The Nation Newspaper

Category: Equities

  • Titan Trust Bank: 2 years of service with power and pride

    By Opeyemi Dabiri

    On October 4, 2021, one of the fastest-growing financial service providers in Nigeria, Titan Trust Bank Limited, celebrated two years of its existence.

    Established with a mission to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporates, Titan Trust Bank, has continued to provide seamless banking experience, accurate and relevant information to its customers.

    The management team led by seasoned bankers, Mudassir Amray, the group managing director/CEO, and Adaeze Udensi, PhD, executive director, in the last two years, has been able to position the bank on an upward trajectory with many unprecedented innovations.

    With management focused on innovation and a unique philosophy to create, preserve and satisfy its customers, Titan Trust Bank found itself in a fiercely competitive banking environment but it remained guided by passion, resilience, innovation and a brand architecture that exuded quality service, performance and sheer excellence.

    The lender has found its feet quickly on the floor of the Nigerian banking sector and recorded one of the highest increases in the number of customers. It remains committed to its customers and continues to search for new heights to attain in the Nigerian banking sector and that is why the bank is considered the fastest growing bank in Nigeria.

    The Titan Trust Bank story is increasingly becoming a case study in corporate governance, leadership, vision and excellence.

    Amid the bank’s audacity to dare and succeed, industry watchers have continued to marvel at the amazing rise of the lender since its inception and ask: how are they doing it? The answers may not be far from the fact that at the inception of the bank’s operations in October 2019, the management team drew up a holistic and integrated approach to business modernization, which has formed the foundation for the bank’s superior customer-centric experience.

    The bank has continued to deliver exceptional banking services by making financial services easy and accessible to its teeming customers.
    In its determination to take financial services to every household in order to drive effective inclusion and participation in the recovery and growth of Nigeria’s economy, Titan Trust Bank has invested substantially in technology and developed fully integrated service models that enable its customers enjoy banking services through a wide range of channels.. The bank believes in innovation, creativity and the use of technology to enhance the lives of its customers while it also strives to ensure that its products and services are meeting the changing needs of its customers.

    Recently, the lender launched and deployed the latest version of Oracle’s FCCM module, powering our AML/CFT infrastructure, used in over 120+ sites by top global banks. It has also invested in top-notch infrastructure for AML/KYC, as well as the Oracle Financial Services Analytical Application (OFSAA) to ensure rigorous analysis and measurement of its risk-performance objectives.

    The bank’s digital platforms which include: the Titan Mobile Application, Titan Internet Banking platform and the Titan *922# Unstructured Supplementary Service Data (USSD) solution, are seamless, fast, reliable and easy to use. Aside the regular features, its state-of-the-art mobile banking application – the TITAN mobile app has been upgraded with new features such as the generation of referral codes whilst opening accounts, transaction status information, receipt generation for previous transactions, as well as being able to carry out traditional mobile banking services.

    In furtherance of its efforts to offer customers endearing experience by extending its reach and offer seamless banking services across the country, the bank has also opened two more branches in strategic locations in Lagos with skilled and professional relationship team dedicated to satisfying the banking needs of the people.

    The two state-of-the-art branches located at 53, Allen Avenue, Ikeja, Lagos and 17, Burma Road, Apapa, Lagos, according to the bank, are in line with the its quest to provide financial service to micro, small and medium scale enterprises within Lagos State. The new branches provide a full suite of banking products and services for retail and corporate banking clients.

    In his comment at the launch of one of the new branches, Mr. Amray, the bank’s CEO, noted that the launch represents a translation into concrete reality of “our determination to live by our mission and keeping to our service promise to provide simple, reliable, and quick banking solutions to all our customers.”
    The federal government through the Central Bank of Nigeria (CBN) also announced the appointment of the lender as one of the designated banks for the collection of the Nigeria export Supervision Scheme (NESS) levy, a feat industry watchers applauded as a strategic move. NESS levy is a statutory payment to the federal government, which is charged at 0.50 percent of the export value. The apex bank collects the fees through designated banks on behalf of FG.

    As part of its initiative to continuously support entrepreneurs in the country by providing financial and advisory services for the growth of their businesses, Titan Trust Bank in collaboration with the International Finance Corporation (IFC), launched an online platform to empower business owners with the knowledge to manage and grow their businesses amid the COVID-19 pandemic.

    At the first edition of the programme held on the 18th of February 2020, participants gave positive testimonials on how relevant and rewarding they found the training.

    During the training, participants numbering over 200 were taken through series of webinars by business and digital experts on how to use social media and online tools to transform businesses from the traditional space to an online digital marketplace, how to set up an online business, identifying the best ways to make product offerings available online and finding target market.

    On its staff welfare, the bank has placed a premium on improving workplace culture towards making her employees happy and productive. In the past two years, the bank has launched several internal initiatives to enhance staff welfare to keep staff engaged together with an open-door approach to have every voice heard.
    The bank understands that employees are the engine room required in making any organization work and if they are not treated right it is to the disadvantage of all. It believes that when its employees are treated right, they will always be in their best shape to keep delivering a superior customer experience.

    Undoubtedly, the bank’s achievements in the last two years have not gone unnoticed even on the international stage.

    The lender recently bagged two awards as the ‘Best New Commercial Banking Brand’ and ‘Fastest Growing Digital Banking Brand in Nigeria for the Year 2021’ at the 2021 annual United Kingdom-based Global Brands Magazine Awards. The bank clinched the coveted influential awards in less than two years of its commercial operations.

    The bank also emerged ‘Best Trade Finance Provider in Nigeria for the year 2020’ by Global Finance Magazine World’s Best Trade Finance Providers Awards. The lender clinched the coveted influential international award previously won by only the first-tier banks in Nigeria in just 15 months of its commercial operations.

    Going by the speed with which the bank is moving towards the top, one expects that in the next year it will become one of the most talked-about financial institutions in terms of delivery and impact on its customers.

    – Opeyemi Dabiri, a financial analyst, writes from Lagos, Nigeria.

  • CSCS assures customers of new service experience

    CSCS assures customers of new service experience

    By Taofik Salako, Deputy Group Business Editor

    Central Securities Clearing System (CSCS) Plc is celebrating its customers with an assurance of improving service experience.

    In a message to mark its Customer Service Week,  CSCS lauded its customers, including retail and institutional investors in the financial market, securities exchanges, stock brokerage participants, investment banks, custodians, registrars and issuers of securities.

    It assured that it would continue to leverage strong foundation and mutual trust in enhancing service experience. As the company joins the rest of the world to celebrate this year’s Customer Service Week themed “The power of service”, CSCS appreciates the loyalty of its clients, whose patronage over the past 22 years, has been the bedrock of the company’s innovation and tenacity.

    Managing Director, CSCS Plc, Mr. Haruna Jalo-Waziri expressed gratitude to the customers for their continued patronage, especially during this challenging time, emphasising that the desire and need to better serve the customers is the source of ingenuity and resilience of CSCS.

    “We are excited about the opportunities to serve you for decades to come, especially as we leverage our strong foundation and mutual trust in creating new service experience for you and all in your best interest. You have been a great source of inspiration and motivation for us, and we would continue to invest in our mutual growth.

    “We will continue to explore new frontiers for our mutual growth; such is the power in serving innovative customers like you, who continue to push boundaries and explore blue oceans.

    “Gracefully, we have collectively surmounted all odds of the COVID-19 pandemic over the past twenty months, leveraging our mutual trust and commitment to service excellence in sustaining activities in the Nigerian capital market. We are proud of you, as our source of inspiration.

    “Always knowing that you are by our side, keeps us motivated and energised to seek better ways of serving you. In serving you lies our strength. Innovating to serve you better strengthens our tenacity and stimulates our ingenuity. In essence, serving you, keeps our mission alive and reinforces our vision to be the globally respected and leading Central Securities Depository (CSD) in Africa,” Jalo-Waziri said.

    The company has lined up various activities to celebrate the week between October 4 and October 8, 2021 with various exciting prices that will be gifted to customers who participate in puzzles and quizzes via the company’s Social Media handles.

     

  • Naira: SMEs face tough time

    Naira: SMEs face tough time

    By Tofunmi Sanusi

    The foreign exchange (forex) rate has in the last few months fallen significantly. This has, in turn, affected the businesses of many Nigerians.

    With the forex rate at the parallel market, where several small businesses depend, standing at around N570 per dollar, businesses are facing difficult times to stock and sell their goods.

    Nigerian businesses have faced various setbacks due to the dollar-naira exchange rate. It has left certain entrepreneurs with uncertainty, lamenting that their businesses are no longer thriving.

    Against this background, many people have resorted to the use of local products.Traders who sell wears said the patronage is low as customers.

    Chidinma Nwafor, who has a boutique in FESTAC, Lagos, said: “What some people do is to take a screenshot of any clothes that I upload on my social media pages, then take it to their tailors or fashion designers as the case may be, so it can be sewn for between N3,000-N5,000 cheaper. I sell made-in-United States’ clothes and they’re usually of high quality. I do not blame my customers for this new idea. But patronage is very low.

    “At the moment, the clothes we sell for N10,000 are almost double this amount. I do not have another source of income. I’ve even thought of trying out other businesses but the story is the same are everywhere. As long as you have to import, be sure that prices will never remain the same.”

    Once patronage is affected, it also tells on the profit margin. Some of these traders because of this development do not purchase goods due to the fact that they have not sold tthe ones they bought earlier. Worse still, their gain margin has depleted.

    Besides the retailers, these also affect distributors.

    Experts said to encourage entrepreneurship among Nigerians, the government should intervene  in the forex market.

  • Stock Exchange lifts suspension on African Alliance, Royal Exchange

    By Taofik Salako, Deputy Group Business Editor

    Authorities at the Nigerian Exchange (NGX) Limited have lifted the suspension on trading in the shares of African Alliance Insurance Plc and Royal Exchange Plc after the two  firms complied with the corporate governance rules by submitting their financial statements.

    African Alliance Insurance and Royal Exchange with two other companies were suspended last July 2, for failing to submit their audited financial statements for the 2020 business year as well as the first quarter of 2021.

    In a circular, NGX Regulation (NGXReg), the regulatory arm for the NGX Group, stated that the two insurance companies have filed their audited financial statements for the year ended December 31, 2020 and unaudited financial statements for the quarter ended March 31, this year.

    Rule 3.3 of the Default Filing Rules of the NGX stipulates that “the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided the Exchange is satisfied that the accounts comply with all applicable rules of the Exchange”. The lifting of suspension took effect on October 4, 2021.

    Post-listing rules at the NGX require quoted companies to submit their audited earnings reports, not later than 90 calendar days after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.

    Not less than 85 per cent of quoted companies, including African Alliance Insurance and Royal Exchange, use the 12-month Gregorian calendar year as their business year. The business year thus terminates on December 31. While March 31 is usually the deadline for submission of yearly report for companies with Gregorian calendar business year, the deadline for the quarterly report is a month after the quarter.

    Suspension and compulsory delisting from the market are the highest levels of sanctions for failure to adhere to extant listing and corporate governance rules. The NGX also tags and applies fines on companies that fail to meet earnings reports’ deadline. Companies may pay fines that range from N100, 000 to more than N100 million as penalties for delay in the submission of their corporate earnings reports. Companies that also delayed their financial statements and accounts face threats of suspension and delisting in addition to the monetary fines.

  • Jaiz Bank completes N3.3b private capital raising

    •Core investor acquires 14.7% stake

    By Taofik Salako, Deputy Group Business Editor

    Nigeria’s premier non-interest bank, Jaiz Bank Plc has  completed its N3.3 billion private capital raising with the listing of the shares arisen from the private placement at the Nigerian Exchange (NGX).

    Jaiz Bank sold 5.077 billion ordinary shares of 50 kobo each to a high networth investor, Dr Muhammadu Indimi, at 65 kobo per share. The private placement increased Jaiz Bank’s issued shares from 29.46 billion to 34.54 billion ordinary shares of 50 kobo each.

    The private placement implied additional equity stake of 14.7 per cent to Indimi, an existing shareholder of the fast-growing bank.

    Shareholders of Jaiz Bank had at their extraordinary general meeting last October approved the private placement as part of plans to deepen the bank’s growing balance sheet.

    Market pundits said the injection of additional capital of N3.3 billion in new equity funds showed the confidence of the investing public in the bank and the commitment of the board and management to the long-term growth of the bank.

    Latest operational results had shown that Jaiz Bank recorded impressive growth in profitability in the first half as increasing corporate efficiency nudged the margins, placing the bank on a good stead to surpass its full-year projections.

    Interim report and accounts of Jaiz Bank for the half-year ended June 30 2021 showed that profit after tax rose by 70.6 per cent from N1.17 billion in June 2020 to N1.99 billion in June 2021. Total Income had grown by 42.1 per cent from N6.23 billion in first half 2020 to N8.86 billion in first half 2021.

    Managing Director, Jaiz Bank Plc, Hassan Usman said that the bank’s consistent growth in earnings is a reassurance to all stakeholders and the investing public, while it reinforces the status of the bank as the pioneer and leading non-interest bank in Nigeria.

    He assured that the bank is determined to maintain the remarkable earnings growth for the rest of the year by leveraging technology and the expansion of its retail banking portfolio.

    The first half performance placed the bank in good stead to surpass its full-year projections for 2021. Jaiz Bank had in a five-year projection made available earlier to the investing public forecasted that it would grow its income and profitability consecutively over the five-year period, with pre-tax profit for the period expected to be about N15.86 billion.

    The management of the bank had outlined the five-year growth plan of the pioneer non-interest bank, with an assurance that it would sustain year-on-year growth over five-year period.

    Usman had explained that the overall vision of the bank was to become the leading non-interest financial institution in Sub Saharan Africa.

    He said the bank has been positioned to sustain its growth trajectory, pointing out that the bank has the necessary resources to achieve its growth targets.

    According to the five-year financial forecast, total income was expected to be about N81.17 billion while profit after tax was projected at N11.09 billion for the five-year period. Gross income was expected to rise to N10.07 billion in 2018 and subsequently to N12.59 billion, N15.73 billion, N19.27 billion and N23.51 billion in 2019, 2020, 2021 and 2022 respectively.

    Profit before tax was projected to rise to N1.33 billion in 2018 and grow consecutively to N2.03 billion, N3.01 billion, N4.03 billion and N5.47 billion in 2019, 2020, 2021 and 2022 respectively. After taxes, net profit would rise to N927 million in 2018 and grow further to N1.42 billion in 2019. Profit after tax was projected to jump to N2.11 billion in 2020 and rise consecutively to N2.82 billion and N3.83 billion in 2021 and 2022 respectively.

    Balance sheet of the bank was also expected to increase over the years. Total assets was projected at N123.61 billion in 2018 and subsequently to N150.5 billion, N182.6 billion, N220.02 billion and N262.80 billion in 2019, 2020, 2021 and 2022 respectively. Deposit was projected to rise consecutively to N88.55 billion, N113.34 billion, N142.81 billion, N177.09 billion and N216.05 billion in 2018, 2019, 2020, 2021 and 2022 respectively. Shareholders’ fund was projected to rise to N28.6 billion in 2018 and grow consecutively to peak at N35.23 billion by 2022.

    Shareholders’ return was also expected to grow over the years. Return on equity was expected to firm up to 4.39 per cent in 2018 and improve consecutively to 4.87 per cent, 6.92 per cent, 8.79 per cent and 11.22 per cent in 2019, 2020, 2021 and 2022 respectively.

     

     

     

  • Equities sustain rally with N25b gain

    By Taofik Salako, Deputy Group Business Editor

    Nigerian equities continued their rally on Wednesday with a gain of N25 billion amid bargain hunting for mid and large-cap stocks.

    The All Share Index (ASI)-value-based common index that tracks share prices at the Nigerian Exchange (NGX) Limited rose by 47.84 absolute points, representing a gain of 0.12 per cent to close at 38,968.34 points. Aggregate market capitalisation of all quoted equities gained N25 billion to close at N20.303 trillion.

    The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN), Northern Nigeria Flour Mills (NNFM), Oando, Guaranty Trust Holding Company (GTCO) and UACN Property Development Company (UPDC).

    On market outlook, analysts at Afrinvest Limited said: “In the next trading session, we expect the bullish performance to be extended on the back of bargain hunting activities in the market.”

    Read Also: Stock Exchange to review rules to attract more foreign investors

    However, the market breadth closed negative, recording 18 losers as against 14 gainers. UPDC recorded the highest price gain of 9.64 per cent, to close at N1.82, per share. NNFM followed with a gain 9.59 per cent to close at N8.00, while Oando appreciated  by 6.21 per cent to close at N4.62, per share.

    Learn Africa went up by 5.88 per cent to close at N1.44, while Honeywell Flour Mills appreciated by 3.83 per cent to close at N4.07,  per share. On the other hand, Transcorp Hotels led the losers’ chart by 10 per cent to close at N4.50, per share. Consolidated Hallmark Insurance followed with a decline of 9.43 per cent to close at 48 kobo, while Prestige Assurance shed 8.33 per cent to close at 44 kobo, per share.

    Champion Breweries shed 8.17 per cent to close at N1.91, while Lasaco Assurance depreciated by 7.69 per cent to close at N1.20, respectively.

    The total volume traded declined by 38.1 per cent to 141.408 million shares, worth N2.973 billion, and traded in 3,079 deals. Transactions in the shares of Universal Insurance topped the activity chart with 17.987 million shares valued at N3.597 million. Zenith Bank followed with 9.712 million shares worth N229.356 million, while United Capital traded 9.342 million shares valued at N76.221 million.

    Transnational Corporation of Nigeria (Transcorp) traded 9.083 million shares valued at N8.286 million, while Access Bank transacted 9.024 million shares worth N83.788 million.

  • NGX drives inclusive wealth creation through mobile data app

    By Taofik Salako, Deputy Group Business Editor

    The Nigerian Exchange  (NGX) Limited plans to drive financial inclusion and bring the capital market closer to average Nigerians through its new mobile data app.

    The new app, X-Mobile, was part of efforts to spur activity in the market and to innovate and leverage technology to improve investors’ experience.

    X-Mobile  is a trading app that provides market participants, especially retail investors, with convenient, faster and real-time access to information about NGX, its listed securities and Trading License Holders.

    Chief Executive Officer, NGX, Mr Temi Popoola said the delivery of X-Mobile was in line with NGX’s strategic intent to provide an exchange that is easily accessible to stakeholders leveraging digital technology.

    “X-Mobile, therefore, provides a platform to engage with existing and potential investors who now have an increased appetite for data and detailed disclosure information to aid sound investment decisions. We are confident that the app will complement the NGX website and other NGX portals currently being used to provide information to market stakeholders,” Popoola said.

    Divisional head, Trading Business, NGX, Mr. Jude Chiemeka, stated that, “X-Mobile affirms our commitment to make financial services more inclusive and provide a superior customer experience in the access and use of capital.

    “The app has, therefore, been enhanced to ensure that capital market players and potential investors have the requisite resources  to make the most out of their engagement with the market. We believe that X-Mobile is on course to become the primary interface for local and international investors to stay abreast of market trends and domestic economic performance.”

    As a multi-asset securities exchange offering equities, fixed income and exchange traded funds, NGX continues to make concerted efforts to attract investors to the market through its innovative products and services, engagement sessions, and investment education initiatives.

     

  • Equities lose N3.2b in tight trades

    By Taofik Salako, Deputy Group Business Editor

    It was tit-for-tat yesterday at the Nigerian Exchange  (NGX) Limited as bargain -hunters sought to take positions and profit -takers sought to monetise recent gains.

    With equal number of advancers and decliners,  the balance of trades almost saw the market closing flats but losses by large -cap stocks weighed on overall market position.

    The All Share Index (ASI) – the value based common index that tracks all share prices at the Exchange dropped  by 0.02 per cent to close at  38,915.62 points.

    The negative average month-to-date and year-to-date returns thus closed at -0.8 per cent and -3.4 per cent, respectively.

    Aggregate market value of quoted equities dropped by N3.21 billion to close at N20.276 trillion.

    There were 18 gainers and losers each.  Morison and Sovereign Insurance topped the gainers’ list, having appreciated by 9.4 per cent and 8.0 per cent respectively, while SCOA and Academy Press recorded the most significant losses of the day after recording 10.0 per cent and 7.7 per cent respective depreciation in their share value.

    Also, performance across sectors was mixed, as the Oil & Gas, Industrial Goods, and Insurance indices declined by 0.7 per cent, 0.1 per cent and 0.2 per cent respectively; while the Consumer Goods and Banking indices recorded gains by 0.2 per cent and 0.1 per cent respectively.

    Activities at the local bourse remained bouyant as the total volume of trades increased by 30.1 per cent to 201.10 million units, valued at N2.53 billion, and exchanged in 3,340 deals.

    Universal Insurance was the most traded stock by volume at 19.45 million units, while Nestle Nigeria was the most traded stock by value at N1.21 billion.

     

  • NGX Group nets N1.84b as employees get incentives

    By Taofik Salako, Deputy Group Business Editor

    Nigerian Exchange Group (NGX Group) Plc recorded a net surplus after tax of N1.84 billion in 2020 as shareholders approved incentive and reward plans for employees of the company.

    At the 60th annual general meeting (AGM) of the NGX Group yesterday in Abuja, the first AGM after the demutualisation of the defunct Nigerian Stock Exchange (NSE) to NGX Group, shareholders voted in support of major resolutions.

    Shareholders approved proposals to introduce equity-based incentives to employees’ remuneration, including an Employee Share Ownership Plan and a Long-Term Incentive Plan, aligning the interests of internal stakeholders with those of shareholders in long term value creation.

    The audited report and accounts of NGX Group for the year ended December 31, 2020 showed gross income of N6.02 billion and surplus after tax of N1.84 billion. Net asset grew by 10 per cent to N31.28 billion.

    Group Chairman, Nigerian Exchange Group (NGX Group) Plc, Otunba Abimbola Ogunbanjo said the NGX Group has remained resilient as it continues to demonstrate consistent growth after over six decades.

    “Despite the global pandemic and other economic shocks, it is indeed noteworthy that we have already begun to actualise the benefits of demutualisation including the alignment of stakeholders’ interests in the value created by the new group under a revised corporate governance framework,” Ogunbanjo said.

    He said the approval of the new equity-based incentive schemes for employees were in line with the authority granted to directors by then members of NSE at an extraordinary general meeting conducted in March 2020 and in line with global best practices allowing the group to attract and retain the best talent.

    “Today, I am more confident than ever that the group is well-positioned to deliver value to shareholders as we move into a new growth phase,” Ogunbanjo said.

    Group Managing Director, Nigerian Exchange Group (NGX Group) Plc, Mr. Oscar Onyema said the 2020 results reflected the challenging macroeconomic and market conditions as well as operational resilience of the group.

    According to him, in the context of COVID-19 pandemic, the group maintained tight cost controls, which reduced expenses by 13 per cent despite investments in technology that allowed it to operate remotely with zero downtime.

    He added that NGX Group and its wholly owned subsidiaries – Nigerian Exchange Limited, NGX Regulation, and NGX Real Estate – continue to advance the realisation of its vision to be Africa’s leading integrated capital market infrastructure provider.

    “As the group progresses its plans to list on Nigerian Exchange, we look forward to welcoming a broader group of investors to share in our journey,” Onyema said.

    In addition to the re-election of the Non-Executive Directors who were retiring by rotation and the election of the members of the Audit Committee, shareholders also approved the proposed remuneration for the Board and non-executive members of the erstwhile National Council of the NSE.

     

  • NSIA, others to raise funds for COVID-19 vaccine

    By Tofunmi Sanusi 

    The Nigeria Solidarity Support Fund (NSSF), a brainchild of Global Citizen (GC), an international advocacy organisation and the Nigeria Sovereign Investment Authority (NSIA) has revealed some A-list Nigerian artists set to perform at the Global Citizen Live event in Lagos, Nigeria on September 25, 2021 and seeks to raise resources to ensure that one million Nigerians get vaccinated over the next 12 months.

    The event is part of a once-in-a-generation 24-hour global activation that will see artists perform across six continents to help rally citizens in demanding that governments, major corporations, and philanthropists work together to defeat poverty and defend the planet by focusing on the most urgent, interrelated threats. These include vaccine equity, climate change and famine that impact those in extreme poverty the hardest.

    Nigerian artists donating their talent and time to help raise funds to boost vaccine equity through the vaccination of one million people across the country include Davido, Burna Boy, Femi Kuti, Made Kuti and Tiwa Savage.

    Other artistes taking part in the groundbreaking project include those from locations in Lagos, Rio de Janeiro, New York City, Paris, London, Seoul, Los Angeles, Sydney and more to be announced.

    In Nigeria, Global Citizen is working with the Lagos State Government to create a limited-capacity event to celebrate Nigerians working on the frontline in the fight against the COVID-19 pandemic. The show will be filmed in advance with a fully vaccinated audience.

    Lagos State Governor, Babajide Sanwo-Olu, said: “Lagos State is thrilled to be a part of Global Citizen Live. With the challenges of rising poverty, hunger and vaccine inequity facing Africa, we need businesses and governments around the world to respond to the call of citizens, stand in solidarity with the people of Africa, and commit to defending the planet and defeating poverty and inequality.”

    According to Dr Tedros Adhanom Ghebreyesus, WHO Director-General, “Over 75% of the more than 4 billion doses administered to date have occurred in just 10 countries while only 1% of people in low-income countries have received a dose. That’s why I am pleased to support Global Citizen Live and join Global Citizen in their calls to public and private leaders to share the doses, financing, knowledge, technology, and political solidarity needed to end this pandemic.”

    Singer-songwriter and activist Femi Kuti said: “I am honoured to help bring Global Citizen Live to Lagos, as we lift the voices of Africans everywhere. But what is taking place on the continent right now is a tragedy. There is no reason that 1% of Nigerians have been vaccinated against COVID while countries talk of booster shots. It’s time for our leaders to lead and act now.”

    Global Citizen Live is part of Global Citizen’s overarching Recovery Plan for the World, a year-long campaign to help end COVID-19 by calling on governments, philanthropists, and the private sector for financial commitments to kickstart a global recovery. Ahead of October’s G20 Summit, and COP26, the Global Citizen Live campaign will call on world leaders, major corporations, and foundations to defend the planet and defeat poverty.

    Global Citizen Live is supported by a corporate coalition, including Access Bank in Nigeria, alongside global partners, Accenture, Cisco, Citi, The Coca-Cola Company, Delta Air Lines, Google, Live Nation, P&G, Salesforce, Verizon, and campaign partners WW International and Worldwide Technology; who will engage support from the private sector in driving new commitments toward the campaign’s policy objectives.

    Global Citizen Live has received in-kind support from leading media companies, including BellaNaija, Branded Cities, Brut Media, Captivate, Clear Channel Outdoor, Curb Media, Forbes, GSTV, iHeartRadio, Interstate Outdoor, JCDecaux Nigeria, Nigeria Info, OutFront Media, Six Flags Theme Parks, The New York Times, Vanguard Media, Wazobia FM, and Wazobia Max TV.