Category: Money

In commemoration of this year’s World Earth Day, Unity Bank Plc, in partnership with three non-government organisations – Recycling Scheme for Women and Youth Empowerment, RESWAYE, MEDIC and KBG – has conducted a beach cleaning  as part of its commitments to promoting environmental sustainability.

No fewer than 200 staff members, as well as over 100 members of RESWAYE thronged the venue of the  exercise – the Lagos Kids Beach Garden within the Oba Elegushi beach environs – where they picked and removed over 100,000 plastic bottles from the beach to make the beach safer and reduce ocean pollution.

The bank also carried out a tree planting across the country, as the staff of the bank across its branches nationwide planted at least one tree.

The Group Head, Risk Management, Unity Bank Plc, Mr. Chris Nwambu, said the Day initiatives were part of the bank’s corporate social responsibility aimed at leading major collaborative initiatives for climate action.

Citing recent reports on ocean pollution, he stated that “of the over 300 million tons of plastic waste ends up in oceans yearly, an estimated eight million tons of plastic enters our oceans. There are 5.25 trillion pieces of plastic waste estimated to be in our oceans. While 70 per cent of our debris sinks into the ocean’s ecosystem, 15 per cent floats, and 15 per cent lands on our beaches.”

He added that such activity as the collaboration and partnership by organisations would play a vital role in reducing the threats of ocean plastics and thereby reduce the climate risks they pose to the earth.

He reiterated that Unity Bank will continue to be very aggressive in terms of environmental protection and sustainability commitments. He added: “In line with the bank’s agribusiness strategic focus over the past couple of years, it has granted access to credit worth N3.25 billion to businesses in greenhouse farming and metal recycling.”

He said: “But beyond supporting sustainability-related business, the operations of the bank have adopted sustainable practices in the way we carry out daily activities as a matter of corporate culture. As of today, 31 branches of the bank are running on hybrid solar solution while 70 per cent of our 416 ATMs bank-wide are powered by hybrid solar solutions with a projection to migrate an additional 15 per cent to hybrid solar solutions before the end of 2022.’’

The President, Chartered Institute of Bankers of Nigeria (CITN), Adesina Adedayo, has called on tax professionals to support the government to achieve a tax-driven economy.

Speaking during the 46th induction  of the institute in Lagos, Adedayo said the onus was on tax professionals to attain this feat by being proactive in developing strategies for tax policy formulation and administration, among others.

“We must also commend the government for the initiative in tax policy formulation and the review of salient tax provisions as seen in the Finance Act, 2019 followed by the Finance Act, 2020 and now Finance Act 2021. This is a demonstration of the government’s commitment to establishing a vibrant fiscal framework to actualise its revenue generation drive and other budgetary goals,” he said.

He said the impact of the yearly review of this Act would impact positively on businesses, the economy and improve our country’s index on the ease of doing business rating.

He said the Institute’s Taxpayers’ Education and Enlightenment programme is conceptualised to contribute to tax education and encourage a higher rate of tax compliance within the populace, which in turn, will bring about increased internally generated revenue.

“The institute organises the programme, in collaboration with major stakeholders such as the Joint Tax Board, Federal Inland Revenue Service, States Internal Revenue Service and the Nigerian Customs Service. We have successfully held the Taxpayers’ Enlightenment programme in the Federal Capital Territory, Ondo State, Enugu, and Cross River States,” he said.

Adedayo, who is the CITN 15th President and Chairman of Council,  said membership of CITN requires continuous validation through training which are regularly organised by the institute.

He advised the 372 inductees to commit themselves to the ideals of the institute by being good ambassadors and professionals in your dealings. “In accordance with our institute’s mandate, which is integrity and service, any form of unprofessional behaviour or unethical practice  will not be condoned among its members. This is a statutory responsibility to which all of us subscribe,” he said.

“It is pertinent at this juncture to intimate you with the existing structures in place in the institute to deal with professional misconduct. The Investigating Panel is empowered by the Charter to investigate cases of professional misconduct as they affect members, the Disciplinary Tribunal, is statutorily saddled with the responsibility of disciplining any member found guilty by the Tribunal. Sanctions include delisting names of erring members from members’ register amongst others,” he said.

“You are hereby advised to eschew  acts of unethical practices, be prudent and accountable in your dealings, especially in professional services rendered to your clients at various levels of engagement. Copies of the CITN Charter, which also contains the Membership Rules and Practice Guidelines are available for interested members to guide your activities as members of the Institute,” Adedayo added.

Chairman, Membership and Professional Conduct Committee, Prince Ade-Tunde Oretuga, said: “At CITN, we believe that people will always make the difference in any endeavour, especially in the field of taxation, when other supporting conditions are right. It is for this reason that we carefully put prospective inductees through a stringent screening process that ensures only the cream of the crop make it through our doors.”

“On behalf of Council and management, I welcome you all into a new relationship that places high premium on core value of professionalism, integrity, teamwork, excellence and leadership. With the rigorous process leading to your qualification, I make bold to say that you are worthy to be members of this great Institute.”

“Today’s ceremony is not just a celebration. It marks a call to stand tall in integrity, to be impeccable in character, to be professional in service and to uphold the high ethics and values for which CITN members are renowned. That is the big hurdle that you must cross effortlessly in your daily practice of this profession. Please as Professionals we have clear and enforceable rules, with a zero-tolerance policy on all infractions. We have a clarion call to hold ourselves accountable to the highest standards as members of this Institute,” he added.

Stanbic IBTC Trustees, a subsidiary of Stanbic IBTC Holdings, has reiterated that setting up a Trust with the organisation ensures the transfer of assets and reduces the challenges in assets transfer.

The services accessible to clients of Stanbic IBTC Trustees include facility agency, which ensures the disbursement and repayments in club lending, ensuring that other loan conditions stand.

These conditions are Security Trustee, which allows Stanbic IBTC Trustees to hold in trust the security for a loan and  monitors the assessed value of such security against loan exposure.

Stanbic IBTC Escrow Agent allows Stanbic IBTC Trustees to hold funds and documents in escrow for the parties.

Others are Public Trust, which allows Stanbic IBTC Trustees act as Trustee to state government bonds and mutual funds under the oversight of the Securities and Exchange Commission; and Trust Scheme, which allows Stanbic IBTC Trustees act as Trustee in personalised Trust arrangements to meet specific needs.

Furthermore, the organisation has an Estate Planning bouquet that encompasses asset acquisition, management, and transfer, and it is structured using tools such as Wills and Trusts.

Among them is the Stanbic IBTC Educational Trust (SET), which assists parents and guardians in providing quality education for their children and wards.Through the service, parents have an opportunity to  contribute to funding the education of their children – whether it is primary, secondary, tertiary or post-graduate education.

Stanbic IBTC guides in drafting Comprehensive Wills and executing same and acts as Custodian of the Will and Executor of the Estate.

Also, the organisation helps with setting up Private Trusts for Clients who require bespoke Estate Planning solutions while low-cost, simplified, ‘off-the-shelf solutions such as the Simple Will, which ensures easy access to assets by beneficiaries after the testator passes on.

While commenting on the benefits customers stand to gain from Stanbic IBTC Trustees, Charles Omoera, Chief Executive, Stanbic IBTC Trustees, noted that the organisation’s Trust solutions are geared at helping individuals run effective businesses with peace of mind and plan their Estates to ensure successful and seamless transfer of assets to their future generation. “The importance of Estate Planning cannot be over-emphasised. It provides for and protects our loved ones and their interests. Through the use of Wills and Trusts, these interests are protected from obnoxious practices, and family squabbles or financial challenges that may arise after the passing of the Testator are minimised.”

“As an organisation committed to global risk management and world-class corporate governance, Stanbic IBTC Trustees ensures that Clients enjoy unparalleled risk management, based on tried and trusted practices built on its the organisation’s renowned culture of trust, confidentiality and integrity,” he said.

The Stanbic IBTC Trustees’ Chief Executive noted that with the company’s wealth of experience and expertise across developed markets globally, the firm has continued to offer stellar services across different jurisdictions with integrity and transparency. He noted that Stanbic IBTC Trustees remains committed to providing innovative and customer-focused financial solutions to Nigerians with its sound financial standing.

MOJEC International Limited, in conjunction with Ikeja Distribution Company (IKEDC) has developed an automated payment reference system with PayStack and Remitta through which customers can  easily initiate payment for their meters.

MOJEC has also bolstered commitment to providing unmetered customers, access to meters through its Mobile Meter Asset Provider initiative (MOJEC Mobile MAP).

The Group Managing Director, MOJEC International Limited, Chantelle Abdul, cautioned end-users against extortion.

She stated: “The approved NERC prices for meters are N63,061.32 for single-phase meters and N117,910.69 for three-phase meters (VAT inclusive) and this prices cover the cost of meters and installation.” These are the prices that customers are required to pay under the MAP scheme.

The Mobile MAP programme, which started earlier this month in partnership with Abuja and Ibadan Discos, also kicked off at Shomolu Business Unit of Ikeja DISCO on Tuesday.

Abdul explained that the initiative is aimed at bringing meters to consumers.

She stated: “MOJEC has set itself to provide meters to the end users because metering is critical to both the consumers and the electricity providers. We have taken up the mandate of establishing a trust between the consumers and the distribution companies by manufacturing over 100,000 meters for the business units under the Ikeja DISCO just for this Mobile MAP.

“The objective of the initiative is to consolidate the rigorous processes involved in meter acquisition into ensuring that customers get metered within 24 hours. This Mobile MAP programme is expected to run for the next two months across the various business units of the nine DISCOs MOJEC International partners.”

Head, Prepaid Revenue Management and Metering department, Ikeja Electric, Amosun Morenikeji, said: “We are aware of the recently concluded Phase Zero of the National Mass Metering Programme under, which customers were metered without cost. However, while we await the commencement of the phase-one of the NMMP scheme, the government has inaugurated the MAP programme to meter customers who are ready to pay for their meters and these customers would be refunded through energy credit.’’

Head of Metering Projects, MOJEC International, Michael Onourah, in addressing the extortion challenge in the electricity supply industry emphasized that MOJEC in conjunction with IKEDC has developed an automated payment reference system with PayStack and Remitta through which customers can initiate payment for their meters.

SystemSpecs has extended the deadline for the submission of entries for the Children’s Day Essay Competition till April 29, 2022.

Its Group Head, Corporate Services,  Oluwasegun Adesanya, said the extension was in response to calls by participants, parents, proprietors of schools and others who cited the second term holiday.

In two categories – Junior (9-12 years) and Senior (13-16 years) – the contest is open to primary and secondary school pupils who are to write on the topic, “Improving the quality of education in Nigeria through technology.”

Entries into the junior category should not exceed 1,000 words, while the senior category should not exceed 1,500 words. Essays must reflect participants’original ideas, devoid of plagiarism, written in English and endorsed by an accredited school official, parent, or legal guardian.

According to Adesanya, “the school that produces the most number of top winning entries in the junior and senior categories would be rewarded with 10 and 20 high-capacity personal computer, aside from other benefits.”

The top three winners will get laptops, headphones,  uLesson coding certificate courses, monthly 40 gigabyte Internet data for one year, travel suitcases, unique keepsake hoodies, school bags and   admission to the SystemSpecs National Summer Coding Camp.

CRC Credit Bureau Limited (CRC) has won an award organised by Capital Finance International (CFI.co), a print journal and online medium in London, United Kingdom.

CRC Credit Bureau Limited has won the award in the past two years.

CFI.co awarded CRC Credit Bureau the “Best Loan Applications Services Provider, Nigeria” in 2019.

CFI.co panel stated: “CRC Credit Bureau gives partners a 360-view of their customers, pulling from financial records as well as social media channels to understand how the pandemic has impacted them. Advanced data analysis is being utilised to identify customers with responsible repayment histories so that terms can be renewed or restructured.”

It added: “The latest CRC initiative is designed to offer a clearer picture of those seeking loans in the aftermath of the economic damage inflicted by the pandemic, especially the country’s hard-hit SMEs. The company is also implementing recovery plans that seek to build IT capacity and digital awareness. It has set up a financial education centre where companies are given IT training in soft skills, credit evaluation and tracing, among other subjects.”

CRC Group Managing Director/CEO, Dr ‘Tunde Popoola stated: “CFI’s Judging Report fully captures CRC’s commitment to serve our members and consumers with comprehensive credit reporting on individuals and businesses, enlarge our range of solutions that help organisations achieve their business objectives. We facilitate decision making with our data analysis capabilities.

Individuals living in Nigeria can now stay on top of their credit history through our various products/services and digital platforms that make access to credit information easier than ever.”

Aduke Agency and Women of World Entrepreneurship and Empowerment (WOWEE) are set to launch a documentary entitled: Fire Sessions on professional women who faced adverse situations and came out better.

The series will feature 10 successful women as recognised by the Ready to Inspire Programme. They are Tara Fela-Durotoye, Dr. Modupe Elebute-Odunsi, Boma Ayomide Alabi, Dr. Maymunah Kadiri, Bria Okonkwo, Owen Omogiafo, Kari Tuku, Iroghama Ogbeifun, Dr. Bisi Akin-Alabi, and Ndidi Nwuneli.

This initiative was inspired by the  founder, Tori Aduke Agency & WOWEE, Tori Abiola, whose ordeal began in 2019 when a diagnosis of breast cancer (Stage 2) changed her life.

It showcases empowering, entertaining, and inspiring female founders, professional women and business owners. Each episode conveys literal fire sessions faced by clever, well-educated, wholesome women and how they came out bigger and better.

WOWEE is powering world-class opportunities for African women. Since 2013, the organisation has empowered thousands of women through its events, webinars, reports, advocacy campaigns and specialist programmes.

This year, the organisation is positioning itself to give African women world-class and global opportunities in their businesses and professions. WOWEE will drive gender equality missions which are good for society and the economy.

It provides consultancy, training, specialist campaigns and ecosystem support and access to investment and market opportunities.

TAA provides marketing and media solutions for organisations globally.

Shelter Afrique, the pan-African development finance institution for housing finance, has said its maiden N46 billion ($110.7 million) Series 1 Fixed Rate Senior Unsecured Bond Issuance is oversubscribed by 60.7 per cent.

The dual tranche bond, issued  in Nigeria’s capital market under its N200 billion ($481.3 million), saw the  order book peaking at N64.3 billion ($154.6 million).

This enabled Shelter Afrique to exercise the ‘green shoe’ option and raise an additional N6 billion ($14.4 million) more than the original N40 billion plan ($96.3 million).

On the back of an AA rating from GCR Ratings and an A+ rating from Agusto & Co, the bond issuance attracted participation from a diverse range of institutional investors, including pension funds, banks, and insurance companies.

The oversubscription rate demonstrates investors’ confidence in Shelter Afrique’s mandate to enable housing development in Africa, coupled with the institution’s strong management team, business strategy and credit profile.

Shelter Afrique’s Acting Managing Director, Kingsley Muwowo said: “This is the first time Shelter Afrique is tapping the debt capital market and the positive market reception is a clear indication of investor confidence in our long-term value proposition for the Nigerian housing market. We would like to assure our investors that we shall put the proceeds of the bond issue into good use that will ensure that more value is created for them.”

At the signing ceremony in Lagos, the Managing Director of FSDH Capital Limited, Mr. Tolu Osinibi, said: “FSDH Capital is pleased to have advised Shelter Afrique on its successful debut bond issuance in Nigeria’s capital market. Shelter Afrique continues to play a pivotal role in housing development across Africa and the success of the bond issuance will encourage other supranational financial institutions to tap Nigeria’s debt capital market for their Naira funding needs.

“We thank the investor community for their support on the bond issuance. We also thank the Board and management of Shelter Afrique for trusting us with this milestone transaction, and their commitment and dedication throughout the process.”

The 5-year Tranche A bonds priced at 13.00 per cent and the 7-year Tranche B bonds priced at 13.25 per cent. The tenors of the bonds are aligned with the institution’s housing finance strategy and long-term plans in Nigeria. Shelter Afrique will use the bond proceeds to fund mass housing development by tier 1 real estate developers, and to provide lines of credit.

Cascador, a programme, which helps mid-stage African entrepreneurs grow their businesses by working with American and Nigerian entrepreneurs, has called for application from entrepreneurs. The  deadline is July 1.

The programme will host 10 entrepreneurs at the Lagos Business School (LBS) from October 31-November 4.

Cascador was launched in 2019. It has three cohorts of entrepreneurs and their companies through education, mentoring, pitch training and support.

Cascador co-founder, Dave DeLucia, noted: “Cascador was founded to fill a notable gap in the accelerator space between start-up-oriented programs and accelerators for more mature businesses that extend capital and take equity upon acceptance.

“Every faculty member and mentor is driven to help African entrepreneurs succeed by leveraging our years of experience and knowledge base. Many of our fellows have participated in early-stage accelerators and use Cascador as a springboard to fast-track organic business growth or to prepare for global accelerators like YC, Harambe and TechStars. It really meets a unique need.”

Cascador Faculty and former Managing Director of GlaxoSmithKline Nigeria, Chidi Okoro, added: “We  target mid-stage entrepreneurs who have a track record of sales and fundraising. This subset of business owners is often neglected in the landscape of support programs and tools, yet they have proven ability to rapidly scale, and the potential to transform the economy of Nigeria – and beyond”.

The Dean , LBS, Dr. Chris Ogbechie noted: “This is the third year that LBS will host the Cascador programme, and partnering Cascador aligns with our philosophy as an academic institution.”