The Nation Newspaper

Category: Equities

  • Stockbrokers’ chief lists achievements

    Stockbrokers’ chief lists achievements

    Taofik Salako, Deputy Business Editor

    Outgoing President of Chartered Institute of Stockbrokers (CIS), Mr Adedapo Adekoje said his administration recorded several milestones that have placed the institute on a firm path of recovery and growth.

    In his valedictory speech, Adekoje, who assumed office as the President in April 2018, expressed satisfaction that his administration was able to achieve landmark projects despite the inclement operating environment.

    He attributed the successes to divine intervention and unflinching support of every member of the institute, urging members to rally round the in-coming administration for sustainable achievements.

    According to him, the operating environment was, and still is, very challenging for members, as a result of which only about 25 per cent of them were able to pay their annual subscriptions to the institute. On top of this, the general macro-economic situation of the country also meant that getting grants from benevolent institutions became very difficult.

    He noted that the executives tasked themselves, financially and otherwise; while sacrificing a whole lot of normal privileges to lead the charge from the front, thereby giving inspiration to other members who came out to serve in various committees and others who expressed their supports in various other ways.

  • Polaris Bank optimistic on post-COVID-19 performance

    Polaris Bank optimistic on post-COVID-19 performance

    Taofik Salako, Deputy Business Editor

    Polaris Bank plans to leverage its investment in cutting-edge information technology to harness emerging opportunities and mitigate the disruptive effect of the COVID-19 pandemic on its business.

    Against the backdrop of the impressive financials of the bank in 2019, the management of the bank said investment in technology infrastructure, comprehensive corporate transformation and a keen focus on customer experience would continue to give the bank comparative advantage in the Nigerian financial services sector.

    Managing Director, Polaris Bank Limited, Mr Tokunbo Abiru, w2ho reviewed the performance and outlook of the bank in a special media interview, said the 2019 performance of the bank was the result of a corporate transformation that started in September 2018.

    He said the corporate transformation has helped the bank build a robust foundation for capital preservation and sustainable profitability.

    According to him, while the Coronavirus pandemic would undoubtedly impact all economies and sectors, including Nigeria, Polaris Bank’s strong business focus, organisational efficiency, innovation and digitisation will provide the winning edge against the emerging disruptions.

    He also noted that Polaris Bank’s retail customer segments and commercial businesses will remain thriving and competitive, ensuring that the bank continues to harness the value of its investments.

    “The key drivers of the outcome as shown in the 2019 results were strong earnings from interest and non- interest income as well as through operational efficiency via cost containment, all resulting in a decent cost to income ratio. These measures are key initiatives of our on-going transformation programme,” Abiru said.

    Speaking on the impact of COVID-19 on the economy, he noted that the COVID1-19 would adversely impact businesses both locally and globally, with credit quality being challenged, business market size already shrinking, and inflationary pressures mounting.

    He further explained that while no business can hardly outperform the environment where it operates, Polaris Bank will seek ways to maximise all available income sources; while also seeking ingenious means of containing the negative impact of the Coronavirus pandemic.

    On the impact of technology on banking, Abiru outlined that the future of banking, like other sectors of the economy, will continue to be shaped by technology.

    “Just look around you, is there any area of our lives that technology is not reshaping? Why should banking be an exception? More so, if you look at the nature of our business, it lends itself to digital adaptations more than other areas of our lives. The world is a global village; just look at what is happening elsewhere, and you know it is only a matter of when will it catch up with you and not if. So, it is not so much of what I believe, it’s where the world is evidently heading,” Abiru said.

    He reiterated that the vision of Polaris Bank remains to be a top, innovative and digital-led retail bank, a preferred partner that provides superior financial solutions to its customers and one that is not afraid to be different from the pack.

    “The bank is currently on a corporate transformation journey, which focuses on five key pillars: process, technology, business strategy, brand, and culture alignment. With regards to technology, we have concluded the first phase of our I.T platform refresh to world-class servers and data centres, we are strengthening our cyber-security and network capacity, we have upgraded all our digital channels with robust offerings across mobile banking, internet banking, USSD, POS, ATMs, including agency banking etc. As we reposition our I.T infrastructure to world-class standards, we are implementing a robust digital transformation to actualise our vision of making Polaris a truly digital bank that makes banking more convenient with customised , value-adding product offerings,”Abiru said.

    He noted that with all the bank’s fundamentals competing well with its industry peers and above the regulatory minimum, Polaris Bank now stands on firmer ground with better margins, lower cost of operations for good returns to stakeholders.

    According to him, Polaris Bank is a future-determining bank that is committed to the delivery of industry-defining products, and services, across all the sectors of the Nigerian economy.

    He pointed out that the successful turnaround of Polaris Bank has made it a classic testimony of the turnaround of a troubled bank through a regulator-induced intervention adding that from all indications, the future of the bank is now very bright as evidenced by the improved prudential ratios.

     

  • Equities sustain rally with N130b gains

    Equities sustain rally with N130b gains

    Taofik Salako, Deputy Business Editor

    Nigerian equities continued their rally on Wednesday as increasing bargain-hunting left investors with net capital gains of N130 billion, bringing gains in the past two trading sessions to N266 billion.

    With more than seven advancers to every decliner, the overall market position was exceedingly positive. Average return stood at 1.03 per cent, moderating the negative average year-to-date return to -8.9 per cent.

    The All Share Index (ASI)- the common value-based index that tracks share prices at the Nigerian Stock Exchange (NSE) rose from its opening index of 24,202.87 points to close at 24,452.23 points. Aggregate market value of all quoted equities also increased from its opening value of N12.613 trillion to close at N12.743 trillion.

    With 36 gainers to five losers, all sectoral indices expectedly closed positive. The NSE Banking Index led with a gain of 2.8 per cent. The NSE Insurance Index appreciated by 1.7 per cent. The NSE Industrial Goods Index rose by 1.3 per cent while the NSE Oil and Gas Index and NSE Consumer Goods Index inched up by 0.1 per cent apiece.

    The momentum of activities also improved a total turnover rose by 28.6 per cent to 436.84 million shares valued at N5.41 billion in 5,195 deals. Zenith Bank was the most active stock with a turnover of 75.07 million shares worth N1.22 billion.

    “We expect profit taking in the next trading session,” Afrinvest Securities stated.

    Dangote Cement led the gainers with a gain of N2.50 to close at N150. Zenith Bank followed with a gain of 65 kobo to close at N16.50 while BUA Cement chalked up 60 kobo to close at N32.40. Lafarge Africa recorded the highest loss of 30 kobo to close at N11 per share.

  • Digitisation: ‘Tool for attaining success in banking’

    Digitisation: ‘Tool for attaining success in banking’

    At 75, Wema Bank, like most Nigerian banks, initiated strong financial tools in achieving success. Since inception in 1945, the bank’s resilience and innovative digital solutions had been aimed at satisfying customers needs. COLLINS NWEZE writes that the bank raised the bar with the introduction of ALAT digital banking platform and others, to change the narrative in delivering excellent banking and financial services.

     

    NOT every firm lives to mark 75 years, especially in our part of the world where organisations hardly survive their first decade of operation.

    At 75, Wema Bank has just begun a long journey in service to customers and commitment to national development.

    The bank’s 75th Anniversary on May 2 coincided with the three-year celebration of ALAT, its digital banking platform. ALAT  is part of the bank’s contributions to the Central Bank of Nigeria’s (CBN’s) financial inclusion project to increase access to financial services.

    The bank rolled out a series of marketing tools as it looks to introduce fresh services and reward customers’ loyalty.

    Established in 1945 by the Agbonmagbe Bank to serve the Western Region, Wema has grown to become one of Nigeria’s innovative banks, attaining national status with over 150 branches.

    “Our mission has not changed from that of our founders in 1945,” the bank’s Managing Director and Chief Executive Officer Ademola Adebise said in a statement.

    “We are still passionate about supporting the personal and business needs of our customers both in rural communities and in the big cities. In some communities, we are proud to say we are the only bank in town.

    “We have also been strategic in our drive to provide refreshing banking services by leveraging technology to meet the needs of tomorrow’s businesses today.

    We have personalised banking with ALAT and today, we take pride in the fact that we are building a bank for the future.”

    As part of the anniversary, Wema Bank has launched a website to support the financial needs of customers at a time the COVID-19 pandemic has led many into banking from home.

     

    PBT rises by 40 per cent to N6.76b

    Wema Bank Plc announced a 40.83 per cent growth in Profit Before Tax (PBT) to N6.76 billion in its audited results for the year ending December  31, 2019.

    The performance was higher than N4.80 billion reported in 2018.  Profit after tax stood at N5.20 billion, which is higher than N3.33 billion achieved same period in 2018.

    Wema increased its dividend payment for the year ending December 31, 2019, to four kobo per share, higher than the three kobo paid in 2018.

    The results showed that total assets grew by 46 per cent to N715.87 billion, compared with N488.80 billion the previous year. Non-interest income grew by 74 per cent to N24.21 billion against N13.89 billion in 2018.

    Wema’s deposit also grew by 56 per cent to N577 billion, higher than N369 billion same period in 2018.

    On the results, Adebise said: “We are pleased to announce our 2019 financial year results. The results show that year-on-year, Wema Bank has continued its steady growth trajectory.

    The bank recorded gross earnings of N94.89 billion, which was a 32.65 per cent increase over the 2018 performance of N71.53 billion.

    Profit before tax was N6.76 billion, which represents a 40.83 per cent growth over the N4.80 billion reported in 2018… profit after tax was N5.20 billion as compared with N3.33 billion in 2018,” he said.

    Read Also: Sterling Bank grosses N33b in three months

     

    ‘’The bank has continued to grow its deposit base, while reducing its cost of funds. Deposits were up by 56.35 per cent in 2019 to N577.28 billion, while N369.20 billion was achieved in 2018.

    Loans and advances grew from N252.19 billion to N289.24 billion in 2019, representing a 14.69 per cent increase. The bank has also increased its dividend payment from three kobo per share to four kobo per share translating to dividend yield of eight per cent.”

    But Adebise cautioned: “While the results for 2019 showed very strong growth, the economic headwinds of the last few weeks has moderated our growth expectations for the next few months.

    It is expected that the economic and social impact of the COVID-19 virus will be far reaching. As a bank, we have also tried to play a role in supporting local and federal efforts in providing relief to those impacted directly and indirectly.

     

    AGM by proxy

    Wema Bank has also decided to remodel the process for the 2019 Annual General Meeting (AGM) following the outbreak of COVID19, which necessitated controlled movement in various states.

    Wema Bank said its today’s AGM would be by proxy at the Fifth floor of Wema Towers on the Marina in Lagos.

    The bank considers the well-being of shareholders a key priority and given the potential risks of attendance, advises against physical presence.

    The decision to hold the AGM  followed regulatory directive and approval. This was made at the time restriction was placed on movement within and across state boundaries following the Federal Government’s directive on lockdown.

    However despite the ease of lockdown, the bank decided it would still conduct its AGM by proxy to control spread of COVID-19.

    Due to the serious issues on the agenda, the bank would not put off its AGM.

    But given the circumstance, the meeting will be kept as short and concise as possible. Among matters to be discussed are audited financial statements, authorisation of dividend, election and re-election of directors, as well as election of members of audit committee. Shareholders can appoint a proxy to attend and vote.

    This decision takes advantage of Section 230 of the Companies and Allied Matters Act (CAMA) on use of proxies with the understanding that the quorum for an AGM can be achieved either through physical attendance or by proxy.

     

    Earn from Home gains momentum

    Wema Bank has introduced Earn From Home Scheme as part of activities to celebrate its 75 years.

    The bank launched the scheme to reward loyal customers with extra income. This is coming at a time the crippling effects of COVID-19 are felt by individuals and corporate organisations locally and globally.

    This accentuates the bank’s history of socially responsible projects, both timely and sensitive, to create alternatives for customers at a time income channels are drying up.

    Head of Retail Banking at Wema Bank Dotun Ifebogun said: “We believe this will empower our transacting customers to effectively leverage on the current lockdown situation and earn while at home by recommending the ALAT App to economically active family members and friends within their social network.”

    In addition to the “Earn From Home” programme, the bank will also host hackaholics 2.0, a two-day hackathon and a tech fair event.

    Set up to promote the development of technological solutions for financial and institutional needs and other social issues, hackaholics was postponed following COVID-19.

    With its theme:  ‘Connecting Worlds’, the hackathon will bring developers, designers and creative thinkers together to develop products and discover new technologies.

    “At 75, Wema Bank sees no limit to the magic she can create, no walls to the relationships she can forge, no barriers to the excellence of service, and no impossibilities in building the bank of the future,” Ifebogun said.

  • Sterling Bank grosses N33b in three months

    Sterling Bank grosses N33b in three months

    Our Reporter

     

    Sterling Bank Plc recorded gross earnings of N32.9 billion in the first quarter as net profit closed the three-month period at N2.07 billion. Profit before tax stood at N2.22 billion in first quarter 2020.

    Key extracts of the three-month period ended March 31, 2020 showed that net operating income rose marginally to N18.779 billion in first quarter 2020 as against N18.565 billion recorded during the corresponding period of 2019.

    Managing Director, Sterling Bank Plc, Mr. Abubakar Suleiman, noted that despite a very challenging macro-economic environment, the bank’s net trading income grew remarkably to N984 million as against N435 million during the corresponding period, representing an increase of 126.2 per cent.

    The bank’s marginal drop in net profit was attributed to a combination of a decline in fees and commission income following the downward review of transactional charges and a slight increase in total expenses which rose from N15.3 billion in 2019 to N16.6 billion in 2020.

    Read Also: Notore grosses N8.2b turnover in 3 months

     

    The increase was driven mainly by other operating expenses and depreciation and amortization costs. Income tax expense also went up from N33 million in 2019 to N154 million in 2020.

    However, the bank was able to reduce its non-performing loans from 2.2 per cent to 2.0 per cent during the review period.

    Suleiman pointed out that the bank’s deposit base rose to N898.576 billion in first quarter 2020 from N892.660 billion in the corresponding period of 2019 while loans and advances increased to N627.122 billion from N618.732 billion. Total assets rose to N1.231 trillion from N1.182 trillion, representing an increase of 4.1 percent.

    He added that the bank managed to reduce cost of funds further by 18.4 per cent on the back of growth in low cost deposits, resulting in a growth in net interest income to N15.449 billion.

    The bank had recorded gross earnings of N35.27 billion in first quarter 2019 while pre and post tax profits stood at N3.27 billion and N3.24 billion respectively.

     

  • Airtel Africa posts $598m profit

    Airtel Africa posts $598m profit

    Our Reporter

     

    Airtel Africa Plc has posted a profit before tax of $598 million for the financial year ended March 31, 2020, an increase of 77.2 per cent on $348 million in 2019.

    Profit after tax stood at $408 million from $426 million recorded in 2019. According to the company, profit after tax was down by 4.4 per cent due to a one-off deferred tax recognition in Nigeria in the year ended 30 March 2019 and a lower exceptional item gain in the current period. Post one-off tax benefit, profit after tax for the year increased by $43 million or 17 per cent.

    Reported revenue grew by 11.2 per cent as 13.8 per cent constant currency growth was partially offset by currency devaluation.

    The strong performance was largely driven by the growth of our customer base, up by 11.9 per cent to 110.6 million, as well as a 3.3 per cent growth in ARPU. Across the regions, Nigeria and East Africa continued to deliver strong performance, and performance in Francophone Africa continued to improve with revenue up 4.1 per cent in Q4 2020.

    Revenue growth was broadly based across all key segments: voice up 5.2 per cent, data up 39.0 per cent and mobile money up 37.2 per cent in constant currency terms.

    Chief Executive Officer, Airtel Africa Plc, Raghunath Mandava said the results were in line with aspirations set out at the time of the company’s initial public offering (IPO,) with performance sequentially improving during the year.

    Revenue increased by 11.2 per cent, 13.8 per cent in constant currency, and underlying EBITDA by 13.8 per cent, 16.3 per cent in constant currency, to a reported $1,515m, underpinned by significant improvement in  free cash flow generation and reduced leverage.

    “These results also demonstrate the strength and resilience of our business and the effectiveness of our strategy – with all three business services, voice, data and mobile money, contributing to revenue growth,” Mandava said..

    He said the company has continued to invest in future growth opportunities as it expanded distribution, modernised and expanded its network with 65 per cent of sites now on 4G, acquired new spectrum in Nigeria, Tanzania, Malawi and Chad, and entered into strategic partnerships in its mobile money business.

    “More recently, the markets where we operate have begun to be impacted by the COVID-19 and the related actions that governments have implemented to reduce the risk of contagion.

    Read Also: Ecobank posts $90million profit in Q1

     

    “Our priority has been to keep our colleagues, suppliers and customers safe whilst supporting the communities in which we operate,” Mandava said.

    According to him, telecoms businesses provide strategically essential services to ensure the functioning of economies and communities and are, therefore, more resilient compared to some other sectors.

    “In Africa, the spread of the COVID-19 has lagged the rest of the world and, therefore, it is difficult to precisely forecast what the impact of this will be on customers and business.

    “However, our performance during the month of April has been resilient as the business continued to deliver constant currency revenue growth, although at a lower rate.

    “We enter this period of increased volatility in a strong financial position and our view on the medium-term opportunities across our footprint has not changed, as these markets will continue to benefit from strong population growth and the need for increased connectivity and financial inclusion,” Mandava said.

     

  • Nigerian equities’ turnover drops by 44% amid global losses

    Nigerian equities’ turnover drops by 44% amid global losses

    By Taofik Salako, Deputy Group Business Editor

     

    Nigerian equities halted their month-long rally with a 44 per cent decline in turnover as investors appeared to take a pause on global stocks. Nigerian equities closed weekend with average decline of 0.72 per cent, equivalent to net capital depreciation of N90 billion.

    Nigerian stock market performance trailed global equities indices with declines across major advanced and emerging economies. United States of America’s Dow Jones Industrial Average and S & P 500 closed weekend with average decline of 2.9 per cent and 2.6 per cent respectively.

    United Kingdom’s FTSE 100 Index dropped by 2.4 per cent. The MSCI EM Index- which tracks emerging markets stocks, declined by 2.3 per cent while the MSCI FM Index- which tracks frontier markets stocks, posted average loss of 2.3 per cent.

    Most analysts were less optimistic about the outlook for the stock market citing the emerging disruptions by COVID-19 pandemic and global economic challenges.

    Analysts at Cordros Securities said increasing cases of COVID-19 and Nigeria’s weak economic conditions are major risks that could influence Nigerian stock market performance in the months ahead, urging investors to take cautious approach.

    “Thus, we continue to advise investors to trade cautiously and seek trading opportunities in only fundamentally justified stocks,” Cordros Securities stated.

    Market Analyst at FXTM, Han Tan at the weekend said markets were taking stock of their exposure to risk while mulling the protracted and arduous recovery that awaits the global economy.

    “The coming months remain paved with downside risks and the threat of chilling US-China relations amid this global pandemic will only further inhibit global risk appetite,” Tan stated.

    The All Share Index (ASI)- the value-based common index that tracks share prices at the Nigerian Stock Exchange (NSE), closed weekend at 23,871.33 points as against its opening index of 24,045.40 points for the week.

    With this, the average year-to-date return stood at -11.07 per cent. Nigerian equities had in the first week of May sustained considerable rally, which still left month-to-date return positive at 3.69 per cent at the weekend.

    Aggregate market value of all quoted equities at the NSE dropped from the week’s opening value of N12.531 trillion to close at N12.441 trillion, representing a drop of N90 billion.

    The negative overall market performance was driven largely by losses in the industrial goods and financial services sector.

    The NSE Industrial Goods Index declined by 2.18 per cent. The NSE Insurance Index dropped by 0.56 per cent while the NSE Banking Index dipped by 0.03 per cent.

    Meanwhile, the NSE Consumer Goods Index appreciated by 2.25 per cent while the NSE Oil and Gas Index posted average gain of 1.56 per cent.

    Read Also: ‘Pharmaceutical industry may only achieve 25% turnover’

     

    The momentum of activities slowed down considerably with turnover volume, value and number of deals dropping by 44.3 per cent, 46.3 per cent and 27.4 per cent respectively.

    Total turnover stood at 926.42 million shares worth N9.77 billion in 20,910 deals last week compared with a total of 1.66 billion shares valued at N18.21 billion traded in 28,791 deals two weeks ago.

    The financial services sector remained atop the activity chart with a turnover of 676.072 million shares valued at N5.053 billion in 10,753 deals; contributing 72.98 per cent and 51.73 per cent to the total equity turnover volume and value respectively.

    The conglomerates sector staged a distant second position with 71.117 million shares worth N399.502 million in 445 deals while consumer goods sector placed third with a turnover of 48.835 million shares worth N1.569 billion in 3,497 deals.

    Banking stocks dominated activities chart with the trio of FBN Holdings Plc, Guaranty Trust Bank and Zenith Bank emerging the three most active stocks, accounting for 335.075 million shares worth N4.061 billion in 4,885 deals, representing 36.17 per cent and 41.58 per cent of the total equity turnover volume and value respectively.

    Also, a total of 146,484 units of Exchange Traded Funds (ETFs) valued at N7.397 million were traded in 13 deals compared with a total of 17,476 units valued at N1.502 million traded in 10 deals penultimate week.

    In the bond segment, a total of 7,878 units valued at N9.070 million were traded in 12 deals compared with a total of 2,438 units valued at N2.594 million traded in six deals two weeks ago.

    There were 32 advancers against 28 decliners last week as against 39 gainers and 22 losers recorded in the previous week. NPF Microfinance Bank led the gainers, in percentage terms, with a gain of 50.85 per cent to close at N1.78 per share.

    Unilever Nigeria followed with a gain of 20.95 per cent to close at N12.70. May & Baker Nigeria rose by 20.93 per cent to close at N3.12. McNichols appreciated by 19.05 per cent to close at 50 kobo. Eterna rose by 18.52 per cent to close at N2.56. Fidson Healthcare rallied by 14.92 per cent to close at N2.85 while GlaxoSmithKline Consumer Nigeria rose by 13.39 per cent to close at N6.35 per share.

    On the downside, UACN Property Development Company led the decliners with a drop of 13.04 per cent to close at 80 kobo. CAP followed with a loss of 9.83 per cent to close at N20.65. Arbico dropped by 9.73 per cent to close at N2.32.

    Custodian Investment dipped by 9.52 per cent to close at N5.70. Afromedia lost 8.82 per cent to close at 31 kobo while Union Bank of Nigeria declined by 8.57 per cent to close at N6.40 per share.

    At the NASD OTC Securities Exchange- the over-the-counter market for trading in shares of unlisted public limited liability companies, transactions also were generally negative with the NASD Security Index (NSI) dropping by 0.92 per cent to close weekend at 693.94 points as against 700.39 points recorded as opening index for the week. With this, the NSI year-to-date return dropped by 0.52 per cent.

    Investors at the NASD lost N4.71 billion as NASD OTC market capitalisation dropped to N509.75 billion at the weekend as against N514.46 billion recorded as opening value for the week.

    However, there was a 82.5 per cent increase in the total value traded during the week with a total of N9.671 million recorded last week compared with N5.289 million recorded in the previous week. Total trade activity so far this year stood at N7.43 billion.

    Turnover volume meanwhile dropped by 67.7 per cent to 73,715 shares last week compared with 226,825 shares recorded in the previous week. This brought total volume traded so far this year to 7.62 billion shares.

    Reviewing the global outlook for equities, Tan at the weekend stated that the global economy is on a long road to “new normal”, a reference to adjustments in the post-COVID-19 period.

    According to Tan, the data from United States and China should quell any notion of a V-shaped recovery for the rest of the world, much to the chagrin of stock market bulls.

     

  • NSE donates N100m to fight COVID-19

    NSE donates N100m to fight COVID-19

    By Taofik Salako, Deputy Group Business Editor

    The Nigerian Stock Exchange (NSE) has committed N100 million to support the fight against the Coronavirus pandemic in Nigeria.

    A breakdown indicated that a total of N60 million would be donated to the Capital Market Support Committee for COVID-19 (CMSCC) while the balance of N40 million would be committed to NSE’s “Masks for All Nigerians” campaign.

    The CMSCC is a Securities and Exchange Commission (SEC)-led committee and comprised of operators and stakeholders in the capital market community. The CMSCC was set up to galvanize the capital market ecosystem to play an active role in curbing the spread of COVID-19 in Nigeria.

    The “Masks for All Nigerians” campaign will see the NSE donating more than 100,000 reusable face masks to states most affected by COVID-19 while the Exchange will run an enlightenment programme on the safe use of masks on traditional and social media.

    This initiative comes on the back of a growing call for the use of masks as an effective measure in slowing the spread of COVID-19. With the increasing body of evidence that the use of masks by the populace could slow the spread of coronavirus, several countries, including the United States of America, Austria, Slovakia, Czech Republic, Canada, and Nigeria to name a few, have adopted this control measure.

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, said the Exchange recognised the health and economic impact of the COVID-19 pandemic on Nigerians and the need to adopt more proactive steps in stemming the tide.

    According to him, in line with its tradition of supporting the communities where it operates, NSE has launched a “Masks for All Nigerians” campaign to ensure that protective masks get into the hands of citizens in the more vulnerable places.

    “Through our media enlightenment engagement, we will raise awareness on the proper use of masks, continue to encourage adherence to the guidelines that have been provided by relevant agencies and emphasize that wearing of masks alone is not enough protective measure against COVID-19.

    We have also been deliberate with this intervention by patronising local manufacturers in our efforts to support indigenous businesses, who we have mandated to comply with the mask production specifications provided by the Standards Organisation of Nigeria (SON) and the National Agency for Food and Drug Administration and Control (NAFDAC),” Onyema said.

    President, Nigerian Stock Exchange (NSE), Otunba Abimbola Ogunbanjo said the world is facing an unprecedented existential threat that requires all to adopt a more collaborative approach in fighting the pandemic especially where social interaction is inevitable.

    “As we work to encourage the use of personal protective equipment through adequate production and distribution of reusable face masks, we call on the capital market ecosystem to support this initiative by wearing a mask when in public settings and donating masks especially to those at the bottom of the pyramid so as to protect lives leading to the reactivation of our economy,” Ogunbanjo said.

    He noted that the NSE has displayed remarkable resilience during this pandemic as it continues to support remote working and trading; promote market deepening activities; create an enabling regulatory environment for stakeholders; and recognise the efforts of public and private sector players in raising awareness, ramping up testing and increasing the capacity of the health sector to slow the spread of COVID-19.

     

  • Balogun donates relief materials to Ijebu-Ode

    Balogun donates relief materials to Ijebu-Ode

    By Collins Nweze

     

    Founder, First City Monument Bank (FCMB) Group, Otunba Subomi Balogun has donated relief materials to the people of Ijebu-Ode in Ogun State to cushion the effects of the lockdown occasioned by the spreading coronavirus (COVID-19) disease.

    The materials, 300 bags of rice, were handed over by Prof. Bankole Okuwa, the curator of Otunba Tunwase Museum, for distribution.

    A beneficiary, Alhaji Adebisi Alausa, the Oloritun of Mobegelu in Ijebu-Ode, described the donor, as a cheerful giver and an extraordinary philanthropist.

    “Otunba Subomi Balogun is well known for his humanitarian gestures and unique kindness. I can recollect his support both in kind and cash when I was the Chairman of Ijebu-Ode Club about 30 years ago. I find in him, a man who shows love to the people everytime and always ready to give.

    We really appreciate his love and concern for the people especially the less privileged and pray to Almighty God to grant him long life in sound health.”

    Alausa  admonished  Nigerians to obey government’s orders and observe the regulations as handed down by authorities involved in checking the spread of the novel Coronavirus, which has defied any meaningful solution since its outbreak.

    Read Also: Change Africa Foundation donates relief materials

     

    People, he said, should realise that the virus is highly contagious and can hang and remain active in the air for a long time, hence people should keep the stipulated distance from one another when necessary.

    “We shouldn’t see the lockdown as a punishment but part of safety measures to combat the dreaded disease,” he added.

    Central Chairman, Ijebu-Ode Christian Association of Nigeria, Venerable Wale Omotayo also described Otunba  Balogun as a philanthropist with a difference.

    He urged Nigerians to abide by the order of the government and keep them for the safety of each individual and the people of the world at large.

    Earlier, the traditional title holder and the Asiwaju of Ijebu Christians, donated 750 bags of rice to community leaders in Ijebu-Ode as well as150 bags of rice to residents of Erinlu community in Ijebu Ode and the Anglican Church,  Italowajoda in Ijebu Ode.

  • CAFEi predicts $6tr global loss to cybersecurity

    CAFEi predicts $6tr global loss to cybersecurity

    By Collins Nweze

     

    The Consumer Awareness and Financial Enlightenment Initiative (CAFEi) has predicted a global loss to cybersecurity will hit $6 trillion by 2030 from $3 trillion.

    This was contained in a communique issued at the end of a CAFEi webinar on financial inclusion.

    President of CAFEi, Mrs. ‘Debola Osibogun, described the group as a non-profit organisation that focuses on public enlightenment, advocacy and research.

    “The principal objective of the group is to aid consumers in making informed decisions on goods and services in all facets of life, including the banking and finance sector. In the light of the new normal, the organisation is also set to protect consumer rights post-COVID-19,” she said.

    The participants called on the Central Bank of Nigeria (CBN) to renew its efforts in the enforcement of the regulations and policies designed to protect users of banks’ services.

    They said every e-payment user has responsibility in self-regulation and self-learning. Customers need to be conscious and protect themselves from fraudulent activities, as fraudsters are more digital savvy and some victims are tracked through their activities on social media platforms.

    According to them, the structure of the economy is dominated by informal sector with contribution above 60 per cent  to Gross Domestic Product, while most transactions in this segment are cash-based. It is critical to create awareness about digital financial services in this sector.

    Read Also: ‘Banks should not joke with cybersecurity’

     

    “It is imperative to segment customers, products and staff of financial institutions in order to be able to customise services in line with customer needs.

    ‘’There is need for collaboration across all stakeholders in building inclusive financial ecosystem that supports all Nigerians.  It is important to address the issue of trust to build confidence in the use of digital financial services.‘’

    Participants at the event were President, Africa Fintech Networks and Advisory Council Member, CAFEi, Segun Aina; Academic Director, Lagos Business School, Yinka David-West, Director, Consumer Protection Department, Central Bank of Nigeria, Haruna Mustapha and Managing Director/CEO, Management Transformation Limited and Advisory Council Member, CAFEi, Wura Abiola.

    This requires the enforcement of CBN regulations. In order to mobilise savings via digital platforms, financial institutions should design products and services that appeal to this segment of customers,” they said.

    The participants advised financial institutions to be holistic in their drive for digital financial services by integrating low-income earners into digital platforms. The digital equivalent of cash should be acceptable across board, especially in the payment system.