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‘’2016 Will be Characterised by Continued Growth in Retail Contribution’’ – FCMB

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FCMB Group Plc has stated that its subsidiaries, namely First City Monument Bank (FCMB) Limited, FCMB Capital Markets Limited and CSL Stockbrokers Limited, are well positioned to grow strongly this year. The holding company added that the subsidiaries would also deepen the financial services support they provide to customers and the nation at large with their array of products and bespoke solutions to further enhance customer experience in their respective target markets.

In a statement, the Managing Director of FCMB Group Plc, Mr. Peter Obaseki, said, ‘’2016 will be characterised by continued growth in retail contribution, stabilisation of wholesale banking revenues and increased focus on cost efficiencies’’.

He added that the retail banking business of the Group, which is driven by First City Monument Bank (FCMB) Limited, has continued to, ‘’show greater resilience and earnings momentum over the years’’.

Mr. Obaseki disclosed that FCMB Group Plc would in the fourth week of January this year announce the completion of the banking subsidiary’s interim audit, which should pave way for the release of the 3Q15 earnings results of FCMB Group Plc. According to him, “3Q15 earnings as at September 2015, will be materially below earnings for the same period in 2014, due to two factors: a spike in impairments particularly in the energy sector and the significant reduction in trade finance-related revenues due to foreign exchange illiquidity. This trend continued in 4Q15 and largely emanated from wholesale banking activities’’. He further stated that, ‘’we will increase focus on cost efficiencies (opex, funding and risk) in order to restore earnings levels”.

FCMB Group, as a holding company, is one of the dominant players in the Nigerian financial landscape with subsidiaries that are market leaders in their niche segments.

First City Monument Bank (FCMB) Limited, which is the flagship of the Group, has evolved to emerge as the largest retail lender in the country, granting over 278,000 loans a year, while also providing the necessary financial support to other activities. The Bank’s retail banking business is well diversified across lending, savings deposits, bancassurance, electronic banking, payments and other valued-added offerings with over 3 million customers, 225 branches and other channel outlets spread nationwide. In spite of the challenges facing the Nigerian business environment, the Bank has continued to show resilience and growth in its operations, particularly in the areas of low cost deposits, personal banking, Small and Medium Scale Enterprises (SMEs) as well as corporate and commercial banking. Last year, the Bank emerged as the “Most Customer Friendly Bank” in the country, at the prestigious BusinessDay Bankers Awards, among several awards and accolades received over the years.

Commenting on the growth recorded by the Bank over the years and its aspirations, the Group Managing Director/Chief Executive Officer of the Bank, Mr. Ladi Balogun, said, ‘’we will continue to do the things we are doing well; driving low cost deposit growth, in order to bring down the cost of funds, through increased acquisition and collections. We will also continue to raise our performance in customer service by building a vibrant, credible and relevant banking brand that everyone wants to bank with. Overall, we are confident this progress and momentum will be sustained, as we continue to grow our market share through service excellence while improving our efficiency ratios’’.

One of the Group’s subsidiaries, FCMB Capital Markets Limited is rated as one of the top-leading investment and advisory firms across diverse sectors of the Nigerian economy, including oil & gas, power, commercial real estate, financial services, consumer goods and telecommunications. Its services include, but are not limited to financial advisory, debt and equity capital raising (including initial public offerings), mergers and acquisitions, project and structured finance. The company has been involved in landmark transactions in Nigeria over the past three decades; combining innovative advice and proven execution skills, to domestic and multinational clients. For instance FCMB Capital Markets was the sole arranger for the Naira equivalent of US$150 million finance facility for the ongoing 1,120 megawatts Azura-Edo Independent Power Plant in Edo state which is expected to begin producing electricity in early 2017. FCMB Capital Markets has won several laurels, which includes the ”Best Local Investment Bank in Nigeria” at the 2014 African Banking Awards, organised by EMEA Finance.

CSL Stockbrokers (CSLS) Limited, the third subsidiary in the FCMB Group, has over 30 years operating history on the Nigeria Stock Exchange (NSE) and is among the top three stockbroking firms. It provides institutional and corporate brokerage services to investors and select issuers. At the heart of CSLS is a robust research platform which supports local and international investors who desire in-depth coverage of the Nigerian capital markets and the economy as a whole. The firm’s brokerage platform is accessible through its offices in Lagos, London, and New York.

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My son’s death a test from God – Heartbroken Gov. Sule

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Heartbroken Governor Abdullahi Sule of Nasarawa State on Friday said the death of his son, Hassan, is a test from God.

Hassan, 36, died on Thursday after a brief illness.

He spoke while receiving condolences at the palace of his father, the Sarkin Gudi, Alhaji Sule Bawa, in Akwanga LGA.

Sule said he was the one consoling somebody who lost his nine children and 70 cows the previous day and that today God decided to test him, to see whether he was sincere in consoling that bereaved father.

“This is my time to be tested. I see this as a test from God. I was the person consoling somebody that lost his 9 children and 70 cows yesterday, and today God decided to test me, to see whether I was sincere in consoling that bereaved father,” he said in a report by The Punch.

According to him, his son grew up carrying all his siblings along, saying that it was only God that has the power to take him away.

Sule added that his son was the one taking decisions on their businesses, saying that he was always on hand to advice him on what next to do, as his schedule would not allow him to run any business.

The governor insisted that God took him away to test hi resilience and faith.

“God didn’t seek my advice when he gave Hassan to me and he will not seek my advice when he takes him away,” he said.

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Senate summons Kyari, CEO NNPCL over N48 billion pipeline surveillance contract awarded to Tompolo

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The Senate Committee on Ethics, Privileges and Public Petitions has summoned the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, over a N48 billion pipeline surveillance contract awarded to stakeholders in the Niger Delta region.
The pipeline surveillance contract was awarded by the Federal Government to Global West Vessel Specialist Limited, a private maritime security firm founded by Government Ekpemupolo, an erstwhile Commander of the Movement for the Emancipation of the Niger Delta (MEND) also known as Tompolo.

The Tompolo-owned firm was expected to protect all the oil pipelines criss-crossing nearly all the states in the Niger Delta in collaboration with other major stakeholders in the oil bearing communities in the region.
Specifically, Tompolo is expected to carry out the N4 billion per month contract that covers Delta, Ondo, Imo, Rivers and some parts of Bayelsa State in collaboration with major tribes along the communities that host the oil pipelines.

However the Isoko Ethnic Nationality has petitioned the Senate alleging that their young men were not being carried along in the multi-billion naira project.

The Isoko people under the auspices of Interested Isoko Youth Groups, through a petition sent to the Senate on their behalf by Stanley Okonmah, said they were completely marginalised in the contract award.
The lsoko Ethnic Nationality requested the Senate to probe the award of the contract and prevail on the NNPCL’s management to award a fresh contract to a company owned by an Isoko person.

Specifically, the people urged the Senate to look into the matter and urged the Minister of Petroleum Resources and the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL) to correct the anomaly.

They want the NNPCL to award the pipeline surveillance contract to a company to be chosen by stakeholders of Isoko nation.

The Chairman, Senate Committee on Ethics, Privileges and Public Petitions, Senator Ayo Akinyelure (PDP – Ondo Central), at a session in Abuja, said the GCEO of the NNPCL was being summoned to the Senate for him to come and assure the Isoko people that the agency would do the needful to avoid economic sabotage by the aggrieved youths of the area.
He said, “The GCEO of the NNPCL is hereby summoned by the Senate Committee on Ethics Privileges and Public Petitions (to appear before this committee) on January 25.

“We want him to come and assure Nigerians that he would do the needful to calm down the youths so that they will not engage in pipeline vandalism.”

Earlier, the leadership of the Isoko youths told the panel that since oil was discovered in their land and pipelines installed there in 1958, till date, no case of vandalism had been recorded in the area.

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Confusion at Lagos Airport as Workers Embark On Strike…… Passengers Stranded!(Photos)

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Several passengers were stranded this morning at the Murtala Mohammed International airport as airport workers began strike starting from midnight.

passengers were spotted all around with airlines having little information on the way forward.

for instance, virgin Atlantic passengers that were due for London trip this morning were helpless as many had to reschedule their flights and many left loitering around

more details………

 

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