Nigeria must enhance its crude oil production capacity and effectively manage its crude supply to ensure adequate feedstock for domestic refineries, in order to transit from a net importer to a net exporter of petroleum products.

Chairman of Dangote Refinery and Petrochemicals Company Limited, Aliko Dangote, made this assertion during his keynote address at a summit held in Lagos by the Crude Oil Refinery Owners Association of Nigeria (CORAN). The event attracted top government officials and key stakeholders from the midstream and downstream sectors.

Addressing Nigeria’s potential as a refining hub, Dangote expressed concern that, despite producing over 3.4 million barrels of crude oil per day, Africa imports around 3 million barrels of petroleum products daily. He noted that these imports, primarily from Europe, Russia, and other regions, are estimated to cost approximately $17 billion in 2023.  He urged that Nigeria could capitalise on this situation to become a net exporter of refined petroleum products, as the markets would be more competitively served from Nigeria.

“Both the crude oil and the petroleum products will travel shorter distances. The logistics costs of floating storage will be eliminated, and countries can purchase their petroleum product requirements just-in-time. Nigeria and Africa can become completely self-sufficient, and we can keep all the value on our shores. We have done it in cement, and we can certainly do it for petroleum products.

“It is worth noting that the Dangote Refinery already produces sufficient diesel and jet fuel to meet Nigeria’s demand. We recently started the production of PMS and will soon ramp up to meet Nigeria’s needs. Our refined products have been exported to diverse markets, including Europe, Brazil, the UK, the USA, Singapore, and South Korea,” he added.

Represented by Engr. Mansur Ahmed, Group Executive Director of Dangote Industries Ltd, Dangote emphasised that Nigeria must develop a refining capacity of 1.5 million barrels per day and prioritise domestic crude supply obligations to seize this opportunity. Acknowledging the arising and future challenges, he urged the government to incentivise investors, contrasting this with the Dangote Oil Refinery, which was built without any government incentives.

“…It is unfortunate that while countries like Norway are putting oil proceeds into a future fund, in Africa, we are spending oil proceeds from the future. We will also need to prioritise the implementation of domestic crude supply obligations. We will need to expand our crude oil production capacity to support demand from new refining capacity. The government of President Bola Ahmed Tinubu is taking active steps to achieve this through fast-tracking IOC divestments and other initiatives,” he stated.

Emphasising that global developments in the petroleum sector, particularly in Europe, will disrupt historical trade flows for refined petroleum products in Africa, Dangote stated that Nigeria is uniquely positioned to capitalise on this opportunity and become a significant player in the global oil industry. He called for consultation, collaboration, and cooperation among stakeholders.

“As a vibrant exporter of refined products, Nigeria will witness an improvement in its balance of trade and generate much-needed foreign currency. Nigeria’s potential as a refining hub is clearly not in doubt; let us work together to make it happen,” he urged.

The foremost industrialist noted that the summit’s theme, “Making Nigeria a Net Exporter of Petroleum Products,” would have seemed unrealistic a few years ago, and added that despite being Africa’s largest crude oil producer, Nigeria has historically relied on imports to meet its refined petroleum product needs.

However, he emphasised that the Dangote Petroleum Refinery and Petrochemicals is poised to transform Nigeria from a “net importer” to a “net exporter” of refined petroleum products, establishing the country as an emerging player in global downstream trade flows; with refined products already exported to various markets, including Europe, Brazil, the UK, the USA, Singapore, and South Korea.

Commending Dangote for this transformation, Chairman of IPPG/Waltersmith Refinery & Petrochemicals Co. Ltd, Abdulrazaq Isa, called on the government to support domestic refiners by ensuring the availability of crude, adhering to domestic crude supply obligations, and implementing effective pricing and monitoring measures to prevent smuggling.

Chairman of CORAN's Board of Trustees and CEO of Integrated Oil & Gas, Captain Emmanuel Iheanacho (rtd), remarked that the Dangote Oil Refinery has set a high standard by producing Euro-V products, thus protecting citizens from exposure to high-sulphur products. He noted that transforming Nigeria into a net exporter will bring numerous benefits but reiterated the need for increased investment to boost crude production, lamenting that Nigeria loses approximately $83 billion annually by not meeting its OPEC quota.

While acknowledging that tank farms remain essential despite local refining, Iheanacho urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to consider cancelling import licences, as Nigeria can now meet its local demand.

Chairman of Major Energies Marketers Association of Nigeria (MEMAN), Huub Stokman,  stated that Nigeria is on the verge of becoming Africa's refining powerhouse, which will significantly boost the economy. The Chairman of CORAN, Momoh Oyarekhua, also expressed concern over challenges related to crude supply and stated that domestic refiners will work with regulators and stakeholders to address these issues.

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lopkobiri,  assured that the government would continue to refine frameworks to enhance crude production and support domestic refineries. His counterpart from the Ministry of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, emphasised the Tinubu-led administration’s commitment to ensuring value addition for mineral resources before export.

Two panel sessions were held to discuss Nigeria’s downstream petroleum refining sector and its potential impacts, as well as policy strategies for achieving self-sufficiency in petroleum products.

By

Ayobami Adedeji Business 2024-10-10

In a show of strong support for GTCO and move to debunk false allegations being levelled against the GTCO and its Executive Management by faceless and unqualified entities using the media, the Central Bank of Nigeria (CBN), issued a Press Release today reassuring the public that their deposits with Nigerian Banks are safe.

The Statement titled, “CBN Reaffirms Commitment to Financial System Stability, Safety of Depositors’ Funds” and signed by Ag. Director, Corporate Communications, Hakama Sidi Ali (Mrs.), begins with a firm assurance: “The Central Bank of Nigeria (CBN) wishes to reassure the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.” It further stated, “The CBN recognises the crucial role that confidence plays in banking operations and wants to affirm that all deposits in Nigerian banks are secure. The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system. Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.”
On how the Monetary Authority fulfills its oversight responsibility, ensuring system-wide monitoring of licensed Banks in Nigeria as well as their offshore operations, the Statement says, “In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues. The Bank’s approach to Risk-Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector. Furthermore, the CBN has established Memoranda of Understanding with the various countries where Nigerian banks and subsidiaries are located. This collaboration enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.”
In closing, the Ag. Director said, “The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.”

By

Ayobami Adedeji Business 2024-10-08

NOVA Bank has reaffirmed its commitment to the well-being and interests of high-net-worth individuals by sponsoring the 27th Nigeria Cup Golf Tournament. Hosted at the prestigious Ikoyi Golf Club 1938, the annual tournament for 2024 took place from, September 21st, to Saturday, September 28th, 2024.

The Nigeria Cup Golf Tournament, organized by the Ikoyi Golf Community Nigeria Association (IGCNA), showcased the remarkable talent of golfers and the sport’s capacity to foster connections across board. This year, Mr, Tayo Babalakin emerged as the Nigeria Cup 2024 Champion, clinching the title with a stunning 85 gross with Handicap (HCP) 19 = 66 net. This victory etched Tayo Babalakin’s name in the history books as the 27th champion of this celebrated tournament.

As a former merchant bank serving high-net-worth clients, NOVA Bank has long valued golf as a recreation sport for business executives to network and relieve stress. The Bank's transition to a national commercial bank has not diminished this commitment but has instead deepened its relationship with the golfing community, as reflected in its ongoing partnership with the Nigeria Cup.

Mr. Phillips Oduoza, Chairman of NOVA Bank and an avid golfer, highlighted the importance of the partnership in a speech presented by Mrs. Esther Adino, on his behalf. "As a long-term partner of the Nigeria Cup and the Ikoyi Club Golf Section, this annual event is always a delight for us at NOVA. It provides a unique opportunity to engage with our esteemed customers and the broader community while celebrating the beautiful game of golf. For over four years, NOVA Bank has been a proud supporter of this tournament, a sponsorship that aligns with our dedication to fostering wealth creation and enhancing the well-being of our customers. Golf plays an essential role in that mission, allowing us to connect with our HNI clients in a meaningful and engaging environment. We consider ourselves long-term sponsors of this tournament, and we are pleased to deepen our partnership with Ikoyi Golf Club. We look forward to exploring new opportunities for collaboration to elevate this esteemed club further."

Reiterating NOVA's involvement, Mrs. Chinwe Iloghalu, Executive Director of Institutional and Commercial Banking at NOVA Bank, added, "Our support of the Nigeria Cup reflects our commitment to offering our high-net-worth clients and C-suite executives an atmosphere of relaxation, well-being, and healthy competition. As a commercial bank, we continue to develop tailored products for SMEs and retail clients, including our groundbreaking NOVA Phygital mobile banking, which redefines personal banking experiences. The NOVA Phygital platform is designed to provide seamless financial solutions, ensuring our clients can manage their wealth effortlessly while enjoying the lifestyle they deserve. We remain dedicated not only to supporting our corporate customers’ businesses but also to helping them stay fit, relaxed, and focused. Golf is the perfect avenue to achieve this balance."

Mr. George Etomi, Chairman of the 2024 Nigeria Cup Organizing Committee, commended NOVA Bank for their unwavering support. "NOVA Bank’s consistent sponsorship of the Nigeria Cup truly embodies the spirit of this club—harmony through recreation. Their partnership exemplifies the harmony and shared vision that has made them an integral part of our journey. We are thankful for NOVA’s dedication and look forward to more opportunities to create lasting impacts together."

As NOVA Bank continues its growth trajectory, expanding its exceptional services to retail and SME markets, it remains committed to creating meaningful experiences for its high-net-worth clientele, while embracing a broader audience through innovation and customer-centered solutions. The partnership with the Nigeria Cup Golf Tournament reflects the values that define NOVA Bank— Uniqueness, Leadership, Teamwork, and Passion 

NOVA Bank has reaffirmed its commitment to the well-being and interests of high-net-worth individuals by sponsoring the 27th Nigeria Cup Golf Tournament. Hosted at the prestigious Ikoyi Golf Club 1938, the annual tournament for 2024 took place from, September 21st, to Saturday, September 28th, 2024.

The Nigeria Cup Golf Tournament, organized by the Ikoyi Golf Community Nigeria Association (IGCNA), showcased the remarkable talent of golfers and the sport’s capacity to foster connections across board. This year, Mr, Tayo Babalakin emerged as the Nigeria Cup 2024 Champion, clinching the title with a stunning 85 gross with Handicap (HCP) 19 = 66 net. This victory etched Tayo Babalakin’s name in the history books as the 27th champion of this celebrated tournament.

As a former merchant bank serving high-net-worth clients, NOVA Bank has long valued golf as a recreation sport for business executives to network and relieve stress. The Bank's transition to a national commercial bank has not diminished this commitment but has instead deepened its relationship with the golfing community, as reflected in its ongoing partnership with the Nigeria Cup.

Mr. Phillips Oduoza, Chairman of NOVA Bank and an avid golfer, highlighted the importance of the partnership in a speech presented by Mrs. Esther Adino, on his behalf. "As a long-term partner of the Nigeria Cup and the Ikoyi Club Golf Section, this annual event is always a delight for us at NOVA. It provides a unique opportunity to engage with our esteemed customers and the broader community while celebrating the beautiful game of golf. For over four years, NOVA Bank has been a proud supporter of this tournament, a sponsorship that aligns with our dedication to fostering wealth creation and enhancing the well-being of our customers. Golf plays an essential role in that mission, allowing us to connect with our HNI clients in a meaningful and engaging environment. We consider ourselves long-term sponsors of this tournament, and we are pleased to deepen our partnership with Ikoyi Golf Club. We look forward to exploring new opportunities for collaboration to elevate this esteemed club further."

Reiterating NOVA's involvement, Mrs. Chinwe Iloghalu, Executive Director of Institutional and Commercial Banking at NOVA Bank, added, "Our support of the Nigeria Cup reflects our commitment to offering our high-net-worth clients and C-suite executives an atmosphere of relaxation, well-being, and healthy competition. As a commercial bank, we continue to develop tailored products for SMEs and retail clients, including our groundbreaking NOVA Phygital mobile banking, which redefines personal banking experiences. The NOVA Phygital platform is designed to provide seamless financial solutions, ensuring our clients can manage their wealth effortlessly while enjoying the lifestyle they deserve. We remain dedicated not only to supporting our corporate customers’ businesses but also to helping them stay fit, relaxed, and focused. Golf is the perfect avenue to achieve this balance."

Mr. George Etomi, Chairman of the 2024 Nigeria Cup Organizing Committee, commended NOVA Bank for their unwavering support. "NOVA Bank’s consistent sponsorship of the Nigeria Cup truly embodies the spirit of this club—harmony through recreation. Their partnership exemplifies the harmony and shared vision that has made them an integral part of our journey. We are thankful for NOVA’s dedication and look forward to more opportunities to create lasting impacts together."

By

Ayobami Adedeji Business 2024-10-02

Access Bank PLC, has successfully satisfied all legal and regulatory requirements to complete its acquisition of African Banking Corporation (Tanzania) Limited (“BancABC

Tanzania” or “BancABC”). With the acquisition now finalised, the entity in Tanzania will operate under the name Access Bank Tanzania Limited, further consolidating Access Bank’s presence in the East African region. This milestone also builds on Access Bank’s recent acquisition of the consumer, private, and business banking operations of Standard Chartered Bank Tanzania. The
newly formed Access Bank Tanzania will leverage its inherent strength and that of its parent company, Access Bank Plc, to offer a comprehensive suite of financial solutions aimed at fostering economic growth in Tanzania.
Commenting on this significant milestone, Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank Plc, stated: “This milestone represents a crucial step in our East African growth strategy, reinforcing our commitment to Tanzania's economic development. By integrating BancABC Tanzania into the Access Bank Group, we will enhance our ability to provide diverse and innovative financial solutions to meet the evolving needs of our customers. Our goal is to facilitate greater inter- and intra-African trade, while empowering local communities, especially women and youth, through improved access to banking services and financial opportunities.”
John Imani, Managing Director of Access Bank Tanzania, also shared his perspective, saying, “We are excited to officially become part of the Access Bank family. This marks a new era for our operations as we bring together the best of both institutions to create a stronger and more competitive bank that will serve the needs of our customers. Our shared commitment to delivering excellent service and driving financial inclusion will guide us as we integrate and grow in Tanzania.”
With the conclusion of the acquisition, Access Bank Tanzania customers will benefit from banking with an institution possessing a world-class class payments gateway and supported by a dynamic ecosystem of local and international partnerships. Furthermore, Access Bank’s international expansion and its deepened presence in key trading corridors across Africa, enables it to bridge the gap between cross- border and domestic transfers across all business segments while servicing global payments and remittances efficiently.

By

Ayobami Adedeji Business 2024-10-01

The Nigerian equity market gained N607bn in market capitalisation in the past week, on the back of buying interest in large-cap stocks like Access Corporation and MTN Nigeria.
The All-Share Index appreciated by 1.06 per cent to close at 97,456.62, while the market capitalisation rose by 1.10 per cent to N56tn.
All other indices closed higher, except for the Growth Index, which saw a depreciation of 0.03 per cent, while the Alternative Securities Market Index remained flat. The upward trend was driven by investor interest in major stocks, such as Access Corporation, which gained 2.39 per cent, and MTN Nigeria, which rose by 7.37 per cent. Across various sectors, the performance was bullish, with gains recorded in consumer goods (1.47 per cent), insurance (1.59), industrial (0.17 per cent), banking (5.12 per cent), and oil and  gas (two per cent). In terms of activity, the financial services industry led the charts, accounting for 1.71 billion shares valued at N26.99bn traded in 19,277 deals, contributing 66.05 per cent and 52.71 per cent to the total equity turnover volume and value, respectively. Following closely was the oil and gas industry, which saw 332.83 million shares worth
N12bn traded in 9,956 deals.  The services industry ranked third with 146.189m shares valued at N530.544m traded in 3,404 deals.
During the week, 43,535 units valued at N13.476m were traded in 122 deals, up from the 23,881 units valued at N8.240m transacted in the previous week. Overall, 52 equities appreciated, an increase from the 36 equities recorded in the previous week, as 31 equities saw price declines, compared to 46 in the prior week, while 68 remained unchanged, slightly lower than the 69 recorded earlier. Meanwhile, the Federal Government’s savings bonds were listed on the Nigerian Exchange on September 12.

By

Ayobami Adedeji Business 2024-09-17

Stakeholders unanimously called for concerted efforts towards adding value to non-oil export products by processing them into semi-finished and finished goods in order to unlock
significant economic benefits for the nation. This clarion call was made at the 9th Edition of the Annual Zenith Bank International Trade Seminar themed “Nigerian Non-Oil Export
Industry: Awakening the Giant”, which was held on Wednesday, September 4, 2024, at the Civic Centre, Victoria Island, Lagos and virtually.
In her welcome address, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, highlighted the importance of non-oil export as
a catalyst for job creation. According to her, “Our theme;Awakening the Giant,speaks directly to the untapped potentials within the non-oil segment of the economy and how to
optimize them. This involves an increase in the number and volume of exportable non-oil items and value addition to exportable items into finished products. Increasing the number and volume of exportable non-oil products implies more business for you, our esteemed exporters, and increased foreign exchange earnings for our country. In addition, this sector will drive employment generation for Nigerian youths who constitute 60% of the estimated 233 million population, and Zenith Bank is committed to being at the forefront of these efforts.”
Delivering his keynote address, the Secretary, National Action Committee, AfCFTA, Mr. Segun Awolowo, commended Zenith Bank and its leadership led by the Founder and Chairman of the Board, Jim Ovia, CFR, for its laudable initiative in organizing an annual export seminar targeted towards exploring opportunities for growth in Nigeria’s non-oil
export industry and for its consistent exploits in supporting the implementation of the AfCFTA. Commenting on the theme of this year’s export seminar, he added that “In awakening the giant, we must focus on scaling production, productivity and value addition for some specific export products with high potential across three main sectors – solid
minerals, agriculture and petro-chemicals. We should also aim to capture at least 5% of the global trade and export volumes for these products. Additionally, in the genie bottle is the services sector, which is not only a major contributor to Nigeria’s GDP but also a key driver of economic diversification, job creation, and innovation.”
Also in his keynote address, the Managing Director of Nigerian Export Import Bank (NEXIM), Alhaji Abba Bello, emphasized the need to amplify the export of services in order to facilitate economic growth. In his words, “A key area that needs mentioning is the need to intensify efforts to support the promotion of export of services to leverage on the sector’s economic strength in which the services sector annually contributes over 50% to the GDP.Specifically, strategic frameworks need to be developed to complement current Government’s US$620 million programme under the Digital and Creative Enterprise (IDiCE), which is designed to empower youths to create IT and skilled / technical jobs that could promote and expand export of ICT and creative industries products and services.”
In his goodwill message, the Governor of Lagos State, His Excellency Babajide Olusola Sanwo-Olu, represented by The Honourable Commissioner for Commerce, Cooperatives,Trade and Investment, Mrs. Folashade Ambrose-Medebem, highlighted the efforts of the Lagos State Government in facilitating non-oil export for the growth of the Nigerian
Economy. He said, “This seminar’s theme resonates deeply with the strategic objectives of the Lagos State Development Plan 2052. Nigeria’s creative economy is a powerful engine
of growth and a key pillar of our export diversification strategy. Our focus is on value addition—transforming raw agricultural products into finished goods that command higher
prices in international markets. For instance, Lagos State is rapidly becoming a hub for the processing of cocoa, cashew nuts, palm oil, and sesame seeds. These products, when
processed and packaged to international standards, can significantly boost our export revenues and create thousands of jobs for our citizens. The manufacturing sector offers another promising avenue for export diversification. Our vision is to transform Lagos into a global manufacturing hub, where high-quality, made-in-Lagos products are exported to
every corner of the globe.
Also in his goodwill message, the Governor of Kano State, Engr. Abba Kabir, represented by the Special Adviser, State Affairs, Usman Bala Muhammad, emphasized strategic advantages in economic diversification in non-oil exports. In his words, “Our strength begins with agriculture, which has been the cornerstone of our economy for decades. Kano’s
agricultural sector has a strong base that we are leveraging for diversification. However, diversification is not just about increasing crop yields; it is about adding value. Through
strategic investments in agro-processing, we are converting raw agricultural products into finished goods, creating jobs, and enhancing local consumption. By aligning our export
diversification strategies with global market trends and standards, and leveraging opportunities such as the African Continental Free Trade Area (AfCFTA), we can significantly expand Nigeria’s non-oil exports to African markets and beyond.
Speaking on diversification, the Governor of Zamfara State, Dr. Dauda Lawal, represented by the Commissioner of Finance, Abdullahi Bello Auta, urged stakeholders to explore other untapped areas for export. According to him, “One major important sector which contributes to non-oil export which is not harnessed and which is giving us a lot of trouble simply because it is not organized is the mining sector. I can tell you with all sincerity and courage that once we are talking of mineral resources in Nigeria, Zamfara state is the hub. There is no single solid mineral that you can talk of that you cannot find here in abundance and in good quality.”
Zenith Bank launched the Non-Oil Export Seminar in 2015 as an initiative to deepen the discourse on promoting the non-oil export business in Nigeria, and remains committed to
promoting the non-oil export sector in Nigeria by identifying emerging opportunities which help stimulate non-oil exports and develop robust financial products as well as incentives for operators in the sector.

By

Ayobami Adedeji Business 2024-09-07

Guaranty Trust Bank, flagship subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa, has been named Best Bank in
Corporate Social Responsibility in Nigeria at the prestigious Euromoney Awards for Excellence 2024. This recognition underscores GTCO’s unwavering commitment to excellence, going beyond offering innovative financial services and creating more value for its stakeholders to enriching lives and constantly exploring new opportunities to drive positive change in society. Announcing the Award, Euromoney highlighted the range and impact of GTCO’s CSR initiatives spanning education, health, community development, and financial inclusion. Over the years, Guaranty Trust has not only led with innovation and service excellence, but also consistently demonstrated a steadfast dedication to making a
positive impact and creating shared value through CSR. Central to these efforts are its consumer-focused events—the GTCO Food and Drink Festival and the GTCO Fashion
Weekend—both of which offer free business platforms for budding as well as established entrepreneurs to showcase their talents, share their unique stories, and connect with a broader audience. The Annual GTCO Autism Programme, an offshoot of the Orange Ribbon Initiative, aims to provide ongoing support for persons with developmental disabilities, focusing on those with autism spectrum disorder (ASD).
Commenting on the Award, Segun Agbaje, Group CEO of Guaranty Trust Holding Company Plc, stated: “As a Proudly African institution, we recognise that our success is inextricably linked to the well-being of the society in which we operate. Our commitment to corporate social responsibility is deeply rooted in our belief that businesses must act as a force for good, driving sustainable progress, and fostering inclusive growth. Over the years, we have successfully developed several free- business platforms and continue to sponsor impactful social causes that have benefited millions of people and businesses across Africa. This recognition from Euromoney is a testament to the far-reaching impact of our initiatives, and it reinforces our resolve to create enduring value and ensure better outcomes for all.”

By

Ayobami Adedeji Business 2024-09-07

Dangote emerges as the Most Valuable Brand in Nigeria for 7th time

For the seventh consecutive years, Dangote Industries Limited, has again emerged as most valuable brand in Nigeria, leading other top brands like MTN, Airtel, Access Bank, Globacom
and many others. The latest report of the TOP 50 BRANDS NIGERIA® rankings, an annual celebration of the
most influential and valuable brands in the country, revealed this. Dangote is immediately followed by MTN Nigeria, which not only ranks second overall but also emerged as the Most Popular Brand in the country for the year, according to the Top-of-Mind (TOM) survey. MTN’s  strong consumer connection and widespread recognition highlight its significant impact on the telecommunications sector and beyond. At the third place this year is  Globacom Nigeria , a leading Nigerian multinational telecommunications company known for its innovative solutions and commitment to progress. Globacom’s consistent ranking among the top brands indicate its significant role in Nigeria’s digital and technological advancement. Airtel Nigeria, another key player in the telecommunications sector, secured the fourth position. Access Bank ranked in the fifth position, topping the Banking & Financial Services sector.
The organisers stated that: “This year’s list is a testament to the resilience, innovation, and enduring relevance of brands that continue to shape Nigeria’s economic, particularly in challenging times. A significant highlight this year is that seven of the first 10 brands out of the 50 are Nigerian, emphasizing the resilience and global competitiveness of home-grown brands, most of which
had spread abroad. Additionally, it is impressive to note the consistency among the top brands, with seven of them maintaining their positions from last year. This stability reflects their continued relevance, strong market presence, and ability to navigate the complexities of the Nigerian business environment.
Nigerian brands account for 24 spots on the top brands list this year, while international brands hold 26 positions, representing 52% of the total. The 2024 list also witnessed the entry of two new brands, these are  Opay Nigeria and Flutterwave , which made their debut in the annual Top 50 evaluation. These new entrants highlight the growing influence of fintech and digital payment platforms in shaping Nigeria’s economic future. Notably, 14 brands maintained their positions from the previous year, reflecting their consistent performance and consumer trust.
Another set of notes in the presentation are the 10 Brands to Watch – These are vibrant and upcoming brands, who, though not among the 50 Top Brands yet, but with significant visibility
and promises. This year, 9 of the 10 Brands to Watch are Nigerian.

During the public presentation, Taiwo Oluboyede, CEO of TOP 50 BRANDS NIGERIA®, commended the  brands for their exceptional performance resilience, particularly in the face of the present economic challenges. “These brands deserve commendation, really, especially in times like this. The past year has been tough for many businesses, with some relocating out of Nigeria and others barely holding on. However, the majority of these brands have shown the resilient Naija spirit by weathering the storms and standing strong with positive projections into the future” He went on “As the saying goes, tough times never last, but tough people do. It’s in times like this that you differentiate between the boys and the men, as these brands have shown.” Oluboyede concluded.
The 2024 TOP 50 BRANDS NIGERIA® list is a celebration of excellence, resilience, and the relentless pursuit of growth. As these brands continue to innovate and adapt, they set the standard for what it means to be a top brand in Nigeria. We look forward to witnessing their continued success and contribution to Nigeria’s economic development in the years to come.

By

Ayobami Adedeji Business 2024-09-04

Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2024, recording an impressive triple-digit growth of 117% in gross earnings from N967.3 billion
reported in H1 2023 to N2.1 trillion in H1 2024. This superior performance has been achieved even as the Nigerian banking industry navigates a challenging macro environment.
According to the bank's audited half-year financial results presented to the Nigerian Exchange (NGX) on Friday, 30th August 2024, the triple-digit growth in the top line also
drove growth in the bottom line as the Group recorded a 108% Year on Year (YoY) increase in profit before tax, from N350 billion in H1 2023 to N727 billion in H1 2024. Profit after tax also grew by 98% from N292 billion to N578 billion in the same period. This led to growth in earnings per share (EPS) by 98% from N9.29 in H1 2023 to N18.41 in the period under review.
The growth in gross earnings was driven by an acceleration in both interest income and non-interest income. Propelled by the growth of and by the effective pricing of risk assets,
interest income surpassed the N1 trillion mark, a half-year record, growing by 177% from N415.4 billion in H1 2023 to N1.1 trillion in H1 2024, while non-interest income grew by 74% from N515.7 billion to N899.3 billion. The Group continued to strive for operational efficiency, resulting in only a marginal increase in cost-to-income ratio Year on Year (YoY) from 38.5% to 39.4%. The heightened risk environment has fuelled a growth in impairment levels, thus mildly elevating the cost of risk from 8.8% to 9.7%. Cost of funds grew Year on Year (YoY) from 2.6% to 4.4% given the high-interest rate environment. This also resulted in growth in interest expense from N153.6 billion in H1 2023 to N434.4 billion in H1 2024. Despite this, net interest margin grew by 49% from 5.9% in H1 2023 to 8.8% in H1 2024, underscoring the efficient repricing of interest earning assets and interest accruing liabilities. Total assets grew by 35% from N20.4 trillion in December 2023 to N27.6 trillion in June 2024, while customer deposits grew by 29% from N15.2 trillion in December 2023 to N19.6 trillion in June 2024. Gross loans also grew by 44% from N7.1 trillion in December 2023 to N10.2 trillion in June 2024 aided by loans disbursements to customers and the translation effect of foreign currency denominated loans. The Group’s consistent stringent risk acceptance criteria helped ensure that the non-performing loan ratio continued to show only modest growth, increasing from 4.4% in December 2023 to 4.5% in June 2024 despite the challenging macroeconomic environment. Capital adequacy ratio improved from 21.7% in December 2023 to 23% in June 2024, loan-to-deposit ratio grew by 11% from 46.5% to 51.7%, while liquidity ratio reduced from 71% to 59% in the current period. All prudential ratios are still well above regulatory thresholds.

In maximizing value to its highly esteemed shareholders, the Group has declared an interim dividend of N1.00 per share. This represents the highest half year dividend pay-out in its history, and also the highest interim dividend in the Nigerian banking sector till date.
The Group’s strong brand equity and excellent service quality position it to mine new business opportunities in strategic sectors of the economy, in existing geographies where it
has a presence, and in new geographies it is exploring. In furtherance of its expansion plans, the Group has received regulatory approval for the establishment of a third-country
branch in Paris, France, which, when fully operational, will enhance its product offerings in international markets.
The Group will continue to invest in enhancing its digital banking capabilities and is expediting the completion of its technology infrastructure upgrade. Its track-record of successful capital raises puts it on a solid footing to meet the new minimum capital requirements for commercial banks with international authorisation, well ahead of the deadline set by the CBN. The Group remains undoubtedly on track for a record year in its financial performance and will continue to deliver maximum value to its shareholders, while ensuring a strong corporate governance culture.

By

Ayobami Adedeji Business 2024-09-03

Aliko Dangote, President of Dangote Group, has officially presented the inaugural batch of Premium Motor Spirit (PMS), also known as petrol, from the Dangote Refinery.

The presentation took place on Tuesday via a broadcast at the refinery location in Ibeju-Lekki, Lagos State.

Notably, the 650,000-barrels-per-day refinery successfully conducted a test run, producing the first sample of petrol.

This development is expected to alleviate the ongoing petrol scarcity that has gripped the nation, offering much-needed relief to millions of Nigerians.

“I would like to salute the people of Nigeria and the government of President Bola Tinubu for giving us the platform for growth, development, and prosperity. I also want to thank him personally for creating the idea of the Naira for crude. Doing that will give Naira stability.

“As we have this refinery working, it will show the true consumption of Nigeria; we can track every loaded truck and ship,” he said.

He also said that his refinery will meet the demands of not only Nigerians but also sub-Saharan Africa.

“This refinery will fuel growth, development, and prosperity by supplying energy to our people,” said Aliko Dangote.

‘Quality of our fuel’

On the quality of petrol from the refinery, Dangote assured all citizens that they “are now going to have good petrol, while the engines of your vehicles will last longer.

“You will not be having an engine issue, which a lot of us were having. It won’t happen at all.

“The quality here will match that of anywhere in the world; US, America, we will make sure that nobody will beat us in terms of quality.”

By

Ayobami Adedeji Business 2024-09-03

United Bank for Africa (UBA) Plc, has announced a strategic partnership with the Young Lawyers Forum (YLF) of the Nigerian Bar Association (NBA) with the aim to propel the professional development of over 50,000 young legal practitioners across Nigeria, by way of academic sponsorships as well as trainings, with reputable agencies in a bid to enhance their legal careers.

The partnership was announced on Friday, July 24, at the bank’s headquarters, UBA House, in Marina, Lagos. This collaboration aligns with UBA's longstanding commitment to youth empowerment and Nigeria's socio-economic advancement.

Under this initiative, UBA will provide comprehensive support to the NBA-YLF, a subsidiary of the Nigerian Bar Association that represents lawyers with less than 7 years of post-call experience. The bank's involvement is expected to enhance these emerging legal professionals' career trajectories significantly.

 Speaking on the partnership, Group Head, Marketing and Corporate Communications, Alero Ladipo emphasized the bank's dedication to nurturing young talent and in the process strengthening the legal framework that ensures justice is effective in the country. “The partnership with NBA-YLF aligns strategically with UBA's commitment to youth development and community engagement while reinforcing the bank's dedication to fostering professional growth”.

"At UBA, we recognize that empowering the youth is crucial to Nigeria's future growth and advancement”, Ladipo said. “By investing in the professional growth of young lawyers, we're not just supporting individuals; we're strengthening the very fabric of our legal system and, by extension, our nation's development,” she added.

Also speaking, UBA’s Brand Project Manager, Lemachi Chris Asoluka, expressed enthusiasm about the partnership and how such empowerment is invaluable in the present legal landscape.

"This collaboration with UBA marks a significant milestone as it provides unparalleled opportunities for young lawyers to gain the skills and connections necessary to thrive in today's competitive legal landscape." Chris -Asoluka said

By

Ayobami Adedeji Business 2024-08-29

In line with its commitment to supporting youth empowerment and technological innovation, and creating opportunities for Nigerian youths to thrive in the digital economy, Unity Bank Plc recently held a high-impact webinar to explore the role of digital technology in sustainable development.

The event drew participants from across Nigeria featuring the Telecommunications, Media and Technology, (TMT) ecosystem including start-ups, players in fintech, content creators, etc.

The event featured two Nigerian technology industry leaders including Mr. Gbolahan Salami, Senior Vice President, Growth, Product, and Strategy at WakaNow, and Mr. Micheal Ogundare, who is the CEO and Co-founder of Crop2Cash. Both speakers shared insightful perspectives on leveraging digital technology to empower the next generation and foster inclusive growth.

Commenting on the International Youth Week webinar, Unity Bank’s Head of Strategy and Innovation, Mr. Ibukun Coker, said that through youth-friendly products, special business grants from the Bank's youth-focused initiatives such as the Corpreneurship Challenge programme as well as other financing packages, the Bank will continue to accord priority to Micro, Small and Medium-sized businesses in technology. 

He added: "Empowering the youth through digital technology is key to unlocking sustainable development in Nigeria. At Unity Bank, we are committed to driving initiatives that bridge the digital divide and equip young people with the skills needed to thrive in today’s fast-evolving economy. This webinar is part of our ongoing effort to support the growth of a digitally inclusive society, ensuring that our youth are well-positioned to harness technology for positive change and economic progress."

The event provided an opportunity for participants to interact directly with the speakers, with many expressing renewed optimism about their potential to leverage digital technology for personal and societal advancement.

Recall that recently Unity Bank partnered with SkillPaddy in its “Count Her In” tech Programme focused on empowering no fewer than 1,000 female beneficiaries in Software Engineering Training. The IT skill development and empowerment initiative was intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. About 40 young girls received full sponsorship from the Bank in the special training initiative, which was conceived as part of activities to commemorate this year’s International Women’s Day 2024.

By

Ayobami Adedeji Business 2024-08-23