Paxful, a global peer-to-peer fintech platform, has announced its global integration on the Lightning Network. Over seven million Paxful users will now be able to leverage the power of the Lightning Network, a system built on top of the Bitcoin (BTC) network. The Lightning Network allows users to transfer Bitcoin in a matter of seconds with much lower fees.
This new feature seamlessly blends into Paxful’s platform and enables the company to keep user fees lower than traditional Bitcoin transactions. When users send or receive Bitcoin through the Lightning Network with their Paxful Wallet, their Bitcoin balance is used the same way as if they would transfer it on the Bitcoin network. All transactions are processed in seconds and Paxful users can utilize the Lightning Network for both transactions with other individuals and to pay for goods or services.
Ray Youssef, CEO and co-founder of Paxful, said: “Bitcoin is hands down the best financial option for the people who really drive economies forward. But in order for it to succeed and usher in global adoption, we need to overcome the issue of scale. The industry’s greatest chance of Bitcoin scalability is through Lightning, which makes micropayments exceedingly cheaper and faster. Buying a coffee with Bitcoin will now be a realistic option. Consumers, businesses and even banks are looking for a way to connect the world together and we fully anticipate Lightning to deliver. We’re honored to be one of the first peer-to-peer platforms to offer this technology to our users. It’s a true service aimed at financial freedom.”
Chief Operating Officer and co-founder of Paxful, Artur Schaback, said: “The Lightning Network amplifies the work we’re already doing at Paxful. At its core, Bitcoin was envisioned as a means of exchange. Paxful’s seven million users now have another option to transact micropayments — one that is cheaper and faster than the traditional Bitcoin network. We’re thrilled to see how our users utilize Lightning and we expect Bitcoin’s use cases to only grow from here.”
Elizabeth Stark, CEO and co-founder of Lightning Labs, said: “Bitcoin levels the playing field for people around the world, and emerging markets are leading the charge with adoption. At Lightning Labs we’re building technology to bring bitcoin to billions, and Paxful’s integration is a huge step forward in making this a reality. We’re excited to onboard millions of Paxful users who can now send instant, global, low fee transactions with Lightning. In other words, number of people go up!”
Founded in 2015 and completely bootstrapped since then, Paxful is headquartered in New York with offices in Estonia, the Philippines and Russia. The team has doubled in size over the last 12 months, growing to over 400 people.
The Federal Government has been challenged to expand the laws that granted the Asset Management Corporation of Nigeria (AMCON) special debt recovery powers be extended to commercial banks.
Speaking at the training of Solicitors, Receivers and Receiver/Managers at a Eko Hotel, Lagos, Oluwakemi Balogun of the firm of Oluwakemi LP said debt recovery in Nigeria will continue to burden AMCON as well as the financial sector as long as the system allows some Nigerians to brazenly walk into banks to borrow money with no intention to repay the loan obligation.
AMCON is steadily making remarkable recoveries but still has about 7,902 outstanding obligors with total outstanding loan of N3.142 trillion. Of this number, 350 of the agency’s obligors account for N2.053 trillion, which is above 65 per cent of total outstanding amount.
Balogun said the new law is expected to insulate the banking sector against reckless borrowers and recalcitrant debtors that AMCON is currently chasing for the recovery of trillions of naira.
AMCON has since inception in 2010, recovered over N1.4trillion and had at different phases from the year of its establishment purchased 12,743 NPLs or Eligible Bank Assets (EBAs) worth N3.8 trillion from 22 Eligible Financial Institutions (EFIs) .
Having watched such financial rascality for some decade, the Senior Advocate opined that something drastic must be done by the government to save the country. According to him, some Nigerians in the last 25 years have perfected the act of going to different banks to borrow money and have serially defaulted in the repayment agreement because they country has no policy that guides such recklessness.
As a mitigant to such ugly development, the legal luminary added, “We need to have a national law that will assistant lenders (banks and financial institutions). We must have a national policy. There must be a national law on debt recovery. This law should not just be for only AMCON as a government agency but for the nation as a whole. That is one of the ways we can curb the bad behaviour. In some other economies you cannot borrow money and refuse to pay back and go scot-free. Therefore, Nigeria should not allow recalcitrant debtors to go unpunished.”
AMCON CEO, Ahmed Kuru, said the agency had repeatedly made the point at every opportunity that all stakeholders must view the AMCON mandate as one of serious national importance.
“If at sunset AMCON is unable to recover the huge debt of over N5trillion, it becomes the debt of the Federal Government of Nigeria for which taxpayers’ monies will be used to settle,” he said.
Kuru, who was represented by Group Head of Asset Management, Benedict Daminabo, said the implication is that the public will be made to pay for the recklessness of only a few individuals who continue to take advantage of the loopholes in our laws to escape their moral and legal obligations to repay their debts.
‘’As a matter of fact, we have reached a point in our country where all stakeholders (the federal government, the judiciary, the legislature and the public) must work together to fight the common enemy of this huge debt burden’’.
The Group Managing Director/CEO, Access Bank Plc, Herbert Wigwe has been recognised as the ‘Banker of the Year’ at the 2020 Leadership Conference and Awards, held recently in Abuja.
The award was in acknowledgment of his stellar leadership in the market expansion of Sub-Saharan Africa’s largest bank and navigating the challenges posed by the COVID-19 pandemic.
The award follows Wigwe’s recognition as the Banker of the Year at the 2021 African Banker Awards (second consecutive time) and Best Banking CEO at the 2021 Global Brands Magazine Awards.
Receiving the Award, Wigwe credited the efforts of all the employees at Access Bank who put a lot into ensuring that the institution has been able to attain the level of success that it has experienced over the last 18 months.
“This Award is dedicated to all the ‘Access Warriors’ who bought into our vision to establish Access Bank as not only the Africa’s gateway to the world, but also as the world’s most respected African Bank. Together, we have been able to provide financial services to over 22 million previously underbanked individuals; given over one million women access to financial and non-financial offerings; and set the pace in banking through our novel digital and sustainable initiatives. We would not rest on our laurels, but instead continue to redefine possibilities in sustainable banking,” he said said.
Over the years, Wigwe has spearheaded Access Bank’s cultural, technological and digital transformation, which has resulted in sustained year-on-year improvement in financial performance and the creation of strategic initiatives that have positively influenced the Nigerian economy.
Building on its successful expansion into Kenya, Cameroon and most recently, South Africa, Access Bank has also announced plans to make entries into Angola and Mozambique.
The Managing Director/CEO Financial Institutions Training Centre (FITC), Chizor Malize, has advised boards and directors of companies to be adequately prepared for the emerging challenges in the fast-changing business world requiring new strategies for success.
Speaking ahead of the virtual FITC Innovative Board Leadership Programme, she explained that the sustainability of conventional corporate governance models has recently come into question adding that directors are now operating amid intense competition given that the business environment is being disrupted by shifts in technology, macroeconomics and geopolitics.
As part of efforts to continuously equip today’s Boards and adequately prepare them for the emerging challenges of an increasingly complex global environment, FITC, the world-class, innovation-led, and technology-driven knowledge institution under its flagship Board Leadership programme will be hosting board chairmen and directors, Non-Executive Directors, Board Members of financial and non-financial institutions, director-generals, presidents, managing partners/CEOs, C-suite and senior executives from both public and private sector organizations across industries in Sub-Sahara Africa.
The event themed: ‘The Future of Board and Governance: Reporting, Supervising and Risk Management in a Disruptive Era’is scheduled to hold on September 29th and 30th, 2021.
“We have seen that these evolutions and rise of new technologies are likely to threaten the current corporate governance best practices and legislations which could become irrelevant, both for the current organisations and for organisations of the future. This is why FITC Board Leadership programmes are specifically designed to ensure that Boards and senior executives from both public and private sector organisations across industries in Sub-Sahara Africa get the required and exclusive knowledge needed to keep their firms productive and ahead of competition” Malize said.
Malize added that the complexities and speed of change in technology require that board directors completely see technology as a crucial strategic priority that can unlock new revenues and give them a competitive edge. The Board Leadership programme will enable participants understand the technology adoption implications on their operations such as promoting efficiency and saving costs, and the ability to create more value.
The FITC Board Leadership programme presents a great opportunity for participants to be updated on key issues that will determine today’s and future board performance including corporate governance, disruptive technology, macroeconomics and geopolitics, and provide insights on how to enhance boards oversight role in implementing real change in their boardroom reporting, supervising as well as risk management that will enable them meet emerging challenges in the fast-evolving and increasingly complex global environment in which they operate.
Most organizations are posed with the question of what the board of the future should look like. This is a pressing question today amongst business leaders, as headwinds of change rewrite the rules for success. Innovation, new business models, dealmaking and rapidly evolving technologies are transforming competitive and industry landscapes and impacting boards’ strategic plans and prospects for sustainable, long-term value creation. Boards are also feeling the pressure of increased supervisory scrutiny and new requirements that focus on enhanced risk-management and governance skills, board composition and diversity, and clearly deûned board responsibilities in the interconnected digital economy.
It is against this background that FITC is organizing “The Future of Board and Governance; Reporting, Supervising and Risk Management in a Disruptive Era” virtual programme for directors, non-executive directors, board members of financial and non-financial institutions, as well as public and private sector organizations across diverse industries and other industries in Sub-Sahara Africa.
FITC Board Leadership programmes have consistently explored and provided strategic insights to Boards on key issues that guarantee their continued relevance by retooling their competencies, skills, and their mindset in a bid to strategically drive business growth and organizational sustainability.
Speaking further, Malize also noted that Board members will always benefit from continuous training and evaluation whether they have years of Board experience or whether it is their first Board director position, because of their very strategic roles and responsibilities. “Boards will always need both the right trainings and tools that will help in driving effective boardroom performance and organizational growth. FITC is bringing together renowned faculty members with wealth of experience serving on Boards of various organizations, to share knowledge and insights on how Boards can build resilience and agility needed to increase organizational success and sustainability” she said.
The distinguished faculty for the programme will be sharing their experiences on some critical topics and subject matters including Global Perspectives on the Future of Board and Governance- Reporting, Supervising and Risk Management at this Times and The Evolving Role of Boards: Meeting the Governance Challenges in a Disruptive Era.
Other topics for discussion include Developing an Effective Governance operating model: A Guide for Financial Services Boards and Management teams; The Future of Governance: The Board’s Role in Reporting, Supervising and Strategy Development and Execution in Uncertain Times and The Future of Governance: Best Practices & Key Considerations for Board Success.
With the line-up of world-class executives, risk management and compliance experts, the two-day event which will be infused with strategic experience sharing sessions from past and present board members, promises to be highly insightful and engaging while equipping participants with skills and knowledge robust enough to meet the bourgeoning challenges of a rapidly evolving global environment.
Participants will appreciate the evolving role of the board in meeting governance challenges in a disruptive era, discuss best approaches in developing an effective governance operating model to guide boards and management teams as well as review perspectives on how boards can build the resilience and agility needed to increase organizational success and sustainability. The programme will enable participants to gain insights into the future of governance and the role of the Board in reporting, supervising, strategy development and execution.
The renowned faculty for this programme includes John Eades, Chief Executive Officer, LearnLoft Inc. USA; Kunle Elebute, Chairman, KPMG West Africa; Anurag Saxena, Managing Director/CEO Linkcoz Limited, UK, Global Director, Wissen Technology, India; Adepeju Adebayo, Chairman, Traxi Continental Limited, CEO, AFIA and former Commissioner for Agriculture Ogun State; Dr. Hussaini Abdu, Country Director, CARE; and Bisi Adeyemi, Managing Director/CEO, DCSL Corporate Services Limited.
It will be recalled that FITC recreated new and innovative knowledge programmes that kept individuals and organizations they served highly informed, updated, and equipped for a post COVID-19 era. The Institute developed and launched additional knowledge portfolios such as the FITC Executive Education Institute, the FITC Board Leadership Institute, the FITC Youth Connect Programme with several digital learning solutions including webinars, summits, and conferences.
Well-known across Nigeria and sub-Saharan Africa as a client-centric organization strategically focused on developing talents across diverse organizational skill levels, FITC continues to bridge the knowledge gap required under shifting global business conditions, building executives who are exceptional leaders, confident decision-makers, skilled strategists, global thinkers and effective change agents.
For 40 years, FITC has continuously equipped professionals in the Nigerian Financial Service Sector and other sectors with industry relevant knowledge, helping them navigate and advance in their careers, while building on its member firm’s success through its clear vision, strong corporate values and culture of excellence.
Ray Youssef is the Chief Executive Officer (CEO)/co-founder of Paxful, a Peer-to-Peer (P2P) crypto marketplace in Africa, with a key presence across Nigeria, Kenya, and South African markets. Paxful recently opened PaxNaija, a tech educational centre in Abuja, to give mentorship opportunity to Nigerian entrepreneurs and enable them leverage blockchain technology and digital currency to carry out successful transactions. He speaks with COLLINS NWEZE on Nigeria’s Bitcoin market, cryptocurrency, international money transfer hitches, among other issues.
More Nigerians are going into the Bitcoin and cryptocurrency market for several reasons.
Chief Executive Officer (CEO/co-founder Paxful, Ray Youssef said the difficulty experienced by Nigerians in sending money abroad is fueling activities around Bitcoin and other cryptocurrency transactions.
He said he worked with the company’s co-founder, Artur Schaback, to set up Paxful about six years ago to make it easy for Nigerians and other Africans to carryout seamless transactions.
“Since then, we have been learning about what Bitcoin is actually good for. The narrative about Bitcoin are three.There is the old-world narrative about Bitcoin that comes from central bankers and old established investors, and they think it’s a scam.
“The second narrative would be people in Bitcoin who primarily talk about it as an investment or something to double, triple their money. Then there’s a third narrative. Nigerians, particularly the youth, have showed us what that narrative is and how it should be the winning narrative and that is, Bitcoin, not as an asset class or speculation, but as a means of exchange that real people can use every single day along real used cases like remittance payments, wealth preservation, commerce,” he said.
Youssef
According to Youssef, the company has built its product around what the youth had shown them, hence, the need to bring light to this third narrative that would empower the entire global south.
He said Paxful had predicted Africa would lead in Bitcoin adoption, and no one took the company seriously.
“And now, Africa is the leading Bitcoin adoption; particularly, Nigeria is number one. So, I think it is a landmark event. Nigerians pioneered Bitcoin as a means of exchange and building an alternative financial system around it such that the government has to take action. This is impressive. Nowhere else in human history has that happened, that the youth of a nation built their banking system,” he said.
On why Nigeria is biggest Bitcoin market , Youssef said the challenges Nigerians face with money transfer.
“If you look around you, talk to people here in Nigeria and ask them about their daily life, the financial system works very well inside the country. Nigeria has very technologically advanced banking system, but the moment you need to send money to even the country next door, it becomes extremely difficult, and if you want to send money outside of the country to China, the US, Europe, it becomes a nightmare.
“And that’s for several reasons, not just the broken SWIFT system but all these foreign restrictions that are put on Nigerians and other global south markets from the west. And that pretty much cut off Nigeria from the rest of the world, especially the small-middle entrepreneurs. So, they had to rise and figure out a way around that. Then came Bitcoin, and peer-to-peer services like Paxful and they gave them a way to do that. They went with it beautifully. The people here are just programmed to excel.”
On why they are investing in Nigeria, he explained that Nigeria is a place to invest by people that want to change the world, have massive impact on the world and become a billionaire. They just have to look at Africa, particularly Nigeria.
“The energy here is on a level that few people can even begin to comprehend. And we are willing to put our money where our mouth is. We have an amazing team on the ground. We have opened an office in Abuja for education and incubation. We will open one here in Lagos soon, God willing, and I am thinking about staying at least six months in Africa and Nigeria at least three months out of the six months in a year.”
On Corporate Social Responsibility, Youssef said four years ago, Paxful started investing into the community.
“And by doing so, it shows that, we believe in Nigeria, we are not just talking about it, but doing it with action. So far, we built six schools on the continent in the past four years. Our mission is to build 100 schools and communities around the world, utilising Bitcoin, specifically here in Nigeria. In Kaduna State, we built a nursery and a primary school, almost 400 children go to school every single day with the power of Bitcoin. Not only do they get quality education, but they get also access to clean fresh water, have access to electricity through solar, and sustainable vegetation, through our farming system”.
Continuing, he said: “We provide uniforms, books, pencils, stationery, health insurance for the students, creating actual community on the ground in the rural communities is very important to us. If we want to ever attain universal Bitcoin adoption, it is going to start in those areas”.
Youssef disliked that Paxful has been meeting with banks.
“ We had very fruitful and promising meetings with several banks here, and they are interested in what we are doing. However, they can’t work with us in a direct capacity because of the Central Bank of Nigeria (CBN) ban, but we’re all looking towards a future where the ban is lifted, and an innovation friendly regulation is passed.”
“So, to that effect, we are talking with them, we are discussing various ways we can work together, so that, when the ban is lifted, we can all move out the gate, immediately, quickly, and we welcome all banks that approach us because we want to work with them. Banks know the world is changing. Literally, the ground is shifting under their feet and it’s not just cryptocurrency that they’re concerned with. Even the government structures are changing such that they don’t have the same exact position that they had before. So, they are beginning to innovate, and they see the importance of building and making the right partnerships.”
Youssef said Nigeria is Paxful’s largest market, with 1.5 million users and over $1.5 billion volume to date (since 2015).
“Compared to last year – we are on pace to have 23 per cent more bank transfer trades in Nigeria on the platform than last year. Also, we are on pace to have 36 per cent more bank transfer volume in Nigeria on the platform than last year. Looking at year-on-year data from end of June 2020/2021, we see increase in Bitcoin trading volumes of 57 per cent in Nigeria likewise we see increases in user numbers of 83 per cent. From February 2021 to March 2021, trade volume increased over 23 per cent in Nigeria while as of April 2021, Bitcoin P2P trading has surged by 27 per cent, since restrictions were introduced by CBN.”
On regulations, he said Paxful would like to work with the government on issuing some regulations that brings clarity to our users. We are here talking to our users, and they are telling us some horror stories that shouldn’t have to happen.
“These are honest business people trying to help other business people use their money, and they just want to be in the clear. Even if it is to pay a small tax on transactions, they’re fine with that too. They just don’t want to be in breach of the law.
“So, we are very open to dialogue with the government, we’re here not just to help ourselves but for our users. Even with the ban in place, we’re here on behalf of our users in the country to keep them safe to make sure that their bank accounts continue to operate, to make sure that they’re in the clear, and that’s why we’re going for licensing and regulation, all over the world.That’s why we brought our Chief Compliance Officer. He’s right here with us. So, we’re hoping this will be the start of something very good and fruitful. We remain optimistic of getting licensed,” he stated.
Youssef said the number one challenge for any company that’s entering Africa, is to take the market seriously. “Take the people seriously, that means, come over here and feel the energy here, especially in Lagos. It’s going to take you to a different level. Another challenge is that, it is not easy transforming from a small startup to a larger one and also still trying to stay connected to the streets but we are trying our best because of our users,” he stated.
The President/Group Chief Executive Officer, Transnational Corporation (Transcorp) of Ngieria Plc, Owen Omogiafo has said the conglomerate is contributing to the growth of the economy.
Speaking during a virtual media programme on its half year results for the period ended June 30, 2021, she, said the conglomerate with strategic investments in the power, hospitality, and energy sectors, recorded a profit after tax of N6.5 billion, rising by 713 per cent up from N0.8 billion recorded in June of the previous year.
Its revenue rose by 53 per cent, from N35 billion in June 2020 to N53.3 billion in first half of 2021 to contribute to 689 per cent increase in Profit before tax (PBT) from N0.9 billion in June 2020 to N7.1 billion in June 2021.
Reiterating the conglomerate’s commitment to producing long-term value and sustainable impact, she said the company is growing impressively in its top-line and bottom-line indices, adding that its entities are also growing.
On the outlook of the company in second half of the year, Omogiafo said: “We do not plan to rest on our oars. We will continue to sweat our existing assets and explore new frontiers, as we continue to deliver on our purpose of improving lives and transforming Nigeria.”
The Managing Director, Transcorp Power Limited, Christopher Ezeafulukwe, said the company intends to sustain the increase of power generation over the next five years, adding that it is targeting 258 MegaWatts capacity by December.
“We will continue to engage with key stakeholders to sell our stranded capacity through the West African Power Pool (WAPP), partnerships with Discos, eligible customers, among others.
“We also want to continue to engage with NBET to ensure our invoices are settled on time to improve liquidity,” he said.
The management said it would continue to engage the Federal Government as well as the Nigerian Bulk Electricity Trading Plc (NBET) to ensure its invoices are settled on time to ensure to improve its liquidity.
Ernst & Young (EY), a global audit firm, has launched its new global business strategy called ‘EY-Parthenon’ to bring its specialist strategy consulting arm and connect corporate and transactions strategy offering to not only Nigeria and West Africa, but also across the continent for the first time.
EY Africa Chief Executive Officer, Ajen Sita, said chief executives were no longer running companies, they are also managing complex ecosystems which the pandemic has brought to so many businesses.
According to him, the chief executives should reset their strategies and implement them quickly.
Ajen said: “Our overarching purpose is to help businesses avoid the pitfalls of short termism. Businesses that think and plan for the long term attract the best people, the most committed investors and are the most beneficial to society.
“It is non-negotiable for businesses to recognise that their strategic planning should accommodate all stakeholders – shareholders, employees, customers, communities and the sustainability of the environment in which they operate. Businesses working with EY Parthenon will have access not only to African consulting expertise but also global experts from wherever they are based.”
Also, EY Consulting Partner and EY Parthenon Lead in Nigeria, Olubunmi Kuku, said the EY-Parthenon’s unique value proposition offers transformative, and practical strategies for business realities.
For EY Regional Managing Partner for West Africa and EY Nigeria Country Leader, Anthony Oputa, EY Parthenon is a critical and major differentiator for EY as a global firm, adding that, if properly implemented, it will help improve the group’s market leadership.
EY Parthenon is based in Boston, Massachusetts, United States, and has 40 offices in 45 countries, including three in Africa.
—in Johannesburg, Lagos (Nigeria) and Nairobi. from Johannesburg by Paul O’Flaherty, a well-known business executive, who has extensive experience in corporate South Africa, including three years as Eskom FD. He has previously served as ArcelorMittal South Africa CEO, Absa Group Engineering CE, Group Five CFO and as CEO of a United Arab Emirates-based family business.
United Bank for Africa (UBA) Plc has achieved N76.2 billion Profit Before Tax (PBT) in its audited financial results for the half year ended June 30, 2021.
The performance showed PBT rose by 33.4 per cent compared with N57.1 billion it achieved in the same period of last year.
The bank also showed strength across all major income lines, growing its annualised Return on Average Equity to 17.5 per cent as against 14.4 per cent a year earlier.
The group’s total assets crossed the N8 trillion mark as it soared to N8.3 trillion up from N7.7 trillion at the end of the 2020 financial year.
The results filed with the Nigerian Exchange, showed that the group’s profit after tax stood at N60.6 billion representing a significant rise by 36.3 per cent compared to N44.4 billion recorded in the half year of 2020.
The bank’s gross earnings rose to by five per cent to N316 billion from N300.6 billion as at June 2020.
Customer deposits also crossed the N6 trillion mark growing by 7.4 per cent to N6.1 trillion in the period under consideration, compared to N5.7 trillion as at December 2020.
The Group’s Shareholders’ Funds remained robust at N752.5 billion up from N724.1 billion in December 2020, reflecting its strong capacity for internal capital generation.
The Board of Directors of UBA Plc equally declared an interim dividend of 20 kobo per share for every ordinary share of 50 kobo each, held by its shareholders. The dividend payout is in line with its culture of paying both interim and final cash dividend.
The bank’s soaring performance came despite challenging business and economic environment triggered by global lockdown due to the Covid-19 pandemic.
UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, was delighted by the bank’s performance.
He said: “This has been a strong first half for us, as global economic recovery exceeded expectations, creating a positive rub-off on consumer and corporate confidence, savings and investment activities. We saw this positively impact our business, as we continued to leverage our key strategic levers – People, Process and Technology, and our Customer 1st Philosophy, to revolutionise customer experience at UBA.”
According to him, the bank’s investment in the Rest of Africa (Excluding Nigeria) continues to yield good results for the group.
“The benefits of pan-African business diversification accruing to the Group is once again evident, with gross earnings and interest income growth of 5.1 per cent and 8.3 per cent respectively, despite the low yield environment in our largest market, Nigeria. We are making remarkable progress on our strategy that is progressively positioning UBA as the bank of choice on the continent, driven by our emphasis on tech-led innovation and best customer experience.”
Continuing, the Uzoka pointed out that the bank recognises the far-reaching effects of the pandemic on businesses globally, and remains focused on its promise to always provide our customers with the best banking experiences possible.
“Our half year 2021 performance reflects our progressive efforts in building on the strong momentum that we started the year with. As a purpose-driven organisation, we remain resolute in our drive for sustained growth in customer acquisition, transaction volumes and balance sheet, as we consolidate our ‘Africa’s Global Bank’ market position in the years ahead, uplifting livelihoods across the continent,” Uzoka explained.
UBA’s Group Chief Financial Officer, Ugo Nwaghodoh, on his part, noted that the bank’s goal is to achieve marked improvement in earnings quality whilst maintaining positive operating leverage as well as top-notch asset quality.
“The Group recorded an Return on Average Equity (RoAE) of 17.5 per cent (from 15.1 per cent in 2020 half year) and a Net Income Margin of 5.8 per cent (from 5.4 per cent in first half of 2020) as we played the volatile yield environment diligently for best return on our interest earning assets. Capital position remained strong, with the capital adequacy and liquidity ratios of 24.9 per cent (22.4 per cent in half year 2020 ) and 58.3 per cent (58.2 per cent in half year 2020) respectively. This is robust enough to support our growth ambitions,” he said.
The GCFO pointed out that even while the operating environment remains largely uncertain and volatile, despite marked improvement from Covid-19 induced macroeconomic stress, UBA will continue to build resilience through its geographically diversified business model to support headline earnings growth for the Group.
“We remain committed to our 18 per cent and 15 per cent respective RoAE and deposit growth guidance for financial year 2021, as we continue to invest in growth opportunities across our geographies of operation, whilst managing capital and balance sheet prudently,” Nwaghodoh stated.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty five million customers, across over 1,000 business offices and customer touch points, in 20 African countries. With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.
The Managing Director of First City Monument Bank (FCMB), Mrs. Yemisi Edun, has charged corporate organisations, particularly Small and Medium Enterprises (SMEs) to adopt sound corporate governance practices in order to stand the test of time.
She made this call as the guest speaker at the inaugural Corporate Governance and Enterprise Development Conference organised by H. Michael & Co in Lagos. The theme of the conference was ‘Corporate Governance Best Practices: Imperatives for Business Sustainability.’
Addressing the conference’s physical and online audience, the bank chief noted that no business could stand the test of time without sound corporate governance practices. She made it clear that micro-businesses also require the same to achieve optimum performance and sustainable growth. She charged small businesses to imbibe corporate governance practices.
Edun listed the long-term benefits of sound corporate governance practice as strong brand equity, decreasing risks, reducing capital cost, and enhanced performance. She added that only businesses with solid corporate governance practices could stimulate economic growth and enhance innovation while protecting communities and the environment in their daily activities.
In his keynote address, former Deputy Vice-Chancellor, Babcock University, Prof. Sunday Owolabi, simplified corporate governance to “doing the right when no one is looking.”
He affirmed the advice of the Managing Director of FCMB to businesses to always do the right thing all the time, even when they seem to be at a disadvantage.
Owolabi urged businesses to self-regulate and embrace full disclosure and accountability. They are the building blocks of enduring institutions that outlive their founders. He also advised the Financial Reporting Council of Nigeria to consolidate the country’s multi-sector codes of corporate governance into a single omnibus document for corporations in Nigeria.
The conference convener, Dr Adeyinka Hassan, a notable enterprise governance advocate, noted that more than 100 companies in Nigeria have fizzled out due to corporate failures.
According to him, “there are companies we knew when we were growing up that are no more. They are all gone due to lack of a well-structured board and lack of good corporate governance.”
He stated, “No matter how small a business is or how fast a business is growing, there are certain things that must be done to sustain a business beyond the life of the owner. And that is where corporate governance comes. We need to preach it to everyone.”
Access Bank Plc has been named the Best Commercial Bank in Nigeria at the International Banker Awards.
The bank received the prestigious award for its significant strides in becoming Africa’s gateway to the world.
The awards celebrates top-ranking individuals and organisations setting new benchmarks for performance and pushing the boundaries within the financial industry.
The Group Managing Director and CEO, Herbert Wigwe, said: “We are grateful for this recognition of our relentless efforts in becoming a world-class financial institution. The significant position we occupy today in the African financial sector has been achieved through a robust long-term approach to client solutions – providing sustainable and innovative services.”
“As part of our growth strategy, we remain focused on mainstreaming sustainable business practices into our operations.
This recognition serves as an encouragement for us to continue to build on our successes and invest even more in sustainable economic growth that is profitable, environmentally responsible, and socially relevant,” he concluded.
Wigwe was also recognised as Africa’s Best Banking CEO of the year. He was awarded for his visionary, innovative and transformational leadership in spearheading the market expansion of Sub-Saharan Africa’s largest bank despite the negative impact of the COVID-19 pandemic.
Under Wigwe’s stewardship, Access Bank also launched the Nigerian Green Bond Market Development Programme. The initiative, organised in partnership with FMDQ OTC Securities Exchange, Financial Sector Deepening (FSD) Africa, Climate Bonds Initiative (CBI) and the Securities and Exchange Commission (SEC), was set up to develop a non-sovereign green bond market that will entrench the principles of sustainability into the Nigerian capital markets.
In 2020, Access Bank invested over N10.25 billion in various corporate social responsibility efforts, impacting over 194 communities and 43 NGOs. These projects focused on our CSR priority areas which are Health, Education, Sport, Arts, Environment, Women Empowerment and Social Welfare.
