria in Fidelity Bank. He has worked meritoriously on an international level in his capacity as the Managing Director of UBA Ghana; Director, UBA Liberia and a Director of the Ghana National Banking College.
He has served in various leadership positions across other financial institutions including Broad Bank of Nigeria Ltd; Citizens International Bank, Nigeria; FSB International Bank Plc, Nigeria; Guaranty Trust Bank Plc, Nigeria; and Merchant Bank of Africa, Nigeria.
Okonkwo made remarkable feats as a Director in various organizations including UBA Ghana, UBA Liberia, Nigeria e-government Strategy (Negst), Nigeria Interbank Settlement System Plc, Unified Payment System Ltd and as Chairman, Shareholders Audit Committee FMDQ, amongst others. His appointment is subject to the approval of regulatory authorities.
The board also approved the appointment of Mrs. Tope Orhionsefe Omage as a Non-Executive Director of First Bank of Nigeria Limited by the Board of FirstBank, subject to the approval of the CBN.
The Board also announced the appointment of Meristem Registrars Limited as the new Registrars to take over the Register of Members of FBN Holdings Plc in replacement of First Registrars and Investors Services Limited, with effect from December 1, 2021.
Ecobank Day: “We Should Be Open To Talk About Mental Health Issues” – Akinwuntan
Akinwuntan Ecobank MD
Ecobank Nigeria has reiterated its commitment towards promoting mental awareness for its staff, customers and the communities where it operates being part of its corporate action to support general wellbeing amongst citizens . This, according to the bank, is necessary in view of the enormous stress people encounter while trying to play their part in sustaining the national economy. The Managing Director, Ecobank Nigeria, Mr. Patrick Akinwuntan while speaking at the 2021 “Ecobank Day” event in Lagos stated that there was need for people to exercise more sensitivity and be more supportive towards improving mental health.
According to him, “This year, we are focusing on how we can support one another to improve on our mental health. It is something we should be open to talk about; it is something that we should be able to share our concerns so that each of us can be sensitive to how we support one another and to manage the stress available in our environment. So, this year, we are focused on mental health, educating people on how to identify and manage the disease, while also helping reduce stigma and discrimination. We all know that Nigeria is a country with about 200 million people, and there is a lot of stress on all of us. At Ecobank, we encourage staff to speak out through word of mouth, written communication, WhatsApp, sms message, even if it is an anonymous call to support victims. We also try to identify things within the environment that could have a negative effect on our journey to better mental health, and quickly take them out”.
On her part, the Executive Director, Commercial Bank, Ecobank Nigeria, Carol Oyedeji, urged colleagues to find a way to balance work with other aspects of their life. “Please when you close work, shut down your system and find ways to connect with your spouse, family and in any other thing that will give you joy and happiness”. She noted that we must encourage people to feel comfortable to talk about their emotions, without shame, fear of being judged or abuseD. She emphasized that anyone suffering or facing mental health problems should be aware that they can get help.
Experts at the event listed signs to watch out for in mental health to include; negative view of self, feeling alone, giving things away and frequent talks about death. They noted that mental health disorders are one of the most common Non-Communicable Diseases, noting that mental health issues can happen to anyone and it’s important to talk about it and also act on it.
Ecobank Day, is a Group’s flagship annual corporate and social responsibility event that ‘gives back’ to the local communities across the pan-African footprint. The 2021 Ecobank Day had the theme ‘Mental Health – Time to Talk and Act!’. It marks the final stage of Ecobank’s three-year campaign to raise awareness and help prevent Non-Communicable Diseases (NCDs).
Ecobank Day which started in 2013, focusing each year on a specific theme. These have been Education for young people in Africa (2013); Malaria prevention and control (2014); Every African child deserves a better future (2015); ICT education in schools and improving maternal health (2016); Safe water management (2017); Orphanages (2018); Cancer (2019); and Diabetes (2020).
FIRSTBANK PARTNERS NIBSS TO DRIVE DIGITAL PAYMENT CONVENIENCE WITH NIGERIA QUICK RESPONSE (NQR)
FirstBank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services organisation has announced its partnership with Nigeria Inter-Bank Settlement System plc (NIBSS) on its recently launched Nigeria Quick Response (NQR) Payment Solution.
The NQR is an innovative payment option implemented for all financial service providers and designed to promote quick and fast transactions by scanning the code on one’s mobile device. Also, the initiative reduces cost(s) for merchants and banks in delivering instant value for person to business (P2B) and person to person (P2P) transactions by simply scanning to pay. Unlike other QR schemes, the NQR is implemented with reduced charges that is cheaper for merchants.
The initiative is accessible on the Bank’s payment infrastructure as the NQR code can be used to make payments through one’s FirstMobile App. And it is also available for the merchant in facilitating their business activities. The touchpoint and use cases of the NQR payment solution include convenience stores, supermarkets, shopping malls, pharmacy, ride-hailing/taxi payments, bus fares, tolling booths payments, vending machines, e-commerce sites, online (Instagram) businesses amongst many others.
To access the service, launch your FirstMobile App and select QR payment. Afterwards, choose NIBSS as a payment provider, then scan the seller’s NQR barcode. Thereafter, the amount is inputted, followed by PIN validation to generate an instant confirmation of the transaction successfully. On the other hand, merchants are to visit any FirstBank branch closest to them for service enrolment.
Speaking on the initiative Dr. Adesola Adeduntan, CEO, FirstBank said “we are delighted with the adoption of the Nigeria Quick Response (NQR) payment solution, an initiative by Nigeria Interbank Settlement System plc (NIBSS) which has been instrumental to easing and promoting payment convenience with the use of mobile phones. At FirstBank, we recognize the indelible role technology plays in promoting businesses across diverse frontiers and we remain committed to reinventing our technology infrastructure to meet global standards whilst being committed to staying true to our mantra in always putting You, our customers First.
Four hours after President Muhammadu Buhari launched the digital currency, eNaira App, Nigerians are having problems signing into the Central Bank of Nigeria (CBN) digital currency platform.
The eNaira, which was launched 24 days behind schedule, has recorded more than 5000 downloads on Google Playstore and 442 reviews by downloaders, who rated the Central Bank Digital Currency (CBDC) mobile app 2.3 out of five.
The eNaira was launched by the President on Monday.
Complaints have trailed the app’s functionality as users encountered two problems, email, and Bank Verification Number (BVN) confirmation.
But the latter was common among individuals who had downloaded the App.
Attempts by Ripples Nigeria to log into the App were unsuccessful with the message below appearing on the system.
“We have encountered a problem with the BVN validation service, please try again later. Service timeout.” the eNaira App stated after initially showing “Oops, an error occurred, please try again later.”
A quick check on Google Playstore showed a series of complaints with one Nkwachiukwu Cornelius stating: “I am being asked to sign up through my bank only. Is there no other alternative method for signing up? I have tried signing up through my bank but the system is having a problem verifying BVN.”
Another user, Blessing Kay Fash, said: “A great initiative from CBN. However, 2 stars because l am unable to sign in after passing through the first steps of registration using my bank, full name, phone number, and BVN. Not knowing what is happening!”
Etubi Paul retorted: “After filling my details (Names, BVN, DOB, Account Number) it brings a red pop-up message that says, ‘We have encountered a problem with the BVN validation service.’ Pls work on this. The 2 STAR is for the availability of the app in the first place though.”
Biletiri Andrew said: “My BVN is not verified, please how this error can be rectified? It keeps telling me I should try again later or contact support.”
Titilope James lamented, “I give one star only. I tried my best to register but keep saying TOO MANY FAILED ATTEMPT ON BVN. Pls help me out.”
On his part, Chinedum Emezie said: “Very poor app, I filled in all my details correctly and yet it keeps telling me that my account number is incorrect even though it is after several trials it now tells me to contact customer support. Too many attempts were made with the same BVN. Very poor and how can I get this solved.”
Hassan Ahmad noted: “The steps are too much for an average person. Why can’t you just register people with their BVN? I have put all details but it’s saying the first name doesn’t match.”
The Central Bank of Nigeria has integrated 33 Banks into the eNaira platform with N500m successfully minted by the apex bank for the take off of the digital currency programme.
The CBN Governor, Mr Godwin Emefiele, said this on Monday at the official launch of the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, at the State House, Abuja.
The launch of the eNaira is a culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every strata of the society.
Following series of engagements with relevant stakeholders including the banking community, fintech operators, merchants and a cross section of Nigerians, the CBN designed the digital currency.
The eNaira, according to the apex bank, marks a major step forward in the evolution of money in Nigeria.
Speaking at the event, Emefiele said since the eNaira platform went live, there has been overwhelming interest and encouraging response from Nigerians and other parties across the world with over 2.5 million daily visits to the website.
He said so far, N200m has been issued to financial institutions, while over 2,000 customers have been onboarded.
According to him, over 120 merchants have successfully registered on the eNaira platform.
He said, “Today, customers who download the eNaira Speed Wallet App will be able to onboard and create their wallet; fund their eNaira wallet from their bank account; transfer eNaira from their wallet to another waller; make payment for purchases at registered merchant locations.
“Mr President, today you make history, yet again, with the launch of the eNaira – the first in Africa and one of the earliest around the world.
“Mr. President, as you make ground breaking reforms, there have been continuing debate on the true value of the Naira.
“Rather than worry today on the direction of the exchange rate, let us take a step back and analyze how we got here in the first place.”
Nigerian billionaire businessman and investor, Femi Otedola, on Friday, reportedly took over First Bank of Nigeria Plc.
According to The Street Journal, Otedola took over the bank with the acquisition of about ₦30 billion worth of shares, making him the single largest shareholder of the bank.
Otedola, being the largest shareholder, holds the highest voting shares, giving him power to dictate the direction of the bank through his voting power.
Recall that Femi Otedola had in 2019 divested his 75% direct and indirect share holding in Forte Oil, via a merger of his company Zenon Oil and former African Petroleum.
This act made many wondered why he made such a decision especially because of the lucrative nature of the oil and gas sector.
The billionaire had expressed interest in going into refining and petrochemicals as well as investing in the real estate and financial sector.
It was gathered that Otedola decided to take over First Bank Nigeria because of the internal crisis rocking the bank.
Recall that the leadership crisis rocking the bank led to the Central Bank of Nigeria sacking both the chairman of the bank, Ibukun Awosika and Obafemi Otudeko, the chairman of FBN Holdings.
