The Nation Newspaper

Category: Money

  • Why FirstBank leads others at Euromoney Awards

    Why FirstBank leads others at Euromoney Awards

    First Bank of Nigeria Limited says its connectivity to large clients and deployment of banking technology across all its operations are attributes it considers crucial in its ongoing business exploits, recognitions, and successes from domestic and global markets.

    The foremost bank which recently received the Best Corporate Bank in Nigeria Award at the Euromoney Awards for Excellence 2023, acknowledged the role its years of investments in technology and value addition to customers’ businesses played in its recognition by the award organisers as the Best Corporate Bank in Nigeria.

    The bank’s continuous investment in technology has been crucial to its leading industry role in optimally meeting the needs of its corporate customers.

    The most recent investments in technology include the development of its smart and interactive Transaction Banking Platform known as FirstDirect2.0.

    The bank explained that FirstDirect2.0 provides a one-stop shop online banking platform for corporates, offering best-in-class capabilities such as Payments, Collections, and Account Services, and a locally focused phased implementation of Trade and Supply Chain Finance – a first for the Bank.

    The platform offers customers various solutions for corporate cash management (Payments, Collections and Liquidity Management). It will also deliver end-to-end trade solutions for corporate clients covering L/C creation, tracking, bidding and reconciliations.

     The bank’s Corporate Banking model is focused on ensuring that its clients get the same quality of service across the Bank’s geographical locations. The execution of this approach through the deployment of the Global Account Management (GAM) Framework, implemented to enhance cross-relationship management tailored to Customers with a Pan African footprint.

    Dedicating the awards to its customers, former CEO of FirstBank Group, Dr. Adesola Adeduntan, said: “We are thrilled to announce that we have been recognised as the Best Corporate Bank in Nigeria at the Euromoney Awards for Excellence 2023.

    “We say a heartfelt thank you to all our incredible customers for trusting us. This award is dedicated to YOU,” he concluded.

    According to Euromoney, the “Awards for Excellence” – is the definitive annual awards programme of the global banking industry. The awards represent the highest distinction to the banks and bankers who matter most in an industry where differentiation is highly sought after and exceptionally difficult to demonstrate.”

     “For over 30 years, Euromoney has recognised the banks and that have demonstrated their differentiation, pioneering a comprehensive awards programme that today remains the industry benchmark globally, it concluded.”

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     Amongst other awards, FirstBank recently added to its awards kitty, Best Corporate Bank Western Africa, 2023, by Global Banking and Finance; Best Internet Banking in Nigeria, 2023 by International Business Awards; the Most Innovative Banking Brand in Nigeria by Global Brands Awards as well as the Financial Institution of the Year 2023 by Afreximbank Pan-African Business and Development.

    In a radio interview on Classic FM-FollowTheMoney with Ugo Dre monitored in Lagos, Executive Director of Corporate Banking at FirstBank, Tosin Adewuyi, explained major milestones recorded by the bank that supported its emergence as the Best Corporate Bank at the Euromoney Awards for Excellence, Nigeria 2023.

    Adewuyi listed customers’ trust in the bank as a key factor in its success story.

    He said: “We’re the trusted advisor. So, when you’re the trusted advisor, you come in when the strategy has been formulated. That is our unique selling point, essentially. We are more than just the bank. We are business advisers to many clients. So, when a client has a new project and is thinking about who to use, what to do, and how to finance it, we are part of all of those discussions, and more and more, we’re getting poured into those meetings. So we’re formulating strategies with the clients. It couldn’t really get better than that. And to have that kind of bank, as your primary bank, clearly is strategic.”

    “So when you look at corporate needs, and by the way, there were a number of successes alongside. We won Best Corporate Bank in Nigeria in 2023, we also won Best Corporate Bank in West Africa for two years in a row. So that’s 2022 and also 2023.

    “In essence, we make sure that we’re focused on making the clients’ activities a lot easier,” he said.

    According to him, the bank is also leveraging technology, transforming digitally, and focusing on payments. Adewuyi said the bank will continue to grow, and refine its offerings to the benefit of customers.

    He said: “We don’t get complacent. We are in dynamic times and customers need a bank that’s very nimble and thinking on its feet coming up with unique solutions to customers’ needs. Generic standard products no longer work. So, you need a product that speaks to your specific interests, and your unique needs, and I think that’s where we have thrived and will continue to do so”.

    In a message to clients, stakeholders or the banking industry at large on this remarkable award, Adewuyi said: “The bank was excited at the award. It was a validation of how we cover corporate banking and Euromoney has recognised it and that keeps us moving. Our methodology is unique in the marketplace,

    “It really about being a systemic adviser to the businesses that we cover. We call it a way of doing business for us. That means we’re always putting the client first. And one of our values is client centricity”.

    “And we literally taking that to how we cover the clients, how we meet their needs, how we understand the business that they do, and making sure that at every point, we are relevant. Being an advisor brings us into the whole ecosystem, and allows us to do well and also allows the client to feel good about how we cover them and what we do and how we do it,” he stated.

    Adewuyi said: “We’ve been around since 1894. But it just shows how that longevity speaks to how we essentially evolve, how we reinvent ourselves, how we innovate.  We will continue to innovate. And essentially, that is the way we have stayed in business. We are now 130 years in existence. And that clearly, is a major feat”.

    He said the bank will continue to make sure that it does not get complacent by staying relevant and meeting the needs of clients. We are all about customers, and we cannot say that enough.

    Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited, Folake Ani-Mumuney, explained that with over 800 business locations and over 232,000 Banking Agents spread across 99 per cent of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and Corporate financial services to serve its over 42 million Customers,” she said.

    According to her, the bank has an international presence with subsidiaries operating in 9 other countries.

    “These subsidiaries are FirstBank (UK) Limited in London and Paris, FirstBank in the Democratic Republic of Congo, Guinea, Sierra Leone, The Gambia; FBNBank in Ghana and Senegal as well as a Representative Office in Beijing, China. The Bank is at the forefront of promoting digital banking in the country and has issued over 13 million cards, the first bank to achieve such a milestone,” she said.

    She explained that FirstBank has continued to make significant investments in technology, innovation, and transformation, and its cashless transaction drive has been steadily accentuated with over 23 million active FirstBank customers signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code.

  • ICAN honours Rabiu Olowo

    ICAN honours Rabiu Olowo

    The Institute of Chartered Accountants of Nigeria (ICAN) has honoured the Executive Secretary/Chief Executive Officer, Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo, with its 2024 ‘Top Chartered Accountant Under 40″ award.

    The award was in recognisation of Olowo’s rising profile as a professional chartered accountant.

    The award was conferred on him at the weekend, by the 59th President of ICAN, Dr. Innocent Iweka Okwuosa, during the ICAN 2024 Award/Annual Dinner Night, which was held at the Monarch Event, Lekki, Lagos State.

    Okwuosa said: “On behalf of the council and members of ICAN, we present this merit award to you under the “Young Accountants Category,” which we have introduced for the first time in this award.”

    Speaking on the honour bestowed on him by the ICAN, Olowo said the recognition was a personal challenge to him to continue to be a role model for current and future generations of accountants.

    He said: “It is a great honour and I am deeply grateful. It is very humbling to be recognised in this way. It will only serve as motivation for me to continue to be a role model for current and future generations of accountants.

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     “I am very happy that ICAN has recognised my work all through the years, be it when I was in the private sector and now that I am in the public sector. It is a great honour. I am deeply humbled.”

    Olowo said the award would strengthen his resolve to deepen a new regime of transparency and integrity in the financial reporting in the country.

    He said: “For me it is just a start for a new regime of transparency and accountability when it comes to financial reporting in Nigeria.

    “Like I said this award is a motivation for me to continue to act as a role model, especially for the future generation of accountants.

    “What I will like to say is that through transparency, integrity that accountants are known for, we need to distinguish ourselves and when we do this we will not only grow in our career but receive this kind of recognition.”

    According to him, in the past seven months, the FRC has done  notable activities. “We have established two new directorates, which are the Directorate of Material Standards and the Directorate of Valuation Standards.

    “Within these seven months we have also rolled out the adaption Roadmap for Sustainability Reporting in Nigeria. We have gotten the buy-in of the president and the vice president, ministers, the governor of Lagos State and every key stakeholder within the private and public sector sustainability reporting in Nigeria.

    “This is an encouragement in every way and has shown us that reward for good work is more work and I am absolutely ready.”

    Olowo is a highly accomplished corporate reporting and public finance leader with a proven track record in developing and implementing corporate governance practices in both private and public institutions.

    As an advocate of practice in forensic accounting, finance and public policy, his expertise and experience will significantly contribute to the promotion of transparency, accountability, and excellence in financial reporting.

    With a distinguished academic background, Olowo holds an MBA from the University of Lagos, an MSc. in Accounting & Finance from Robert Gordon University in Aberdeen, UK, and a PhD in Forensic Accounting and Auditing.

    Moreover, he is a chartered accountant, chartered management accountant, certified internal controls auditor, and a certified fraud examiner, among other esteemed certifications.

    Olowo’s previous role as the Honourable Commissioner for Finance in Lagos State (2019-2023) showcased his exceptional leadership capabilities in managing the fiscal policies of one of Africa’s largest economies.

  • Transcorp Hotels achieves N13.8b revenue in Q1

    Transcorp Hotels achieves N13.8b revenue in Q1

    Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), has achieved N13.8 billion revenue in its first quarter 2024 unaudited financial result for the period ended March 31, 2024.

    The performance represents 72 per cent increase in revenue compared with N8 billion reported in the first quarter of 2023. 

    Other highlights of the performance showed that profit before tax rose by 568 per cent, amounting to N6 billion , compared to N911.6 million during the same period last year.

    Also, profit after tax grew by 844 per cent year-on-year to N5 billion compared to N531 million in the same period last year while occupancy grew to 82 per cent up from 75 per cent in the first quarter of 2023.

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    Commenting on the results,  the Chief Financial Officer, Oluwatobiloba Ojediran, said, “This outstanding performance highlights the continuous improvement we have recorded in all parts of our business, and how our operational efficiency has given us a competitive edge. We have continued to break our own revenue records and outperform industry performance on all indices”.  

    Transcorp Hotels Plc Managing Director/CEO, Dupe Olusola said, “Our excellent first quarter performance marks the beginning of another great year for our company. We broke our all-time monthly revenue record in March, a demonstration of our commitment to excellence and superior performance. We leveraged opportunities across our segments for continuous growth. Demand in our International Business Travel and leisure segments remained strong in Q1 2024, delivering an industry-leading revenue per available room (RevPAR) growth of 74 per cent and profit growth in excess of 844 per cent”.    

    “We assure our stakeholders that we will continue to deliver exceptional value and leverage innovative tactics to rapidly expand our business portfolio,” she said.

  • Quickteller, Verve partner to promote African creativity

    Quickteller, Verve partner to promote African creativity

    In line with their continued commitment to support the African creative industry and celebrate the robust African heritage, Interswitch Group’s flagship brands – Quickteller, the leading consumer digital payments platform, and Verve, Africa’s leading payment cards and digital tokens brand, have announced their sponsorship of the 10th edition of the prestigious Africa Movie Viewers’ Choice Awards (AMVCA).

    The award ceremony, which is scheduled to take place on Friday, 10th and Saturday, 11th of May, 2024 at the Eko Hotel and Suites Victoria Island, Lagos, will bring together talented actors, filmmakers, directors, and other industry professionals from across Africa.

    Since its inception in 2013, the AMVCA has established itself as the pinnacle of Africa’s cultural diversity, showcasing and celebrating exceptional productions and performances that captivate audiences across the continent and beyond.

    Verve will be sponsoring the highly coveted Best Lead Actor category which  features an outstanding lineup of nominees who have left an indelible mark on the African film landscape. They include Wale Ojo (Breath of Life), Stan Nze (Afamefuna), Marc Zinga (Omen), Gideon Okeke (Egun), Daniel Ezekiel (Blood Vessel), Richard Mofe-Damijo (The Black Book), Lateef Adedimeji (Jagun Jagun – The Warrior), and Gabriel Afolayan (This is Lagos).

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    Quickteller, on the other hand, is set to sponsor the Best Supporting Actress award category. The nominees in this category are the epitome of talent and versatility, with actresses such as Ajoke Silva (Over the Bridge), Fathia Balogun (Jagun Jagun – The Warrior), Bimbo Akintola (The Black Book), Genoveva Umeh (Breath of Life), Eliane Umuhire (Omen), Tana Adelana (Ijogbon – Chaos), and Ejiro Onojaife (The Origin: Madam Koi Koi) vying for the coveted accolade.

    Commenting on the sponsorship of the 10th AMVCA, Cherry Eromosele, Executive Vice President, Group Marketing and Corporate Communications, Interswitch Group, said,

    “Interswitch’s sponsorship for the 10th edition of the Africa Magic Viewers’ Choice Awards reflects our steadfast dedication to fostering the creative landscape of Africa. This initiative goes beyond merely celebrating cultural diversity and talent; it’s about recognizing and honoring the storytellers who dedicate themselves to bringing African narratives to the forefront. Our Verve and Quickteller brands are proud to contribute to this journey of acknowledgment and celebration.”

    Interswitch is committed to supporting African creatives, fostering innovation, and showcasing the continent’s cultural heritage on a global scale. By supporting the AMVCAs, Interswitch reinforces its unwavering dedication to the growth and development of Africa’s creative industry and its talents.

  • Naira rallies 3.30% gain to N1,354 per dollar

    Naira rallies 3.30% gain to N1,354 per dollar

    The naira yesterday recorded major gain of 3.30 per cent to close at N1,354 to dollar at the Nigerian Autonomous Foreign Exchange Market Window (NAFEM) window.

    The naira had closed last week at N1,400 to dollar at the NAFEM window on Friday before Monday’s gain.

    The Central Bank of Nigeria on last month disclosed that it sold $10,000 to each Bureau De Change operator at a rate of N1,021 per US dollar.

    This is the second time last month that the apex bank sold US dollars to the BDCs. The bank, on 8 April, sold $10,000 to each BDC operator at a rate of N1,101 per US dollar.

    In the circular, signed by the CBN’s Director of the Trade and Exchange Department, Hassan Mahmud, the bank also instructed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5 per cent above the purchase price.

     Also, the CBN recently directed that all authorized dealers to pay Personal and Business Travel, allowances (PTA/BTA) to their customers through electronic channels only, including debit or credit cards instead of cash.

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     “In line with the Bank’s commitment to ensure transparency and stability in the foreign exchange market and avoid foreign exchange malpractices, All Authorized Dealer Banks shall henceforth effect payout of PTA/BTA through electronic channels only, including debit or credit cards. For the avoidance of doubt, payment of PTA/BTA by cash is no longer permitted,” the bank said.

    Importers are finding it increasingly difficult to secure the necessary funds from the official FX market and black market.

    Legitimate needs driving the demand include Form A applications for Business Travel Allowance (BTA), Personal Travel Allowance (PTA), school fees, and medical fees. Small and Medium Enterprises (SMEs) are also grappling with the scarcity, as highlighted by the use of Form Q.

    “The problem is that dollars are scarce in the market. People are not bringing dollars and demand is so high that is why the price is going up,” a street trader told Business Day on Tuesday morning.

    Former Executive Director, Keystone Bank Limited, Richard Obire advised that Nigeria’s heavy and skewed outward-oriented consumption of goods and services as seen in decades of long substantial bills for food and energy imports should be reversed to save the naira.

    Also, the massive corruption-driven capital outflows which in turn severely damages Nigeria’s capacity to produce at scale that will enable the country to fully engage its large population to create widespread prosperity works against the naira.  

  • Access Bank seeks innovative financing models for SDGs

    Access Bank seeks innovative financing models for SDGs

    At the 2024 Medic West Africa Event, organised by ABC Health in collaboration with Informa Markets, Access Bank reaffirmed its dedication to fostering positive transformation in healthcare across Africa.

    The event, which served as a platform for stakeholders across industries deliberate on the theme ‘Healthcare Investments in Africa: Mobilizing the Private Sector to Drive Healthcare Investments in Africa,’ aimed to chart a path through which corporates can leverage innovative financing models and strategic partnerships in fostering the achievement of the United Nations Sustainable Development Goals.

    The discussions also explored strategies for strengthening healthcare infrastructure, leveraging technological advancements, as well as enhancing community health initiatives.

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    Lending his voice to the conversation, Ralph Opara, Group Head, Commercial Banking Division at Access Bank Plc, stressed that, “The government can’t carry the burden of the health sector alone. Hence, it is imperative that the private sector explores and implements innovative financing models and strategic partnerships to bridge the healthcare investment gap.”

    Opara noted that collaborative effort between the public and private sectors is not only crucial but essential to driving innovation, improving healthcare accessibility, and ensuring sustainable development across the continent.

    Walking the talk on partnerships, Access Bank partnered with the Private Sector Health Alliance of Nigeria (PSHAN), to launch the Adopt-A-Health Facility Program (ADHFP) with the primary aim of delivering, at least, one global standard Primary Healthcare Centre (PHC) in each of the 774 Local Government Areas (LGAs) in Nigeria. So far, the initiative has resulted into over 180 PHCs adopted across the country.

  • Shareholders advocate investment in NBL’s N600b rights issue

    Shareholders advocate investment in NBL’s N600b rights issue

    Shareholders associations in Nigeria have given their nod to plans by Nigerian Breweries (NBL) Plc to raise N600 billion through Rights Issues on the back of foreign exchange exposures that precipitated a loss of N106 billion for the 2023 financial year.

    The company had announced at its pre-AGM briefing held on April 10, 2024, that the funds, when raised, would be used for payments of all overdue foreign exchange debts, eliminate forex exposure, and strengthen the company’s balance sheet and liquidity position.

    In separate statements, Boniface Okezie, National Coordinator, Progressive Shareholders Association of Nigeria (PSAN), Bisi Bakare, National Coordinator, Pragmatic Shareholders Association (PSAN), and Moses Igbrude, National Coordinator, Independent Shareholders Association Of Nigeria (ISAN), both gave their backing to the Rights Issue, saying it will help steer the company back to profitability.

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    In his own statement, Okezie regretted the headwinds that triggered the erosion of shareholders’ funds but expressed satisfaction with plans by the nation’s biggest brewer to return to profitability.

    “The Rights Issue is the way to go. Nigerian breweries need to rebuild their shareholders’ funds that were eroded by FX losses. The N600 billion proposed for Right Issues is going to fly as long as the foreign partner commits to take up their right when open,” Okezie said.

    He called on Nigerian shareholders to embrace the offer because, according to him, the strategic plans being put in place by the company will lead to a quick return to profitability.

  • DLM Trust unveils DLM Single Asset Trust

    DLM Trust unveils DLM Single Asset Trust

    DLM Trust, a subsidiary of DLM Capital Group is thrilled to announce the launch of DLM Single Asset Trust. The model is a variant of the Living Trust construct that allows for a groundbreaking solution for individuals or Corporations seeking to settle assets into a trust, for the benefit of themselves and their chosen beneficiaries.

    The DLM Single Asset Trust guarantees that peoples’ assets are protected and managed in accordance with their intentions by operating under the tenets of trust, security, and careful management. The DLM SAT offers a novel approach to trust services by fusing state-of-the-art technology with knowledgeable advice to enable people and families effortlessly manage their assets.

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    DLM SAT enables individuals, often referred to as Settlors, to create a single asset trust that will serve both their own and their designated beneficiaries’ purposes. The Trust Fund may be started using the Settlor’s assets/funds and then expanded with future contributions in accordance with the Settlor’s goals. Only authorised individuals, including the settlor, can access the trust because of its strong independent and confidentiality level. DLM Trust Company holds the Fund in trust and manages it for the benefit of the Settlor and designated Beneficiaries.

    In a statement, MD of DLM Trust, Lola Razaaq commented on the introduction of the DLM Single Asset Trust, stating that it is a means of establishing a timeline for legacy preservation. “The DLM SAT is our newest offering, and we are thrilled to announce this important milestone for DLM Trust.” The aim of our organisation is to equip people and families with the necessary resources and assistance to safeguard and maintain their heritage for future generations. “Furthermore, we are transforming the concept of future planning with DLM Single Asset Trust.” she said.

    DLM Trust Company Limited is registered with Securities and Exchange Commission (SEC) and incorporated under the Companies and Allied Matters Act to provide trust services to individuals, corporations, sub-sovereign entities.

  • PMI: New orders rise as inflationary pressures ease

    PMI: New orders rise as inflationary pressures ease

    The Purchasing Managers’ Index (PMI) report has shown that inflationary pressures softened in the Nigerian private sector during April, following record increases in purchase costs and selling prices in March.

    Accoridng to the report, rates of inflation remained elevated, however, and limited growth of output and new orders as well as leading some firms to reduce employment.

    It said the headline figure derived from the survey is the Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

    “The headline PMI ticked up to 51.1 in April from 51.0 in March, pointing to a fifth consecutive monthly improvement in business conditions in the Nigerian private sector, but one that was only slight overall,” it said.

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    Accoridng to the report, conditions for firms continued to be heavily influenced by movements in the naira and the subsequent impact on prices.

    “An improvement in the strength of the currency over the past month led to sharp slowdowns in rates of increase in purchase prices and output charges, although inflationary pressures remained substantial nonetheless. The latest rise in selling prices was the softest in just under a year. Slower price increases were seen across all four broad sectors covered by the survey,” it said.

    The report explained that although price increases were less pronounced than in March, the extent of inflationary pressures continued to limit rates of growth in output and new orders in April, both of which were unchanged from the previous month.

    “Agriculture and manufacturing both saw output increase sharply, while wholesale & retail activity also rose. On the other hand, services activity decreased. As well as seeing purchase cost inflation soften in April, firms also saw a slower rise in employee expenses. Staff costs increased modestly, and at the weakest pace in 13 months. Nevertheless, cost pressures led some companies,” it said.

    It added that the sustained absence of job creation at a time of rising new orders meant that backlogs of work accumulated for the second month running.

  • ‘Leadership propels organisations to prosperity’

    ‘Leadership propels organisations to prosperity’

    Abubakar Suleiman, the Chief Executive Officer of Sterling Bank Limited, delivered an enlightening discourse on leadership during the prestigious Lagos Leadership Summit 2024, powered by the Lateef Jakande Leadership Academy, shedding light on the profound essence of effective leadership and its transformative impact on society.

    At the heart of Suleiman’s message was the concept of leadership as a catalyst for change—a force that propels individuals and organizations towards a shared vision of progress and prosperity.

    He eloquently articulated that leadership transcends mere management; it is about inspiring others to embrace a compelling vision of the future and empowering them to contribute meaningfully toward its realization.

    Drawing from his wealth of experience, Suleiman emphasized the importance of purpose-driven leadership—a leadership style rooted in a deep sense of mission and conviction. He underscored that true leaders are not just managers of the status quo; they are visionaries who dare to imagine a better world and possess the courage to pursue that vision relentlessly.

    Throughout his address, Suleiman explored the multifaceted nature of purpose, examining its manifestations in various spheres of life. He delved into the dynamics of family leadership, highlighting the timeless principles of sacrifice, dedication, and unconditional love that characterize effective parental leadership. Similarly, he underscored the profound influence of religion, emphasizing the role of faith in inspiring individuals to strive for a higher purpose and contribute to the common good.

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    Furthermore, Suleiman introduced the Japanese concept of Ikigai—a philosophy that encapsulates the intersection of passion, vocation, mission, and profession. He elucidated how identifying one’s Ikigai is a compass for navigating life’s complexities, guiding individuals to a fulfilling existence driven by purpose and meaning.

    To addressing the pervasive issue of entitlement versus gratitude, Suleiman offered profound insights into the corrosive effects of entitlement on leadership effectiveness. He challenged the prevailing culture of entitlement, urging individuals to cultivate a spirit of gratitude and humility. According to Suleiman, true leaders are not defined by what they expect to receive but by what they are willing to give. They embody a spirit of selflessness, service, and sacrifice—a willingness to put the needs of others above their own.

    Suleiman’s discourse brought to the fore timeless principles of purpose-driven leadership, gratitude, and sacrifice as essential attributes of effective leadership. His compelling insights serve as a clarion call to aspiring leaders everywhere, urging them to embrace their innate potential to lead with vision, integrity, and compassion.