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Tag: Stanbic IBTC

  • IBTC Pension pays N178b to 29,000 retirees

    IBTC Pension pays N178b to 29,000 retirees

    Stanbic IBTC Pension Managers Limited has said it paid over N178 billion to over 29, 000 retirees across the country under the Contributory Pension Scheme (CPS) since the commencement of its operations eight years. About N1.7 billion was paid monthly.

    The pension manager said it has over one million Retirement Savings Account (RSA) holders and assets under management of over N950 billion.

    Chief Executive of Stanbic IBTC Pension Managers Limited, Dr. Demola Sogunle made thisknown while speaking at the inaugural seminar on pre-retirement organised by Stanbic IBTC Pension Managers Limited, a member of Stanbic IBTC Holdings, in Lagos.

    Sogunle emphasised the need for retirees to commence early retirement plan during their working life as it takes many years to accumulate the necessary funds with which to live comfortably when salary eventually ceases.

    According to him, people are generally apprehensive about retirement because they do not plan for it early enough.

    He said: “Ideally, one should start planning for retirement from the day one takes on a first job. It demands setting aside part of current income into a retirement savings account (RSA).”

    According to him, the fledgling pension system in the country, with defined contributions as its foundation as enshrined in the Pensions Reform Act of 2004, charts a clear path for employees to maintain a stable standard of living after retirement. He stated that the seminar provided a platform for the firm to forge closer ties with its customers and to enlighten the public on developments in the pension industry.

    Sogunle said as a service provider of repute and trust, the PFA will continuously offer innovative customer value propositions, part of which include creating awareness about the benefits of retirement savings and helping workers plan for that retirement.

    He said: “The seminar, besides celebrating retirees who will soon become retired clients of Stanbic IBTC Pension Managers, will also provide an opportunity to address the concerns or anxieties they might have as retirement draws close. Among issues examined by seasoned professionals are preparation for retirement; how to access retirement benefits; health at retirement and investment opportunities for post-retirement.”

    The Stanbic IBTC Pension Managers boss said the company is backed by the requisite expertise, experience with strong and sound financial clout of the Standard Bank Group, ensuring efficiency in the management and safety of clients’ investments.

    He said: “We believe the support, experience and capabilities of the Standard Bank Group, to which Stanbic IBTC Pension Managers Limited belongs, have been instrumental in enhancing our expertise, resource base and general service delivery; thus reinforcing our goal of providing excellent service to all our customers.

    “Our aim is to continue to set higher standards of service delivery and ensure that our retirement savings account holders derive maximum value from their contributions.”

    Sogunle added that the company was set up with a mission to enable Nigerians retire to a life of relative comfort and peace after their working lives, noting that they want to help people plan for their retirement to ensure that the retirement phase is as rewarding and productive for them as possible.

    He outlined three crucial considerations which everyone must give a thought to for a secured future. “No one will ever care about your retirement investments as much as you do hence the need to educate yourself; when making retirement investments, seek professional and ensure that while you may have stopped working for money, your money should never stop working hard for you,” he said.

    Innovations introduced by the PFA to enable clients experience excellent and convenient service delivery include the Stanbic IBTC Pension Managers mobile office which was launched in Lagos recently, the first 24-hour multilingual call centre with representatives who speak the three major Nigerian languages – Yoruba, Igbo and Hausa; and also Pidgin English; a footprint of over 200 branches of Stanbic IBTC Bank where RSA clients can access pension service; Stanbic IBTC Pension Managers’ nine regional offices; as well as selected branches of Zenith Bank where the PFA operates. Other access points include Stanbic IBTC Bank ATMs, online service for RSA holders, email, SMS and the Pension Notes which accompany the hardcopy RSA statements sent to customers quarterly.

    Stanbic IBTC Pension Managers is a subsidiary of Stanbic IBTC Holdings, a member of Standard Bank Group, a full service financial services group with a clear focus on Corporate and Investment Banking, Personal and Business Banking and Wealth Management.

  • 30 years on, Muson waxes stronger

    30 years on, Muson waxes stronger

    It was founded to be the home of music. Thirty years on, the Musical Society of Nigeria (MUSON) remains the pride of its founders. When it comes to classical music, MUSON is it. It also has School of Music as part of its founders’ dream to keep classical music alive.

    Entries for admission into the diploma course this year doubled, according to MUSON’s Acting Chairman, Kitoye-Ibare Akinsan.

    The development, he says, indicates that Nigerians, especially Lagosians are imbibing the culture of classical music. He said of the 50 applications received, the school has space for only 25, noting that the school runs a diploma course that is highly rated by universities abroad.

    Ibare-Akinsan, who is also the chairman of MUSON Festival, described the music school as the nucleus of MUSON, which has provided the city of Lagos with a centre for the arts.

    He spoke in Lagos at the weekend while briefing the press on this year’s MUSON Festival opening on October 17.

    “For example this year, we received more than 50 applications and we need 25 students’. Graduates get scholarships from abroad with their qualifications and they are all over the place. Some are in the US, South Africa, UK, among others. With the diploma certificate, students get automatic admission to study higher courses in music and related subjects. MUSON is really proud of it. I must mention the role of MTN because MTN has come in to support the diploma programme,” he said.

    He noted that MUSON has impacted the society a great deal as it has become a standard for classical music. He added that ‘we cannot only keep it up but improve on it’.

    According to him, MUSON has one of the best and famous choirs and the only symphony orchestra in Nigeria, the MUSON Symphony Orchestra under the artistic director, Mr Thomas Kanitz.

    On the challenges faced by the society, Ibare-Akinsan said that it is very difficult to organise and fund art events adding that sometimes the events are self-funded. This, he said, made prices of tickets expensive for arts lovers. He noted that arts concerts are entertainment, which comes after three square meals. “Also, there are other expenses, such as school fees and house rents. So, usually, going to the theatre comes at the very end. However, all around the world, art have been highly sponsored,” he added.

    On the role of MUSON in the music industry, Ibare- Akinsan said MUSON is a reference point for the arts and the society has succeeded in establishing the level of theatre that other people are pointing at. He said the society also promotes the appreciation of music no matter what genre of music the artist is associated with, be it Apala, High-life, Jazz, Afro-rock etc.

    According to him, there is something to gain by attending the MUSON School as the students are taught the rudiments of music and proficiency in instruments. He recalled that foremost artists, such as Dare-Art Alade, Seun Kuti, passed through the MUSON School.

    He observed that people tend to associate with formal theatre more because it has a tradition with rudiments. Continuing, he said: “Formal theatre teaches basic tenets of how to go about producing good theatre plays, good music and one thing is sure that no matter what you do later, the formal and proper training make the student a better performer because he or she has already been exposed to positive ‘tricks’. It also enables the student differentiate between a good performer and a bad performer.“

    Ibare-Akinsan said extending MUSON’s activities beyond Lagos would be capital intensive, but that the starting point would tour Nigeria. He noted, however, that MUSON has been conducting exams on music across the country.

    The MUSON will be featuring Afrobeat King Femi Kuti and Afro Jazz Diva Yinka Davies in this year’s festival to mark its 30th anniversary. The festival tagged, A Celebration of the perfection in the arts, will hold from October 17 to 27 at MUSON Centre, Onikan, Lagos.

    Reacting to the choice of two prominent artists, Kuti and Davis, Ibare-Akinsan said it was never a problem to choose them to perform on stage. He described the duo as among the best in the country, adding that they have both performed on MUSON stage before. “Even Fela has performed on MUSON stage in the past. I am sure in another five or six years, the committee will call them back,” he said.

    Artistic Director of the MUSON Symphony Orchestra, Mr Thomas Konatz, said in Germany, tickets for arts events are subsidised by the state to ensure that people attend the events because theatre is a way of enlightening the people to appreciate the basic tenets of humanity.

    Afrobeat King, Kuti, said it is unfortunate that music is taken for granted in this part of the world, urging Nigeria to concentrate on exhibiting young talents. “Everything about me is music, even in my family. My son came to the MUSON School, did the examination and passed. Afterwards, he studied classical music. I never felt oppressed because of my father. I love my father, Fela. I respect and admire him, his music and I live for his music. I am proud to say I am the son of Fela and it is also an honour,” he said.

    On the October 17, there will be a one-on-one interactive session that will feature four distinguished guests. They include: Dr Femi Akinkugbe; Managing Director, Bank of Industry, Mrs. Evelyn Oputu; Mr Stanfano De Leo and Ambassador Patrick Cole.

    The MUSON Jazz/Afro Festival, which holds on October 19 and features Afrobeat King Femi Kuti and Afrojazz diva Davies is sponsored by Midwestern Oil and Gas.

    The Classical Concert will hold on October 20 and will feature Manami Sano, Ulf Klausenitzer and Thomas Kanitz. It is sponsored by Etisalat. The Youth Concert comes up on October 24 and 12 finalists in the Musiquest competition will be performing. It is sponsored by Stanbic IBTC.

    On October 25, which is the MUSON Day, there will be Latin American music, tango while a play, Echoes from the Lagoon by Chief Rasheed Gbadamosi, will be staged on the October 26 and will narrate the current societal issues. The play will feature Nigerian movie stars such as Norbert Young, Joke Muyiwa, Ola Rotimi, Afeez Oyetoro (aka Saka) and many others. It is sponsored by Chevron. The festival will round off with The Gala Concert on October 27, sponsored by Total with performances from Victoria Oruwari, The MUSON symphony Orchestra and The MUSON Choir.

  • Hyundai Motors, Stanbic IBTC introduces finance Scheme

    Hyundai Motors Nigeria Limited (HMNL) Stanbic IBTC Bank has introduced a competitive vehicle finance scheme for customers to own and drive precision, engineered Hyundai automobiles at affordable rates.

    The offer, ends June 30. It includes free registration, service and is valid for the first 100 customers that buy Hyundai Santa Fe SUV, ix35 crossover, Elantra or Accent sedans during the programeme.

    Announcing the sales incentive entitled: ‘The future is now,’ HMNL Head, Sales and Marketing, Mr Jatin Nadkarni, said, the objective is to assist and encourage young and desiring customers to buy the vehicles.

    He said: “We, at Hyundai, understand the evolving needs and preferences of our customers and we are very optimistic we will receive an overwhelming response to this essential campaign that promises to change the perception of young patrons.”

    He also said the idea was borne out the need to discourage tokunbo patrons, adding that the time has come for enlist Nigeria on the global map of countries with exceptional predisposition for high profile cars.

    He said Hyundai is keen on providing the best of products and services to customers to enable them enjoy value-added experience.

    The scheme, unlike conventional financing, is designed to accommodate prospective customers, including those with and without an active account with Stanbic IBTC Bank.

    “Prospective customers can at their convenience, walk into any of Hyundai Motors Nigeria showrooms nationwide and process their application for any of the highlighted Hyundai models and we are pleased to also inform that the scheme has been designed to accommodate all customers weather they have an account with Stanbic IBTC Bank or not,” he said.

    Hyundai cars and SUVs also provide high level of content at affordable price, and are currently adjudged one of the most sought after brand in the marketplace.

  • Tax remittance: Bank chiefs snub Reps’ panel

    Tax remittance: Bank chiefs snub Reps’ panel

    Investigation into remittance of tax to the Federal Inland Revenue Service (FIRS) by the House of Representatives Committee on Finance got underway on Monday with no bank chief executive officer in attendance.

    The committee is probing banks’ tax returns between 2008 and 2012 as well as level of compliance with collected tax remittances to the Federal government within the same period.

    Though 12 of the 21 banks under investigation sent representatives, all the bank CEOs were asked to present themselves before the committee on Wednesday or risk being forced to face the panel.

    However nine bank CEOs were specifically warned against being forced to appear before the committee on Wednesday with warrant of arrest.

    The affected banks are Zenith Bank, Sterling Bank, Stanbic IBTC, Skye Bank, Heritage Bank, FCMB, Ecobank and Enterprise Bank.

    Furthermore, the committee stressed that it will not entertain official lower than the rank of Executive Director should the CEO fail to make the meeting.

    In his opening remarks, Chairman of the Committee, Abdulmumin Jibrin, warned that the investigation should not be viewed as attempt by the committee to overstep its boundary.

    “We are here today in line with the oversight mandate of the committee on the FIRS and tax matters. Our vision is to strengthen the FIRS and optimize the potentials of our tax system.

    “All over the world, banks are under tight scrutiny by the parliament because of their strategic role in the economy and of course tax matters and treated with utmost importance,” Jubrin said.

     

     

  • Stanbic IBTC, Unity Bank record N18b profits

    Stanbic IBTC, Unity Bank record N18b profits

    lower tax provisions boosted the performance of Stanbic IBTC Holdings Plc and Unity Bank Plc in 2012 as the two banks reported higher post-tax profit growths.

    Audited reports and accounts of both Stanbic IBTC Bank and Unity Bank for the year ended December 31, 2012 showed that while Stanbic IBTC Bank grew pre-tax profit by a modest 16 per cent, its net profit after tax rose by 53 per cent. The same trend was evident in the performance of Unity Bank, which pre-tax profit growth of about 87 per cent enlarged to about 130 per cent on the back of lower tax provisions.

    Stanbic IBTC Bank recorded profit before tax of N11.7 billion in 2012 as against N10.1 billion recorded in 2011. Profit after tax meanwhile rose from N6.6 billion to N10.2 billion. Gross earnings, which stood at N63.4 billion in December 2011, increased to N91.9 billion in 2012, signifying a gain of 45 percent. Stanbic IBTC’s total assets increased by 22 per cent to N676.8 billion as against N554.5 billion recorded in 2011.

    Also, Unity Bank grew pre-tax profit by 86.7 per cent from N3.45 billion to N6.45 billion. Profit after tax doubled from N2.69 billion to N6.18 billion. The bank’s balance sheet size expanded marginally by 6.1 per cent from N372.93 billion to N395.72 billion. Shareholders’ funds rose by 17.4 per cent to N51.46 billion in 2012 as against N43.82 billion in 2011.

    Commenting on the performance of the bank, Chief Executive Officer, Stanbic IBTC Holdings Plc, Mrs. Sola David-Borha described the 2012 results as commendable noting that the report was indicative of the soundness of the group’s decision to adopt a holding company structure, in line with its strategy to provide end-to-end financial services and build a franchise capable of generating sustainable and respectable returns to its stakeholders.

    “This performance is a testament of the credibility of our strategy to realise our objective of being the leading end-to-end financial solutions provider in Nigeria. We continue to assess our risk assets through our robust and systematic risk management practices, whilst ensuring that adequate provisions are made for unforeseen shocks in line with the operating environment,” David-Borha said.

    According to her, the group continued to expand its business on the back of growth in transactional volumes and activities, money and capital market activities and loan book.

    She noted that deposits from customers increased by 24 per cent, while its loan book grew by five per cent despite the sell down of existing large performing exposures to enable it comply with the post restructuring single obligor limit.

    She assured that the group would continue to seek opportunities in strategic sectors of the economy in order to grow its business in line with its future growth strategy.

    “Our expanded branch network, excellent customer service, diversified business model and access to an extensive pool of experience within the group have put us in a desirable position to generate growing value for shareholders in 2013,” Sola David-Borha said.

     

  • DMO appoints Stanbic IBTC as FG’s broker

    DMO appoints Stanbic IBTC as FG’s broker

    The Debt Management Office has appointed Stanbic IBTC Brokers Limited as stockbroker to man Federal Government’s bond in the capital market.

    The Director -General of DMO, Dr. Abraham Nwankwo, made this known in Abuja on Tuesday at the signing of the agreement between the two organisations.

    He said the process of selecting the national stockbroker was transparent and that the Securities and Exchange Commission, the Nigerian Stock Exchange and the National Pension Commission were part of the selection process, among others.

    Nwankwo said that the involvement of the three organisations and others had made the process acceptable and would help to improve the bond market.

    He urged the stockbroker to adopt the best practice and be guided by the fact that there might be shocks in the market.

    Nwankwo said the appointment of IBTC stockbroker to man government’s bond was also aimed at ensuring that the bond market was properly listed and accepted at the stock exchange.

    Responding, the Chief Executive Officer of Stanbic IBTC Bank, Mrs. Sola David-Borha, gave assurance that the company would carry out the function effectively.

    She said the bank would educate the public on the issue of bond and ensure best practice, and noted that the capital market was deep and could accommodate shocks or turbulence.

    The News Agency of Nigeria reports that as a result of the agreement, Stanbic IBTC Brokers Limited will now be responsible for providing price for Federal Government bond on the floor of the stock exchange to enable retail investors to buy or sell.

    It will also liaise between the DMO, NSE, other stockbrokers and participants to ensure that all activities concerning the bond and Federal Government securities listed in the future are effective in the market.