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Tag: Stanbic IBTC Bank

  • Feature- Recapitalisation: Silent Layoffs, Infrastructure Deficit Threat to $1trn Economy

    Feature- Recapitalisation: Silent Layoffs, Infrastructure Deficit Threat to $1trn Economy

    by Blaise Udunze

    The Central Bank of Nigeria’s recapitalisation exercise, which is scheduled for a March 31, 2026, deadline, has continued to reignite optimism across financial markets and is designed to build stronger, more resilient banks capable of financing a $1 trillion economy. With the ongoing exercise, the industry has been witnessing bank valuations rising, investors are enthusiastic, and balance sheets are swelling. However, beneath these encouraging headline numbers, unbeknownst to many, or perhaps some troubling aspects that the industry players have chosen not to talk about, are the human cost of consolidation and the infrastructure deficit.  

    Recapitalisation often leads to mergers and acquisitions. Mergers, in turn, almost always lead to job rationalisation. In Nigeria’s case, this process is unfolding against an already fragile labour structure in the banking industry, one where casualisation has become the dominant employment model.

    One alarming fact in the Nigerian banking sector is the age-old workforce structure raised by the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), which says that an estimated 60 percent of operational bank workers today are contract staff. This reality raises profound questions about the sustainability of Nigeria’s banking reforms and the credibility of its economic ambitions.

    A $1 trillion economy cannot be built on insecure labour, shrinking institutional knowledge, and an overstretched financial workforce.

    Recapitalisation and the Hidden Merger Trap

    History is instructive. Referencing Nigeria’s 2004-2005 banking consolidation exercise, which reduced the number of banks from 89 to 25, and no doubt, it produced larger institutions, while it also triggered widespread job losses, branch closures, and a wave of outsourcing that permanently altered employment relations in the sector. The current recapitalisation push risks repeating that cycle, only this time within a far more complex economic environment marked by inflation, currency volatility, and rising unemployment.

    Mergers promise efficiency, but efficiency often comes at the expense of people. Speaking of this, duplicate roles are eliminated, technology replaces frontline staff, and non-core functions are outsourced. The troubling part is that this is already a system reliant on contract labour; mergers could accelerate workforce instability, turning banks into balance-sheet-heavy institutions with shallow human capital.

    ASSBIFI’s warning is therefore not a labour agitation; it is a macroeconomic red flag.

    Casualisation as Structural Weakness, Not a Cost Strategy

    It has been postulated by proponents of job casualisation that it is a cost-control mechanism necessary for competitiveness. Contrary to this argument, evidence increasingly shows that it is a false economy. In reaction to this, ASSBIFI President Olusoji Oluwole, who kicked against this structural weakness, asserted that excessive reliance on contract workers undermines job security, suppresses wages, limits access to benefits and blocks career progression while affirming that over time, this erodes morale, loyalty, and productivity.

    More troubling are the systemic risks. Casualisation creates operational vulnerabilities, higher fraud exposure, weaker compliance culture, and lower institutional memory.

    One of the banking regulators, the Nigeria Deposit Insurance Corporation (NDIC), has not desisted from repeatedly cautioning that excessive outsourcing and short-term staffing models increase security risks within banks. On the negative implications, when employees feel disposable, ethical commitment weakens, and reputational risk grows.

    Banking is not a factory floor. It is a trust business. And trust does not thrive in insecurity.

    Inside Outsourcing Web of Conflict of Interest

    Beyond cost efficiency, Nigeria’s casualisation crisis is also fuelled by a deeper governance problem, conflicts of interest embedded within the outsourcing ecosystem.

    In many cases, bank chief executives and executive directors are reported to own, control, or have beneficial interests in outsourcing companies that provide services to their own banks. Invariably, it is the same firms supplying contract staff, cleaners, security personnel, call-centre agents, and even IT support. Structurally, this arrangement allows senior executives to profit directly from the same outsourcing model that strips workers of job security and benefits.

    The incentive is clear. Outsourcing enables banks to maintain lean payrolls, bypass strict labour protections associated with permanent employment, and reduce long-term obligations such as pensions and healthcare. But when those designing outsourcing strategies are also financially benefiting from them, the line between efficiency and exploitation disappears.

    This model entrenches casualisation not as a temporary adjustment tool, but as a permanent business strategy, one that externalises social costs while internalising private gains.

    Exploitation and Its Systemic Consequences

    The human impact is severe because the contract staff employed through executive-linked outsourcing firms often face poor working conditions, low wages, limited or no health insurance, and zero job security, which is demotivating. Many perform the same functions as permanent staff but without benefits, voice, or career prospects.

    ASSBIFI has warned that prolonged exposure to such insecurity leads to psychological stress, declining morale, and reduced productive life years. Studies on Nigeria’s banking sector confirm that casualisation weakens employee commitment and heightens anxiety, conditions that directly undermine service quality and operational integrity.

    From a systemic standpoint, exploitation feeds fragility. High staff turnover erodes institutional memory. Disengaged workers weaken internal controls. Meanwhile, this should be a sector where trust, confidentiality, and compliance are paramount; this is a dangerous trade-off if it must be acknowledged for what it is.

    Why Workforce Numbers Tell a Deeper Story

    It is in record that as of 2025, Nigeria’s banking sector employs an estimated 90,500 workers, up from roughly 80,000 in 2021. The top five banks today, such as Zenith, Access Holdings, UBA, GTCO, and Stanbic IBTC, account for about 39,900 employees, reflecting moderate growth driven by digital expansion and regional operations.

    At face value, truly, these figures suggest resilience. But when viewed alongside the 60 percent casualisation rate, they paint a different picture, revealing that employment growth is without employment quality. A workforce dominated by contract staff lacks the stability required to support long-term credit expansion, infrastructure financing, and industrial transformation.

    This matters because banks are expected to be the engine room of Nigeria’s $1 trillion economy, funding roads, power plants, refineries, manufacturing hubs, and digital infrastructure. Weak labour foundations will eventually translate into weak execution capacity.

    Nigeria’s Infrastructure Financing Contradiction

    Nigeria’s infrastructure deficit is estimated in the hundreds of billions of dollars. Power, transport, housing, and broadband require long-term financing structures, sophisticated risk management, and deep sectoral expertise. Yet recapitalisation-induced mergers often lead to talent loss in precisely these areas.

    As banks consolidate, specialist teams are downsized, project finance units are merged, and experienced professionals exit the system, either voluntarily or through redundancy. Casual staff, by design, are rarely trained for complex, long-term infrastructure deals. The result is a contradiction, revealing that larger banks have bigger capital bases but thinner technical capacity.

    Without deliberate workforce protection and skills development, recapitalisation may produce banks that are too big to fail, but too hollow to build.

    South Africa Offers a Useful Contrast

    South Africa offers a revealing counterpoint. As of 2025, the country’s “big five” banks, such as Standard Bank, FNB, ABSA, Nedbank, and Capitec, employ approximately 136,600 workers within South Africa and about 184,000 globally. This is significantly higher than Nigeria’s banking workforce, despite South Africa having a smaller population.

    More importantly, South African banks maintain a far higher proportion of permanent staff. While outsourcing exists, core banking operations remain firmly institutionalized compared to the Nigerian banking system. For this reason, South Africa’s career progression pathways are clearer, labour regulations are more robustly enforced, and unions play a more structured role in workforce negotiations.

    The result is evident in outcomes. South Africa’s top six banks are collectively valued at over $70 billion, with Standard Bank alone boasting a market capitalisation of approximately $30 billion and total assets nearing $192 billion. Nigeria’s top 10 banks, by contrast, held combined assets of about $142 billion as of early 2025, even with a much larger population and economy, and its 13 listed banks reached a combined market capitalisation of about N17 trillion ($11.76 billion at an exchange rate of N1,445) in 2026.

    Though this gap is not just about capital. It is about institutional depth, workforce stability, and governance maturity.

    Bigger Valuations, But a Weaker Foundations?

    Nigeria’s 13 listed banks reached a combined market capitalisation of about N17 trillion in 2026. It is no surprise, as it is buoyed by investor anticipation of recapitalisation and higher capital thresholds. Yet market value does not automatically translate into economic impact. Without parallel investment in people, systems, and long-term skills, valuation gains remain fragile.

    South Africa’s experience shows that strong banks are built not only on capital adequacy, but on human capital adequacy. Skilled, secure workers are better risk managers, better innovators, and better custodians of public trust.

    Labour Law and its Regulatory Blind Spots

    ASSBIFI’s call for a review of Nigeria’s Labour Act is timely, and this is because the current framework lags modern employment realities, particularly in sectors like banking, where technology and outsourcing have blurred traditional employment lines. Regulatory silence has effectively legitimised casualisation as a default model rather than an exception.

    The Central Bank of Nigeria cannot afford to treat workforce issues as outside its mandate. Prudential stability is inseparable from labour stability. Regulators must begin to view excessive casualisation as a risk factor, just like liquidity mismatches or weak capital quality.

    Recapitalisation Without Inclusion Is Incomplete

    If recapitalisation is to succeed, it must be inclusive; therefore, the industry must witness the enforcement of career path frameworks for contract staff, limiting the proportion of outsourced core banking roles, and aligning capital reforms with employment protection. It also means recognising that labour insecurity ultimately feeds systemic fragility.

    South Africa’s banking sector did not avoid consolidation, but it managed it alongside workforce safeguards and institutional continuity. Nigeria must do the same or risk building banks that look strong on paper but crack under economic pressure.

    True Measure of Reform

    Judging by the past reform in 2004-2005, it has shown that Nigeria’s banking recapitalisation will be judged not by the size of balance sheets, but by the resilience of the institutions it produces. As part of the recapitalisation target for more resilient banks capable of financing a $1 trillion economy, it demands banks that can think long-term, absorb shocks, finance infrastructure, and uphold trust. None of these goals is compatible with a workforce trapped in perpetual insecurity.

    Casualisation is no longer a labour issue; it is a national economic risk. If mergers proceed without deliberate workforce stabilisation, Nigeria may end up with fewer banks, fewer jobs, weaker institutions, and a slower path to prosperity.

    The lesson from South Africa is clear, as it shows that strong banks are built by strong people. Until Nigeria’s banking reforms fully embrace that truth and the missing pieces are addressed, recapitalisation will remain an unfinished project. and the $1 trillion economy, an elusive promise.

    Blaise, a journalist and PR professional, writes from Lagos, can be reached via: blaise.udunze@gmail.com

  • Moniepoint MFB Appoints Bayo Olujobi as Chief Financial Officer

    Moniepoint MFB Appoints Bayo Olujobi as Chief Financial Officer

    Moniepoint Microfinance Bank, recognized by the Financial Times as Africa’s fastest-growing financial institution, has announced the appointment of Bayo Olujobi as its Chief Financial Officer (CFO) to complement the bank’s visionary commitment to powering financial inclusion and ensuring the creation of a society where everyone experiences financial happiness. Bayo brings a wealth of experience and a proven track record in financial management, including financial & regulatory reporting, management accounting, compliance & capital management, and budgeting & strategy formulation as well as strategic leadership to the bank’s executive team.

    Buoyed by the recent announcement of a Series C round, where its holding company, Moniepoint Inc successfully raised $110 million led by Development Partners International, with other investors like Google’s Africa Investment Fund, Verod Capital, and Lightrock, Moniepoint MfB is expected to consolidate its leading position as the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees.

    It will be recalled that in February 2024, Moniepoint MFB and Corporate Affairs Commission (CAC) joined forces to digitize and formalize operations for over 2 million small and medium businesses across Nigeria in a bid to ensure alignment with regulatory compliance whilst providing SMEs with access to capital that will enable them unlock their potentials, contribute significantly to job creation and drive shared prosperity, and a target to onboard 30 million businesses over the next 5 years. In August 2023, Moniepoint MFB entered the personal banking market and has since experienced 2,000% growth in personal finance customers over the past year. 

    Bayo Olujobi joins Moniepoint MFB from Stanbic IBTC Bank (a member of Standard Bank Group), where he served as the Chief Financial Officer and also as a Non-Executive Director, Stanbic IBTC Capital. With close to twenty years of experience in the financial sector, Bayo, who is a Certified Treasury Professional (CTP) has held various senior roles, demonstrating exceptional expertise in finance, business development & strategy and treasury management. His strategic vision and leadership have been instrumental in driving financial performance and operational efficiency at both Stanbic IBTC and Asset and Resource Management Company (ARM) where he previously worked. The CTP designation is the gold standard for competency in the finance profession and is recognized as the leading credential in corporate treasury worldwide, which signifies that the individual can effectively execute critical functions related to corporate liquidity, capital, and risk management.

    “We are delighted to welcome an accomplished and business savvy professional like Bayo to the Moniepoint family,” said Tosin Eniolorunda, Group CEO, Moniepont Inc. “His extensive experience in traditional banking and strategic insight as an innovative thought leader will be invaluable as we continue to grow, innovate and consolidate on our market leadership in the financial services industry. Bayo’s leadership will undoubtedly strengthen our financial operations and support our long-term goals.”

    Bayo holds a Master of Business Administration, MBA from the Cranfield School of Management, UK, as well as a Bachelor of Science Degree in Economics from the Lagos State University, where he finished as Best graduating student. Bayo’s financial nous has also been globally acknowledged as the recipient of the Financial Services CFO of the Year (West Africa), and Most Innovative Financial Services CFO (Africa) at the Acquisition International Global CFO Excellence Awards in 2021 and 2022 respectively. 

    “I am really excited to have the opportunity to join Moniepoint at this time. The bank has developed an unparalleled customer proposition across the business and personal banking segments and I believe it is on the cutting edge of delivering what the consumer craves – a secure, convenient and easy platform to manage their financial lives – Moniepoint is right at the forefront of this movement,” Bayo Olujobi said. 

    Moniepoint MFB Managing Director, Babatunde Olofin added, “We are pleased to have Bayo join us and contribute to the Bank’s continued success. His solid track record in delivering optimal results & business value in high-growth environments stands him out as well as his remarkable ability to serve as mentor to peers and colleagues. I look forward to working with him and the super talented team at Moniepoint to drive financial growth and deliver value to our stakeholders.”

  • Banks’ credits to private sector hit N74tn in May – CBN

    Banks’ credits to private sector hit N74tn in May – CBN

    Nigerian banks’ loans and support for the private sector rose to about N74.31tn at the end of May 2024, data from the Central Bank of Nigeria has revealed.

    Latest data from the CBN indicated that credit to the private sector rose by 65.9 percent, or N29.52tn, to N74.31tn in May 2024, compared with N44.79tn recorded in the same period of 2023. This indicates that the banking sector has continued to provide increasing support for the economy.

    Credit to the private sector from banks includes loans, trade credits, and other account receivables and supports provided by banks to the private sector within a period.

    A further breakdown showed that in April, the CPS stood at N72.92tn, it was N71.21tn in March. February recorded the highest amount of contribution at N80.86tn and the second highest was N76.48tn in January 2024.

    The latest CPS data came on the heels of a recent report on capital importation into the country.

    The report showed that banks attracted significant capital importation into the country. Analysts had said this was a measure of confidence in the Nigerian banks as foreign investors gradually took a more active stance in the nation’s economy.

    According to the National Bureau of Statistics capital importation report for Q4 2023 released earlier this month, Stanbic IBTC Bank, Citibank Nigeria, and Rand Merchant Bank led the pack in the facilitation of $1.09bn capital importation into Nigeria in the fourth quarter of 2023.

    According to the report for Q4 2023, Nigeria’s capital inflow rose by 2.62 per cent to $1.09bn from $1,060.73m recorded in the same period in the previous year.

    The production/manufacturing sector recorded the highest inflow with $450.11m, representing 41.35 per cent of total capital imported in Q4 2023, followed by the banking sector, valued at $283.30m (26.03 per cent), and financing with $135.59m(12.46 per cent).

    Experts at Cordros Capital said they expected the re-enforcement of the CBN’s limit on the loans-to-deposits macro-prudential ratio for Deposit Money Banks to continue to drive the willingness of commercial banks to create risk assets.

    In a study on ‘Balance Sheet Strength and Bank Lending During the Global Financial Crisis’, researchers at the International Monetary Fund examined the role of bank balance sheet strength in the transmission of financial sector shocks to the real economy.

    The study found that “banks with strong balance sheets were better able to maintain lending during the crisis”.

    According to the study, banks that were ex-ante more dependent on market funding and had lower structural liquidity reduced the supply of credit more than other banks.

    “However, higher and better-quality capital mitigated this effect. Our results suggest that strong bank balance sheets are key for the recovery of credit following crises, and provide support for regulatory proposals under the Basel III framework,” the IMF report stated.

    CBN Governor, Dr. Olayemi Cardoso, had said the ongoing recapitalisation would strengthen banks further to drive the $1tn economic target and support stable growth in the economy.

    According to him, additional capital would not only provide a substantial buffer for banks against potential economic challenges but would enhance Nigerian banks’ capability to support massive economic growth and play competitively globally.

  • Equities Kick Off the Week Green, to an Opening Gain of 41 Basis Point, Investors’ Wealth Up by N144.23 Billion

    Equities Kick Off the Week Green, to an Opening Gain of 41 Basis Point, Investors’ Wealth Up by N144.23 Billion

    The Nigerian stock market started the week on a positive trajectory as investors continued to hold a favorable outlook, driven by the recent H1 earnings announcement. This led to a notable upward movement in NGXASI, which recorded a gain of 41 basis points, closing at 65,268.28 points, compared to its Friday closing value of 65,003.39.

    The notable surge in the stock market’s performance today was primarily driven by substantial gains in major stocks such as NASCON Allied Industries PLC (+10%), Stanbic IBTC Bank (+9.97%), FirstBank Nigeria Holdings PLC (+9.82%), Okomu Oil (+5.87%), Dangote Sugar PLC (+2.59%), WAPCO (+0.52%), and TRANSCOHOT (+3.83%), along with 26 other stocks.

    Consequently, the Year to Date (YTD) return experienced a significant upswing, reaching 27.35%. Moreover, the overall market capitalization showed a 0.41% increase, settling at N35,539.22 trillion, leading to a notable rise in investors’ wealth by N144.23 billion.

    We anticipate a bullish sentiment in the equities market this week, as we expect to see the rollout of firms’ half year results.Currency Market

    The Nigerian Naira depreciated by 1.83% against the US Dollar in the I&E Window, closing at a rate of N792.04/USD.

  • 2023 Maltina Teacher Of The Year Competition flagged off in Lagos

    2023 Maltina Teacher Of The Year Competition flagged off in Lagos

    The Nigeria Breweries-Felix Ohiwerei Education Trust Fund is excited to announce the opening of entries for the 9th edition of the highly anticipated Maltina Teacher of the Year competition. This nationwide search for the best secondary school teacher aims to recognize and reward exceptional educators shaping our country’s future.

    Entries for the competition opened on Thursday, May 25, 2023, and will close on Friday, July 21, 2023.

    To participate, eligible teachers can visit the dedicated website at www.maltinateacheroftheyear.com  to complete the entry form online. Alternatively, they can download the form, complete it, scan it, and email the completed form to maltinateacheroftheyear@heineken.com

    Speaking at the flag off ceremony, Mr. Uaboi Agbebaku, Company Secretary/Legal Director of Nigerian Breweries Plc, emphasized the fundamental role teachers play in shaping the lives of their students. He stated that the competition’s aim is to reward their efforts and inspire them to continue making a positive impact.

    Agbebaku disclosed that AirPeace and Stanbic IBTC Bank are now on board as co-sponsors of the competition “As you may already know, this is the 9th edition of the Maltina Teacher of the Year Competition, but unlike the previous editions where the Nigeria Breweries-Felix Ohiwerei Education Trust Fund was the sole sponsor, we are delighted to announce that this year, we have commenced opening up potential partnerships with reputable and progressive companies who share in our vision an mission for the initiatives” he said.

    In her remarks, the Corporate Affairs Director, Nigerian Breweries Plc, Mrs Sade Morgan, stated that all secondary teachers in both public and private schools are encouraged to participate in the 9th edition of the Maltina Teacher of the Year competition.

    She highlighted the competition’s immense impact on teachers, igniting a newfound passion and commitment to exceptional teaching among educators.

    “There is no doubt that this competition has done a lot to lift the spirit of Nigerian teachers. In the last eight years, we have succeeded in providing a new narrative for the teaching profession in Nigeria. Our teachers are now proud to be associated with teaching, and we are encouraging the next generation of teachers to be passionate about the profession,” she said.

    Speaking on the prizes, she disclosed that the overall winner for the 2023 edition would receive a total cash prize of 6.5 million Naira, a trophy and a capacity development training opportunity. He added that the winner’s school would receive either a computer laboratory or a block of classrooms.

    The first runner-up of the competition receives a total sum of 1,500,000 Naira, a trophy, while the second runner-up receives a total of 1,250,000 Naira and a trophy. All state champions will be rewarded with recognition plaques and a cash prize of Five Hundred Thousand Naira each”, she added.

    Goodwill messages of support were delivered by representatives of the corporate partners (Air Peace and Stanbic IBTC) and key stakeholders in the education sector, such as representatives of the Federal and State Ministry of Education, the Nigerian Union of Teachers (NUT), All Nigeria Confederation of Principals of Secondary Schools (ANCOPSS), and the Teachers Registration Council of Nigeria (TRCN).

    Speaking at the event, the Head of Corporate Communications, Air Peace, Mr. Stanley Olisa, said they are delighted to partner Nigerian Breweries Plc on this laudable initiative to reward and celebrate teachers to achieve better impact in the classrooms. He further pledged the commitment of Air Peace to continue to support the Maltina Teacher of the Year competition

    Also, the representative of Stanbic IBTC Bank, the Head, Consumer Sector/Client Coverage, Mrs. Nnenna Okoro commended Nigerian Breweries and the Felix Ohiwerei foundation for remaining committed to the initiative, and this is one of the ways through which the bank continues to celebrate and promote the noble profession of teaching.

    The Maltina Teacher of the Year competition was established in 2015 and funded through the Nigerian Breweries-Felix Ohiwerei Education Trust Fund, which was set up in 1994 to facilitate an active contribution to the development of the education sector in Nigeria in line with the United Nations Sustainable Development Goal, SDG No.4.

  • Stanbic IBTC Bank Continues Reward Spree for Customers

    Stanbic IBTC Bank Continues Reward Spree for Customers

    Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and one of the leading financial institutions in the country, held the penultimate live draw for the Reward4Saving Promo Season two, rewarding 70 more customers who met the minimum saving criteria across seven regions.

    The Promo, launched in 2022, aims to encourage a savings culture among customers and reward the same habit. The Promo is open to all Stanbic IBTC Bank customers who have saved a minimum of ₦10,000 in their Stanbic IBTC Bank savings account for 30 days. The cash reward prizes ranged from ₦100,000 to ₦2 million. As part of the bank’s effort to ensure a transparent and fair process, regulatory officials and the media attended to witness the selection of winners through a live draw.

    While speaking at the event, Sadiya Ojo, Head, Consumer Clients, Stanbic IBTC Bank, reiterated its commitment to providing innovative financial solutions that meet its customers’ needs. She commended the winners on embracing a savings culture despite tough economic climes. She also reiterated the bank’s commitment to continue to reward its customers for their dedication and loyalty.

    “Stanbic IBTC has rewarded over 700 customers with ₦100,000 since the commencement of the Reward4Saving Promo Season two. We still have one monthly draw, one quarterly draw, and the grand finale before the Promo ends. We actively encourage customers to build healthy financial habits and get more money as a reward for succeeding,” Sadiya said.

    Kolawole Adebayo, Head, Data Enablement and Insights, Stanbic IBTC Bank, also appreciated the regulatory authorities’ support and guidance in ensuring a fair process. He noted that deploying technology enables the selection to be made through best practices. According to Kolawole, “We carry out these draws using computerised technology. We see all the processes, from client transactions to data collection, applying all the business cases presented to the point where the algorithm pushes data into the draw machines. All of these are without human manipulation too. This process speaks to the transparency in our process to give every qualified customer an equal chance to be winners.”

    To participate in the Promo, customers can download the Stanbic IBTC mobile app, dial *909*37#, visit the web portal or any Stanbic IBTC Bank branch or an @ease agent to open an account or @ease wallet and save at least ₦10,000 for 30 days.The Reward4Saving Promo is one of the many initiatives introduced by Stanbic IBTC to reward its customers and encourage a savings culture in Nigeria.

  • Stanbic IBTC Upgrades Healthcare Short-Term Loan

    Stanbic IBTC Upgrades Healthcare Short-Term Loan

    Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, in line with its contributions to an improved healthcare sector in the country, has upgraded its short-term loan solution within the healthcare value chain.

    This upgrade ensures a flexible repayment period, with affordable interest rate and zero collateral to enable sector players access better financing and achieve optimal service delivery.

    The healthcare short-term loan, which now offers a longer tenor of 12 months, affordable interest rate and zero collateral will foster more investment in the sector and enhance strategic relationships to generate new businesses.

    Speaking at the Medic West Africa Conference, Jane Ike-Okoli, Head, Specialized Sectors, Stanbic IBTC Bank, noted that effective collaboration between the financial institutions and healthcare organizations is key to advancing Nigeria’s health sector.

    She advised financial institutions to be more intentional about complementing the government’s efforts. She said, “Stanbic IBTC has a comprehensive understanding of the healthcare industry and its intricacies. This knowledge inspires us to continue to design innovative yet affordable solutions to boost healthcare businesses across the country.”

    According to her, despite Nigeria being Africa’s largest healthcare market, challenges in the health sector include inadequate healthcare infrastructure and insufficient financing.  “Stanbic IBTC is passionate about driving change, hence our partnership with key stakeholders in the healthcare sector to improve access to healthcare finance. We achieve this by offering flexible funding options for healthcare businesses and providers and strategically partnering with the players in the healthcare ecosystem.

    “Our healthcare solutions are tailor-made for businesses in the sector who need working capital to expand healthcare operations, acquire medical equipment, facilitate medical research, and ultimately grow their healthcare businesses,” she stated.

    Babatunde Akindele, Head, Coverage, Commercial Clients, Stanbic IBTC Bank, also stated that the newly improved healthcare short-term loan is a necessary investment.

     “Healthcare is a basic need that everyone should access easily. The pandemic has increased the pressure on the health sector by revealing the urgent need to expand healthcare facilities. Stanbic IBTC has taken yet another step in the right direction to improve healthcare infrastructure and enable qualitative service delivery, which will restore the hope of many Nigerians,” he said.

    The growth of the Nigerian healthcare sector rests on impactful and innovative finance solutions positioned to create a level playing field for businesses to thrive. Stanbic IBTC has said it remains committed to blazing the trail in this regard.

  • Re: Stanbic IBTC Bank’s Side- Concerned Downstream Oil & Gas Industry Stakeholders

    Re: Stanbic IBTC Bank’s Side- Concerned Downstream Oil & Gas Industry Stakeholders

    The attention of our client, Stanbic IBTC Bank PLC (“our client/Stanbic”) has been drawn to a press release published on page 28 of The Guardian Newspaper of Wednesday, 9th November 2022 by a faceless “Concerned Downstream Oil & Gas Industry Stakeholders” and captioned “Stanbic IBTC Bank Contempt and Deliberate Sabotage of Judicial Process”. The publication, a diversionary tactic, aimed at misleading our client’s customers, stakeholders and the general public, maliciously insinuated that our client employed extra-judicial processes in its attempt to recover the indebtedness of Ascon Oil Company Limited (“Ascon”) and also sabotaged lawful judicial processes.

    We are not unaware of the fact that the dispute between our client, Ascon and Quest Oil and Engineering Services Limited (“Quest”) are currently sub judice as they are subject of cases pending before the High Court of Lagos State, the Federal High Court as well as the Court of Appeal. Without prejudice to the matters currently before the Courts, it is imperative to provide the following clarification to dispel the malicious misinformation contained in the publication.

    1.            Our client is a foremost financial institution committed to driving financial inclusion in Africa and contributing to the economic development of Nigeria. Our client as a law-abiding corporate organization has consistently carried out its businesses within the confines of the law.

    2.            Our client advanced several credit facilities to Ascon and Ascon serially defaulted in repaying the facilities. As of 11th May 2020, Ascon’s outstanding indebtedness to our client stood at the sum of N2,465,914,688 (two billion, four hundred and sixty-five million, nine hundred and fourteen thousand, six hundred and eighty-eight Naira) and USD$59,260.94 (fifty-nine thousand, two hundred and sixty Dollars, ninety-four Cents) with interest accruing daily.

    3.            Due to Ascon’s failure to repay its indebtedness, Stanbic appointed Mr. Olawale Akoni SAN (“the receiver”) as a Receiver over the petrol filling station at Block 36, Admiralty Way, Lekki Peninsula Scheme 1, Eti-Osa Local Government Area, Lagos State (“the property”) used as security for the loan, pursuant to its powers in the deed of legal mortgage it executed with Ascon.

    4.            Consequently, the Receiver approached the Federal High Court in Suit No. FHC/L/CS/567/2020 Olawale Akoni SAN v. Ascon Oil Company Limited, where he obtained an Order on 15th May 2020, directing the men and officers of the Nigerian Police Force to offer protection to the Receiver, to take over possession of the property used as security for the loan facilities.

    5.            The Receiver in the company of the men and officers of the Force, executed the said Order on 20th May 2020, as he peaceably took over possession of the property and handed same over to Stanbic who assigned its ownership to Rainoil Limited at the material time.

    6.            Stanbic thereafter instituted an action before the High Court of Lagos State in Suit No. LD/6965GCM/2020: Stanbic IBTC Bank Plc v Ascon Oil Company Limited to recover the balance of the sum owed to it by Ascon, which debt continues to accrue interest on a daily basis.

    7.            Ascon applied to the Federal High Court to set aside the Order made in favour of the Receiver on 15th May 2020. However, in the Court’s ruling of 24th July 2020, the Court affirmed that the actions of the Receiver taken pursuant to the Order of the Court directing police protection is valid and thus refused to set aside the Order or any actions or steps taken pursuant to the Order. Ascon immediately appealed this ruling to the Court of Appeal vide a notice of appeal dated 5th August 2021 and is requesting that the ruling of the Federal High Court be set aside. There is nowhere in the Court Orders of 15 May 2020 and 24 July 2020 or any other Court Order whatsoever that grants Ascon or anybody acting on their behalf to take possession of the property/Petrol Filling Station.

    8.            Nevertheless, Ascon, in a brazen display of self-help and disobedience to valid Court Orders, proceeded to the subject’s property on 4th August, 2020 and attempted to take over possession of the property. However, Ascon’s unlawful actions were swiftly repelled.  Unsatisfied with its failed attempts at unlawfully retaking possession, Ascon instituted multiple Court actions against Stanbic and reported Stanbic to several regulatory and law enforcement agencies.

    9.            Rather than respect the status quoand await the judicial resolution of the pending suits, Ascon on Friday, 13th August, 2021, in an illegal act of self-help, willful destruction and illegal takeover of property, led some thugs and unauthorized law enforcement officers to the subject property and unlawfully took over the property, despite the pendency of a Court Order. Ascon thereafter mischievously rebranded the name of the Petrol Station from Ascon to Quest Oil.

    10.       In Order to perpetuate and surreptitiously legalize its unlawful takeover, Ascon on Friday, 20th August 2021 obtained an Order from the Lagos High Court in Suit No. LD/8029GCMW/2021 – Ascon Oil Company Limited v Rain Oil Limited mandating that the parties maintain status quo. Stanbic is not a party to this suit nor was it named in the said Order. Interestingly, the status quo is that Stanbic remains the owner of the property having exercised its powers under the deed of legal mortgage and accordingly, Ascon (acting as Quest Oil) ought to have since relinquished possession to Stanbic in compliance with the status quo Order. However, Ascon/Quest has chosen to act in utter contempt and breach of the Court Order.

    11.       It is imperative to add that Ascon has never denied its indebtedness to Stanbic. Unfortunately, and contrary to the impression created in the malicious publication, Ascon has not made any offer for amicable settlement of the dispute or submitted any proposal to Stanbic for the repayment of its protracted debt, which continues to accrue interest on a daily basis. Rather, Ascon has characteristically challenged the quantum of the debt. In Order to determine its indebtedness to our client, Ascon filed an application in Suit No: FHC/L/CS/618/2020 Ascon Oil Company Limited vs. Stanbic IBTC Bank Plc, wherein, Honourable Justice I. N Oweibo of the Federal High Court, Lagos appointed Deloitte to conduct a forensic audit Ascon’s account with Stanbic and confirm Ascon’s outstanding indebtedness to Stanbic.

    12.       The publication in The Guardian Newspaper is not only regrettable, but it is malicious and a gross misrepresentation of facts as well as a disservice to the reading general public. The publication in The Guardian was obviously engineered under the guise of a faceless group called “Concerned Downstream Oil & Gas Industry Stakeholders”.

    13.       Our client will not join issues with Ascon and its multitude of intermediaries over the pages of newspapers. Our client believes that justice will prevail through the instrumentality of the judicial process. While we counsel Ascon, Quest and their directors to eschew its extra-judicial tendencies and focus on how to repay its debts, we have our client’s firm instruction to take all lawful steps to protect its image and goodwill and we will not hesitate to initiate appropriate lawful measures to execute this instruction.

  • Stanbic IBTC Restates Commitment to Improve Multisectoral Nigerian Businesses

    Stanbic IBTC Restates Commitment to Improve Multisectoral Nigerian Businesses

    Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has expressed its unwavering commitment to improving and supporting Nigerian businesses across all sectors, the organisation said in an official launch and media briefing to unveil its proposition for businesses of different sizes and across different sectors

    The leading end-to-end financial services provider revealed a bouquet of offerings that cater to businesses in all sectors, locally and internationally. These offerings are innovative financial solutions across the agribusiness, education, engineering, trade, commerce, telecoms, manufacturing, healthcare, maritime, real estate, oil and gas financing, debt capital markets, equity capital markets, principal finance solutions, and equity capital markets, amongst other sectors, and are for businesses of all sizes from SMEs to national and multinational companies operating in these sectors.

    The unveiling ceremony showcased the need to partner Nigerian businesses and support them through their challenges and demonstrated the limitless solutions and possibilities via collaboration. The Executive Director, Business and Commercial Clients, Stanbic IBTC Bank, Remy Osuagwu, stated that the organisation is repositioning to reflect the Nigerian local and international business scene while creating solutions that address the growth challenges affecting Nigerian businesses.

    He said: “We know that some businesses struggle because they think they can grow alone, but the truth is no business can survive without the right partner.  We are glad that we are positioned as an experienced financial partner to support business growth”. 

    The main idea behind our launch is to showcase all the financial solutions, including advisory services that businesses can take advantage of to meet their growth aspirations, especially in the face of the current challenging operating terrain. Stanbic IBTC’s solutions are thoughtfully created to meet the needs of business across diverse sectors.”  according to Remy, “one of our solutions, the Africa-China Trade Solution (ACTS), facilitates trade dealings, imports, and exports with China. Our customers in that line of business are covered because it grants African enterprises access to new markets, expands their customer base, and creates a mutually beneficial relationship between the two countries and the rest of the Asian continent.”

    Speaking on strategic solutions for Corporates, Eric Fajemisin, Executive Director Corporate and Investment Banking, Stanbic IBTC Bank, said “We strive to be a valued and trusted partner to our clients, by offering opportunities and risk management strategies . As a member of the Standard Bank Group, we leverage our 160 years heritage, fit-for-purpose representation outside Africa, and a strategic partnership with the Industrial and Commercial Bank of China (ICBC) to provide tailored solutions to our clients. We connect our clients to opportunities across Africa and beyond through our proven experience in emerging markets, local insight and our on-the-ground presence in 20 countries in Africa”.

    He said, Our Global Markets team offers a range of trading and risk management solutions across different asset classes in the financial markets, including foreign exchange positions, interest rate protection, and hedges in the Equities and Commodities market. Our Investment Banking team provides a full suite of advisory and financing solutions, from term lending to highly structured and specialised products across the equity and debt capital markets. Our Transactional Products and Services team provides a range of transactional solutions, including cash management, international trade, and custodial and securities services, primarily across Africa. Our Client Coverage team is made up of specialist relationship managers that work to develop clients business and aspirations, and in turn link them to the full capabilities of Stanbic IBTC, and our specialist products. In this way, we provide all the operational support, insight, and personalised service needed to profitably scale the business”

    The TV commercials unveiled during the event spoke to the limitless possibilities of business solutions offered by the organisation to all its clients.

    Stanbic IBTC reiterates its dedication to equipping entrepreneurs and businesses with beneficial facilities for their growth and the expansion of the nation’s economy.

  • Stanbic IBTC Advocates Collaboration & Innovative Financing Solutions In Order To Boost Healthcare in Nigeria

    Stanbic IBTC Advocates Collaboration & Innovative Financing Solutions In Order To Boost Healthcare in Nigeria

    Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has advocated effective collaboration among stakeholders and launching of innovative financing solutions as means of boosting the healthcare industry in Nigeria.

    Speaking during the panel session at the recently held Medic West Africa Conference, Jane Ike-Okoli, Head, Specialised Sectors, Stanbic IBTC Bank noted that effective collaboration between the financial industry and healthcare organisations is key to advancing Nigeria’s health sector. She also mentioned that the sector is yearning for innovative financing solutions that will address the nuances associated with lending to healthcare businesses.

    She said: “Nigeria is Africa’s largest healthcare market and despite this, we have inadequate healthcare infrastructure which gives rise to weakened health systems.”

    “It is in response to this that Stanbic IBTC has decided to partner with key players in the healthcare sector to improve access to healthcare finance and provide robust yet flexible funding options for healthcare businesses and providers.”

    “Our healthcare solutions are tailor-made for players in the sector who need working capital to expand healthcare operations, acquire medical equipment, facilitate medical research, and grow their healthcare businesses.

    “One of such solutions is the recently launched Unsecured short-term loan with a 12-month tenor which is aimed at directly supporting providers with funds to improve their offerings and by extension, grow the healthcare sector in Nigeria,” she added.

    Other panelists featured at the event include Dr. Folabi Ogunlesi, Managing Partner, Vesta Healthcare; Dr. Idorenyin Oladiran, Medical Consultant, Human Resources, MTN Nigeria; Dr. Leke Oshunniyi, CEO, Health, and Managed Care Association of Nigeria (HMCAN) and Professor Akin Abayomi, Commissioner of Health, Lagos State.

    Stanbic IBTC remains committed to the promotion and improvement of the healthcare sector in Nigeria through its various healthcare solutions.

  • Stanbic IBTC Rewards More Nigerians with Cash Prizes At Monthly Draws

    Stanbic IBTC Rewards More Nigerians with Cash Prizes At Monthly Draws

    Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has rewarded more customers in its ongoing Reward4Saving Promo Season 2, with 70 Nigerians from different regions winning ₦100,000 each in its monthly draws, which held recently in Lagos State.

    The Reward4Saving promo is a nationwide campaign aimed at rewarding customers with cash prizes monthly and the second season aims to give out ₦156 million to almost 900 Nigerians within a 12-month period. The goal of the campaign is to encourage and promote a healthy savings culture among Nigerians and is open to new and existing customers who save a minimum amount of ₦10,000 monthly.

    Speaking at the August live draw where various 70 individuals were rewarded, Omiyi Eromosele, Head, Consumer Client Coverage, Stanbic IBTC Bank, stated that customers who qualify to participate in the monthly draws, also stand a chance of winning ₦1 million in the quarterly draws.

    On his part, Emmanuel Aihevba, Head, Main Markets Clients, Stanbic IBTC Bank noted that the promo is the bank’s way of giving back and empowering its loyal customers. He said, “to deliver on our promise to continually reward our customers for their loyalty, we have created this platform which will run till March 2023, and have so far given away ₦42 million to deserving savers”.

    Emmanuel further encouraged customers to continue to top up their savings accounts in multiples of ₦10,000 monthly to increase their chances of winning, while prospective customers should download the Stanbic IBTC Super App, visit the web portal or any Stanbic IBTC bank branch or @ease banking agent to open an account, or an e-wallet and start saving immediately.

    Stanbic IBTC reiterated its commitment to giving its customers more value.

  • Stanbic IBTC Enhances Intercontinental Trade, Holds Africa-China Trade Expo

    Stanbic IBTC Enhances Intercontinental Trade, Holds Africa-China Trade Expo

    Stanbic IBTC Holdings, a member of Standard Bank Group, remained relentless in enhancing international trade between Africa and China. The financial institution recently hosted the Africa-China Trade Expo to promote trade relations and boost economic prosperity in the two regions.

    The two-day hybrid event, which was held on 10 and 11 August 2022, featured industry experts and professionals from Nigeria, South Africa, and China. The event, themed ‘Synergy for Growth’, focused on export enablement and import policies, bilateral trade relations, product exhibitions by Nigerian and Chinese businesses, and the various means through which Stanbic IBTC had facilitated trade between Nigeria and China.

    In his opening remarks, the Chief Executive of Stanbic IBTC Bank, Wole Adeniyi, disclosed that Stanbic IBTC’s Africa China Trade Solutions (ACTS) had connected numerous Nigerians to over 16,000 Chinese suppliers, and thereby promoted valuable trade relationships between the two economies. He said: “Through our relationship with the Industrial and Commercial Bank of China (ICBC), we connect various businesses while we create opportunities to generate foreign exchange for the country.”

    The need for business-friendly import and export policies was extensively addressed at the event. Ade Otukomaya, Head, Africa China Banking, Stanbic IBTC Bank, stated that business-friendly import and export policies would facilitate increased intra-regional and international trade. “Policies, which are a deliberate system of guidelines to achieve rational outcomes, are key to improving trade relations. We want to encourage more trade and pursue open trade policies with other nations such as China, to catalyze the growth of Africa’s economy,” Ade said.

    In the same vein, Remy Osuagwu, Executive Director, Business and Commercial Clients, Stanbic IBTC Bank, said: “African businesses can now export agro commodities and other products to China at subsidized rates. Chinese clients can also import and export goods and services from their provinces to Africa at lower costs. This will increase revenue for both nations, encourage market diversification and foster better international economic cooperation between the two nations. Our trade partners, Zhejiang International Trading Supply Chain Limited, have simplified the processes to enable seamless trade transactions between clients in both nations.”

    According to Remy, improved trade relations between Africa and China will trigger business growth, which in turn will promote the development of commercial trade services, enhance import and export of commodities, and boost economic development.

    Remy highlighted that market diversification, would yield positive results. “The sole focus on the domestic market exposes clients to an increased risk from downturns in the economy, environmental events, or other risk factors. Less dependence on a single market helps to mitigate potential risks and can open avenues for new product lines or commodities across nations. The Africa-China Banking Conference and Exhibition will provide a new platform for economic cooperation, coordination of import and export of bulk commodities, trade promotion activities, and the sustained development of our foreign trade relations with China.”

    Seun Ogundolapo, Head Trade, Transactional Products and Services, Stanbic IBTC Bank, remarked that the RT200 FX Policy by the Central Bank of Nigeria (CBN) will encourage more businesses to go into export as well as prompt exporters to add value to the commodities they export.

    He said “The RT200 policy is designed to increase the nation’s earnings exclusively from non-oil exports to $200 billion in foreign exchange repatriation, within the next three to five years. This is also in line with our mandate to promote exports of agro commodities and semi-finished or finished goods to other countries.”

  • Stanbic IBTC Set To Host 2022 Africa-China Trade Expo

    Stanbic IBTC Set To Host 2022 Africa-China Trade Expo

    Stanbic IBTC Holdings PLC, a member of Standard Bank Group, would host the 2022 Stanbic IBTC Africa China Trade Expo as part of its efforts at promoting trans-regional trade and development between Nigeria and China. The trade expo would feature a panel discussion, masterclasses on trade, a presentation on the Stanbic IBTC Africa China Trade Solutions and a fully virtual exhibition.

    The two-day hybrid conference and exhibition-themed “Synergy For Growth’ is slated for 10 and 11 August 2022, and is geared at providing insights and opportunities for participants. The event would serve as an avenue to showcase Nigerian and Chinese exhibitors, and would as well provide opportunities to build relationships within the trade community.

    The physical conference is planned to feature keynote speeches and panel discussions by highly experienced subject matter experts and thought leaders in relevant industries and would be an opportunity for exporters and importers to engage and create a marketplace experience.

    Speakers slated for the event include Philip Myburgh, Head, Pan-African China Banking, Standard Bank Group; and Ade Otukomaya, Head, Africa China Banking, Stanbic IBTC Bank. Others are Remy Osuagwu, Executive Director, Business and Commercial Clients, Stanbic IBTC Bank; and Wole Adeniyi, Chief Executive, Stanbic IBTC Bank PLC.

    The panel discussion, with the theme ‘Promoting Export Activities through Synergy’, would have Samuel Oyeyipo, Deputy Director and Regional Coordinator, Nigerian Export Promotion Council, South West Regional Office, Lagos; Luthando Vuda, Head, Africa China Trade in Business and Commercial Clients, Standard Bank Group; Jane He, Business Manager, Pan Africa China Banking, Business and Commercial Clients, Standard Bank Group, Fola Abimbola, Analyst, Senior, Frontier Africa Equity Research, Stanbic IBTC; and Victor Ayemere, Chief Executive, Zeenab Foods Limited, Operators of the Nigeria Export Trade House China/Far East Region as panelists.

    Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings, spoke on the rationale for the conference. He highlighted that the Stanbic IBTC Africa-ChinaTrade Expo hybrid Conference and Exhibition would be geared at showcasing Nigeria and China trade opportunities while emphasizing  the role of Stanbic IBTC in facilitating inter-regional trade.

    “China is Africa’s biggest trading partner by far and can foster strong trade routes and economies of scale, offering an incredible opportunity to do more than just import goods. With the emphasis on building strong synergy and relationship between China and Nigeria, the Stanbic IBTC Africa-China Trade Expo is expected to provide insights into Nigeria and China trade relations and the role of Stanbic IBTC as a facilitator of inter-regional trade, as well as provide advisory services, allowing trade partners access and unlock the opportunities in Nigeria-China trade,” Demola said.

    “The topics for discourse at the two-day hybrid conference and exhibition would centre on building synergy between Nigeria and China’s economies, building synergy between government agencies and driving export activities through policies and initiatives. Other topics would include building export activities in partnership with Stanbic IBTC and promoting competitive advantage for enhancing export.”

    “The exhibition would also showcase vendors who export from Nigeria to China and vice versa, spanning across agriculture, manufacturing, equipment, processing and packaging firms,” Demola added.

    The Chief Executive noted that through its Africa China Trade Solution (ACTS) and other networks of relations between Africa and China, the financial service provider continued to facilitate economic trade and development between Africa and the Asian country.

    Stanbic IBTC’s trade solutions such as Stanbic IBTC Africa China Trade Solutions (ACTS) continued to enable settlement of international transactions and mitigation of payment risk while providing regional solutions such as issuance of payment guarantees and letters of credit to Nigerian exporters.

    Click here to register for the event.