The Nation Newspaper

Category: Money

  • Equities turn positive, rally to N12tr

    Investors in Nigerian  equities can now look forward to earning positive returns on their portfolios as the market capitalization of quoted equities rode on the back of increased demand to N12 trillion. The average year-to-date return at the Nigerian stock market, which has dragged so far this year in the negative, turned positive yesterday with a modest return of 3.09 per cent.On the back of the renewed optimism that trailed the successful conduct of the presidential and national election and the emergence of General Muhammadu Buhari (rtd) as the president-elect, Nigerian equities has witnessed upsurge in buy orders. More than N18.75 billion was staked on quoted equities yesterday, 71.4 per cent above N10.9 billion traded in the previous trading session.Aggregate market value of all quoted companies on the Nigerian Stock Exchange (NSE) rose by N514 billion to close at N12.135 trillion as against N11.621 trillion recorded as opening value.

    The All Share Index (ASI), the composite value-based benchmark index for the Nigerian stock market, indicated a daily gain of 3.92 per cent to close at 35,728.12 points as against its opening index of 34,380.14 points.There were 55 gainers to 11 losers. Nestle Nigeria led the gainers for the second consecutive day with a gain of N44.60 to close at N936.60. Forte Oil followed with a gain of N19.78 to close at N215. Seplat Petroleum Development Company placed third with a gain of N14.49 to close at N443.99. Nigerian Breweries added N7.91 to close at N166.25. Mobil Oil Nigeria chalked up N7.06 to close at N175. Dangote Cement added N5.60 to close at N182. Seven-Up Bottling Company garnered N4.74 to close at N51.04. Julius Berger Nigeria rose by N3.01 to close at N50.26 while Guaranty Trust Bank added N2.95 to close at N31.88 per share.Aggregate turnover surged to 1.17 billion shares valued at N18.75 billion in 9,011 deals. Guaranty Trust Bank was the most active stock with a turnover of 141.08 million shares worth N4.21 billion in 752 deals. Fidelity Bank trailed with a turnover of 139.61 million shares valued at N288.97 million in 357 deals while United Bank for Africa (UBA) Plc recorded a turnover of 121.20 million shares valued at N577.28 million in 602 deals.On the downside, Okomu Oil Palm recorded the highest loss of N1.46 to close at N28.29. Presco followed with a drop of 67 kobo to close at N28.25. Stanbic IBTC Holdings dropped by 61 kobo to N31. Unilever Nigeria lost 35 kobo to close at N44.45 while Fidson Healthcare dropped by 17 kobo to close at N3.41 per share.

  • Nigerian equities soar by N905b in post-election optimism

    Nigerian equities soar by N905b in post-election optimism

    As President-elect General Muhammadu Buhari (rtd) collected the certificate authenticating his victory as Nigerian president at the March 28 poll, Nigerian equities recorded its strongest rally this year yesterday as investors continued to scramble for Nigerian equities.

    With the flood of buy orders in the market dominated by foreign investors, market capitalization of Nigerian equities gained N904.5 billion to close at N11.620 trillion as against its opening value of N10.717 trillion. The benchmark index for the stock market, the All Share Index (ASI), indicated a day-on-day gain of 8.3 per cent as it surged by three steps to close at 34,380.14 points compared with its opening index of 31,744.82 points.

    The strong momentum raised optimism on the outlook for the Nigerian equities as the average year-to-date return, which has sustained double-digit negative return all through the year, nearly turned positive yesterday. Average year-to-date return closed at -0.8 per cent.

    Investors staked more than N10.9 billion on 881.58 million shares in 4,611 deals.

    Market pundits attributed the strong bullish performance to the success of the national election, the emergence of Muhammadu Buhari as president and the statesmanship displayed by President Goodluck Jonathan in his concession.

    “The Nigerian stock market stretched its winning streak today on the heels of peaceful conduct of presidential elections. The subsequent announcement of Muhammadu Buhari as winner, with the incumbent conceding defeat also gave the market the needed strong impetus,” analysts at Sterling Capital Markets said.

    According to analysts, the current positive momentum may likely continue as market anticipates peaceful transition devoid of violence. The release of impressive score cards and dividend benefits may also act as catalyst to spur positive sentiments.

    “We expect the positive sentiment to continue as investors’ confidence returns to the market, even as the uncertainties in the polity appear doused,” Afrinvest Securities stated.

    Analysts at GTI Securities said the recently concluded presidential election has restored confidence in the Nigerian capital market as investors hurry to take position of cheap stocks.

    Analysts at Exotix, a global investment firm, are placing buy sign on Nigerian stocks, noting that the political transition has enhanced the potential of Nigerian equities among the frontier markets.

    “We have advocated for some time a shift in favour of Nigeria for frontier portfolios, arguing that the litany of concerns are in such plain view that the capacity for negative surprise is low and that these concerns are arguably largely reflected in a trailing price to book multiple towards the low end of its five-year range,” Exotix stated in a review yesterday.

    There were only three losers against 65 gainers yesterday at the Nigerian Stock Exchange. Nestle Nigeria topped the gainers’ list with a gain of N47 to close at N892 per share.

     

  • EFCC reads riot act to money launderers

    EFCC reads riot act to money launderers

    The Economic and Financial Crimes Commission (EFCC) has warned  that it will  arrest and prosecute money lauderers either during or after the general elections.

    Its Head, Legal and Prosecutions, Lagos Zonal Office, Kwarbai Latong, gave the warning at an anti-money laundering and counter-financing of terrorism conference by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA) in Lagos.

    He said the Nigeria Financial Intelligence Unit (NFIU) would ensure that money launders are put on their toes.

    “So, basically, the NFIU is still doing its work, passing information on funds movement to the relevant law enforcement agencies. So, we are still working, and even after the election. The feedback we are getting translates to investigation. Information comes in, which becomes facts that will be investigated. So, basically, we keep getting these facts and we are working on them, and eventually they will become investigable facts,” he said.

    Latong said even after the election, if the commission got enough evidence on a case, it could go to court to prosecute the culprit.

    He said the EFCC is carrying out its statutory responsibility and will prosecute any politician involved in money laundering either during or after the elections.

    He said: “Once we gather evidence, the next thing is prepare charges in court and we prosecute such persons. Once these things are gathered, then you see us in court.

    “EFCC will initiate prosecution against those who we find out that there is evidence. It is not  a question as to whether the person is a politician or not. Anybody we believe we have evidence against which can form the basis of initiation of a charge, we will do that.’’

    He added: “It is the process/attempt to conceal the true origin and ownership of wealth. It is the process by which proceeds of criminal activities are disguised to conceal their illicit origin(s) and usually entails three stages: the infusion of the proceeds into the financial system (placement); transactions to convert or transfer the funds to other locations and/or financial institutions (layering) and the integration of the funds into the legitimate economy as “clean” money in various business ventures and/or assets (integration).’’

    He said the global community was concerned with issues related to money laundering and terrorist financing, noting that international, regional, bilateral and national cooperation in form of conventions, protocols, treaties and legislations had been put in place.

    Such conventions include the United Nations Convention on Transnational Organised Crimes (UNTOC), United Nations Convention Against Corruption (UNCAC), Economic Community of West African States (ECOWAS) Protocol On the Fight Against Corruption and the African Union (AU) Convention on Preventing and Combating Corruption.

    Latong said the United Nations Office on Drugs and Crimes (UNODC) and the Financial Action Task Force were also established. The Financial Action Task Force (FATF), he said, is an independent intergovernmental body established in 1989 by the Minister of member-states.

     

  • Bank chief urges bankers on integrity

    Chartered Institute of Bankers of Nigeria (CIBN) president, Mrs. ‘Debola Osibogun has advised bankers on the need to embrace integrity and best practices in the course of their duties.

    Speaking at the CIBN Graduates Induction and Prize Awards Day held in Lagos, she said bankers would always abide by the CIBN code that condemns gratification and bribery among other unwholesome practices in banking. “I wish to remind you of some of the things contained in the Code of Conduct in the Nigerian Banking Industry recently approved by the Bankers Committee.

    You must endeavour to avoid these if only to ensure that you become the heroes and heroines of your chosen profession.  You must avoid engaging in any ventures of which there are clear issues of conflict of interest; abusing the trust reposed in you or your office; misusing official information in the course of your professional career; offering and or accepting gratification or bribe,” she said.

    Osibogun said the induction remains a symbolic reminder of the core mandate of the Institute which is to admit student members who have passed the prescribed examinations and fulfilled all other conditions set by the Governing Council into Associateship (ACIB); admit students into the Associateship of the Institute among others.

    She said this year’s induction sees a record high number of 993 student members who have all successfully completed the qualifying examinations of the Institute. “This number is the highest in the history of the Institute and it comprises of the following; 162 for Associateship, nine for Chartered MBA, four for Treasurers’ Dealership Certificate, 795 for Micro-finance Certification Programme, and, 23 for Certificate in Banking,” she said.

    She congratulated the bankers describing the achievement in completing an extremely demanding, rigorous and tough professional programmes. “Not only is today, a deserved testament to your hard work, your discipline and your commitment, it also represents a major milestone in your lives. It is equally a time for celebration as you mark both the end and beginning of exciting parts of your lives and an occasion on which to look forward to the opportunities available to you as Chartered Bankers, Certified Treasury Dealers and Microfinance Certified Bankers.

    I wish you all the best as you start the next adventure of your lives and hope that this accomplishment opens many doors of opportunity and helps you to realize your personal and professional ambitions,: she said.

    “In today’s dynamic business environment achieving such professional qualifications, demonstrate commitment to professionalism which is an important differentiator in the competitive market place. As bankers there are so much you can do to bring fresh lease of life to the banking & finance sector and businesses in both the private and public sectors. This implies that the economic potential of our country is not limited by your visions and the dreams of the future. I therefore urge you to always “shoot for the moon, even if you miss it you will land among the stars,” she added.

     

  • UBA grows loans to N1.2tr

    The  United Bank for Africa  (UBA)  has recorded a  14 percent growth in its loan books to N1.12 trillion.

    The bank announced this as part of its December 2014 full year result at the weekend.

    This is the first time the lender’s loan book is exceeding N1 trillion.

    According to the lender, the loan growth is in line with management’s  target for the year. The result reflected in the low Non-Performing Loan Ratio of 1.55 per cent well below the Central Bank of Nigeria (CBN’s) recommended maximum of five per cent.

    Its Group Managing Director/Chief Executive Officer (CEO), Mr. Phillips Oduoza, said the lender expanded its loan books without compromising its focus on asset quality.

    The bank, he said, focuses its lending on emerging growth sectors such as agriculture, manufacturing, resource-based sectors such as oil, gas and mining, information communication technology (ICT), power and infrastructure.

    He said the bank’s high level liquidity and strong capital base make it the bank of choice for big-ticket transactions in the emerging African markets, where it continues to offer unique financial solutions to businesses and governments.

    Also, the bank’s Group Chief Financial Officer, Ugo Nwaghodoh, said the lender would continue to support Africa-focused businesses and governments, given its strong belief in the continent’s prospect.

    “We believe the opportunities in Africa far outweigh the risks, given our on-the-ground experience in these markets.  We, however, do not compromise our risk management criteria and selective approach to lending across all our target markets, as we focus on quality and profitable risk assets that fit into our sustainable growth principles and objectives,” he said.

    Its Group Chief Risk Officer,  Uche Ike said the growth in the bank’s loan books,  was in line with its moderate risk appetite in the year under review.

    He also said the bank was pleased with the quality of the risk assets created as reflected in the low 1.55 per cent NPL ratio and moderated 0.7 per cent cost of risk.

    “These measures of asset quality are evidence of our investment in risk management;  human capital and ERM tools. We will remain consistent in our responsible approach to lending, especially as we are conscious of macroeconomic headwinds in our core markets. We will continue to maintain a diversified portfolio, with strict concentration limits on obligors, sectors, market segments and markets. Moreso, we will be proactive than ever in our portfolio monitoring in the years ahead, as we are committed to being the industry benchmark on asset quality,” said Ike said.

     

  • Strengthening real sector funding

    Strengthening real sector funding

    The financial stimulus extended by First Bank of Nigeria Limited to an indigenous original equipment manufacturer, Omatek Ventures, and other firms is an indication that the lender is keeping its promise of funding projects that add value to the economy, writes COLLINS NWEZE.

    For First Bank of Nigeria Limited (FirstBank), funding businesses that strengthen the economy remains a priority. The funding of  Omatek Engineering Services Limited, and the ABS classed Dynamic Positioning (DP2) Dive Support Vessel ‘DSV Vinnice’ built by Petrolog Group are some of the projects embarked upon by the lender to stimulate the economy.

    These projects are among the strategic moves by the lender to breathe new lease of life to businesses in the economy and promote entrepreneurship, among the citizenry.

    Its Group Executive, Commercial Banking, Mrs. Cecilia Majeko-dunmi, said the Omatek funding is to enable the firm expand its tentacles locally and offshore.

    She spoke during an inspection of the firm’s factory in Lagos. She reiterated that FirstBank is known for financing large corporates and Small and Medium Enterprises (SMEs).

    Mrs. Majekodunmi, who was represented by Group Head, Commercial Banking Group, (Lagos Mainland III) Emmanuel Ogundipe, said the bank’s roles with Omatek Engineering Services Limited, is that of a partner that has put forward  the financial support needed to take the firm to the next level.

    “We have provided financial support, both locally and offshore to the company. We will also continue to work with the company to ensure that all that needs to be done is done to bring about efficiency in the firm’s operations,” he said.

    He said the management of the bank had been strong about providing this support, by not looking back, by playing the role so that any service needed, including assisting Nigeria in ensuring that solar power initiative, is embraced.

    “We believe that the solar power will help the companies save cost that can be channelled to other productive sectors of the economy,” he said.

    Group Managing Director/CEO, Omatek Engineering Services Limited, Mrs Florence Seriki, an engineer, said the firm is an indigenous company which commenced business about 30 years ago with its core business in the sale and distribution of computers and assembling of Omatek brand of computers.

    He said the firm also ventured into providing 24-hour lighting solution and 85 per cent energy/wattage reduction and solar powered street light. He said Omatek’s relationship with FirstBank dates back to 2009.

    Minister for Power, Prof. Chinedu Nebo, praised Omatek for its commitment to providing improved power supply in the country. He said there was need for other lenders to emulate FirstBank and provide financial support for operators in the real sector of the economy.

    Before funding Omatek, FirstBank  also joined stakeholders in unveiling a brand new ABS classed Dynamic Positioning (DP2) Dive Support Vessel ‘DSV Vinnice’ built by Petrolog Group and financed by the bank.

    Speaking at the event in Lagos, FirstBank Group Managing Director/Chief Executive Officer (CEO), Bisi Onasanya, said the lender acted promptly, when the proposal for the project was brought to it.

    He said: “FirstBank moves at the speed of light in support of viable infrastructure projects. We promptly gave approvals for the transaction. We sent a team to South Africa where the vessel was built. That is the speed at which we work today. When we get involved in a project, no other bank is allowed. Our chief risk officer was involved to ensure that we are funding the right project”.

    The bank chief said the lender not only provided the funding, but also insured the project through the FBN Insurance Brokers along with other firms. He said the lender was ready to support local industries in line with its commitment to the Local Content Development Act (LCDA) of the Federal Government.

    “At FirstBank, we are delighted to be a part of this milestone achieved through avowed support for indigenous participation and advancement of the local content policy of the Federal Government in the nation’s oil and gas sector, especially the upstream subsector,” he said.

    This feat, he said, further demonstrated the bank’s commitment to  increase the capability of corporate customers and other operators in the national economy.

    He commended the Petrolog Group for staying the course over the past three decades, growing into a renowned multinational private indigenous oil servicing brand with diversified operations on four continents.

    The Executive Chairman, Petrolog Group, Dr. Vincent Ebuh, said the vessel is another milestone in the contribution of his firm, to the development of oil and gas industry. He said the company has grown over the years, and expanded to Canada, Venezuela, Costa Rica and is working hard to promote the LCDA of the Federal Government.

    Ebuh thanked FirstBank for funding the project, and making the dream a reality. “FirstBank has been helpful from day one and has provided us with the financial muscle needed to succeed in our line of business,” he said.

    He advised the National Assembly to pass the Petroleum Industry Bill (PIB) without delay. “We want them to make history by passing the PIB into law.

     

    Commitment to social

    investment

    FirstBank has also partnered with the Lagos Business School (LBS) to train non-governmental organisations (NGOs) and corporate organisations on best practices in managing Corporate Social Investments (CSI).

    The sustainability workshop held at the weekend in Lagos for NGOs and corporate organisations is a Corporate Social Responsibility (CSR) initiative of the FirstBank Sustainability Centre.

    The objective is to create, disseminate and apply knowledge, build capacity and promote best practices in sustainability education. The progrmme provided opportunity for experts to address social and environmental concerns of customers, investors and the media.

    An expert on sustainability issues, Delia Nzekwu, urged corporate organisations and NGOs to take right decisions on Corporate Social Investment by applying professionalism, systematic and pragmatic expertise.

    According to her, CSIs should be well-planned with strategic guidelines, well-budgeted for, in-house staff or consultants properly engaged and projects well-monitored. She observed that the key to managing CSI lies in aligning concerned projects with core business of the organisation and getting employees to share in the vision.

    “In order to manage CSI very well, employees must be made to share in the vision of the organisation. NGOs should recruit people who are passionate about their vision,” Nzekwu said.

    In times of crisis, Nzekwu advised that organisations should promptly take responsibility; recall product in the case of defective items from manufacturers; pay compensation as the case may be; communicate effectively because “communicating what you do is key to stakeholder management.”

    Another resource person Dayo Oluwole of Kasher Quality Consulting insisted that “a socially responsible organisation is one that runs a profitable business and takes into account all the positive and negative environment, social and economic effects it has on society.”

    In the wake of the emerging shift in stakeholder needs which optimises social responsibility above business profitability, there is a landscape of opportunities for NGOs and corporate organisations to collaborate, increase capacity, sustainability, and deliver service to the community.

    According to FirstBank’s spokesperson, Mrs. Folake Ani-Mumuney, the bank said designed it to develop business partnerships between NGOs and corporate organisations to achieve widespread and lasting change in the business environment. The workshop, she said, provided capacity building for NGOs that want to partner with corporate organisations on their sustainability programmes.

    “We put our customers at the heart of our business as part of our ‘You First’ ideals to drive sustainable finance, empower the citizenry and grow the economy,” she added.

     

    Rewards customers

    The bank has said rewarding  customers is another priority. It rewarded 480 customers with cash and gifts during the January monthly raffle draw of its savings bonanza in Awka, the Anambra State.

    The promo, which kicked off last September ended on February 28, this year; winners would emerge  monthly and quarterly, it said.

    The draws have produced winners in the past few months. They include 180 winners of 32 -inch LED Televisions, 180 winners of Samsung Galaxy Tab 3, 180 winners of Home Theatre Systems, 180 winners of N50,000 each and six winners of a brand new Hyundai Elantra cars.

    Head, Consumer Banking Products, Mrs. Adebimpe Ihekuna, said: “The FirstBank Savings Promo Bonanza is a platform designed for enhancing savings culture in the nation and encouraging the youths as well as the unbanked to embrace the financial services system.”

    She added thet they were designed to reward customers for their patronage and loyalty to the brand.

    Mrs. Ihekuna  added that the bank has been changing the life styles of the average Nigerians with its Savings Promo since 2008.

     

    Recognition for hard work

    FirstBank of Nigeria Limited has been named “The Best Retail Bank in Nigeria” for the fourth time. It received the award at the Asian Banker International Excellence in Retail Financial Services Awards in Singapore. The award is known for its transparency in selecting outstanding financial institutions in retail banking.

    According to The Asian Banker, FirstBank has continued to dominate the retail space with over 40 per cent of the market share in retail customer deposits. FirstBank’s spokesperson and Group Head, Marketing and Corporate Communications, Mrs. Folake Ani-Mumuney, said the award was an indication of the effectiveness of the bank’s various transformation programmes which are aimed at raising the bar in developing and delivering unique financial products to all levels of customers.

  • Interbank, parallel market rates gap worsens

    Stakeholders in foreign exchange market have described the gap between the interbank foreign exchange and parallel market rates as worrisome.

    Currencies Analyst at Ecobank of Nigeria, Olakunle Ezun, said while the Central Bank of Nigeria’s (CBN)  administrative measures helped harmonised the foreign exchange market and stabilised the naira around a daily average of N198 after the initial adjustment, the gap between the inter-bank and bureau de change (parallel market) rates is worrisome.

    The greenback exchanges at over N220 to dollar at the parallel market, which is about N22 gap between both rates.

    He said overall, the CBN has reiterated its commitment to exchange rate stability but highlighted key upside risks to naira stability, including the weakening oil prices, impact of United States’ policy normalisation, the marginal level of oil savings which weighs negatively on market confidence, along with election-related spending pushing liquidity above target.

    The analyst said the Monetary Policy Committee (MPC) of the CBN met last month and decided to leave the Monetary Policy Rate (MPR) unchanged at 13 per  cent, highlighting risks to naira and inflation rate in short term.

    “We anticipated the decision to hold the MPR at 13 per cent to allow the monetary policy decisions of November 2014 and the effects of other administrative measures to be fully transmitted throughout the economy until the elections have taken place, before assessing whether further tightening is necessary. This is important as raising interest rates just before a national election would likely be avoided by any central bank,” he said.

    He said the MPC decision to hold policy steady was based on several competing domestic and external factors such as the overall weakening of the economy driven by low oil prices; effects arising from the normalisation of monetary policy in the U.S; currency substitution and partial dollarisation of the economy.

    Others are  the uncertainty over the growth outlook, which has moderated partly by the effect of low oil prices, naira depreciation and election concerns;  inflation rate and outlook which had risen steadily from eight per cent in December 2014 to 8.2 per cent in January and 8.4 per cent in February 2015.

    Head Markets, FBN Capital, Olubunmi Ashaolu, said the MPC’s unchanged stance was widely anticipated.

    “We are not aware of any such independent committee in the world announcing a change in direction in the week of an important election. The reputational risks for committees are too high. This does not mean that the MPC in Nigeria wanted to tighten and did not move under external pressure.

    “On the contrary, the committee wants to assess the impact of its previous measures, notably the rate rise and de facto devaluation in November as well as the CBN’s decision on 18 February to scrap the retail Dutch auction system (RDAS) of bi-weekly foreign exchange auctions,” he said.

     

     

     

  • Fidelity Bank’s customers win N80m promo prizes

    Fidelity Bank Plc has given out N80 million cash prizes to its savings account holders in its Save for Scholarship promo which was concluded at the weekend. Before Friday’s draw in which the lender gave out N15.9 million to 398 winners, it had given out cumulatively, N64.1 million to over 200 winners across the country.

    The bank’s Executive Director, Lagos and Southwest, IK Mbagu said the essence of the promo is to promote savings culture, and empower customers within the economy. He said the promo is aimed at supporting government’s efforts at building sustainable educational standards in the country and providing financial empowerment to the general populace.

    Last weekend’s draw saw Godson Eze and Onuoha Chigozie winning N2 million star prizes each while and Dahud Adeola and Ogbuagu Hycient also won N1 million star prizes each.

    Other winners were Umoh Francis, N500,000; Abdulahi Aliu, N500,000; Charity Shekani, N500,000; Atuanya Daniel among others. Also, Elekan Segun, Aleem Abiodun, Nike Ayanfeoluwa won N210,000 each even as the bank gave out consolation prizes of refrigerators and generators.

    In earlier draws, the bank’s Executive Director, Shared Services, Mrs. Chijioke Ugochukwu, said the lender will continue to fulfill its promises to customers. “At Fidelity Bank, when we make promises, it is always our delight to keep to our word. We know the money will not solve all the needs for education, but it will help,” she said.

    Representative of the Consumer Protection Council, Susan Onwuka said the lender has show high level of transparency and integrity in the conduct of the promo which lasted for six months.

    She commended the bank for keeping its word, and redeeming the prizes as promised. “The exercise has been transparent. The feedback from winners shows that the bank has kept its promises to customers in the course of this promo,” she said.

     

     

    National Lottery Regulatory Commission (NLRC) also commended the transparency exhibited by the bank in the course of the promo.

  • Ecobank inaugurates SME Club to boost subsector

    Ecobank Nigeria has demonstrated its long-term commitment to Small and Medium Enterprises (SMEs) with last weekend’s inauguration of ‘SME Club’, the bank’s Managing Director, Jibril Aku hs said.

    The bank chief said the SME Club will offer preferential business support, products and services to its teeming customers across the country. According to him, it also serves as a platform for adding value to SMEs through information mining, networking and capacity building.

    “We recognise the impact of growing SMEs and applaud government’s initiatives in promoting the subsector,” Aku said.

    He said the bank has on its own, been expanding its scope in SMEs, leveraging on its spread across the African continent to create wealth for its customers. He expects the SME Club help SMEs grow to conglomerates that will become major employers of labour.

    The bank’s Executive Head, Business Banking, Kingsley Aigbokhaevbo, explained said the Club will build strategic framework that focuses on growing and tracking the progress of the SMEs.

    According to him, “The launching of our SME club is to propel us to the top chart in provision of banking services to SMEs. KPMG in collaboration with Enterprise Development Bank (EDC) carried out a comprehensive survey of SMEs in the country between November, 2013 and March, 2014. The SMEs were selected across the nations’ business/market hubs. The survey report showed that 10 per cent of SMEs in the market are being financed by Ecobank Nigeria and that 18 per cent of them transact their business with the bank.

    The survey ranked Ecobank Nigeria as the 3rd and 4th place respectively amongst 18 banks that were surveyed.”

    The bank’s Head of SME, Sunkanmi Olowo, said the Club offers business/capacity development and technical assistance; provides business, accounting, tax, legal and other services and platforms among other benefits to customers.

  • FirstBank, Access Bank back financial literacy

    First Bank of Nigeria Limited (FirstBank) and Access Bank Nigeria Plc have reiterated their commitment to promoting financial literacy in the country.

    Speaking at the Central Bank of Nigeria Financial Literacy Day held in Ado-Ekiti, FirstBank Executive Director, Lagos and West, Gbenga Shobo, said the lender is firmly committed to the achievement of financial inclusion in Nigeria and would continue to work towards this aspiration by extending banking services to under-banked.

    As part of the CBN ‘Adopt A School programme’, Shobo took over 200 students of Tinuola International School, Ado Ekiti through the basic concepts of making money, savings and investments while letting them know that their capacity to make informed decisions will make them better adults in the future.

    Also, Access Bank’s Executive Director, Personal Banking Division, Mr. Victor Etuokwu, said that the lender has pioneered several financial literacy initiatives aimed at promoting awareness for financial Inclusion and literacy amongst women, small and medium scale entrepreneurs (SMEs) and more especially children and schools in Nigeria.

    Etuokwu who spoke on the theme: ‘Save Today, Safe Tomorrow’ at the Greensprings School, Anthony Campus, Lagos, in commemoration of the 2015 Global Money week said: “Several years ago we launched Nigeria’s first fun-filled interactive financial literacy campaign for kids, parents and educators with the Access Early Savers campaign”.

    The Global Money Week is an annual international money awareness celebration which holds on the second week of March every year.  This year, both lenders engaged children in learning how money works, including savings, creating livelihoods, gaining employment, and entrepreneurship.