After consecutive devaluation, the Naira posted a gain against the US dollar at both the official and unofficial market windows of the forex market on Tuesday.
According to abokiFX, Naira closed at N526.00 per $1 at the black market on a N1.00 or 0.20 percent appreciation from the N527.00 it exchanged hands on Monday.
But the local currency closed flat against the Pound Sterling at the black market at N715/£1 and appreciated by N4 against the Euro to N612/€1 from N616/€1.
Similarly, data posted on the FMDQ Security Exchange window where forex is officially traded showed that the naira closed at N411.08 per $1 at the official market on Tuesday.
This translates to a N0.55 or 0.13 percent rise from the N411.63 rate recorded in the previous session on Monday
A low turnover, which resulted in ease in pressure, was one of the reasons for the gains posted by the local currency yesterday at the market segment
The Forex turnover recorded at the market segment was pegged at $72.50 million against the $81.81 million achieved at the preceding session, indicating a $9.31 million or 11.4 per cent decrease in the market turnover.
Access Bank launches awareness campaign to combat E-banking fraud
As part of its continued commitment to educate and protect customers from e-banking fraud, Africa’s largest retail bank, Access Bank Plc, has launched an awareness campaign aimed at sensitizing customers on measures they can take to protect themselves.
The Access Bank campaign, themed ‘Banks Don’t Ask’, focuses on three key activities that account for most fraud incidents in Nigeria, phishing, SIM card fraud, ATM fraud and POS fraud.
From all indications, the rates of phishing, SIM card fraud, ATM fraud and POS fraud in the country has tripled in the past few years. Also, the sophistication with which these activities are carried out has evolved, resulting in unsuspecting customers being highly susceptible to these criminal activities.
Victor Etuokwu, ED Retail Banking Access Bank stated, “In the past few years, there has been a significant increase in the rate of internet-based and technology-perpetrated fraud”. He added “We want to ensure that our customers are not only protected but are also aware of the tactics employed by fraudsters. Access Bank will never request for personal banking information such as your 16-digit card number, password, PIN, BVN, CVV or One-Time Password (OTP). So, customers are also advised to never share this information with anyone even if they claim to be from the Bank”.
To report suspicious activities (phone calls, emails or text messages), customers can call Access Bank on 01- 2712005 or send a mail to contactcenter@accessbankplc.com. To prevent SIM card fraud in cases of lost or stolen devices, customers can simply *901*911# from any phone deactivate their USSD profile.
FIRSTBANK’S SPONSORED ”FIRST CLASS MATERIAL” CONTINUES TO EMPOWER AND CELEBRATE THE NIGERIAN YOUTH.
FirstBank of Nigeria Limited, Nigeria’s premier and leading financial services provider has again reinforced its commitment to Youth Empowerment and Entrepreneurship through its sponsorship of the docuseries ”First Class Material” from the stables of Linda Ikeji TV
Arguably Nigeria’s most valuable bank brand, FirstBank continues to pride itself as indeed the Bank of many firsts. First Class Material is a docuseries designed to celebrate Nigerians who are excelling in various fields of endeavour whether academic or non-academic. It is a programme that aims to chronicle the success stories of Nigerians who are distinct and exemplary in their achievements and importantly, a testament to the greatness of the West African country. This docuseries aims to make education, vocational training and skill acquisition trendy, attractive and fashionable to the nation’s human capital by celebrating and rewarding innovators and trailblazers in various sectors. First Class Material is a celebration of notable Firsts by Nigerians which underscores what FirstBank stands for. The essence of the programme is to have many more people informed and encouraged by the successes, thereby having these feats emulated in their chosen endeavours.
First Class Material aims to change the narrative about Nigeria and Nigerians by highlighting the great work Nigerians are doing in different fields, including Academics, Technology, Arts, Music, entrepreneurship, and many more. It also aims to inspire others to aspire to excellence and to see hard work, legitimate work, and diligence as something rewarding and deserving of emulation. FirstBank was the official sponsor of the maiden edition of First Class Material by Linda Ikeji TV and based on its success, the Bank is now also sponsoring Season 2 which will commence 3rd week in August.
This innovative partnership would have viewers exposed to Nigerians across the globe that have carved a niche for themselves by being exemplary and influential in their chosen endeavours and career path. Success stories of notable firsts and trailblazers would be highlighted, with viewers encouraged to go beyond limits and leave no stone unturned at making their dreams a reality. Like the first season, which showcased exceptional individuals, the forthcoming season promises to share truly inspiring stories of great feats and accomplishments by some of the most unassuming Nigerians, in the country and dotted around the world. FirstBank’s goal is to inspire the youth and encourage them to make informed choices, critical to securing their future whilst impacting mankind and society at large.
FirstBank, historically, has had diverse interventions in promoting thought leadership and promoting initiatives that will stimulate the advancement of skill acquisition and capacity building for the Nigerian Youth to equip them for a bright future. The Bank’s sponsorship of the Programme is in tandem with the noble objectives of the bank which includes building and instilling values into its customers. FirstBank’s core values of people, passion and partnership very much align with the vision of the First Material towards building the youth to become tomorrow’s leaders. With over 127 years of continuous banking operations, First Bank of Nigeria Limited (FirstBank) is giving a good account of itself in this regard not only as a true financial powerhouse but also as a life enabler, helping Nigerians live better and achieve their dreams.
Apart from the First Class Material initiative and in the furtherance of the Bank’s long term commitment to promote youth development, professional excellence and education, FirstBank has also in the past and currently actively supporting various activities and initiatives in the youth segment. The bank partners with Eventful Nigeria Ltd for Fashion Souk, a platform that creates an opportunity for players in the fashion industry to exhibit and sell their wares to the thousands of event participants. The bank, also in a bid to ensure the sustainability of the industry, recently introduced fashion design loans specifically designed to offer financial support to the participants in the textile industry.
Through its First@arts initiative, FirstBank consolidates all its efforts in the arts, supporting the entire value chain of the creative arts, providing much-needed financing and advisory support, showcasing and facilitating the successes of the industry, and enabling customers to explore and access the wealth of opportunities the creative industry has to offer.
Achieving these and a host of many others have been implemented through strategic partnerships with organisations like the British Council, Duke of Shomolu Productions, Live Theatre Lagos, Freedom Park, Terra Kulture, and the Cross Rivers State Government (Calabar Festival), among others.
With the sponsorship of similar socio-cultural initiatives in the creative arts industry like Moremi, Makaliki, Oba Esugbayi stage drama, October 1st (a movie), the Calabar Festival and the recently concluded, The Voice Nigeria (Season 3) the Bank remains exemplary to expose the youth to a wide range of opportunities that are integral to the realisation of their dreams, as they contribute to the continued socio-economic development of their immediate environment and the country at large.
Indeed, FirstBank remains a noble brand close to the heart of the youths and the deliberate efforts made by the bank has indeed been a catalyst of socio-economic growth of Nigerian youths and the nation as a whole.
FIRSTBANK SPONSORS THE 5TH EDITION OF THE CHIEF OLUSEGUN OBASANJO GOLF TOURNAMENT
First Bank of Nigeria Limited has announced its sponsorship of the 5th edition of the Chief Olusegun Obasanjo golf tournament, organized by the Abeokuta golf club. The competition, which is scheduled to hold on Saturday, 14th August 2021 will have Chief Obasanjo perform the ceremonial Tee-off to the glamour of the 150 golfers participating from across Nigeria.
Speaking on the competition, Kola Adeneye, the Captain of the Abeokuta golf club, said; “Abeokuta golf club is putting up this tournament, fully sponsored by First Bank of Nigeria Limited to celebrate Chief Olusegun Obasanjo, whom we all know to be an icon, a patriotic Nigerian and an entrepreneur. He is worthy to be celebrated and it’s not only when somebody dies that you celebrate him.
“So, Abeokuta golf club has put this tournament together to celebrate him and this is the fifth edition and we want to sincerely thank FirstBank for the support… It’s going to be a wonderful experience, a nice outing for golfers all over Nigeria to come and celebrate Baba Olusegun Obasanjo”, the captain emphasised.
Highlighting the Bank’s contribution to sports development in Nigeria, Mr. Tunde Owolabi, FirstBank’s Group Executive, Retail Banking (Lagos & West) said “we are delighted to join The Abeokuta Golf Club to honour Chief Olusegun Obasanjo for the indelible roles he has played to the socio-economic and political development of the country. The Bank’s influence in the development of sports in Nigeria is under its First@Sport initiative.
“In over a century, FirstBank has sponsored various sporting events known as its legacy sport. These events include the Georgian Cup of Kaduna Polo Club, for over 100 years; the Dala Tennis Hard Court in Kano Club for over 30 years; the FirstBank Lagos Amateur Open Golf Championship in Ikoyi Club which will be in its 60th year this November and the Obasanjo Pro-Amateur tournament of Abeokuta Club now in its 5th year”, he concluded.
Nigeria has been listed as the fifth-highest borrower from the World Bank Group and among the 10 highest debt risk exposure globally.
This is contained in a recent report which is the Fiscal Year 2021 (FY21) financial statement of the International Development Association (IDA), a subsidiary of the World Bank.
Naija News reports that the country’s debt portfolio with the international financial institution currently stands at $11.7 billion (about N4.816 trillion).
According to the report, India is leading with $22bn debt, Bangladesh next with $18.1bn, Pakistan, $16.4bn, Vietnam, $14.1bn, and Nigeria occupies the 5th position with an $11.7bn debt.
African countries next to Nigeria are Ethiopia with $11.2bn, Kenya with $10.2bn, Tanzania with $8.3bn, Ghana with $5.6bn, and Uganda, $4.4bn.
“As of June 30, 2021, the 10 countries with the highest exposures accounted for 66% of IDA’s total exposure,” the World Bank noted.
The report also said $19.5bn loans would be disbursed to Nigeria, which includes $1.46bn loan approved but not yet signed, $6.61bn signed loan commitment, and $11.47bn outstanding loan.
Meanwhile, the Federal Government has condemned the reports classifying Nigeria as a high debt risk nation.
This was contained in a statement by the Debt Management Office in Abuja on Wednesday.
According to the DMO, the publications misrepresented the World Bank’s assessment report of the International Development Association audited financial statement for 2021.
FIRSTBANK IMPACTS ITS FIRSTMONIE AGENTS WITH A 100 BILLION NAIRA LOAN
The Bank has been at the forefront of promoting financial inclusion in the country, impacting Nigerians, regardless of their locations nationwide.
The Bank currently has over 120,000 Firstmonie Agents spread across 772 Local Government Areas in Nigeria
The Agent Credit scheme was launched a year ago to empower its Firstmonie Agents to grow their businesses, whilst being at an advantage to contribute to national development.
Barely a year after the launch of its Agent Credit scheme, FirstBank of Nigeria PLC, Nigeria’s leading financial inclusion services provider, has announced that it has economically empowered its Firstmonie Agents with the sum of N100 billion. The Bank currently has over 120,000 Firstmonie Agents, spread across 772 Local Government Areas in the country.
The Agent Credit scheme was created by the FirstBank to promote and expand the business activities of its foremost agent banking platform – Firstmonie Agents – whilst putting them at an advantage to positively impact their immediate environment.
Firstmonie Agents have been integral to bridging the financial exclusion gap, providing convenient banking services that are easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments that have no access to financial services.
FirstBank’s financial inclusion activities are in line with the mandate of the Central Bank of Nigeria (CBN) to ensure the availability of affordable financial products and services to all individuals and groups of people in the country, irrespective of location, literacy levels, familiarity with technology and accessibility to modern infrastructural facilities. The Firstmonie Agent channel is amongst the Bank’s many initiatives to expand financial access in the country.
Reiterating the FirstBank’s role in deepening financial inclusion in the country, Chuma Ezirim, Group Executive, e-Business & Retail Products, said “we are truly excited about the tremendous impact of the Agent Credit on the performance of our Firstmonie Agents nationwide. Since the introduction of the Agent Credit to support our ‘Human ATMs’ as we fondly call our Firstmonie Agents, they have recorded immense growth in their businesses, at levels they never envisaged in such a short period.
Our key goal is to continue to deliver financial services to the underserved and unbanked populations, employing modern technology for processing real-time transactions and in doing so, contribute to building capacities and learning new skills in information technology, cash management and relationship management for our FirstMonie agents.
We encourage our Firstmonie Agents to keep being exemplary in setting the pace to promote financial inclusion as we collectively work towards the continuous growth and development of the national economy.”
Unveiling! How Government Allegedly Killed Oriental Foods for Dangote Takeover… His Interest in Dairy Industry may Force Peak Milk others out of Nigeria
Aliko Dangote
Africa’s richest man Alhaji Aliko Dangote is without doubt a very influential man in Nigeria, his influence has seen governments formulate policies to accommodate his interest. It is therefore a regular and consistent occurrence for him to be accuse of using his acquired influence especially among the government to curry favorable advantage for him and his company to the disadvantages of others unfortunate to venture into a business he’s having interest, this has worked adversely as his alleged business interest was fingered as the reason a thriving business suddenly go bankrupt.
Sources revealed the whole issue stated in 2019 when the Group Executive Director of the Dangote Group, Engr. Mansur Ahmed announced during an African Development Bank (AfDB) Investment Forum for the New Special Agro-Processing Zones in Abuja that the company will be going into dairy farming and that the company will be going into large-scale dairy farming. Which invariably means Dangote Group will be rubbing shoulders with companies producing milk and other dairy products in the country.
This announcement the source revealed was just like the proverbial witch that howled the preceding night and a healthy child dying at day-break, as a couple of months after the Central Bank of Nigeria (CBN) immediately in the first quarter of 2020 making a policy banning some companies from dairy product industry from importing milk, dairy products into the country with immediate effect. This brought in its wake the shutdown of Oriental Foods Ibadan the makers of ‘Luna Milk’ forcing the company to layoff its staffs and thereby adding more to the already huge unemployed Nigerians.
According to sources within the company the decision of the CBN means our employer and others that are excluded from the 5 companies that can still import can no longer compete in the dairy industry and thereby leading to the shutting down of the operations, though unconfirmed report says the said Oriental Foods has been acquired by the Dangote Group, thereby giving it the necessary equipment to launch its dairy lines anytime it so chose.
It is important to note that the Aliko Dangote led organisation has always being facing criticism for his ruthless use of government influence to crush competitors in nearly all the industry its operates, this industry watchers claimed is being put in motion when the Federal Minister of Agriculture and Rural Development, Sabo Nanono at a press briefing to commemorate 2020 World Food Day celebration, said that any form of importation of milk and dairy products will be banned completely by 2022, a time sources claimed will have seen the promised Dangote dairy farm investment announced in 2019 reach its maturity stage since cattle growth to lactation take about 18months.
Ziza Milk
It is important to note that Aliko Dangote’s younger brother Sani who also serves as the Vice President of Dangote Group had at a time through his Dansa Group tried his hands on dairy business with his Ziza Milk, though all attempt by his elder brother controlled bigger company to acquire his products and production which includes Dansa Juice and Mowa waters was rebuffed, the new investment in the dairy industry may be a signal to relaunch Ziza and other dairy products.
Dangote Group has been at one time or the other at the receiving end of accusation of using unethical practices in their many running battles with companies in different sectors of the economy, they are at different times being accused of using government and its agencies to stifle competition, a practices that will be detrimental to the growth of national economy in the nearest future.
Most prominent among their fight for total dominance is the fight for market price control in the cement industry with the Abdul Samad Rabiu led BUA Cement, there has been accusations of sponsored attacks among the two over who controls the price of the product in the market.
The Africa’s Richest man’s company had also had silent battles in the past over dominance with companies in the sugar business against BUA Group, pasta and many more, his recent interest in the milk and dairy industry may be the death of more companies and a very long battle with others who had been in the industry as far back as independence.
The Conglomerate with strategic investments in the Power, Hospitality, and Energy sectors, recorded a profit after tax of N6.5bn, rising by 713% up from N0.8bn recorded in June of the previous year. Other key highlights of the result include the following:
Revenue rose by 53%, from N35.0bn in June 2020 to N53.3bn in the period under consideration.
Gross profit grew by 60%, from N14.7bn in June 2020 to N23.5bn in June 2021.
Profit before tax rose by 689% from N0.9bn in June 2020 to N7.1b in June 2021.
Commenting on the performance, Transcorp’s President/Group CEO, Mrs. Owen Omogiafo, reiterated the Conglomerate’s commitment towards producing long-term value and sustainable impact. “We are pleased to see the sustained growth in our group performance, which was achieved as a result of the improved performance across all the sectors we operate in. The revenue achieved in our power business grew by 48%, as a result of improved gas supply and increased generation capacity”, she stated.
Commenting on the hospitality sector, Omogiafo stated that the company’s strategic actions have resulted in a growth in revenue of up to 84%, despite the ongoing impact of the COVID-19 epidemic on the Nigerian and global hospitality industries. She expressed confidence in the company’s recovery strategies, citing the recent official launch of Aura, the company’s digital hospitality platform, as a testament to that confidence.
On the Transcorp Group’s capacity to sustain its performance, Omogiafo said, “We do not plan to rest on our oars. We will continue to sweat our existing assets and explore new frontiers, as we continue to deliver on our purpose of Improving Lives and Transforming Nigeria.”
“Ecobank Remains Payment Gateway in Africa” – Akinwuntan
The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has reiterated that the Pan African bank remains the payment gateway for Africa. Akinwuntan who was speaking on the topic “Optimizing sustainable trade, investment and regional economic integration through effective partnerships between ECOWAS institutions and regional institutions and the organized private sector” at a webinar organised by the Lagos Chamber of Commerce and Industry (LCCI) to commemorate the 46th anniversary of ECOWAS on Monday, stated that the bank’s state of the art digital payment and collection platform is promoting trade and commerce across the African continent.
According to him, Ecobank is present in all ECOWAS member states, stressing that the bank will continue to leverage its knowledge, footprint, and payment channels to promote trade and economic activities through its unique and large pan-African network that positions it to support businesses at all levels. He noted that “naturally for us as a Pan African bank, we are set up to support the economic integration and development of Africa. We have the commitment, capacity and network to support the realization of that objective. We have a platform that leverages technology which enables businesses within ECOWAS to operate as one market. In terms of payment and collection, we have just one banking platform that serves an entire industry. If you are an individual and you open an account and get our Mobile app, you have access to the 33 countries where we operate, and you can transact across these countries. It is a payment switch that ensures payment without going through SWIFT but ensures instant value across the network. For businesses, we have Omni platform, which is a web-based payment platform that enables you to first see your position across the 33 countries and make instant payment.”
Ecobank Patrick Akinwuntan
Mr. Akinwuntan added that Ecobank is also providing access to market without language barriers; building capacity of Micro, Small and Medium Enterprises (MSMEs), and empowering women through various products such as the highly innovative Ellevate, a woman focused package targeting at least 40milion women owned business in the MSME space across Africa, by supporting them to become big businesses. “We provide access to the market, we know the continent, we know the sub-region and ECOWAS, this is part of what we offer at Ecobank. When you discuss with us in Ecobank, we are able to translate into the language you understand. Our financial statements are in English and French. In terms of MSMEs, which are critical, we have put in place an MSME Academy in partnership with AUDA-NEPAD solely for capacity building. But more importantly, we have also set aside N100 billion in Nigeria to support MSMEs. We have a regional trade desk that supports you by giving you access to market, finance, and capacity building. We are able to empower the MSME to gradually become pan African business partners leveraging technology.
Earlier in his welcome address, LCCI President, Mrs Toki Mabogunje said the webinar is to explore the opportunities and challenges of economic integration for stakeholders and for ECOWAS member states, adding that the forum also serves to examine the various trade policies, intra-regional commerce, smooth integration between member states and potential markets with borderless opportunities. She said LCCI will continue to partner with ECOWAS institutions to realise its objective of wealth creation, economic integration and commitment to peace and development.
Special Guest of Honour, Minister of Industry, Trade and Investment, Otunba Niyi Adebayo lauded the efforts of ECOWAS in boosting trade in the sub-region. He was optimistic that collaboration with the organized private sector would further boost commerce and the economy of member states.
Ecobank’s Half-Year Profit Jumps By 33%, Revenue Rises
Ecobank Transnational Incorporated (ETI) recorded a 33.04 per cent rise in its profit before tax for the first half of the year ended June 30, 2021. In its unaudited financial statement for the first half of the year 2021, Ecobank said its operating income improved by 15.35 per cent year-on-year from June 30, 2020. It said its operating profit before impairment charges and taxation rose by 32.62 per cent to N138.26bn.
At the end of H1 2021, Ecobank’s total assets increased to N11.02tn from N10.38tn in December 2020. The loans and advances to its customers fell from N3.70tn in H1 2020 to N3.63tn in H1 2021, while customer deposits in all its operating locations increased by 7.38 per cent from N7.32tn to N7.86tn. the total equity depreciated by 1.06 per cent as it reduced from N811.75m to N803.18bn.
Commenting, Ade Ayeyemi, Ecobank Group CEO, said: “We saw continued and sustained resilience in our performance, which is indicative of the success of our ‘execution momentum’ drive. As a result, we generated a return on tangible equity of 16.1% versus 15.2% a year ago and increased diluted EPS and tangible book value per share by 19% and 6%, respectively. In addition, profit before tax increased 23% to $210 million.”
“Group revenues rose 7% to $825 million, despite the challenging operating environment with the third wave of coronavirus infections threatening economic recovery. Our diversified pan-African business model continued to rise to the challenge. Revenues grew 13% and 6% in our Commercial and Consumer businesses, while our focus on growing the trade business led to increased trade assets. The slowly increasing business and spend activity drove a 20% rise in our Payments business’s revenue to $90 million. Deposits growth was strong, with total deposits now over $19 billion, an increase of $1.0 billion in the second quarter and $2.4 billion in a year, driven by our omnichannel strategy. Though loan growth remained flat, we are focused on providing support to MSMEs for growth,” Ayeyemi added.
“I am proud of the team’s hard work in driving efficiency, which continues to reflect in our cost-to-income ratio of 58.7% ahead of guidance and progressing well toward our medium-term goal of approximately 55%. In addition, credit quality continued to be exceptionally strong. As a result, our NPL ratio of 7.4% is a substantial improvement from the prior year’s 9.8%, as we also build reserves to insulate the balance sheet with an NPL coverage ratio of 86.7% and pushing towards our near-term target of 90%,” Ayeyemi continued.
“We successfully raised $350 million Tier 2 Sustainability Notes in June, the first-ever by a financial institution in sub-Saharan Africa and first to have a Basel III-compliant 10-year non-call 5 structure outside South Africa in 144A/RegS format. The Bond was 3.6 times oversubscribed, demonstrating strong confidence in the Ecobank Group and our commitment to the sustainability of our communities and their social needs. I am deeply grateful to all stakeholders and must thank our clients for continuing to put their trust in Ecobank for their diverse banking needs.” Ayeyemi concluded.
