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Wema Bank adds two new directors to its board.

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Wema Bank adds two new directors to its board.

Wema Bank adds two new directors to its board.

 

The Board of Wema Bank Plc has announced the appointment of Yusuf Zubair Kazaure and Segun Opeke as non-executive directors and executive directors, respectively.

According to the bank, in a notice to the Nigerian Exchange Limited (NGX) and the investing public seen by Nairametrics, the appointment of two new directors to its board was effective on February 2, 2024.

The bank, which disclosed that it has received approval from the Central Bank of Nigeria to appoint the new directors, noted that the duo are strong leaders in their relevant sectors and will bring a wealth of experience and expertise to the board of the bank.

Profile of Mr. Yusuf Kazaure
According to the statement signed by Company Secretary/General Counsel, Johnson Lebile, Mr. Kazaure is a seasoned professional with over 35 years of cumulative multi-sector working experience spanning architecture, construction, banking, as well as information and communication technology (ICT).

He is an experienced corporate and technology industry executive focused on transformative outcomes and motivated by challenges.

Kazaure obtained a BSc and MSc in architecture from the prestigious Ahmadu Bello University in Zaria, Nigeria. He is also an alumnus of Bayero University, Kano, Nigeria, and Oxford University, United Kingdom, where he obtained an MBA and Diploma in Computing, respectively.

He is currently pursuing a PhD in cybersecurity at Nasarawa State University, Keffi, Nigeria.

He started his career in public service in 1987 as an architect in the Kano State Ministry of Works and Housing before moving into the banking sector, where he worked for 10 years.

He served as the Permanent Secretary in the Ministry of Commerce and that of Urban and Regional Planning in Jigawa State and later became a Director General in charge of International and Governmental Affairs in the Executive Governor’s Office of Jigawa State between 1999 and 2002.

He was the pioneering managing director and CEO of Galaxy Information Technology and Telecommunication Ltd., the Jigawa state-owned ICT company, in 2002, and later the CEO of Galaxy Backbone Ltd., a federal government-owned ICT company, from 2014 until December 2019.

He was also the Chairman of the Board of Directors of Nigeria Satellite Communications Ltd. between January 2020 and June 2023 and a director of MAG Group Ltd., a multinational conglomerate with about eight subsidiaries and affiliates that have a presence in over 20 countries.

Kazaure has attended several executive training courses at various universities and institutions across the world, including Leading the Effective Sales Team at INSEAD in France; Strategic Alliance at Wharton, University of Pennsylvania, USA; Securitization for Housing Finance, Fannie Mae, USA; the Advance Management Training Program (AMP) of the Lagos Business School; and the CIO Institute of Carnegie Mellon University, USA, to mention a few.

He is a fellow of the Nigeria Computer Society, a fellow of the Nigeria Institute of Management Consultants, and a fellow of the Nigerian Institute of Architects.

Profile of Mr. Segun Opeke
Mr. Segun Opeke is a result-oriented professional banker with over 35 years of working experience at leading Nigerian commercial banks.

He studied banking and finance at the University of Lagos and thereafter obtained an MBA from the same university in 1999.

He is also an alumnus of the Columbia Business School, New York, and the London Business School, United Kingdom.

Segun started his career at Chartered Bank Limited and played diverse strategic roles in various banking institutions, including leading the consumer banking team at FSB International Bank before proceeding to Prudent Bank as an area manager.

Following the consolidation of Skye Bank in 2006, Segun worked as the bank’s treasurer and regional director and later became the group head of corporate banking, aviation, and maritime.

Upon Polaris Bank taking over the defunct Skye Bank in 2018, Segun was made an Executive Director in charge of Lagos Business and Corporate Banking directorates until June 2023, when he retired from the bank.

Segun has attended several professional, management, and leadership programs in world-class institutions, including INSEAD and Euromoney in London.

He is a strong team player, and he is credited with making immense contributions in the areas of business development, corporate finance/restructuring, and digital transformation.

According to the Board, the addition of the two new directors will significantly enhance the wealth of knowledge within the Board of Directors of the Bank.

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First Bank reinforces commitment to empowering FMCG distributors

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First Bank reinforces commitment to empowering FMCG distributors

First Bank reinforces commitment to empowering FMCG distributors

 

FirstBank of Nigeria Plc has reaffirmed its dedication to bolstering businesses through a range of initiatives aimed at fostering a robust business environment and stimulating economic growth.

Mrs. Olaitan Martins, Group Executive of Transaction Banking, reiterated this commitment during an interactive session with Fast-Moving Consumer Goods (FMCGs) business owners held on Wednesday in Lagos.

The session was specifically designed for FMCG distributors in the Southwest region to provide insights into business development strategies and avenues for expanding their revenue streams.

Martins reiterated that the forum was a component of the bank’s continuous endeavors to actively involve and instruct its customers on business improvement, acknowledging the crucial function performed by principals and important distributors in the FMCG industry.

significance of supporting businesses

Highlighting the significance of supporting businesses that contribute to the national economy through the distribution of fast-moving commodities, Martins underscored the importance of the bank’s clientele, which comprises major distributors and principal players in Nigeria’s corporate landscape.

“The participants in today’s event represent the core distributors and principals within the FMCG sector, serving as integral components of Nigeria’s distribution network for fast-moving commodities.
This occasion serves as both a platform to acknowledge and celebrate their contributions to the nation’s economy and an opportunity to provide valuable insights into managing the intricacies of the value chain business,” stated Martins.
She further emphasized the imperative of providing support to customers navigating the inherent risks associated with business operations, reaffirming the bank’s commitment to assisting its clientele in navigating these challenges effectively.

Martins underscored First Bank’s enduring presence in Nigeria, spanning over 130 years, and its pivotal role in both the nation’s economy and the lives of its citizens.

She elucidated that the distributor’s scheme is geared towards providing financing solutions to companies, thereby contributing to the growth of the economy.

“FirstBank is steadfast in its commitment to supporting every business endeavor. We stand ready to assist, but it is imperative that we collaborate and work together to foster economic growth and national development,” she affirmed.
Engagement with distributors
Earlier, Mobolade Ojeahere, Group Head of Transaction Banking at FirstBank, highlighted the necessity for the bank’s engagement with distributors in light of exchange rate fluctuations.

He explained that the interactive session aimed not only to gather feedback but also to identify solutions and capitalize on challenges as opportunities for growth.

During the session, bank officials presented various products offered by the institution, dispelled misconceptions surrounding bank loans, and elaborated on strategies for distributors to leverage available opportunities.

Discussions also delved into market trends within sectors heavily influenced by FMCGs and emphasized the importance of digital solutions and embracing cashless transactions, especially within the FMCG sector, which boasts a substantial market share in Africa valued at 41.78 billion dollars.

The panel addressed inquiries ranging from calculations for different bank facilities to interest rates on various products, addressing concerns about overdeductions and elucidating product dynamics while providing valuable advice to attendees.

Subsequently, awards were conferred upon the top-performing distributors from the Southwest region in recognition of their outstanding contributions.

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Stanbic IBTC Bank Nigeria PMI® – Input Costs Rise At Record Pace In February

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Stanbic IBTC Bank Nigeria PMI®: Input Costs Rise At Record Pace In February

Stanbic IBTC Bank Nigeria PMI®: Input Costs Rise At Record Pace In February

Price pressures intensified in the Nigerian private sector during February and were unprecedented in over a decade of data collection. Both input costs and output prices increased at the sharpest rates on record, with rising prices impacting demand.

As a result, rates of expansion in output and new orders slowed sharply over the month, while employment decreased for the first time in ten months. Meanwhile, business confidence dropped to the lowest on record. The headline figure derived from the survey is the Purchasing Managers’ IndexTM (PMI®). Readings above 50.0 signal an improvement in business conditions in the previous month, while readings below 50.0 show a deterioration.

The headline PMI dropped markedly in February to 51.0 from 54.5 in January, remaining above the 50.0 no-change mark for the third month running, but only just. The improvement in business conditions was the weakest since the recovery in the private sector began last December.

Input costs surged higher in February, often as a result of exchange rate weakness, which drove up material costs but also raised fuel prices. The latest rise in overall input costs was by far the sharpest since the survey began in January 2014, with around 78% of respondents signaling an increase over the month.

Similarly, output price inflation also hit a fresh record high in February as firms passed through rising input costs to their customers. Steep price pressures acted to limit new orders in the private sector. Although new business increased for the third successive month amid some positive signs of underlying demand, the rate of expansion slowed sharply and was the weakest in this sequence.

This was also the case with business activity, which increased only slightly. Rising activity in the agriculture and services sectors contrasted with falls in manufacturing, wholesale, and retail.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank, commented: “Stanbic IBTC Bank headline PMI slowed to its weakest level since Dec 23, moderating remarkably to 51.0 in Feb from 54.5 in January. Employment level dropped below the 50.0 no-change mark for the first time in 10 months, while output and the new order’s expansion both weakened significantly in the month.”

“These weaknesses were in line with the sharp local currency depreciation, increase in fuel prices, and rapidly rising food costs in February, thereby driving overall cost pressures in the month. These lingering pressures may push domestic demand low, limiting growth potential in Q1:24.”

Signs of weakness in the private sector led companies to lower their staffing levels for the first time in ten months, albeit marginally. Purchasing activity was also scaled back following a marked expansion in the previous survey period. Firms were able to keep on top of workloads, however, and reduced outstanding business for the first time in three months.

A desire to be able to respond to new orders in a timely manner meant that companies continued to increase their inventories. Meanwhile, suppliers’ delivery times shortened again.

Unprecedented inflationary pressures amid currency weakness and signs of demand softening meant that business confidence dropped to the lowest on record in February. Firms remained optimistic regarding the year-ahead outlook for activity, however, often reflecting business expansion plans and hopes for an improvement in economic conditions.

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Sterling One Foundation Set To Host Africa Social Impact Summit 2024

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Sterling One Foundation Set To Host Africa Social Impact Summit 2024

Sterling One Foundation Set To Host Africa Social Impact Summit 2024

Sterling One Foundation has announced plans to host the third edition of the Africa Social Impact Summit between July 25 and 26 this year.

This was disclosed at a dinner organised to appreciate the Foundation’s corporate and development partners who have contributed to the success of previous editions of the Summit and other social impact initiatives.

The Chief Executive Officer of Sterling One Foundation, Mrs. Olapeju Ibekwe, expressed profound gratitude to the partners, stating that their multi-faceted partnership and moral support have been instrumental to the success achieved over the years.

“Last year, we planned to convene about 1,000 physical delegates at the Eko Convention Center but eventually had over 1,500 participants join us for the two-day summit. Post-event, we have also realised that over 30 percent of the social impact players that joined us got financial and non-financial support just because they were part of the summit.

This is a testament to the immense value the convening offers the ecosystem and why I would like to sincerely appreciate all these esteemed organizations dedicated to fostering sustainable change in Nigeria and across the African continent.”

Among the recognised partners were co-conveners United Nations Nigeria, Coca-Cola Company, the UN Global Compact Network Nigeria, Sterling Bank, Afreximbank, the British Council, Microsoft, the United Nations Development Programme (UNDP), and the MTN Foundation.

She also appreciated deal rooms and technical partners such as the UNIDO Investment Technology and Promotion Of­ficer (ITPO), African Venture Philanthropy Alliance, Oando Foundation, Palladium SCALE Project, Nigeria Climate Inno­vation Center, Woodhall Capital Foundation, the Impact Inves­tors Foundation, Nigeria Eco­nomic Summit Group (NESG), Lagos Business School Sustain­ability Centre, the Private Sector Health Alliance of Nigeria, TRACE, Proshare, Ventures Africa, as well as other partners and exhibitors.

Mr. Abubakar Suleiman, a member of the Foundation’s board, also remarked that one of the reasons the Sterling One Foundation exists is to address issues rooted in poor collabo­ration in Nigeria, which has birthed increased costs for the various foundations attempting to resolve the country’s and continent’s problems.

“We wanted to ensure we didn’t repeat the same mistake, so our objective was to bring people together and help them see what they might not have seen before. To that extent, I think the summit has done very well,” he said.

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