The Nation Newspaper

Tag: strategic plan

  • Fidelity Bank restates commitment to strategic plan

    Fidelity Bank Plc has reaffirmed its commitment towards achieving its five-year strategic plan. The lender said it will continue to advance  socio-economic development through its Corporate Social Responsibility (CSR) programmes.

    The bank’s Managing Director/Chief Executive Officer, Nnamdi Okonkwo spoke in Lagos on Saturday during its annual Fidelity Year End Party appropriately themed “Doing Good”, held at Eko Hotel & Suites, Lagos.

    Organised in commemoration of the 10th anniversary of the bank’s flagship CSR initiative known as the Fidelity Helping Hands Programme (FHHP), Okonkwo pointed out that the event provided ample opportunity for the Bank to appreciate its teeming customers and other stakeholders for their support and patronage. He stated, “Last year, we crafted a new five-year strategic plan to mark the beginning of another growth phase. We are making good progress so far and the figures are panning out as envisaged”.

    The Fidelity boss explained that the FHHP is the Bank’s unique approach to giving back to the society and allows staff members to contribute personal funds to execute sustainable projects of their choice, supported by a 100 percent counterpart funding from the financial institution. “It gladdens our hearts to see that we have impacted lives through the numerous projects recorded over the years by FHHP in the focus areas of Health, Social Welfare, Environment, Education and Youth Empowerment”, he stated.

    Whilst commending staff for hard work and customers for their continued patronage, Board Chairman Ernest Ebi reiterated the bank’s commitment to service delivery. “Service is a key differentiator in banking and at Fidelity we pride ourselves to be a customer-centric bank. “We will continue to innovate and retool our people to serve you better” said Ebi, a former Deputy Governor of the Central Bank of Nigeria (CBN). The event was used to recognize some of the bank’s outstanding performers both in CSR and other areas.

  • Sterling Bank launches new five-year strategic plan

    Sterling Bank launches new five-year strategic plan

    •Grosses N111b earnings in 2016

    Sterling Bank Plc has launched a new five-year strategic plan that will enable the bank optimise its potential and generate better returns for stakeholders. The new strategic plan 2017-2021 will see aggressive growth in the bank’s retail banking business with several innovations to consolidate the steady growth of the bank over the years.
    Its Managing Director, Mr. Yemi Adeola, who outlined the plan agaainst the background of the release of the bank’s 2016 audited report and accounts, said the bank will over the next five years grow its retail banking business aggressively, while improving on efficiency of its operations.
    “We expect that the government’s fiscal intervention schemes alongside supportive economic policies will create pathways for economic recovery. Over the next five years, we will be steering our ship differently and aggressively, growing the retail business through electronic channels,” Adeola said.
    He outlined that the bank will prioritise efficiency over scale with the goal of achieving steady growth and sustainable returns to all stakeholders and optimise its cost profile while providing its customers with the best service.
    Adeola added that the bank would improve on its innovative banking, driven by market insights that would enable it to satisfactorily serve its customers and earn their trust, implement significant investment in technology-led growth initiatives as well as accelerate remarkable growth of its non-interest banking segment.
    Sterling Bank grew its top-line earnings for the sixth consecutive year in 2016 to N111.44 billion as the commercial bank continued to drive the efficiency of its core commercial banking business. Key extracts of the bank’s audited report and accounts for the year ended December 31, 2016 released last Friday at the Nigerian Stock Exchange (NSE) showed that the bank’s gross earnings rose from N110.19 billion in 2015 to N111.44 billion in 2016, in spite of the difficult macro-economic environment that characterised the 2016 fiscal year.
    The report showed that net interest income increased by 41.6 per cent to N56 billion in 2016 as against N39.5 billion in 2015 on account of a 22.5 per cent increase in interest income and a 4.2 per cent increase in interest expense. Profit before and after tax stood at N6.0 billion and N5.16 billion respectively.
    The bank grew its balance sheet size as total assets rose by 4.3 per cent from N799.45 billion in 2015 to N834.19 billion in 2016. Net loans and advances increased by 38.2 per cent to N468.2 billion in 2016 as against N338.7 billion in 2015, driven primarily by foreign exchange revaluation. Customer deposit was steady at N584.7 billion in 2016 as against N590.9 billion in 2015. The bank’s shareholders’ funds stood at N85.7 billion at the close of the financial year.
    Adeola noted that 2016 was a difficult year for the Nigerian economy with high inflation rate, weak oil prices, lower crude oil output and foreign exchange supply shortages. According to him, the multiple challenges and the various regulatory responses during the year put significant downward pressure on the earnings of banks.
    He said in spite of the difficulties, Sterling Bank continued on its growth trajectory as it successfully deployed the “best in class” core banking application – Temenos T24; grew its active customer base and launched the disruptive, award winning payments solution, ChatPay, as the bank optimised its traditional electronic channel offerings.
    He added that the initiatives would enable the bank to optimise its operating efficiency and position it to exploit emerging business opportunities.

  • May & Baker outlines new strategic plan to sustain growth

    May & Baker outlines new strategic plan to sustain growth

    • Shareholders applaud 20% dividend increase

    May & Baker Nigeria Plc plans to expand into new business areas as it seeks new opportunities that will add value to its performance while sustaining the growth of existing businesses and investments.

    At the annual general meeting at Muson Centre, Onikan, Lagos yesterday, chairman, May & Baker Nigeria Plc, Lt. Gen. Theophilus Danjuma (rtd), told shareholders that the company was set to break new grounds and enhance the value of their investments.

    According to him, with its existing businesses showing resilience and the continuing operational efficiency of its World Health Organisation (WHO)-certified pharmaceutical complex in Ota, Ogun State, May & Baker is shifting focus to acquire new competences and expand its business into new profitable ventures.

    “In the years ahead, our plan is to acquire necessary competences in new business areas and seek opportunities that will add value to our investments. At the same time we shall continue to leverage our installed capacity at the pharmaceutical facility in Ota, energise the food and beverages businesses by promoting existing brands and introducing new ones.  May & Baker has a great pedigree but the future is even more alluring as we make new strides and break new grounds,” Danjuma said.

    He explained that the company had delayed its capital raising in order not only to extract the greatest value for the existing shareholders that had toiled to build the company but also to ensure that new equity investments are in line with the strategic vision of future expansion and technical competences. It should be recalled that shareholders had in 2014 empowered the company to raise N3.2 billion new equity capital.

    He said the board had in the interest of all the shareholders decided not just to go for financial investments, but more importantly to look for investors that can, in addition, offer technology that will help the company to better leverage its Pharmacentre investment.

    “This way we shall secure both funding and technology competencies to delve into new areas,” Danjuma said.

    He said the company has restarted discussions with the President Muhammadu Buhari government on the joint venture business for local vaccine production and the signals from the discussions indicate that government is positive on the local production and the revised joint venture agreement will soon be ratified by the Federal Executive Council.

    “We have absolute confidence in this project and that explains why we have not given up on it through these many years of delay. The need to produce vaccine in Nigeria has become even more imperative because the major foreign donor agency for vaccine, Global Alliance for Vaccines and Immunizations (GAVI) has indicated its desire to withdraw sponsorship by 2022. This leaves local vaccine production as the only sustainable avenue to keep our population secure from immunizable diseases,” Danjuma said.

    He noted that the performance of the company in 2015, in spite of the challenges in the economy, showed that it has continued to be resilient and focused on creating values for shareholders.

    The audited financial statement shows that sales grew by 7.8 per cent while increased cost efficiency and internal control boosted pre-tax profit by 41 per cent.  Turnover rose from N7.02 billion in 2014 to N7.57 billion in 2015. Operating expenses reduced by 11 per cent, while distribution, sales and marketing expenses remained flat at 2014 level.   Administrative expenses also reduced by 8.4 per cent from N641.33 million in 2014 to N587.3 million in 2015. Finance charges which has remained a major headache of the company is gradually also being contained. Cost of funding the business was thus reduced by 2.6 per cent from N603.87 million in 2014 to N588.18 in 2015. With this level of operational efficiency, profit before tax grew from N101.2 million in 2014 to N142.4 million in 2015. However, due to significant increase in  total tax burden to N74 million,  the  growth in after tax profit  was slowed to  7.41 per cent,  from N63.34 million in 2014  to N68.03 million in 2015.

  • Govt rejigs strategic plan

    The Federal Government has started the development of the successor Medium Term Strategic Plan 2017-2020 under the coordination of the Ministry of Budget and National Planning.

    Permanent Secretary of the ministry Mrs Fatima Mede, who spoke at a workshop to validate the report of the Needs Assessment Study of the Statistical Planning Agencies of the State Employment and Expenditure for Results (SEEFOR) Project states in Abuja, said the three SEEFOR states are Bayelsa, Delta and Edo.

    Mede said the Medium Term Strategic Plan was to guide the yearly budget preparation.

    “This is expected to fully mainstream the interventions of the UN Sustainable Development Goals (SDGs) and the Change Agenda of the Federal Government.

    “The Commissioners and Permanent Secretaries responsible for Economic Planning and Head of Statistical agencies in the states should work closely with the ministry.

    “You should also work with the ministry in actualising this important task of developing the successor medium term plan for the country,’’ she said.

    She said Nigeria had signed the SDGs, adding that the goals were consistent with national aspirations of achieving the SEEFOR project objectives, inclusive growth and sustainable development.

    Mede said the Federal Government alone could not be able to achieve these goals as it required the collective efforts of the federal and states, including the SEEFOR project-beneficiary ones.

    “It is my belief that our meeting will provide a good platform for brainstorming on how to address the emerging issues.

    “We should also task ourselves to create the enabling policy framework that will make our government to remain focused and committed to actualising these goals by 2030,’’ she said.

    Director, Macroeconomic Analysis in the ministry, Mr Tunde Lawal, said the workshop was aimed at strengthening the planning system in the country.

    Lawal, who is also the National Project Coordinator for SEEFOR Project, said the workshop was designed to offer stakeholders the opportunity to harvest ideas, insights and perspectives.

    He said the workshop would offer stakeholders the opportunity to harvest ideas on how to initiate policies that would strengthen the national statistical, information and planning system in the country.

    “The forum will equally serve as a platform to build and sustain the desired synergy between the federal and states’ actors to actualise our national aspiration.

    “Statistical information is a strategic resource required for development planning. It is our expectation that this arrangement will be replicated and institutionalised at all levels of government.

    “The extent to which this resource is harnessed and used for development purposes would depend on how well the National Statistical System is organised and operationalised at the national and state levels,’’ Lawal said.

  • Commission mulls five-year strategic plan

    Commission mulls five-year strategic plan

    The International Organisation of Securities Commissions (IOSCO) is developing a strategic plan that will cover between 2015 and 2020.

    IOSCO is the leading international policy forum for securities regulators and is recognised as the global standard setter for securities regulation.  The organisation’s membership regulates more than 95 per cent of the world’s securities markets in more than 115 jurisdictions. Nigeria is a member of the 32-member board of IOSCO.

    The global body is undertaking a review to develop the strategic plan, which will define the outcomes IOSCO wants to achieve by 2020; develop a strategic plan for IOSCO and the IOSCO secretariat to achieve those outcomes and determine funding and resourcing needs of the IOSCO secretariat to implement the strategic plan and annual business plans.

    The review will also develop a financing plan to meet the funding and resourcing needs.

    IOSCO said that it is seeking inputs from key stakeholders to benchmark IOSCO’s performance against its Strategic Plan for 2010 to 2015 and stakeholders’ engagement with the IOSCO General Secretariat and other forms of contact with IOSCO.

    The review will also look at the key challenges, which will impact regulated markets and activities and the role of IOSCO in addressing these challenges over the next five years.

    Members of the IOSCO Board are the securities regulatory authorities of Argentina, Australia, Belgium, Brazil, Chile, China, France, Germany, Hong Kong, India, Italy, Japan, Korea, Malaysia, Mexico, Morocco, the Netherlands, Nigeria, Ontario, Pakistan, Portugal, Quebec, Romania, Saudi Arabia, Singapore, South Africa, Spain, Switzerland, Trinidad and Tobago, United Kingdom and the United States.

    The Growth and Emerging Markets Committee, with Nigeria as a member, is the largest committee within IOSCO, representing 75 per cent of the IOSCO membership. Mr. Ranjit Ajit Singh, Chairman, Securities Commission, Malaysia, and Vice Chair of the IOSCO Board, is the Chair of the GEM. The Committee endeavors to promote the development and greater efficiency of emerging securities and futures markets by establishing principles and minimum standards, providing training programs and technical assistance for members and facilitating the exchange of information and transfer of technology and expertise.

  • NCC unveils five-year strategic plan

    The Nigerian Communications Commission (NCC) at the weekend in Abuja unveiled a new five-year strategic management plan (SMP).

    The plan would drive the telecoms regulatory mandate of the commission from this year till 2017.

    The NCC also said it was fine-tuning its mission, to support a market-driven communications industry, promote universal access and position NCC as a responsive world-class communications regulatory organisation.

    The formal unveiling of the plan by NCC’s Executive Vice-Chairman, Dr. Eugene Juwah, was the culmination of over-12 months of industry consultations managed by Price Water-House Coopers (PWC) with input from industry stakeholders and the commission’s workers.

    Dr. Juwah presided over the presentation of the plan before he handed it over to the Executive Commissioner, Stakeholder Management, Mr. Okechukwu Itanyi.

    The NCC Vice-Chairman said the new plan would be the roadmap for the commission’s future tasks, taking into consideration the current and emerging trends in the industry and the expectations of the industry’s diverse stakeholders.

    He said the SMP document would be consulted regularly to ensure that the commission achieves its objectives.

    Dr Juwah said: “A robust SMP like ours has many purposes, such as ensuring the alignment of the day-to-day work to the commission’s strategy; prioritising programmes and projects to achieve NCC’s goals and objectives; ensuring optimal use of NCC’s recourses; providing objective basis for performance monitoring and management, as well as meeting the commission’s vision and mission.”

    The commission said its renewed mission is based on how to “support a market-driven communications industry and promote universal access” while its vision is “to be a responsive world-class communications regulatory organisation”.

    NCC’s Director of Public Affairs Tony Ojobo said the vision and mission were predicated on the dynamics of the industry today. He said the new mission was designed to support a market-driven communications industry and promote universal access.

    According to him, this is because the industry is taking a new direction, especially in the convergence and broadband Internet services, for the provising quality access to end users.

    On the new vision, which is based on a responsive communications industry regulator, ojobo said this would enable the NCC to quickly respond to the dynamics of the industry for optimum delivery to all its stakeholders.

    The NCC spokesman noted that the overarching principle behind the new mission and vision was “to promote an information-rich environment that can compete globally through the provision of quality communications service”.

    The Director of Corporate Planning and Strategy Ms. Funlola Akiode said the journey to produce the SMP was arduous but worth the while.

    She hailed NCC workers and other stakeholders for their contributions to the success of the document.