The Nation Newspaper

Category: Money

  • Coronation Merchant Bank posts N5.78b profit before tax

    Coronation Merchant Bank posts N5.78b profit before tax

    By Collins Nweze

    Coronation Merchant Bank Limited has announced N5.784 billion profit before tax (PBT) in its audited financial results for the year ended December 31, 2020.

    Commenting on the financial results, the bank’s Managing Director, Banjo Adegbohungbe, said that “despite the challenges in our operating environment, we navigated the headwinds that characterised the year to deliver strong results. In a year when the entire world grappled with the debilitating effects of the COVID-19 pandemic, we strengthened our partnerships with our customers and created sustainable value for our shareholders”.

    Highlights of the result showed total assets rose by 63 per cent from N253.35 billion in 2019 to N412.36 billion; loans and advances to customers up 69 per cent to N122.21 billion as at Dec 2020 as against N72.2 billion in same period of 2019 while customer deposits equally increased by 41 per cent to N195.16 billion as at Dec 2020 compared with N138.08 billion in 2019.

    The bank’s profit after tax down one per cent to N5.040 billion as against N5.097 billion in 2019 while shareholders’ funds up by 16 per cent to N40.11 billion as against N34.57 billion in December 2019.

    The bank’s Capital Adequacy Ratio rose to 20.01 per cent as at December 2020 higher than 19.17 in December 2019 among other indicators.

    Despite the volatile environment in 2020, Profit before Tax increased by 15 per cent from N5.024 billion in 2019 to N5.784 billion while Total Assets grew by 63% from N253.35 billion in 2019 to N412.36 billion in 2020. Non-interest income grew by 23 per cent, mainly driven by trading income that compensated for the declining yield environment in the market.

    Risk assets increased by 69 per cent as the bank continued to support its customers through difficult times.

    Cost of risk remained at a healthy level of 0.14 per cent while Non-Performing Loans was nil; which reflects the efficacy of our risk management framework and sound corporate governance. Operating expense grew moderately at 14 per cent year-on-year in spite of the impact of forex devaluation and rising inflation which closed at 15.75 per cent as at December 2020.

    During the year, the bank concludedits maiden international credit rating by Fitch with B- (stable outlook) as at 31 December 2020. The Bank’s bold decision to proceed with an internationally accepted rating despite the challenging and uncertain operating environment is a reflection of the strength of its franchise, the efficacy of its business strategy and its commitment to delivering long term value for its clients.

    In addition to this, the Bank raised several tranches of Commercial papers and issued its maiden subordinated bond which was fully subscribed, raising over N25 billion. The continued positive results recorded by the Bank in its issues of commercial papers and bonds is a testament to its strong credit rating in the capital markets and growing levels of investor confidence.
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  • Akintayo hosts Upgrade Summit

    Akintayo hosts Upgrade Summit

    By Oladapo Sofowora

    Realtor Stephen Akintayo recently held the 2021 edition of the Upgrade Summit. Being a hybrid event, it was an opportunity for young African professionals to reiterate the need for financial freedom among youths in today’s world.

    The annual summit, previously known as the Upgrade Conference, was a hybrid format event, holding both virtually via social media and streaming platforms, and physically at the Oriental Hotel, Lekki, Lagos, and Marriot Hotel, Dubai UAE on Saturday, January 30.

    Upgrade Summit, the brainchild of Akintayo, Gtext Homes boss, is a platform where speakers come and they teach people what to do with their lives and how to make a future for themselves, and it was no different for attendees this year with the theme ‘Move Forward’.

     

  • GTBank commits to health insurance for women

    GTBank commits to health insurance for women

    Guaranty Trust Bank Plc (GTBank) has reiterated its commitment to its #GiveHerBetaHealth initiative on the universal essential healthcare coverage for women in the informal sector.

    BetaHealth is a low-cost healthcare package that provides coverage for essential health services such as malaria treatments, pre and postnatal care, accidents and medical emergencies as well as life insurance at a subscription fee of N500 monthly.

    Read Also: Tambuwal hails GTBank’s bike initiative for pupils

     

    Offered through more than 1000 hospitals and pharmacies nationwide, BetaHealth also provides a telemedicine service that allows the user to speak with a doctor over the phone.

    #GiveHerBetaHealth is the latest in a long line of GTBank initiatives that reflects the bank’s commitment to extending access to critical services for everyone.

    With this campaign, the bank is putting a spotlight on the need for universal access to essential healthcare services that is affordable for every working Nigerian, and accessible across the country.

  • UBA unveils app

    UBA unveils app

    The United Bank for Africa (UBA) Plc’s new mobile app is aimed at changing the face of digital banking.

    The app is designed to give the bank’s customers  increased control and accessibility to carry out transactions with ease.

    UBA’s Group Head, Digital Banking, Kayode Ishola, who spoke yesterday on the  app, said apart from being able to decide where they want their cards to operate and block, view, or request new cards from the app to suit their needs, it has been tailor-made to give customers what they want, how and in the way they want it.

    Read Also: UBA posts N132b full year profit

     

    UBA’s Head, SME Banking, Sampson Aneke, said  apart from the fact that the app has been a high-level of intelligence, it can also speak to the specific country where it is being used as  it concurrently in the 20 countries of UBA’s operation interacting in the various languages in line with the  needs and regulation of the country.

  • Chapel Hill Denham revives mini-grid energy with $4.6m funding

    Chapel Hill Denham revives mini-grid energy with $4.6m funding

    By Collins Nweze

     

    Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF) is boosting the Nigeria Electrification Project by championing the construction of 22 mini-grids by Havenhill Synergy Limited (Havenhill).

    With this development, NIDF will provide Havenhill long-term financing of N1.8 billion ($4.6 million) to part-finance the roll out of the mini-grids, that would connect 70,000 people and establishments in the host communities to clean, reliable energy supply.

    The project is part of the firm’s strategic focus on energy access and clean energy.

    The Chief Executive Officer (CEO), NIDF, Anshul Rai, noted that it was quite fulfilling that NIDF is playing a significant role in improving energy access in Nigeria.

    “NIDF prides itself in being the leader in financing of clean energy and energy access projects in Nigeria and thus contributing to the achievement of UN’s sustainable Development Goals. In multiple projects such as Havenhill, our unitholders can see their capital in action and generating not only financial returns but also making a strong, positive impact on the daily lives of their fellow citizens,” Rai said

    He said financing of the project would come from the fund’s Series-7 capital raise, which also involved the  African Development Bank (AfDB).

    “With the support of AfDB, NIDF is also implementing a comprehensive Environmental & Social Management System for the fund and also supporting its borrowers adopt the international best practices in environmental and social sustainability,” he added.

    Director Energy Financial Solutions, Policy & Regulation, AfDB, Wale Shonibare, described the investment as a welcome development that would assist in complementing its role to the sovereign loan offered to the Federal Government, which is targeted at supporting the implementation of the Nigeria Electrification Project.

    The Chief Executive Officer, Havenhill, Olusegun Odunaiya who expressed satisfaction with the deal, described the NIDF as a reliable ally.

    According to Odunaiya, the NIDF team’s commercial savviness has enabled it to implement a highly innovative financing structure that fully addresses the peculiarities of the project and, therefore, ensure its long-term success.

    “This milestone serves as a renewal of Havenhill’s commitment to powering Nigeria’s most remote communities and delivering last-mile electricity connections. These mini-grids will catalyse economic activities in host communities, serve healthcare facilities, and overall deliver a transformative multiplier effect. I appreciate the efforts and grit of our team in solving one of the most important problems in the world today,” he added.

    The National Bureau of Statistics (NBS) showed that access to reliable electricity in Nigeria is relatively low with a rural electrification rate still hovering around 39 per cent.

    In 2019, the International Monetary Fund (IMF) estimated that a lack of access to reliable electricity costs Nigeria an estimated $29 billion yearly.

    The inability of the owners/operators of main electricity grid to connect rural communities and provide them with reliable power supply has further amplified the need for decentralised energy systems and other clean alternatives.

    Havenhill is addressing these challenges by deploying smart solar mini-grids to commercially viable rural communities across the country.

     

  • Notore notifies NSE of management changes

    Notore notifies NSE of management changes

    Our Reporter

    Agro-allied company, Notore Chemical Industries Plc has notified the Nigerian Stock Exchange (NSE), of its shareholders and the general public of changes to its management.

    With the change, Mr. Onajite Okoloko retires as the company’s Group Managing Director and Chief Executive Officer, effective from January 31, 2021, after serving for 16 years. He will remain on the board of the company as a non-Executive Director.

    Okoloko, had in 2005, assembled a team of investors to acquire the assets of the former NAFCON and as a core investor, partnered a consortium that included Emerging Capital Partners, a major private equity firm out of Washington, D.C., USA., and OCI Fertiliser BV, owned by the Orascom Group, on the deal.

    He later led the completion of the largest single loan syndication of banks when Notore raised $222 million from seven local financial institutions.

    Mr. Ohis Ohiwerei takes over from Mr. Okoloko as the Group Managing Director and Chief Executive Officer of the company, effective from February 1, 2021.

    Ohiwerei is a former  Executive Director and the Deputy Managing Director of the company.

    Prior to joining the company on  September 17, 2018, he served in executive capacities in Guaranty Trust Bank Plc and Diamond Bank Plc.

    Ohiwerei was the Chief Financial Officer of Diamond Bank Plc and later Executive Director, Corporate Banking of Diamond Bank Plc from 2005-2010.

    In October 2011, he was appointed as an Executive Director, Commercial Banking and Public Sector, Lagos Division, Guaranty Trust Bank Plc for four years, until his retirement in October 2015.

    The other new appointee is Mr. Ebiaho Emafo, who joins the Notore Board as an Executive Director and the Chief Operating Officer, effective from  February 1, 2021.

    He has over 25 years of progressive global experience driving positive bottom-line results for local, international, public and private companies.

    Also, Mr. Tijjani St. James assumes a new role as the Chief Commercial Officer of the company, effective February 1, 2021. The role of the Chief Commercial Officer has been created to replace the  Group Head, Commercial Services role, in light of the expanded commercial activities which include not only the Company’s traditional Urea sales, but also the newly introduced Notore NPK fertiliser marketing; sales and distribution; Notore Seeds and the Notore Rice initiative.

    Nigeria’s former President, General Dr. Yakubu Gowon has retired as Chairman of the company’s board, effective from 28th January 2021, in compliance with the company’s retirement age policy for Directors. He assumed the role in February 7, 2007 and worked assiduously to drive the growth of the company during the period he held forte.

    Also retiring from the company’s board is Mr. Richard Herb, a Non-Executive Director, who leaves the board in compliance with the company’s retirement age policy for Directors. He joined Notore’s Board on 23rd January 2006 and his retirement is effective from 28th January 2021.

    He is a veteran in the fertilizer industry having commenced his career with International Minerals Corp., Illinois, US in 1970, where he obtained extensive knowledge of production of Nitrogen, Phosphorus and Potassium Fertilizers.

    The new board and management team are expected to push forward with the company’s ongoing Turnaround Maintenance (TAM) programme, which is billed to boost revenue, cash-flow, productivity and profitability. They are also to lead the firm’s diversification drive, especially in the production of seeds, NPK and rice.

  • Access Bank holds women parley

    Access Bank holds women parley

    Our Reporter

    Access Bank will celebrate the  International Women’s Day on  Thursday, March 11, 2021.

    The event has as theme: ‘Take the Centre Stage: Speak Up!’.

    Through the event, the bank seeks to analyse and offer solutions to how women can maintain assertiveness in the workplace, own their voice as well as identify and handle imposter syndrome.

    Other conversation areas include the importance of flexible work environments in encouraging engagement and retention for women in the workplace and leveraging intersectionality in the workplace.

    The Group Head, W Initiative at Access Bank, Ayona Trimnell, stressed the need for “increased discussions about real challenges that affect women in the workplace’’.

    “The peculiarities of the global community means that we are awakened to the successes women can achieve given the right systems and platforms for expression. We are also aware of the gaps and stereotypes that need to be challenged if we are to achieve the ultimate goal of this month’s commemoration – gender balance and equality,’’ she said.

    Expected at the event are the Central Bank of Nigeria (CBN) Deputy Governor, Financial System Stability, Aisha Ahmad, and Access Bank Chairman, Dere Awosika, among others.

    Other speakers are Director for Governance & Sustainability, Sahara Group Limited, Pearl Uzokwe;  Marketing Director, Guinness, Adenike Adebola;  Senior Manager, Talent and Career Management, MTN Nigeria, Rabi Adetoro, and  Int’l HR Leader, Certified Executive Coach, Founder, Coachivate, Folake Adeniyi Adeleye.

  • WAUTI: COVID-19 distorted global financial, economic system

    WAUTI: COVID-19 distorted global financial, economic system

    By Collins Nweze

    The global economic and financial system is being hampered  by the Covid-19 pandemic while recovery has remained an uphill task for the affected institutions and economies, the West African Union of Tax Institutes (WAUTI) President, Gladys Simplice has said.

    Speaking during the opening of the seventh WAUTI conference in Lagos, she said recovery is a herculean task even for the developed nations with uncertainty still widespread.

    Simplice, who spoke on the theme: Designing and Implementing Tax Measures for the COVID-19 Era and Beyond said across countries of the world, health care systems have collapsed while economies are on the precipice.

    She added that emerging market and developing economies will be buffeted by economic headwinds from multiple quarters: pressure on weak health care systems, loss of trade and tourism, dwindling remittances, subdued capital flows, and tight financial conditions amid mounting debt.

    “It is against this background, that we seek to use the platform of this conference to bring together policy experts, tax administrators, practitioners, to deepen an understanding of the consequences on taxpayers, tax administrations and contribute to the economic recovery of the countries in West Africa by recommending appropriate fiscal measures,” she told participants.

    Simplice said most countries have enunciated some measures to mitigate the impact of COVID-19 on their economies. These measures range from rebates in tax payments, payroll support to small businesses, social safety nets to cater for low-income earners and the unemployed to mention but a few.

    “These notwithstanding, it is important that in fashioning appropriate fiscal measures for this era, we should also be futuristic and avoid policies and actions that would be counterproductive on the long run,” she said.

    The conference provided an opportunity for stakeholders to review policy initiatives in the past, the challenges encountered in the West African Countries, analyse the impact of the COVID-19 and explore the ways out for the growth of our countries and development of the economy.

    She said issues around the African Continental Free Trade Area Agreement featured prominently and were discussed by stakeholders, including discussions around how well it has taken off and matters arising.

    She said the institute has consistently provided an avenue for discourse on fiscal and tax policy issues prevalent in member states of the Economic Community of West Africa States (ECOWAS).

    She said the conference had been sustained in tandem with one of the objectives of the Union, which is, promoting discourse that would engender a better tax system that effectively supports revenue mobilisation efforts in the region.

    “We believe that in order to create the right fiscal dynamics and resilience for our countries, we must leverage on shared experiences, initiatives and policies bearing in mind the peculiar socio-economic circumstances in our countries,” she said.

    “Subject matter experts assessed the commencement of the AfCFTA since January1,  2021, and highlight the salient issues yet to be addressed and the possible measures to facilitate Africa’s regional integration, trade facilitation, investment promotion, movement of people, and elimination of tariff and non-tariff barriers.

    President of the Confederation Fiscale Europeenee, (CFE) Tax Advisers Europe, Prof. Piergiogio Valente was in attendance on the virtual platform as a panelist and  is also the Chairman of the Global Tax Advisers Platform (GTAP) which WAUTI is one of the founding members. The Executive Governor of Kebbi State, Abubakar Atiku Bagudu, presented the keynote address and declared the conference open.

    “The GTAP is a platform involving the Confederation Fiscale Europeenne (CFE Tax Advisers Europe, Asia Oceania Tax Consultants Association (AOTCA), WAUTI and some observers who have committed to cooperate to deepen the existing levels of co-operation for the better structuring and operation of the world’s tax systems, securing and maintaining the rights of taxpayers and ensuring the continuing role and rights of tax advisers throughout the world,” she said.

  • World Bank: Laws still restrict women’s economic opportunities

    World Bank: Laws still restrict women’s economic opportunities

    By Collins Nweze

    Countries are inching toward greater gender equality, but women around the world continue to face laws and regulations that restrict their economic opportunity, with the COVID-19 pandemic creating new challenges to their health, safety, and economic security, a new World Bank report says.

    Reforms to remove obstacles to women’s economic inclusion have been slow in many regions and uneven within them, according to Women, Business and the Law 2021.

    On average, women have just three-quarters of the legal rights afforded to men.  Women were already at a disadvantage before the pandemic, and government initiatives to buffer some of its effects, while innovative, have been limited in many countries.

    According to World Bank Group President, David Malpass, women need to be fully included in economies in order to achieve better development outcomes.

     “Despite progress in many countries, there have been troubling reversals in a few, including restricting women’s travel without the permission of a male guardian. This pandemic has exacerbated existing inequalities that disadvantage girls and women, including barriers to attend school and maintain jobs. Women are also facing a rise in domestic violence and health and safety challenges. Women should have the same access to finance and the same rights to inheritance as men and must be at the centre of our efforts toward an inclusive and resilient recovery from the COVID-19 pandemic,” he said.

  • Auto-club by Access makes vehicle purchase affordable

    Auto-club by Access makes vehicle purchase affordable

    By Collins Nweze

    Access Bank has brought the dreams of Nigerians aspiring to own a car one step closer to reality by unveiling its newest service called “Auto-club by Access.”

    Auto-club by Access is a one stop shop designed to cater to every Nigerian’s automobile needs by providing auto services ranging from vehicle purchase, maintenance, usage to disposal and so much more at affordable pricing.

    The service offers vehicle finance for brand new cars such as SUVs, Sedans, Buses, and Vans and for preowned cars (popularly called Tokunbo cars) from specific approved dealers that have been certified to be in excellent condition.

    Auto-club by Access also offers equity release which is offered to customers to enable them refinance vehicles purchased from approved partners/ dealers

    Auto-club by Access has a loan tenor of up to four years with interest rates as low as 15 per cent, depending on the finance variant chosen. The service is available to salaried customers and business owners with verifiable sources of income as well as businesses and corporates.

    Speaking at the unveil, the Executive Director, Retail Banking Division, Victor Etuokwu said “we understand that in Nigeria, owning a car is not a luxury but a necessity and an important part of our role as a bank is to make our customers’ lives easier to access more. This new service is a very practical way to do so.

    “For our customers who wish to take advantage of this service, all they have to do is fill an interest form on the Access Bank website or walk into any of our branches across the country and request for vehicle finance or contact your account officer”

    Some of the benefits of Auto-club by Access includes a partnership with Coronation Insurance, a leading insurance firm which ensures that customers enjoy comprehensive motor insurance at a specially discounted rate as well as other discounts from chain of partners in the auto ecosystem designed to give customers that great experience.