Connect with us

Business

FCMB Call For Application In Accelerator Programme aimed at empowering one million SMEs across Nigeria

Published

on

FCMB Reports Nearly N1billion Loss To Fraud And Forgery

FCMB Call For Application In Accelerator Programme, aimed at empowering one million SMEs across Nigeria

First City Monument Bank (FCMB) has launched an accelerator programme to upskill and grow over one million small and medium-sized enterprises (SMEs) in Nigeria.

This Nigeria news platform gathered that by partnering with SkillPaddy and other industry experts, the bank aims to equip startups and existing businesses with the skills and resources to develop innovative products and services, create new markets and fast-track their growth.

 

A statement from the lender said it aims to upskill about one million SMEs through a Technical Assistance grant of ₦284.7 million from Proparco (the private-sector arm of the French Development Agency) and another ₦227 million from the African Development Bank (AfDB). These will enable FCMB to facilitate the successful onboarding and empowerment of SMEs, including women entrepreneurs, under its SheVentures proposition and those operating in high-impact sectors (agriculture, renewable energy, digital).

 

To kick off the programme, First City Monument Bank awarded ₦50 million in grants to 200 SMEs who participated in the first training session. This announcement was made at an event celebrating Global Entrepreneurship Week 2023.

 

“The FCMB Accelerator Programme reaffirms our dedication to empowering businesses effectively,” said George Ogbonnaya, FCMB’s Group Head of SME banking. “We want to inspire Nigerians to pursue their entrepreneurial dreams and build a portfolio of ready businesses that can transform Nigeria’s economy.”

 

FCMB is committed to supporting women-led SMEs. “Through mentorship and access to finance, we will continue to empower these incredible entrepreneurs,” Ogbonnaya added.

“This partnership with First City Monument Bank will be a game-changer for SMEs,” said Kunle Erinle, Founder and CEO of SkillPaddy. “By accelerating productivity, we can unlock doors of opportunity for startups and existing businesses, ultimately boosting Nigeria’s economic growth.”

 

Oladimeji Olanrewaju, CEO of Sweet Indulgence by Bakhita and a training grant recipient, expressed her excitement:

“I am grateful to FCMB for this opportunity and look forward to scaling up my business through the programme.”

 

FCMB has a strong track record of supporting SMEs. Since 2018, the bank has extended ₦1.343 trillion in credit to over 98,000 SMEs across diverse sectors. This enabled SMEs to thrive by addressing critical funding gaps, expanding operations, boosting productivity and job creation, and contributing to the nation’s economic growth.

 

A leading supporter of SMEs in Nigeria, First City Monument Bank is part of FCMB Group Plc, a financial services holding company fostering inclusive and sustainable growth in its communities by connecting people, capital, and markets.

Business

Zenith Bank Capital Markets Day

Published

on

By

Zenith Bank Capital Markets Day

 

Highlights from the Zenith Bank Capital Markets Day held earlier today with the Founder & Chairman of Zenith Bank PLC Dr. Jim Ovia CFR, Dame Dr. Adaora Umeoji OON, GMD/CEO of Zenith Bank PLC, Executive Directors of the Bank; Dr. Henry Oroh, Dr. (Mrs) Adobi Nwapa, Mr. Akin Ogunranti, Mr. Lawani Adamu, Mr. Louis Odom; the Bank’s Chief Finance Officer Dr. Mukhtar Adam (PhD); the General Manager/Group Head Investor Relations & Corporate Development Mrs. Rolake Akinkugbe-Filani; existing and potential investors, analysts, stockmarket players, asset managers, customers and other members of the Senior Management Team of the Bank.

Continue Reading

Business

GTCO Offers 9 Billion Shares At ₦44.50 Each, Envisions One Billion Dollar Profit

Published

on

By

GTCO Offers 9 Billion Shares At ₦44.50 Each, Envisions One Billion Dollar Profit

GTCO Offers 9 Billion Shares At ₦44.50 Each, Envisions One Billion Dollar Profit

 

Guaranty Trust Holding Company (GTCO), one of Nigeria’s largest lenders, is raising ₦400 billion in capital through a public offer anchored on the Nigerian Exchange Group (NGX).

The company is offering 9 billion shares at ₦44.50 each, with plans to invest the additional capital in profitable ventures in West Africa and East Africa, as well as recapitalize GTBank Nigeria, expand its asset management and pension businesses, and grow its loan portfolio.

According to Group CEO Segun Agbaje, GTCO has a track record of delivering strong returns, with a 29% average return on equity (RoAE) over the past ten years and a 253% return on investment over the same period.

The company has also made significant inroads into non-banking businesses, including fintech, asset management, and pension management, with plans to generate 5% of group profit from these businesses within three years.

Agbaje, in a “fact behind the offer” presentation at the NGX on monday, gave stakeholders compelling reasons to embrace the offer. He promised to soon make GTCO the first Nigerian company to realise a billion dollar profit.

He welcome the CBN directive to banks in Nigeria to upscale their capital threshold, following adverse economic headwinds that have seen continuous erosion of assets noting that GTCO already had plans to raise fresh capital months before thedirective.

Continue Reading

Business

Zenith Bank Wins Best Commercial Bank In Nigeria And Best Corporate Governance Awards At World Finance 2024 Awards

Published

on

By

Zenith Bank Wins Best Commercial Bank In Nigeria And Best Corporate Governance Awards At World Finance 2024 Awards

Zenith Bank Wins Best Commercial Bank In Nigeria And Best Corporate Governance Awards At World Finance 2024 Awards

Zenith Bank Plc has emerged as the Best Commercial Bank, Nigeria in the World Finance Banking Awards 2024, retaining the award for a fourth consecutive year.

The bank was also named as Best Corporate Governance, Nigeria for the third year running in the World Finance Corporate Governance Awards 2024.

The awards, which were published in the Summer 2024 Issue of the World Finance Magazine, are in recognition of the bank’s robust financial performance, superior customer service, sustainability initiatives and corporate governance practices.

Commenting on the dual honours, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, remarked:

“These awards highlight our steadfast dedication to excellence, adherence to global best practices, and our persistent effort to deliver superior value to all stakeholders through innovative products and services. Receiving these awards consecutively for multiple years signifies the commitment of our staff, the loyalty of our customers, and the support of our shareholders. We remain devoted to setting industry benchmarks and driving excellence across all aspects of our operations.”

Dr. Umeoji expressed her delight at the recognition and dedicated the awards to the Founder and Chairman, Dr. Jim Ovia, CFR, for his impactful leadership in establishing a robust and flourishing institution. She also expressed gratitude to the board for their vision and insight, the staff for their unwavering dedication, and the bank’s customers for choosing Zenith as their preferred bank.

World Finance is a leading international magazine providing comprehensive coverage and analysis of the financial industry, international business and the global economy.

The editorial combines award-winning reportage, covering a broad range of topics from banking and insurance to wealth management and infrastructure investment, with contributions from some of the world’s most well-respected economists and theorists as well as consultants in government think tanks and the World Economic Forum.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest accolades coming on the heels of several recognitions including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the 14th consecutive year in the 2023 Top 1000 World Banks Ranking, published by The Banker Magazine.

We were also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria in the International Banker 2024 Banking Awards

Further recognitions include Best Bank in Nigeria for three consecutive years from 2020 to 2022 in the Global Finance World’s Best Banks Awards and Best Commercial Bank, Nigeria for three consecutive years from 2021 to 2023 in the World Finance Banking Awards.

Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022 and 2023, and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

The bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021 and Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

The bank also received the accolade of Most Sustainable Bank, Nigeria, in the International Banker 2023 Banking Awards and Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.

Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards

Continue Reading

Trending