The Nation Newspaper

Category: Money

  • Stanbic IBTC forum focuses on economic devt

    Stanbic IBTC Holdings PLC has announced the start of its Business Leadership Series; an annual event to help create deeper connections and build a new cadre of leadership among business leaders.

    According to a statement, the series will focus on improving leadership with the underlying goal of advancing economic growth and development.

    Participants at the first edition of the series which holds tomorrow in Lagos, were drawn from various sectors including regulators, investors and the business community.

    International speaker, Vusi Thembekwayo, will lead the session along with Sim Shagaya, founder of online retail chain, Konga. Jointly, they will share insights from the businesses they run and how they have kept these businesses on the cutting edge.

    South African-born Thembekwayo has won international acclaim as a business speaker who empowers his audience with new knowledge and tools that they can immediately apply in their businesses or careers to achieve positive outcomes.

    Speaking on the forthcoming event, Chief Executive, Stanbic IBTC Holdings PLC, Mrs. Sola David-Borha, stated that the Stanbic IBTC Business Leadership Series is part of customer engagement tool.”We will be looking at business leadership from various angles”. Key focus will be given to leadership in the digital age and how e-Commerce is changing the face of business globally,” she stated.

  • AfDB boss, finance leaders in emergency assistance talks

    African Development Bank (AfDB) Group President Donald Kaberuka has told world finance leaders that cooperation is needed in building strong economies.

    In a statement, Kaberuka said we “must aim to provide that leadership on gender, on education for every child, on small businesses and on finance that works for all.”

    His comments were delivered to the Development Committee at the annual World Bank and International Monetary Fund (IMF) meetings held at the weekend in Washington, DC.

    The committee, AfDB statement said, consisting of 25 ministers of finance representing 188 member countries of the IMF and World Bank, tackled tough topics ranging from Ebola, climate change, the lack of money for crucial infrastructure and the need for reorganisation within the World Bank Group.

    On Ebola, Kaberuka told members he believes “there is the will and the means to defeat this menace.”

    World Bank President Jim Yong Kim said: “Let’s pick up the pace and do whatever it takes to stop this outbreak. When your house is on fire, you don’t put a wet towel underneath the door. You send in firefighters. It’s the same with the fight against Ebola.”

    So far, the AfDB has provided $210 million to stem the spread of Ebola. Kaberuka said money is being used for budgetary support to help governments lead the fight against Ebola in their own countries, to mobilise and pay health care workers responding to the crisis and to bolster the critical mass needed to stop the disease its tracks.

    Within nine days, World Bank teams fast-tracked $105 million in emergency assistance to the hardest-hit countries. That money was part of a $400-million assistance package.

  • Access Bank, MoneyGram partner

     

    Access Bank in partnership with MoneyGram has launched outbound money transfer service. The bank’s Head, Personal Banking, Victor Etuokwu said the partnership has boosted the money transfer market.

    He said the outbound money transfer service, marketed as Naija Sends allows Nigerians to send their naira abroad through any Access Bank branch, and the funds are received in the currency of the receiving country.

    He said: “What we promise our customers is speed, service and security. This means that we would offer them this service in a manner that is expeditious, quick, with minimal, but legal documentation; the service would be prompt and done in an environment that is secured. In other words, there would be no errors and there would not be fraud.

    “There were some discussions around the transfer limit. If you put the limit so low, you will cut off some micro entrepreneurs. So, it is a welcome development that the regulator is sensitive to some ideas that would grow the economy.”

    Head, Franchise Group, Access Bank Plc, Ola Isola encouraged Nigerians to see this as a platform to relate with their loved ones and business partners across the world.

    “So, be it payment for a child in school, medical payment, business purchases across the world, this is a safe and secured platform. This is a platform that the people within the bottom of the pyramid are conversant with. The charges are competitive when you compare them with the alternative platforms. But we have to always note the service because service that is not paid for is not sustainable.”

    MoneyGram Regional Manager for Anglophone West Africa, Mrs. Kemi Okusanya, said the launch of “Naija Sends” has further deepened the brands reach and service in Nigeria.

    In her remarks she noted “Over the last two decades MoneyGram has facilitated over 15 million transactions in Nigeria, enabling safe, convenient and reliable transfer of funds from the Nigerians in Diaspora to their loved ones. As Africa’s largest economy, with over 10 million migrants, we are glad we are able to offer this service in Nigeria today.”

  • Experts applauds X-GEN one year after

    ONE year down the line, experts and market analysts have described as laudable the X-Gen, a brainchild of the Nigerian Stock Exchange (NSE) launched on September 30, 2013 as the next generation trading platform and catalyst for boosting trading in Africa.

    The delivery of the new age technology serves as a testimony that the NSE is devoted to providing 21st century technologies to support the growth of the Nigerian Capital Market.

    After a successful year of operations, X-GEN has demonstrated its innovative trading capabilities and the Nigerian capital market has benefited immensely. “It remains the game changer. This platform has enabled the Exchange to create an improved trading experience”, said Mr. Ade Bajomo, Executive Director Market Operations and Technology.

    “With the launch of X-Gen, we have achieved so much in one year; improved market order flow, increase in the number of trades, high availability, direct market access, remote trading, and income diversification. We are mostly excited that X-Gen has also brought about the advent of mobile trading technologies to the retail and institutional segments of the Nigerian capital market”, Bajomo added.

    The X-GEN platform has the capacity to allow investors to have real time access to the market as well as their portfolios, via the web and mobile phones (including smartphones and tablets running IOS and Android operating systems). This gives investors the ability to execute market orders in near real time conditions anywhere in the world. Riding on the new platform, many dealing member firms of the NSE have tapped on the benefits of to introduce on-line trading platforms to deepen their businesses.

    The President, Association of Stockbroking Houses of Nigeria (ASHON), Mr. Emeka Madubuike remarked that “The X-GEN system is very robust, it has friendly market features that make the trading experience simple and easy. Mr. Madubuike believes that through the new trading platform, market transparency has increased. “We have become more efficient and we value the great offerings that the platform has to offer”, he said.

    The launch of X-Gen showcases NSE’s untiring commitment to providing first rate platforms that will enable all stakeholders create durable wealth. Nigeria has now become a global player with innovative and market leading tools to compete not just in Africa but on a global basis.

  • Sterling Bank deploys more ATMs

    Sterling Bank deploys more ATMs

    o cushion the effect of the perceived reintroduction of the Automated Teller Machine (ATM) charge of N65 by the Central Bank of Nigeria (CBN) on Remote-on-Us transactions on its customers, Sterling Bank has announced the deployment of additional ATM points nationwide thereby increasing its footprint at existing and new locations.

    The bank said that additional ATMs will be added to existing branches while ATM Galleries will be put in place in strategic locations nationwide. A robust infrastructure to support the expansion has also been put in place, the bank said.

    Remote-on-Us transaction occurs when a card holder goes to the ATM of a bank other than his or her own bank to make a withdrawal. The card holder will be charged N65 after making three withdrawals from such ATMs after a given month. The bank where his or her account is domiciled will be responsible for the payment of the charge of N65 for the first three withdrawals from another bank’s ATM.

    The bank’s Group Head, Strategy & Communications, Mr. Shina Atilola, explained that “the charge payment was never suspended by the CBN. Rather, the responsibility for absorbing the charge was transferred to the commercial banks to pay on behalf of their customers” to encourage the use of ATMs by Nigerians.

  • Ecobank Nigeria selected to support UK exporters

    Ecobank Nigeria selected to support UK exporters

    United Kingdom Export Finance (UKEF), an arm of the UK Government that works as an export credit agency, has named Ecobank Nigeria as one of its partnering financial institutions to help deliver £3 billion Direct Lending Facility (DLF) support to UK exporters.

    Under the DLF, UKEF will provide loans to overseas buyers in order to finance the purchase of goods and services from UK exporters. Loans are available to cover new international sales by any business exporting from the UK, to any country where UKEF medium term cover is available, and can be made in pounds sterling, dollars, Euro or Japanese Yen.

    Some of the other selected 20 financial institutions include Citibank,  Bank of China, Barclays Bank Group, Deutsche Bank; JPMorgan Chase Bank Group; The Royal Bank of Scotland Group; and Lloyds Banking Group, among others. Ecobank is the only selected Nigerian financial institution.

    According to the Chief Executive of UKEF, David Godfrey, “This is a key milestone in the delivery of the £3 billion Direct Lending Facility. Panel members cover a wide range of overseas markets, with complementary geographical strengths that will make it easier for UK companies to arrange competitive loans throughout a worldwide network,” explaining that “the reach will increase UKEF’s capacity to lend to overseas buyers of UK products and services. It will also provide a springboard to help us cater for the needs of a broad range of companies, in a variety of sectors, requiring loans of different sizes.”

    Managing Director, Ecobank Nigeria, Jibril Aku, described the appointment as a great feat, stating that it was an eloquent testimony of the bank’s strides in international trade.

    “This international recognition is a great feat.  It is a great privilege to have been selected alongside other global brands. This will help to enlist more local companies importing British goods,” he said.

    On the appointment of 16 British Bankers Association (BBA) members to the 20 strong DLF panel, Executive Director of the BBA, Irene Graham, said: “International trade plays a vital role in supporting our economy and the DLF means that export finance will be cheaper and easier for businesses to access. The banking industry has worked with UKEF to revise the facility and it’s very pleasing to see the range of BBA members that will partner the department. This is invaluable support for businesses selling overseas.”

     

  • Onyema bags national award

    Onyema bags national award

    The Chief Executive Officer, Nigerian Stock Exchange (NSE) Mr. Oscar Onyema, recently bagged the national award of Officer of the Order of the Niger (OON).

    The award ceremony, which was held at the International Conference Centre, Abuja, was a celebration to publicly recognise those who have distinguished themselves in various fields, and whose lives have positively affected their fellow citizens and humankind.

    The 2014 awardees are believed to be persons who have been found worthy in both character and individual accomplishments to deserve this distinguished honour.

    Onyema was appointed Chief Executive Officer of The Nigerian Stock Exchange in April 2011, and over the last three years his focused strategy has been on cleansing, restructuring and making the Nigerian capital market more accessible, by implementing innovations centered on technology, transparency and product development, as well as on advocating changes to policy.

    As the Chairman of the West African Capital Markets Integration Council (“WACMIC”) he is propelling the successful integration of the various stock exchanges in the West African sub region.

    In addition to serving as CEO of the Exchange, Mr. Onyema also serves as the Chairman of Central Securities Clearing System (CSCS) Plc, the clearing house for the Nigerian capital market and is also a dedicated Council member of the Chartered Institute of Stockbrokers of Nigeria (“CIS”).

    He is currently the Vice President of the African Securities Exchanges Association, and a member of the Global Agenda Council of the World Economic Forum. Mr. Onyema also serves on the boards of all NSE subsidiaries, as well as FMDQ OTC PLC (FMDQ).

    Onyema’s effort to restore and grow investor confidence in the Nigerian capital market is advancing the Nigerian economy towards a path of sustainable growth and development. During his time at the Exchange, he has enhanced the corporate governance of the NSE and that of listed companies, so as to increase market transparency, and to enable stronger regulation, operational and delivery efficiency. Through several “zero tolerance” policies implemented, investor confidence has increased thus allowing millions of African investors to create durable wealth in the Nigerian securities market. This has resulted in an increase in the proportion of local investors accessing the capital market, with the percentage of local participation now up to 50% (July 2013) compared to 33% in 2011.

    market opportunities in the execution of our long-term strategy,” he added.

  • FITC marks 30 years of bank directors’ training

    FITC marks 30 years of bank directors’ training

    The Financial Institutions Training Centre (FITC) will on Tuesday, celebrate three decades of successful Bank and Financial Institutions Director Training.

    Speaking at a media briefing in Lagos, Managing Director/CEO, FITC, Dr. Lucy Newman said the firm initiated the Bank Directors’ Continued Education Programme (CEP) series in 1985, in line with the FITC mandate to protect, promote and advance the knowledge and practice of banking and finance.

    The programmes, she said, was also aimed at exploring innovations that enable efficiency and quality of banks and financial institutions, including effective practices of corporate governance.

    She said the 2014 edition, being the 30th year of such sessions, with the theme “Board Effectiveness for Sustainable Value Creation”, will hold from October 14  to 15, in Lagos.

    Newman said this year’s edition of the programme is special, because it marks the 30th anniversary of the programme targeted at chairmen, executive and non-executive directors of banks and other financial institutions.

     

     

     

    She said the Central Bank of Nigeria will in collaboration with FITC, deliver the 2014 edition of the CEP for directors of banks and financial institutions as a two-day high-engagement programme.

    The programme targets participants are chairmen, managing directors, executive directors and non-executive directors of banks and financial institutions in Nigeria and countries in which banks with Nigerian origin operate.

     

  • PwC, NCCN differ on Global Competitiveness ranking

    PwC, NCCN differ on Global Competitiveness ranking

    PricewaterhouseCoopers  (PwC) has said that the World Economic Forum (WEF) 2015 Global Competitiveness Index (GCI) which put Nigeria at 127 out of the 144 countries assessed was in order.

    The PwC Partner, Tax and Regulatory Services, Taiwo Oyedele disclosed this during a one-day media training held in Lagos. He said the WEF carried out its work with diligence, with data collected from   experts from different sectors of the economy, adding that he supplied information relating to taxation to the firm.

    But Chief Executive of National Competitiveness Council of Nigeria (NCCN), Chika Mordi faulted the ranking by WEF. In a statement, he insisted that a perception gap exists between the way some ranking agencies view Nigeria and the reality on the ground.

    The NCCN boss said the agency recognises the fundamental importance of continuing in its mission to improve Nigeria’s international competitiveness and address constructive portions highlighted in the index.

    He said the agency is already taking steps to redress this misalignment between perception and reality both internally and externally.

    “For example, Nigeria’s foreign direct investment (FDI) remains the largest in Africa.  A recent Wall Street Journal list of multinational CEOs ranked Nigeria first among emerging market investment destinations. The country also outperformed peers like South Africa and Ghana in macroeconomic stability, this is reflected in stable exchange rates, single digit inflation, fiscal restraint, low debt levels and lower poverty levels,” he said.

    Continuing, he explained that the most disturbing aspect of the report, Mordi added, was the appraisal of security. Nigeria’s security situation is one of the main reasons cited for the drop in rankings. Meanwhile, Ukraine scored higher than last year and its security position is adjudged to be “localised.’

  • Access Bank records N42.2b profits

    Access Bank records N42.2b profits

    Access Bank Plc has announced an impressive profit of N44.2 billion for the nine months ended 30 September 2014 based on improved efficiency, rising market share and strong risk management practices. The bank’s profit before tax (PBT) showed an increase of 20 percent from N35.1billion recorded during the same period in 2013.

    Access Bank Group unaudited IFRS nine results released to the Nigerian Stock Exchange (NSE) yesterday also showed gross earnings of N182bn, up 17per cent from N154bn in the corresponding period of 2013. The growth in gross earnings was driven by an increase in interest income from loans.

    Similarly, Access bank posted 21per cent growth in operating income to N126bn from N104bn in 2013. Customer deposits increase by 11per cent to N1.5trillion from N1.3trillion in FY 2013. The bank’s asset quality ratios also improved as Non Performing Loan (NPL) ratio was down 20bps to 2.5per cent, from 2.7per cent in December 2013.

    Further analysis of the result indicated that Access bank continued to improve on its operating efficiency and steady income growth resulting in cost to income ratio of 61per cent in  third quarter 2014 compared to 75per cent in 2013. Total assets grew by 14per cent to N2.1trillion from N1.8trillion in full year 2013. Loans and advances of N1.1trillion showed an increase of 33per cent compared to N811bn in full year 2013.

    Commenting on the result, Group Managing Director, Herbert Wigwe said “The Bank’s resilient 3Q 2014 results reflect consistent improvement in our balanced growth and target metrics. Our performance over the past three quarters demonstrates the effectiveness of our corporate strategy as the Bank continues to grow its market share in key segments whilst enhancing shareholder value.”

    “We have implemented a disciplined and conservative capital enhancement plan, designed to ensure we maintain our moderate risk appetite. This will ensure a stronger capitalised Bank, enabling us to remain competitive and take advantage of significant