Unity Bank Boosts Entrepreneurship Development Initiative

 Unity Bank Boosts Entrepreneurship Development Initiative

In a strategic move aimed at bolstering startup capital and amplifying support for emerging young entrepreneurs across Nigeria, Unity Bank Plc has recently announced a significant increase in the prize money allocated to winners of its esteemed Entrepreneurship Development Initiative, known as the Corpreneurship Challenge. This initiative has been pivotal in fostering entrepreneurial growth within the country.

The revised prize structure now offers a substantial total prize money of 16 million Naira per stream. Winners of the business pitch competition will now receive enhanced grants, with the first, second, and third place winners securing N800,000, N500,000, and N300,000 respectively. This noteworthy adjustment represents a significant boost compared to previous editions, underscoring Unity Bank's unwavering commitment to nurturing and empowering aspiring business leaders.

Launched in 2019, the Corpreneurship Challenge initiative initially piloted in four states, including Lagos, Edo, Ogun, and Abuja. Since then, it has expanded its footprint to encompass ten states by 2020. This expansion has been made possible through a strategic partnership with the National Youth Service Corps (NYSC) Skills Acquisition and Entrepreneurship Development (SAED) program.

The cornerstone of the Corpreneurship Challenge is the business pitch presentation, providing participants with a platform to showcase their innovative business concepts and vie for coveted business grants. The recently concluded edition for the 2024 NYSC Batch A, Stream 1 witnessed the emergence of 30 winners from diverse sectors such as poultry farming, fashion, and pastries, among others. These winners exhibited exceptional entrepreneurial acumen during the rigorous business pitch sessions conducted across ten NYSC Orientation Camps situated in various states including Rivers, Delta, Anambra, Abia, Oyo, Ogun, Kebbi, Niger, Sokoto, and Zamfara.

At the Delta State NYSC Orientation Camp, Folorunsho Kolade emerged as the overall winner with a poultry farming business plan, clinching the grand prize of N800,000. Similarly, at the Nonwa Gbam Tai camp in Rivers State, Dan Betobong Samuel's food production business plan secured the top spot, earning him the same grand prize. Other notable winners included Samuel Ayodotun J. and Udoji Chibuike Peter, who impressed the adjudicators with their innovative business concepts in footwear ventures.

Mrs. Adenike Ambimbola, the Divisional Head of Retail and SME Banking at Unity Bank, commended the participating Corps Members for their ingenuity and pledged the bank's unwavering support for the Entrepreneurship Development Scheme. She emphasized Unity Bank's dedication to fostering youth empowerment and driving positive economic change through strategic interventions and financial assistance.

Dr. Opeyemi Ojesina, Head of SME Banking at Unity Bank, expressed delight at the growing prominence of the Corpreneurship Challenge as a premier business incubation platform and catalyst for entrepreneurship development in Nigeria. He highlighted the program's innovative approach, which combines financial backing, mentorship, and skill development to nurture aspiring entrepreneurs towards success.

Unity Bank's sustained investment in the Corpreneurship Challenge has yielded remarkable results, with over 369 winners produced since its inception in 2019. The bank's commitment to youth empowerment was further underscored when it was honored with the prestigious "Icon of Youth Empowerment" award by the NYSC leadership in 2021, in recognition of the initiative's impactful contributions to society.

The Corpreneurship Challenge continues to attract widespread interest among NYSC corps members, with each edition witnessing a surge in applications and active participation. Unity Bank remains resolute in its mission to empower the next generation of Nigerian entrepreneurs, driving innovation, job creation, and economic prosperity across the nation.

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United Bank for Africa (UBA) Plc Surpasses N1 Trillion Market Capitalization Milestone

United Bank for Africa (UBA) Plc Surpasses N1 Trillion Market Capitalization Milestone

Chairman of UBA Group
Tony Elumelu

In a groundbreaking development, financial analysts, speaking through RALD NEWS MEDIA, have hailed the recent achievement of United Bank for Africa (UBA) Plc in crossing the esteemed N1 trillion market capitalization threshold. This monumental milestone, coupled with the surge in share price to N29.90 per share, serves as a resounding testament to the board and management's strategic acumen and unwavering commitment to excellence.

With a market capitalization now standing at N1,022,562,698,843, UBA emerges as the third most capitalized financial institution in Nigeria, marking a remarkable ascent from N283.8 billion at the onset of 2023. Bolstered by 34,199,421,366 shares in issue, the attainment of the N1 trillion market capitalization underscores UBA's trajectory as a frontrunner in the Nigerian and African banking landscape.

Notably, UBA's stock claimed the spotlight as the highest-performing in the banking sector throughout 2023, underscoring the bank's robust growth trajectory and unwavering market confidence. This feat solidifies UBA's position as an unstoppable force, epitomizing its steadfast dedication and exceptional performance in the financial domain.

Industry observers laud UBA's stellar growth in market capitalization as a beacon of unparalleled success, reflecting innovative strategies, customer-centric approaches, and a relentless pursuit of excellence. Such an achievement not only signifies financial prosperity but also symbolizes the trust and confidence bestowed upon UBA by its customers and stakeholders, cementing its status as a pinnacle of success in Nigeria's banking sector.

Furthermore, UBA's exceptional performance in 2023 positions it as the most profitable bank in Nigeria, boasting a Shareholders' Fund that skyrocketed from N992 billion in full-year 2022 to N1.8 trillion by September 2023. The bank's pivotal role as the Local Arranger and Depository Bank for the $3.3 billion FX Liquidity support facility for Nigeria, in partnership with Africa Export and Import Bank (Afreximbank), underscores its commitment to addressing economic challenges.

UBA's accolades extend to its recognition at the 2023 FMDQ Gold Awards, where it clinched three prestigious titles, including Best FX Liquidity Provider, Dealing Institution of the Year, and Best Money Market Liquidity Provider. Such accolades underscore UBA's formidable capital strength and unwavering commitment to excellence.

Moreover, UBA's widespread presence across 20 African countries, coupled with international hubs in New York, London, Paris, and Dubai, underscores its role in connecting people and businesses across Africa through innovative banking solutions.

Analysts attribute UBA's remarkable journey to its top-of-the-range performance across eight countries in 2023. The bank's crowning as the 'African Bank of the Year' at the 2023 Bankers Awards reaffirms its leadership position and underscores its commitment to creating superior value for stakeholders.

Chairman of UBA Group, Tony Elumelu, emphasizes the bank's dedication to sustainable growth and innovation, promising stakeholders to continue delivering unparalleled value across geographies where UBA operates.

UBA's Group Managing Director, Olisa Alawuba, highlights the latent capacity in the bank's business model, underpinned by its unique competitive advantage in people, processes, and technology. With operations in 24 countries spanning four continents, UBA remains poised to unlock enormous potentials and deliver sustainable value for shareholders.

In conclusion, analysts view UBA's attainment of the N1 trillion market capitalization threshold as a significant milestone, particularly in light of the recent positive signals from the Central Bank regarding an increase in banks' capital base. This achievement solidifies UBA's position as a trailblazer in the Nigerian and African banking landscape, poised for sustained growth and value creation in the years to come.

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Nigerian Red Cross Society and Ecobank Nigeria Unite to Combat Hunger Crisis

 Nigerian Red Cross Society and Ecobank Nigeria Unite to Combat Hunger Crisis

In a groundbreaking initiative to address the severe hunger crisis sweeping across Nigeria, the Nigerian Red Cross Society (NRCS) and Ecobank Nigeria have forged a strategic partnership. The partnership aims to mobilize local resources and support the Nigeria Hunger Crisis Appeal, marking a pivotal moment in humanitarian response efforts.

The launch event, held at the Exclusive Serene Hotel in Abuja, brought together key stakeholders and leaders, including Dr. Abubakar Kende, Secretary-General of the Nigerian Red Cross Society. Dr. Kende emphasized the urgent need for collective action in light of the dire circumstances faced by approximately 26.5 million Nigerians in need of sustenance to prevent death and prolonged suffering.

Echoing Dr. Kende's sentiments, Bhupinder Tomar, Head of Delegation, Abuja Cluster of the International Federation of Red Cross and Red Crescent Societies (IFRC), stressed the importance of grassroots solidarity in overcoming the crisis. He highlighted the critical role of Nigerians in extending humanitarian aid to vulnerable communities, emphasizing unity as a powerful tool in adversity.

Rita Etomi Ademola, Regional Head FCT/North Central Ecobank Nigeria, underscored the significance of the partnership in combating food insecurity and malnutrition nationwide. She urged Nigerians to support the campaign, emphasizing Ecobank Nigeria's commitment to humanitarian principles and the welfare of citizens.

The campaign aims to raise funds locally to provide emergency relief and recovery efforts, focusing on health and care interventions, nutritional support, WASH initiatives, and livelihood programs. This collaboration underscores the vital role of corporate entities and citizens in contributing to humanitarian efforts and supporting vulnerable communities.

The press conference served as a crucial platform to raise awareness about the gravity of the hunger crisis and mobilize support for the campaign. Urgent action is imperative to save lives and alleviate suffering. The call to action resonates with the spirit of solidarity and compassion, urging individuals, businesses, and organizations to join hands in addressing this humanitarian crisis.

This campaign stands in solidarity with the Nigerian Red Cross Society (NRCS) appeal for Hunger Crisis, in partnership with the International Federation of Red Cross and Red Crescent Societies and Ecobank Nigeria, reflecting a united front in the fight against hunger and its devastating effects on communities across Nigeria.

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Fidelity Bank Extends CEO's Contract: Dr. Nneka Onyeali-Ikpe to Lead Till 2026

Fidelity Bank Plc has recently made a significant decision regarding the tenure of Dr. Nneka Onyeali-Ikpe, extending her role as Group Managing Director/Chief Executive Officer (GMD/CEO) from 2024 to 2026. This announcement, conveyed through a notice to the Nigerian Exchange Limited (NGX), signifies the board's deep trust in Onyeali-Ikpe's capabilities and highlights her exceptional performance since assuming office on January 1, 2021.

The official confirmation of this decision came during the board meeting convened on February 12, 2024, as attested by Ezinwa Unuigboje, the Company Secretary. This extension of tenure is in line with Fidelity Bank's strategic objectives and serves as a recognition of Onyeali-Ikpe's significant contributions to the bank's growth and transformation, particularly evident throughout her tenure.

Drawing on her extensive experience spanning over three decades in the banking sector, Onyeali-Ikpe has held key positions in renowned institutions such as Standard Chartered Bank Plc, Zenith Bank Plc, and Enterprise Bank Plc. Since joining Fidelity Bank's board in 2015, she has played a pivotal role in reshaping the bank's operations, notably within the Lagos and Southwest Directorate.

Under her leadership, Fidelity Bank has witnessed commendable financial performance over the past five years, showcasing her unwavering commitment to excellence and strategic acumen. Notably, her academic background from esteemed institutions like the University of Nigeria, Nsukka, and Kings College London, coupled with professional certifications from prestigious business schools globally, further validates her expertise.

This announcement reaffirms Fidelity Bank's dedication to maintaining continuity and stability, positioning the institution for sustained growth and expansion under Onyeali-Ikpe's adept leadership. With her extended tenure, stakeholders are optimistic about the bank's future trajectory, anticipating continued progress and the successful execution of strategic initiatives, including international expansion efforts.

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Firstbank rewards customers with N170 Million worth of cash prizes in its Win Big Promo

 FirstBank, Nigeria’s premier financial institution and a leading provider of financial inclusion services, has introduced the Win Big promo to express appreciation and reward its esteemed customers. The four-month promotion, initiated on October 23, 2023, and scheduled until February 23, 2023, promises a total cash reward of N170 million to numerous new and existing customers.

Throughout the promo's duration, 1,240 customers—both new and existing—will be gratified with N100,000 each, with monthly draws selecting 310 winners. Customers reactivating dormant accounts have the chance to win free airtime, as 10,000 customers monthly will receive this reward for reactivating their accounts.

The grand finale draw will see six customers winning N1 million each. The promo is open to both new and existing savings and current account customers. To open a FirstBank account, customers can use the USSD code *894*0#, visit the bank’s website, or go to a nearby branch.

To qualify for the N100,000 monthly draw, customers need to deposit and maintain a minimum of N5,000 monthly and transact at least five times on the bank's digital channels. Customers eligible for the N1 million prize must maintain a deposit of N50,000 monthly for four consecutive months or uphold a minimum deposit of N200,000 for four months, coupled with a minimum of five transactions on the digital channels.

Reactivating dormant accounts is also rewarding. The first 10,000 customers depositing N1,000 and transacting on the bank’s digital channels will receive free airtime. Reactivated account holders can also participate in the monthly draw and the grand finale draw by fulfilling specified criteria.

To reactivate an account, customers can use the USSD code *894*7# or visit a FirstBank branch. Ms. Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, expressed excitement about the promo, emphasizing its commitment to enhancing the banking experience through various digital services.

The promo aligns with FirstBank's tradition of providing opportunities and platforms for a memorable homecoming experience. Customers are encouraged to actively participate by following the bank’s social media handles for updates: Facebook - First Bank of Nigeria Limited, Instagram - @firstbanknigeria, and X (formerly Twitter) - @FirstBankngr.

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Fidelity Bank Supports Temile Development Company To Boost Nigeria’s Gas Revenues

 In a comprehensive report by RALD NEWS MEDIA, it has been revealed that Temile Development Company Ltd., a prominent indigenous participant in the oil and gas industry, has recently achieved a significant milestone in Nigeria's domestic gas sector. The company has successfully commissioned a state-of-the-art 23,000 cubic meters Liquefied Petroleum Gas (LPG) Carrier, named "Alfred Temile 10." This achievement is not only a testament to Temile Development Company's prowess in the industry but also a noteworthy advancement for Nigeria's energy landscape.

The inauguration ceremony for the ultramodern LPG Carrier took place at the Hyundai Mipo Dockyard in Ulsan, South Korea, underscoring the global collaboration involved in such major undertakings. Fidelity Bank Plc, a distinguished Nigerian financial institution, played a crucial role in this venture by providing partial sponsorship for the project. This underscores the collaborative efforts between the private sector and the financial industry to foster advancements in vital sectors like energy.

The event was attended by several dignitaries, highlighting the significance of this achievement. Notable personalities present included Mallam Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd. (NNPC); Dr. Nneka Onyeali-Ikpe, the Managing Director/Chief Executive Officer of Fidelity Bank Plc; Hon. Ekperikpe Luke Ekpo, the Minister of State for Petroleum Resources (Gas); Ambassador Ferdinand Nwonye, Charge d'Affaires Ad Interim, Nigerian Embassy in South Korea; and Engr. Felix Omatsola Ogbe, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB).

Mallam Mele Kyari commended the company for its remarkable achievement, acknowledging the global shift towards cleaner energy sources. He stated, "Today, clean energy is everything because the whole world is transitioning to cleaner fuel. In our country, biomass is the major source of energy, and I know that the efforts we are making collectively and with this effort by Temile Group will enhance our ability to produce cleaner energy."

Dr. Nneka Onyeali-Ikpe echoed these sentiments, emphasizing the importance of the commissioned vessel in supporting Nigeria's commitment to cleaner energy sources. She noted, "This commissioning is a landmark achievement for Nigeria as the vessel would further support the nation’s drive to utilize cleaner energy sources, especially as the world transitions to environmentally friendly energy options."

Fidelity Bank Plc's continued support for such projects was highlighted during the event. This marks the second instance of the bank providing partial financing for a venture of this nature, showcasing its commitment to fostering growth in the energy sector.

Mr. Alfred Temile, the CEO of Temile Development Company, expressed his elation and sincere gratitude for the substantial support and cooperation received from NNPC Ltd. and other stakeholders throughout the project. This accomplishment not only reflects the success of a private entity but also signifies collaborative efforts towards sustainable and cleaner energy solutions in Nigeria.

In conclusion, RALD NEWS MEDIA's detailed coverage brings to light the significance of Temile Development Company's achievement, emphasizing the collaborative efforts and financial support from entities like Fidelity Bank Plc. This commissioning not only marks a milestone for the company but also contributes to Nigeria's broader goals in advancing its domestic gas industry and promoting cleaner energy alternatives.

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Unity Bank Customer Wins N1m in CashToken Rewards Promo

From Left: Eghomwanre Iyamu, Head, e-Business; Aisha Lawan Gana, Regional Manager, Kano North; Mahmoud Ibrahim, Regional Manager, Kano South; Prize Winner, Musa Dayyabu; Patricia Irhegbe, e-Business Sales, North West; and Aminu Moyi, Zonal Head, North West 1 during the official cheque presentation to the winner in Kano recently. 

A Unity Bank customer, Mr. Musa Dayyabu, has emerged winner of One Million Naira in the ongoing cash reward Promo by Unity Bank Plc and CashToken Rewards Africa. CashToken Rewards Africa is a Cash-Reward-as-a-Service company that rewards customers for patronage and loyalty.

From Left: Eghomwanre Iyamu, Head, e-Business; Aisha Lawan Gana, Prize Winner, Musa Dayyabu; and Aminu Moyi, Zonal Head, North West 1 during the official cheque presentation to the winner in Kano recently. 

Mr. Dayyabu, a customer of the Bank from Bello Road Branch, Kano, won the cash prize after he activated his Unity Bank Verve card and having carried out transactions, received CashTokens and qualified for the weekly national consumer draw. It was in this draw, he emerged as the lucky winner of One Million Naira cash.  

The Unity Bank and CashToken Rewards promo launched in November 2023, is a cash reward program that offers guaranteed instant cash and a life-changing opportunity designed to reward loyal customers of the Bank who onboard and transact on any of the Bank’s electronic payment platforms, including the Unifi mobile banking application, the *7799# USSD platform. 

The program, which will run until the end of February is open to all customers. Each card transaction earns customers CashTokens, which qualifies the customer to enter into the weekly national consumer draw where they stand a chance to win from N5K -N100M Naira.

The winner, Mr. Musa Dayyabu poses with his cheque after presentation. 

Presenting the cheque to the winner in Kano on Tuesday, Unity Bank’s Head of E-Business, Eghomware Iyamu congratulated the winner and reiterated the Bank’s commitment to create a sustainable loyalty platform for customer engagement and satisfaction.

Iyamu said, “We celebrate our customers for their loyalty to the Unity Bank and for being part of the ongoing Unity Bank and CashToken Rewards promo. The cash prize being presented today is just the beginning, we, therefore, look forward to having more winners from this programme. Let more and more people get on the Unity Bank's digital banking, transact on the different platforms and they will equally be rewarded.”

He added, “The collaboration between Unity Bank and CashToken Rewards Africa will continue to create an unmatched customer experience. By tapping into CashToken Reward's exceptional reward platform, Unity Bank customers can continue to anticipate generous cash rewards, transforming every interaction with the bank into a truly rewarding experience.”

Also commenting on the development, the Chief Business Development officer for CashToken Rewards Africa Africa, Simi Adeoye commended the customers of Unity Bank for the impressive number of onboarding and transactions in the build-up to the weekly draw held in the campaign period, adding that "with opportunities to win life-changing cash of up to N100M, the assurances of the transparent process will constantly be upheld to spread the benefits of the reward scheme to deserving customers".

"The prospects of having more winners in the ongoing exercise is keeping the steam in the collaboration between the Bank and CashToken Rewards Africa," Simi quips.

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Fidelity Family Weekend Thrills Families For Two Day

In alignment with its commitment to delivering lifestyle banking solutions and creating lasting memories for its clientele, Fidelity Bank Plc recently played host to a festive celebration known as the Fidelity Family Weekend (FFW). The event, held at the vibrant Fidelity Grounds in Oniru, Lagos, attracted over 10,000 attendees on Saturday, December 16, and Sunday, December 17, 2023.

Dubbed a carnival-like extravaganza, the FFW featured a special morning ceremony for young children, parents, and grandparents, including a loyalty prize presentation for SWEETA and FPSS accountholders. Numerous lucky customers from these categories walked away with cash prizes, with FPSS and SWEETA customers receiving N500,000 and N150,000, respectively.

Expressing gratitude for the bank's successful year, Dr. Nneka Onyeali-Ikpe OON, the Managing Director/Chief Executive Officer of Fidelity Bank Plc, spoke at the loyalty prize presentation ceremony. She shared, "We decided to try another approach and bring together the entire family in celebration of Yuletide. We are happy to host you and have put in place lots of exciting activities to keep everyone engaged over the next two days."

The first day of the event culminated in a festive lighting of the Christmas tree by Dr. Onyeali-Ikpe, accompanied by exhilarating musical performances by Alternate Sound and Sean Tizzle. The following day featured various games, a visit to Santa's grotto, and goodie bags filled with functional and educational items for the children. The festivities continued with a lineup of entertaining activities, including performances by Peruzzi and Niniola, on the second day.

Fidelity Bank, recognized as one of Nigeria's premier banks, boasts over 8 million customers serviced through its 251 business offices in Nigeria and the United Kingdom, as well as digital banking channels. The bank has earned numerous accolades, including Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards, among others.

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Polaris Bank CEO, Sonola Advocates Legal Reforms For Economic Growth At NBA Summit

 In a recent address at the Annual Law Dinner of the Nigerian Bar Association (NBA), Lagos branch, Polaris Bank's CEO, Adekunle Sonola, urged the Nigerian government to prioritize legal policy and reforms for sustained economic growth. The event, themed "Favourable Investment and Business Environment Through Legal Policy & Reforms," provided a platform for Sonola to underscore the crucial role of legal frameworks in shaping a conducive environment for investments and business development.

Sonola delved into the prevailing challenges within the investment and business climate, including high-interest rates, security concerns, and infrastructure deficits. He emphasized the nexus between legal activities and day-to-day business operations, pointing out their profound impact on overall competitiveness.

Highlighting key challenges within the legal system, Sonola addressed prolonged dispute resolution times, a backlog of cases, and manual court processes. He articulated concerns about inadequate remuneration for judges, obstacles in the administration of laws, and the imperatives for improved law enforcement. Sonola proposed recommendations for comprehensive legal policy and reforms, including a thorough review of laws governing business ownership, streamlined taxation processes, and improved immigration procedures. He stressed the need for social embeddedness, increased accessibility, and the incorporation of automation to modernize the legal framework.

Looking to the future, Sonola underscored the perpetual need for legal reforms to align with the dynamic economic and social landscape. He concluded with a positive outlook, noting that effective legal frameworks are pivotal for business growth, attracting investments, and fostering the overall economic well-being of Nigeria.

Chairman of Lagos NBA, Olabisi Makanjuola, commended members of the branch for their support and described the Annual Law Dinner as a tradition fostering goodwill between the Bar and the Bench. He expressed appreciation to Polaris Bank CEO, Adekunle Sonola, for delivering the lecture and acknowledged sponsors of the event. The Chairman of the NBA Lagos Dinner Committee, Adeleke Alex-Adedipe, thanked stakeholders for their support and commended committee members for their dedication, leading to a well-organized dinner. The event also featured the presentation of certificates of recognition to distinguished members of top law firms and current and retired Jurists, warmly acknowledged by those present.

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Zenith Bank Makes World Finance 100 Listing For 2023…

Zenith Bank Plc Attains Exclusive Recognition in World Finance 100 2023

In a monumental achievement, Zenith Bank Plc has secured its position in the prestigious World Finance 100 2023, as revealed by World Finance Magazine. The bank stands as the sole Nigerian representative in this elite listing, highlighting its exceptional accomplishments and resilience in the globally competitive market.

The World Finance 100 honors companies that have excelled across various fields, emphasizing excellence in their respective domains. Zenith Bank's inclusion in this exclusive list underscores its status among the global business elite, sharing the spotlight with industry giants such as Apple, Amazon, and Alphabet.

Dr. Ebenezer Onyeagwu, the Group Managing Director/CEO of Zenith Bank, expressed pride in the exclusive recognition, attributing it to the bank's unwavering commitment to stakeholders, innovative spirit, and sustained growth amid economic challenges. He acknowledged the visionary leadership of Jim Ovia, CFR, the Founder and Chairman of Zenith Bank, and credited the board, dedicated staff, and loyal customers for their contributions to the bank's exceptional performance.

Zenith Bank remains a key player in Nigeria's economic development, continually delivering cutting-edge financial solutions to its diverse clientele. The bank's outstanding track record includes numerous awards, with the latest recognition adding to its impressive accolades, including being named the Number One Bank in Nigeria by Tier-1 Capital for the 14th consecutive year. Other notable awards include Best Commercial Bank in Nigeria, Best Corporate Governance Bank in Nigeria, and Most Sustainable Bank in Nigeria.

The bank's commitment to excellence extends across various categories, solidifying its position as a leader in the financial industry and garnering recognition both nationally and internationally. Zenith Bank's consistent performance underscores its dedication to setting industry standards in financial performance, corporate governance, and financial stability.

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Access Bank bridges energy gap with solar partnership

Access Bank, in a groundbreaking collaboration with Asolar, has unveiled a revolutionary green energy initiative aimed at addressing Nigeria's acute power supply challenges. This strategic move is not only geared towards narrowing the electricity access gap for 85 million Nigerians but also aligns with the nation's ambitious goal of generating 30,000MW by 2030, with a substantial 3,000MW sourced from renewable energy.

The initiative, showcased at the Access Bank Branch in Garki, Abuja, introduces an array of solar-powered appliances, including TV sets and Air Conditioners. This innovative approach is poised to make a significant impact on small and medium enterprises (SMEs) and rural communities that grapple with power supply constraints. Currently, Nigeria faces a glaring disparity between power supply and demand, with the existing system struggling to meet the nation's needs.

Victor Etuokwu, the Deputy Managing Director of Access Bank, emphasized the pivotal role this initiative plays in fostering financial inclusion, particularly in underserved rural areas. SMEs and communities with limited power access often bear hefty costs associated with procuring generators, purchasing fuel, and maintaining these power sources. The green energy solution seeks to alleviate this burden, positioning itself as a catalyst for economic growth.

Chizoba Iheme, Group Head of Financial Inclusion at Access Bank, revealed a vast distribution network comprising over 300,000 agents across the country. This network is poised to facilitate the seamless dissemination of these green energy solutions, ensuring widespread accessibility.

Hakeem Shagaya, the CEO of Asolar, passionately underscored the commitment to providing reliable and sustainable energy access for every Nigerian. Beyond the immediate benefits, he highlighted the environmental impact of the initiative, including reduced emissions, ecosystem preservation, and the promotion of biodiversity, aligning seamlessly with sustainable development goals.

Access Bank's foray into renewable energy isn't novel. In the past year, the bank proactively financed a solar power project for the Lagos Business School, demonstrating its commitment to sustainable solutions. Noteworthy is the bank's financing model, offering a favorable rate of 9%, 300 basis points below the prime lending rate for renewable energy projects. This signifies not just a financial investment but a strategic commitment to driving impactful change in the energy landscape.

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Access Bank UK Receives Approval To Commence Operation In Hong Kong…

 In a major stride toward realizing its five-year strategic plan, Access Bank UK, a wholly owned subsidiary of Access Bank PLC, has gained approval to initiate operations in Hong Kong, as confirmed by the Hong Kong Monetary Authority. This approval highlights Access Group’s international prowess and strategic partnerships, reflecting a decade-long dedication to obtaining a license for the tightly regulated Hong Kong market.

Herbert Wigwe, Group CEO of Access Holdings Plc and Chairman of Access UK, expressed immense pride in achieving this milestone, emphasizing the bank's commitment to global presence and adherence to regulatory standards. He stated, “Access UK's approval to commence formal banking operations in Hong Kong marks a monumental achievement in our journey towards global prominence."

With plans to launch operations in the upcoming year, this achievement showcases Access Group’s international capabilities, bolstered by the strength of its strategic partnerships and existing operations through Access Bank UK in the UAE and Paris.

Access Bank's entry into the Hong Kong market strategically positions it to boost cross-continental trade, leveraging Hong Kong's status as a global financial hub. This move aligns with Access Bank's mission to be the world’s most respected African bank, bringing innovative financial solutions to the Asian market. The bank aims to play a vital role in facilitating and enhancing cross-border trade between Africa and Asia, fostering economic collaboration between enterprises in these regions.

As a leading full-service commercial bank operating across three continents, 20 countries, and serving over 60 million customers, Access Bank PLC, a subsidiary of Access Holdings Plc, stands as a diversified financial institution with a strong retail customer franchise and digital platform. The bank's UK subsidiary serves as the OECD operational hub, supporting investment flow into markets in Nigeria, Africa, and the MENA region. Listed on the Nigerian Stock Exchange since 1998, Access Bank focuses on sustainable business practices to deliver profitable, environmentally responsible, and socially relevant growth.

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Fidelity Bank Tops List of Most Capitalized Banks in Q3 2023

Fidelity Bank Tops List of Most Capitalized Banks in Q3 2023

RALD NEWS MEDIA REPORT: Fidelity Bank Tops List of Most Capitalized Banks in Q3 2023

In a recent financial revelation, Fidelity Bank emerges as one of Nigeria's most capitalized banks, boasting a robust capital base of N410.75 billion as of September 2023, a significant surge from N314.3 billion in the preceding year.

This recognition aligns with the impending recapitalization drive announced by Central Bank Governor, Dr. Olayemi Cardoso, at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria on November 24, 2023. Fidelity Bank's proactive stance was evident when shareholders unanimously approved a capital-raising exercise via a Public Offer and Rights Issue during an Extra-Ordinary General Meeting held virtually on August 11, 2023.

Zenith Bank claims the top position in terms of shareholders' funds, reporting an impressive N1.92 trillion in the third quarter of 2023, up from N1.31 trillion in 2022. Notably, it also leads as Nigeria's highest profit generator for 2023, boasting a pre-tax profit of N505 billion.

United Bank for Africa (UBA) secures the second spot with a total shareholders' fund of N1.778 trillion, showcasing stability with a capital adequacy ratio of 28.3 percent as of FY 2022.

Access Holdings and First Bank Holdings follow closely, with N1.64 trillion and N1.37 trillion in total equity, respectively. Meanwhile, Ecobank and GTCO Holdings occupy the fifth and sixth positions with shareholders' funds of N1.373 trillion and N1.273 trillion, respectively.

Stanbic IBTC Holdings holds the seventh spot, reporting a capital base of N471 billion as of September 2023, while Fidelity Bank, with its N410.75 billion capital base, secures a comfortable position ahead of any potential recapitalization efforts.

FCMB stands as the ninth most capitalized bank, boasting a capital base of N373.7 billion, a notable increase from N275.8 billion in 2022. Sterling Bank completes the top 10, revealing a capital base of N165.84 billion in Q3 2023, compared to N154 billion in the previous year.

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Ecobank secures $200 million loan to fund climate ambitions

In a recent development, Ecobank Transnational Incorporated (ETI), headquartered in Lomé, has officially inked a deal for a $200 million sustainability-linked loan. RALD NEWS MEDIA reports that this groundbreaking credit, supporting Ecobank Group's sustainability and climate strategy, marks the first of its kind granted to a financial institution in sub-Saharan Africa. The consortium comprising five European Development Institutions – Proparco, Norfund, FMO, DEG, and EFP – collaborates to facilitate this significant initiative.

This financing initiative, inclusive of a climate action plan, is designed to advance Ecobank's commitment to sustainability. German consulting firm IPC, in conjunction with Proparco as the lead arranger, will offer advisory support to help ETI realize its sustainability targets, according to a statement by ETI.

The partnership between Proparco and Ecobank Group has seen consistent reinforcement over the years through various loans, bond subscriptions, and risk-sharing facilities. These initiatives aim to provide financial access to underserved segments, as highlighted in the official document.

Notably, this announcement follows a similar move by ETI in June 2021 when it successfully raised $350 million through Tier 2 sustainability notes with a maturity date set for June 2031. As part of its commitment to sustainability, ETI is developing a comprehensive climate disclosure report, covering green lending practices, climate risks, and exposure to carbon-intensive industries.

The sustainability strategy outlined by Ecobank includes goals for sustainable finance, plans for decarbonizing high-emission industries, a policy excluding thermal coal mines and coal-fired power plants, and targets for reducing greenhouse gas emissions. Jeremy Awori, CEO of the Ecobank Group, emphasizes the integral role of sustainability in the company's pan-African purpose, highlighting the significance of this sustainability-linked loan agreement as a demonstration of Ecobank's dedication to both responsibility and opportunity.

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Conference of the Parties (COP28): Ecobank Transnational Incorporated Signs Its First Sustainability-Linked Loan (SLL) For US$200m With a Syndicate of European Development Finance Institutions (EDFIs) Led by Proparco

RALD NEWS MEDIA REPORT: Major Strides in Climate Action: Proparco Breaks New Ground in Africa

Ecobank Transnational Incorporated, a key player in the African banking landscape, has achieved significant milestones in climate action. Proparco, the private sector financing arm of Agence Française de Développement Group, played a crucial role in this breakthrough, as highlighted by Dörte Weidig, Managing Partner at IPC.

Distributed by APO Group on behalf of Ecobank Transnational Incorporated, the collaboration underscores a commitment to sustainable economic, social, and environmental development. Christiane Bossom, Group Communications at Ecobank, and Floriane Balac of Proparco serve as the media contacts for further inquiries.

Ecobank Group, operating in 35 sub-Saharan African countries and extending its reach to France, the UK, UAE, and China, stands as a leading pan-African banking group. With over 14,000 employees, the group provides a comprehensive range of banking products and services across multiple channels, including digital, serving a customer base exceeding 32 million.

Proparco, with over 40 years of experience, serves as the private sector financing arm of AFD Group, promoting sustainable development in Africa, Asia, Latin America, and the Middle East. The organization focuses on key sectors such as infrastructure, renewable energies, agribusiness, financial institutions, health, and education, aligning its operations with the Sustainable Development Goals.

Norfund, the Norwegian Investment Fund, and DEG, the German Development Finance Institution, have also contributed to this initiative. Norfund's mission centers on creating jobs and improving lives through investments that drive sustainable development, particularly in Sub-Saharan Africa, South-East Asia, and Central America. DEG, as a climate investor, finances and advises private enterprises in developing and emerging-market countries, contributing to job creation and local income growth.

FMO, the Dutch entrepreneurial development bank, plays a crucial role as a leading impact investor supporting sustainable private sector growth in developing countries. Focused on agribusiness, food & water, energy, and financial institutions, FMO's track record spans over 50 years, with a committed portfolio exceeding EUR ~13 billion in more than 85 countries.

IPC, based in Frankfurt, Germany, is a financial sector advisory firm dedicated to fostering inclusivity and sustainability globally. IPC's Climate Action and Green Transition practice collaborate with financial institutions, fund managers, and investors to advance climate objectives through technical assistance, transaction advisory, and analytical services.

This collaborative effort reflects a significant stride in climate action and sets the stage for further impactful initiatives in the pursuit of a more sustainable and inclusive world.

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Despite cost pressure, Fidelity Bank nets N92bn in 9 months

Despite cost pressure, Fidelity Bank nets N92bn in 9 months 

 Fidelity Bank Plc faced increased pressure from costs in the third quarter, which lowered quarterly profits from N46.4 billion in the second quarter to N29.8 billion in the third to close the nine months of operations with a bottom line of N91.8 billion.

The bank’s interim financial report for the third quarter ended September 2023 shows that pressure from the side of costs as well as a slowdown in revenue accounted for the lower profit record in the third quarter.

The key strengths that propelled more than two and half times leap in after tax profit to N62 billion at half year softened in the third quarter. 

Cost increases were led by credit loss expenses of N12.3 billion for the third quarter – more than seven times the corresponding figure of N1.7 billion last year. The third quarter loan loss charges account for 38 percent of the closing nine-month figure of N32.2 billion.

Loan loss expenses have so far multiplied roughly six times over the closing figure of N5.4 billion for the entire 2022 financial year. 

Fidelity Bank also incurred net foreign exchange losses of N7.2 billion in the third quarter, down from net gains of N32.2 at half year. 

The foreign exchange gain had driven a jump of 13 times in other operating income to N33 billion at half year while the loss in the third quarter led to other operating loss of N5.5 billion for the third quarter.

There were also net losses of N4.3 billion from financial assets in the third quarter against an exceptional growth in net gains from financial assets to N23.4 billion at half year. 

Also, personnel expenses surged upward in the third quarter at an increase of 88.2 percent to N13 billion, accounting for 42.9 percent of the closing staff cost of N30.3 billion for the nine months of operations. 

Despite the drop in the quarterly profits in the third quarter, the N29.8 billion profit for the quarter is still a major improvement from N11.7 billion the bank posted in the same quarter in 2022. The figure is equally better than the N15.6 billion profit it reported for the first quarter operations.   

Revenue growth remained good for the bank at an increase of 31.1 percent in gross earnings to N141.7 billion for the third quarter. That is however a significant slowdown from an increase of 59.6 percent to N247.1 billion at the end of half year. 

The bank’s third quarter closing numbers show that interest expenses stayed moderated relative to interest earnings. Interest income gained speed from an increase of 39.4 percent at half year to 54.4 percent to stand at N324.8 billion at the end of September 2023. 

Interest expenses grew less rapidly than interest earnings at 31.8 percent to N129.9 billion over the same period, slowing down from an increase of 35.5 percent at half year. The cost saving powered a leap of 74.3 percent in net interest earnings to about N195 billion, an accelerated growth from 42.6 percent increase at half year.

However, pressure came from credit losses that multiplied close to nine times year-on-year to N32.2 billion at the end of the third quarter. The incursion lowered the growth in net income after loan loss charges to 50.5 percent to close at N162.8 billion at the end of September 2023.

Other operating income, led by foreign exchange gains, grew by 323.7 percent to N27.5 billion – which was reinforced by N19.2 billion net gain from financial assets to cover major increases in personnel and other operating expenses.

Fidelity Bank’s closing after tax profit of N91.8 billion at the end of the third quarter is an increase of 162.5 percent from the corresponding figure of roughly N35 billion in 2022.

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United Bank for Africa (UBA) Secures 'African Bank of the Year' Title at 2023 Bankers Awards

United Bank for Africa (UBA) Secures 'African Bank of the Year' Title at 2023 Bankers Awards

 RALD NEWS MEDIA Reports: United Bank for Africa (UBA) Secures 'African Bank of the Year' Title at 2023 Bankers Awards

In an impressive feat at the 2023 Bankers Awards by The Banker Magazine, UBA Group clinches the prestigious 'African Bank of the Year' award, affirming its dominance across the continent. The Financial Times of London's publication recognized UBA's outstanding performance, with the bank securing a total of nine awards at the event.

UBA's triumph extends beyond the overall African Bank of the Year title, as its subsidiaries in Cameroon, Chad, Ghana, Cote d’Ivoire, Mozambique, Congo, Sierra Leone, and Tanzania individually emerge victorious as the Bank of the Year in their respective countries. This achievement marks the second time in the past three years that UBA has claimed the regional award for the best bank in Africa, following its 2021 win.

Oliver Alawuba, UBA’s group managing director, expressed gratitude for the recognitions, emphasizing that these accolades reinforce the bank's commitment to consolidating its leadership position in Africa and delivering superior value to stakeholders. Alawuba acknowledged the hard work, dedication, and innovative spirit of the entire UBA team, highlighting their role in consistently providing top-notch banking services.

Joy Macknight, editor of the Banker Magazine, commended UBA's clear victory, citing the bank's strong financial performance across most markets and its impressive footprint. Despite fierce competition among major banking groups on the continent, UBA emerged as the Bank of the Year for Africa for the second time in three years, a testament to its strength and competitiveness in various markets.

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