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Tag: Dr Demola Sogunle

  • Stanbic IBTC Adopts School In Gombe State

    Stanbic IBTC Adopts School In Gombe State

    Stanbic IBTC Holdings, a member of Standard Bank Group announced it had adopted Kurba Community Primary School in Yamaltu Deba LGA in Gombe state school as part of its Adopt A School Programme.

    The school, which was established in 1975, and with a current population of 400 students was selected to become part of the programme.

    Stanbic IBTC Adopt A School Programme is a CSR initiative aimed at improving the quality of education for children all over Nigeria by identifying, adopting and renovating public schools thereby creating model learning centres for children.

    Dr Demola Sogunle, Chief Executive, Stanbic IBTC, who spoke on the handover of the school said “The adoption of Kurba Community Primary school falls under Stanbic IBTC’s Social, Environmental and Economic (SEE) impact areas of education, health, and financial inclusion”. “It is also in line with the United Nations Sustainable Development Goal (SDG) 4 which focuses on free, equitable and quality primary and secondary education for children by 2030”, he added.

    He further said, “Stanbic IBTC believes every child should get educated in an environment conducive to learning. As a socially responsible organisation, we ensure that we contribute our quota to development of individuals and institutions in all communities we operate in, which is why we are here today in Kurba Community”.

    To kick-start the adoption of the school, Stanbic IBTC renovated and rebuilt classrooms blocks, renovated the toilets and equipped the classrooms and teachers’ offices with furniture. Trees were also planted in the school as part of the organisation’s commitment to achieving net zero emissions by 2050 in Nigeria.  Students and Staff of the Kurba Community Primary School were also granted access to training and learning opportunities as part of benefits of the Adopt A School Programme.

    In his speech, the Permanent Secretary, Gombe State Ministry of Education, Mr Mohammed Galadima, thanked Stanbic IBTC Holdings for the adoption of Kurba Community Primary School and implored other organisations to emulate Stanbic IBTC.

    Stanbic IBTC Holdings said it remained committed to improving the learning conditions of Nigerian students and providing opportunities to improve the number of educated children in the country.

  • Stanbic IBTC gives Scholarships to 100 University Undergraduates

    Stanbic IBTC gives Scholarships to 100 University Undergraduates

    Stanbic IBTC Holdings PLC, a member of Standard Bank Group, awarded scholarship to 100 Nigerian youths who had excelled in University Tertiary Matriculation Examination (UTME) and had gained admission for the 2021-2022  academic session. The grants, which would provide the students with the financial aid needed to fulfill their educational needs and pursue their dreams, demonstrated the financial institution’s commitment towards the growth of the Nigerian education sector.

    Each of the successful candidates, who had recently gained admission into universities, would receive scholarships valued at N400,000. The grants would be disbursed in tranches of N100,000 across four academic years.

    The financial institution stated that it focused on empowering  bright-minded individuals with the capacity to gain adequate knowledge needed to become great men and women in life.

    The initiative which commenced in 2019 now has had almost 200  recipients. The beneficiaries were chosen across the six geo-political zones in Nigeria through fair screening processes.

    According to Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings, the scholarship was borne out of the need to empower hardworking and diligent young Nigerian undergraduates, who aspired to pursue their tertiary education in any state or federal university in Nigeria.

    “We believe that everyone deserves a chance to access quality education and we believe in rewarding students who have shown remarkable academic excellence. This initiative will go a long way in easing the financial burdens of these undergraduates who participated in the UTME and gained admission into various Nigerian state and federal universities for the 2021-2022 academic session. We are pleased to announce the 100 winners of this year’s scholarship scheme for undergraduates in 33 universities across the 36 states and the FCT. We wish them great success in their academic journey” he said.

    Asides the first tranche of disbursement, subsequent disbursements would be subject to beneficiaries maintaining their enrolment in their respective universities and degree programs they were admitted into, adhering to the academic and administrative policies of the university, and the provision of a letter of good conduct issued by their respective departments. Beneficiaries would also be required to maintain a Cumulative Grade Point Average (CGPA) of at least a second class upper range, amongst other requirements.

    Demola further added that education remained one of the keys to facilitating a nation’s prosperity, hence the introduction of the scholarship initiative.Stanbic IBTC remains committed to driving value-added initiatives like the University Scholarship programme to contribute to the educational development of the Nigerian youth.

  • Stanbic IBTC: is Contributing Innovatively to Nigeria’s Creative Sector

    Stanbic IBTC: is Contributing Innovatively to Nigeria’s Creative Sector

    Stanbic IBTC Holdings PLC, a member of Standard Bank Group, restated its commitment to developing sustainable impact in the global creative industry and contribute to the growth and advancement of the Nigerian creative industry through world-class products, value-driven opportunities, and partnerships.

    The financial institution stated that it supported key stakeholders in the creative space through growth-oriented solutions and opportunities such as funding, visibility, partnerships, sponsorships, and collaborations that had alleviated some of the challenges the industry faced. It explained that its commitment to the sector stemmed from the creative industry’s potential in tackling unemployment in Nigeria through job creation.

    Stanbic IBTC in partnership with entertainment industry players established cinemas with advanced infrastructure. This is a testament to the organisation’s commitment to supporting the creative industry. Also, in line with the Central Bank of Nigeria (CBN)-led Creative Industry Financing Initiative, its banking subsidiary continued to set aside 5 percent of its profit after tax to lend to the creative sector players at a subsidized interest rate. As such, individuals in the creative space have benefitted from flexible funding at low-interest rates that helped to drive the growth of the creative industry.

    Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said that, “The creative industry is filled with many brilliant young talents who are endowed with great potentials and Stanbic IBTC believes that if nurtured and harnessed strategically, the creative sector would make significant contributions to the Nigerian economy in enhancing competitiveness, productivity, substantial growth, and employment opportunities.”

    Demola revealed that Stanbic IBTC has also supported initiatives like ‘The Entertainment Fair and Festival conference’ (TEFEST); an event targeted at fostering and showcasing world-class innovation around the entertainment business in Africa, and proffering solutions for improving the business relations of the industry.

    Furthermore, to drive Nigeria’s creative advancement, Stanbic IBTC sponsored Art X and thus propelled awareness of the artistry and creativity of Nigerians to the world. The event positively impacted the economy as it provided talents with the opportunity to tell African stories through their arts and display their works to interested clients. The financial institution also gave room for students across various schools in Nigeria to be part of the experience, thereby exposing them to the artistic world and motivating them to harness their talents and skills.

    Stanbic IBTC has continued to advance the growth of the country’s creative industry by connecting with and supporting players in the sector through its events and initiatives. Thus, the leading end-to-end financial services provider has reaffirmed its position to be at the forefront of redefining the creative sector by providing solutions that promote advancement. 

  • Stanbic IBTC Charts Course for Real Estate Development

    Stanbic IBTC Charts Course for Real Estate Development

    Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings PLC, charted a new course for real estate investment in Nigeria. The financial institution was appointed to manage a real estate investment trust scheme, UPDC REIT, as confirmed by the Security and Exchange Commission (SEC) in May 2021.

    The UPDC Real Estate Investment Trust (UPDC REIT) was listed on the Nigerian Exchange Limited (NGX) in the year 2008. The fund manager, Stanbic IBTC Asset Management, was bestowed with the responsibility to implement the closed-ended fund’s investment strategy and other related activities.

    Since it took up management of the REIT, Stanbic IBTC Asset Management focused efforts on improving the operational and governance structure of the REIT to form the bedrock for improved performance. Likewise, investor relations was prioritised with the presentation of a ‘Fact Behind the Figures’ session on the NGX  in December 2021. These measures had been sustained.

    Recently the company announced the 2021 audited financial result for the UPDC REIT. The result showed that there were significant room for improvement in the largest REIT  in Nigeria.

    The Fund Manager’s analysis highlighted two critical reasons for the decline recorded. One was the impact of the COVID-19 pandemic on commercial properties within the portfolio which contributed over 60% of the portfolio’s rental income, and the other was the effect of portfolio revaluation, in view of market realities, which resulted in a 19% decline.

    The REIT’s rental income in 2021 declined to NGN1.26 billion, compared with NGN1.57 billion generated in the previous year. The decline was underpinned by a reduced occupancy level, which was due to remote working strategies adopted by many corporates in response to the COVID-19 pandemic. Additionally,  due to delayed recovery of rental income from some tenants who struggled to bounce back from the impact of COVID-19 on their businesses, a NGN141 million impairment charge was booked.

    A fair value loss of NGN5.04 billion was taken on the investment properties because the REIT’s properties were revaluated to fulfil regulatory requirements. Thus, the REIT recorded a loss before tax of NGN4.48 billion from the positive of NGN1.93 billion in the prior year.

    As the spread of the pandemic waned, the Fund Manager was optimistic that outstanding rental fees would be recovered, and the demand for commercial office spaces would improve as more firms returned to work in office premises.

    Stanbic IBTC Asset Management offered copious reassurance to stakeholders. Oladele Sotubo, Chief Executive of the Asset Management Company,  stated in a commentary that, “as a Fund Manager, we have a responsibility to conduct due diligence in ensuring that the Fund which we now manage is accurately valued in line with regulatory requirements and in alignment with our expert knowledge of Funds management. With the improved liquidity on the stack and a significant discount presented by the current market price, a unique opportunity is presented to investors that seek to buy into the future of the REIT.

    “In addition, we are exploring opportunities in alternative sectors which have shown economic resilience and become profitable in the last few years. Some of these sectors include retail purpose-built student accommodation, short lets, industrial properties, and so on. We expect that opportunistic acquisitions in these sectors would give room for short to medium-term capital gains.

    “I will summarise by saying that we are not too worried. Rather, we are excited at this opportunity to bring our experience and expertise to bear in returning the UPDC REIT to profitability while also contributing tangibly to the provision of sustainable housing and development of Nigeria’s real estate sector.”   

    The Chief Executive of Stanbic IBTC Holdings, Dr Demola Sogunle, commented on the Financials saying, “as a forward-thinking organisation, we are not oblivious of the critical nature of this sector and the need for growth, hence our commitment to evolve the UPDC REIT such that investors can enjoy substantial returns on their investments. Now more than ever, we encourage Nigerians to invest in UPDC REIT, as those who invest at this time are more likely to benefit from significant medium to long term gains as the Fund performance improves and yield takes on an upward curve.”

    UPDC REIT is a close-ended property fund sponsored by UPDC Plc (UPDC) in 2013 via an issue of 3,000,000,000 units at NGN10 each and is listed on the Nigerian Exchange Limited (NGX). Stanbic IBTC Asset Management is dedicated to developing customer assets and real estate investment trusts in Nigeria.