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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