With a 32% year-to-date appreciation in value, Fidelity Bank Plc’s shares have emerged Nigeria’s best performing year -to-date bank share. This is according to a recently published Bloomberg article.

Speaking with the platform’s journalist, MD/CEO, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe shed light on the 35-year-old institution’s business expansion plans especially to other African countries after finalizing the acquisition of Union Bank UK, explaining that, “The strategy is for us to move footprint outside Nigeria and be able to compete favorably with our peers. In the next three years, we should be able to be in six countries by doing at least two every year.”

Fidelity is racing to expand and avoid losing out on fees from facilitating trade and corresponding banking roles to larger rivals. Trade within the continent, which stands at more than $350 billion a year, is expected to grow by 52% in the next decade according to the African Trade Policy Centre at the United Nations Economic Commission for Africa.

Slow economic recovery in Africa’s biggest economy after two recessions in 2016 and 2020, currency devaluations and acute dollar shortages are forcing lenders to look outside to curb their risks and widen opportunities.

Onyeali-Ikpe, who took over the role two years ago, set a target for Fidelity to become one of the country’s top five banks by 2025, in earnings and assets. It’s the country’s sixth-largest lender, with 4 trillion naira in assets.

Source: https://www.bnnbloomberg.ca/nigeria-s-fidelity-bank-plans-five-acquisitions-in-africa-after-uk-purchase-1.1916337.

By

Ayobami Adedeji Business 2023-05-09

At the 32nd Annual General Meeting (AGM) of Zenith Bank Plc, held virtually from the Civic Centre, Victoria Island, Lagos, on Tuesday, 2 May 2023, shareholders of the bank unanimously approved the proposed final dividend payment of NGN2.90 per share. This brings the total dividend for the 2022 financial year to NGN3.20 per share, with a total value
of NGN100.47 billion. In his opening statement at the AGM, Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, expressed his gratitude to the shareholders for their unwavering loyalty, commitment, and support, which have been instrumental in the bank's outstanding performance since its inception.
Group Managing Director/Chief Executive, Dr. Ebenezer Onyeagwu, extolled the Founder and Chairman, Jim Ovia, CFR, for establishing the legacy and providing the template for the bank's continued superior performance. He also highlighted the Board and Management's determination to maintain the bank's growth trajectory in the coming years, with an
emphasis on digital and retail banking. Speaking at the AGM, Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), commended the Board and Management of Zenith Bank for consistently delivering value to shareholders, despite the challenging economic environment. He also praised the bank's staff for their loyalty and dedication. Chief Timothy Adesiyan, President, Shareholders Solidarity Association of Nigeria, expressed delight at the dividend payout and thanked the Board and Management for the
outstanding performance that led to approving both an interim and final dividend during the year.
Also speaking, Mrs. Adenike David, National Coordinator of the Esteemed Shareholders Association of Nigeria, congratulated the bank and Chairman on their exceptional performance, as evidenced by the numerous awards received during the 2022 financial year. She also praised the bank for paying an interim dividend of 30 kobo and a final dividend of 2.90 kobo.
Despite challenging macroeconomic conditions, Zenith Bank Group achieved a 24% growth in gross earnings, from NGN765.6 billion in the previous year to NGN945.5 billion in 2022.
This was driven by a 26% YoY growth in interest income and a 23% YoY growth in non-interest income. Customer deposits grew by 39%, reflecting the bank's market leadership and customer's trust. Net-Interest-Margin (NIM) increased from 6.7% to 7.2%, positively impacted by the elevated yield environment. Operating expenses grew by 17% YoY, though still below the inflation rate. Total assets rose by 30%, primarily due to growth in customer deposits.
In 2023, Zenith Bank Group plans to expand its reach and reorganise into a holding company structure, adding new verticals to its businesses and pursuing growth in all chosen markets, locally and internationally.

By

Ayobami Adedeji Business 2023-05-05

Guaranty Trust Holding Company Plc (GTCO or the Group) has released its unaudited consolidated and separate financial statements for the period ended March 31, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦74.1billion, representing an increase of 36.5% over ₦54.3billion recorded in the corresponding period ended March 2022. The Group’s loan book (net) dipped by 1.5%
from ₦1.88trillion recorded as at December 2022 to ₦1.86trillion in March 2023, while deposit liabilities increased by 9.9% from ₦4.61trillion in December 2022 to ₦5.07trillion in March 2023.
The Group’s balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at ₦6.7trillion and ₦975.6billion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 23.2%, while asset quality was sustained as IFRS 9 Stage 3 Loans ratio and Cost of Risk (COR) closed at 5.4% and 0.2% in March 2023 from 5.2% and 0.6% in December
2022, respectively. Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “Our first quarter results reflect the strength of the GTCO
franchise, the quality of our decision making, and the unfolding success of our efforts towards becoming a leading financial services company in Africa. Despite severe headwinds, we delivered a decent performance, recording growth across key revenue lines. We are also not relenting in our resolve to better outcomes for people and businesses within our financial ecosystem.”   He further added; “2023 is shaping up to be another interesting year. Some of the challenges from the past few years are still lingering, and uncertainties ahead would test the resilience of most economies and businesses. We are confident in our positioning as a thriving financial services company underpinned by strong business fundamentals and will continue to benefit from a well-diversified earnings base.”
Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 31.1%, Pre-Tax Return on Assets (ROAA) of 4.5%, Full Impact Capital Adequacy Ratio (CAR) of 23.2% and Cost to Income ratio of 43.1%.

By

Ayobami Adedeji Business 2023-05-04

Africa’s foremost entrepreneur and President of the Dangote Group, Aliko Dangote has urged African countries to dismantle all economic barriers hindering free trade among the nations, in order to achieve sustainable growth and development across the continent.

The leading private sector player also expressed the irrevocable commitment of his Pan-African conglomerate, Dangote Industries Limited to solving some of the economic challenges faced by the African continent and her people. To realise this goal, the organisation has committed over 20 billion dollars on investments in several key sectors of the African economy.

Dangote who made this disclosure said the massive investments were meant to turn around Africa’s economic fortunes in the quest for sustained economic growth of the continent through free trade and economic integration. 

Speaking in Lagos at the launch of a Special publication “The World Ahead 2023” by the renowned media outfit, The Economist, Dangote, who was represented by the Group Executive Director/Group Chief Risk Officer, Dangote Industries Limited, Dr. Adenike Fajemirokun, noted that the crucial task of building a sustainable future that guarantees equitable growth and prosperity for all, should not be the exclusive role of the public sector alone, but should also involve the private sector.

“Our massive investments of over 20 billion dollars across key industries, including Energy, Agriculture, and Infrastructure. Our recently commissioned 3Million Metric Tonnes’ Fertiliser Plant, expansions in cement production, and our soon-to-be commissioned 650,000 barrels per day world’s largest single-train refinery, are all set to empower farmers, foster backward integration, create thousands of jobs, eliminate our dependence on imported products, and improve our nation’s foreign exchange earnings significantly.

“We are also confronting environmental issues through our investment in alternative fuels, as well as unlocking enormous opportunities in the communities where we have our footprints, while ultimately ensuring that we keep delivering huge value to our shareholders.

“The multilayered issues that we face globally and across regions today, ranging from rising energy costs, food insecurity, supply-chain disruptions, access to quality healthcare, cybersecurity, inflation amongst others brought about by the pandemic or other human factors like the Russia-Ukraine war, call for an objective rethink of geopolitics and geo-economics, especially as they vastly affect policy execution and the ease of doing business in more vulnerable economies,” he stated.

Drawing the attention of the international audience to the need for all hands to be on deck towards lifting Africa above the various socio-economic challenges facing the member-countries, Dangote pointed out that the African population has been growing exponentially.

“Nigeria, for instance, is projected to be the world’s third largest population by 2050 surpassing the United States, only behind India and China, so the question of sustained economic growth has become increasingly critical and isn’t one for a single sector to tackle alone. To secure the future of our country and our continent we must forge strong public-private partnerships and dismantle regional barriers with vehicles like the African Continental Free Trade Agreement (AfCFTA).”

Dangote advised that “going forward, the overarching conversations, whether at global or regional levels, in emerging markets or in OECD countries, must be refocused towards exploring the specifics of our fast-changing world, in order to align public-private perspectives and identify areas for collaboration for the collective good of people, planet, and profit.”

He commended ‘The Economist’ for putting together the publication that was being launched, describing it as a rich body of work that offers useful data for all sectors to draw insights from and synthesize the same towards arriving at cutting-edge action points.

In his remarks, Lagos State Deputy Governor, Dr. Obafemi Hamzat described the publication as a valuable document for policymakers and strategic planners, and noted that its contents reaffirm part of the strategies the Lagos State government has executed to make Lagos assume its status as the preferred destination of choice for investors.

According to him, Lagos has just 0.4 per cent of the land mass of Nigeria but has 11 per cent of the country’s population, which explains why some of the challenges in Lagos are peculiar to the metropolis, disclosing that some of the strategies adopted by the state government are geared toward solving the challenges.

He said Lagos is Africa’s fastest growing economy and added that a key policy of the state government is to improve its investment profile by providing an enabling environment. Hamzat also noted that the state has invested billions of Naira in infrastructure and technology, citing the Lekki Deep Seaport as one of the enablers which has made Lagos to attract 60 per cent of the Foreign Direct Investment into Nigeria.

Also speaking, the Regional Executive and Managing Director of Ecobank Nigeria Limited, Mr. Mobolaji Lawal hailed the Economist special launch, as it provides an opportunity for knowledge sharing for the government and private sector to explore emerging opportunities in the digital space.

“If we get it right, it will stimulate growth and drive transformation and ensure economic growth”, the Ecobank boss stressed. 

By

Ayobami Adedeji Business 2023-05-03

Fidelity Bank Plc has released its audited financial statements (AFS) for the year ended December 31, 2022 which showed the bank’s impressive growth across key top-to-bottom line figures.

The full year 2022 scorecard

The bank’s financial results released to the investing public at the Nigeria Exchange Limited (NGX) show its full year (FY) 2022 gross earnings printed higher at N337.050billion, representing 34.4percent increase against N250.776billion recorded in 2021.

Net Interest Income (NII) rose by 60.94percent to N152.695billion from N94.879billion recorded in 2021. Its Profit Before Tax (PBT) was also higher at N53.677billion in 2022, up by 112.88percent from N25.215billion recorded in 2021, while the bank’s profit after tax (PAT) for the year 2022 at N46.724billion was 102.2percent higher than N23.104billion profit it recorded in 2021.

Its earnings per share (EPS) basic and diluted increased to 161kobo in 2022 from 80kobo in 2021. Fidelity Bank’s total asset in FY’2022 stood at N3.989trillion, up by 21.76percent from N3.276trillion in 2021.

In the review financial year 2022, the bank’s Earning Assets make up a significant portion of the bank’s total assets. For instance, as of December 31, 2022, Earning Assets were N2.64 trillion (2021: N2.22 trillion). The bank’s net loan balance in 2022 stood at N2.116 trillion (2021: N1.66 trillion). This value represents 55percent (2021: 52percent) of the total assets as at the reporting date. Deposits from Fidelity Bank customers increased to N2.580trillion in 2022 from N2.024trillion recorded in 2021.

Dividend                                                                                                        

The bank’s Board of Directors proposes a final dividend of 40kobo per share which in addition to the 10kobo per share as interim dividend amounts to 50kobo per Ordinary Share (2021: Dividend of 35kobo per Ordinary Share.

Stocks seen outperforming the market

Fidelity Bank shares have been on investment analysts stock picks. The share price at N5.3 had reached a 52-week high of N6.03 as against 52-week low of N2.87. The bank shares price has yielded about 21.8percent return this year, confirming analysts BUY rating as a value stock.

Awards and recognitions

In recognition of its product innovation and sound corporate governance standards, the bank was recognised by several local and international award agencies.  These include: Bank of the Year 2021 by Leadership Newspaper, Best Banking or Insurance Website/Portal by the Nigeria Internet Registration Association (NiRA), Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards, DBN Platinum and Service Ambassadors Awards, and Global Finance’s World’s Best Private Banks 2023 awards for Best Private Bank in Nigeria and Best Private Bank Digital Solutions for Clients in Africa.

This year 2023, Fidelity won the following awards: Banker of the Year 2022 at the 14th Leadership Annual Conference and Awards, Best Payment Solution Provider Nigeria 2023 in the 2023 Global Banking & Finance Awards, and Best Banking CEO Nigeria 2023 in the 2023 Global Banking & Finance Awards.

Source: Businessday.NG

By

Ayobami Adedeji Business 2023-04-28

Despite the economic headwinds that characterised 2022, Dangote Sugar Refinery Plc (DSR) will pay N18.22 billion as dividends to shareholders for the year ended December 31, 2022, while also targeting the production of over 170,000 tonnes of sugar next season. The dividend payout will translate to N1.50 kobo per share held by shareholders.

Chairman of the Company, Aliko Dangote said: “The shareholders are very happy with the way we have been running their company and also in re-investing the profit into the Backward Integration Programme (BIP) for the sugar industry. We are going to play our part in ensuring that Nigeria becomes self-sufficient in sugar within a very short period. We are not the only players, but we will surely play our part. We should be able to produce over 170,000 tonnes which are by far, in the history of Nigeria, the highest to be produced locally.”

The company recorded an impressive turnover of N403 billion, a 46 per cent increase over N276 billion recorded during the same period in the year before, and posted a Profit before Tax (PBT) of N82 billion.

Dangote attributed the company’s remarkable performance to the pragmatic approach the management deployed by focusing on continued cost and process optimisation, improved efficiencies in every area of operations, and service delivery to our customers.

He pledged that the management would continue to implement strategic actions to sustain the performance with the support of all stakeholders with complete adherence to the tenets of the Federal Government’s Sugar Master Plan.

Dangote said part of the success recorded by Dangote Sugar was made possible by the management’s continued implementation of the Dangote Sugar Development Master Plan with the rehabilitation and upgrade of the Dangote Sugar Refinery’s Numan operations, facilities and land development, as well as the development of the Nasarawa Sugar Company Limited, the greenfield sugar project, and Tunga in Nasarawa State.

He said: "Concerted efforts were made during the year to rise above the various challenges that came about due to the COVID–19 lockdown which affected project timelines considerably and continued to generally impact economic activities due to its spill-over effect, which also led to the lack of forex to finance most of the project deliverables.

“We however continued to surge ahead supported by the various stakeholders in the industry and government parastatals, with the resolve to ensure that the goals of the Nigeria Sugar Development Master Plan are achieved.”

The Company Chairman noted that during the year under review, the first phase of the Sugar Master Plan implementation period came to an end and that the Federal Government approved the second phase over the next 10 years. “This extension came on the back of the review of the first phase by the National Sugar Development Council and other government parastatals with cognisance of the challenges and several circumstances that were unforeseen which riddled the first phase of the programme,” he added.

Dangote stated that the board and management were, however, focused on the achievement of the goals of the strategic initiative, and thus considerable progress was recorded in the project development, despite the numerous challenges faced.

Not minding the obstacles ahead, Dangote promised that the management would continue to create sustainable value for all stakeholders through an inclusive approach to growth and development, with continuous engagement with all parties, to enable the company make a positive impact, support poverty eradication and food security, infrastructure development, empowerment for members of the immediate communities, and the society at large.

In her remarks, the Coordinator of the Pragmatic Shareholders Association, Mrs. Adebisi Bakare expressed the satisfaction of shareholders with the performance of the company, noting that despite all the encumbrances in the sugar sub-sector of the economy, the company still performed far and above the previous year.

She urged the board and the management to continue in the direction they have taken to get the company to the current winning, assuring that the management has the support of the shareholders to post even better performance in the coming years.

By

Ayobami Adedeji Business 2023-04-21

The Corps Marshal of the Federal Road Safety Corps (FRSC), Mr. Dauda Biu has commended Dangote Industries Limited (DIL) for the adoption and implementation of safety standards in the Road Transport Safety Standardisation Scheme (RTSSS) in the company's operations.

Speaking earlier, Divisional Director Transport, Dangote Cement Plant, Obajana, Mr. Ajay Singh said the collaboration between the Dangote Group and the FRSC was paying off. He, on behalf of the company, also congratulated the Corps Marshal for his elevation and appointment.

By

Ayobami Adedeji Business 2023-04-11

Zenith Bank Plc has announced its audited results for the year ending December 31, 2022, achieving a double-digit growth of 24 percent in gross earnings from N765.6 billion reported in the previous year to N945.5 billion in 2022. This is despite the persistently challenging macroeconomic environment and headwinds, the bank said.

According to the audited financial results for the 2022 financial year presented to the Nigerian Exchange (NGX), the double-digit growth in gross earnings was driven by a 26 percent year-on-year (YoY) growth in interest income from N427.6 billion to N540.2 billion and a 23 percent year-on-year (YoY) growth in non-interest income from N309 billion to N381 billion.

Profit before tax also grew by 2 percent, from N280.4 billion to N284.7 billion, in the current year. The increase in profit before tax was due to the significant growth in all the income lines.

Impairments grew by 107 percent from N59.9 billion to N124.2 billion, while interest expense grew by 63 percent year over year from N106.8 billion to N173.5 billion, respectively. The impairment growth, which also resulted in an increase in the cost of risk (from 1.9 percent in 2021 to 3.3 percent in the current year), was due to the impact of Ghana’s sovereign debt restructuring programme.

The growth in interest expense increased the cost of funds from 1.5 percent in 2021 to 1.9 percent in 2022 due to hikes in interest rates globally.
Customer deposits increased by 39 percent, growing from N6.47 trillion in the previous year to N8.98 trillion in the current year. The growth in customer deposits came from all product and deposit segments (corporate and retail), thus consolidating the bank’s market leadership and indicating customers’ trust.

The continued elevated yield environment positively impacted the bank’s net interest margin, which grew from 6.7 percent to 7.2 percent due to an effective repricing of interest-bearing assets. Operating expenses grew by 17 percent year over year, but growth remains below the inflation rate.

Total assets increased by 30 percent, growing from N9.45 trillion in 2021 to N12.29 trillion, mainly driven by growth in customer deposits. With the steady and continued recovery in economic activities, the Group prudently grew its gross loans by 20 percent, from N3.5 trillion in 2021 to N4.1 trillion in 2022, which increased the non-performing loan (NPL) ratio modestly from 4.2 percent to 4.3 percent YoY.

The capital adequacy ratio decreased from 21 percent to 19 percent, while the liquidity ratio improved from 71.2 percent to 75 percent. Both prudential ratios are well above regulatory thresholds.

In furtherance of its holding structure objective this year, the Group intends to expand its frontiers by adding new verticals to its businesses and growing in all of its chosen markets, both locally and internationally.

As a testament to its commitment to shareholders, the bank has announced a proposed final dividend payout of N2.90 per share, bringing the total dividend to N3.20 per share.

By

Ayobami Adedeji Business 2023-04-06

As part of its public enlightenment programme, Dangote Cement has demonstrated how to put into appropriate use, its variants of cement to achieve the best results.

At the on-going Trade Fair at Enugu, the Company gathered stakeholders in the built industry and demonstrated the use of its Falcon cement brand, saying when used appropriately, the consumer is guaranteed solid structure that can withstand any weather.

The practical demonstration of the use of the cement brand in the full glare of block moulders and other construction experts involved building, plastering, tiling and band screeding four dwarf walls with the product.

Dangote Cement  Coordinator, Artisans Training, Mr. Johnson Olaniyi who conducted the demonstration of the use of Falcon Cement brand in four categories said the product comes with several benefits even as it is pocket friendly.

He explained that the use of Falcon Cement in screeding produces a smooth surface that would require less quantity of paint adding that the smoothness of the wall after the screeding should be the desire of all prospective house owners.

Olaniyi argued that if people understand the role of Dangote Cement’s falcon brand in having a good and attractive screeding, every intending house owner would insist on the use of the product for screeding.

He pointed out that the binding power of Dangote Falcon Cement enables tiles to stick easily to walls and surfaces as the artisans watch tilers use Dangote Falcon Cement to place tiles on walls and surfaces.  He then advised the artisans to always “recommend Dangote Falcon Cement to their clients for setting and plastering of walls as its binding power helps to hold sandcrete blocks used in walls and partitioning.” This was also demonstrated at the venue.

In his remarks, during the demonstration, Regional Director, Standards Organisation of Nigeria (SON), Engr. Fred Akingbesote said the initiative by Dangote Cement to conduct a practical demonstration of the uses of its Falcon Cement brand is commendable and should be emulated by other cement producers. 

The SON Director said the demonstration has enlightened and educated end-users of cement on the importance of using grades of cement for specific and prescribed jobs.  He urged the management of Dangote Cement not to relent but do more to educate users on the qualities and strengths of each grade of cement adding that SON is ready to collaborate the cement company in this regard.

Earlier, President, Enugu Chamber of Commerce, Industries, Mines & Agriculture, (ECCIMA), Mr. Jasper Nduagwuike in his welcome remarks noted Dangote Industries Limited has added a lot of value to the growth of the Nigerian economy as it is operating in almost every sector of the economy.

According to him, the exploits of Dangote Group shows great level and high degree of vision, creativity, thinking, research, innovation, doggedness, hard work and industry.

Regional Sales Director, South East, Dangote Cement Plc, Dr Abayomi Shittu in his welcome remarks noted that Chambers of Commerce & Industry occupy a unique position in driving economic development through their activities. 

Said he: “There is no gainsaying the fact that ECCIMA is unique. This is because Enugu State has one of the largest concentration of industries in the South East/South-South geopolitical region and serve as a corridor for transportation of goods, services, and people between the two regions and the rest of Nigeria.”

“ECCIMA International Trade Fair therefore remains an avenue for us to connect with our customers in South-East and other parts of the country. It is a home coming as the region is known for their innovation and industry. We at Dangote Group and people of South-East share the trait of ever pushing beyond the limits and discovering new levels of success” he added.

By

Ayobami Adedeji Business 2023-04-04

Management of the pan-African cement manufacturer, Dangote Cement Plc has revealed that once the shareholders at the AGM slated for April 13, 2023, approve the proposal, the shareholders whose names are registered in the Company's Register of Members at the close of business on 30 March 2023 will be immediately paid the sum of about N340 billion a day after the meeting.

In the notice of AGM, published in the Newspapers and signed by Dangote Cement’s Acting Company Secretary, Edward Imoedemhe, the company revealed that a list of unclaimed dividends is available on the Company's website at www.dangotecement.com and that Shareholders with unclaimed share certificates or unclaimed dividends should address their claims to the Registrars, Coronation Registrars Ltd, at This email address is being protected from spambots. You need JavaScript enabled to view it.

The company also stated that it is giving notice to all shareholders to open bank accounts, stockbroking accounts and CSCS accounts for receiving dividend payments electronically and also that pursuant to the provision of Section 187 of CAMA 2020, the treasury shares are not entitled to dividend and voting rights.

The Cement company disclosed in the published Notice that, its ordinary business for the day will include: laying the Audited Financial Statements for the Year Ended 31 December 2022 together with the Reports of the Directors, Auditors and the Audit Committee thereon; declare a dividend; elect/re-elect Directors; authorise the Directors to fix the remuneration of the Auditors for the 2023 financial year; disclose the remuneration of Managers of the Company and also elect shareholders' representatives of the Statutory Audit Committee. The AGM will also consider and if thought fit,  fix the remuneration of the Directors.

In the financial statements of the organisation for 2022, the gross earnings for the Group increased to N1.6 trillion from the N1.4 trillion recorded in the preceding year due to the higher revenue generated from cement and clinker sales, with a significant chunk coming from the domestic market. The company’s revenue also increased by 21 per cent to N1,205 billion as against N993 billion recorded for the preceding year.

While the group’s earnings per share increased by 5 per cent to N22.27 billion as against the preceding year’s N22.42 billion, the company’s earnings per share increased by 6 per cent to N23.87 billion as against N22.42 recorded for the preceding year.

By

Ayobami Adedeji Business 2023-03-24

The Bigi premium drinking water produced by Rite Foods Limited has joined other global brands in marking this year’s World Water Day and continues to reinvigorate Nigerians with long-lasting refreshing moments for healthiness.

The unrivalled brand which is produced with global best practices in purification offers quality, freshness, confidence, and reliability, with a leading position in the table water market in the country.

Celebrated annually on 22 March, this year’s World Water Day with the theme “Accelerating the change to solve the water and sanitation crisis," is about taking action to tackle the global water crisis of the 2.2 billion people living without access to safe water.

In his remark, Rite Foods’ Managing Director, Mr. Seleem Adegunwa, said with the availability of the Bigi Premium Drinking Water across the country and beyond, the brand has provided access to cleaner and safer water for consumers in line with the United Nations Sustainable Development Goals (SDG) 6, being one of the world’s precious resources.

He stated that water is very essential to health and vital for other projects that are of great value to the people, hence it should be made available to meet the growing demand for it.

The Rite Foods boss further affirmed that with the Bigi Premium Drinking Water brand, consumers are assured maximum satisfaction and rejuvenating experience that makes the product widely accepted in the market, having been produced in a world-class factory with the latest technological infrastructure that makes it unique.

Similarly, the Company’s Assistant Brand Manager, Boluwatife Adedugbe, pointed out that with the high-quality Bigi Table Water, consumers’ thirst for water on-the-go has been catered for, with the satisfaction that surpasses others in the table water industry.

Given that, the importance of World Water Day has been well enumerated by the United Nations, to reach universal access to drinking water, sanitation, and hygiene by 2030. There is need for a giant stride that should be increased fourfold., as achieving this target would save 829,000 people who die annually from diseases directly attributable to unsafe water, inadequate sanitation, and poor hygiene practice.

By

Ayobami Adedeji Business 2023-03-24

Exactly 10 days after the Supreme Court judgement mandating the use of old N,1000 and N500 notes as legal tender till December 31, 2023, the Central Bank of Nigeria Governor, Godwin Emefiele, on Monday bowed to pressure and officially ordered commercial banks to comply with the court verdict.

He also announced that the old N200, N500 and N1,000 would remain legal tender till the end of the year.

Emefiele said the decision followed a meeting with Bankers  Committee that held on Sunday.

The development has put an end to the confusion over the legality of the old naira notes. The action is also expected to ameliorate the suffering of Nigerians who have faced severe hardships over the scarcity of new naira notes amid the controversial ban on the old notes.

The Acting Director, Corporate Communications, Isa AbdulMumin, disclosed the latest development in a statement titled ‘Old N200, N500, and N1,000 banknotes remain legal tender – CBN’

The statement read, “In compliance with the established tradition of obedience to court orders and sustenance of the rule of law principle that characterised the government of President Major General Muhammadu Buhari (retd.), and by extension, the operations of the Central Bank of Nigeria, as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1,000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly.”

By

Ayobami Adedeji Business 2023-03-14