By Taofik Salako, Deputy Business Group Editor

Fidelity Bank Plc recorded well-rounded performance in 2019 as the commercial bank grew top-line and bottom-line by double-digits. The board of the bank has recommended 81.8 per cent increase in dividend payout, from 11 kobo to 20 kobo per share.

Key extracts of the audited report and accounts of Fidelity Bank for the year ended December 31, 2019 showed that gross earnings grew by 14 per cent to N215.5 billion in 2019 as against N189 billion in 2018. Profit before tax rose by 21 per cent to N30.4 billion compared with N25.1 billion while profit after tax increased by 24 per cent from N22.9 billion in 2018 to N28.4 billion in 2019. Net operating income had risen by 15.6 per cent from N97.2 billion to N112.3 billion. Total assets grew by 22.9 per cent from N1.72 trillion in 2018 to N2.11 trillion in 2019.

The board of the bank has recommended distribution of N5.8 billion as cash dividend for the 2019 business year, representing a dividend per share of 20 kobo compared with 11 kobo paid in 2018.

Chief Executive Officer, Fidelity Bank Plc, Mr. Nnamdi Okonkwo, said the results showed that the bank was on sustainable growth path.

“We are delighted at the results which clearly showed that we sustained our performance trajectory and continued to increase our market share driven by significant traction in our chosen business segments,” Okonkwo said.

He noted that the 2019 performance was enhanced by new initiatives in the retail lending segment and the deepening of the bank’s existing digital products, poting out that the bank now has 47.4 per cent of its customers enrolled on the mobile and internet banking products with 82 per cent of total transactions now done on digital platforms and 31.1 per cent of fee-based income now coming from digital banking business.

By Taofik Salako, Deputy Business Group Editor

Nearly three in every four transactions were closed at premium at the stock market on Wedensday as the market started full remote trading, after shutting down trading floors in response to the pandemic Covid-19.

With 20 advancers to seven decliners, the market situation at the Nigerian Stock Exchange (NSE) showed underlying resilience and bargain-hunting.However, losses recorded by two large-cap stocks, Total Nigeria and MTN Communications Nigeria, dragged the overall market position to negative.

The NSE had indicated that it would close all its trading floors with effect from on Wednesday as part of a 30-day emergency response plan to the continuing spread of Covid-19. Stockbrokers will trade using their remote platforms while NSE’s staff will be working through various digital platforms.

Benchmark indices at the Exchange indicated average decline of 0.05 per cent, equivalent to a marginal decline of N6 billion. This depressed the average year-to-date return to -19.1 per cent.

Read Also: Covid-19: Companies postpone AGM as equities lose N279b

Aggregate market value of all quoted equities at the NSE dropped from its opening value of N11.324 trillion to close at N11.330 trillion. The All Share Index (ASI)- the value-based index that tracks all share prices at the Exchange, declined from its opening index of 21,741.16 points to close at 21,729.48 points. The negative overall market position was mainly due to losses by Total Nigeria and MTN, which lost N10.70 and N3 to close at N96.30 and N100 respectively.

All sectoral indices closed on the upside with the exception of the NSE Oil & Gas Index, which dropped by 1.0 per cent. The NSE Banking Index appreciated by 2.9 per cent. The NSE Insurance Index rose by 1.4 per cent. The NSE Industrial Goods Index gained 0.4 per cent while the NSE Consumer Goods Index inched up by 0.2 per cent.

Zenith Bank led the advancers with a gain of 80 kobo to close at N11.75. Cadbury Nigeria followed with a gain of 50 kobo to close at N5.65 while United Bank for Africa and Lafarge Africa added 40 kobo each to close at N4.80 and N9.50 respectively.

Total turnover stood at 233.47 million shares valued at N2.24 billion in 3,874 deals. Guaranty Trust Bank was the most active stock with a turnover of 49.70 million shares worth N874.78 million.

“We expect the bearish performance to be sustained as the Covid-19 spread continues to dampen investor sentiment,” Afrinvest Securities stated.

By Taofik Salako, Deputy Business Group Editor

Nigeria’s largest financial institution, Guaranty Trust Bank (GTBank) Plc, has secured regulatory approval to conduct its Annual General Meeting (AGM) through the use of proxies by shareholders. GTB had scheduled to hold its AGM in Lagos on March 30.

The rules on proxy allow shareholders to appoint personal representative or to appoint the chairman of the board or any presiding official or any of the directors of a company to act for them.

The rules also allow shareholders to vote on the agenda or resolutions of the meeting ahead of the meeting date by indicating their vote on the proxy form.

In a regulatory filing yesterday, the board of GTB indicated that it has secured the approval of the Corporate Affairs Commission to conduct its AGM by the means of attendance by proxy to minimise social contact and to allow the bank complies with restrictions on public gathering by the Lagos State Government.

The attendance by proxy also takes into consideration the provisions on quorum for the meeting, as quorum can be achieved either by physical attendance or by proxy.

The bank stated that the option of attendance by proxy was due to the need to protect shareholders and other stakeholders against the health hazards arising from the Covid-19 pandemic while avoiding disruption to the operations of the bank.

According to the bank, as a result of the pandemic, there have been global directives to adopt social distancing measures, leading to national and state governments placing restrictions on public gatherings, meetings and movements. In Lagos State, which is the venue of the AGM, the government has banned public gatherings of more than 25 people.

“In view of the legal framework and corporate actions predicated on the AGM, such as payment of dividend, election of audit committee members, the filing of annual returns and approval of the fees of external auditors, which actions will remain in abeyance if the AGM is postponed or cancelled, your company engaged the regulators with a view to finding a solution that would balance the compliance with regulatory framework and minimise health hazards that could be exacerbated by such large gatherings,” GTBank stated.

Under the attendance by proxy method, shareholders are encouraged to appoint proxies to represent them at the meeting, as the company as a law-abiding corporate citizen, will only allow the number of people as permitted for social or public gatherings as at the date of the meeting.

• NSE shuts trading floors
• All applications, processing online
• Extends regulatory deadlines

 

The primary and secondary segments of the capital market will from today operate on a full remote basis with all trading, applications, processing and other filings to be conducted electronically using dedicated channels.

The Nigerian Stock Exchange (NSE) will today shut its trading floors across the country and move all its trading and regulatory operations to electronic platforms. Securities and Exchange Commission (SEC) yesterday issued a circular directing all capital market operators to file all returns and applications through electronic channels while cancelling all physical meetings and functions.

As the pandemic Coronavirus continued to spread and several new cases confirmed in Nigeria, both SEC and NSE stated that the cancellation of physical transactions and meetings was in line with their mandates to protect the market and in line with national emergency.

They said adequate measures have been put in place to ensure that the capital market continued to operate without hindrance during the lockdown period.

SEC stated that Covid-19 has created a degree of uncertainty and anxiety worldwide, as governments and health experts attempt to curtail the proliferation of the virus noting that the World Health Organisation (WHO) had warned that given Africa’s fragile health systems, the threat posed by Covid-19 in the continent is considerable.

According to SEC, its regulatory response to Covid-19 is focused on ensuring the continuity of its operations, monitoring market functions and systemic risk, providing regulatory flexibility and guidance to issuers, trading platforms, capital market operators and other stakeholders impacted by Covid-19 and continuation of investor protection efforts and relevant enforcement actions.

Under the market-focused adjustments adopted by SEC as interim in response to the effects of Covid-19, filing of all applications, for the time being, shall be made electronically to dedicated email addresses, fresh applications for registration of capital market operators have been suspended until further notice while pending applications and requests by operators for update of information would be processed online and all returns shall be filed electronically through dedicated email addresses.

Also, SEC approved a 60-day extension, in the first instance for public companies and capital market operators to file their 2019 annual reports and first quarter 2020 reports. The first Capital Market Committee (CMC) meeting in 2020 scheduled to hold on April 23, 2020, and all other meetings have been postponed indefinitely.

“It is important to note that the foregoing guidelines are not exhaustive, but rather represent an outline of immediate actions the Commission considers necessary to sustain the actualisation of its regulatory mandate and maintain the integrity of the Nigerian capital market during this challenging period. Accordingly, the Commission will continue to issue updates to market stakeholders as appropriate. The Commission will also continue to closely coordinate with other financial regulators and governmental authorities,” SEC stated.

As the NSE shuts down its trading floors today, stockbrokers have allayed any fears of disruptions to trading activities noting that most stockbrokers had for several years been operating remote trading platforms.

Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Chief Onyenwechukwu Ezeagu, said stockbrokers are fully prepared for full remote trading noting that most stockbrokers have since the implementation of minimum operating standard (MOS) been trading remotely on real time basis either through X-GEN or FIX-Protocol.

“This has been part of business continuity plan (BCP) of the NSE and SEC for dealing member firms and this has been put in place since 2015. Consequently, the closure of the NSE trading floor will in no way adversely affect stockbrokers’ ability to trade on behalf of themselves and their clients. Over 90 per cent of all dealing member firms have information and communication technology (ICT) remote access capabilities,” Ezeagu said.

He pointed out that physical trading floors are becoming outdated giving way to virtual floors as technology has brought disruptive innovations in the way and manner businesses are carried on in this modern time.

Chief Executive Officer, Sofunix Investment and Communications Limited, Mr. Sola Oni, noted that remote trading by NSE dated back to over two decades as it had become part of the system after the commencement of Automated Trading System (ATS).

“Most stockbrokers have been trading remotely over the years. This explains why attendance is usually scanty on the Exchange. The current situation has no negative impact as many of the dealing member houses are already used to it,” Oni said.

On whether full remote trading will impact on volume and price discovery, Oni said remote trading is similar to trading on the floor and it will have no negative impact on volume and price discovery.

“The basic difference between remote trading and floor trading is physical presence and non-physical presence. Many years ago, some people suggested cancellation of trading floor but the Exchange maintained that it is important to encourage those who prefer to come to the floor as this enhances interaction. The floor also is symbolic. Both floor and remote traders use the same machines. The Exchange has come a long way in deployment of information technology for transaction. One can trade remotely from anywhere in the country and even outside the country,” Oni said.

The NSE had indicated that it would close all its trading floors with effect from today as part of a 30-day emergency response plan to the continuing spread of Covid-19.

 

 

Stockbrokers will however continue to trade using their remote platforms. The 30-day remote working plan will also see NSE’s staff working through various digital platforms.

The Exchange also granted a 60-day grace period for all companies to submit their audited report and accounts for the year ended December 31, 2019. Under the extant rules, these companies are required to submit their results not later than March 30, 2020. The 60-day grace period extends the deadline to May 29, 2020.

Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr Oscar Onyema, in a circular, said the remote working plan was in response to significant growth in new cases.

He explained that the 30-day remote working plan for NSE’s employees excluding essential staff will be activated today but in order to give dealing members enough notice, the NSE will from Wednesday, March 25, 2020 temporarily close all its trading floors.

He added that during this 30-day remote working plan, remote trading will continue and NSE staff will be available through all its digital platforms to provide support.

He explained that all physical meetings within and outside NSE’s office premises have been suspended until further notice while the Exchange has instructed its employees to leverage technological tools to conduct meetings virtually.

According to him, in line with the Exchange’s robust business continuity management framework, it had put in place measures to ensure its operations and trading activities continue seamlessly throughout this period.

“As an exchange, we will ensure that all relevant information continues to flow into the market to ensure the pricing of risk assets remains transparent and reliable across asset classes to allow investors to value their portfolios and make informed investment decisions under these volatile conditions,” Onyema said.

He noted that while the Coronavirus pandemic had come with an unanticipated human and economic crisis with businesses and capital markets significantly impacted, the Exchange has continued to operate during its normal trading days and hours pursuant to the activation of business continuity plans that affirm the resilience of the market.

He reaffirmed the commitment of the Exchange to providing an efficient market that allows investors access to liquidity even in the most trying of times.

“Dealing members are, therefore, encouraged to continue to trade remotely via our electronic platforms such as FIX protocol and XNET, and reach out to their compliance officer if any support is required. Please note that we will provide manual support to members without remote access during this period.

Issuers who have any business to conduct with the Exchange can reach out to their relationship manager for guidance. You should continue to submit all regulatory filings via Issuers’ Portal (X-Issuer). As the Exchange embraces social distancing as prescribed by Nigeria Centre for Disease Control (NCDC), we have further engaged with the Federal Government on issues of annual general meetings, maturing financial instruments, financial reporting, to mention a few and appropriate updates will be provided in due course,” Onyema said.

Head, Listings Regulation Department, Nigerian Stock Exchange (NSE), Godstime Iwenekhai said the 60-day extension of regulatory deadline for submission of results was in recognition of the fact that some of the internal governance, auditing and other procedures and processes of listed companies may have been disrupted by Covid-19.

“During this period, there will be no sanctions for companies that are unable to file the audited financial statement,” Iwenekhai said.

 

 

 

 

 Taofik Salako,  Deputy Group Business Editor

 

THE Nigerian Stock Exchange (NSE) will tomorrow shut down all its trading floors under a 30-day emergency response plan to the continuing spread of Covid-19. Stockbrokers will, however, continue to trade using their remote platforms. The plan will also see NSE’s staff working through various digital platforms.

The Exchange also yesterday granted a 60-day grace period for companies to submit their audited report and accounts for the year ended December 31, 2019. Under the extant rules, these companies are required to submit their results not later than March 30, 2020. The 60-day grace period extends the deadline to May 29, 2020.

NSE Chief Executive Officer, Mr Oscar Onyema, in a circular yesterday, said the remote working plan was in response to significant growth in new cases.

He explained that the plan for NSE’s employees excluding essential staff will be activated today but in order to give dealing members enough notice, the NSE will from tomorrow temporarily close its trading floors.

He added that during this 30-day remote working plan, remote trading will continue and NSE staff will be available through all its digital platforms to provide support.

He explained that all physical meetings within and outside NSE’s office premises have been suspended until further notice while the Exchange has instructed its employees to leverage technological tools to conduct meetings virtually.

According to him, in line with the Exchange’s robust business continuity management framework, it had put in place measures to ensure its operations and trading activities continue seamlessly throughout this period.

“As an exchange, we will ensure that all relevant information continues to flow into the market to ensure the pricing of risk assets remains transparent and reliable across asset classes to allow investors to value their portfolios and make informed investment decisions under these volatile conditions,” Onyema said.

Read Also: COVID-19: NSE to shut trading floors

He noted that while the Coronavirus pandemic had come with an unanticipated human and economic crisis with businesses and capital markets significantly impacted, the Exchange has continued to operate during its normal trading days and hours pursuant to the activation of business continuity plans that affirm the resilience of the market.

He reaffirmed the commitment of the Exchange to providing an efficient market that allows investors access to liquidity even in the most trying of times.

“Dealing members are, therefore, encouraged to continue to trade remotely via our electronic platforms such as FIX protocol and XNET, and reach out to their compliance officer if any support is required. Please note that we will provide manual support to members without remote access during this period.

‘’Issuers who have any business to conduct with the Exchange can reach out to their relationship manager for guidance. You should continue to submit all regulatory filings via Issuers’ Portal (X-Issuer). As the Exchange embraces social distancing as prescribed by Nigeria Centre for Disease Control (NCDC), we have further engaged with the Federal Government on issues of annual general meetings, maturing financial instruments, financial reporting, to mention a few and appropriate updates will be provided in due course,” Onyema said.

Head, Listings Regulation Department, Nigerian Stock Exchange (NSE), Godstime Iwenekhai said the 60-day extension of regulatory deadline for submission of results was in recognition of the fact that some of the internal governance, auditing and other procedures and processes of listed companies may have been disrupted by Covid-19.

“During this period, there will be no sanctions for companies that are unable to file the audited financial statement,” Iwenekhai said.

 

By Taofik Salako, Deputy Group Business Editor

 

Many companies have hurriedly postponed indefinitely or rescheduled their annual general meeting (AGM) as the pandemic Coronavirus continued dislocation of the global and domestic capital markets.

Nigerian equities closed weekend with a net loss of N279 billion for the week, representing average decline of 2.35 per cent for the five-day trading period.

As confirmed cases of Covid-19 infection quadrupled and governments announced closure of schools and curtailment of large socio-religious gatherings, quoted companies have postponed their scheduled AGMs of shareholders, a development that may lead to delay in corporate decision-making.

Notore Chemical Industries Plc, which had scheduled its AGM for this Thursday, stated that it was postponing the meeting indefinitely citing the safety of its shareholders, employees and other members of the public. Shareholders of Notore had been scheduled to consider and approve a N40 billion capital raising proposal aimed at strengthening the balance sheet of the agro-allied company.

Notore stated that it would continue to monitor the situation to determine a new date for the AGM.

Greif Nigeria Plc, which had scheduled its AGM for next week, said it has rescheduled the meeting to June 2020 citing the Covid-19 outbreak in Nigeria.

Greif Nigeria stated that it has taken further measure of placing a travel ban on all its employees while advising that meetings with larger groups of participants of more than five persons, whether external or internal, should be avoided.

According to the company, large gatherings are discouraged and alternative methods or rescheduling of such meeting is therefore advised.

“Greif is concerned with the safety and health of its employees, their families and the general public at large,” the company stated.

Greif believed that the only way to truly reduce the spread of the virus is with social distancing for as long as possible until this recedes.

Aggregate market value of all quoted equities at the Nigerian Stock Exchange (NSE) dropped to N11.568 trillion at the weekend compared with its opening value of N11.847 trillion for the week. The All Share Index (ASI) –a value-based benchmark index that tracks all share prices, also declined from its week’s opening index of 22,733.35 points to close the week at 22,198.43 points.

The continuing price depreciation at the Exchange worsened the negative average year-to-date return for Nigerian equities to -17.30 per cent. In the banking and consumer goods sectors, average year-to-date losses were above 32 per cent and 40 per cent respectively.

The momentum of activities at the NSE also slowed down last week with total turnover closing at 2.80 billion shares worth N32.56 billion in 31,715 deals compared with a total of 3.96 billion shares valued at N43.70 billion traded in 26,054 deals two weeks ago.

Financial services sector remained the most active sector with a turnover of 2.51 billion shares valued at N25.29 billion in 23,243 deals; representing 89.44 per cent and 77.68 per cent of total equity turnover volume and value respectively. The conglomerates sector followed with a turnover of 60.87 million shares worth N105.95 million in 767 deals while the services industry placed third with a turnover of 51.30 million shares worth N117.55 million in 350 deals.

Large-cap banks dominated the trading with the trio of Zenith Bank Plc, Guaranty Trust Bank Plc and FBN Holdings Plc emerging as most active stocks with a turnover of 1.64 billion shares worth N21.28 billion in 15,631 deals, representing 58.32 per cent and 65.37 per cent of the total equity turnover volume and value respectively.

Also, a total of 15,121 units of Exchange Traded Funds (ETFs) valued at N87.77 million were traded in seven deals last week compared with a total of 75,285 units valued at N472.95 million traded in six deals penultimate week.

In the sovereign bond market, a total of 16,204 units of Federal Government bonds valued at N19.101 million were traded in eight deals compared with a total of 62,290 units valued at N71.46 million traded in 18 deals two weeks ago.

There were 35 gainers and 27 losers last week compared with two gainers and 64 losers recorded in the previous week. However, losses suffered by large-cap stocks overwhelmed the overall market position. Cadbury Nigeria led the gainers, in percentage terms, with a gain of 26.3 per cent to close at N6.25. NPF Microfinance Bank followed with a gain of 23.5 per cent to close at N1.05. United Capital rose by 20.5 per cent to close at N2.41. Caverton Offshore Support Group appreciated by 20.2 per cent to close at N2.50 while Union Bank of Nigeria added 20 per cent to close at N7.20 per share.

On the negative side, Wapic Insurance led the losers with a drop of 22.2 per cent to close at 21 kobo. United Bank for Africa dropped by 18.7 per cent to close at N5. May & Baker Nigeria declined by 16.7 per cent to close at N1.79. Dangote Cement dropped by 15.2 per cent to close at N129.70 while Transnational Corporation of Nigeria declined by 14.3 per cent to close at 60 kobo per share.

Read Also: Real sector wobbles under COVID-19

 

Concerns had risen over the safety of large gathering of shareholders and other stakeholders at AGM. With shareholders’ base of most companies in thousands and the large number of other stakeholders usually at AGM, the Nigerian Stock Exchange (NSE) issued a circular advising all quoted companies that plan to hold meeting to put in place adequate precautionary measures to ensure the safety of all stakeholders.

Not less than seven companies had scheduled to hold meeting in the next three weeks. Shareholders of Africa Prudential were scheduled to meet today at the AGM in Abuja. Four other companies- Transcorp Hotels, Morison Industries, Transnational Corporation of Nigeria and United Bank for Africa (UBA) had announced that they would be holding their AGM this week. Nigeria’s largest financial institution, Guaranty Trust Bank had scheduled its AGM for next week while Nigerian Breweries and Custodian Investment planned to meet in April.

According to the Exchange, companies that plan to hold their AGMs in the near future should adopt the safety procedures provided by the Nigeria Centre for Disease Control (NCDC) in preparation for their AGMs. Such companies must also adequately communicate these procedures to all invitees to the AGM.

The NSE however noted that companies that wish to postpone their AGMs or are yet to schedule their AGMs, must comply with extant rules and regulations on the timeline and conduct of AGMs. According to the rules, companies must hold their AGM within nine months from the end of their financial year end or within such extended period as may be approved by the Corporate Affairs Commission (CAC).

Section 213(1) of the Companies and Allied Matters Act (CAMA) 2004 stipulates that “every company shall in each year hold a general meeting as its annual general meeting in addition to any other meetings in that year, and shall specify the meeting as such in the notices calling it; and not more than 15 months shall elapse between the date of one annual general meeting of a company and that of the next”.

Section 213(1)(b) of CAMA meanwhile permits the CAC to extend the time within which an AGM may be held by a period not exceeding three months.

“The Exchange advises all listed companies to strictly adhere to communications and advice from the health authorities at the NCDC, World Health Organization (WHO) and Lagos State and Federal Ministries of Health in the effort to tackle this dreaded virus,” NSE stated.

The negative national overall market position reflected the global rout as Coronavirus rattled nations. Benchmark indices across the advanced and emerging markets suffered steep decline. In United States, the S & P 500 Index and NASDAQ Index declined by 9.9 per cent and 8.8 per cent . In United Kingdom, the FTSE ASI dropped by 4.0 per cent. Germany’s XETRA DAX Index dipped by 2.5 per cent. France’s CAC 40 Index dropped by 1.5 per cent.

Hong Kong’s Hang Seng Index posted a loss of 5.1 per cent. Japan’s Nikkei 225 Index depreciated by 5.0 per cent. Russia’s RTS Index dropped by 7.2 per cent.

 

China’s Shanghai Composite Index depreciated by 4.9 per cent. Brazil’s Ibovespa Index lost by 13.5 per cent while India BSE Sens Index declined by 12.3 per cent.

In Africa, South Africa’s FTSE/JSE All Share Index fell by nine per cent. Egypt’s EGX30 Index slumped by 17.8 per cent.  Kenya’s NSE 20 Index dropped by 4.7 per cent while Ghana’s GSE Composite Index slipped by 0.2 per cent.

 

By Collins Nweze

 

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has pledged to the tenets of gender equality.

The Chief Executive, Stanbic IBTC Holdings Plc, Yinka Sanni, spoke at the Sixth Blue Women Network (BWN) Annual Conference, held in commemoration of the International Women’s Day.

The theme for this year’s International Women’s Day is Each for Equal.  Sanni said the conference, since inception, has been an avenue for promoting gender equality.

He noted that the Stanbic IBTC group utilises every opportunity to celebrate and give women access to appropriate developmental and leadership opportunities; all of which are underpinned by the core values of the organisation.

He said: “It is unsustainable to have a gender imbalance in any organisation, more so in leadership positions. To further amplify gender equality, the Blue Women Network was created and endorsed by our management six years ago to enable our female employees become more connected. The Blue Women Network also serves as a means of developing our female workforce and we have witnessed a remarkable shift over the period.”

He said Stanbic IBTC Holdings PLC became a thematic champion for the ‘HeForShe’ initiative with a launch last December. ‘HeForShe’ is a global movement initiated by the United Nations (UN), a global solidarity movement for gender equality, he added.

Read Also: Celebrating gender equality

 

He urged the participants to continue to promote gender equality by creating an enabling society for all to thrive. This, he said, is a collective responsibility.

Similarly, Executive Director, Business Development, Stanbic IBTC Pensions Limited, Nike Bajomo, said gender equity is for the good of our society, adding that everyone has roles to play in changing the narrative in their various spheres of influence.

She urged women to aim for more leadership positions as they participate in business, politics, and sports, among others. She added that when a woman contributes to decision making in leadership roles, she is most likely to bring unique and high-value ideas to the table, be it at home or work front.

Bajomo stated: “Challenges faced in our society cannot be resolved without making a fundamental shift in our thinking, actions, and inactions towards women.  We are all responsible for creating a society where we can truly experience gender equity.”

Publisher/founder Genevieve Magazine Betty Irabor, urged women to pursue their dreams and not allow the challenges of life hinder them from achieving greatness.

Popular comedienne Dr. Helen Paul, popularly known as Tatafo, talked about her journey to bagging her doctorate against all odds. She also urged women to remain resolute in achieving their dreams.

The sixth edition of the BWN magazine was launched at the event. The conference ended on a high note as guests were thrilled to an electrifying spoken word performance by Ella Forte.

The BWN is a network of female employees of the Stanbic IBTC Group aimed at fostering their growth and development. It serves as an avenue for female staff of Stanbic IBTC to engage and share knowledge which will aid in sharpening their professional skills.