Business Archives - Page 64 of 83

NPA IS TOO HIGH-HANDED IN DEALING WITH OMSL

The New Nigeria Collective (NNC) group has asked the leadership of the Nigeria Ports Authority (NPA) to tread with circumspection in the way it is handling its engagement with the Ocean Marine Solution Limited (OMSL), the company supporting the Nigerian Navy to provide security at the Secure Anchorage Area (SAA) of the Lagos delineation of the nation’s waters.

The group, in a statement by its National Chairman, Mr. Adeola Adewunmi, was reacting to a statement recently credited to the NPA leadership and published in a national daily, where it threatened the arrest of any vessel at the SAA, adding that any ship found there would be sanction also.

NNC observed that the inexplicable rivalry orchestrated by the NPA was gradually becoming a threat to national security, given the sensitivity of the assignment that the OMSL is handling for the country, in collaboration with the Nigerian Navy at SAA.

According to the group, the fact that OMSL has no business with the NPA in the matter presupposes that the government agency has been overreaching itself over time even after the Nigerian Senate intervened and asked the NPA to steer clear of the SAA, because the contract is between OMSL and the Navy and not directly with the NPA.

It is even the more disturbing that after Senate’s recommendation, which gave OMSL a clean bill and urged it to continue with its otherwise patriotic assignment, the NPA leadership was still headstrong and went ahead to disrespect the Nigerian senate – an institution of note. Isn’t it also ridiculous that the NPA is now asking the Navy to arrest the vessels they are protecting or do we call this a clear case of incompetence on the part of the NPA leadership?

“Unfortunately, as it stands today, the NPA doesn’t have a security Architecture in place in the Lagos area, not to mention the Port Harcourt area, where pirates’ attacks are uncontrollable and cost of shipping to Port Harcourt has become astronomical, because ships refuse to go there. But the Lagos that seems to be working, because of SAA is about to be destroyed out of sheer vendetta and lack of patriotism.

“Instead of encouraging the security solutions that have brought sanity to the Lagos area, all the efforts of the NPA leadership have been to destroy it and bring the Lagos area to the days that ships had to go to neighboring countries to berth and the country lost a lot of revenue and what is even more worrisome is that this service is at no cost to the federal government, so, what is NPA’s problem?” the group asked.

The NNC said it was embarrassed to learn that despite all the interventions that legitimately stifled the NPA from harassing the OMSL, it has continued to act as though it was not answerable to anyone, adding that the silent treatment being meted out to it by the OMSL can only explain why the matter has not needlessly escalated.

“The truth of the matter is that the NPA does not even have the power to arrest or announce the arrest of anyone. In the very worst case scenario, if there are infractions at SAA, all that the NPA needs to do is report such to the Navy, which will in turn address the matter.

“But, having followed closely the operations of the OMSL at the SAA, it does not take much to see how the company has been providing the much needed logistics for the navy to function and be on top of their assignment. But this is the kind of support that the NPA has refused to give, even when it was approached.

“We are inclined to believe, therefore, that there are some persons within the NPA, who for reasons best known to them alone, want the OMSL messed up and as a result, been concocting all sorts of lies and manipulation to justify their premeditated plans,” he said.

The group maintained that the NPA must be immediately called to order to stop distracting the OMSL from doing the job, for which it has been globally acknowledged as outstanding in securing the nation’s waterways and instead, partner them for a productive collaboration in larger interest.

Signed:

Adeola Adewunmi Chairman, NNC

Access Bank W Initiative – Creating an enabling Business Environment for Women SMEs

Access Bank through the W initiative, has empowered women, owned and managed SMEs by putting together an innovative bundle of offerings designed to support the more than a few aspects of business during the global pandemic.

The W Initiative of Access Bank remains a pioneer proposition to promote women’s economic empowerment in Africa with over a decade of active participation in creating and supporting the Women’s Market across its focus segment. Being the forerunner of the gender-focused initiative in the industry, The W initiative has yet again demonstrated a feat by supporting women especially Women SMEs during these times.

The bundled offerings consist of; the introduction of the W Webinar Series, implementation of a 90 days moratorium and extension on all existing loans to Women owned and managed SMEs without penal charge, introduction of the bespoke business debit card and creation of an e-commerce enabled website to enhance the digital presence for female owned businesses.

Speaking on Access Bank’s innovative for SMEs with a focus for Women owned businesses, Ayona Aguele-Trimnell, Group Head, Women Banking at Access Bank Plc said “At Access Bank, we are mainly committed to drive women’s economic empowerment in the markets we serve. We are also actively involved in supporting women-owned businesses to thrive through this period by leveraging digital platforms to sell their goods and services, providing alternate channels of banking as well as easing the burden of loan repayment while considering the impact of the global pandemic on SMEs.”

She further mentioned that “The Bank has adopted virtual platforms to ensure that Women owned SMEs are given an enabled environment to thrive and continue their businesses despite the global pandemic.”

Access Bank has an unflinching commitment to empower women and contribute immensely to the growth of the women market in Nigeria and beyond for accelerated social and economic growth.

Fidelity Bank appoints Chike-Obi Chairman as Ebi retires

Fidelity Bank Plc has announced that two of its Board members: Mr. Ernest Ebi, who has been serving as chairman, Board of Directors, and Mr. Seni Adetu, who has been serving as an independent non-executive director, having successfully completed their tenure in accordance with the bank’s internal governance policy, will be stepping down from the Board.

Under the Chairmanship of Ebi, the bank recorded significant growth across key financial metrics with both Messrs Ebi and Adetu playing significant roles, complementing management effort in the delivery of these milestones; in service of the long term vision of the bank. The bank’s market share position has also been materially strengthened over this period.

The board is also pleased to announce that the retiring Chairman will be succeeded by Mr. Mustafa Chike-Obi, who is currently the Executive Vice Chairman at Alpha African Advisory. He has over 40 years of experience in investment banking and the financial services sector, working with reputable global investment banking and asset management firms. He provides overall leadership at Alpha African Advisory and has direct oversight over the capital raising division.

Prior to joining Alpha African Advisory, he was the inaugural CEO, Asset Management Corporation of Nigeria (AMCON), a Federal Government-backed institution, established to resolve the problem of non-performing loan assets of Nigerian banks after the 2008 global financial crisis. Chike-Obi was Founding President at Madison Advisors, a financial services advisory and consulting firm in New Jersey, specialising in hedge funds and private equity investment advice. He holds a Bachelor’s degree in Mathematics from the University of Lagos (First Class Honors) and an MBA from Stanford University Graduate School of Business.

Ebi will, however, continue in the role until the in-coming Chairman assumes office as part of the process of ensuring a smooth and successful transition. The changes being announced further attest to Fidelity Bank’s high governance standards and best practices in compliance with internal succession policies.

The outgoing Chairman expressed pride in the results that the bank achieved during his time as Chairman. ‘I feel that the management team has consolidated on our plans to become one of the fastest-growing banks in the country, strongly rooted in technology only comparable with the best in the world. I am confident that my successor will continue on that path to take the bank to its next stage of growth and advancement. I wish my successor, the management team, and the entire staff of Fidelity Bank the very best for continued success”, he said.

Heritage Bank shuts branch for disinfections over suspected coronavirus case

Heritage Bank Plc said it has closed down an Experience Centre- EC (branch) at Allen Avenue; Ikeja over “unconfirmed case” of Coronavirus for deep hygiene clean up after an employee took ill last week.

The bank in a statement made available to the press and customers, noted “in line with our emergency response plan and following regulatory practices, we have taken immediate steps to close down Allen Avenue, Ikeja Experience Centers- EC (branch) for thorough disinfections of the affected location.”

Contrary to rumour, the bank disclosed that whilst the suspected staff awaits her medical test from the Covid-19 Test Centre in Yaba, she had not exhibited any symptoms related to the virus.

“Neither of the suspected person or others in the EC had exhibited any symptoms,” the bank said in the statement.

Specifically, the bank stated that staff were advised to self-isolate for 14days forthwith which was in consonance with Nigeria Centre for Disease Control (NCDC).

The bank stated that the EC will undergo “thorough disinfections,” further affirmed, “Customers and staff safety remains paramount; hence we will recommence business with new set of relief employees, as the current staff self-isolate.”

In the interim, the bank advised customers, “please visit other ECs or branches in Ikeja where you can conduct your daily transactions. Otherwise, you can use our alternate e-channels for seamless service deliveries.

“Heritage Bank remains resolute to continually serve you seamlessly despite prohibitions imposed on physical contact through our bouquet of electronic products which have been made available on notable mobile stores and our website (www.hbng.com).”

The bank noted that it would continue to intensify ongoing efforts via its intranet and other channels to keep staff and customers up-to-date with the latest COVID-19 information and provide clear direction and guidance expected of workers and customers.

“We have setup a COVID-19 Support Centre to offer COVID-19 safety tips to all our customers during this period, in support of the efforts of the Government and relevant bodies. Please send any information relating to the COVID-19 pandemic via these channels: E-mail: HeritageBankCovid19Support@hbng.com and contact number: 01-2369099,” the bank stated.

FIRSTBANK’S FMAP GRADUATES INAUGRAL SET OF MANAGEMENT ASSOCIATES

First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider, has graduated 28 successful candidates in its inaugural FirstBank Management Associates Programme (FMAP), virtually held on Tuesday, 30 June 2020 via the Zoom video conferencing application. The programme which commenced in 2018 had a total of 48 candidates selected from thousands of entries and applications received nationwide.

FMAP is a 24-month fast-track comprehensive developmental programme targeted at young, dynamic, self-motivated and highly driven individuals that possess the right skill set and excellent leadership potential among Junior and entry-level cadre staff. Entries and applications for the programme enrolment was also extended to the public

Speaking about the programme, Dr. Adesola Adeduntan, CEO, FirstBank said “It is an intensive skill development programme structured to enhance acute thinking, financial, methodical skills of staff. The bank would continue to reinvest in its human capital to create a kind of leadership needed for future growth and development

“This is part of the Bank’s strategic objectives of infusing and developing leadership at requisite levels across its staff hierarchy, aimed at building the next generation of leaders who will be groomed to drive the Bank’s vision of being Africa’s Bank of first choice”, he concluded.

At the end of the programme, successful candidates are moved to middle management, becoming Management Associates irrespective of their grades at the point of entry.

Cross country postings and secondment opportunities is also offered to such staff to provide them with global exposure and network.

ZENITH BANK RANKED NUMBER ONE TIER-1 BANK IN NIGERIA

Zenith Bank Plc has again emerged as the Number One Bank in Nigeria by Tier-1 Capital in the 2020 Top 1000 World Banks Ranking published by The Banker Magazine. Climbing a whopping 29 spots from 415 in 2019 to 386 in the 2020 global ranking of banks, Zenith Bank retained its position as the number one Tier-1 bank in Nigeria with Tier-1 Capital of $2.79 billion, an increase of 16.1% on the $2.40 billion recorded in the 2019 rankings.

The ranking which was published in the July 2020 edition of The Banker Magazine of the Financial Times Group, United Kingdom, was based on the 2019 year-end Tier-1 capital of banks globally. According to the Ranking Report, Zenith Bank extended its lead over the second-placed bank in Nigeria. Zenith’s financial performance for the year was underpinned by a 29% increase in non-interest income, with an improved market share in both retail and corporate sectors.

Speaking on the latest rankings, the Group Managing Director/Chief Executive, Mr. Ebenezer Onyeagwu said: “this ranking, which further attests to our market leadership, is the outcome of a well-thought-out strategy of always delighting and creating value for our teeming customers through a broad range of superior product offerings, best-in-class service and top-of-the-range technology”.

Tier 1 capital describes the capital adequacy of a bank, and it is the core measure of a bank’s financial strength from a regulator’s point of view. According to the ranking, Tier 1 Capital, as deﬁned by the latest BIS guidelines, includes loss-absorbing capital, i.e. common stock, disclosed reserves, retained earnings and minority interests in the equity of subsidiaries that are less than wholly owned.

Zenith Bank has clearly distinguished itself in the Nigerian financial services industry through superior service quality, unique customer experience and sound financial indices. The bank, with a knack for setting the pace and raising benchmarks, is a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

As a testament to its resilience and market leadership, Zenith Bank announced an impressive result for the year ended December 31, 2019, with profit after tax (PAT) of N208.8 billion, achieving the feat as the first Nigerian Bank to cross the N200 billion mark. In the recently released Q1 2020 unaudited financial results, the bank also recorded an improved result over the corresponding period in 2019, with gross earnings rising by 6% to N166.8 billion and profit before tax (PBT) growing 3% to N58.8 billion.

Consistent with this excellent performance and in recognition of its track record of exceptional performance, Zenith Bank was ranked as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto & Co. The bank was also voted as Bank of the Year and Best Bank in Retail Banking at the 2019 BusinessDay Banks and other Financial Institutions (BAFI) Awards. Most recently, the bank was recognized as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the Banker Magazine “Top 500 Banking Brands 2020”, Best Bank in Nigeria in the Global Finance “World’s Best Banks Awards 2020” and the Bank of the Decade (People’s Choice) at the ThisDay Awards 2020.

FrieslandCampina WAMCO reports N161.8 billion turnover at AGM

…Pledges to Lead Dairy Development in Nigeria

Executive Director, Finance, FrieslandCampina WAMCO Nigeria Plc, Mr. Dirk van Breen; Managing Director, Mr. Ben Langat; Chairman, Mr. Moyo Ajekigbe; and Non-Executive Director, Rev. Isaac Agoye, at the 47th Annual General Meeting of FrieslandCampina WAMCO Nigeria PLC held yesterday at the FC Academy in the Company’s Head Office, Ikeja, Lagos.

Nigeria’s foremost dairy company, FrieslandCampina WAMCO Nigeria PLC, producers of Peak and Three Crowns milk has announced a turnover of N161.8 billion at the 47^th Annual General Meeting held at the FC Academy in the Company’s Head Office at Ikeja, Lagos, Thursday, 25 June 2020.

The meeting was held under strict adherence to government-approved COVID-19 protocols, including social distancing and restrictions on the maximum number of persons at a gathering.

As a result, the Annual General Meeting (AGM) was streamed live for shareholders and other relevant stakeholders to participate in the proceedings. Shareholders were earlier invited to give their proxy to representatives published on the Proxy Form contained in the Company’s 2019 Annual Report, to act on their behalf.

At the meeting, FrieslandCampina WAMCO reported a turnover of N161.8 billion representing an 8.5% increase over 2018 and a Profit Before Tax (PBT) of N18.8billion, a 15% increase over previous year.

The shareholders unanimously approved a total dividend payout of N9.49 per N0.50, having paid an interim dividend of N2.68 per N0.50 share in November 2019; and a final dividend payout of N6.81 per N0.50 share.

According to the Managing Director, Mr. Ben Langat, “In the year under review, the business environment remained challenging. In spite of the headwinds, FrieslandCampina WAMCO played a leading role in Nigeria’s backward integration initiative led by the Central Bank of Nigeria in the dairy sector.”

The company activated its Dairy Development Programme (DDP) in Bobi Grazing Reserve, modeling its 10year success of the programme on a 10,000-hectare grazing reserve in Mariga local government area of Niger State.

In line with its business plan, the Company commissioned a state-of-the-art factory for the production of yoghurt and introduced the new Peak Yoghurt Drink in three distinct flavours (Plain Sweetened, Strawberry and Orange) into the market.

Business Outlook 2020

The Board of Directors and Management of FrieslandCampina WAMCO remain positive and confident about the future of the Company despite the disruption by the current pandemic. The Company will remain focused on its purpose of providing better nutrition and advocating healthy living. FrieslandCampina WAMCO will continue to actively engage consumers and pursue its backward integration for business sustainability.

The 47^th Annual General Meeting adopted the Company’s financial statement for the year under review. The report can be found on the Company’s website www.frieslandcampina.com.ng

Ecobank Nigeria Extends Zero Charge For Digital Money Transfers

The zero charge for mobile money transfers by Ecobank commenced in March as part of the bank’s corporate action to cushion the rising spread of Coronavirus.

Ecobank has extended its zero-charge fee for digital money transfers below N5,000 till the end of September this year. In addition to the free USSD session fee currently enjoyed by Ecobank customers, users of Ecobank Mobile, Ecobank Online, USSD – Ecobank *326# can continue to enjoy zero fee charge for digital money transfers below N5,000. New customers can also benefit from this by opening an Xpress account from the comfort of their homes by simply dialling *326#.

The zero charge for mobile money transfers by Ecobank commenced in March as part of the bank’s corporate action to cushion the rising spread of Coronavirus. The decision to extend the zero-charge policy is hinged on the bank’s drive to continuously encourage citizens to adopt digital banking particularly with the ongoing social distancing campaign targeted to check the spread of COVID-19.According to Olukorede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria, “As a bank, our priority is people’s wellbeing. We place great emphasis on rewarding and identifying with our customers and citizens of Nigeria especially at a time like this. We are determined to ensure that the impact of the pandemic is minimal on citizens. We encourage our customers to utilize our digital self-service solutions including Ecobank mobile app, Ecobank Online, EcobankPay, Ecobank Omniplus, Omnilite and the rapid transfer app; where they can easily access their bank accounts, make payments, transfer funds, process salaries and carry out ancillary banking transactions from the comfort of their home and offices without having to visit the branches”.

She further stated that, “At Ecobank, we are always finding ways to improve our customer experience digitally, which is why I encourage our customers to upgrade to the new Ecobank mobile app 4.0. Customers can carry out banking transactions and enjoy some of the new features that the app provides, such as the ability to send money via email or SMS and of course, take advantage of the zero charge on money transfers below N5,000”.She added that the bank was also supporting over 50,000 farmers across the country to grow maize, under the CBN Anchor Borrowers program with the Maize Growers, Processors and Marketers Association of Nigeria (MAGPAMAN)

FIRSTBANK EMPOWERS WOMEN THROUGH FIRSTGEM ONLINE COMMUNITY

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced that its all-female online community www.firstgem.com.ng , offers mentoring, support and capacity building opportunities for all to create a new generation of financially literate women.

With the aim to increase its engagement and reach a wider audience, an online repository for its FirstGem product was created and designed to provide a virtual online community where like-minded women irrespective of where they are in Nigeria and abroad, gather to connect, grow and share knowledge on everything about lifestyle, parenting, career development, entrepreneurship, health, work and family. Financial empowerment and wealth creation ideas are shared to encourage women to play their part in providing financial support for their families.

The portal provides varied contents ranging from Blog stories to Vlogs, Newsletters, Chat rooms which are built on 6 pillars – Health, Wealth and Finance, Food and Recipes, Events, Entrepreneurship, Lifestyle and Beauty. The FirstGem online community presently has over 61,634 members drawn from all walks of life sharing ideas, insights and experiences.

According to Chuma Ezirim, Group Executive, e-Business & Retail Products, First Bank of Nigeria Limited, “FirstGem is suited for the Nigerian woman, and we are using this online community as the ideal opportunity to position the Bank’s gender initiatives to meet the required needs on a wide range of issues affecting women from lifestyle, skills acquisition, finances, wealth acquisition and management, business support, etc.

We encourage all women to join the community by signing up via this link https://firstgem.com.ng/community to enjoy this experience.

FirstGem is a gender specific account designed to meet the needs of women, aged 18 years and above. It is targeted at a broad spectrum of women, working professionals, entrepreneurs and MSMEs with a view to promoting growth via an array of benefits, from free business advisory services, regular information or insights on business opportunities in various sectors and industries, as well as mouth-watering discounts at partnered stores and outlets.FirstGem has successfully empowered women in states across the geo-political zones in Nigeria and the UK.

ACCESS BANK EXCITES SMES WITH DIGITAL CASHFLOW LENDING

As part of its effort to provide access to finance for small and medium enterprises, SMEs, to grow and expand their businesses, Access Bank Plc has launched a digital lending portal, “Cashflow Loans by Access”, which is a solution for business owners to access loans easily from the comfort of their homes through an online platform while staying safe.

This new service, is accessible to all SME customers who have established sufficient cashflow records with the bank. Speaking at the launch of the portal, Victor Etuokwu, the bank’s Executive Director, Retail Banking, reiterated the bank’s commitment to impact SMEs positively.

He stated: “In a period like this, when we need to be more present and relevant in the lives of our customers than ever, we have risen to the challenge to ensure business owners have easy access to funds to sustain and expand their businesses while keeping safe. We are committed to not only providing uninterrupted service but superior service to meet the needs of all our customer segments.

“To deliver on our promise to continually give our customers ‘more’, we have developed this efficient digital lending platform which will make loan application more convenient with flexible collateral, favourable interest rates, application tracking, robust customer service and much more.

“We have been focused on providing solutions targeted at boosting the economy because we believe it is our responsibility to contribute to the stimulation of economic growth. With the launch of “Cashflow Loans by Access”, we are renewing our committment to providing the much needed financial support to SMEs.”