Business

Emefiele launches a fresh plot against President-elect Tinubu.

Published

9 months ago

March 13, 2023

Editor

Emefiele launches a fresh plot against President-elect Tinubu.

Central Bank of Nigeria (CBN) Governor Godwin Emefiele is playing his “last card” in the closing chapter of the high-stakes power play that has embroiled Nigeria in the past six months.
The CBN boss, who has disobeyed the Supreme Court judgment that the old N500 and N1000 notes remain legal tender until December 31, is determined to influence the outcome of the March 18 governorship election in Lagos State against the ruling All Progressives Congress (APC).

Sources said last night that the apex bank has released N500 million in new bank notes to shore up the campaign of the Labour Party (LP) in the state.

Lagos is Nigeria’s economic nerve center and the stronghold of the President-elect, Asiwaju Bola Ahmed Tinubu.

The LP secured an upset against the APC in the February 25 presidential polls in the state when its candidate, Peter Obi, polled 582,454 votes as against the 577,606 scored by Tinubu’s APC.

It was learned that the N500 million windfall was mobilized through high-level CBN agents in Lagos. It was described as “Oga’s own contribution to the takeover of Lagos from Tinubu’s influence, now that he has become the president-elect and will be relocating to Abuja”.

It was learned that Emefiele had worked to ensure that Tinubu did not emerge as a presidential candidate and president-elect.

Also, Kaduna State Governor Nasir El-Rufai said that the CBN governor resolved to work against Tinubu because he failed to get the APC presidential ticket.

Sources said the cash bonanza is intended to give an undue advantage to the LP candidate, Mr. Gbadebo Rhodes-Vivour, over the two other major contestants, incumbent Governor Babajide Sanwo-Olu of the APC and Mr. Olajide Adediran of the Peoples Democratic Party (PDP), whose campaign and mobilization have been seriously affected by the cash squeeze caused by Emefiele’s Naira redesign policy.

Besides, Emefiele, who hails from Delta North, is said to be an enthusiastic promoter of the “Igbo agenda” to install “our own in Alausa come May 29.”

To perfect the plot, the cooperation of a senior military officer in command position in Lagos is said to have been secured by Emefiele.

The commander, the sources said, is expected to provide “military muscle” to the “agenda” to take over Lagos.

He was said to have similarly played a “spoiler role” on February 25 by deliberately deploying troops to provide “cover” for the massive rigging in Ajah and Lekki areas in favor of LP’s Obi.

The commander also allegedly provided “cover” for the massive rigging reported in Amuwo-Odofin, Ojo, Alaba, and Iba areas. For instance, troops at his behest reportedly “detained” the Oniba of Ibaland in his palace, ostensibly to “prevent him from being able to mobilize his people to vote Tinubu”. Troops similarly invaded the palace of Elegushi in Ikateland and openly brutalized APC supporters in viral videos. Oba Saheed Elegushi is known to be a staunch Tinubu supporter.

Emefiele, whose controversial policy is widely believed to have specifically targeted Tinubu ahead of the presidential poll, is highly unlikely to continue in office after President Muhammadu Buhari bows out on May 29.

Incidentally, he had mounted a multi-billionaire bid for the APC presidential ticket last year in flagrant breach of the provisions of the CBN Act forbidding political partisanship.

Before he eventually chickened out of the race in May 2022, the CBN governor, according to an affidavit deposed to by the Department of State Security (DSS), had allegedly been involved in “terror financing.”

“A network of gangs and elements to help in the realization of his presidential ambition was said to have been recruited,” said the source.

The latest secret cash largesse to the LP candidate’s campaign is coming at a time many Nigerians groan under acute cash scarcity as they daily languish in endless queues at banking halls and ATM centers across the country without being able to access their savings, despite a Supreme Court order on March 3 mandating the revalidation of the N200, N500, and N1,000 notes till December 31, 2023.

Aside from Emefiele’s N500 million cash, the LP has also reportedly received $2 million in cash from a famous retired billionaire general, who hails from the North.

The said general had openly endorsed Obi on the understanding that he would “protect my business interests,” particularly in the oil and gas sector.

The businessman was said to have been shocked, following the announcement of Tinubu by the Independent National Electoral Commission (INEC) as President-elect.

The provision of dollars for LP is to match the APC candidate in the Lagos polls “dollar-for-dollar,”, the source added.

The billionaire general is widely known to be among the “group of five generals” who did everything possible in cahoots with some others to stall the declaration of the results of the presidential election when it became clear that Tinubu was heading for a clear victory.

His latest “investment” in Rhodes-Vivour is said to be an “emotional last dice” geared towards preserving his shock, being a Lagos resident who has just completed a new home believed to be worth $25 million.

Business

FCMB’s profits surged by 108% in the first nine months of 2023.

Published

1 day ago

November 29, 2023

Editor

FCMB’s profits surged by 108% in the first nine months of 2023.

FCMB Group Plc posted a pre-tax profit of N55.1 billion in the nine months ending September 2023, marking a year-on-year growth of 108% from the corresponding period in 2022.

During Q3 2023, the group achieved a pre-tax profit of N16.9 billion, representing 52.7% year-on-year growth from the same quarter in 2022.

In the nine months, the group achieved a profit after tax of N49.15 billion, representing a YoY growth of 114.4% from the corresponding period in 2022.

Key Highlights: Q3 2023 vs. Q3 2022

Net interest income: N48.16 billion, +46.42% YoY
Net fee and commission income: N9.26 billion, -8.94% YoY.
Net trading income: N1.12 billion, -54.05% YoY.
Net impairment losses on financial instruments: N9.91 billion, +23.72% YoY
Personnel expenses: N12.85 billion, +52.56% YoY
General and administrative expenses: N16.11 billion, +33.23% YoY
Profit before taxation: N16.91 billion, +52.68% YoY
Profit for the period: N13.74 billion, +48.44% YoY.
Total assets: N3.88 trillion, +30.03% YTD
Return on Equity: 15.13% (Q3 2023)
Insights

FCMB Group’s financial performance in the nine months of 2023 is reflective of the remarkable performances Nigerian banks have put up within the same period. However, the group’s return on equity of 15.1% ranks it low among the banks.

Year-on-year, the group’s loan position increased by 34.3% to N1.19 trillion within the nine months, while its customer deposits grew by 39.1% year-on-year to N2.53 trillion within the same period.

Business

Fidelity Bank is set to Host 2 days of family Entertainment.

Published

2 days ago

November 28, 2023

Editor

Fidelity Bank is set to host 2 days of family entertainment.

In the spirit of Yuletide, leading financial institution Fidelity Bank Plc has announced plans to host the maiden edition of the Fidelity Family Weekend.

This online news platform understands that the event is scheduled to take place on Saturday, December 16 and Sunday, December 17 at the Fidelity Grounds, Oniru, Victoria Island, Lagos. The event is designed to create a fun and relaxed atmosphere for children to play, parents to relax, and young adults to unwind during the festive season.

“The Yuletide season is all about coming together and spending quality time with loved ones especially as we wind down the year in anticipation of a new year. As a bank committed to providing memorable experiences for its clients, we pioneered the Fidelity Family Weekend to fete host our customers and clients to two fun filled days of family entertainment. We believe this is one more way of thanking our customers for a successful year,” noted the Divisional Head, Brand & Communications, Fidelity Bank Plc, Meksley Nwagboh, Ph.D. in a chat with journalists.

The Fidelity Family Weekend would run from 10am to 10pm daily and would feature dedicated fun activities for children including dancing competitions, bouncing castles, train rides, Santa’s Grotto, balloon games, amongst others. Similarly, the programme for the adults’ section would feature exciting activities like karaoke competitions, games arcades, couple games, musical performances and so many more fun games that are geared towards providing a memorable experience for guests.

Entry into the event is free but guests are required to pre-register at www.fidelitybank.ng/family-weekend before December 12.

Commenting further, Dr Nwagboh said, “As a bank dedicated to helping individuals grow, businesses thrive and economies to prosper, we boast of an array of products and services for our diverse client base. These include the Fidelity SWEETA account for young children below the age of 17 years, Fidelity Flex for teenagers and undergraduates; and even the Fidelity Vintage Account for senior citizens; all tailor-made to meet our customers specific needs. The Fidelity Family Weekend is therefore another demonstration of this devotion to provide platforms for our customers to fulfill their lifestyle requirements.”

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8 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.

Business

Union Bank and BFREE Forge Strategic Partnership to Revitalize Loan Portfolios

Published

2 days ago

November 28, 2023

Editor

Union Bank and BFREE Forge Strategic Partnership to Revitalize Loan Portfolios

Lagos, Nigeria Union Bank of Nigeria and BFREE, a cutting-edge German-Nigerian FinTech firm, have signed a Memorandum of Understanding (MOU). This agreement signifies a joint commitment to addressing economic challenges and revitalising distressed loan portfolios in Nigeria. This MOU was formalised during the German-Nigerian Business Forum in Berlin on November 21, 2023.
Under the terms of the MOU, BFREE, in conjunction with its international financing partners, will explore the acquisition of distressed loan portfolios from Union Bank, with a potential investment cap of $40 million. The key focus will be refinancing non-performing loan portfolios, particularly those delayed in repayment or already written off.
Union Bank, a leading provider of loans to Retail customers and Small & Medium Enterprises in Nigeria, has proactively adapted to the challenging economic environment. The ongoing economic pressures have necessitated increased flexibility for loan repayment plans, and BFREE, leveraging artificial intelligence (AI), presents an innovative solution.
BFREE’s AI-driven automated interaction with loan customers facilitates discussions and agreements on revised loan terms. This streamlined approach enables the rapid review of many loan agreements within short periods, resulting in higher repayment rates and reduced instances of loan write-offs for Union Bank. It also demonstrates the Bank’s confidence in BFREE’s robust recovery process. This strategic partnership not only positions Union Bank for enhanced financial resilience but also relieves the institution of the burden of managing low-performing loan portfolios.
President Tinubu’s active participation in promoting Nigeria as a prime destination for business and investment underscores the collaborative efforts to attract international businesses. The anticipated increase in foreign currency inflow, particularly USD and EUR, is expected to alleviate pressure on the exchange rate of the Naira, contributing to economic stability.
Speaking about the partnership, Joe Mbulu, Executive Director of Union Bank, said:
“We are excited about the strategic partnership with BFREE as it aligns with Union Bank’s commitment to innovation and adaptability. This collaboration signifies our dedication to finding innovative solutions to the economic challenges faced by our customers. By leveraging BFREE’s advanced AI capabilities, we aim to enhance the efficiency of our loan portfolio management, ensuring flexibility for our customers in these challenging times. This partnership reflects Union Bank’s proactive approach to navigating the evolving financial landscape and reinforces our commitment to providing sustainable financial solutions to individuals and businesses in Nigeria.”
Also commenting on the partnership, Julian Flosbach, Chief Executive Officer of BFREE, expressed:
“BFREE is thrilled to announce our strategic partnership with Union Bank, a collaboration that underscores our joint commitment to innovation and resilience in the face of economic challenges. With a track record of successfully managing over 4 million distressed customers across Africa, BFREE brings extensive experience to the table. Our proprietary AI capabilities will play a crucial role in streamlining Union Bank’s loan portfolio management, offering unparalleled flexibility to customers during these challenging times. The commitment of our financing partners is instrumental in driving this initiative, highlighting their dedication to supporting Union Bank’s revitalisation efforts.”
Union Bank is optimistic that this strategic partnership with BFREE will not only bolster the bank’s financial health but also contribute significantly to the broader economic recovery of Nigeria.

Note to editors:
About Union Bank Plc:
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria. The Bank currently offers a variety of banking services to both individual and corporate clients, including current, savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance. The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.
More information can be found at: www.unionbankng.com
Media Enquiries: Email [email protected]

About BFREE:
BFREE is a FinTech start-up founded in 2020 that has developed a proprietary AI-first ethical credit collection process. BFREE has worked with more than 35 financial institutions in Nigeria, Ghana, and Kenya and has managed collection processes of over four million distressed retail customers with a cumulative distressed loan value of over USD 400 million.
More information can be found at: www.bfree.io
Media Enquiries: Email Mr. Julian Flosbach ([email protected])
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