Photo: Heritage Bank MD, Ifie Sekibo’s Business Visit Bauchi State Governor
Category: Business
FIRSTBANK PARTNERS WITH JUNIOR ACHIEVEMENT NIGERIA (JAN) TO HOST NATIONAL STUDENT ENTREPRENEURSHIP COMPETITION
Junior Achievement Nigeria’s (JAN) annual flagship event, National Company of the Year Competition (NCOY) will be taking place Thursday, 3rd October 2019. With the theme “Activating Disruptors”, this annual event brings the JA Company Program winners of our Regional Competitions together to compete for the National Company of the Year Award sponsored by First Bank of Nigeria Limited. The winners will represent Nigeria against fellow JA Africa companies for the title of 2019 JA Africa Company of the Year set to hold in Ghana.
At NCOY, JA student companies present the results of their enterprise before a panel of independent judges. Participants must present the business achievements as a whole and each team member’s contribution. For a team to win this award, it is not sufficient just to run a financially successful JA company or create an exciting product/service. They must also demonstrate an understanding of why the company performed as it did. Judges also look for evidence of innovation in all aspects of a company’s operations. Students also present an Annual Report and host a Trade booth display.
The competition will be judged by Awuneba Ajumogobia, Non-Executive Director, UACN Property Development Company; Eloho Gihan-Mbelu, CEO, Endeavor Nigeria; Kehinde Olateru, CEO, Crenet TechLabs; Ibukun Akinola, Co-founder, Piggyvest.
According to JAN’s Executive Director, Mrs. Simi Nwogugu; “The National Company of the Year Competition 2019 is an opportunity for us to showcase the depth of potential that lies within these young minds and Junior Achievement Nigeria’s role in grooming the next generation of leading entrepreneurs. We thank First Bank of Nigeria Limited for sponsoring the NCOY competition for three consecutive years, a partnership we are pleased to reckon with, whilst contributing to the continued growth and development of the country. This is a call-to-action for corporate stakeholders, teachers, youths, entrepreneurs and all who support the cause of empowering youths to becoming not just leaders, but conscientious leaders leading a vibrant economy.”
Expressing her delight on FirstBank’s support and participation in the activities of Junior Achievement Nigeria, especially its National Company of the Year (NCOY), the Group Head, First Bank of Nigeria Limited, Folake Ani- Mumuney said” We are pleased to identify with JA Nigeria, especially on its giant strides at encouraging entrepreneurship amongst secondary school students in the country. With innovation and invention being essential at promoting opportunities for growth and development in the fast-changing world, the NCOY remains a platform to strengthen the intellectual development of young people in the society”.
About Junior Achievement Nigeria
Junior Achievement Nigeria (JAN) is part of Junior Achievement Worldwide (JAWW), the world’s largest and fastest-growing non-profit economic education organization with a 120-country network. Since inception in 1999, JAN has reached over 970,000 students in over 20,000 classrooms in all the 36 states across the country and the FCT through over 4000 volunteers. As part of a global network, JAN is able to leverage resources and expertise to deliver localized cutting-edge experiential programs built on JAWW’s three pillars of work readiness, entrepreneurship and financial literacy, to in- and out-of-school youth ages 5 to 27 free of charge.
Heritage Bank MD says credible ID Magt. will foster access to credit
MD/CEO, Heritage Bank, Mr Ifie Sekibo , has stressed the need for the federal government to work towards creating a credible and strong identity management towards expanding access to credit in the country.
Sekibo noting that while the Bank Verification Number (BVN) has been able to create a form of identification in the country, it has not been able to address some of the issues around identity management in the country. Speaking at the 2019 Annual Conference of Finance Correspondents Association of Nigeria (FICAN) at the weekend, the Heritage Bank MD noted that the ability of individuals to relocate from one place to another without notifying anyone was a major issue in access to credit.
Represented by divisional head, Strategy and Business Solutions, Mr Segun Akanji, Sekibo said the dearth of effective and standard identity management infrastructure made access to credit for the SMEs in Nigeria tough as banks only see unmitigated risks.
“I am talking about identity management challenge. That is the biggest collateral to lending and that is what is missing in this economy. The day banks can verify where you live, everybody will get loan with ease, because you cannot run away,” he stated. He explained that “the problem is this, I don’t know where you live.
The address of the company is not where you live. And you can wake up in FESTAC today, but tomorrow you move to Ajangbadi or Victoria Island. You don’t have to tell me. And that is a huge problem for banks.
“People take a loan from banks and change accommodation, run away to Ibadan and you cannot find them. That must change. But how do you do that? It is very simple. You lose all the benefits that is allocated to you as a person, the day you relocate like that, you are as good as dead.
“Like when you live abroad, once you misbehave with your identity, you cannot bank, your credit goes bad, you cannot go to hospital and everything else goes bad and you cannot do anything. So, you have a responsibility to yourself and the country that supports you to report yourself.
“There is no value in our identity management as we have it. So, it is not just about banks, it is about the holistic structure where there is no value to the person that each of us will represent. ”He gave instances about developed economies such as the US where if one changes accommodation, they must notify all relevant institutions that they deal with because of the inherent value in the system.
“Just like they do abroad, when you are changing accommodation, you will be the one going to your bank, hospital, everywhere, you will dedicate a day in a week until you go around to everyone and inform them of the address change,” he said.
“Why? There is value to where you live. That’s where your mail, pension, cheque comes. Everything attached to you comes to that address. So, there is value. We need to get to that and then no one will be needing collateral to get some minimum amount to do business.”
Sekibo also observed that although the banks had pushed the government to some form of identity management system through the bank verification number, BVN, it has not been enough to solve the problem of the identity constraining lending in the country.
“You can argue that the banks have driven the government to some identity management system through the BVN, but the problem is that the infrastructure that will keep everybody in the homes where they live and not just change is non-existent,” he said.
Public Statement: Fidelity Bank Clarify Issue
Our attention has been drawn to the planned disruption of service and social media attacks on the Bank by a few outsourced staff who were recently recalled by their employers. The move, which is the handiwork of the outsourced staff who were on secondment to the Bank as Note Counters, is aimed at casting the Bank in bad light.
Their employers have confirmed to the Bank that their recall was conducted in line with their existing contracts and according to extant labour laws.
As a responsible financial institution, operating in Nigeria, Fidelity Bank is guided by the laws of the land. Whilst we are not against the right to lawful assembly, the planned actions directed at Fidelity Bank, by these misguided individuals, are clearly unwarranted and misdirected. We urge the public to disregard the falsehood and claims being circulated by them in the public domain.
Thank you.
Charles Aigbe
Divisional Head, Brand and Communications
FIRSTBANK TARGETS 500,000 AGENTS TO BOOST FINANCIAL INCLUSION
With a view to enhance financial inclusion across the country, First Bank of Nigeria Limited has announced its drive to get up to 500,000 operators on board its agent banking platform. This was disclosed at the opening ceremony of the 12th Annual Conference of the Chartered Institute of Bankers of Nigeria (CIBN) by FirstBank’s Chief Executive Officer, Dr. Adesola Adeduntan, who also served as the Chairman of the CIBN 2019 Conference Consultative Committee. The event was held in Abuja on 24 – 25 September 2019.
The CIBN conference themed: “the future of the Nigerian banking industry – 360o” had Professor Yemi Osinbajo, Vice President, Federal Republic of Nigeria as the Special Guest of Honour.
In his remarks, the Bank’s CEO said FirstBank would support all efforts to ensure effective financial inclusion in Nigeria.
According to Adeduntan “we have a very ambitious plan to appoint about 500,000 agents across the nook and cranny of our country and to ensure that banking facilities and services are made available to all Nigerians.”
He noted that the banking sector in Nigeria remained the primary partner to the government with regards to economic growth and development in the country. “If we do not utilise those opportunities and mainstream them properly, the country and the entire economy will be left behind,” Adeduntan stated.
In 2017, FirstBank launched its agent banking network; ‘Firstmonie Agent’, described as its ‘Human ATM’. The Firstmonie Agents are empowered to extend access to finance to all Nigerians, regardless of where they may be across the country. The Firstmonie Agents complement the Bank’s effort at reducing the unbanked in the country, whilst providing a handful of the Bank’s bespoke financial services, including; account opening; cash deposit; airtime purchase; bills payment; withdrawals and money transfer.
According to the Bank, FirstMonie Agents are usually owners of small businesses within communities with limited or no banking penetration. The Bank has an Agent Banking strength of over 31,000 Agents, spread across 98% of the country’s 774 Local Government Areas (LGAs).
Tomi Somefun Led Unity Bank Engulf in Multi-Million Naira ATM Fraud
The Maiduguri Zonal Office of the Economic and Financial Crimes Commission, EFCC, on Thursday, September 26, 2019 arraigned one Adam Kaka Adam before Justice Ibrahim Jauro of the Yobe State High Court, Damaturu, on one-count charge, bordering on criminal misappropriation to the tune of N11, 657, 500.00 (Eleven Million Six Hundred and Fifty-seven Thousand Five Hundred Naira).
Adam was a former Service Manager, in charge of Vault Room and Automated Teller Machine (ATM) in Unity Bank Plc, Damaturu Branch, Yobe State. Trouble started for him when the EFCC received a petition against him from his employer (Unity Bank Plc), alleging criminal misappropriation of the said sum, meant to be fed the ATMs of the branch which he is alleged to have dishonestly converted to his personal use.
The charge reads: “That you, Adam Kaka Adam, while being the Branch Service Manager with Unity Bank Plc, Damaturu, Yobe State, in charge of the Vault Room and Automated Teller Machines (ATM), sometime in 2017 at Damaturu, Yobe State within the jurisdiction of this honourable court and in such capacity dishonestly took the sum of N11, 657, 500.00 (Eleven Million Six Hundred and Fifty Seven Thousand Five Hundred Naira) only, being the property of Unity Bank Plc without its consent and with intention of permanently depriving it of the said sum and thereby committed an offence contrary to and punishable under Sections 286(1) and 287 of the Penal Code Law, Laws of Yobe State of Nigeria respectively.”
The defendant pleaded not guilty to the charge. Following his plea, prosecution counsel Khalid Sanusi prayed the court for a trial date and for the defendant to be remanded in prison custody.
Justice Jauro admitted the defendant to bail in the sum of N1million with two sureties in like sum and adjourned the matter to October 15, 2019, for the commencement of trial.
AFFC lauds Heritage Bank on youth, entertainment devt
African Freestyle Football (AFFC) Championship 2019 in collaboration with World Freestyle Football Association (WFFA) have commended Heritage Bank Plc for its pivotal role in enhancing youth development and engendering the Nigeria’s entertainment space on the world’s stage.
The 2019 African Freestyle Football Championship ended on a high note, with defending champion Abdul Titi Kone of Cote d’Ivoire emerging as the African Champion once again. This event marked the 2nd edition of the African Championship and the 3rd annual edition of the Nigerian Championship hosted by Feet ‘n’ Tricks International Limited. The final was a repeat of the 2018 championship, as Kone again defeated Egypt’s Yousef Mohamad just as he did in last year’s final while Ashley Mhkize of South Africa placed third.
In the female category, Evelyn Okafor (Nigeria), Hadhara Charles (Tanzania) and Augustina Unamba (Nigeria) placed first, second and third respectively.
This year’s edition accommodated at least 30 African countries that participated at the championship.
The Chairman of AFFC, Valentine Ozigbo, who commended bank for being at the forefront of promoting freestyle football for the past two years, said Heritage Bank is “always very innovative and supportive to the cause of entertainment and youth development.
According to him, these achievements would have been impossible without the extensive support of the official bankers (Heritage Bank) for the championship for two years running.
Speaking further, Ozigbo hinted, “since inception, Feet ‘n’ Tricks has been committed to promoting freestyle football talent to stardom and we haven’t relented. Through this platform, we have seen talented freestylers get a head start in life, travel to exciting places and represent our beloved continent doing what they know how to do best.”
The MD/CEO, Heritage Bank, Ifie Sekibo, said the bank has strong desire towards developing and positioning youths to become world-class citizens equipped and ready to be absorbed into an increasing competitive professional skills and endeavours.
Sekibo, who was represented by an Executive Director, Jude Monye advised the youths who were participants to adopt strong positive character to enable them take advantage of the platform being presented to them.
“One of the reasons why we chose, as an organization, to support the freestyle championship is to enhance youth development in sport and entertainment, which will empower them play vital roles in the socio-economic development of the country and help curb the high level of unemployment,” he stressed.
According to Sekibo, the drive to support youths seeks to create, preserve and transfer wealth across generations.
It is against the backdrop of the competition that Nigeria Football Federation (NFF) President, Amaju Pinnick, promised to give more support to the entertaining part of football.
“We need to encourage this entertaining part of football because what they are doing here is great. Freestyle is quite interesting, and I am happy with what I have seen so far.
“With this project, a goal has been achieved. I also want more ladies to come out and do freestyle football because it is highly entertaining and competitive.
“I will see to how we can give more support to freestyle football in the future,”he said.
Congratulating the Feet n Tricks team, Daniel Wood, Co-founder and Head of Global Partnerships, World Freestyle Football Association (WFFA) said, “Feet n Tricks have proven that they can produce world class events and we are so excited to be extending our partnership. We are fully committed to creating opportunities for young people and this event is to be the focus point for our sport in the continent of Africa.”
FED GOVT, ACCESS BANK LIST N30.3B BONDS
The Federal Government has listed its latest issuances under the Federal Government of Nigeria Savings Bonds (FGNSB) on the Nigerian Stock Exchange (NSE). The Federal Government listed two new issues totalling N295.94 million.
The listing of the sovereign bonds came a day after top-tier bank, Access Bank Plc, listed a corporate bond valued at N30 billion.
The new listings by the government included a two-year N91.11 million 11.15 per cent series 60 bond, which is expected to mature in September 2021 and a three-year N204.83 million 12.15 per cent bond due to mature in September 2022.
Access Bank listed a N30 billion seven-year 15.5 per cent fixed rate subordinated unsecured bond, which is due to mature in 2026.
The Federal Government had, in March 2017, introduced the Federal Government of Nigeria (FGN) Savings Bond (FGNSB) to woo retail investors to the sovereign debt market and deepen capital formation. The minimum subscription was fixed at N5,000 while the maximum was pegged at N50 million. With a fixed quarterly interest payment of above 13 per cent, the FGNSB offers guaranteed return.
UBA, LCCI to Create Value For SMEs At 2019 Lagos Int’l Trade Fair
United Bank for Africa (UBA) Plc and the Lagos Chamber of Commerce and Industry(LCCI), have assured small medium enterprises (SMEs) that the 2019 Lagos International Trade Fair will bring far reaching benefits that will help transform their businesses and take it to the next level.
UBA’s Head Group Consumer Retail Business, Mr. Jude Anele, who gave this assurance on Tuesday at a press conference to officially herald the 2019 Lagos international Trade Fair as well as unveil sponsors of the trade fair, said that Africa’s global bank has put in place various service offerings to guarantee that this year’s fair provides a veritable platform targeted at catalysing businesses to new highs.
He explained that the 33rd edition of Lagos International Trade Fair scheduled to commence on November 1st, 2019 is expected to provide an avenue for networking, trade and investment bound to boost business activities in Africa’s largest economy and by extension, Africa.
While ensuring that SMEs maximise their presence at the fair, Anele explained that UBA would provide uninterrupted banking services during the two-week event, and also provide advisory services to the small and medium entrepreneurs, which the bank realises is fundamental to achieving their business goals.
He said, “Worthy of mention is that merchants and entrepreneurs from other African countries and abroad would be able to conduct their transactions seamlessly without currency exchange hassles, using the extensive reach of UBA as a pan African bank with presence in key commercial capitals in the world,”
“We have realised that critical to the success of SMEs in Africa is not necessarily access to finance, but their understanding of business and accounting mechanisms, process and procedures critical to their growth and existence especially on e-commerce, tax management, and bookkeeping and access to funding, and these are issues which we are trying to address,” he said.
Speaking on the ease of payment during the event, especially with African companies from outside Nigeria, Anele disclosed that UBA has successfully put in place solutions that would see ease of payment within Africa. “UBA will be deploying state-of-art Point of Terminals(POS) configured towards ensuring merchants receive immediate values in currencies of their choice,” Anele assured.
The Bank further said that in line with its unflinching support to the growth of small and medium enterprises (SMEs), it has reached an agreement with the organisers of the fair to give 20% discount to its small and medium business customers who register to showcase their products and services at the fair.
A key activity at this year’s fair is the Africa Special Day, to be organised by UBA to promote Intra-African Trade. “At UBA, we believe that Africans must grow trade and investment amongst themselves. In pursuits of that goal, Africa Special Day will seek for the promotion of trade and investment among African countries.”
Also speaking, the Chairman, Trade Promotion Board, Mr. Gabriel Idahosa promised that the 33rd edition of West Africa’s flagship fair would bring utmost value to entrepreneurs and businesses in Nigeria and beyond as he acknowledged the massive support being provided by corporate organisations such as UBA
“At UBA, we have chosen a suitable partner with extensive reach on the continent with capacity to engineer a seamless financial transaction expected of international trade fair of this magnitude,” he said.
Speaking further on the partnership with UBA, he said: “The LCCI and UBA has partnered to give exciting services to visitors and exhibitors at the fair. UBA is a foremost Pan African financial institution operating in 20 African countries, the United Kingdom and the USA and France, thus offering unique services to the delight of visitors and exhibitors during the fair.”
According to Idahosa, 40,000 square metres of exhibition spaces are available with over 2,000 exhibitors from 16 African countries and 200 foreign exhibitors expected in Lagos.
TOP NIGERIAN ARTISTES THRILL FANS AT THE ZENITH BANK ASPIRE MUSIC FESTIVAL
It was a night filled with magnificence and splendor as music lovers and fun seekers were treated to topnotch entertainment at the Zenith Bank Aspire Music Festival which held on Saturday, September 21, 2019 at the Harbour Point Event Centre, Victoria Island, Lagos.
The musical festival lived up to its billing as the most anticipated entertainment event of the year, as the audience were treated to electrifying and captivating musical performances by Nigeria’s top artistes including Olamide, Flavour, Phyno, Niniola, Mayorkun and Rema.
Also on hand to anchor the event and thrill the audience with rib-cracking jokes was Kenny Black, while celebrity hypeman, Do2dtun, revved up the crowd throughout the night.
Indeed, the crowd could not have asked for a better and more enthralling night as the artistes took to the stage one after the other treating the audience to their major hit songs. From Olamide’s rave-of-the-moment song “Pawon” to Rema’s “Dumebi”, Niniola’s Maradona, Mayorkun’s “Mama”, Phyno’s “Fada Fada” and Flavour’s “Ada Ada”, the audience well held spellbound throughout the night and got real value for their time.
The breathtaking festival, which is one of a series of events lined up by Zenith Bank to usher in “Style by Zenith 2.0”, the bank’s annual lifestyle fair which takes place towards the end of the year, will no doubt linger in people’s memories for many years to come.
