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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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More Troubles For Dangote Cement As Kogi Govt Demands 10 Per Cent Share, Orders Immediate Seal Off

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However, Dangote Cement is facing allegations of sharp practice from Kogi State government, Kogi Assembly as well as Akwa Ibom State.Already, the Kogi State House of Assembly has ordered stoppage to the activities of the company in two Local Governments in the State while investigations continue.

To make the claim possible, Kogi State House of Assembly ordered the management of Dangote Cement company to provide all necessary documents that have to do with the transfer of Obajana Cement Company owned by Kogi state government to Dangote Cement Company.

The House also directed that the documents signed at the establishment of the Company and relevant receipts of dues it claimed to have paid to Kogi State Government available at the next adjourned sitting date.

The speaker of Kogi State House of Assembly, Matthew Kolawole, gave the order after interim reports of the ongoing investigative hearing on Internally Generated Revenue (IGR) which was submitted by the ad hoc committee led by Hon. Isah Tenimu Umar, Member Representing Lokoja I Constituency and deliberated upon at the plenary on Wednesday.

Kolawole said this has become important in view of the claims and counterclaims between the Chairman of Kogi State Internally Generated Revenue Service (KGIRS) and representatives of Dangote Cement as the acting chairman of KGIRS, Salisu Enehe had earlier accused Dangote Cement Plc Obajana of forging its tax receipt during the investigative hearing by the State House of Assembly.

According to the State Revenue Boss, most of the figures the company claimed to have paid are totally incorrect, urging the company to check its record.

He added that despite the billions of Naira that company is making from the state monthly, it has failed to pay taxes that are due to the state and Lokoja Local Government Area.

Nigerians Getting ₦1,593,247 Per Week From ₦99,000 Investment in Amazon
Nigerians Getting ₦1,593,247 Per Week From ₦99,000.

In another development, Following the unrestrained environmental degradation in Ankpa and Olamaboro local government areas, Kogi state House of Assembly on Wednesday, directed the Commissioner of Police and Commandant of the Nigeria Security and Civil Defence (NSCDC) to seal off operations of Dangote Plc in the affected areas of the State.

The House gave the order during a public hearing on activities of Dangote Group in the state, especially on the the massive exploitation , environmental degradation and non compensation to the affected owners of the land and without revenue accruing to the state government.

The Speaker, Kogi state House of Assembly, Mathew Kolawole, charged the NSCDC commandant to ensure immediate implementation pending when the ad hoc committee on revenue clarifies some grey areas. Kolawole, who lamented the environmental degradation caused by mining activities on Kogi by the Dangote group and its subsidiaries, accused the multi national business concern of making billions in the state but yet fails to give back to it.

Akwa Ibom is also finding it difficult to collect its entitlement from the Dangote Group. According to reports from the place, the Itu Local Government blocked Dangote premises with their trucks because the company has refused to pay tax for more than two years despite pleas and series of warnings.

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Union Bank, WACOT Rice Kick Off Financial Inclusion Drive for Smallholder Farmers in Kebbi

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As part of Union Bank’s commitment to driving financial inclusion in Nigeria, the Bank has partnered with WACOT Rice Limited – a rice processing company, to financially include 6,000 local farmers including youth and women in Kebbi State.
The Kebbi Financial Inclusion Drive (KFID) which will cover four Local Government Areas – Argungu, Augie, Suru, and Dandi – is a critical part of WACOT’s Argungu Outgrower Expansion Project funded by United States Agency for International Development (USAID) West Africa Trade Hub. This program is set to resolve the overwhelming financial inclusion deficit within rural communities in Kebbi.
The financial inclusion initiative is being implemented with technical support from National Identity Management Commission (NIMC), to help the farmers acquire the relevant documentation and identification required to open bank accounts.
Union Bank will facilitate account opening and expand its agency banking network to cover the areas while supporting its agents on ground with digital banking solutions to enable seamless transacting and account management.
Farouk Gumel, Chairman WACOT and Board Chair, Union Bank was on ground in Kebbi State to kick-off the drive and paid a visit to the Kebbi state Governor, Senator Abubakar Atiku Bagudu to discuss expanding the programme state-wide.
In his recent keynote address at the recently concluded and  Chartered Institute of Bankers of Nigeria (CIBN) Conference, Mr. Gumel said:
 “As we work towards achieving financial inclusion to reach the unbanked, we must commit the same resources and investments to rural-local customers as we have done to urban-global clients to help create the growth that will lift us all to collective prosperity.”
WACOT Rice is a subsidiary of TGI Group. TGI Group, through another of its subsidiary Titan Trust Bank, recently acquired Union Bank in a landmark transaction which was announced in 2021.

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FIRSTBANK PARTNERS VERVE INTERNATIONAL, MAKES CUSTOMERS MILLIONAIRES IN THE FIRSTBANK VERVE CARD PROMO

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In partnership with FirstBank – Nigeria’s premier and leading financial inclusion services provider – Verve International, Africa’s leading payment technology and card business, has launched its third National Consumer promo designed to reward users of FirstBank verve card with exciting gifts and cash prizes to appreciate their patronage and use of the card to carry-out their electronic banking transactions.

The ongoing 2-month promo will end on 30 October 2022 as 20 customers (10 customers per month) with the highest transaction count during the promo will be made millionaires, winning the sum of N1 million each. Also, N20,000 will be won by 25 customers monthly.

On the other hand, 2620 FirstBank verve cardholders that double their transactions every week, stand a chance to enjoy 10% cashback capped at N2,000 per customer.

Speaking on the promo Chuma Ezirim, Group Executive, e-Business & Retail Products, FirstBank said “we appreciate our partnership with Verve Card through the years; a partnership of empowerment and opportunities which include growing the economy, supporting new businesses and preventing unemployment. FirstBank verve card holders are encouraged to keep using their cards as it is a card offering that promotes safe, convenient and rewarding digital banking experience with 20 customers standing a chance to be millionaires at the end of the promo.”

Verve card is a secure debit card that allows cardholders to conveniently meet their daily financial needs such as payment for goods and services, airtime recharge, bill payments, funds transfer, etc. Verve card is accepted across all ATMs, POS, Web and Mobile Platforms in Nigeria.

The promo is also opened to new verve cardholders as non-verve cardholders are encouraged to visit the nearest FirstBank branch today to pick up a Verve card and start getting rewarded!

Only recently, FirstBank – in partnership with Verve – rewarded over 2601 FirstBank verve cardholders with various prizes; including N20,000 cash prize, N10,000 cash prize, N10,000 worth of airtime; power generating sets, refrigerator, cooking gas, smart TV and the grand prize of a brand-new car to a lucky winner.

 

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