Tag: Chief Executive Officer

MoMo Payment Service Bank (PSB) formally commences operations

Following the final approval for a Payment Service Bank (PSB) licence granted by the Central Bank of Nigeria (CBN), MTN Nigeria’s fintech subsidiary, MoMo Payment Service Bank (MoMo PSB) Limited, formally commenced operations today. This follows a successful pilot initiated on 16 May 2022, commemorating the launch of our GSM operations on 16 May 2001 and our listing by introduction on the Nigerian Exchange Limited on 16 May 2019. Indeed, this is a key milestone in delivering the Company’s Ambition 2025 strategic priorities.

A market activation took place today at Oke-Arin market in Marina, Lagos, where traders were shown how to open a MoMo wallet, by simply dialling *671# on any network, send money to any mobile phone in the country as well as buy airtime/data and pay bills.

In addition to delivering a wide range of digitised payment services aimed at removing the friction from everyday payment by digitising cash payment, MoMo wallets in the future will also enable account holders to receive inbound remittance from any country in the world, an important feature given Nigeria’s ranking as the destination for the highest remittance inflow in Sub-Saharan Africa.

With an expansive agent network of over 166,000 active agents and digitized partnership infrastructure, MoMo PSB is poised to enable millions of unbanked and underserved Nigerians to access a wide range of financial service products. MoMo PSB will scale its agent network to reach Nigerians across the country, providing a wide range of payment services, and removing friction from everyday payment by digitising cash payment.

“We are grateful to the Central Bank of Nigeria (CBN) for their support and guidance through the process,” said Karl Toriola, CEO of MTN Nigeria. “This is an important milestone for MTN Nigeria in our mission to support the delivery of financial services to everyone in Nigeria. Not just those in urban centres and markets, but also people in the rural and remote areas of the country who remain excluded from the financial system,” he added.

MoMo PSB CEO, Usoro Usoro said: “Providing easy to use, accessible and affordable financial services to all Nigerians is essential to executing the CBN’s financial inclusion strategy and the digital inclusion agenda of the Minister of Communications and Digital Economy. We look forward to playing our part and are excited about the opportunities to partner with relevant institutions across various sectors to co-create and expand access nationwide.”

The Iyaloja of Ifedapo Market, Oke Arin, Mrs. Fausat Akinolu after sending money through her MoMo Wallet said, “I just sent money to my friend, Iya Ibeji, using just her phone number and the process was seamless. MoMo PSB is indeed better than cash and I want everyone to know that they can just dial *671# to open their own wallet.”

The CBN introduced PSB to cater to financially excluded communities. MoMo PSB was granted final approval by the CBN in April 2022.

May 20, 2022
Dangote Cement grosses N413.2bn revenue in the first 3 months

In the first three months of the 2022 financial year, Dangote Cement has recorded a 24.2 percent increase in its revenue and an 18 percent increase in its profit after tax for the same period.

Unaudited results for three months ended 31^st March 2022, showed revenue of N413.2 billion and a profit after tax of ₦105.9 billion.

Analysis of the cement giant’s three months results indicated that Dangote Cement sold a total volume of 7.2Mt of cement across the group with Nigerian operations accounting for 4.8Mt while the rest of Africa did the balance of 2.4Mt.

Chief Executive Officer, Dangote Cement, Michel Puchercos, in his comments, said that the company started the first quarter on a positive note despite the new uncertainties brought by a very volatile global environment. He stated that increases recorded in revenue and profitability drove strong cash generation across the Group. Profit after Tax rose to ₦105.9 billion, up 18 percent compared to last year while Group EBITDA rose to ₦211.0 billion, by 18.6 percent with an EBITDA margin of 51.1 percent.

Puchercos said, “On the operational side, we are ramping up production at our Okpella plant and are progressing well to deploy grinding plants in Ghana and Cote d’Ivoire. Demand remained strong across all markets, and we remain confident that Dangote Cement is positioned to meet customers’ expectations despite these temporary challenges.

Continuing our efforts to deliver shareholder value, Dangote Cement completed the second tranche of its buyback programme. Following the completion of both tranches, Dangote Cement has now bought back 0.98% of its shares outstanding. This share buy-back programme reflects the Company’s commitment to finding opportunities beyond dividend to return cash to shareholders.”

Puchercos added, “the volatile international context is strengthening our efforts to ramp up the usage of alternative fuels and execution of our export-to-import strategy. Reducing our dependence on imported inputs and making our markets self-sufficient has never been more relevant from a regional perspective.

Our continuous focus on efficiency, meeting strong market demand and maintaining our costs leadership drives our ability to consistently deliver superior profitability and value to all shareholders.”

Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, it has a production capacity of 35.25Mta in its home market, Nigeria. The Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta while Gboko plant in Benue state has 4Mta; and Okpella plant in Edo state has 3Mta.

Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighbouring countries.

May 17, 2022
Dangote Cement best Performing Stock – Nigerian Exchange

Africa’s largest Cement manufacturer, Dangote Cement Plc, has emerged the Best Performing Stock of the Year 2021 by the Nigeria Exchange Group (NGX).

Dangote Cement pride as the most capitalized company on the Nigeria Stock Exchange was named the best stock ahead of BUA Cement Plc and CAP Plc, during the 2022 Nigerian Investor Value Award (NIVA) organized by the Businessday in collaboration with the Nigeria Exchange Group

The coveted award is meant for two classes of companies namely, the listed companies segment and the Next Bull segment with Dangote cement leading the pack in the Listed Companies best-performing stock, in the Industrial goods category having been adjudged to have recorded stellar performance in creating value on the Nigeria Stock Exchange on the basis of criteria such as share price, dividend payments, sustainability, brand value, market leadership and business strategy against its peers during the period under review.

In his address on the occasion, the Chief Executive Officer, Nigeria Exchange Limited, Mr. Temi Popoola, who was represented by the Divisional Head, Capital Market, Mr. Jude Emeka said the award by the Businessday Media Limited underlined Nigeria Exchange Group’s goal of promoting actionable and effective multi-stakeholder dialogue on issues central to a well-functioning financial system.

While acknowledging that the winner organizations are worthy and truly deserving the honour, he clarified that the winners were selected from among companies that are active and the investors have expressed strong demand to own their shares.

“As a responsible entity, known for aligning with best global practices, we recognize the importance of corporate governance and effective board leadership in driving sustainability on the business front. That is why we choose to not only recognize listed companies who are blazing the trail in investor relations but also contribute to building a sustainable socio-economic standard in governance, regulation and compliance.

The Nigeria Exchange boss said the leveraging of investments in business innovation and its diversified range of products and services coupled with robust engagement, we are well on our way to achieving our aspiration to be Africa’s preferred exchange hub especially given the number of advances that have been implemented recently including the launch of the NGX Exchange Traded Derivates Market which saw the listing of two Equity Index Futures Contracts, NGX30 Index Futures and the NGX Pension Index Futures.

He assured that the NGX remained resolute in its commitment to the provision of a scalable and enterprising platform for issuers and investors to meet their financial objectives irrespective of the prevailing conditions.

Mr. Popoola said “we will continue to consolidate on the advances by focusing on key initiatives aimed at creating and growing the capital market for the benefit of all key stakeholders.

In his address of welcome, the Publisher, Businessday, Mr. Frank Aigbogun said the NIVA formerly known as the Top 25 CEOs Award recognizes leaders of private and public companies who have created sustainable alpha-generating value for their shareholders through strategic priorities, operation efficiency, organizational values and marketing engagement activities.

He explained that COVID-19 was what most companies, including Nigerian businesses, never envisaged but the reality today is that Russian-Ukraine crisis has again emphasized the urgent need for backward integration and value addition to the nation’s primary produce. Aigbogun expressed happiness that the Nigeria capital market has remained strong in the mix of the global realignment that is going on consequent of the Ukrainian crisis.

Mr. Obu Oliver, the Group Financial Controller, Dangote Cement Plc. who received the award thanked the organizers for the award and assured that the companies would not rest on its oars in sustaining the strategies that make the stock the best performing.

May 17, 2022
Feature: Reigniting the Delight for Local and International Cuisines at GTCO Food and Drink Festival 2022
by Oluwatosin Ojebisi

In its 5^th edition after a two-year hiatus due to the global pandemic, Guaranty Trust Holding Company Plc returned to its annual free to attend Food and Drink Festival this year with over 140 retail vendors in attendance to showcase and sell an array of deliciously finger-licking and mouth-watering food and drinks. This year’s event was held from April 30^th to May 2^nd, at the GTCentre, Plot 1, Water Corporation Drive, Oniru, Victoria Island.

The festival which coincided with the Eid al-Fitr celebration was strategically done to mark the end of the fast and month of good. The event also aims to project the diverse angles of the food industry by connecting various businesses involved in the production and sale of food-related items to a cosmopolitan audience of food enthusiasts, culinary entrepreneurs, and food aficionados.

Notwithstanding, the festival was not just about showcasing food but offered food lovers an opportunity to enjoy sumptuous meals with family and friends. It also offered food exhibitors a platform to increase their brand visibility and sales, whilst showcasing their latest products, trends & innovations in the food industry.

In addition, culinary knowledge-sharing sessions during the event in form of Masterclasses were incorporated to foster knowledge and capacity building for all in attendance. Featuring cooking lessons from top Nigerian and foreign chefs, an outdoor grill, and entertainment was witnessed at the event.
Also, the event featured a variety of tastings from casual to gourmet traditional Nigerian dishes, continental specialties, ready-to-eat snacks, finger foods, and drinks. The Children at the event were not left out of the fun as they were specially catered to with a games centre, giving them the opportunity to engage in fun and educational activities.

Making an appearance during the festival is the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje. He stated that; “Africa’s history and rich cultural heritage is beautifully reflected in its cuisines. The primary objective of the GTCO Food and Drink Festival is to showcase our diversity and industry as a people whilst delivering a sumptuous culinary experience to food enthusiasts across the continent. As our contribution to the development of local SMEs, we want to see our retail customers who also own small businesses thrive by giving them more opportunities to connect with consumers from around the world.
“At GTCO Plc, we are committed to offering our customers and communities great experiences with every interaction and will continue to promote viable enterprises, particularly in the food and fashion industries, given the massive capabilities and countless multiplier effects inherent in these critical industry segments”. He concludes.

In separate interviews with the News Agency of Nigeria (NAN) on Saturday in Lagos, some vendors commended the bank for its support and investment in the growth of small businesses in Nigeria.

Chief Executive Officer, Yange Yoghurt, Efe Inyang, said, “I am so grateful that GTCO selected our business for this opportunity, it is so huge. We did not do anything but chose to bank with them. For me and my business, it is a big deal and my expectation for the fair is to sell out the things we brought to the fair. I hope to be here also next year if the opportunity is granted to us. We are so grateful to the GTCO. Keep doing what you are doing.

“The sale has been good even though we just came in today, this is our first time at the fair and we got a good spot. Everything has been perfect so far, GTCO is just fantastic at promoting SMEs through this initiative.” Inyang concludes.

Also commenting, Founder of Mmaabacha, a local cuisine shop, Anita Nwoye, said, “We provide meal services for local gatherings by serving local cuisines such as abacha, nkwobi, ugba, and palm wine, among others. It is our first time at the GTCO Food and Drink Festival and we expect wider visibility for our business through this platform. We hope to spread our network and hopefully get investors for our business. GTCO Food and Drink fair has impacted positively on my business and has opened more doors of opportunity for us.

“I expect to broaden the scope of my business from this outing based on the contact I have started gathering,” Nwoye added.
May 11, 2022
ABCHEALTH, UNAIDS sign partnership MOU for Improved Healthcare industry in Africa

The Joint United Nations Programme on HIV/AIDS (UNAIDS) and the African Business Coalition for Health (ABCHealth) have signed a Memorandum of Understanding (MoU) to partner on joint initiatives that will improve access to quality healthcare across Africa.

The MoU was signed by Dr. Erasmus Morah, UNAIDS Country Director and Dr. Mories Atoki, ABCHealth Chief Executive Officer on Thursday, May 5, 2022, in Lagos Nigeria. It covers the areas of cooperation which captures UNAIDS’ strategic priorities as articulated in its Global AIDS Strategy 2021-2026 as well as ABCHealth’s strategic priority of leveraging partnerships to drive sustainable development in Africa’s health space.

Mr. Aigboje Aig-Imoukhuede, Chairman of the African Business Coalition for Health and Founder and Chairman, Coronation Capital Limited, spoke about the partnership; “Africa’s healthcare systems demand significant investments to meet the needs of their growing populations, changing patterns of diseases and the internationally agreed development goals. Governments alone cannot carry the burden; the continent’s private sector must play a role and for us to achieve significant impact, the actions must be cohesive. Our coalition of businesses will continue to foster strategic alliances like this to address the health challenges the continent currently faces.”

Speaking, Dr. Morah said; “I am delighted to sign this MoU between the UNAIDS Country Office for Nigeria and ABCHealth, to signify the growing partnership between our two organizations. We both share the common goal of playing a more enhanced role in Nigeria’s HIV and health sector response, to accelerate equitable access to care, address institutional barriers to social justice and mobilize stakeholders in more fully resourcing for health. I eagerly look forward to using the opportunity of our new relationship to reduce inequalities that increase people’s vulnerability and put communities at the center of the response to HIV, including on other health challenges such as COVID-19.”

Zouera Youssoufou, Chief Executive Officer, Aliko Dangote Foundation and Board Director of ABCHealth spoke about the potential benefits of the partnership between ABCHealth and UNAIDS. She said, “Since inception, we have been building the coalition into a powerful force that can make real impact by translating words into action. Africa’s health and healthcare industry needs to be reformed and developed and Africa’s private sector must play its part; COVID-19 revealed this much. However, leaving this responsibility to governments alone is not realistic –– ABCHealth provides a platform that responsible corporates, businesses, philanthropists, and development institutions can trust to support their commitment to transforming the continent’s health space.”

Dr. Mories Atoki, the Chief Executive Officer for ABCHealth concluded saying; “Africa’s health sector is about to experience a significant shift due to the increasing interest that critical stakeholders in both the private and public sectors are showing to enhance health outcomes and improve livelihoods. We therefore urge businesses who truly believe in the health and wealth of Africa to join our Coalition so that we can achieve the desired impact.”

May 5, 2022
Q1: Dangote Cement ramps-up production at Okpella plant

…as earnings per share hit ₦6.18

Africa’s biggest cement manufacturer, Dangote Cement, has ramped up production at its newest plant, in Okpella Edo State even as its earnings per share rose by 16.8 percent to N6.18 in the three months ended March 31, 2022. Ramping up production at the Okpella plant is part of efforts to increase cement supply in Nigeria as well as ensure timely supply of products to customers in the South-South and Southeast geopolitical regions.

Analysis of the cement giant’s three months results indicated that Dangote Cement sold a total volume of 7.2Mt of cement across the group with Nigerian operations accounting for 4.8Mt while the rest of Africa did the balance of 2.4Mt.

Chief Executive Officer, Dangote Cement, Michel Puchercos, in his comments, said that the company started the first quarter on a positive note despite the new uncertainties brought by a very volatile global environment. He stated that those increases were recorded in revenue and profitability that drove strong cash generation across the Group. Profit after Tax rose to of ₦105.9 billion, up 18 percent compared to last year while Group EBITDA rose to ₦211.0 billion, by 18.6 percent with an EBITDA margin of 51.1 percent.

Puchercos said, “On the operational side, we are ramping up production at our Okpella plant and are progressing well to deploy grinding plants in Ghana and Cote d’Ivoire. Demand remained strong across all markets, and we remain confident that Dangote Cement is positioned to meet customers’ expectations despite these temporary challenges.

Continuing our efforts to deliver shareholder value, Dangote Cement completed the second tranche of its buyback programme. Following the completion of both tranches, Dangote Cement has now bought back 0.98% of its shares outstanding. This share buy-back programme reflects the Company’s commitment to finding opportunities beyond dividend to return cash to shareholders.”

Puchercos added, “the volatile international context is strengthening our efforts to ramp up the usage of alternative fuels and execution of our export-to-import strategy. Reducing our dependence on imported inputs and making our markets self-sufficient has never been more relevant from a regional perspective.

Our continuous focus on efficiency, meeting strong market demand, and maintaining our costs leadership drives our ability to consistently deliver superior profitability and value to all shareholders.”

Dangote Cement is Africa’s leading cement producer with nearly 51.6Mta capacity across Africa. A fully integrated quarry-to-customer producer, it has a production capacity of 35.25Mta in its home market, Nigeria. The Obajana plant in Kogi state, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta while the Gboko plant in Benue state has 4Mta; and Okpella plant in Edo state has 3Mta. Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighbouring countries.

May 4, 2022
Beyond Banking, Union Bank Launches Future-Forward Innovative Co-Creation Hub, SpaceNXT

…reiterates commitment to innovation and technological advancement in Nigeria

Leading financial institution, Union Bank has launched a technological and innovation hub known as SpaceNXT. Built to promote innovation and encourage collaboration within the tech ecosystem in Nigeria, SpaceNXT is a future-forward purpose designed co-working hub for innovators, creators and techpreneurs.

Located within the Union Bank Head Office in Lagos Nigeria, SpaceNXT was set up to provide an enabling environment where tech enthusiasts, visionaries and creators can converge for the propagation of new ideas. It is a launching pad for innovators to collaborate, develop and improve on ideas around digital systems and technology

Lola Cardoso, Executive Director and Head, Retail Banking and Digital, Union Bank, spoke on the benefits of SpaceNXT to the tech ecosystem. She said, “Globally, technology and innovation are key drivers of growth, and here in Nigeria, the tech community is at the forefront of our ongoing digital revolution. To unlock the massive potential of the sector, we must create an enabling environment that promotes collaboration and fosters strong partnerships within the ecosystem, this is why we launched SpaceNXT – to serve and enable the growth of the tech community.”

The launch event which was held on April 7th, 2022 had Special Guest of Honour, Mr.Tunbosun Alake, Special Adviser on Innovation and Technology to the Governor of Lagos State, in attendance. He officially opened the space alongside the executives of the Bank.

Speaking during the ribbon-cutting ceremony, he said,“This is indeed a laudable moment for Union Bank. With the launch of SpaceNXT, Union Bank has established itself as a bonafide trusted partner for the future generation. SpaceNXT is a sandbox for culture change and an enabling lever to drive innovation and technology in Nigeria.

”SpaceNXT was conceived as part of the Bank’s mission to enable success for the tech community in Nigeria by providing a space that would foster collaboration within the ecosystem. Union Bank’s Chief Executive Officer, Emeka Okonkwo, shared the Bank’s reason for launching the Space at this time.

According to him,“For us at Union Bank, we believe the best way to predict the future is to create it. This is why we are pushing beyond banking to take a strategic position as enablers of success within the tech and innovation industry. We are excited at the opportunity to enable the ecosystem and co-create a future that is brighter than we can imagine today”.

Besides being a hub for sharing and generating innovative ideas, SpaceNXT will also serve as a venue for tech and innovation events, hackathons, trainings and meetings. Union Bank remains committed to the acceleration of the technological landscape in Nigeria.

April 8, 2022
9PSB to Support Nigeria’s Agribusiness Sector with Digitized Payments Solutions

Nigeria’s pioneer and foremost Payment Service Bank, 9 Payment Service Bank (9PSB) has committed to growing Nigeria’s agriculture value chain by supporting the payment needs of farmers, through accessible, easy and inclusive payment solutions.

The Chief Executive Officer, 9PSB, Branka Mracajac gave the assurance while speaking at the Vanguard Economic Forum Series, held on Thursday March 17, 2022 at The Civic Centre, Victoria Island, Lagos.

Delivering a keynote presentation titled, “Digitizing Payment & Agricultural Value Chain Financing for Small Holder and Commercial Farmers”, Mracajac noted that the solution to solving the problem of the country’s agriculture value chain is two-pronged: the need to increase funding -which farmers have easy access to – for Agribusiness, and to digitise payments in the agriculture value chain.

According to her, while there are ongoing efforts to solidify the country’s financial inclusion mandate, it is important to speed up actions on addressing the gap on financial literacy. She said, “Although, there is an increase in the uptake of digital financial products and payment platforms in Nigeria, the fact remains that most farmers in rural Nigeria, are unbanked and have little or no access to formal financial services, including adequate information on the most basic elements of financial concepts.’’

Citing the challenges that lack of access poses to the farmer, she remarked, ‘’If you therefore visit the yam and garri market at Iseyin, in Oyo state where, for instance, there is a hub of these small-scale farmers, you will discover that a lot of the payments for farm produce and other services are cash transactions. People travel from major Southwest cities carrying heavy cash for their goods, because the farmer from whom they buy the products does not accept or understand or trust digital modes of payment.’’

Furthermore, Mracajac stressed the need for collaboration among stakeholders to create solutions that enhance the agricultural value chain in Nigeria, stating that 9PSB is particularly invested in strategic partnerships and collaboration that enables accessible, seamless, efficient and an inclusive financial service for all.

Also speaking at the event, Richard Mark Mbaram, Co-Chair, Comms Sub-Committee, UN Food Systems Summit Nigeria Cohort, noted that in solving food security issues, there is need to integrate smart solutions. Speaking further he said, “If we are looking at achieving a world free of hunger by 2030, then we need to aggressively look into improving the capacity and productivity of farmers as well as expanding the market frontiers to make the agribusiness viable and attractive”.

For his part, Dr. Emmanuel Ijewere, Vice President, Nigeria Agribusiness Group spoke about creating an environment where Nigerian farmers are able to partake in the global agric export trade. According to him, the need has arisen to “emphasise smart agriculture and mechanised farming to enable farmers overcome the natural encumbrances that come with the business in terms of storage, farm implements, seedlings, fertilisers, quality of produce etc.

Overall, the various speakers at the Summit agreed that there must be a cross sectoral collaborative effort consisting of grassroots actions and initiatives that will create an ecosystem to reduce transactional cost, improve efficient cash management, accountability and transparency, drive financial footprints for end-stage beneficiaries, while providing them with access to the financial ecosystem and improving information for credit scoring.

Themed “Enhancing Nigeria’s Food Security in a Changing Climate and Digital Technology Environment,” the 2022 Economic Forum attracted industry players within the agribusiness and fintech ecosystem who gathered to discuss and proffer solutions to improving the country’s agriculture value chain business.

9 Payment Service Bank (9PSB) is a registered Nigerian bank operating under approval of CBN to provide unique banking services to the underbanked, unbanked, as well as innovative services to individuals with bank accounts 9PSB operates as a fully digital bank and runs its own agency network. 9PSB is a bank for everyone, accessible by everyone and offers seamless online & offline banking experience.

March 19, 2022
Access Bank Commits to Improving Children’s Welfare with South Africa Charity Polo Tournament

…donates R360,000 to Nelson Mandela Children’s Trust Fund

Access Bank Plc has further demonstrated its commitment to making a difference through charity as the Bank successfully hosted its maiden Polo tournament held at the prestigious Val de Vie Polo Club in Cape Town, South Africa. The event held to further create awareness and raise funds to support the education of underprivileged children in Africa.

In partnership with Fifth Chukker, through the Nelson Mandela Foundation, the initiative further deepened the Bank’s commitment towards impacting the environment and positively affecting the lives of underprivileged children in Africa.

Group Managing Director, Access Bank PLC, Herbert Wigwe who led other top officials of Access Bank to the event, expressed delight that the Charity tournament is achieving its main objectives.

“About 12 years ago, we decided to act and positively impact the lives of underprivileged children in Africa, including South Africa. The first Charity Tournament saw us impact 400 children and now, the number has grown to 12,000 children who have been educated across the northern part of Nigeria. Henceforth, every December will be dedicated to this cause; we will set aside money to support underprivileged children in South Africa through the Nelson Mandela Foundation,” Wigwe said.

Chief Executive Officer, Access Bank South Africa, Sugendhree Reddy said, “This successful engagement was made possible because of the opportunities provided by the South African government to establish our presence in this relatively new market. Access Bank is here to deliver value and excellent service to customers in South Africa. Hence, we will collaborate with all stakeholders to create optimal solutions and serve as Africa’s gateway to the rest of the world.”

The event saw hundreds of game enthusiasts throng the venue to watch the beautiful game of Polo, as teams competed for the Access Bank Gold Cup and Emily Aig-Imoukhuede Memorial Cup – commissioned by Fifth Chukker in memory of one of Nigeria’s most accomplished women and former President of the National Council of Women Societies, Emily Aig-Imoukhede.

The Bank also donated the sum of R360,000 to the Nelson Mandela Children’s Trust Fund (NMCF), while funds generated from the sale of artworks at the event went to the Foundation.

Access Bank has been at the forefront of creating awareness and supporting the education of underprivileged children in Africa through raising much needed funds for organisations such as UNICEF for this purpose.

March 16, 2022
OVH Energy Marketing provides valuable recommendations to drive the Nigerian Midstream Sector

 …As company bags Best Downstream Company Award

Nigeria’s leading indigenous marketer of choice, OVH Energy Marketing (Oando Licensee) has proffered strong recommendations on the development of the midstream and downstream Oil & Gas industry in Nigeria, suggesting that the sector needs significant infrastructure investments. This was discussed at the just concluded 5^th Nigeria International Energy Summit (NIES) held in Abuja themed: “Revitalising the Industry: Future Fuels and Energy Transition.”

The summit which, has gathered momentum on the global scene, is a platform for Nigeria to engage both local and international stakeholders towards the effective development of the oil and gas sector as a strong catalyst for economic growth.

The second day of the five-day conference featured a CEO roundtable with Mr. Huub Stokman, Chief Executive Officer (CEO) of OVH Energy Marketing Ltd, Oando licensee, advocating for more collaboration amongst relevant stakeholders in the industry to develop on the necessary measures that can improve infrastructural development in the sector to meet customers’ needs.

“On Midstream and Downstream infrastructural development, the industry needs more investment to expand and boost our jetties, the pipelines, depots, trucks and human capacity development for a safe operation. We recognize that the industry needs more funding and investment to achieve all of these whilst customers’ demands are met and creating values to the end-users.,” he said. He further stated that the new refineries will change the supply landscape, and Nigeria becoming self sufficient in the production of refined fuel. This is a major milestone. He noted. If this happens combined with a good competitive environment (a level playing field), the customer can decide the best price served and who they want to buy from. A regulated market slightly distorts these elements.”

According to Mr. Stokman, new refineries will produce cleaner fuels which is good for the environment, and for the good health of all Nigerians. The current challenge around fuel supply and distribution shows us that as an industry, we need to have a good emergency plan (the refineries go down for maintenance, what then do we do?). We should use today’s challenges as a learning opportunity for the future, he advocated.”

He commended the Federal Government for the signing of the PIA and the swift response of the Authority Chief Executive in the implementation of the Act, however, he observed that the postponement of full deregulation of industry will pose a lot of challenges to the industry. As it is the decade of gas, we should also capture gas (LPG, CNG, LNG) as a substantial part of the energy mix of Nigeria: – in terms of Energy Self sufficiency and towards a sustainable future.

Mr. Stokman further commended the efforts to bring together industry stakeholders to share ideas on how to move the country forward, “this is our fourth participation at the NIES, and it is a wonderful platform for players in both upstream and downstream. This a great event which brings in foreign and local experts to exchange ideas, opinions, trends and outlook for the future.”

OVH Energy Marketing also won the 2021 Best Downstream Company Award. The award was conferred on OVH Energy Marketing at the gala night of the fifth Nigeria International Energy Summit in Abuja on Monday.

Speaking on the award, Mr. Stokman explained that the award is a reward for the company’s repeated commitment to be customer-centric whilst contributing to the development of the downstream sector. In his words, “we are always humbled to receive recognitions like this and a big thank you to our customers for their unwavering patronage over the years”.

“OVH Energy Marketing will continue to provide exceptional services to our customers, as our strong unrivaled heritage drives to impact our customers’ lives positively while distributing over 1 billion liters of refined petroleum products annually and providing trusted petroleum services including, supply reliability and technical expertise nationwide”.

In recent times, Nigeria has made strategic moves towards becoming a foremost oil and gas investment destination, through ongoing strategic sectoral reforms and engagement with host communities. This year’s NIES conference continues to engage industry experts and investors on developing hedging strategies to combat prevailing sectoral challenges towards unlocking inherent value in the near future.

March 9, 2022
9PSB CEO Calls for Targeted Content to Accelerate Nigeria’s Financial Inclusion

The Chief Executive Officer, 9PSB, Branka Mracajac has emphasized the need to pay close attention to content creation as an important factor in driving and accelerating financial inclusion in the country, stating that it is capable of enhancing the future of digital banking in the long-term.

Mracajac made this assertion, while presenting a keynote address, themed “Content Creation and Financial Inclusion; The Future of Digital Banking” at the Tech Summit Ogun 2022, which held at the Olusegun Obasanjo Presidential Library Abeokuta, Ogun State on Thursday February 17, 2022.

According to her, while there are ongoing efforts to support the country’s financial inclusion drive, a lot more rest on formulating tailored strategies that address specific needs. “Providing access to the banking agents and touchpoints, across the country is happening as we speak; payment service banks, microfinance banks, and FinTech companies are all working on this. But will this be enough? Will the access to digital banks change the mindset of Nigerians in rural areas of the country and be enough to drive the transition from cash to a cashless society?” she questioned.

Proffering the way forward, Mracajac stressed the need to provide financial literacy through content that speaks to an average Nigerian in unserved rural areas of the country, stating that financial inclusion is a process, not just a point in time and space that we want to reach.

She added that, developing content that speaks only to the already banked and mirroring the digital financial habits of those who are fully included and heavily banked, will not help to keep the newly onboarded in the system long-term. She stated: “While creating and delivering the content for financial inclusion, we need to have in mind the needs of its beneficiaries, the targeted end-users of the financial services who are currently underserved and the only sustainable way is that we join our forces and create the content – apps and services that will address the specific needs of a farmer in Benue, market women in Onitsha, trader in Kano, fisherman in Delta, and the woman selling ofada rice in Ogun State”.

Speaking further, she noted that, to drive the offline individuals and MSMEs from cash to cashless, from analog to digital and from informal to formal, content creators need to focus on two major goals; one, to deliver relevant and on-point digital financial literacy content, educating people about the principles, ways, modules, and benefits of banking. The second one, she stated, is needed for sustainable Financial inclusion: delivery of digital banking services that are a reflection of the lifestyle of the currently unbanked and underserved population.

She called on all stakeholders within the financial ecosystem, including content creators to work collectively to develop and implement a digital content strategy for the unbanked to move the financial inclusion needle and ultimately advance the economy, society, and improve life of every Nigerian.

In his own keynote address, titled “Disruptive Innovation: Production and Distribution of Creative Content, the Honourable Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami, who was represented by the Chief Executive Officer, Nigerian Communications Satellite Limited (NIGCOMSAT), Dr. Abimbola Alale remarked that the quality of creatives and start-ups that Nigeria has produced is a testament to the potential of the ecosystem, and as such the ministry will continue to support the tech and creative entrepreneurs to play their part in developing Nigeria’s digital economy.

The Tech Summit Ogun is an annual convergence of Tech disruptors, innovators, startups, organizations and technology enthusiast in Ogun State, aimed at spurring technological innovation towards the digital transformation and technological advancement of Ogun State. This year, the summit attracted over 2000 participants, mainly the youths and start-ups.

February 21, 2022
9mobile, NIMC affirms commitment to effective National Identity Management

Nigeria’s leading telecommunication services provider, 9mobile, has reiterated its support to the nation’s identity management commission. The telco gave the assurance at the one-day stakeholder engagement workshop and capacity building interactive session organized in collaboration with the National Identity Management Commission (NIMC), held recently in Abuja.The workshop was organized to examine the capabilities and challenges in the NIMC service delivery process to proffer solutions to identified challenges.

Delivering his remarks, Chief Executive Officer, 9mobile, Juergen Peschel, commended the management of NIMC for supporting the workshop to engage stakeholders in the industry. He said, “9mobile will continue to play a pivotal role in the country’s national identity management enrollment scheme, especially in the rural areas where we have the mandate to register 10 million individuals. To ensure that we meet up with the target, we are constantly expanding our capacity in terms of infrastructure and technology to ensure that all Nigerians are enrolled.”

Director of Sales, 9mobile, Oluwatosin Olulana, stressed the need for ongoing engagement with stakeholders to strengthen the nation’s identity management process.

He said, “9mobile will be sharing resources with NIMC to improve the process of service delivery. In addition, mobile connectivity will also be made available for the next six months to aid the virtual working process. We are currently arranging to provide up to 20Mbps fiber connectivity for NIMC office use. We believe providing the necessary infrastructure will enable the commission to deliver on its mandate in the interest of the country.”

While restating the commission’s commitment to fostering the development of a robust identity system in Nigeria, Dr. Umar Ba, who represented the Director-General, NIMC, Engr, Aliyu Aziz, called for collaboration among stakeholders. “NIMC cannot do it alone, and as such, we will continue to seek for collaboration from stakeholders and particularly from 9mobile, one of our most trusted allies,” he remarked.

December 9, 2021
FirstBank Celebrates 2021 Youth Week

From showcasing of talents, to the art of fashion design, identifying youths in the food business and lots more, Nigeria’s leading financial services providers, First Bank of Nigeria Limited has reiterated its commitment to Youth Empowerment and Entrepreneurship through the celebration of its ongoing 2021 Youth Week.

The Youth Week, themed “The Future is Now, Let’s Takeover” started on Monday, 8 November 2021. The event comprises a variety of activities, including Youth-themed Future Forward activities, First@arts Creative Artistry Empowerment Workshop, Grooming and Wellness Workshops, Digital Engagements, Virtual Mini Concert, and many more. Each activity is associated with various gift items, including gift vouchers and cash prizes.

During the celebration of the FirstBank Youth Week 2021, youths will get rewarded for their talents by following this process – Do a recording showcasing your singing prowess in a video (1 minute or less), Upload your video on Instagram, be sure to follow firstbanknigeria on IG, then Tag 5 friends to follow the bank with the hashtags #YouthVoices #FirstBank #YouthWeek. The top 5 videos with the highest likes will be posted on FirstBank page and the top 3 videos with the highest likes would win the competition. In addition, Millennials and Gen Zs will upload videos detailing their FirstBank experience on Yammer. The videos with the most votes will win the 1st, 2nd and 3rd prizes respectively.

The Bank will also provide an avenue for the youth to be empowered in Artistry Workshop Sessions & Arts Classes. A call for interested candidates in the art of fashion design and illustrations will be done. Entries will be received from candidates who are told to submit their illustration creatives and 10 Youths will be empowered to learn the business of illustrations at Claire Idera Studio.

Also included is the Food Grill & Fest, a platform the FirstBank uses to give opportunities to youths in the Food business. Youths in the food business will be allowed to submit their entries to the vendors at Grill & Fest 2021. Food-related questions will be asked on the Bank’s verified social media platforms and the first 5 people to get the questions right will win vouchers. The Wellness and Grooming 101 event will provide an avenue for youths to be empowered in the grooming and wellness Masterclass. Interested youths will show their interest to upskill in areas of beauty, grooming and wellness.

Speaking on the Youth week celebration, Dr. Adesola Adeduntan, Chief Executive Officer of FirstBank said ‘’we remain committed to recognizing the enormous opportunities that can empower the Nigerian youth. Over the years, we have seen our youth benefit from actively engaging in our programmes where they develop effective leadership skills and gain a stronger connection to their community. Young people are our future and we are always ready to support and help harness their skills as with these, we put them at an advantage in securing their future as they contribute to national development.

At FirstBank, with about 57% of the entire workforce being millennials and ‘Gen Zs’, the Youth segment has been and will continue to be the prime focus. Therefore, the Youth Week presents a unique platform to strengthen the Banks commitment to the younger population, who have become the powerhouse driving all facets of digitization and innovation in our world today’’.

Since 1999, Nigeria has continued to join the international community to observe the Day in commemoration of the importance of youth’s participation in politics, economic and social activities towards sustainable development of the nation. Nigeria has one of the highest populations of youth in the world, with about half of the estimated 200 million of the country’s total population being under the age of 19 and 62%, below the age of 24.

For more information and participation in the Youth Week, kindly visit the bank’s verified social media platforms; Instagram: @firstbanknigeria, Facebook: First Bank of Nigeria Limited.

November 12, 2021
Chapel Hill Denham emerges one of the finalists at FCDO’s MOBILIST Competition

Chapel Hill Denham were announced as finalists in the UK’s, Foreign Commonwealth and Development Office (“FCDO”) MOBILIST competition engaging financial institutions in a search of the best proposals for mobilising capital for sustainable infrastructure. In working with partners across the finance industry, the FCDO through MOBILIST is developing a platform that acts in public and private markets and represents a long-term commitment by the UK Government to securing new sources of investment at scale, to finance global development for decades ahead.

In his speech at COP26 in Glasgow, the UK’s Chancellor of the Exchequer, Rishi Sunak, bolstered his commitment to “rewire the entire global financial system for Net Zero” by pledging a further £66 million to expand the MOBILIST programme. He also named Chapel Hill Denham Management Limited as one of five finalists for its investment product ‘Africa Infrastructure Equity Fund,’ which aims to deliver clean and reliable infrastructure across the continent.

Affirming Chapel Hill Denham’s commitment to Africa’s sustainable development; Bolaji Balogun, Chief Executive Officer said: “Over the next decade, less than 1% of the capital managed by global institutional asset managers can change the course of Africa’s economic and social history and lift more than a billion people out of poverty. A prosperous Africa can feed the world, resource the world and reverse migration. The foundation for delivering this is in accelerating the rate of institutional investment into low carbon, resilient infrastructure across Africa. We applaud FCDO’s decision to direct this capital via well-governed, financially transparent, listed, investment vehicles and are proud to have been shortlisted by the MOBILIST competition.”

Phil Southwell, Partner, Chapel Hill Denham further added: “Sustainable infrastructure enables broad based and inclusive growth across Africa and helps the continent meet the SDGs. However, to get more investment, not only do we need to get corporates to invest more (they will only do so, knowing that there’s an ability to monetise and divest in the future), but we also need to deliver a diversified, yielding portfolio for institutional investors as they are not looking for one-off, greenfield investments. Our proposal in the MOBILIST process delivers this for corporates and investors.”

November 5, 2021
MTN Nigeria completes issuance of N89.999b Series

MTN Nigeria Communications Plc (MTN Nigeria) has successfully completed the issuance of its N89,999,000,000 Series II 10-Year 12.75% Fixed Rate Bonds due 2031 (“Series II Bond”) under the N200 billion Bond Issuance Programme.

The book build process commenced on 8 October, 2021 and was completed on 15 October, 2021. The offer was well received with active participation from a diverse range of high value investors, including pension funds, insurance companies, asset managers, financial institutions, and high net worth individuals. During the book build, the total value of subscriptions received, peaked at N133,454,000,000, representing a 1.48 times oversubscription. As a result, the Series II Bond was launched at a clearing coupon of 12.75% with N89,999,000,000 in qualified bids

Commenting on the bond issuance, Karl Toriola, Chief Executive Officer of MTN Nigeria said, “We continue to be grateful for the immense investor support, as the domestic debt capital market has yet again given us the opportunity to raise long-term financing to aid our investments in our network. In line with our strategy, the bonds issued this year enable us to diversify our funding sources and extend the maturity profile of our debt portfolio. We are very proud of this landmark transaction and thank the investor community for their continued confidence in MTN Nigeria’s long-term strategy, our management team, and the overall telecoms industry”.

Also speaking, Kemi Awodein, Managing Director, Chapel Hill Denham stated that, “We are delighted to have led and completed MTN Nigeria’s N200 Billion Bond Issuance Programme with the pricing of the N89.999 billion Series 2 bonds. MTN Nigeria’s strong credit story has underpinned what have been two oversubscribed issuances in tricky market conditions this year. Chapel Hill Denham acted as Lead Manager and Bookrunner on the MTN debut and follow on issuances of the first bonds issued by a Nigerian telecommunications operator further broadening Nigeria’s capital markets. We are humbled to have led this landmark transaction and pleased to have delivered results for MTN Nigeria and the opportunity to be a part of MTN’s continued success story.”

Chapel Hill Denham acted as the Lead Issuing House for the Series II Bond, and Stanbic IBTC Capital, DLM Advisory, FCMB Capital Markets, FBNQuest Merchant Bank, Rand Merchant Bank, and Vetiva Capital Management acted as Joint Issuing Houses.

November 4, 2021