Author: The Nation

  • Wema Bank floats ALAT Alumni Community

    Wema Bank floats ALAT Alumni Community

    Wema Bank has  launched the ALAT Alumni Community, a virtual group for former employees of the bank to grow  professionally.

     It had over 350 former employees in attendance.

    According to the Managing Director/CEO of Wema Bank, Moruf Oseni, the ALAT Alumni community will support former employees, providing a space where alumni can connect, share their experiences, and continue to learn and grow beyond their time at the bank. 

    He expressed excitement at the prospect of bringing the alumni together for the event and hoped that the members would continue to grow and provide valuable opportunities and resources for its members.

    Membership to the ALAT Alumni community is free.

  • Firm gets fund, portfolio management licence

    Firm gets fund, portfolio management licence

    The Securities and Exchange Commission (SEC) has  issued a licence to TRO-VEST Asset Management Limited (TAML)to commence operations as a Funds and Portfolio Manager.

    TAML,  a member of TRO-VEST Capital Partners, is a financial services group and hub built to play in the consumer lending space.

    The Managing Director/Chief Executive Officer, Tro-vest Asset Management Limited (TAML), Adelaja Adekunle, said: “The launch of the Asset Management business aligns with our strategic plan to become a dominant player in the Financial Services sector. We are highly enthusiastic at the unique opportunity to bring investment products to the market as our goal is to constantly provide a wide range of solutions to support the evolving needs of our clientele, partners, and the entire investment community.

    “The issuance of this approval by the Securities and Exchange Commission is a laudable development, one that will most definitely lead to an unprecedented basis for value creation within the Asset Management space.’’

    On the vision of TAML, its  Executive Director, Jeff Ejemal, said: “We intend to provide support for Nigerian businesses as well as unlock Africa’s potential through the management of several investment funds and provision of financial advisory services. Our strategic focus is on growing wealth for our esteemed clients through our well-thought-through products.

    “At TRO-VEST, we are a team of highly disciplined and experienced professionals: and we operate within the highest corporate governance standard acceptable globally. We have a dedicated and experienced Investment Management Committee that ensures transparency in investment decision making and our people are devoted to pooling complementary resources and functions to give our clientele the best value. We look forward to offering unique and creative solutions backed up by world class technology to transform current market offerings and do more for our clientele.’’

  • Agency banking spreads as banks keep eyes on costs

    Agency banking spreads as banks keep eyes on costs

    The Central Bank of Nigeria (CBN) describes agency banking as the provision of banking and other financial services to the public through third parties. The practice enables banks and other financial institutions to extend their services to locations where they may not have presence. Assistant Business Editor COLLINS NWEZE writes that the banking platform has expanded financial services access to rural areas, saving costs and resources for banks.

    The Agency Banking initiative in Nigeria has proved to be a viable tool for achieving the financial inclusion targets for the country.

    The Central Bank of Nigeria (CBN) said financial service providers, the government and policy makers, and regulators have been making efforts at global, sub-regional and national levels to increase access of excluded populations to finance. And one of the shortest routes to achieving this is Agency Banking.

    The banking model, which the CBN and banks have been promoting, is cheap and easy to embrace and attracts low costs. Agency banking takes financial services to customers through a third party (agent) on behalf of a licensed deposit taking financial institution and/or mobile money operator.

    For instance, the CBN Governor, Godwin Emefiele said the apex bank has deployed 30,000 Super Agents nationwide to assist in the Cash Swap initiative in the hinterlands, rural areas, and regions underserved by banks to ensure that the weak and vulnerable ones, could swap/exchange their old notes for new ones.

    Experts said agency banking is a cost-effective way for banks and financial institutions to extend their services in areas having lower penetration of banks.

    They explained that due to the agency banking model, banks and financial institutions do not need to set up a branch. This has reduced operational, infrastructure, maintenance, and other high-capital investment costs for them.

    “Agency banking allows banks to kill two birds with one stone. First, they can save the cost required to set up a new branch because maintaining a traditional bank is around 25 per cent costlier than managing the network of agents. Second, they can increase profitability by driving business from previously untapped areas,”they said.

    The objective of agency banking is to through the various agent channels, enhance financial inclusion, make financial services delivery channel efficient and take banking to the grassroots. A sole agent does not delegate powers to other agents, owns outlets and conducts banking transactions on behalf of banks using a configured channels. The super agents are payment facilitators while the  sub-agents handle tasks assigned to them by the super agents.

    CBN Director, Payments System Management Department, Must Jimoh, explained that over the years, the agency banking initiative has resulted to increase of financial services agents across the country, resulting in a significant and growing portion of financial transactions being conducted through the agents.

    This, he said, had necessitated the review of agent banking regulations to streamline agent banking while ensuring that appropriate risk mitigation measures were taken by stakeholders.

    He said any CBN licensed financial institution, who wishes to engage in agent banking, shall apply to the CBN for approval. The application shall state the extent of agent banking activities and responsibilities of the relevant parties under the agent banking relationship.

    According to the CBN, commercial banks have continued to embrace agency banking to improve their customer base and support their cost-saving strategies.

    For instance, within its first 100 days, Polaris Bank’s agency banking initiative, SurePadi, serviced over half a million customers impacting  an estimated two million households across the seven business regions of the bank nationwide.

    Beyond the direct impact on customers and households in Nigeria, the sheer volume and value in financial numbers on the gross earnings of the bank has been significant as the agency recorded giant strides in the number of services and transaction volumes it processed, which was valued N10 billion.

    Access Closa, another initiative to bring banking closer to the grassroots, provides access to financial services right within the neighbourhoods.  Access Bank’s authorised agents process transactions  via platforms such as PoS terminals or mobile phones, helping customers to carry out transactions without visiting a branch.

    Speaking at one of the Access Bank’s ‘Compliance Engagements with Agents’ in Lagos, the bank said it is through agency banking, setting standards for sustainable banking practices and delivering value to customers.

    It lauded the agents for believing and partnering the bank, adding that the lender will also ensure that the business relationship remains mutually benefiting. It described the agents as credible partners who will continue to support the lender in realising its financial inclusion target.

    Despite the benefits that come with agency banking, operators are expected to follow set rules. The agents are not allowed to operate or carry out any transaction when there is communication failure with the financial institution or carry out a transaction where a receipt or acknowledgement cannot be generated.

    Also, the agents are not allowed to charge the customer any fee, give any guarantee, offer banking services on its own accord, continue with the agency business when it has a proven criminal record involving fraud, dishonesty, integrity or any other financial impropriety.

    They are not to provide, render or hold itself out to be providing or rendering any banking service which is not specifically permitted in the contract. Also, they are not to undertake cheque deposit and enactment of cheques, transact in foreign currency, provide cash advances and be run or managed by an financial institution’s employee or its associate.

  • New app brings financial inclusion to Africa’s youth

    New app brings financial inclusion to Africa’s youth

    Ecobank Kenya, part of Ecobank Group, has announced the launch of the Fingo Africa app, which is set to revolutionise financial inclusion for young people in Kenya and across Africa.

    The app was developed in  collaboration between Fingo Africa, a Kenyan Fintech company and Ecobank. The launch of the app in Kenya will be followed by a roll out across Ecobank’s pan-African footprint.  

    Chief Executive Officer, Ecobank Group, Jeremy Awori, said the deployment of the Fingo App was a game-changer in digital finance in Africa as it would bring many young people into the mainstream financial sector and caters to their needs and preferences.

    According to him, by simplifying access to finance, the new app overcomes the entrenched issues that have often acted as barriers to entry for young Africans.

    Chief Executive Officer and co-founder, Fingo Africa, Kiiru Muhoya, said it was a delight that its Fingo Africa app will accelerate financial inclusion for Kenya’s youth and empower them just by using their mobile phones.

    “We are looking forward to rolling-out the app’s availability throughout Ecobank’s 33-country footprint, which will deliver on our vision of empowering Africa’s youth to create wealth in a way that is simple, fun and educative,” Muhoya said.

    Managing Director, Ecobank Kenya and Regional Executive, Central, Eastern and Southern Africa, Ecobank Group, Josephine Anan-Ankomah, noted that the youth are a key pillar for any business and are an invaluable segment for Ecobank as the average age in Africa is 19 and it is forecast that by 2030 young Africans will be 42 per cent of global youth.

    “As a bank, it is crucial that we provide products that have appeal and are user friendly to the young population who have an immense appetite for digital engagement. The Fingo Africa Appseeks to do exactly that, as we seek to deepen financial inclusivity among the youth in Kenya and beyond,” Anan-Ankomah said.

    The Fingo Africa app is available in Kenya, prior to a wider roll-out across Ecobank’s entire 33-country sub-Saharan African footprint.

    Accessing financial services can be a major challenge for young people in Africa today. Opening a bank account can be a lengthy process taking anywhere from two days to two weeks in some countries. Moreover, it may require multiple face-to-face interactions and the submission of physical paper documents. Often, consumers also face a steep fee when sending money to friends, loved ones, or businesses, in addition to other charges just to keep their account active.

    The Fingo Africa app empowers Africa’s youth by enabling them to open a bank account via their mobile phone in less than four minutes, send money to other Fingo users for free and to M-Pesa users and paybills via Paybills and Till numbers at subsidised rates. Users therefore get instantly rewarded whenever they use the App for their day-to-day transactions. Opening the Fingo digital account is free, safe and easy. It attracts no minimum balance and no monthly fees.

    Users of the Fingo Africa app can open a fully-fledged current account within four minutes as long as they have the relevant documents, a valid identity card or passport; send money to fellow Fingo users for free and to M-Pesa at a subsidised rates, pay their bills from the App, make utility payments and buy airtime, save money easily for set goals and set recurring transfers to the set goals to create a frictionless savings habit, easily create and send payment links with full payment details to ease receiving payments from those who owe you, receive funds using QR Code and earn a cash reward by completing a few simple actions after self-onboarding.

  • Appraising health sector’s basket of gains, unmet expectations (1)

    Appraising health sector’s basket of gains, unmet expectations (1)

    Despite unfulfilled expectations that adversely affected the country’s healthcare delivery system, there are monumental achievements in some key areas that may ultimately redefine the fortune of the ailing sector. In this special report, BOLAJI OGUNDELE writes that President Muhammadu Buhari’s administration will leave behind a world-class State House Medical Centre that has a new VIP wing equipped with state-of-the-art facilities

    One outstanding episode in the eight-year rule of President Muhammadu Buhari, to many who has taken time to record it, is definitely that period when vicissitudes of nature forced the him to take a compulsory leave of absence for about three months in 2017 – a turbulent period that tested the strength of the Nigerian Presidency. Though the nature of the President’s ailment still remains a mystery, everyone knew back then that the number citizen was actually out in London to attend to his health.

     On his return after the extended medical vacation, he once said in an engagement that the nature of his ailment had to do with hearing difficulty, which he had managed for a long time. This explanation has not been able to vacate a narration claiming the ailment was as a result of poisoning – through the President has also confessed that that period was one of the most difficult times he has ever had to go through in his life; to the point that he feared for his life at some point.

     It is believed, however, that some life-threatening experiences are often the elixirs that spur strong men to embark on some unusual decisions. While this might not have exactly been the case with the decision of President Buhari, his administration is going to bequeath to the incoming administration of Asiwaju Bola Ahmed Tinubu a world-class medical facility right within the premises of the State House in Abuja, Federal Capital Territory (FCT).

     While the unforgettable episode of the President’s medical ailment was midway into his first term in office, he has consistently been keeping dates with his foreign doctors. Yet, President Buhari is a man who has consistently been averse to frittering the nation’s meagre resources on foreign goods and services. This contradiction (the frugal Buhari, champion of ‘matching production with consumption,’ having to condone consistent foreign medical trips) must have weighed heavily on his conscience all along. Therefore, when his administration decided to bring something comparable to the White House Medical Unit or the Walter Reed National Military Medical Center in the United States, it was hardly surprising to many keen watchers of events in Nigeria.

     However, it must first be established that whatever brought the idea of upscaling the State House Clinic from what it was to a Medical Center, with a newly constructed VIP wing within the Presidential Villa, could not have self-serving. The thought of building a state-of-the-art facility for the sole care of the President, Vice President and their immediate families became manifest in November 2021, with the groundbreaking ceremony of the VIP wing. The project, which was scheduled to have become operational by December 2022, though completed with world-class medical equipment, is yet to be inaugurated. This is despite having just a few days to the end of the Buhari administration that conceived and built it.

    The VIP wing of the State House Medical Center

      This implies that there is yet a wing that is not designated as VIP. Prior to the recent decision to upscale the medical facility a medical center, there has always been the State House Clinic, which is located opposite the Mambilla Barracks, within the Asokoro District of Abuja. It runs a normal hospital system, but still believed not to be standard enough for the care of the number one and two citizens. This, it was believed, was reason for the administration of President Goodluck Jonathan to conceive the idea of a VIP wing in 2012.

     The new facility, which will continue to be regarded as one of President Buhari’s touches on infrastructure in the country but particularly around the vicinities of the seat of power, is a 14-bed world-class hospital that sits on a 2,700 square meters area, situated within the approaches of the main State House Complex. Describing the then-dream facilities to the Senate Committee on Federal Character and Intergovernmental Affairs during a budget defense pitch in October 2021, the Permanent Secretary of the State House, Tijjani Umar, said a N21 billion budget had been earmarked and that the construction and equipment had been assigned to the same firm that constructed and had been maintaining the Aso Rock Presidential Villa since 1991, Julius Berger Nigeria (JBN) Plc.

     Umar took time to paint a mental picture of the planned facility to the senators. According to him, it was designed to have underground facilities, first floor, two operating theatres, two executive suites, two VIP sections, two isolation areas and one of six-bed isolation area in the building. He further said the design included a laboratory, a healing garden, a pharmacy and X-ray facilities.

     “The project was conceived in 2012 by previous administration and the brief was produced. It was estimated at about N21 billion and the facility contains 14-bed space without total area of 2,700 square metres. There will be underground and first floor. Two number operating theatre, two number executive suites, two VIP, two isolation rooms and one number of six-bed isolation areas. Most of the preliminary work has been concluded. Mr. President has approved the project. We have gone to the Bureau of Public Procurement to get Certificate of No Objection,” he had told the Committee then, adding that the facility’s importance extends beyond just caring for the President, Vice President and their families; it will also serve the purposes of reversing or discouraging medical tourism. According to him, it will be opened to leaders from other African countries, as it is a world-class hospital.

     Now, the facility is completed, equipped and just a few more dotting of ‘I’s and crossing of ‘T’s being undertaken. The Permanent Secretary Umar has updated on the works when he took the Secretary to the Government of the Federation (SGF), Boss Mustapha, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, and the Minister of State for Budget and National Planning, Clem Agba, round the facility, showing off a completed, tastefully equipped facility. He also used the occasion to assure that the inauguration will soon hold and that Buhari will do the honours, explaining why the initial December delivery date was not achieved. He also used the occasion to announce the President’s decision to properly re-designate the facility as a medical centre.

    “I think we are putting everything that needs to be put in place, including the instrument and the equipment that have been calibrated and tested and then there’s the training of personnel that is going on here. It’s absolutely important that it’s hands on, and that when the facility is commissioned by Mr. President, it is not going to stop working. So, I think it’s really important, we’re taking the time to do that. By the time that is done, the training is concluded, and the calibration and testing of equipment is also concluded and that is going to be also on time because what is sure is that Mr. President will commission this project very soon.

     “Finally, he has just approved that, before now in 2018, he had given approval that the State House Clinic, Medical Center then, there in the other part of Asokoro, that had challenges about equipment, about aging, issues, resources, funding everything. It was scaled down from Medical Center to a State House Medical Clinic. Now he has approved with everything that has been improved in the other place and with this state-of-the-art facility, we can no longer operate this as a clinic. It is now State House Medical Center. He has just granted the approval,” Umar revealed.

     Right there and then, the facility received its first accolades and validation as both the guests (Mustapha, Ahmed and Agba) and the tour guides (the State House Staff, led by Permanent Secretary Umar) could not high their delight and showering praises on what they were seeing. To the SGF, it was a moment of nostalgia, recalling what the old clinic in Asokoro had become before approvals for its upscaling. “For me, it’s with a great sense of fulfillment that I am seeing within the period of two years this edifice standing today. Those of you that were part of the coverage of the COVID-19 pandemic, when it involved the entire nation in 2020, you will notice that we have inspected health facilities in and around Abuja, particularly the State House Clinic, in Asokoro. My impression coming out of that inspection deepened my desire to see that we have a standard world-class facility, which has basically produced this with a lot of satisfaction and great joy I’m seeing this standing today. So, this money is well spent, and it will be for the good and betterment of our country,” Mustapha said.

     Continuing, Mustapha explained that the facility will address the frequency of the country’s Presidents traveling abroad to seek medical treatment. “It would to a large extent deal with it. This is a clinic; I believe that all procedures can be conducted here, if need be through modern sciences. Telemedicine now is very common; somebody can be sitting in his office in Germany, or in the United States directing diagnosis and prescriptions, and also even procedures on a patient in this place.

     “The other thing that this facility will do for us is that we receive visiting heads of state, heads of government; peradventure there is an emergency, we need a facility that will provide the kind of care that is internationally acknowledged and recognised and a standard kind of care before even that particular head of state or government is evacuated out of the country. And this facility provides for that. We have ageing former presidents; I believe that they will have access to this facility. The sitting President will have access to it, and other top government functionaries as may be prescribed by the administrative structure that will be put in place. I believe that this is money well spent,” he said.

     Also expressing her delight, the Minister of Finance, Budget and National Planning, Mrs. Ahmed expressed delight over the quality of work on the facility, adding that “we have supported this process in terms of making sure that the funding is provided on time. This is a project that has been delivered dead on time and on budget. So there has been no overrun and the facilities here are world class. We’re looking forward to the commissioning very soon and to put the facility to full use,” she said.

     Continuing, Ahmed expressed willingness to make herself available to be used for testing some of the equipment in the facility whenever the need arises, saying “I have donated myself as one of the people that can be tried in this facility. On test runs, I’m willing to come and do a medical here to testify that anything you can see here is what you can see anywhere you go in the world.”

     Buhari came in 2015, after a hard-fought election, promised a lot and did as much as he could, like he will usually put it, “with available resources”. In a matter of days he will be on his way out of the office of the President of Nigeria, leaving the seat for another to occupy. No one can say with an exact certainty that when he was promising, building a new hospital, with a particular intent of ending medical tourism for Nigerian leaders, was one of the things he had in mind. He came and ensured he is leaving a footprint within the precincts of the sprawling facility he lived and worked for eight years.

     Years back, precisely in October 2017, Aisha, the wife of President Buhari, followed the footsteps of her daughter, Zahra, by criticising the management of Aso Rock Clinic. Zahra Buhari had earlier taken to her Instagram page to criticise the Permanent Secretary of the State House, Jalal Arabi, for his inability to provide even Paracetamol tablets to the clinic despite a budget of N3 billion for the provision of drugs to the hospital. Mrs. Buhari said then that she recently fell ill and was advised to travel to London for treatment, but she refused.

     “I called the Aso Clinic to find out if they have an X-Ray machine; they said it’s not working. In the end, I had to go to a hospital owned and operated by foreigners 100 per cent. There is a budget for the hospital and if you go there now, you will see a number of constructions going on but they don’t have a single syringe there. What is the purpose of the buildings if there are no equipment there to work with? You can imagine what happens across the states to governors’ wives if this will happen to me in Abuja,” she said.

     The complaint then by the Aso Rock Clinic management was that the hospital was short of funds for major projects and purchases, which would necessitate the commercialisation of the clinic’s operations for efficiency. Hopefully, all this would be a thing of the past when the new VIP health facility comes on stream soon.

  • Medical consultants suggest ways of revamping health sector

    Medical consultants suggest ways of revamping health sector

    Medical practitioners, under the auspices of the Medical and Dental Consultants Association of Nigeria (MDCAN), have proffered solutions that can improve the quality of healthcare services across the country. This was part of the resolutions reached recently at the end of the National Executive Council (NEC) meeting of MDCAN in Jalingo, the Taraba State capital.

     In the 15-point communique issued after the meeting, President of MDCAN, Dr. Victor Makanjuola, called on government, relevant stakeholders and well-meaning Nigerians to look into the quality of healthcare services, welfare of MDCAN members, brain drain phenomenon, obnoxious health legislations and the security challenges bedevilling the nation. The association observed that “poor quality healthcare contributes to increased morbidity and mortality as well as loss of productivity and man-hours.”

     According to the communique, the failure of government to address certain welfare issues of medical practitioners has contributed to the “worsening effect of brain drain in the health sector.” The association also described as “obnoxious, retrogressive and unethical” the Bill for an Act to make it mandatory for fresh medical and dental graduates to provide services to Nigeria for a minimum of five years before full registration and licensing to practice. It, therefore, appealed to the House of Representatives to throw away the Bill “in its entirety.”

     Parts of the resolutions are as follow: “Government and relevant stakeholders must formulate pragmatic interventional policies and programmes aimed at improving the quality of healthcare services across the country. Government of Abia is called upon to as a matter of urgency offset the outstanding salary arrears of our members and that of all health workers in the State.

     “Address the shortfalls in the salaries of honorary consultants, who are clinical lecturers. Settle the salary arrears occasion by skipping in the interest of industrial harmony. Substantive increase in retirement age remains one of the best ways to buffer the already dwindling numbers of health workers in Nigeria. Consider the several appeals of well-meaning Nigerians over the plight of university lecturers and their dependants to pay the salary backlogs of these university teachers.

     “Upward review of CONMESS for all doctors in line with the increment of salaries made to other civil servants. Avoid unnecessary delays in the process, to avoid unnecessary confusion and insinuations that may detract from effective and efficient running of our tertiary health institutions. Device possible means to increase the number of medical and dental doctors graduating from medical schools while improving their practice competencies. Management of concerned tertiary hospitals should comply with extant laws and pay full remuneration to staff who have gone on approved sabbatical leaves.”

     The communique also urged government to intensify efforts at resolving the security challenges in the country. The medical heavyweights provided a roadmap for the health and medical sectors for the incoming administration. “It would be prudent to set the agenda in the health and medical education sectors for the new government at all levels. This NEC will provide resolutions and recommendations that would be handy in engaging the political actors and policy makers on effective strategies for revamping our health care and medical education systems while stemming the tide of massive brain drain in the health sector.

     “Furthermore, our current National Officers’ Committee (NOC) is forging ahead with other relevant organizations to overcome the multitude of these challenges, including but not limited to an appropriate remuneration for our members, perennial brain drains, deteriorating standard of medical education, dearth of Infrastructure in our hospitals, and generally, unsatisfactory conditions of service, among other issues. This meeting will also provide another opportunity for our association to brainstorm on strategies and policies towards improving the standard of medical education and healthcare delivery,” MDCAN President added.

  • Investor safety meets road safety

    Investor safety meets road safety

    Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), is set to hold enlightenment programme for staff members of the Federal Road Safety Corps (FRSC) nationwide as part of efforts to continue enlightenment to ensure people have the understanding to make informed investment decisions.

    The programme with the theme “Investor Safety” is to be held across 12 Zonal Commands in the country.

    The campaign to the FRSC zones is in continuation of collaboration between the Commission and the Corps to ensure that staff members are knowledgeable about the opportunities available in the capital market.

    Director, Market Development, SEC, Mr. Nestor Ikeagu, said such enlightenments were part of the Commission’s determination to ensure that every facet of the society has a grasp of the workings of the capital market and its benefits.

    According to him, the outreach programme will be held at the six locations simultaneously tomorrow, with an expected participation of a large number of officers. The campaign is expected to hold in Kaduna, Sokoto, Adamawa, Kwara, Bauchi and Plateau states.

    He expressed optimism that these programmes would become a continuous feature in the Corps training programme.

    The Commission reiterated its commitment to educate  stakeholders to encourage participation by local investors in the local capital market, which is currently dominated by foreign investors.

    “We will enlighten them on other more profitable investment options available in the capital market so that they can plan as well as educate them on how to avoid illegal fund managers,” Ikeagu said.

    Ikeagu said some initiatives introduced by the Commission were to ensure an investor-friendly and attractive system such as e-DMMS, regularisation of multiple accounts, Direct cash settlement, transmission of shares, among others.

  • Polaris Bank trains 5,000 NYSC members

    Polaris Bank trains 5,000 NYSC members

    Fresh graduates serving under the National Youth Service Scheme ( NYSC) across 12 states have commended Polaris Bank for enhancing their digital literacy skills and preparing them for the emerging opportunities in Nigeria’s digital economy.

    Polaris Bank, in partnership with the NYSC and NerdzFactory, had last November commenced a high-impact capacity-building workshop on digital skills targeted at 5,000 NYSC members across 12 states.

    The six-month training programme aims to equip fresh graduates with the necessary skills to thrive.

    Providing a progress report on the initiative, Polaris Bank’s Group Head, Strategic Brand Management, Nduneche Ezurike said that the programme aims to equip young Nigerians with relevant work-ready digital skills on innovation, creativity and digital skills, as well as develop their business acumen.

    He further noted: “The bank understands the importance of digital literacy in the job market. That’s why we are committed to helping fresh graduates improve their skills through our training program. We believe that by doing so, we are helping them succeed in their careers and contributing to the growth and development of the national economy as a whole.”

    Commending the programme, Halimah Usman noted: “I am grateful to the bank for providing me with the opportunity to improve my digital skills through their training programme. The skills I have acquired will help me secure a job in the digital marketing industry, and I am confident that with these skills, I will be able to succeed in my career.”

    Eze Obioma, another Corps member participating in the training, said: “The bank’s training programme is a step in the right direction, and it is hoped that other organisations will follow suit in helping fresh graduates develop the digital skills they need to succeed in their careers.”

    Another participant, Ajayi Adeyemi, added: “The trainers were very supportive, and they made the training programme very engaging. I enjoyed every bit of it and learned a lot of valuable skills that will help me in my future career.”

    The high-impact training, which is running across two quarters, comprises courses such as; basic digital literacy; cyber security; data science; product design; software development (back end); product management; blockchain technology; mobile app development; 3D and virtual reality; and software development (front end).

    Polaris Bank has recently earned accolades as a leading financial brand in innovation and digitization. The Bank was adjudged Digital Bank of the Year in 2021 and 2022 in BusinessDay’s Banks And Other Financial Institutions Award (BAFI). It also emerged as the best MSME Bank because of its ability to use technology to enable bottom-up support to the MSME sector.

  • Stockbrokers reaffirm commitment to capital market development

    Stockbrokers reaffirm commitment to capital market development

    The Chartered Institute of Stockbrokers (CIS) has said it would continue to work with the Nigerian Exchange (NGXL) to build a world-class securities market.

    President, CIS, Mr. Oluwole Adeosun, who spoke during the closing gong ceremony to celebrate the institute and return of NGX to physical trading, said the resilience and creativity shown by the Exchange during the COVID-19 pandemic in 2020 was commendable.

    He noted that the Exchange did not allow the pandemic to dominate trading as investors made gains during the period.

    He also added that the institute has achieved so much in the last few years with the support of NGX, a support it values so much.

    “I am pleased to affirm that the CIS and NGX in a working relationship  these years has continued to wax stronger and will continue to improve because we will support the exchange with the members on the trading floor of NGX. We reiterate that we will continue to work with the exchange as partners and support in its effort to build a world class securities market in Nigeria,” Adeosun said.

    He said the institute would work hand in hand with NGX to restore the position of fixed income trading platforms and urged the NGX board to maintain its zero policy on market manipulations.

    Chairman, NGX, Abubakar Mahmoud, said the Exchange and the CIS have in 30 years, enjoyed a mutually beneficial relationship through strategic partnerships and landmark initiatives, which has contributed to deepening, expanding and repositioning the capital market for efficient service delivery to the public and its valued stakeholders.

    “The capital market, especially the NGX, has no doubt benefited immensely from the quality of professionals that have come through the ranks of the institute. It is our strong hope that we can continue to count on the institute to sustain this unimpeachable record of producing exceptional professionals, who have the highest sense of duty and devotion to the development of the capital market ecosystem.

    “There is no doubt that at the outset of COVID-19, NGX had to rely on the cooperation of key stakeholders, including CIS, to respond effectively to the change and uncertainty. We are indeed delighted to note that NGX successfully transited to remote trading with no downtime recorded throughout the entire period. This is a landmark achievement that would have been impossible without the cooperation of the institute and unrelenting support of its members.  We are confident that the return to full physical trading will be beneficial to the capital market, and lead to improved outcomes that will renew investor confidence and catalyse the market for greater contribution to the economy,” Mahmoud, who was represented by a non-executive director on the NGX board, Yomi Adeyemi, said.

    Chairman, Nigerian Exchange Group (NGX Group) Plc, Alhaji Umar Kwairanga, lauded the institute for its achievements in raising the standards of skills and qualifications as well as enhancing trust in the financial services sector over the past 30 years.

    He commended the past presidents of the institute for their significant contribution to the capital markets, which has made sustained the institute on the path of growth and expansion.

    He reiterated the commitment of NGX Group, to continued partnership that will be beneficial to the capital market.

    Chief Executive Officer, Nigerian Exchange (NGX), Temi Popoola, said that the CIS are the gate-keepers of the market while noting that the market in the last 3 years has been much stronger due to its working relationship with the institute.

    “We really do hope that the stockbrokers come back to the floor. We know that people are used to remote trading but we would like that atmosphere of trading to come back to the floor and this is what we are trying to catalyse,” Popoola said.

  • Seplat Energy grows turnover by 37% to N152b in Q1

    Seplat Energy grows turnover by 37% to N152b in Q1

    • AGM holds Wedneday
    • No criminal charge against directors

    The unaudited results Seplat Energy Plc for the three-month period ended March 31, 2023 showed that profit before tax rose by 3.2 per cent to N39.5 billion in first quarter 2023 from N34.7 billion in first quarter 2022. The company also reported that its core annual dividend target has been raised by 20 per cent to US 12 cents; declaring a first quarter dividend payout of US 3 cents per share.

    The energy company’s also grew its revenue by 36.9 per cent to N152 billion in first quarter 2023 from N100.6 billion in comparable period of 2022. The top-line growth was driven by higher production volumes; as its gross profit for the period soars to N91.1 billion from N48.8 billion.

    The company recorded a strong first quarter cash generation of $139.9 million and capital expenditure of $44.7 million; with balance sheet strengthened with $459.7 million cash at bank, net debt down to $288.2 million, $130 million Mobil Producing Nigeria Unlimited (MPNU) cash deposit not included.

    In its operations, Seplat Energy’s working interest production increased by 8.6 per cent to 51,720 boepd, in upper half of guidance range for the period. The Amukpe-Escravos Pipeline (AEP) is supporting higher export volumes from key Western Assets. The new OP-15 well is boosting liquids production at OML 40, with Oben-34 well boosting gas production.

    The report showed that the company achieved more than 3.8 million hours without Lost Time Injury (LTI) at Seplat-operated assets in first quarter 2023. Full-year guidance is retained at 45-55 kboepd, and Carbon intensity figure stands at 26.4kg/boe.

    The company expressed optimism that its proposed acquisition of MPNU would be brought to a successful conclusion as it continues to engage with all relevant parties.

    Omiyi described the first quarter results as excellent performance, with production volumes up, unit production cost down and strong cash generation enabling the board to increase annual core dividend target from US 10 cents to US 12 cents per share, paid in equal quarterly dividends. As a result, the board has declared a first quarter 2023 dividend of US 3 cents per share.

    “The year has started strongly, and we are now seeing the benefits of the AEP, through which we are exporting significant amounts of oil. On the ANOH gas plant, our partners have made good progress in the quarter on delivering the OB3 and Spur pipelines, as well as the necessary gas wells, and we maintain fourth quarter 2023 for first gas. We continue to engage with all relevant parties in the proposed acquisition of MPNU and are confident of a successful outcome.

    “I wish to thank all our staff for remaining focused on delivering this strong performance, united in their support of Seplat’s management team, against a backdrop of unnecessary distractions that will not derail our progress and ambition to become Nigeria’s leading energy supplier.

    “The board announced its succession forward plan earlier this month and i look forward to steering this national energy champion in my final year as chairman, fully resolved to implement the strong corporate governance that will enable Seplat Energy to grow and achieve its ambition to create a sustainable business that maximises returns for all stakeholders, while delivering an energy transition that drives social and economic benefits for all Nigerians,” Omiyi said.

    Meanwhile, Seplat Energy Plc has affirmed that its Annual General Meeting (AGM) will hold on Wednesday as scheduled, debunking insinuations that the indigenous energy company had been restrained from holding the meeting as scheduled.

    In a regulatory filing signed by Chairman, Seplat Energy Plc, Mr. Basil Omiyi, the company stated that it had become aware of certain reports which sought to create the impression that the Federal High Court in Abuja had restrained the company from holding its 2023 AGM due to a duplicated petition of FHC/ABJ/PET/8/2023 – Boniface Okezie & 4 others V. Seplat Energy & 9 others.

    Omiyi said such reports were a deliberate attempt to misinform the public and misrepresent the court proceedings, as the court made no such order suspending the holding of the AGM.

    “It is imperative to recall from the company’s announcement of 28 April 2023 that the court did not grant the petitioners’ request to restrain the company from holding its AGM.

    “Seplat Energy is working within the purview of the law, with due reference to the court, and has secured all required approvals,” Omiyi stated.

    The company had stated that the Federal High Court in Abuja had  struck out the criminal charge brought by the Nigeria Immigration Service (NIS) against it and some of its officers.

    According to Seplat, the court  discharged named defendants. The charge had earlier been withdrawn by the NIS on April 20 (RNS Number 9385W) and was in relation to the immigration status of Mr. Roger Brown and the withdrawal of his immigration visa by the Ministry of Interior.

    The company stated that a new separate legal case, Boniface Okezie & 4 ors V. Seplat & 9 ors (Suit No. FHC/ABJ/PET/8/2023), was brought before the Federal High Court in Abuja. The petition as advised by independent legal advisors, was an unlawful duplication of the Petition already before the Federal High Court in Lagos -Suit No. FHC/L/CP/402/2023 – Moses A. Igbrude & 4 ors v. Seplat Energy Plc & 2 ors, where the court recently vacated the Interim Orders against the chief executive officer and adjourned the case to 16 May 2023.

    The new case also included a request to restrain the company from holding its AGM on May 10, 2023.

    “The Federal High Court did not accede to the request of petitioners to grant ex parte interim orders restraining the company from holding its AGM. The petition has been adjourned to May 31, 2023. As such, the company’s AGM will go ahead as planned on May 10, 2023.

    “Seplat Energy refutes all allegations made in these petitions, which, given their almost identical wording, are clearly part of an orchestrated attempt to damage the company in response to its efforts to improve corporate governance by eliminating related party transactions and implementing other governance initiatives,” Seplat stated.