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FBN Holdings Gains Weight, Valuation Rises to N449bn

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BREAKING: First Bank recovers N456 Billion loan from Heritage Bank before license revocation

FBN Holdings Gains Weight, Valuation Rises to N449bn

FBN Holding Plc saw a further increase in market valuation as demand for shares of the financial services behemoth spiked further despite the delay in the group’s earnings releases.

Investors have become quite sentimental even without audited statements, positioning appears to be heavy. The elephant brand has been catching cruise in the local bourse, moving positively in contrast to selling rallies on the floor of the Nigerian Exchange.

In the second quarter of the year, the counter has seen its market price skyrocket even while the domestic bourse slipped into a bearish trend. The share has gained 20% in one month, according to market data.

Stock analysts with eyes and nose at the Broadstreet said increased demand or positioning is not really related to particular earnings information, or strategic decisions but the invincible hands picking its share has kept at it.

The market has seen this pattern once in the past when Femi Otedola was ramping up FBNH in the open market. The group gave an early indication that it will post its audited financial statement for 2022 and the first quarter results of 2023 late in May.

Traded at N12.50 per share, data from the Nigerian Exchange show that FBNH’s valuation inched to N448.691 billion on Friday, on 35.895 billion outstanding shares in the market.

FBN Holdings Plc engages in the provision of commercial banking and financial services. It was founded by Alfred Lewis Jones on March 31, 1894 and is headquartered in Lagos, Nigeria.

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Union Bank Advocates for Environmental Restoration; Commemorates World Environment Day

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Union Bank promotes environmental restoration and commemorates World Environment Day

Union Bank promotes environmental restoration and commemorates World Environment Day

Union Bank, one of Nigeria’s leading financial institutions, has emphasised the importance of preserving and restoring the global habitat through sustainable environmental practices. This clarion call was made during an event organised in partnership with the Nigerian Conservation Foundation to commemorate this year’s World Environment Day.

The program, held on June 5th, 2024, at the Lekki Conservation Centre in Lagos State, brought together various stakeholders, including environmental rights activists, international partner agencies, corporate institutions, government agencies, and students of select secondary schools, to deliberate and engage in activities marking World Environment Day.

One of the main events on the day was a tree-planting exercise involving various participants and stakeholder representatives. The tree-planting activity was in keeping with this year’s celebration theme, “Land Restoration, Desertification, and Drought Resilience,” advocating for the rejuvenation and revitalisation of land devastated by deforestation, erosion, and desertification globally and in Nigeria in particular.
Speaking during the program, Patricia Iwhewhe, Head of Citizenship and Sustainability at Union Bank, echoed the importance of preserving our environment. According to her:

“Land degradation and erosion are not things stakeholders and policymakers can afford to ignore or gloss over. We all must get involved in helping restore and reclaim parts of our environment badly impacted by deforestation and desertification. Union Bank, as a sustainability champion committed to the preservation of our dear planet, appreciates and recognises the responsibility we have as humanity to look after our environment. We will continue to support and participate in programs dedicated to protecting and enriching our precious habitat”.

Stakeholders like the Nigerian Conservation Foundation (NCF) have also been invaluable partners in progress and are at the forefront of helping to preserve and protect nature and its resources. This has served to not only improve the quality of human life but also to sustain present and future generations. NCF’s advocacy over the decades has positively impacted and influenced Nigeria’s environmental policy. Union Bank will continue to be a dependable ally in supporting this noble cause of environmental preservation.

Union Bank, through its diverse range of projects and interventions, has demonstrated its unwavering commitment to bequeathing a safer, healthier, and more sustainable environment. The bank’s tangible contributions serve as a beacon of hope, inspiring a brighter and more sustainable future for all.

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FiBOP Partners with Fidelity Bank and CRC Credit Bureau to Educate Students on Financial Literacy

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FiBOP Partners with Fidelity Bank and CRC Credit Bureau to Educate Students on Financial Literacy

FiBOP Partners with Fidelity Bank and CRC Credit Bureau to Educate Students on Financial Literacy

In a bid to instill financial management skills in young minds, the Financial and Business Online Publishers (FiBOP) collaborated with Fidelity Bank and CRC Credit Bureau to organize a financial literacy class for over 100 students from various Lagos schools.

Despite the heavy rain and mid-term break, the students converged on the Muson Centre in Lagos, eager to learn about early-age financial management.

The interactive session, themed “Financial Literacy in a Digital Era: Catching Them Young,” was led by Osasikemwen Ighilen, representing Dr. Tunde Ahmed Popoola, Group MD/CEO of CRC Credit Bureau.

Ighilen emphasized the importance of developing a savings habit from an early age, encouraging the students to set aside a portion of their pocket money or earnings from part-time jobs.

She stressed that this habit would enable them to achieve their future ambitions, whether it be starting their own businesses or securing well-paying jobs.

FiBOP Partners with Fidelity Bank and CRC Credit Bureau to Educate Students on Financial Literacy

L-R: Representing, CRC, Credit Bureau Limited, Brand and Communications Manager, Osasikemwen Ighile; President, Finance and Business Online Publishers (FIBOP), Charles Onwuatogwu and Dan Preston Nwaokorie, Corporate Communications Dept., Fidelity Bank Plc, during the Maiden edition of FIBOP, Mid-Year Summit 2024 on Financial Literacy themed “Financial Literacy in a Digital Era: Catching them Young” at Muson Centre in Lagos on Friday June 14, 2024.

The CRC spokesperson also highlighted the significance of self-discipline, noting that every amount, no matter how small, counts when it comes to saving.

Dan-Preston Nwaokorie, representing Fidelity Bank, echoed this sentiment, urging the students to cultivate financial discipline by regularly setting aside a portion of their income.

By imparting these valuable lessons, the organizers aimed to equip the students with the skills necessary to make informed financial decisions and live fulfilling lives.

FiBOP Partners with Fidelity Bank and CRC Credit Bureau to Educate Students on Financial Literacy

L – R: Representative of the Guest Speaker, Branding and Communication Manager, CRC, Credit Bureau Limited, Osasikemwen Ighile; President, Finance and Business Online Publishers (FIBOP), Charles Onwuatogwu and Representing Fidelity Bank, Corporate Communication Manager, Fidelity Bank, Mr. Dan Preston Nwaokorie, students from various schools and other participants at the Maiden edition of FIBOP, Mid-Year Summit 2024 on Financial Literacy themed “Financial Literacy in a Digital Era: Catching them Young” at Muson Centre in Lagos on Friday June 14, 2024.

 

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Ecobank Reiterates Commitment To Help Adire Industry Leverage AfCFTA…

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Ecobank Reiterates Commitment To Help Adire Industry Leverage AfCFTA…

Ecobank Reiterates Commitment To Help Adire Industry Leverage AfCFTA…

 

… Gets Commendation from Ogun State Government

Ecobank Nigeria has restated its commitment to ensure that Nigeria’s Adire industry leverages the potential of the African Continental Free Trade Agreement (AfCFTA).

Speaking at the third edition of the annual Ecobank ‘Adire Lagos Experience’ in Lagos, the Executive Director, Commercial Banking, Ecobank Nigeria, Kola Adeleke, said the bank is committed to helping businesses exhibiting at the fair explore opportunities available through the Africa trade pact.

The event which is holding at the ultra-modern Ecobank Pan African Centre (EPAC), has seen over 100 exhibitors showcase locally processed adire attires made by indigenous designers.

“After the program, these 100 merchants, we are going to continue partnering with them. We are going to support them to build capacity. We are going to even use the opportunity for them to improve the quality of whatever they are producing for export purposes. Because ultimately, our goal is to ensure that Adire becomes like an African brand with global acclaim.
“This is very unique for us as an organization because it will help to grow our nation’s economy as we see the export potential there. We are going to profile all these merchants on the Ecobank single market trade hub and then position them so that they will be able to export their products to other countries in Africa and beyond, “he said.

Mr. Kola noted that Adire Lagos’ exhibition is part of the efforts of the bank to support and project the creative industry in the country, adding that as part of a Pan African bank which operates in 33 countries of Africa, Ecobank Nigeria will always look out to support various productive initiatives and the Adire exhibition fits into this goal.

Ecobank Reiterates Commitment To Help Adire Industry Leverage AfCFTA…

(L-R) Kola Adeleke, Executive Director, Commercial Banking, Ecobank Nigeria; Bimbola Wright, Director, Ecobank Nigeria; Emmanuel Ikazoboh, Former Chairman, Ecobank Transnational Inc.; Carol Oyedeji, Deputy Managing Director; Dr. Adesegun Akin-Olugbade, OON, Chairman, Luwaji Advisory & Former General Counsel, AFC & ADB.; Titi Olujobi, Director, Ecobank Nigeria; and Kenneth Okere, Company Secretary, Ecobank Nigeria at the Ecobank Adire Exhibition in Lagos.
Meanwhile, the Commissioner for Culture and Tourism, Ogun State, Dr. Fagbayi Oluwasesan, has commended Ecobank for promoting Adire culture to help improve the sector.

 

Speaking during his visit to the fair, Fagbayi, said: “The fabric is synonymous to Ogun state. We are the custodians of Adire. It is an indigenous textile from Ogun State and we have to protect it. That’s why we are happy with Ecobank for what they’re doing today, assisting us to showcase what God has given to us, protecting it, and also telling the world that this is what is good for us to be using as fabric.”

He also said that the Ogun State government has commenced measures to address the challenge of imported adulterated Adire fabric, which poses a major threat to the local Adire industry.

“The State House of Assembly have commenced steps, through our ministry, to curb the excesses or inflow of Chinese adulterated fabric.

“First and foremost, we don’t need to address it as ‘Adire Chinese’. It is never Adire because it is a print on its own that doesn’t pass through the process of how the fabric is made. The original fabric is made manually, and it passes through nine stages before it is made.
“We are working on that and a committee has been set up with the approval of the Governor that they should go to the market, you know, look at what we can do and come up with a law, probably, though we may not have the capacity to ban it outrightly.
“We’re also taking it up with the National Assembly; the Representative Abeokuta South Federal Constituency has also raised a Bill at the National Assembly that has passed its second reading now. By the time that is done probably we will have the backing of the federal government in banning this adulterated fabric out rightly.”

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