Access Bank has been recognised as the ‘Best Trade Partner Bank West Africa 2024’ by the International Finance Corporation (IFC).
Presented at the Global Trade Partners Meeting (GTPM), held recently, in Barcelona, Spain, this prestigious award highlights Access Bank's outstanding performance and commitment to fostering trade finance across the continent. The GTPM, organised by the IFC, is one of the most significant events in the global trade finance industry, and is known for its unique footprint due to IFC’s extensive reach and client base in emerging markets. The 2024 event marked the 20th anniversary of IFC’s Global Trade Finance Program and attracted a record number of delegates, featuring prominent speakers and panellists, who provided valuable insights into the global trade landscape. Seyi Kumapayi, Executive Director, African Subsidiaries at Access Bank, said, “We are honoured to receive this award from IFC, which is a testament to our relentless efforts in leveraging our extensive network across Africa to scale trade opportunities between the continent and the rest of the world. Access Bank remains committed to facilitating trade that drives economic growth and prosperity for our stakeholders and the regions we serve.”
Representing Access Bank at the GTPM were Sunmbo Olatunji, Group Head, Treasury; Tosin Olatunji, Group Head, Corporate Operations; Seun Olufeko, Group,Head Project and Structured Finance, Corporate and Investment Banking Division (CIBD); Oluchukwu Kalu, Team Member PSF, CIBD; and Rowly Isioro, Head, Trade and Global Transaction Banking (Africa). Isioro also participated in a panel discussion titled ‘IFC: 20 Years in Trade, Partnerships and Perspectives.’
Speaking on the panel, he addressed the importance of building resilient trade finance systems in emerging markets and how the IFC Global Trade Finance Programme has evolved over the years, from IFC providing guarantees for letters of credit to accommodate other trade instruments like promissory notes and green trade or climate-friendly transactions. “Africa is ripe for partnerships that can drive substantial economic growth,” Isioro said.
“At Access Bank, we are dedicated to developing innovative solutions that tackle the unique challenges faced by African businesses, such as currency volatility and regulatory complexities. By strengthening our trade finance infrastructure, and by leaning on the interconnectivity of our subsidiaries – strategically spread across Africa’s key trade blocs – we aim to facilitate smoother trade flows and empower our clients to seize global opportunities effectively,” he added.
The GTPM Barcelona 2024 featured a three-day programme that saw contributions from internationally renowned speakers such as Marc Auboin, Counsellor at the World Trade Organisation; Alexia Boutin-Somnolet, Lenders; Solution Leader at Marsh; Gonzalo Gortázar, Chief Executive Officer of CaixaBank, Spain; Nathalie Louat, Global Director, Trade and Supply Chain Finance at IFC; and Paolo Mauro, Director of the Economic and Market Research Department at IFC, amongst others. The event, which was sponsored by Access Bank, CaixaBank, amongst other, concluded with a Gala Awards Dinner celebrating the 20th anniversary of IFC’s Global Trade Finance Programme and honouring its high-performing trade finance partners.

By

Ayobami Adedeji Business 2024-06-05

Zenith Bank Plc has once again been named the “Most Sustainable Bank, Nigeria” in the International Banker 2024 Banking Awards, retaining the title for the second consecutive year.
Commenting on the award, the Group Managing Director/Chief Executive Officer of Zenith Bank, Dame (Dr.) Adaora Umeoji, OON, said: “We are deeply honoured to be recognised as the Most Sustainable Bank in Nigeria for the second time in a row. This prestigious award underscores our steadfast commitment to sustainability and reinforces our belief that responsible banking is essential for long-term success and societal impact.” She dedicated the award to the Founder and Chairman of Zenith Bank Plc, Dr. Jim Ovia, CFR. She lauded the Bank’s stakeholders for their commitment and unwavering support in ensuring that Zenith remains a highly successful institution. She said, “This remarkable achievement is a testament to the visionary and impactful leadership of our Founder and Chairman, Dr. Jim Ovia, CFR. His exceptional foresight and dedication have been the cornerstone of our success. His ability to inspire and guide with strategic acumen has been instrumental in steering Zenith Bank to new heights. Along with the strategic guidance of our esteemed Board members, the unwavering commitment of our ever-diligent staff, and the steadfast support of our loyal customers, Dr. Ovia’s leadership has been pivotal in transforming our sustainability initiatives into a reality. We owe this success to his relentless pursuit of excellence and his deep-seated commitment to redefining the banking landscape in Nigeria.”
This recognition reaffirms Zenith Bank’s position as a trailblazer in sustainable banking practices, setting a benchmark for excellence within the Nigerian banking industry and beyond. The Bank has been a leader in monitoring and reporting sustainability impact.
Since becoming the first Bank in Africa to publish a stand-alone sustainability report in accordance with the GRI Standards: Core Option in 2016, Zenith Bank has consistently published assured stand-alone sustainability reports. The Bank is one of the few institutions in Nigeria that tracks its carbon emissions using a certified tool built on the internationally recognised Greenhouse Gas (GHG) Protocol.
Zenith Bank is deeply committed to environmental, social, and governance (ESG) values, subscribing to the Triple Bottom Line principle, which encompasses People, Planet, and Profit. As a leading financial institution that services various sectors of the economy, the Bank considers Environmental and Social (E&S) risk management critical to its sustainability strategy.

By

Ayobami Adedeji Business 2024-06-03

FBN Holdings Plc declared N238.53 billion profit before tax (PBT) in its unaudited first quarter (Q1) ended March 31, 2024 results, which was about 325.2percent growth from the N56.1 billion reported in Q1 ended March 31, 2023.

The Q1 2024 results was a reflection of 2023 impressive performance as one of the oldest banks in Nigeria sustained its fundamentals amid domestic and foreign challenges.  From its Q1 2024 profit & loss figures, the Group declared N208.1 billion profit, which was about 315.8 per cent compared with the N50.1 billion reported in Q1 2023.

The group announced N730.3 billion gross earnings in Q1 2024, which was an increase of 181.4 per cent from N259.5 billion in Q1 2023.

Amid hike in Monetary Policy Rate (MPR), the financial institution declared N455 billion interest income in Q1 2024, a growth of 153.3 per cent from N179.6 billion in Q1 2023, while interest expenses closed Q1 2024 at N226.42 billion, representing 234.1per cent increase from N67.76 billion reported in Q1 2023.

On the backdrop of a double-digit inflation rate, operating expenses moved from N111.2 billion in Q1 2023 to N212.80 billion reported in Q1 2024.

Total assets from the balance sheet position stood at N21.58 trillion as of March 2024, which was a 27.4 per cent increase from the N16.94 trillion recorded in 2022.

As FBNHoldings declared N8.42 trillion Customer loans & advances (Net) as of March 2024 from N6.36 trillion in 2023, full financial year, its customer deposits stood at N13.27 trillion as of March 2024, an increase of 24.4 per cent from N10.66 trillion reported in 2023 financial year.

The Group Managing Director, FBNHoldings, Nnamdi Okonkwo in a statement said, “FBNHoldings’ strong start to the year reinforces the confidence in achieving targets and delivering sustained value for our shareholders. “Our commitment to optimising the Group’s earnings capacity and maximising operational efficiencies has again delivered outstanding results.

“Underpinned by strong revenue growth and improved operational efficiency, our key financial metrics have shown significant improvement. Remarkably, gross earnings grew 181.4per cent to N730.3 billion, while profit before tax increased by 325.2per cent to N238.5 billion while our total assets increased by 27.4per cent in three months to N21.6 trillion.”

He added that the Group remained focused on its strategic initiatives towards further improving profitability, enhancing excellence in performance and surpassing stakeholders’ expectations.

However, the shareholding structure of FBNHoldings showed, the Group Chairman, Mr. Femi Otedola direct and indirect stake in the Group stood at 2,517,282,140 as of March 2024 from 1,999,342,376 March 2023.

The stock price of FBNHoldings closed March 27, 2024 at N21.1 per share on the floor of the Exchange.

Culled from ThisDay

By

Ayobami Adedeji Business 2024-06-01

Aigboje Aig-Imoukhuede, Chairman of Access Holdings PLC and Coronation Group, has been honoured with the prestigious African Banker Lifetime Achievement Award. This distinguished accolade was presented at the African Banker Awards gala dinner and awards ceremony held in Nairobi, Kenya, on the sidelines of the 2024 Annual Meetings of the African Development Bank. Aig-Imoukhuede’s journey epitomises his dedication to transforming the African banking and financial landscape. His illustrious career, spanning over three decades, has been marked by exceptional leadership and transformative accomplishments. As the Group Managing Director and Chief Executive Officer of Access Bank from 2002 to 2013, he led the lender’s transformation from a minor player into one of Nigeria’s top five banks, extending its presence to nine other African countries and the United Kingdom. With a
vision to democratise wealth creation opportunities for millions in Africa, Aigboje established Coronation Group – a conglomerate encompassing most aspects of investing, lending, and insurance with a presence in Nigeria and other African countries.
Speaking on the award, Aig-Imoukhuede said: “This award honours the collective efforts of over ten thousand talented individuals, mostly Africans whom I have had the privilege to work with throughout my journey. As professionals, recognition spurs us to strive for greater levels of excellence. I am deeply humbled and motivated to continue contributing to Africa’s growth and development.” “We would like to honour your remarkable career achievements as a leader in Africa.
Today, Access Bank stands as a behemoth in African banking. As brilliantly described in your book, “Leaving the Tarmac” Access bank started its life as a third-tier bank, but your visionary leadership, as well as that of the late Herbert Wigwe, transformed it into an institution that commands immense respect and admiration,” said Omar Ben Yedder, Group Publisher & Managing Director, African Banker.
As part of the celebration of his lifelong contributions to the African financial markets, Aig-Imoukhuede had the distinct privilege of a visit to His Excellency, President William Ruto, at the state house in Nairobi. Their discussions centred on strengthening financial markets, enhancing public sector effectiveness, and fostering sustainable economic growth across Africa. 
Reflecting on the courtesy visit to President William Ruto, Aig-Imoukhuede stated that, “In meeting with President Ruto, I was inspired by our shared commitment to driving economic growth and fostering sustainable development across Africa. Our discussions reinforced the critical role that collaborative leadership and robust financial institutions play in nation-building. I look forward to continuing our collective efforts to create a prosperous future for our continent.”
Aig-Imoukhuede’s impact extends beyond banking. Through the Aig-Imoukhuede Foundation and its subsidiaries – the Africa Initiative for Governance, and the Aig-Imoukhuede Institute – Aigboje and his wife, Ofovwe, manage a $100 million family commitment aimed at building Nigeria’s next generation of government leaders, transforming public sector effectiveness, and improving access to quality primary healthcare. His vision for the Adopt-A-Healthcare-Facility Programme (ADHFP), announced in Davos in 2020, aims to establish 774 world-class primary healthcare facilities in Nigeria, showcasing his dedication to addressing critical societal needs. Aig-Imoukhuede’s advocacy for sustainable banking practices has left an indelible mark on the financial sector. As a member of Nigeria’s Bankers’ Committee, he led the adoption of the Nigerian Sustainable Banking Principles in 2012, an initiative that has been emulated by several countries globally. His leadership in promoting responsible and sustainable business practices underscores the critical role of financial institutions in fostering economic development while protecting the environment. Mr. Aig-Imoukhuede’s leadership was previously recognised in 2013 when he received the ‘African Banker of the Year’ Award. Following a decade of accomplishments in
banking and beyond, the African Banker Lifetime Achievement Award highlights his enduring commitment to nation-building and sustainable development. His legacy of transformative leadership, sustainable banking practices, and philanthropic dedication continues to inspire and drive positive change across Africa.

By

Ayobami Adedeji Business 2024-05-31

The Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, has been named the ‘Best Banking CEO of the Year in Africa’ at the International Banker 2024 Banking Awards, retaining this title for the second consecutive year. This award, published in the Spring 2024 issue of International Banker Magazine, United Kingdom, coincides with Dr. Onyeagwu’s completion of his five-year tenure as Group Managing Director/Chief Executive Officer on May 31, 2024.
Speaking on receiving the award, Dr. Onyeagwu expressed his gratitude to the publishers of International Banker for the honour. He stated, “It is indeed an honour to be recognised as the ‘Best Banking CEO of the Year in Africa’ for a second consecutive year. This award is a testament to our team’s collective efforts and our commitment to innovation, growth, and delivering value to our
customers and stakeholders. It also reflects our dedication to sustainability and high ethical standards, which are integral to our overall strategy. I am immensely proud of our accomplishments and look forward to future opportunities for the bank as I hand over the baton to my successor and begin the mandatory regulatory cooling-off period.” Dr. Onyeagwu dedicated the award to the Founder and Chairman of Zenith Bank Plc, Dr. Jim Ovia, CFR, for his mentorship, which was crucial to his success as Group Managing Director/CEO; to the bank’s management team and staff for their unwavering commitment over the past five years; and to the bank’s customers for their loyalty.
Throughout his distinguished tenure, Dr. Onyeagwu has received multiple awards, including Bank CEO of the Year (2019, 2023) by Champion Newspaper, Bank CEO of the Year (2020–2023) by BusinessDay Newspaper, CEO of the Year (2020 and 2021) – SERAS Awards, and CEO of the Year(2022) – Leadership Newspaper, and Banking CEO of the Year, Africa (2023) - International Banker.Appointed as the Group Managing Director/Chief Executive Officer on June 1, 2019, as part of Zenith Bank’s succession planning strategy, Dr. Onyeagwu has led the bank to achieve significant milestones in financial performance, financial inclusion, corporate governance, and sustainability. These achievements have earned the bank numerous local and international awards, including being named Best Bank in Nigeria for the fourth time in five years from 2020 to 2022 and in 2024 by the Global
Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria by the Euromoney Awards 2023; being listed in the World Finance Top 100 Global Companies in 2023; and being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the 14th consecutive year in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine.
Zenith Bank has also been honoured as Best Commercial Bank in Nigeria for three consecutive years from 2021 to 2023 by the World Finance Banking Awards; Best Corporate Governance Bank in Nigeria by the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) by The Banker’s Bank of the Year Awards in 2020 and 2022; and Best in Corporate Governance Financial Services Africa for four successive years from 2020 to 2023 by Ethical Boardroom. Other recognitions include Most Sustainable Bank in Nigeria at the International Banker 2023 Banking Awards, Best Commercial Bank in Nigeria, and Best Innovation in Retail Banking in Nigeria at the International Banker 2022 Banking Awards.
Additionally, Zenith Bank was named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay Banks and Other Financial

Institutions (BAFI) Awards; Bank of the Decade (People’s Choice) at the ThisDay Awards 2020; Bank of the Year 2021 by Champion Newspaper; Bank of the Year 2022 by New Telegraph Newspaper; and Most Responsible Organisation in Africa 2021 by SERAS. In recognition of his significant contributions to the financial services sector in Nigeria and across Africa, Dr. Onyeagwu was awarded a Doctorate Degree in Business Administration by the University of Nigeria, Nsukka, on March 25, 2023, during the university’s 50th convocation ceremony.

By

Ayobami Adedeji Business 2024-05-28

Access Bank has once again been recognised as Nigeria's most valuable brand, according to the latest data from Brand Finance. The 2024 report reveals a remarkable 73% increase in Access Bank's brand value, solidifying its position as the most valuable banking brand in Nigeria. This marks the third consecutive year that Access Bank has held the top spot in Brand Finance’s
annual ranking of the world’s Top 500 Banking Brands.
Brand Finance, the world's leading brand valuation consultancy, reported that banking brands contributed a substantial 50% of the overall brand value among Nigeria’s top 25 brands. Within the Nigeria 25 2024 ranking, banking brands not only emerged as the most valuable but also the strongest and fastest growing. Access Bank’s brand value soared to NGN355.3 billion, making it the 31st most valuable brand in Africa according to the Brand Finance Africa 200 2024. This impressive growth is primarily driven by significant increases in interest-based income, reflecting improved revenues and robust financial performance.
Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank, stated: “We are proud to once again be recognised as Nigeria's most valuable brand. This accolade is a testament to our commitment to excellence, innovation, and sustainable growth. We will continue to focus on delivering exceptional value to our customers and stakeholders, driving positive impact across the communities we serve.”
Toyin Henry-Ajayi, Group Head, Group Marketing & Retail Analytics at Access Bank, who spoke on the brand's journey at the announcement event, added: “Access Bank’s consistent performance and brand value growth reflects our ability to stay true to our DNA of excellence through every strategic 5-year cycle. Our journey has been one of continuous improvement and adaptation, and we remain dedicated to setting new standards in the banking industry and contributing to the economic development of
Africa.”
Access Bank also distinguished itself as the top brand in terms of Sustainability perceptions value, surpassing Flour Mills of Nigeria which ranked second. This underscores the Bank’s dedication to sustainable practices and its leadership in
corporate responsibility.

By

Ayobami Adedeji Business 2024-05-27

Shareholders of Zenith Bank Plc, at the 33rd Annual General Meeting (AGM) held at the Civic Centre, Victoria Island, Lagos, on Wednesday, 8 May 2024, approved the proposed final dividend
payment of NGN3.50 per share, bringing the total dividend for the 2023 financial year to NGN4.00 per share, with a total value of NGN125.59 billion, which is the highest dividend payout by any
bank.In his opening statement at the Annual General Meeting, Dr. Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, thanked the shareholders for their unflinching support and loyalty to
the Zenith brand which has been instrumental to the bank's consistent superior performance.
The Group Managing Director/Chief Executive Officer, Dr. Ebenezer Onyeagwu, thanked the Founder and Chairman, Jim Ovia, CFR, for his mentorship, which has been instrumental to his success in the last five years as CEO, and for providing the pedestal for the bank's continued superior performance. In his words, “As I prepare to pass the baton to Dame (Dr) Adaora Umeoji, OON, I am confident in the bank's trajectory under her leadership. I would like to express my profound gratitude to our Founder and Chairman, Dr Jim Ovia, CFR, and to the board, shareholders, customers, and staff for their steadfast support throughout my tenure. I earnestly request that you extend the same level of support to my successor. It has been a remarkable journey, and I am immensely proud of what we have accomplished together. As I commence the mandatory regulatory cooling-off period, I am filled with optimism for Zenith Bank's future, assured that we are on the path to even greater success.”
Speaking on the dividend payout, Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, expressed her delight in the exceptional performance of the bank, as evidenced by the numerous awards received during the 2023 financial year. She remarked, “We shareholders are very pleased today to receive a final dividend of N3.50 kobo from Zenith Bank. Following an interim dividend of 50 kobo paid last December, the total dividend for the 2023 Annual General Meeting amounts to N4.00— the highest in the banking sector to date. We truly appreciate this and are optimistic that the transition to a Holding Company will bring even greater returns. Zenith Bank’s numerous accolades this year clearly position it as the leading bank
in the country. We anticipate that the 2024 AGM, marking the first year as a Holding Company, will be even more promising for Zenith.”
At the AGM, Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), expressed his gratitude to the Chairman for facilitating a seamless succession plan. He
stated, “The bank has performed exceptionally well, particularly in terms of succession planning. It’s encouraging to see the new Managing Director promoted from within, reinforcing our belief in
the bank’s leadership development. This internal promotion strategy motivates our staff, giving them confidence that they can aspire to the highest levels within the bank.”

Chief Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, praised the Chairman and Management of Zenith Bank for their consistent delivery of value to
shareholders. He noted, “The bank’s rapid growth can be attributed to the diligent oversight by our Founder, who is also a core investor and actively monitors all operations. This growth is further
supported by our adherence to strict corporate governance principles. The bank’s performance metrics are clearly delineated and managed by dedicated committees, ensuring accountability and
responsiveness. As a stakeholder, I am very pleased with their performance and attentive response to any concerns raised.”
In spite of challenging macroeconomic conditions coupled with economic headwinds, Zenith Bank Group achieved a remarkable triple-digit growth of 125% in gross earnings, from NGN945.6 billion in the previous year to NGN2.132 trillion in 2023. This was driven by a 112% YoY growth in interest income and a 141% YoY growth in non-interest income. Customer deposits grew by 69%,
reflecting the bank's market leadership and customers; trust. Operating expenses grew by 32% YoY. Total assets rose by 66%, largely due to growth in total deposits and the revaluation of foreign currency deposits In 2024, Zenith Bank Group plans to expand its reach following its restructuring 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 2024-05-14

Access Bank Sierra Leone, has announced the appointment of new executives to its Board of Directors,further strengthening its leadership team and advancing the implementation of
its growth and transformation strategy. These appointments also reflect the Bank's commitment to fostering growth and development while maintaining the highest standards of governance and stewardship.
Joining the Board as Non-Executive Directors are Maurice Nathaniel Cole, Nsikak N. Usoro, Michala Mackay, Ibrahim Khalil Lamin, and Kolawole Augustine Ajimoko.The appointees boast a wealth of expertise from diverse sectors, including banking, telecommunications, corporate governance, compliance, and finance. Their combined experience and vision will contribute to shaping the future trajectory of Access Bank (SL) Ltd. Cole will serve as Chairman, following the exit of Alice Marie Onomake and will bring his experience to the fore as Access Bank (SL) Ltd works to consolidate its market position and deliver value for all its stakeholders.
“We are thrilled to welcome our new executives to Access Bank (SL) Ltd,” said Ganiyu Sanni, Country Managing Director, Access Bank Sierra Leone Ltd. “Their leadership and vision will be invaluable as we navigate through challenges and pursue sustained success. We extend our gratitude to outgoing Chairman, Alice Marie Onomake, and Non-Executive Director, Aminata B. Dumbuya, for their dedicated service and contributions to the Bank.” Access Bank (SL) Ltd remains committed to excellence, transparency, and accountability as it embarks on this exciting new chapter. The Bank looks forward to leveraging the collective expertise of its leadership team to drive innovation, foster growth, and create lasting impact for its customers and communities.

By

Ayobami Adedeji Business 2024-05-14

Dangote Cement Plc, is prioritizing  community engagement, empowerment, and environmental stewardship to sustain its upward trajectory,

The cement manufacturing firm said it believed that true progress is measured not only by economic prosperity but also by the holistic development of all stakeholders.

The Plant Director of Dangote Cement Plc Obajana, Mr. Azad Nawabuddin, who disclosed this during a media chat in Obajana, said that the relationship between Dangote Cement and its host communities and other stakeholders transcends transactional exchanges as it is built on a foundation of trust, mutual respect, and shared aspirations.

"The communities in which we operate are not just beneficiaries; they are our partners in progress," he affirmed.

While reaffirming the company's commitment to its host communities, Nawabuddin, who recently moved from the Ibese plant, emphasized that the company would collaborate with key stakeholders in Obajana to implement impactful projects.

He said crucial to the vision is the empowerment of residents through skills development and capacity-building initiatives. "We recognize the importance of equipping community members with the requisite skills to thrive in today's competitive landscape," Nawabuddin asserted.

The Dangote Cement boss said this will enhance employability and foster entrepreneurship among youth and women in the host communities.

With a steadfast commitment to corporate social responsibility (CSR) and sustainable development, Nawabuddin outlined initiatives to strengthen the bond between Dangote Cement and the communities. He emphasized that the company views its host communities as partners.

"In terms of community engagement, we will hold meetings to explore avenues for supporting them, including opportunities for businesses and contracts. The communities are integral partners for us. Through dialogue with them, we aim to execute significant projects that will bring them lasting benefits," he stated.

Nawabuddin also stressed the importance of environmental stewardship and sustainable practices in Dangote Cement's operations. "We are custodians of the environment, and it is our duty to ensure that our activities leave a positive impact on the ecosystem," he added.

Nawabuddin explained that in addition to socio-economic development is the importance of addressing security concerns in the host communities. He said through collaborative efforts with law enforcement agencies and community-based initiatives, security risks will be mitigated, and the well-being of residents will be upheld.

"We are working closely with local authorities and community leaders to enhance security measures and create a safe and conducive environment for all," he added.

By

Ayobami Adedeji Business 2024-05-14

Highly-rated, independent investment advisory firms have picked Fidelity Bank as a very attractive stock with potential to generate high returns for investors.

Independent investment research reports by many market pundits reviewed at the weekend showed that Fidelity Bank was assigned “buy” ticker, a recommendation to investors to consider the potential attractive returns of the bank.

The research reports were based on the historical and current operational performances of the bank as well as the clear-sighted implementation of the bank’s growth plan. The reports also considered the quality of board and management and the general human capital and resources of the bank.

The investment advisory reports included those of Afrinvest Group, FSDH Capital and CardinalStone among others.

Analysts were unanimous that Fidelity Bank’s share price could double in the period ahead given professional assessment of top traditional performance parameters including the company’s operational reports, investors’ preference and projections.

CardinalStone stated that Fidelity Bank’s share price could double citing the bank’s “robust earnings growth” and the increasing profitability of its core banking operations.

After an extensive review of the global and domestic stock markets, FSDH Capital selected Fidelity Bank as one of the “FSDH Top Picks”, a group of stocks that the investment advisory firm considered to be most attractive for discerning investors. FSDH Capital’s stock selection considered a stock’s pricing history, dividend history, fundamental values and peer ratios among others.

Providing background on analysts’ exhaustive research for stock selection, Afrinvest explained that the company’s fair value estimate “takes into account a weighted average of price estimates derived from a blend of valuation methodologies including the Discounted Cash Flow (DCF) and its variants as well as other relative and comparable trading multiples valuation models”.

“However, we attach the most weight to DCF valuation methodology, particularly the Dividend Discount Model (DDM), Free Cash Flow (FCF) model and Residual Income Valuation/Model (RIV/RIM). The utilization of comparable trading multiples is guided by the analysts’ understanding of the banks’ fundamentals, as well as key price drivers from the firm, industry and macroeconomic perspectives,” Afrinvest stated.

The “buy” rating, according to analysts, implies that “the expected total return over the next 12 months is 25 per cent or more. Investors are advised to take positions at the prevailing market price as at the report date”.

Afrinvest projected that Fidelity Bank, with a dividend yield of 9.3 per cent, has price upside potential of more than 35 per cent. This effectively makes the stock an inflation-hedging stock, implying that investors in the bank’s shares can retain money value despite the current inflationary environment.

Futureview Group said Fidelity Bank’s recent operational reports highlighted the bank’s “excellent operational performance and the breadth of its income sources”.

The audited report and accounts of Fidelity Bank for the year ended December 31, 2023 had shown that gross earnings rose by 65 per cent to N555.83 billion. The top-line performance was driven by significant growths across income lines including 55 per cent growth in interest income, 562 per cent increase in other operating income and 44 per cent growth in fee and commission income.  

The bottom-line fared better with net profit after tax rising by 99 per cent to N99.46 billion in 2023.  Earnings per share (EPS) thus jumped by 93 per cent to N3.11, providing a strong buffer for the bank to increase dividend payout without undermining its sustainability.

Interim report and account of the bank for the first quarter ended March 31, 2024 also showed that the bank started the current business year on stronger footing with three-digit growths across key performance indicators.

The three-month report, released at the Nigerian Exchange (NGX), showed that gross earnings increased by 89.9 per cent to N192.1 billion in first quarter 2024. The bank’s top-line performance continued to be driven by broad-based growths across income lines with interest income rising by 90.7 per cent and non-interest income growing by 84 per cent in first quarter 2024.

Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, foreign exchange (forex)-related income, trade, banking services, and remittances, supported by increased customer transactions.

Profit before tax doubled by 120 per cent to N39.5 billion in first quarter 2024 as against N17.9 billion in first quarter 2023. The bank’s performance was driven by expanding market share with total deposit rising by 17 per cent within the three months to N4.7 trillion, compared with N4 trillion recorded at the end of 2023. The bank also increased its supports for national economic growth with net loans and advances rising by 21 per cent from N3.1 trillion at the end of 2023 to N3.7 trillion by March 2024.

Managing Director, Fidelity Bank Plc, Nneka Onyeali-Ikpe said the bank’s performance was due to its strategic focus on customer-centricity, digital innovation and operational excellence.

“Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.

“Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper. We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” Onyeali-Ikpe said.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

By

Ayobami Adedeji Business 2024-05-13

The former manager, First City Monument Bank, FCMB, Onitsha branch, Nwachukwu Placidus, has been sentenced to a cumulative of 121 years in prison for diverting fixed deposit funds of a customer to the tune of N112,100,000 (One Hundred and Twelve Million, One Hundred Thousand Naira only) for his personal use.

Justice S. N. Odili of the Anambra State High Court sitting in Onitsha, handed the judgement on Friday following Placidus’ arraignment on Tuesday, March 27, 2018 by the Enugu Zonal Command of the Economic and Financial Crimes Commission, EFCC.

The EFCC Spokesperson, Dele Oyewale who revealed this in a statement on Saturday explained that the Convict was arraigned on 16-count charges bordering on forgery, stealing, obtaining by false pretence and uttering.

The statement read, “One of the counts reads: ‘Nwachukwu Placidus between February 2009 and November 2014 in Onitsha, Anambra State within the jurisdiction of the Anambra State High Court of Nigeria with intent to defraud obtained the sum of (N112,100,000) One Hundred and Twelve Million, One Hundred Thousand Naira only, from Idemili Microfinance Bank under the false pretence that you have placed the said money in a fixed deposit account with First City Monument Bank PLC for it, which pretence you knew to be false and you thereby committed an offence.

“He pleaded not guilty to the charges when they were read to him, thus setting the stage for his trial.

“In the course of trial, the EFCC, through its counsel, Mainforce Adaka Ekwu presented four witnesses and tendered several relevant documents which were admitted in evidence.

“In his judgment, Justice Odili held that “the prosecution proved its case beyond reasonable doubt” and sentenced the convict to nine years imprisonment on count 3, 4 years on count 4 and 9 years on counts 5 to 16 respectively. He was discharged on counts 1 and 2. The sentences shall run concurrently.

“The court further ordered the convict to restitute the said sum to his victim, Idemili Microfinance Bank.

“Placidus ’journey to the Correctional Centre began when a petitioner, Idemili Microfinance Bank LTD, alleged that the sum of N112, 100, 000 was handed over to him as the branch manager of FCMB in Onitsha, for fixed deposit. However, when the petitioner approached the bank to terminate and withdraw the deposit, the bank denied receiving the said funds.

“Upon receipt of the petition, the EFCC swung into action and investigations revealed that the convict diverted the money for his own use and issued a fake fixed Deposit Certificate to the petitioner.”

By

Ayobami Adedeji Business 2024-05-04