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Tag: Stanbic IBTC

  • Stanbic IBTC renovates LUTH’s Accident and Emergency Unit

    Stanbic IBTC renovates LUTH’s Accident and Emergency Unit

    Accident and Emergency (A/E) Unit of the Lagos University Teaching (LUTH), Idi Araba, has been renovated. It was done by the Stanbic IBTC bank.

    At its commissioning, Stanbic IBTC Chief Executive Officer, Dr Demola Shogunle thanked the management for giving the bank the opportunity to be part of the development going on in the hospital, which is an integral of the health care industry in Nigeria.

    Dr Shogunle said as a group Stanbic IBTC engaged in humanitarians endeavour as an organisation: “ IBTC goes beyond transaction, we believe in supporting our stakeholders because we know that our success as a corporate identity is tied to their success. For us it is not only about commissioning the Accident and Emergency Centre but for us in reality, it is about creating an enabling environment, for future leaders, and empowering Nigeria.

    “We took on LUTH as a leading institution to ensure we synergize and play our role by keying into that development. As an individual and corporate firm, we need to do our own part in the development of the health care sector which Stanbic IBTC believes in, which lies within what we are doing naturally.

    “So, to us this project is what we are proud of because it represents what we stand for as a banking institution, enabling progress, which is one of the things we stand for. The kind of value health sector adds and the partnership between the private and public sector when it comes to health care delivery must be taken to the next level and for Stanbic IBTC it is for us to support.”

    Dr Shogunle said the company’s corporate social responsibility has played the part of building a veritable health care sector by keying into the mission statement of the Lagos University Teaching Hospital by enabling its focus on health, education and economic empowerment.

    He said the staff members of Stanbic IBTC Bank contributed to the cause of operational excellence with their own personal finances before the bank came up to give support.

    He emphasised that the newly rehabilitated Adult Accident and Emergency centre is about creating an enabling environment for future leaders and Nigerians to thrive and add values towards good health care.

    LUTH Chief Medical Director (CMD), Prof. Chris Bode said his hospital has the largest assemblage of specialists in Nigeria and should be applauded, “so investing in the hospital means you are investing in the Nigeria project and that is why we are happy that Stanbic IBTC as part of its own social and public responsibility remembered LUTH. It is not possible for government alone to fund every sector and that is why responsible and corporate organisations like Stanbic IBTC bank should be commended for doing this for health sector especially in LUTH.”

    Prof Bode, who was represented by by the Deputy Chairman, Medical Advisory Committee, Prof Wasiu Adeyemo affirmed Stanbic IBTC consideration, “Because as you have come to support us and help to renew the aging infrastructure the institution suffers from, we are most grateful.”

    Stanbic IBTC Bank in transforming the Lagos University Teaching Hospital’s Adult Accident and Emergency centre.

    He said the hospital has about 800 beds and over 3,000 staff with the largest number of specialists more than any Nigerian hospital. Lagos is the commercial capital in Nigeria and that investing in Lagos University Teaching Hospital can be likened to investing in Nigeria.

    According to Prof Bode in any tertiary hospital, the first point of call is the accident and emergency. However, LUTH is upgrading to be continuously regarded as the first tertiary health institution in Nigeria and West Africa.

  • Blue chips record price rally on NSE, indices up by 1.03%

    Blue chips record price rally on NSE, indices up by 1.03%

    Some blue chips maintained upward movement on the Nigerian Stock Exchange ( NSE ) on Thursday with Nigerian Breweries leading the gainers’ chart.

    Nigerian Breweries led gainers’ table with a gain of N2.40 to close at N131.40 per share.

    Dangote Cement followed with a gain of N1.50 to close at N259.90, while Lafarge Africa gained N1 to close at N52 per share.

    Stanbic IBTC also grew by N1 to close at N46, while Dangote Sugar Refinery added N1 to close at N22 per share.

    Consequently, the All-Share Index appreciated further by N156 billion or 1.03 per cent to close at 42,604.40 against 42,171.80 achieved on Wednesday.

    In the same vein, the market capitalization, which opened at N15.133 trillion rose by N156 billion or 1.03 per cent to close at N15.289 trillion.

    On the other hand, CAP posted the highest price loss to lead the laggards’ table, shedding N1.90 to close at N36.95 per share.

    NASCON trailed with a loss of 75k to close at N20, while Union Bank of Nigeria was down by 30k to close at N7.55 per share.

    Etranzact depreciated by 25k to close at N4.75, while Caverton also declined by 25k to close at N2.60 per share.

    Also, the volume of shares traded closed higher by 18.14 per cent as investors bought and sold 615.18 million shares worth N6.28 billion in 5,904 deals.

    This was lower than 520.74 million shares valued at N4.72 billion exchanged in 5,694 deals on Wednesday.

    Multiverse was the most active with a turnover of 87.10 million shares worth N31.36 million.

    Skye Bank followed with an account of 65.57 million shares valued at N73.79 million, while Access Bank traded 59.03 million shares worth N766.38 million.

    FCMB Group sold 56.14 million shares valued at N158.29 million, while FBN Holdings traded 39.41 million shares worth N499.04 million.

    NAN

  • Stanbic IBTC lists three mutual funds on FMDQ

    Stanbic IBTC Asset Management Limited, a subsidiary of Stanbic IBTC Holdings Plc, has listed three mutual funds on the FMDQ OTC Securities Exchange. It is also providing existing and new investors with additional opportunity to invest and trade on the funds.

    The three funds-Stanbic IBTC Money Market Fund (SIMM), Stanbic IBTC Bond Fund (SIBOND) and Stanbic IBTC Dollar Fund (SIDF), were all listed on February 12, 2018.

    Chief Executive Officer, Stanbic IBTC Asset Management Limited (SIAML), Mrs. Bunmi Dayo-Olagunju, said the fixed-income mutual funds provide investors with opportunities to diversify their portfolios considering the volatility in the equities and commodity markets.

    She outlined the benefits of mutual funds or collective schemes to include flexibility, liquidity, steady returns, professional management, and risk reduction among others, noting that these benefits make mutual fund a good investment alternative for a discerning investor.

    She assured that Stanbic IBTC will continue to leverage its expertise in asset and wealth management as well as its rich heritage in corporate and investment banking to provide quality products and services that will not only deepen the market but enhance transparency, value and investor confidence.

    Stanbic IBTC Money Market Fund, with close to N190 billion in net asset value as at February 09, 2018, is currently the largest open-ended mutual fund in Nigeria. Its assets are invested in low-risk money market securities with financial institutions in Nigeria with a minimum rating of “BBB” by a local rating agency recognised by the Securities & Exchange Commission. SIMM is suitable for investors with low risk appetite whose objective is capital preservation while generating a steady stream of income.

    Stanbic IBTC Bond Fund was conceptualised to cater for investors with low risk appetite who want no exposure to capital markets but require liquidity and at the same time want to earn competitive returns available in fixed income markets. SIBOND provides easy unrestricted access to Nigeria’s rapidly developing bond market, enabling individual and corporate investors to invest in a diversified portfolio of bonds and other fixed income securities.

    The bond fund aims to achieve competitive returns on its assets while safeguarding capital by investing in a diversified portfolio of high quality bonds issued by government, supranational and corporate bodies. Minimum subscription to both SIMM and SIBOND is N5,000.

    The Stanbic IBTC Dollar Fund provides retail and institutional investors the opportunity to seek exposure in attractive dollar-denominated securities to serve as a devaluation hedge as well as to optimise returns on investments. SIDF offers investors outlets for investing an initial minimum of $1,000 and subsequent minimum of $500.

  • Citi Group, Standard Chartered, Stanbic IBTC, others to handle $2.5b Eurobond

    Citi Group, Standard Chartered, Stanbic IBTC, others to handle $2.5b Eurobond

    Nigeria is set to take $2.5billion Eurobond to refinance external borrowing, following yesterday’s approval by the Federal Executive Council (FEC)

    Minister of Finance Kemi Adeosun broke the news at a post-FEC briefing in Abuja.

    Others at the briefing were Minister of Information Lai Mohammed, Minister of Interior Abdulrahman Danbazzau, Minister of State for Aviation Hadi Sirika and Minister of Communication Adebayo Shittu.

    Mrs. Adeosun said that the government had re-appointed a consortium of banks to handle the $2.5 billion Eurobond.

    The banks are: Citi Group, Standard Chartered, StanbicIBTC, Whitten-Case and African Practice.

    On the potential savings on the proposed USD2.5 billion refinancing, Mrs. Adeosun said the estimated proceeds of N762.5 billion will be used to redeem the Nigerian Treasury Bills (NTB).

    She said: “At estimated current NTB rates of 15% (following mop-up operations by the CBN), the savings from the refinancing of N762.5 billion of Domestic Debt using external capital raising is about  N64 billion per annum.”

    On the impact of the use of the proceeds of the USD500 million issued in November 2017, she said “The proceeds about N162.50 billion were used to redeem NTBs which matured in December 2017.

    “The immediate impact was a significant drop in the Bid Rates at the Auctions of both NTBs and FGN Bonds. In December 2017 and January 2018:

    “NTBs dropped from about 16% to 13%. FGN Bonds dropped from about 16-16.50% to 13.50%

    “This translates to savings for Government on new borrowing while also making the cost of borrowing for the real sector cheaper since the sovereign rate serves as a benchmark for other borrowers.” she added.

    Mohammed, said the reinstatement of Executive Secretary of the National Health Insurance Scheme (NHIS) Prof. Usman Yusuf, would not stop the Economic and Financial Crimes Commission (EFCC) from continuing with his ongoing probe.

    The information minister had admitted that he was not aware that EFCC was probing Yusuf.

    Yusuf, who was suspended by Minister of Health Prof. Isaac Adewole on July 6, 2017 over allegations of fraud but was reinstated on Tuesday via a presidential directive.

    Mohammed said: “I am not aware that the EFCC is investigating the recently reinstated Executive Secretary of NHIS but if that is the case I don’t think his reinstatement is a bar to any investigation.”

    “The fact that he has been reinstated does not mean that the EFCC will not continue with its investigation, that is what I said.” he added

    Sirika said the Council approved the substitution of Messers Lufthansa consulting, a member of the consortium that will provide transaction advisory services for the establishment of Nigeria’s National carrier

    He said: “Council considered and approved that substitution with another company AMG (Airline Management Group) with Avia Solutions GE to join the other members of the consortium to continue providing that the same cost of N341,200 million.

    Dambazau said FEC approved the purchase of N483.21 million operational vehicles for the Nigeria Immigration Service (NIS).

    He said “For the first category of procurement including five percent VAT is N14.490 million and second category which is 25 of them is N8.347 million. The total including painting in immigration colours N4.095 million, totaling N483.210 million.”

  • Citi Group, Standard Chartered, Stanbic IBTC, others to handle $2.5b Ruroband

    Citi Group, Standard Chartered, Stanbic IBTC, others to handle $2.5b Ruroband

    Nigeria is set to take $2.5billion Eurobond to refinance external borrowing, following yesterday’s approval by the Federal Executive Council (FEC)

    Minister of Finance Kemi Adeosun broke the news at a post-FEC briefing in Abuja.

    Others at the briefing were Minister of Information Lai Mohammed, Minister of Interior Abdulrahman Danbazzau, Minister of State for Aviation Hadi Sirika and Minister of Communication Adebayo Shittu.

    Mrs. Adeosun said that the government had re-appointed a consortium of banks to handle the $2.5 billion Eurobond.

    The banks are: Citi Group, Standard Chartered, StanbicIBTC, Whitten-Case and African Practice.

    On the potential savings on the proposed USD2.5 billion refinancing, Mrs. Adeosun said the estimated proceeds of N762.5 billion will be used to redeem the Nigerian Treasury Bills (NTB).

    She said: “At estimated current NTB rates of 15% (following mop-up operations by the CBN), the savings from the refinancing of N762.5 billion of Domestic Debt using external capital raising is about  N64 billion per annum.”

    On the impact of the use of the proceeds of the USD500 million issued in November 2017, she said “The proceeds about N162.50 billion were used to redeem NTBs which matured in December 2017.

    “The immediate impact was a significant drop in the Bid Rates at the Auctions of both NTBs and FGN Bonds. In December 2017 and January 2018:

    “NTBs dropped from about 16% to 13%. FGN Bonds dropped from about 16-16.50% to 13.50%

    “This translates to savings for Government on new borrowing while also making the cost of borrowing for the real sector cheaper since the sovereign rate serves as a benchmark for other borrowers.” she added.

    Mohammed, said the reinstatement of Executive Secretary of the National Health Insurance Scheme (NHIS) Prof. Usman Yusuf, would not stop the Economic and Financial Crimes Commission (EFCC) from continuing with his ongoing probe.

    The information minister had admitted that he was not aware that EFCC was probing Yusuf.

    Yusuf, who was suspended by Minister of Health Prof. Isaac Adewole on July 6, 2017 over allegations of fraud but was reinstated on Tuesday via a presidential directive.

    Mohammed said: “I am not aware that the EFCC is investigating the recently reinstated Executive Secretary of NHIS but if that is the case I don’t think his reinstatement is a bar to any investigation.”

    “The fact that he has been reinstated does not mean that the EFCC will not continue with its investigation, that is what I said.” he added

    Sirika said the Council approved the substitution of Messers Lufthansa consulting, a member of the consortium that will provide transaction advisory services for the establishment of Nigeria’s National carrier

    He said: “Council considered and approved that substitution with another company AMG (Airline Management Group) with Avia Solutions GE to join the other members of the consortium to continue providing that the same cost of N341,200 million.

    Dambazau said FEC approved the purchase of N483.21 million operational vehicles for the Nigeria Immigration Service (NIS).

    He said “For the first category of procurement including five percent VAT is N14.490 million and second category which is 25 of them is N8.347 million. The total including painting in immigration colours N4.095 million, totaling N483.210 million.”

  • Stanbic IBTC Imaan Fund donates to charity

    Stanbic IBTC Imaan Fund, a Shariah-compliant mutual fund being managed by Stanbic IBTC Asset Management Limited, has donated the non-permissible income of its assets to a registered charity in line with the principles of Shariah.

    The Stanbic IBTC Imaan Fund, which was originally introduced to private investors in 2011 as a Shariah compliant portfolio, has the primary objective of achieving long-term capital appreciation of its assets by investing in Shariah-compliant equity securities approved by the Shariah Advisory Committee of Experts (ACE).

    The fund invests a minimum of 60 per cent of its assets in equities of Shariah-compliant companies listed on the Nigerian Stock Exchange (NSE) while retaining a maximum of 40 per cent in non-interest bearing fixed income securities (Sukuk). The fund prohibits investments in businesses that sell or produce alcohol, tobacco, pork products, conventional financial services such as banking and insurance, weapons, defense products and entertainment.

    The non-permissible income, which constitutes a certain percentage of the fund’s dividend income, is usually donated to charities that have gone through screening and approval by ACE. The screening is undertaken to ensure that the benefiting charities are not involved in any activity that is contrary to Shariah principles.

    The formal presentation of cheques totalling N787,037 to the ACE in the sum of N787,037.02 was made in Lagos last week, with the parties expressing optimism that it would help in attaining the objective of supporting the vulnerable and under-privileged in society.

    Chief Executive, Stanbic IBTC Asset Management Limited, Mrs. Bunmi Dayo-Olagunju, said as a company with strong corporate governance, adherence to ethical conduct, underlined by probity and transparency, will remain  cardinal operational principles.

    She pointed out that the Stanbic IBTC Imaan Fund is tailored to meet the needs of those seeking investments compliant with their religious principles and beliefs, and specifically targeted at people seeking conformity with their religious beliefs and ethics.

    According to her, the pooled funds are invested in Shariah-compliant equity and non-interest bearing fixed income securities. The minimum subscription amount into the fund is N5,000 and subsequent investments of N5,000.00.

    Dayo-Olagunju added that Stanbic IBTC Asset Management Limited has amassed impeccable wealth of experience and expertise in managing funds on behalf of savings schemes, institutional and corporates bodies and high net-worth individuals for over two decades.

    “Mutual funds offer investors the advantages of portfolio diversification and professional management at low cost. These advantages are particularly important because diversification and professional management ensure steady returns when compared to other investment strategies. Mutual funds offer an opportunity for steady growth in assets while reducing the attendant risk associated with investing in individual securities,” said Dayo-Olagunju.

  • Stanbic IBTC gives success tips to youths

    Giving up to its theme, Against The Odds, the maiden edition of the Stanbic IBTC Youth Leadership Series provided a platform where three exceptional Nigerians spoke on the imperative of resilience, hard work and perseverance to achieve individual, corporate and national goals.

    The event, which held in Lagos last week, attracted a huge audience of students and youth, bankers, investors, artists, captains of industry and the business community.

    Guest speakers, Kechi Okwuchi, a survivor of the ill-fated Sosoliso plane crash of December 2005; Member Feese, survivor of the United Nations Building bomb blast in Abuja; and Cobhams Asuquo, renowned music producer, who was born blind,  said if they could become role models by overcoming the grim challenges they faced, then nobody should give up the quest to succeed.

    Stanbic IBTC Holdings Plc Chief Executive, Yinka Sanni, said underlining the youth empowerment motivational series is a mission by the organisation to inspire the youth, who are the leaders of today, not tomorrow, to strive to achieve their potential, regardless of the odds. The three lead speakers, he said, symbolised what is when people imbibe the evergreen cliché – “where there is a will, there is a way.”

    According to him, the future of Nigeria and Africa is in the hands of the youth and there is no better time to arouse and deepen their knowledge and entrepreneurial skills than now, adding that  Stanbic IBTC is constantly exploring innovative ways of expanding the scope of its coverage and focus on the youth segment, otherwise known as the millennials, given the importance of the demography to national development, entrepreneurship drive and economic growth and development of the nation.

    “The Youth Leadership Series is tailored after the annual Stanbic IBTC Business Leadership Series, an annual event that facilitates the sharing of knowledge and information among local and international participants who are drawn from key sectors of the economy.

    “The overarching objective is to stimulate deeper engagements and outcomes for the sectors as well as unlock investment opportunities in the country,” Sanni said, adding that the Group decided it had become imperative for it to retool and re-strategise its efforts geared towards building the next generation of Nigerian leaders – the youths, in line with its commitment to growing that very important segment of the society.

    “The popular saying that children are the leaders of tomorrow, as cliché as it may sound, for us at Stanbic IBTC, we believe that the youths are the leaders for today and because we understand just how easily one can get distracted or discouraged by the different challenges we face in our lives; our youths therefore, need to be aptly and constantly guided, mentored, inspired and motivated, not just to attain their goals, but in order for them to actualise their full potential,” Sanni added.

    Member Feese said the grace of God and prayers of Nigerians made her stronger and more determined to live and succeed, in the aftermath of the Abuja bomb blast, as the easier option would have been to live with the pain and trauma of the experience for the rest of her life. She pledged to continue with her advocacy work to support and encourage people in similar situations.

    Kechi Okwuchi, who survived the Sosoliso crash, later went ahead to bag a First Class Degree from the University of Thomas, Houston, Texas and emerged a finalist at America’s Got Talent. Her simple message to anyone faced with any affliction is: “don’t let your pains stunt you growth” and ‘don’t allow the scars to retard you.”

    Cobahms Asuquo, the only blind child among seven siblings, said his condition gave him no choice than to live with it and find fulfillment. The first survival principle he learnt early in life was to negotiate, which gave him the room to get what he lacked and to take control of his destiny.

    He urged people to always bring something to the table as “nobody owes you anything. You must work until nobody sees your disability. What they will see is your ability and contributions to society. Your disability simply disappears”.

    “Through the travails, experiences and achievements of these exceptional young individuals, in spite of the hard-knock life and the odds, we hope to inspire, motivate and provoke the can-do spirit of our youth community and imbibe in them the strength of character, and tenacity to never give up but to constantly aspire to attain their full potential in life,” Sanni concluded.

     

  • Coronation Securities, Stanbic IBTC, Capital Asset lead OTC market

    Coronation Securities Limited, Stanbic IBTC Stockbrokers Limited and Capital Asset Limited led participating institutions at the NASD OTC Securities Exchange in 2017-the over-the-counter market for trading in securities of unlisted public limited liability companies. There are also more than 137 registered traders of participating institutions at the market.

    A full-year report on activities at the NASD OTC indicated that Coronation Securities, a subsidiary of Coronation Merchant Bank, led participating institutions, in terms of value of trades, with a turnover of N428.31 million. This represented 9.9 per cent of the total value traded at the OTC market.

    Stanbic IBTC Stockbrokers, a member of the Stanbic IBTC Holdings Plc, followed with 8.1 per cent of the total value trade with the exchange of N353.48 million while Capital Asset Limited accounted for N331.46 million or 7.6 per cent of the total value traded by participating institutions at the OTC market during the year ended December 31, 2017.

    Other leading participating institutions for the year included Greenwich Securities Limited, Chapel Hill Denham Securities, Anchoria Investment & Securities Limited, Apel Asset Limited, TRW Stockbrokers Limited and Readings Investments Limited.

    Altogether, the top 10 participating institutions account for 59 per cent of total value of transactions on the OTC market in 2017.

    In terms of volume, Apel Assets Limited ranked first by volume of shares traded on the OTC market. Apel Assets facilitated transactions of 360.62 million shares, representing 37.5 per cent of transactions in the period. Greenwich Securities Limited followed with 162.67 million shares or 16.9 per cent while Stanbic IBTC Stockbrokers Limited ranked third with 102.54 million shares or 10.7 per cent.

    Other top performing participating institutions by volume traded include Tyndale Securities Limited, Rencap Securities (Nigeria) Limited, Finmal Finance Services Limited, Calyx Securities Limited, ICON Stockbrokers Limited, TRW Stockbrokers Limited and Traders Trust & Investment Company Limited.

    The top 10 participating institutions accounted for 92 per cent of the total volume of shares traded at the OTC market in 2017. The report also showed that Apel Assets accounted for the largest number of deals with 241 deals, representing 8.69 per cent of the total number of deals for the year.

    Inaugurated in July 2013, NASD OTC Securities Exchange is registered by the Securities & Exchange Commission (SEC) as a Self-Regulatory Organisation (SRO). The NASD OTC provides the platform for trading of a broad range of instruments over-the-counter, including equities, bonds and securities not listed on the Nigerian Stock Exchange (NSE).

    Many leading companies are listed on the NASD OTC including world leaders like Dufil Prima Foods Plc, the manufacturer of Indomie Noodles; Friesland Campina Wamco Nigeria Plc, manufacturer of Peak Milk brand; and Fan Milk Plc, popular manufacturer of Fan Yoghurts are listed.

    Other companies listed on the NASD OTC included NIPCO Plc, Air Liquide Nigeria Plc Industrial & General Insurance Plc, Central Securities Clearing System Plc, the clearing and depository arm of the NSE; Nigeria Mortgage Refinance Company, Jaiz Bank Plc, the Islamic bank; Acorn Petroleum Plc, Arm Life Plc, Afriland Properties Plc, BGL Plc, Consolidated Breweries Plc and Food Concepts Plc.

  • Stanbic IBTC supports arts

    Stanbic IBTC has underscored the symbiotic relationship that exists between business and arts. The lender expressed the position at its yearly Fine Arts and The Acts event, held in Lagos.

    It said the event, with  the  theme ‘Nigeria to the World’, also served as an avenue to appreciate its loyal customers and to thank them for their patronage in the year.

    The event, the third in the series, featured an arts exhibition and the works of several artists, as well as musical performances, comedy, and a stage play by the Terra Kulture Crew. The exhibition segment featured the art collections of Prof Olukonyinsola Ajayi and those of Stanbic IBTC.

    Artists whose works were on parade included Olumide Onadipe, Dare Adenuga, Obinna Makata, Julius Agbaje, Uchay Joel Chima, Gbenga Offo, and Adeyinka Akingbade. Others were Lamidi Fakeye and the master himself Ben Enwonwu.

    “This event is to demonstrate Stanbic IBTC’s support for the creative industry and to establish the nexus between entrepreneurship and talent development in Nigeria. Also, we hope to appreciate, celebrate and thank our esteemed clients for their customs and support in 2017,” Chief Executive, Stanbic IBTC Holdings PLC, Yinka Sanni, said.

    According to Sanni, “Such support, through collaborations, partnerships and sponsorships, is intended to ignite the latent talent and entrepreneurial spirit of the populace that when harnessed will move society forward.”

     

    He assured that Stanbic IBTC will continue to draw from the rich experience of the 154-year-old Standard Bank Group, to which Stanbic IBTC belongs, to provide business leadership and direction by supporting arts as well as other sectors of the economy in a way to ensure the socio-economic growth and development of society.

    The well-attended event also provided a platform for entrepreneurs, business people, bankers, industrialists, artists and art enthusiasts to interact and for networking opportunities exploited to advance business interests, especially those supportive of the arts community.

    The duo of IK Osakioduwa and Ayo Mario Ese compered the event and participants were treated to the best musical performances by Timi Dakolo and Isaac Geralds, while celebrated comedians Basketmouth and KennyBlaq thrilled the audience with their rib-cracking jokes. The highpoint of the event was the exhilarating performance of the stage play Fela and His Queens by the Terra Kulture Crew.

  • Stanbic IBTC arranges N6b debt for cereal firm

    Two subsidiaries of Stanbic IBTC Holdings Plc- Stanbic IBTC Capital and Stanbic IBTC Bank have acted as the sole arranger and lender for a N6 billion medium term facility for Kellogg Tolaram Nigeria Limited. The facility is to finance the construction of a new cereal manufacturing plant in the Lekki Free Trade Zone, Lagos.

    Kellogg Tolaram Nigeria Limited is a joint venture between Kellogg Company of the United States of America and Tolaram Group. The factory, with capacity to produce10,000 metric tonnes of cereals per year, was commissioned earlier this month with a mission to manufacture snacks and breakfast foods for the West African market.

    Chairman, Kellogg Company, John Bryant, said the joint venture goes to demonstrate his company’s commitment to the Tolaram partnership as well as to Nigeria and the West African market.

    He praised the Lagos State government and other stakeholders for the support that has been provided to Kellogg Tolaram Nigeria Limited.

    Chairman, Tolaram Group, Mohan Vaswaniname, described the factory as an important milestone for the company as it will ensure that the globally popular Kellogg brand of cereal can now be enjoyed by the Nigerian consumers o     n a much greater scale.

    Chief Executive Officer, Stanbic IBTC Bank, Dr Demola Sogunle, said debt deal reinforces the group’s commitment to playing a pivotal role in developing the Nigerian economy, which is informed by the knowledge that manufacturing and infrastructure underpin socio-economic development.

    “We are undoubtedly delighted to be associated with this historic project. Our facility to Kelloggs Tolaram Nigeria Limited is an opportunity that comes with great benefits, not just to the company but also to the Nigerian economy. Our involvement is yet another testament of our commitment to industrial development in Nigeria. We are particularly elated to be instrumental to a development that would significantly deepen the economy, and more importantly help to create job opportunities in the country,” Sogunle said.