Category: Money

Our Reporter

Union Bank of Nigeria Plc has donated $130,000 to tackle the spread of the Coronavirus pandemic.

The cash was made into a fund set up by 54gene, an African genomics research, services and development company working with the Nigeria Centre for Disease Control (NCDC) to fight the pandemic.

The money will help increase COVID-19 testing capacity in the country by up to 1,000 additional tests a day, by buying testing instruments and critical biosafety materials such as biosafety cabinets and personal protective equipment urgently needed to keep frontline healthcare workers safe.

The equipment will be installed in general hospitals and laboratories across the country, and will remain there even after the ongoing COVID-19 pandemic.

In addition, there will also be extensive training and support to medical practitioners and volunteers working across the country to curb the menace.

The Chief Executive Officer of Union Bank, Emeka Emuwa, said: “Community is one of our core values at Union Bank, and there’s no better time to live this value than now. A critical need for the country at this time is to scale up our testing capabilities and give us a better chance of slowing the spread of the virus. We are therefore pleased to be supporting 54gene who is directly collaborating with NCDC and World Health Organisation who are coordinating Nigeria’s Covid-19 response.

Commending Union Bank for its donation, the CEO of 54gene, Dr. Abasi Ene-Obong, also said: “The rapid and assured response from some of Nigeria’s most reputable institutions, such as Union Bank, to join us in our fight against this deadly disease is highly welcome, and we thank them for their unwavering support. They, like us, understand the need for a multi-stakeholder, co-ordinated plan, that can be implemented almost immediately, as we work together as a community, side-by-side, to fight COVID-19 and protect our population.

Last week, Union Bank, which had already been proactive in rolling out stringent safety and hygiene practices within its branches and service locations, took the lead in activating remote work for its employees, directing more than 70 per cent  of its employees in non-service functions to work from home from March 23.

Union Bank also announced the launch of a toll-free Customer Care number 0800 700 700, which customers can call free of charge at anytime of the day or night to get help with banking issues.

These initiatives underscore Union Bank’s commitment to containing the spread of the virus while actively supporting the communities within which it operates

Our Reporter

Standard Chartered (StanChart) is committing $1 billion of financing companies that provide goods and services to help the fight against Coronavirus (Covid-19), and those planning the switch into making products that are in high demand to fight the global pandemic.

The companies include those associated with helping tackle Covid-19, including manufacturers and distributors in the pharmaceutical industry and healthcare providers, as well as non-medical companies that have volunteered to add this capability to their manufacturing output – goods in scope include ventilators, face masks, protective equipment, sanitisers and other consumables.

Simon Cooper, CEO of Corporate, Commercial & Institutional Banking at Standard Chartered, said: “Clearly there’s a cost for companies to switch into these hugely in- demand items, so it’s an area where we can potentially help them get these processes up and running more quickly; and at the same time, we want to make sure that existing manufacturers and service providers get the support they need.”

The bank intends to provide at least USD1 billion of financing to those companies in the form of loans, import/export finance or the working capital facilities that they use for day- to-day business operations to help them tool up, and help existing manufacturers get their products to market.

Standard Chartered is also trying to identify companies that may wish to switch into or add anti-virus products to their output but haven’t indicated that they will do so at this stage. “Our industry teams are looking across our client base and, given our understanding of clients’ current manufacturing processes, we’re assessing which companies might want to consider adding these items to their production line,” Simon added.

All financing will be subject to companies having received regulatory approvals to manufacture the goods.

The bank will continue to serve all of its clients during what is a challenging period for all companies, from small businesses to large multinationals.

By Taofik Salako, Deputy Group Business Editor

Union Bank of Nigeria on Tuesday announced additional donations totalling N300 million as part of its multi-pronged approach to tackle the spread of Coronavirus in Nigeria.

As part of the Private Sector Coalition Against COVID-19, Union Bank contributed N250 million into the fund set up by the coalition to raise N120 billion to fight the outbreak in Nigeria.

The bank also made a further donation of  N50 million to the Lagos State Covid-19: Emergency Food Response programme which was set up to support low income families who will be directly impacted by the state-wide restrictions in place to limit the spread of the disease. Lagos State has the highest number of Covid-19 cases in Nigeria.

The bank had last week made an initial donation of N50 million or $130,000 into a $500,000 fund set up by 54gene, an African genomics research, services and development company working closely with the Nigeria Centre for Disease Control (NCDC) to fight the Coronavirus.

Chief Executive Officer, Union Bank of Nigeria (UBN), Mr. Emeka Emuwa, said the fight against Covid-19 requires all hands-on deck with close collaboration between the public and private sector.

“Union Bank is committed to supporting Nigeria’s response to ensure the country avoids a pandemic. We will, especially, be looking to support ordinary Nigerians who will be disproportionately impacted economically at this time,” Emuwa said.

Meanwhile, Union Bank has introduced a 24-hour toll-free customer service line as part of proactive efforts to ease banking worries during public restrictions to contain Coronavirus pandemic.

The multi-lingual customer service line, which allows customers to call the bank’s contact centre at no cost, was launched yesterday as part of the bank’s efforts to ensure it provides seamless banking services as the country responds to the Coronavirus pandemic.

Speaking on the new service, Executive Director and Head of Retail and Digital Banking, Union Bank of Nigeria (UBN) Plc, Mrs. Lola Cardoso said the bank’s goal as a trusted partner to its customers is to ensure that they don’t have to worry about banking during this time.

“A toll-free number will allow our customers call us free of charge to resolve any banking issues they may have without worrying about cost. We believe this kind of support is crucial for our customers during this difficult period,” Cardoso said about the new number, 0800 700 7000.

According to her, through Union Bank’s robust digital banking channels – UnionOnline, UnionMobile and the USSD code *826#, customers can continue to enjoy uninterrupted banking services round the clock, despite movement restrictions in certain Nigerian states owing to the Covid-19 pandemic.

She said the introduction of the new toll-free customer service line reaffirms Union Bank’s commitment to the provision of simpler, smarter banking services to its teeming customers.

By Taofik Salako, Deputy Group Business Editor

Nigeria’s largest financial institution, Guaranty Trust Bank (GTBank) Plc brightened the stock market with immediate payment of its final dividend of N82.4 billion after it made history with the conduct of first-ever proxy annual general meeting (AGM).

Shareholders confirmed that the dividend payment, which was approved at the proxy AGM on Monday, was immediately credited to their accounts. Shareholders received a final dividend per share of N2.50 in addition to interim dividend of 30 kobo paid earlier, bringing the total dividend per share for the 2019 business year to N2.80. The bank had distributed N80.94 billion as cash dividend for the 2018 business year, representing a dividend per share of N2.75.

GTBank had secured regulatory approval to conduct its AGM through the use of proxies by shareholders in order to circumvent delays and disruptions created by restrictions on public gatherings by the government.

Nigeria has heightened its state of emergency as the confirmed cases of Covid-19 continue to rise with Lagos, the nation’s economic centre, remaining the epicentre of the spreading Coronavirus. Lagos State, where most annual general meetings usually hold, has placed restriction of not more than 25 persons on public gathering, automatically closing down large-group assembly like AGM. Most other states are enforcing restrictions.

GTB, which had scheduled to hold its AGM in Lagos on March 30, 2020, sought for regulatory approvals to make use of rules on proxy, which 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.

Shareholders’ representatives who spoke at the AGM monitored online commended the bank for its commitment to its shareholders despite the obvious constraints occasioned by the Covid-19 pandemic.

Founder, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, said the bank deserves commendation for its consistent growth and commitment to shareholders’ value creation.

Another shareholder, Mr Nonah Awoh, while commending the bank’s donation of 110-bed isolation centre to the Lagos State Government in the fight against Covid-19, said the bank must institute a clear rule on the maximum donation that can be made without shareholders’ approval.

Key extracts of the audited report and accounts for the year ended December 31, 2019 showed modest growths across key performance indices. Gross earnings rose from N434.7 billion in 2018 to N435.31 billion in 2019.

By Taofik Salako, Deputy Group Business Editor

Trading at the stock market continued on Tuesday through existing full remote trading arrangement in spite of the 14-day restriction of all movements in Lagos ordered by the Federal Government.

Lagos is Nigeria’s main economic centre and it hosts Nigerian Stock Exchange (NSE) and other major stock market institutions.

President Muhammadu Buhari had ordered restriction of movements in Lagos State, Federal Capital Territory (FCT) and Ogun State for an initial period of 14 days effective 11pm on March 30, as part of efforts to stem the spread of Coronavirus.

Total turnover at the NSE yesterday stood at 422 million shares valued at N1.72 billion in 3,448 deals. Benchmark value indices however indicated average decline of 0.1 per cent. Aggregate market value of all quoted equities dropped from its opening value of N11.117 trillion to close at N11.101 trillion. The All Share Index (ASI) declined from its opening index of 21,330.79 points to close at 21,300.47 points.

The NSE said it has made adequate arrangements to ensure continuity of transactions at the secondary market while expressing support for steps being taken by governments and all stakeholders to flatten the rising curve of Covid-19 cases in Nigeria.

Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, noted that the ability of the financial and money markets to continue to operate during this crisis is a testament to a well-functioning economy, pointing out that the presidential approval which included the financial system and money markets in the list of exempted services from the lockdown is vital.

“Given this new pronouncement, we will sustain our remote trading activities at normal hours and days, in line with the guidance provided by the World Federation of Exchanges,” Onyema stated.

According to him, to comply with the government’s directive on the lockdown, the NSE has activated the second phase of its business continuity plan that will see its essential staff move into a secured accommodation close to its offices with adequate arrangements for healthcare and other matters necessary to their wellbeing.

He explained that access to the NSE’s offices will be restricted to these essential staff who will ensure smooth remote trading and provide remote technical support to stockbrokers, while also continuing to provide remote access to listed companies and issuers during this period.

He pointed out that while capital markets around the world have seen levels of volatility that are only comparable to the global financial crisis of 2007-2008 since the outbreak of the Coronavirus pandemic, the Exchange had last week activated its business continuity plan to maintain the integrity of the market in order for it to continue to stimulate growth.

He highlighted the elements of the business continuity plan to include continued trading during normal hours and days by providing remote trading access for stockbrokers through FIX Protocol and Virtual Private Network (VPN) platforms, commencement of remote working for non-essential staff nationwide, closing of trading floors nationwide, maintaining continuous flow of relevant market information to enable stakeholders to make informed investment decisions and engaged with government to address market issues raised by Covid-19.

“While we hope for a quick end to this pandemic, we encourage everyone to maintain precautions, take responsibility for others by observing social distancing and practicing personal hygiene. Most importantly, we advise that you comply with guidelines issued by relevant health agencies of government towards curtailing the spread of the virus in our beloved country,” Onyema said.

He assured stakeholders that the Exchange is open for business remotely noting that people can reach out to the NSE through various digital platforms including email, X-Issuer, X-Boss, X-Whistle, telephone, website and other digital and social platforms.

By Collins Nweze

The Coronavirus (COVID-19) pandemic is real in Nigeria with nearly 100 confirmed cases recorded so far in the country. But government, banks and private sector leaders are taking steps to curb the spread of the virus and reduce impact of the pandemic on the people.

The Nigerian Private Sector Coalition Against COVID-19 instituted by the Central Bank of Nigeria (CBN) on behalf of the Bankers’ Committee and in partnership with the private sector will be raising funds needed to fight the scourge. Many banks and real sector operators have also risen to the challenge by making cash donations, providing e-learning centers, making loans available to healthcare providers and feeding low-income earners within the populace.

Fighting and defeating Coronavirus (COVID-19) pandemic in Nigeria requires more than government efforts alone.

Private sectors, especially banks and real sector operators support is paramount.

That explains why the Central Bank of Nigeria (CBN) last week inaugurated the Nigerian Private Sector Coalition against COVID-19 meant to receive funds from banks and real sector operators to be fight the pandemic.

CBN Governor, Godwin Emefiele who broke the news in Lagos, also announced members of the Funding Committee who are expected to, through their organizations,  contribute to the designated account opened at the CBN.

Read Also: Keystone Bank pledges N1bn to fight against coronavirus

The fund from the coalition is expected to be raised within the next two weeks and deployed to procuring equipment and materials needed to combat the menace of COVID-19 pandemic in the country.

Guaranty Trust Bank and Access Bank have donated to the project N1 billion each. GTBank has aside the donation, officially presented a 100-bed space Intensive Care Centre for Covid-19 patients at Onikan in Lagos for Nigerians that may be infected by the disease. Access Bank has also promised to set up 1,000 bed spaces too.

First Bank of Nigeria Limited has also responded to the CBN call for contribution. The bank has donated N1 billion to the Nigerian Private Sector Coalition Against COVID-19 project. Beyond the bed spaces, FirstBank has focused on education and contributed to the empowering children and the youth.

The commercial banks generally are asking their customers to use alternate e-payment channels to ensure their safety as the COVID-19 pandemic continues to spread across the country.

The lenders are also taking measures to ensure their staff members, customers and stakeholders are protected against the pandemic gradually spreading in the country.

To ensure the continuity of businesses and economic activities with minimal effect from the pandemic, banks have ensured that everyone visiting any of its branches takes a temperature test, makes use of hand sanitisers and maintains social distance.

Many lenders also reduced the number of staff on duty and encouraged customers to use digital channels, like Automated Teller Machines (ATMs) and mobile payments.

Other real sector operators like Honeywell Flour Mills have also moved to provide their support.

On the need for accountability with secured funds, Emefiele disclosed that at the end of the project,  a reputable form of Accountants will be used  to render full account of how the funds were utilized as well as account for the materials donated.

There is need for telecom operators to support the COVID-19 project and the e-learning plan by donating data to make learning easy and seamless for the benefiting children. Also, real sector operators and manufacturers need to also support by donating their products to help the most vulnerable in the society at this trying time.

By Collins Nweze

The National Coordinator, Social Integrity Network (SINET), Ibrahim Isah has urged  President Buhari to support the Central Bank of Nigeria (CBN) in its ongoing intervention in manufacturing and agriculture.

The said the interventions by the apex bank were the major proponents of job creation and growth.

“We thank the president for his commitment and concern towards revamping the economic activities for the benefit of the masses,” he said.

The group asked the Federal Government to  remove fuel subsidy to boost growth.

In a statement, he said fuel subsidy removal was  necessary to enable the economy grow and avoid  revenue loss.

He added that fuel subsidy is a leakage and threat to growth and development.

“If the Federal Government can consider removal of subsidy on fuel along with the ongoing border closure policy, crashing of high rate of  Treasury bill without taxation and increase of Value Added Tax, (VAT) to 7.5 per cent, these will help in overhauling the economy,” he said.

He said high rate of corrupt practices, conspiracy and maladministration are affecting the  economy, well-being of the masses as well as denting the image of the country in the international realm.

”However, in as much as it is pertinent for the government to protect the sanctity of the right of tax payers by guarding against revenue loss, oligarchy tendencies, fraud of all manners and economic sabotage, President Muhammadu Buhari should urgently make an executive order for the removal of fuel subsidy,” he added.