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By: Segun Lawal

In line with its commitment to deliver impactful community focused initiatives, FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc has continued to drive partnerships with reputable institutions to implement financial literacy programs, women empowerment initiatives, as well environmental and social projects as part of its Corporate Responsibility & Sustainability focus.

In furtherance of this, FBNQuest Merchant Bank joined the 2018 NSE Corporate Challenge to support the fight against cancer. The event was a one-day competitive 5-kilometer race aimed at creating awareness on early detection and fundraising for the cause. Proceeds from this year’s Corporate Challenge are planned towards the provision of free cancer treatment and screening facilities across Nigeria with the purchase of Mobile Cancer Centres (MCCs).

Through this sponsorship, FBNQuest Merchant Bank reaffirms its position as a socially conscious organisation. In the financial literacy space, the organisation trained over 1,800 students at secondary school level on the importance of saving and investing by leveraging platforms such as the Global Money Week and World Savings Day in support of the Central Bank of Nigeria (CBN) financial literacy goals.  Its activities also extend to female economic empowerment and capacity building seen in support for the Women in Management and Business (WIMBIZ) annual lectures and conferences, which facilitate strategic discourse and highlight growth opportunities for women in an ever-changing economic landscape.

In support of education & skills development, the Bank recently partnered with the Teach First Nigeria (TFN) Training Institute, which recruits outstanding university graduates and young professionals of all academic disciplines to teach as full time teachers (Fellows) in underserved and low income schools. Through the program, Fellows will gain exposure to the realities of Nigeria’s education system, identify their role in building a wider movement for educational equity, and ultimately expand education and life opportunities for Nigeria’s most marginalised students.

Speaking on the organisation’s Corporate Responsibility & Sustainability footprint, Lolade Sasore, Head Communications and Knowledge Engagement at FBNQuest Merchant Bank said, “We have consistently supported the NSE Corporate Challenge, which is commendably in its 5th year, as it remains a strong platform committed to addressing cancer as a critical health issue.

We have been proud to partner with them and other worthy causes over the years, and will ensure that we continue to develop and seek new partnerships that will increase our impact and contribution to society as a responsible corporate citizen. ” she added.

The NSE Corporate Challenge is an annual race which employees from organisations listed on the Nigerian Stock Exchange (NSE) as well as the capital market community are invited to participate. The Challenge is a CSR initiative of the NSE, which is aimed at promoting health & well-being in our operating community, while offering a platform for promoting teamwork and networking among industry players.

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BUSINESS

FIRSTBANK HOSTS FINTECH SUMMIT 4.0, PROMOTES THE GROWTH AND REINVENTION OF BANKING TECHNOLOGY IN NIGERIA 

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 First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider, has announced that the 2020 edition of its annual FinTech Summit is scheduled to hold on Thursday, 6 August 2020 by 12.00 noon. The event will be virtually held via Zoom Meetings.

The 2020 edition of the summit, which is the fourth in its series is themed; “How Blockchain and Artificial Intelligence will Disrupt FinTech in Nigeria” and will be discussed by experts, key and leading players, policy influencers and regulatory officials in the Nigerian financial, banking and technological climate. To participate in the event, click the link https://www.firstbanknigeria.com/business-banking/smeconnect/fintech-summit/registration/ to register.

Chinedu Echeruo, founder of HopStop which was sold to Apple for $1bn will be leading the discussion as the Keynote speaker alongside other panelists; Musa Itopa Jimoh, Director, Payments System Management Department and Aminu Maida, Executive Director, Technology & Operations, Nigeria Inter-Bank Settlement System Plc (NIBSS).

Representing FirstBank in the panel of discussants are Callistus Obetta, Group Executive, Technology & Services and Chuma Ezirim, Group Executive, e-Business & Retail Products

Speaking on the event, Mr. Gbenga Shobo, Deputy Managing Director, First Bank of Nigeria Limited said; “at FirstBank, we have been at the forefront of employing technology in the delivery of financial services in the country exemplified by our various products and services such as FirstMobile, USSD Banking services, FirstMonie Wallet, FirstMonie Agent Banking, FirstAdvance loans provisions

 The 2020 edition of our FINTECH summit will build on the successes achieved in the last three editions. We welcome the panelists as we look forward to the shared knowledge which will be integral to deepening the continued growth of banking technology, especially its impact on the Gross Domestic Product of Nigeria and the continent at large.

 Technology continues to play a fundamental role in driving financial inclusion and strengthening the growth of SMEs that contribute significantly to the development of the country.

We encourage members of the public, players in the fintech and financial climate to register, as there is knowledge for everyone,” he concluded.

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Banking

FBN Holdings posts 56.65% growth in profit in 6 months

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By Chinyere Joel-Nwokeoma

FBN Holdings Plc on Wednesday announced Profit After Tax (PAT) of N49.5 billion for the six months that ended June 30.

The PAT represented an increase 56.65 per cent when compared with N31.6 billion achieved in the corresponding period of 2019.

Profit Before Tax (PBT) grew by 14.36 per cent to N41.4 billion from N36.2 billion posted in the comparative period of 2019.

FBN Holdings unaudited results released by the company by the Nigerian Stock Exchange (NSE) show that gross earnings stood at N296.4 billion from N280.3 billion in 2019, an increase of 5.74 per cent.

Also, its total assets stood at N7.1 trillion, an increase of 14.9 per cent against N6.2 trillion achieved in December 2019.

Its customer deposits rose to N4.4 trillion compared with N4. 0 trillion in December 2019.

Commenting on the results, Mr Urum Kalu Eke, FBN Holdings Group Managing Director, said they reconfirmed its consistent focus on enhanced shareholder value.

“The H1 (first half) 2020 financial results are impressive and reconfirm our consistent focus on enhanced shareholder value.

“Despite the difficult operating environment, the H1 results demonstrate our resilience and capacity to deliver on long-term ambitions.

“The growth in profit after tax for the period is a testament to the strength of our organisation to continually deliver exceptional services to our customers in these unprecedented times.

“We have been able to achieve this feat by leveraging our agent banking network, innovative e-banking capabilities, and operational efficiency, utilising technology,” said.

Eke said that FBN Holdings successfully divested from the underwriting (insurance) businesses to focus on banking operations.

“We are confident this will enhance greater value to our stakeholders and strengthen the group’s resolve to consolidate its leadership of the banking sector.

“Following the divestment, FBN Holdings injected Tier 1 capital into FirstBank, effectively increasing its capital adequacy ration to 16.5 per cent.

“This provides a comfortable buffer against regulatory requirements with the potential to support any emerging business opportunities.

“Looking ahead, we remain cautious, but we are confident that our business is fundamentally strong to withstand any future challenge toward enhanced performance,” he said.

Also commenting, Dr Adesola Adeduntan, FirstBank Chief Executive Officer, said the commercial banking group, during the period, increased its gross earnings and PBT.

“Over the period, the commercial banking group increased its year-on-year growth in gross earnings and PBT by 6.1 per cent and 9.2 per cent respectively, despite the economic shutdown and varying degrees of challenges in the operating environment.

“Notwithstanding, we have continued to provide services to our customers with minimal disruption in a safe environment, supported by seamless transactions through our increasing agent banking network and digital platforms (FirstMobile and USSD).

“Furthermore, continuous focus on operational efficiency remains a priority, as improvement in non-performing loan ratio has further been sustained.

“As the economy reopens gradually in Nigeria and other key markets, as in the rest of the world, we are adopting a pragmatic approach with optimism on propelling our performance for enhanced profitability through customer-led innovation and disciplined execution,” Adeduntan said.

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BUSINESS

United Bank for Africa Plc (UBA) Group Announces Global Management Appointments

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United Bank for Africa Plc (UBA), the leading pan-African financial services institution, announced the appointments of Rokia Hacko, Chioma Mang, Chinedu Obeta, Bode Aregbesola, Kingsley Ulinfun and Usman Isiaka as chief executive officers of six of its 20 subsidiaries across Africa, subject to regulatory approvals. The new CEOs will drive the Group’s strategy and activities in Mali, Uganda, Zambia, Senegal, Tanzania and Sierra Leone respectively.

In addition, Ogechi Altraide has become the new Head, Retail Banking; Amadao Konate, Head, Treasury & International Payments for UBA America. These international appointments compliment the prior appointments of Sola Yomi-Ajayi as the CEO of UBA America, and Patrick Gutmann as the CEO of UBA UK. UBA provides a full suite of corporate banking products and services to businesses, multilateral institutions and governments transacting from and with Africa.

Earlier this month, UBA announced the appointment of Ayoku Liadi and Oliver Alawuba respectively, as Deputy Managing Directors in charge of the Group’s Nigeria and Africa businesses, attesting to the importance of UBA’s African business and its strategic positioning as “Africa’s Global Bank”.

UBA Group Chairman, Tony O. Elumelu, stated “The appointments further reflect the strong growth of the Group’s pan-African businesses, currently responsible for over 40% of total Group revenue and the increasing importance of our international businesses in London, Paris and New York, offering superior treasury, trading and corporate banking solutions to clients globally. We are committed to catalysing growth on the African continent and the new CEOs are taking up roles at a very exciting period, as the Group executes its innovative digital play across the African continent’’.

Also announced were the appointment of three new country Executive Directors – Haoua Cisse as the Executive Director, Wholesale, UBA Mali; Samba Fall as the Exceutive Director, Wholesale, UBA Senegal and Julien Kouassi as Executive Director Wholesale, UBA Côte D’Ivoire.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with over 20,000 employees group wide and serving over 20 million customers, across its approximately 1000 branches and over 30,000 ATMs, PoS and agencies in Africa.  Operating in 20 African countries and globally in the United Kingdom, the United States and France, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge products, including the first ever banking chat bot in Africa, LEO.

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