The Nation Newspaper

Category: Money

  • BUA Cement to establish three million tonnes plant in Adamawa

    BUA Cement to establish three million tonnes plant in Adamawa

    By Collins Nweze

    BUA Cement plans to establish a three-million metric tonne cement plant and 50 megawatts power plant in Guyuk and Lamurde local governments of Adamawa State.

    Chairman, BUA Group, Alhaji Abdul Samad Rabiu, stated the readiness of the group when he led the management of BUA Cement on a courtesy visit to the Adamawa State Governor, Ahmadu Umaru Fintiri at the Government House, Yola.

    Rabiu said preliminary findings show that the two local governments of Guyuk and Lamurde are reputed to have quality limestone deposits and BUA Cement is ready to begin the investment in the state.

    He added that the BUA will use new technologies to supply power to the proposed cement plant and communities of Guyuk and Lamurde in addition to providing 3,000 direct and 5,000 indirect jobs.

    He stressed that the Guyuk Cement Plant will be the major investment in the North East by BUA and solicited for support of Governor Umaru Fintiri to set up the factory in Guyuk.

    Read Also: BUA Cement revenue up 25.1%

    Rabiu said the company made a decision to source its raw materials locally and it has invested billions of dollars in various sectors across Nigeria and, therefore, urged the state government to support BUA to actualize the Guyuk Cement project.

    He praised the commitment of the governor within one year in office in many sectors of development despite the economic challenges in Adamawa.

    Governor Umaru Fintiri said his administration’s effort in exploring local contents has started yielding results and thanked BUA for showing interest in establishing the cement plant in Guyuk.

    He assured the management team of BUA that government will provide whatever is needed as well as necessary support which will create enabling environment so that the BUA Cement company in Guyuk will become a reality.

    He also expressed readiness of the government to protect the investment once it is established adding that his administration will maintain the good relationship with the company for the benefit of the state.

    BUA is Nigeria’s second largest cement producer by volume with cement plants in Sokoto and Edo states. The company’s newest plant in Sokoto is expected to be in operation next year. When completed, the Guyuk Cement Plant will bring BUA’s total capacity to 14 million metric tonnes per year.

  • FCMB Group eyes 96% stake in AIICO Pensions

    FCMB Group eyes 96% stake in AIICO Pensions

    By Collins Nweze

    FCMB Group has notified the Nigerian Stock Exchange that its pensions arm, FCMB Pensions Limited, is to acquire 96 per cent of AIICO Pensions Limited.

    FCMB Pensions has since grown its assets under management (AUM) to N325 billion with 350,000 customers as at March, this year, while that of AIICO Pensions is estimated at N126 billion with over 240,000.

    A combined AUM of N451 billion and almost 600,000 customers will take the entire Group’s customer base to 8,000,000 and its total AUM (inclusive of investment management) to over N560 billion.

    In addition, the enlarged pension business will benefit from FCMB’s extensive distribution platform, comprising 205 branches, a strong web and mobile presence; and the recen launch of its Pensions’ online enrollment platform.

    Read Also: AIICO to list 4.35b ordinary shares

    Analysts have expressed positive views of its impact for FCMB Pensions and FCMB Group. One investment banking analyst described it as, “a positive move and a statement of intent from FCMB’s management to leverage its non-banking businesses to drive profitability”.

    Another described this as a “landmark transaction giving a mid-tier player a great opportunity to bulk up”.

    He added: “We believe the combined entity will be better positioned for stronger organic AUM growth and fee income contribution to the Group’s performance.”

    FCMB Pensions Chairman, Ladi Balogun, said: “The business intends to use its scale to positive effect towards investing in the growth of the economy, while ensuring safety and the most competitive returns for its customers.”

    Last year, FCMB Group increased its stake in Legacy Pensions (now FCMB Pensions) to 91.6 per cent.

  • FATE Foundation, Facebook to support 360 SMEs

    FATE Foundation, Facebook to support 360 SMEs

    By Collins Nweze

    FATE Foundation has, in collaboration with Facebook, announced its Aspiring Entrepreneurs Digital Programme (AEP) to help Small and Medium Enterprises (SMEs) to help support 360 entrepreneurs across 11 states.

    The 11 states include Lagos, Rivers, Cross Rivers, Kwara, Edo, Ogun, Abia, Enugu, Kano, Plateau and Oyo.

    This year’s programme will focus on building resilience and competitive advantage during crisis and as such, key modules will address Business Model Adaptation, Digital Marketing, Customer Engagement, Financial Literacy (Cash flow Management) and Remote Work Management.

    The AEP combines strong enterprise management, digital marketing and financial literacy courses to provide the fundamental knowledge and guidance on building a digital enabled business in Nigeria.

    Read Also: Stimulating MSMEs to drive economy’s recovery post virus

    This year’s programme will be fully virtual, free to selected participants and will also provide data/Internet support, Ad credit giveaways and growth support services.

    Executive Director, FATE Foundation, Adenike Adeyemi, said: “FATE Foundation and Facebook have recognised the urgent need to provide knowledge and support to Startups across Nigeria to sustain their nascent businesses, generate revenue and create jobs, noting the impact of the COVID-19 Pandemic which has left nations of the world, including Nigeria with attendant limitations on movements and in-person interactions”.

    Also, Policy Programme Manager, Sub-Saharan Africa, Facebook,  Phil Odour, said: “The AEP Digital has recorded great impact in reaching 640 Nigerian startups since 2018.”

  • FirstBank CEO to workers: strive for excellence 

    FirstBank CEO to workers: strive for excellence 

    By Collins Nweze

    The Managing Director/CEO First Bank of Nigeria Limited, Adesola Adeduntan, has advised the bank’s workers to strive for excellence and contribute their best in making the bank retain its leadership position in the industry.

    Speaking at the FirstBank Management Associates Programme (FMAP) virtual graduation in Lagos, Adeduntan said the bank would continue to invest and reinvent its people to create a very sound institution with a strong succession plan.

    The bank chief said the participants’ intelligence quotient was not in doubt, but excelling in the workplace demands more than knowledge application.

    He said soft skills are required, which will entail how such staff members treat customers and fellow staff in the workplace.

    “Your IQ is almost taken for granted. The most important things are your soft skills, social quotient, emotional quotient and physical quotient. They are all about treating others well, equitably. Ensure that when people speak about you, they will say you are equitable. You need to combine those four in a very delicate manner.The programme is about creating continuous pipeline of people, that will continue to move the institution forward,” he said.

    Read Also: FirstBank’s e-learning for 1m students

    He continued: “We need to continually revamp the institution. As an institution, we left a number of things for years. So, we need to work harder, smarter than our competitors.”

    The bank chief said there had been gaps in targeted succession plan, adding that the bank’s expectations from the participants were very high.

    Global Head, Human Resources at First Bank Nigeria Limited & Subsidiaries, Rosie Ebe-Arthur, advised the worker to invest in themselves.

    She said urged them to deliver the best customer services.

    “The way you invest in yourself is very important. Deliver the best customer services. Also, integrity and credibility are very important. It is so easy to lose away. You have to stand for something, or fall for anything. Take pride in yourself, and your work. Be responsible for the work you do. Detect problems and solve them before they escalate,” she said.

    Ebe-Arthur said with 126 years’ experience, FirstBank has a great heritage and is boldly reinventing the future.  “If you are doing something and you do not feel fear, that’s not good enough,” she said.

    Also, Chairman, First Academy Governing Council, Ini Ebong, said  the inaugural set started with 42 people but 28 stood the test of time and completed the programme.

    Ebong said people were assets needed for the growth and development of any establishment. He noted that the graudands had been equipped with all facets of what they need in the bank to be good leaders.

    “The programme is here to stay. We will continue to reinvest and reinvent our people to create the kind of leadership we want for the bank in future,” Ebong stated.

  • LAPO MfB empowers low-income earners

    LAPO MfB empowers low-income earners

    By Collins Nweze

    LAPO Microfinance Bank (MfB) will continue to empower low-income earners within the communities.

    In a statement, the bank said its core mandate does not include settling insurance claims.

    LAPO MfB clarified that in the last five years, the aggregation of claims settlement by various insurance firms that it work stood at N1.88 billion.

    Read Also: LAPO refutes report on settling N1.88b insurance claims

    The bank said a report that attributed the claims settlement to the company was not true.

    “LAPO MfB is a micro finance bank and not purported to play the role of insurance company. We remain committed to our over 30 years of operation, first as a non-profit with mandate of social and economic empowerment of low-income households in Nigeria and beyond,” the bank said.

  • UnionKorrect winners get N40m

    UnionKorrect winners get N40m

    By Collins Nweze

    Union Bank has rewarded owners of its UnionKorrect accounts.

    A total of 345 customers were received N40 million in an online draw supervised by the Nigerian Lottery Board and the Consumer Protection Council (CPC).

    The UnionKorrect savings product is a sub-account that allows holders earn interest rates while saving a fixed amount of monthly for two years. Customers who consistently save in these accounts are  eligible for the regular draws where they stand the chance to win cash rewards.

    During the recent draw, 80 customers were awarded N100,000 each; 16 customers, N500,000 each and four customers won the grand prize of N1million each in the UnionKorrect Regular category.

    Read Also: Union Bank restates commitments to sustainability

    In the UnionKorrect Exclusive category, 15 customers won N500,000 each, three customers won N1 million each and one customer won the grand prize of N3 million.

    The bank also rewarded 200 customers with N10,000 each, 24 customers with N20,000 each and the grand prize of N100,000 was won by one customer for saving in their UnionKorrect DeiDei accounts.

    The bank’s Head of Retail Deposits, John Obichie, said: “Union Bank is pleased to support our customers’ ambitions and enable their success through initiatives like this.

    “Our UnionKorrect accounts were introduced in response to the need to work with our customers towards achieving their future goals, and to reward them for being consistent with their saving habits.’’

  • LAPO refutes report on settling N1.88b insurance claims

    LAPO refutes report on settling N1.88b insurance claims

    By Collins Nweze

    LAPO Microfinance Bank has disclaimed report saying it settled over N1.88 billion in a period of five years.

    In a statement, the bank saying it remains focused on its core mandate of empowering low-income earners.

    The company affirmed that the assertion of settling insurance claims was a misrepresentation of the risk benefits that accrued to its customers from their insurance companies.

    “The insurance claims referred to in the publication were aggregation of claims settlement by different insurance companies that LAPO MfB work with during the period under reference and from which our customers benefited. LAPO MFB is a microfinance bank and not purported to play the role of insurance company,” it said in a statement.

    “The headline does not reflect our narratives. Given the above, we kindly inform members of the public and other stakeholders to disregard the said publication. LAPO Microfinance bank remains committed to its over thirty 30 years (first as a non-profit) old mandate of social and economic empowerment of low-income households in Nigeria and beyond,” it added.

  • Access Bank unveils Womenpreneur Pitch-a-Ton

    Access Bank unveils Womenpreneur Pitch-a-Ton

    Collins Nweze

    Access Bank Plc has unveiled its second Womenpreneur Pitch-a-ton programme designed to create an enabling environment for female entrepreneurs to grow their businesses.

    The bank’s Group Head W Initiative,  Ayona Trimnell, said:  “Access Bank has been a leading advocate for women’s economic empowerment in Nigeria and this is the key motivation for the ‘W’ Initiative, which caters to the women economy, particularly in the areas of capacity building and creating networking opportunities for women.

    “We launched the Pitch-a-ton initiative last year in line with our value proposition as the number one bank of choice for women in Nigeria, and we got a tremendous amount of applications with innovative business ideas. This year we want to do more and we want to reach out to more female entrepreneurs not just in Nigeria but across Africa.

    Access Bank
    Access Bank Womenpreneur Pitch

     

    “As a responsible financial institution with huge presence in other African countries, we want to give the same opportunity to other female entrepreneurs in Ghana, Rwanda and Zambia as well as Sierra Leone, Gambia and Congo to  participate in the programme.’’

    The Womenpreneur Pitch-a-ton Africa will provide up to N9 million grant and a capacity building opportunity aimed at empowering women entrepreneurs. It is a three-month programme, incorporating pitching sessions and eightweeks of mini-MBA training, in collaboration with the International Finance Corporation (IFC).

    Interested persons from Nigeria, Ghana, Zambia and Rwanda as well as with extension to Sierra Leone, Gambia, and Congo who meet the criteria are required to fill an online application. The 500 candidates selected from this pool will then send in a 60-second video pitch, which will be screened by a credible panel of business experts to select 50 finalists.

     

  • FirstBank CEO motivates staff to achieve excellence

    FirstBank CEO motivates staff to achieve excellence

    By Collins Nweze

    The Managing Director/CEO First Bank of Nigeria Limited Adesola Adeduntan has advised the bank’s staff to strive for excellence and contribute their best in making the bank retain its leadership position in the industry.

    Speaking at the First Bank Management Associates Programme (FMAP) virtual graduation ceremony held in Lagos, the bank chief said the bank would continue to invest and reinvent its people to create a very sound institution with a strong succession plan.

    The bank chief said the participants’ intelligence quotient was not in doubt, but excelling in today’s workplace demands more than knowledge application.

    He said soft skills are required, which will entail how such staff treats customers and fellow staff in the workplace.

    “Your IQ is almost taken for granted. The most important things are your soft skills, social quotient, emotional quotient and physical quotient. They are al about treating others well, equitably. Ensure that when people speak about you, they will say you are equitable. You need to combine those four in a very delicate manner. The programme is about creating continuous pipeline of people, that will continue to move the institution forward,” he said.

    Continuing, he said: “We need to continually revamp the institution. As an institution, we left a number of things for years. So, we need to work harder, smarter than our competitors”.

    The bank chief said there have been gaps in structured and targeted succession plan, adding that the bank’s expectations from the participants are very high.

    Read Also: FirstBank upgrades mobile banking App

    He added: “We are a bank, in the business of trust and confidentiality. We need to keep confidential information confidential. Go forth into our bank and bear good fruit”.

    Global Head, Human Resources at First Bank Nigeria Limited & Subsidiaries, Rosie Ebe-Arthur, advised the staff to invest in themselves.

    She said encouraged the staff to deliver the best customer services.

    “The way you invest in yourself is very important. Deliver the best customer services. Also, integrity and credibility are very important. It is so easy to lose away. You have to stand for something, or fall for anything. Take pride in yourself, and your work. Be responsible for the work you do. Detect problems and solve them before they escalate,” she said.

    Ebe-Arthur said that with 126 years experience, FirstBank has a great heritage and is boldly reinventing the future. “If you are doing something and you do not feel fear, that’s not good enough,” she said.

    Also speaking, Ini Ebong, Chairman, First Academy Governing Council, said that the inaugural set started with 42 people but 28 stood the test of time and completed the programme.

    Ebong said people were assets needed for the growth and development of any establishment. He noted that the graudands had been equipped with all facets of what they need in the bank to be good leaders.

    “The programme is here to stay, we will continue to reinvest and reinvent our people to create the kind of leadership we want for the bank in future,” Ebong stated.

    During the virtual program, some graudands were recognised at the event for outstanding performance and contributions during the programme. They are Mofoluwasho Nasiru (Notable change agent), Mr Bolaji Adepoju (Servant Leader), Mr Princejoe Nnaji (Outstanding think tank) and Ms Bridget Imokhai (Engagement Champion ).

    Others are Mr Henry Abadua as most composed associate, Rapulu Chukwu Ajekwe as best team player and Mr Babajide Olusesi as the best in class, having scored the highest.

    Imokhai, speaking on her experience during the programme, commended the management of FirstBank for FMAP initiative.

    She said the programme pushed them from their comfort zones to achieve great things.

    The FMAP was designed by the bank as a 24-month fast-track comprehensive developmental programme. The programme was specifically designed to build a generation of leaders who would be groomed to drive the bank’s vision.

    It was introduced in furtherance of the bank’s strategic objective of infusing and developing leadership at requisite levels across its staff hierarchy.

    FMAP, which kicked off in 2018, is aimed at identifying young, smart, highly competent and talented individuals with uncommon skills and competencies across various disciplines.

  • FirstBank’s e-learning for 1m students

    FirstBank’s e-learning for 1m students

    By Collins Nweze

    As several nations and organisations across the world focus on the impact of the pandemic on the global economy, FirstBank, Nigeria’s first generation bank is also paying attention to those it considers to be the worst-hit.

    The bank is promoting e-learning for over one million students in Nigeria. With the indefinite closure of schools, FirstBank is enabling the education of 1 million Nigerian students through an innovative eLearning solution which will drive sustainable efforts towards improving education for all.

    There are about 1.5 billion children across the globe who have been forced to stay at home in order to contain the pandemic.

    FirsBank has already forged a formidable partnership with Robert & John, IBM and Curious Learning to ensure the e-learning initiative moves across the country swiftly.

    Robert & John is offering Roducate, an eLearning solution, with a government accredited curriculum based contents ranging from primary to the tertiary level. Roducate is available both online and offline (on preloaded devices) for those with limited or no access to the internet, making for a revolutionary e- learning experience.

    Read Also: FirstBank CEO motivates staff to achieve excellence

    The partnership with IBM, offers the Digital-Nation Africa program, an online youth-focused learning programme that enables innovation and skills development on emerging technologies through focus areas such as Artificial Intelligence, Coding, Cloud, Internet of Things, Blockchain, Data Science and Analytics, and Cybersecurity.

    Also, the partnership with Curious Learning offers academic based contents for pre-school and early learning aged 3-8, using fun and self-guided learning apps to help them with their cognitive skills at a fundamental level.

    With these three partners already on board, the program seems to be in full swing, but for this initiative to be more inclusive across the country, the aid of similarly interested parties is required. Thus FirstBank is reaching out to potential partners to help accelerate the course of the e-learning initiative.

    This is a perfect opportunity for those who wish to help fuel continuous learning for Nigerians even with the nation-wide movement restrictions. FirstBank is calling for individuals and organisations to donate and contribute in whatever way they can, be it resources or innovative ideas to enable the education of one million students in Nigeria, now and beyond the global health crisis.

    FirstBank is committed to putting Nigerians first and through this initiative, the leading financial institution is ensuring that children are not left out of the national fight against the pandemic.