The Nation Newspaper

Category: Money

  • Pertinence woos investors with 50% RoI

    By Muyiwa Lucas

    Real estate development firm, Pertinence Limited, has initiated an investment platform that guarantees 50 percent return on investment within 18 months.

    While unveiling its new product, called Realvest, the promoters explained that it is to serve as a real estate thrift and investment vehicle for stimulating investment in the real estate sector.

    According to the Co-Founder of the company, Mr Sunday Olorunseyi, the purpose of establishing the platform was to create wealth for the people using real estate as a vehicle.

    He explained that Realvest would enable investors to invest and earn as much as a 50 per cent return on their investment as against other investment plans which the company had introduced in the past, such as Petty Save, which offered a 20 per cent return on investment.

    “Realvest has two different plans which one can invest in. The first plan has a maturity of 18 months and gives a 50 per cent return on investment while the other gives you a 25 per cent return on investment with a 12-month maturity period,” he said.

    Olorunseyi said many people who needed houses could not afford, hence the need to devise means of bringing them close to their dreams.

    He assured that the money is practically guaranteed, as it has been structured to always be ahead of inflation.  We are guaranteeing that this particular investment offer will succeed because we are going to drive it. Besides, investors will get value for their investment because we have done it in such a way that it will always remain ahead of inflation. No inflation can be as high as 50 percent anywhere,” Olorunsheyi assured.

    “Another aspect of Realvest is that you can actually refer people and make money. So, it is not only about you reinvesting, it is also about you making money from every other person you refer to Realvest.

    He said the firm planned the hold a summit in February 2020, where a raffle draw would be held for every investor in Realvest to win prizes ranging from an all-expenses-paid trip to Dubai, a car and a house in Lekki, among others.

    Another Co-Founder and Executive Director, Pertinence, Mr Wisdom Ezekiel, said Realvest was a targeted investment.

    “It means that if you are not able to do it between now and December 31, you may not be able to take advantage of it.  But apart from Realvest, we have other investment platforms. Their returns may not be as high as Realvest,” he added.

    He said the firm had also made plans for investors to be able to use their funds to purchase properties in any of its estates.

  • Mitsubishi motors partners the future awards Africa, hosts 2019 nominees

    By Collins Nweze

    Massilia Motors the sole distributors of Mitsubishi Motors in Nigeria teamed up with The Future Awards Africa to host its nominees to a reception last Friday in its Victoria Island, Lagos showroom.

    The partnership builds on Mitsubishi Motors ‘Drive Your Ambition’ tagline and the brand’s efforts to inspire young Nigerians.

    The Managing Director, CFAO Nigeria Plc., Thomas Pelletier gave the opening speech, while the Chairman, CFAO Nigeria Plc., Gbenga Oyebode, presented the certificates to the new nominees for the prize  “Young Person of the year.”

    Speaking at the event, Funmi Abiola, Head of Marketing, Massilia Motors, the sole distributors of Mitsubishi Motors in Nigeria said, “Nigerian youths have consistently proven themselves to be enterprising, innovative, creative and resilient, and they truly deserve to be celebrated through a sustainable and important platform like The Future Awards Africa. Our continent is at a critical point, and our work in supporting them will determine how excellent Africa will perform independently in the global market”.

    Massilia Motors, which is a joint venture of CFAO and Chanrai Group, is focused on delivering a range of exquisite cars to the Nigerian market including ASX, Eclipse Cross, Outlander, Pajero, Pajero Sport, and the L200 pick-up.

    “Mitsubishi Motors has consistently been recognized as one of the world’s renowned, forward-looking automobile brands, and we are so excited about this partnership. It is a perfect mix because we understand the brand’s effort to inspire the Nigerian youth and boost creativity and enterprise, which also aligns with our vision,” said Bukonla Adebakin, Chief Operating Officer of The Future Project.

    The Future Awards Africa celebrates young enterprising Africans who have done exceptional work in their respective fields throughout the year. The reception is a pre-event of the award show where nominees are presented with certificates of nomination, and an opportunity to network with their peers across several industries.

    The awards event is scheduled to hold on 24 November 2019 at the Balmoral Centre, Victoria Island, Lagos.

  • Ecobank’s *326#, AFRIMA boost for Industry

    By Collins Nweze

    Ecobankmobile *326# has announced its partnership with the All Africa Music Awards (AFRIMA) 2019 slated for Lagos Nigeria from 20th through 23rd, November.

    AFRIMA, Africa’s most glamorous music event, is an annual celebration of African talents from all regions of the continent. The Lagos Awards which is the sixth edition has as its theme: “Feel Africa”.

    Managing Director, Ecobank Nigeria, Patrick Akinwuntan said it is one of the several initiatives by the bank to boost tourism, culture and the entertainment industry in Africa. He said it is also in line with Central Bank of Nigeria (CBN’s) initiative for banks to support the growth of the creative industry in the county.

    According to Akinwuntan, Ecobankmobile *326#  is pleased to support the growth of the creative and music industry which is a key driver of Africas history and rich culture and most significantly youth engagement and empowerment.  ”As the Pan-African bank, Ecobank is proud to partner with Africa’s most renowned music awards, which is a symbol of our support to building the family and lifestyle of Africans. Ecobankmobile *326# is joining AFRIMA to ensure that  the Lagos show is a success.” He stated.

    Further, Akinwuntan said Ecobankmobile *326#, Ecobankpay, Ecobankmobile App, Ecobankxpress Account are bringing easy, affordable and convenient financial services to the youth, entrepreneurs and businesses, both local and foreign which are expected at the events.

    “Our products interact with the lifestyle of Africans.  Ecobankmobile *326# makes it easy to open an instant account, make transfers, pay Bill’s and buy airtime.

    Also speaking, President and Executive Producer, AFRIMA, Mike Dada said “The AFRIMA-Ecobank partnership for the 6th All Africa Music Awards brings together deep skills in financial and culture industries strategy, product ideation, technology development and deployment and organizational change management to help support African communities for successful socio-economic transformations.

  • Access Bank seeks more investment in film industry

    By Collins Nweze

    The Group Managing Director/CEO, Access Bank Plc, Herbert Wigwe, has called for more investments in the Nigerian film industry, just as he reiterated the role of Africa International Film Festival (AFRIFF) in economic development and job creation.

    The bank chief also acknowledged the role of the festival in projecting African stories to the world while acknowledging those who have invested in building a film industry that continues to be celebrated globally.

    Access Bank Plc partnered AFRIFF on the sponsorship of the ninth edition of the 2019 programme which kicked off November 10 and will run through November 16.

    The week-long festival celebrates the diversity of African films, including documentaries and short films while connecting various stakeholders within the African film industry through a cinematic experience.

    “Apart from serving as a platform to share the African culture with the world, the industry has launched a value chain for writers, cinematographers, actors, producers, while also contributing to the economy, creating employment opportunities, and promoting investment,” he said.

    According to him, “Through AFRIFF, Access Bank is proud to support millions of creatives in the industry towards achieving their goals while providing economic benefit to them and many others across the world.’

    Access Bank has consistently supported the Africa International Film Festival, and the partnership with AFRIFF is built on the bank’s commitment to promoting genuine African stories and also creating a platform for film makers to connect, learn, and showcase their projects.

    The bank’s partnership with the festival also builds on its mission to promote sustainability, deliver long-term prosperity to Nigerians, and boost the creative economy through initiatives such as ART X Lagos and the Accelerate Filmmaker Project.

    Wigwe said that apart from serving as a platform to share the African culture with the world, the industry has launched a value chain for writers, cinematographers, actors, producers, while also contributing to the economy, creating employment opportunities, and promoting investment.

  • PEBEC takes LIT sub-national tour to North-Central

    By Collins Nweze

    The Kwara State Government has hosted the business community, regulators and other stakeholders during the North-Central Presidential Enabling Business Environment Council (PEBEC’s) Listen, Implement; Track (LIT) sub-national tour in Ilorin.

    The event, held at the State Banquet Hall, Ilorin presented opportunity for the PEBEC to work with other government agencies in improving Nigeria’s business environment.

    Themed “Lituation”, it was opportunity for business owners to collaborate in the ongoing efforts by PEBEC and the Enabling Business Environment Council (EBES) to promote entrepreneurship.

    Since the sub-national tour kicked off in October with Lagos State, PEBEC has made two stops in the South-East and North-Central geo-political zones.

    The event in Kwara saw the business community in the North-Central region interact directly with business regulators including the Corporate Affairs Commission, the Federal Inland Revenue Service, National Agency for Food and Drug Administration and Control and many others in a bid to be better equipped to utilise the wide array of over 140 reforms successfully implemented so far.

    Speaking at the event, Special Adviser to the President on Ease of Doing Business and head of the Enabling Business Environment Secretariat, Jumoke Oduwole, debunked the notion of Kwara being a civil service state noting, “It is refreshing to be in a state where it is obvious that its government is already thinking deeply and preparing for a post-oil dependent Nigeria. With a focus on skill acquisition, agribusinesses, and other forms of enterprise, I have no doubt that Kwara will be one of the states that will most take advantage of our sub-national reforms.”

    He noted that officials from visiting member states of the North-Central region including Plateau and Nassarawa attended a technical session facilitated by PEBEC earlier in the day, which sought to educate participants about the impact of an enabling the environment on their economic development; and get them onboard the Business Made Easy reform agenda.

    Delivering the keynote address, Governor of Kwara State,  Abdulrahman Abdulrazaq, represented by the Deputy Governor,  Kayode Alabi, addressed the sub-par rating of Kwara on the World Bank State of the States Ease of Doing Business Ranking noting that “this was the stark reality of our state, but we have decided to put these figures in perspective, not to brood over the past, but challenge ourselves to do things differently as we rewrite the story of our state. Kwara must reclaim its glory.”

    Entrepreneurs at the event, including Abdulsalam Toheeb, CEO, Farm Ignite; Aanu Oriyomi, Founder, Meesquared Royal Ventures and Ayo Olajiga, Co-Founder/CEO, FoodPro Limited – agreed on the impact of the PEBEC reforms and initiatives on their business growth.

    The Director-General of the Arewa Investment Promotion Council, Abdullahi Abdulmajeed, presented an overview of the business reforms being undertaken by state government, while listing outcomes which project into the administration’s vision for the future of business in the state.

  • Access Bank’s Womenpreneur winners get cash prizes

    Access Bank Plc on Tuesday rewarded three winners in its Womenpreneur Pitch A-ton 2019 programme with N9 million.

    The winners are Cotton Loops Chief Executive Officer, Bolulope Adebiyi, who beat 49 other contenders to win the N5 Million first place prize while  Physiocraft Allied Health Service, Tinuade Olanrewaju and CEO Learntor Limited, Mercy Igbafe, emerged as the second and third winners with N3 Million and N1 Million cash prizes respectively.

    Adebiyi was grateful to God for the victory, and thanked Access Bank and International Finance Corporation (IFC) for the opportunity. She said  the grant  would enable her expand the company’s factory. “Cotton Loops is an ethical black and white fashion lifestyle brand.

    We design and create black and white fashion globally. We make black and white high-street clothes, casual and cooperate clothes.

    “Within the next six weeks, we are expanding to Dakar, Nairobi, Ghana and the United Kingdom. So, we are going to expand it, and make the clothing more affordable, even here in Nigeria. We are also an ethical brand, which means, we up-circle all of our production risk, and we give to the local women in the market for their children to crawl on and sleep on due to the dirty environment,” she said.

    Also speaking, the second runner-up, said she was so humbled for the experience, describing it as life-changing.

    “Access Bank has changed our lives. There is potential here in Africa but our women lack the right visibility due to digital skills gap. Hence with this fund, Learntor can do more to digitally up-skill women, empower them, so they can give their businesses digital visibilities even in the international community,” she said.

    Coordinator, Access Bank Womenpreneur Pitch-A-Ton 2019, Ayona Trimnell, said the initiative was part of the banks philosophy to build women capacity in business so they can transform the country’s economy and compete globally.

    According to Trimnell, “Access Bank is a leading financial institution for women entrepreneurs in Nigeria. Hence we create programmes not only to empower them, but to enable them and give them better access to finance and business knowledge.  ”Before today, we put out a call to women entrepreneurs who has been in business for about minimum of a year, to send us their business ideas by applying for this program.

     

    And we got 36,000 applicants from all over the country.

     

    Read Also: Empowering women for national development

     

    “We careful narrowed them down from that number to 500, and to 50. And for the 50 women, in collaboration with IFC, we took them through 14 weeks intensive entrepreneural training. And they were awarded with a Mini-MBA, from the IFC.

     

    “Out of the 50 women, three winners emerged and they got grants. For the first price, N5 million, second prize N3 million and the third price got N1 million.

    So. the whole programme is really about empowering and encouraging women. And we are hopeful that we would continue to do this every single year. And for the 36,000 women, we are going to keep training them. We have come up with a digital way we would be reaching rem and training them for three months. Hence, they are all winners.”

     

  • $1b boost for female entrepreneurs

    By Daniel Essiet

     

    The European Investment Bank (EIB) has announced a $1.1 billion lending programme to help women entrepreneurs  in Africa.

    The EIB is the lending arm of the European Union. The EIB has supported investment in Africa for more than 50 years. Last year, it provided a record €3.3 billion to African countries, with more than half the funds being pumped into the private sector.

    A  statement said the EIB Vice President, Ambroise Fayolle, also revealed that the bank has signed three further agreements to boost sustainable development on the continent.

    But the major deal is what the EIB has dubbed SheInvest. The EIB expects the gender-lending initiative to allow women to play a more active role in economies.

    “This initiative aims to promote female entrepreneurship,” said Fayolle, noting that female entrepreneurs will also gain business skills from the initiative. He explained that the financing will promote gender investment related to climate change and is part of broader European engagement to provide targeted support for new investment that supports increased female economic participation in Africa.

    The announcement was made at the ongoing  Africa Investment Forum in Johannesburg, where hundreds of investors, development partners and wealth funds have gathered for the continent’s premier marketplace.

     

     

    As one of the largest providers of climate finance, the investment bank has also struck a deal with Guinea-based telecommunications provider, IPT PowerTech Group, which will see the company abandon fossil fuels for cleaner sources of power such as solar and wind.

     

    Vice President and Chief Operating Officer at IPT PowerTech Group, Mohamed Al Habbal, said  the move to renewable sources of energy such as solar power will help the company reduce its carbon footprint. Habbal estimates that thousands jobs will be created as a result of this deal.

    Read Also: Access Bank’s Womenpreneur backs SMEs

     

    A further deal that was signed on the first day of the second Africa Investment Forum, will see African Trade Insurance increase its membership in Western and Southern Africa. This increased insurance coverage is expected to attract more investment to the continent.

     

    In Southern Africa the EIB confirmed a new lending programme to support access to finance by entrepreneurs across Malawi and confirmed a new scheme to finance smallholders in the country to be launched early next year.

     

    A Senior Manager at Malawi’s FDH Bank, Patricia Hamisi,  said  the money will help the bank enhance its long-term credit to small businesses owned by women. “The agreement comes with technical assistance which will help the bank enhance its trade financing,” said Hamisi.

     

    The Africa Investment Forum inaugural edition was launched in 2018 in partnership with Africa50, Afrexim Bank, the Trade Development Bank, the Development Bank of South Africa, the Islamic Development Bank, the Africa Finance Corporation, the European Investment Bank.

     

     

     

  • LAPO MfB promotes sustainable finance

    LAPO Microfinance Bank (MfB) Limited, a pro-poor financial institution is championing the cause of sustainable finance in the industry.

    Its Managing Director/CEO, Godwin Ehigiamusoe, said the bank will continue to promote sustainable finance in the interest of the economy.

    He spoke at the conference with the theme, ‘Enhancing Sustainable Finance in the Microfinance Sub-sector’, held in Lagos.

    He said the conference was to promote the practice of sustainable finance and banking values especially among Microfinance banks.

    “Microfinance industry is growing, having a large number of institutions and also considering the nature of their clients who are obviously active on the environment, I feel there is need for Microfinance banks to adopt some of these principles as LAPO has done for the past six years,” Ehigiamusoe said.

    According to him, the bank had achieved paperless transactions in all its board meetings, management meetings, review meetings and has also decided to track the numbers of paper that would have been used, put naira and kobo and discovered it has been able to save millions of naira in doing that.

    “Because we are tracking we have been able to ascertain how much we are saving on monthly basis especially if we put in the cost of digital devices we still make some profit. The second thing is that if you also look at the social dimension, supporting the people you do business with for instance LAPO has priority in recruitment of children of our customers,” he said.

    Read Also: LAPO is microfinance bank of the year

     

    Also speaking, President, Chartered Institute of Bankers of Nigeria (CIBN) said, Uche Olowu, said: “I believe that LAPO champions the move for sustainability in the environment,” said Uche Olowu, president/chairman of council, Chartered Institute of Bankers of Nigeria (CIBN)”.

    Olowu further said, “The way we look at it from CIBN is how you direct your efforts to clients that are in the vanguard of sustaining the environment. How do environmental, social and governance risks are modeled to make sure that we sustain the environment.

    The climate change is a big problem, he said. “How do we need to continually fund the degrading environment? We direct finance and manage our risk in such a way that we continue to push for sustainability in the environment”.

     

    Chair in Business & Sustainable Development University of Edinburgh, United Kingdom, Kenneth Amaeshi, who delivered a keynote speech on ‘Rethinking Sustainable Development Goals (SDGs) as an investment opportunity’, at sustainable finance conference organised by LAPO in Lagos, noted that uptake of sustainability is low in the global financial sector.

    He said Sustainable Development thinking and practices help to minimise risks and explore opportunities. Risk minimisation and opportunity exploration are both important for immediate and long term success.

     

     

  • DataPro rates SFS Fixed Income Fund AA

    Nigeria’s foremost Investment Fund, SFS Fixed Income Fund has been rated AA by DataPro, a Lagos-based rating agency.

    DataPro in a recent rating report highlights good credit quality, good liquidity and experienced fund managers as key strengths of the N2.2 billion-worth Fund, which has grown from a base point of N960m in 2015.

    SFS Fixed Income Fund, an open-ended collective investment scheme launched in May, 2014 and registered by the Security and Exchanges Commission (SEC), is managed by SFS Capital Nigeria Limited. It is targeted at investors with low risks investment appetite who require liquidity and optimal benefits for their investments.

    Read also: Adron Homes targets middle income class

     

    The long term rating of AA indicates lower risk and is assigned to Funds deemed to have very good financial strength, operating performance and profile.

    In arriving at the score, DataPro took cognisance of relevant qualitative and quantitative factors to arrive at the assigned risk factor, with risk factors assessed by considering the credit risks, interest rate risk, liquidity risk, regulatory framework, and the operating performance of the manager.

    “This Fund, in our opinion, has strong ability to meet its on-going obligations”, remarked Oladele Adeoye, Chief Rating Officer, DataPro.

    Aside the fund managers, other parties to the fund are: United Securities Limited (Registrar); Stanbic IBTC Bank Plc (Custodian), STL Trustees Limited, and Sterling Partners & Co (Auditors).

     

  • BPP okays Public Funds Expenditure

    by Collins Nweze

     

    The Bureau of Public Procurement (BPP) yesterday said Nigeria has made tremendous improvement in the expenditure of public funds through Public Procurement.

    The Director-General, BPP, Mamman Ahmadu, who stated this at the  the opening ceremony of the second edition of  the 2019 conversion training programme for Procurement Officers in the Ministries, Departments and Agencies (MDAs), held in Lagos, said the support of the Federal Government  to BPP has boosted the success rate of the Procurement Reforms and would continue to promote  the implementation of the Public Procurement Act (PPA), 2017.

    Ahmadu, who was represented by BPP Director, Energy and Infrastructure, Engineer Babatunde Kuye, said the  training, started by the BPP about nine years ago, was key to the institutionalisation of procurement reform in the Federal Civil Service.  According to him,  the training would equip the participants with the right skills to carry out their responsibilities in line with the PPA, 2007 provisions.

    Ahmadu said: “The  Civil Service being the heartbeat of any nation’s Public Service Administration is central to the implementation of political and economic plans of Governments such as the present Next Level thrust of President Muhammadu Buhari.

    “It is important we get things right in the allocation or use of resources, hence the BPP is strengthening the Public Procurement Reform through continuous training. This three week conversion and certification course geared towards providing the needed expertise in the implementation of the Procurement Reform is a case in point,” he said.

    Explaining how procurement process works, Ahmadu said: “It is good to note that when allocations are made in budgets, we do not simply write out letters awarding contracts to contractor A or B based mostly on personal interest as was the case before the reform but based on Due Process of PPA, 2007. It is also noteworthy to mention that the nine essential steps of public procurement start with efficient procurement plan driven by needs assessment. Then there has to be adequate appropriation, followed by advertisement, and transparent pre-qualification.  Bid submission and bid opening process followed by bid evaluation process have to take place as well. Afterwards we have Tender Board or Federal Executive Council (FEC) Approval, and then contract execution. This is becoming entrenched in the Public Service as good credit for the reform”.

    He said that henceforth, on certified Procurement Officers will be allowed to be posted as Procurement Officers adding that the Head of Procurement Department reports directly to the Accounting Officer of their respective MDAs.

     

    Where there are no certified Procurement Officers, the schedule officer in charge will have to take responsibility in the meantime and report to the Accounting Officer as appropriate adding that it will be  business as usual.

     

    He said that transparency, competition, quality and the attainment of value-for-money are central to the Procurement Process. “We therefore do not have an alternative route to good Public Procurement practice. It is for this reason that we must continue to harp on its importance and internalize its details in order to effectively implement it. The Public Service is the engine room for change, and it is our collective responsibility to ensure that all sections of the law governing Public Procurement are fully put into practice.”

     

    Read Also: Bureau of Public Procurement saves N680b from contracts

     

    “I must say that we are not unaware that some people are itching to be Procurement Officers because they think it is a route to sudden wealth through the award of contracts. This wrong notion is rather unfortunate; I therefore urge you to lay emphasis on continuous professional development so as to engender good service delivery in order to enhance performance in the Cadre”.

     

    Ahmadu said the BPP was working with some agencies of government to address specific structural and capacity challenges in their procurement processes. “In the same vein, as part of the procurement reform, Federal Government with support from the World Bank has approved six centres of excellence across the six geo-political zones to train and have graduates at the Master, Post Graduate Diploma and advanced certificates in procurement, environmental and social safety for both the public and private sectors.”

    This, he added, would support the efforts of the BPP in providing right skills for its workforce adding that the BPP will work with the Secretary to the Government of the Federation (SGF) to enforce and apply appropriate sanctions on Agencies using unverified Procurement Officers in their operations.

     

    He said the BPP was working with Ahmadu Bello University, Zaria, Federal University of Technology Owerri, and University of Lagos, to ensure standardisation of courses and researches directly impacting the economy, environmental and the social needs of the country.