Business

Dangote Commits To Pan-African Investments

Published

7 months ago

May 2, 2023

Editor

Dangote Commits To Pan-African Investments

Africa’s foremost entrepreneur and President of the Dangote Group, Aliko Dangote has urged African countries to dismantle all economic barriers hindering free trade among the nations, in order to achieve sustainable growth and development across the continent.

The leading private sector player also expressed the irrevocable commitment of his Pan-African conglomerate, Dangote Industries Limited to solving some of the economic challenges faced by the African continent and her people. To realise this goal, the organisation has committed over 20 billion dollars on investments in several key sectors of the African economy.

Dangote who made this disclosure said the massive investments were meant to turn around Africa’s economic fortunes in the quest for sustained economic growth of the continent through free trade and economic integration.

Speaking in Lagos at the launch of a Special publication ‘The World Ahead 2023’ by the renowned media outfit, The Economist, Dangote, who was represented by the Group executive director/Group chief risk officer, Dangote Industries Limited, Dr. Adenike Fajemirokun, noted that the crucial task of building a sustainable future that guarantees equitable growth and prosperity for all, should not be the exclusive role of the public sector alone, but should also involve the private sector.

“Our massive investments of over 20 billion dollars across key industries, including Energy, Agriculture, and Infrastructure. Our recently commissioned 3Million Metric Tonnes’ Fertiliser Plant, expansions in cement production, and our soon-to-be commissioned 650,000 barrels per day world’s largest single-train refinery, are all set to empower farmers, foster backward integration, create thousands of jobs, eliminate our dependence on imported products, and improve our nation’s foreign exchange earnings significantly.

“We are also confronting environmental issues through our investment in alternative fuels, as well as unlocking enormous opportunities in the communities where we have our footprints, while ultimately ensuring that we keep delivering huge value to our shareholders.

“The multilayered issues that we face globally and across regions today, ranging from rising energy costs, food insecurity, supply-chain disruptions, access to quality healthcare, cybersecurity, inflation amongst others brought about by the pandemic or other human factors like the Russia-Ukraine war, call for an objective rethink of geopolitics and geo-economics, especially as they vastly affect policy execution and the ease of doing business in more vulnerable economies,” he stated.

Drawing the attention of the international audience to the need for all hands to be on deck towards lifting Africa above the various socio-economic challenges facing the member-countries, Dangote pointed out that the African population has been growing exponentially.

“Nigeria, for instance, is projected to be the world’s third largest population by 2050 surpassing the United States, only behind India and China, so the question of sustained economic growth has become increasingly critical and isn’t one for a single sector to tackle alone. To secure the future of our country and our continent we must forge strong public-private partnerships and dismantle regional barriers with vehicles like the African Continental Free Trade Agreement (AfCFTA).”

Dangote advised that “going forward, the overarching conversations, whether at global or regional levels, in emerging markets or in OECD countries, must be refocused towards exploring the specifics of our fast-changing world, in order to align public-private perspectives and identify areas for collaboration for the collective good of people, planet, and profit.”

He commended ‘The Economist’ for putting together the publication that was being launched, describing it as a rich body of work that offers useful data for all sectors to draw insights from and synthesize the same towards arriving at cutting-edge action points.

In his remarks, Lagos State Deputy Governor, Dr. Obafemi Hamzat described the publication as a valuable document for policymakers and strategic planners, and noted that its contents reaffirm part of the strategies the Lagos State government has executed to make Lagos assume its status as the preferred destination of choice for investors.

According to him, Lagos has just 0.4 per cent of the land mass of Nigeria but has 11 per cent of the country’s population, which explains why some of the challenges in Lagos are peculiar to the metropolis, disclosing that some of the strategies adopted by the state government are geared toward solving the challenges.

He said Lagos is Africa’s fastest growing economy and added that a key policy of the state government is to improve its investment profile by providing an enabling environment. Hamzat also noted that the state has invested billions of Naira in infrastructure and technology, citing the Lekki Deep Seaport as one of the enablers which has made Lagos to attract 60 per cent of the Foreign Direct Investment into Nigeria.

Also speaking, the Regional Executive and Managing Director of Ecobank Nigeria Limited, Mr. Mobolaji Lawal hailed the Economist special launch, as it provides an opportunity for knowledge sharing for the government and private sector to explore emerging opportunities in the digital space.

“If we get it right, it will stimulate growth and drive transformation and ensure economic growth,” the Ecobank boss stressed.

Business

ZENITH BANK SIGNS MOU WITH CFA INSTITUTE TO BOOST FINANCIAL EXPERTISE

Published

3 hours ago

December 1, 2023

Editor

ZENITH BANK SIGNS MOU WITH CFA INSTITUTE TO BOOST FINANCIAL EXPERTISE

Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the Chartered Financial Analyst (CFA) Institute to promote efforts and activities that support the formation, training, and updating of human capital in finance and investment for the overall development of the Nigerian financial services sector. The MoU, was signed by the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu; the President/CEO of the CFA Institute, Margaret Franklin; and the President of CFA Society Nigeria, Ibukun Oyedeji on Tuesday, November 28, 2023.
Speaking at the MoU signing ceremony, the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu commended the CFA Institute and the CFA Society, Nigeria for their laudable programmes in developing finance and investment professionals in Nigeria. According to him, your Women in Investment Management Initiative, CFA Institute Research Challenge, CFA Society Nigeria Ethics Challenge and University Affiliation Program are very laudable, and Zenith Bank will continue to partner with the CFA Institute and the CFA Society Nigeria to ensure that young finance and investment professionals get the needed support for their career development. In his words, “As a good corporate citizen, Zenith Bank remains committed to furthering the economic, cultural and social development of the society. As such, we continue to support projects and initiatives that have long-term social and economic benefits for our various publics and stakeholders. Partnering with the CFA Institute and the CFA Society Nigeria is therefore a demonstration of our commitment to building professional excellence in the finance services industry in Nigeria”.
At the CFA Institute Africa Investment Conference, during the ‘Journey to the Top: A Discourse with CEOs’ segment, Dr. Onyeagwu inspired future finance and investment professionals to uphold the highest standards of integrity. He stressed the importance of making difficult yet high-quality decisions, building robust networks, and dedicating themselves to hard work for career success. In his words, “as upcoming professionals, the opportunities are immense for you. Africa doesn’t get bigger than Nigeria. There is scarcity of the right kind of people that have the talent, that have the character and the leadership to provide leadership in organizations. Make a decision to be one of those, make a decision to be different. You must be driven by your passion; you must delay gratification. In Zenith what is driving us is the strive for excellence. It is not about who you are and where you come from. We have the best class of talents you can think of anywhere in the world.” He assured the young finance and investment professionals that Zenith Bank will offer immediate employment opportunity to CFA Charter Holders and those who qualify as Chartered Accountants.
Also speaking on the MoU, the President/CEO, CFA Institute, Margaret Franklin reiterated the Institute’s commitment to the professional development of students and upcoming professionals. In her words, “there are many things that we do for students, we invest heavily in students and why is that? Because they are our future. The mission of the CFA Institute is to lead the investment industry with the highest standards of ethics, education and professional excellence for the ultimate benefit of society and that starts with our CFA programme”. She commended Zenith Bank for its continued support to the CFA Society Nigeria and sponsorship of the CFA Institute Research Challenge over the years. She also commended the bank for being one of the top employers of CFA members in the country. She expressed her admiration of the culture of excellence in Zenith Bank. Also speaking at the MoU signing ceremony, the President of CFA Society Nigeria, Ibukun Oyedeji commended Zenith Bank for its partnership with CFA Society Nigeria and its commitment to the development of young finance professionals in the country.
The the CFA Institute Africa Investment Conference is being hosted by the CFA Institute and CFA Societies from Ghana, East Africa, South Africa and Mauritius. The conference has representatives from over 20 universities in Nigeria (members of their investment clubs being supported by CFA Society).

Business

Fidelity Bank Plc Signs the UN Principles for Responsible Banking

Published

11 hours ago

December 1, 2023

Editor

Fidelity Bank Plc Signs the UN Principles for Responsible Banking

30 Nov. 2023, Lagos, Nigeria – Fidelity Bank Plc has become an official signatory of the UN Principles for Responsible Banking (PRB) – a single framework for a sustainable banking industry developed through a collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).

The Principles are the leading framework for ensuring that banks’ strategy and practice align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks who have signed the Principles commit to be ambitious in their sustainability strategies, working to mainstream and embed sustainability into the heart of their business, while allowing them to remain at the cutting-edge of sustainable finance.

Under the Principles, signatory banks identify and measure the environmental and social impact resulting from their business activities, set and implement targets where they have the most significant impact, and regularly report publicly on their progress. The Principles provide a framework for banks to systematically understand the risks and seize the opportunities arising from the transition to more sustainable economies.

“As long-time signatories to UNEPFI, signing onto the PRB is the next step to show our commitment to sustainability. Sustainability is central to our corporate strategy as a bank and joining the Principles further affirms our determination to increasing our positive impacts in all aspects of sustainability. The PRB aligns with our sustainability principles and the bank is delighted to join the global community of signatories championing sustainable development around the world”, commented Dr Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer, Fidelity Bank Plc.

Signatories to the Principles take on a leadership role, demonstrating how banking products, services and relationships can support and accelerate the changes necessary to achieve shared prosperity for both current and future generations, building a positive future for both people and planet. These banks also join the world’s largest global banking community focused on sustainable finance, sharing best-practice, and working together on practical guidance and pioneering tools of benefit to the entire industry.

This is a journey of unprecedented scale and scope at a time when such ambition is urgently needed to address the major planetary crises of climate change, nature loss, pollution and social issues. Together, these collective efforts will ensure that profitability goes hand in hand with a sense of purpose.

Business

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

Published

2 days 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.