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Life Beer Gives Additional N3m Grant to 12 Entrepreneurs

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Life Continental Beer, a brand under the stables of Nigeria Breweries, has given additional N3million cash grant to 12 young entrepreneurs within the South-East to boost their business ideas.

 

It would be recalled that Life Beer had earlier given out N3million to 12 young entrepreneurs in its on-going “Life Continental Beer Progress Booster Radio Project’’ about a month ago.

The Head of Brewery, Ama, Mr Abiodun Ajayi, told newsmen last week that the brand had earmarked N14.5 million grant to boost 50 young entrepreneurs, who reside and hail from Abia, Anambra, Ebonyi, Enugu and Imo.

The 12 second set of winners are: Mr Ekenne Okpadile (Anambra), proposal on domestic and commercial cleaning services; Mr Uzochukwu Okwor (Enugu), proposal on Photography; Mr Onyinye Onyedika-Orizu (Anambra), proposal on DJ Turn-Table and Miss Miracle Akagha (Abia), proposal on mobile small fries.

Others are: Miss Chinwe Ottor (Anambra), proposal on giant snail farming; Mr Maxwell Madubuike (Enugu), proposal on palm oil production; Mr Christian Udeh (Anambra), proposal for paint making and Mrs Chinwendu Nwoye (Anambra), proposal on fashion designing.

The rest include: Miss Ngozi Ogboh (Anambra), proposal on shoe making; Mr Prosper Nduba (Enugu), proposal on soya milk production; Mr Solomon Agabaenwere (Anambra), proposal on commercial tricycle operation and Mr Chukwuemeka Etummu (Anambra), proposal for garment making for wholesale.

Handling over the cheque of N250,000 to each of the 12 winners in Nigeria Breweries, Ama, Enugu; Ajayi urged the winners to ensure that their investment is yielding enough returns to make become employers of labour.

“With this, life has supported 24 talents since the commencement of the programme in May and 26 more to go.

“These young entrepreneurs whose business ideas have been adjudged worthy of Life Progress Booster prizes will each receive N250,000 grant to bring their business ideas to life.

“As you receive these cash grants today, we expect you to succeed in the business line you have chosen. Make judicious investment of the money given you and ensure that your investment is yielding returns and your business capable of making you an employer of labour as you trudge on in your business journey.

“If you succeed in taking your business idea to the next desirable level, you stand a chance of going further to win more money (additional N250,000 to be won each by eight winners). The panel of experts that assessed and judged your business proposals will be monitoring your progress and they will be there to mentor and provide valuable advice when necessary,’’ Ajayi said.

He however emphasized that budding entrepreneur, whose business proposals would be considered, must have a workable business idea, be from the South-East extract, reside in the zone and attained 18 years.

It would be recalled that Life Continental beer in June was awarded Gold in the prestigious Monde International Quality Award 2015; while “the award reinforces that Life beer is a high quality beer and has been recognized internationally with the award of a Gold medal for quality’’.

One of the winners, Mrs Chinwendu Nwoye (Anambra), whose business proposal is fashion designing, said that the grant would enable her buy cloth designing machines and have a good layout display stand in her shop in Awka, Anambra State.

“It would go a long way to assist me stock the latest fashion designing machines; which would make my production more appealing, automated and meet the needs of my individual and corporate customers especially UNIZIK students,’’ Nwoye said.

Another winner, Mr Maxwell Madubuike (Enugu), whose business proposal is on palm oil production, said that the grant would enable him stock more palm fonts and buy latest machines for the business in order to produce more and check wastage.

Captions:

Pictures of 12 additional winners getting N250,000 each in the on-going Life Continental Beer’s Progress Booster Radio Show. The presentation was done at Nigeria Breweries, Ama in Enugu State on Friday.

The programme is meant to empower 50 budding entrepreneurs within the South-East before the end of the year.

Winners – 7: Female winners among the 12 winners in a group photograph. (from left to right) Miss Chinwe Ottor; Miss Miracle Akagha; Mrs Chinwendu Nwoye and Miss Ngozi Ogboh.

Winners – 8: A set of six winners in a photograph. (from right to left) Mr Maxwell Madubuike; Mr Prosper Nduba; Miss Miracle Akagha; Miss Chinwe Ottor; Mr Chukwuemeka Etummu and Mr Ekenne Okpadile,

Winners – 9: A set of six winners in a photograph. (from right to left) Mr Uzochukwu Okwor; Mr Solomon Agabaenwere; Miss Ngozi Ogboh; Mrs Chinwendu Nwoye; Mr Christain Udeh and Mr Onyinye Onyedika.

Winners – 10: The winners, Nigeria Breweries top management staff and the panelists in the conference hall of Nigeria Breweries Ama in Enugu.

Winners – 11: A cross section of the winners at the conference hall while being oriented in Igbo language on the need to succeed in the programme by Nigeria Breweries Regional Business Manager, Enugu, Mr Obiora Okolo.

Winners – 12: The winners having a field time with Life Continental Lager Beer (Gold winner in the prestigious Monde International Quality Award 2015).

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Wema Bank Emerges Best Performing Bank in Half year 2022

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Nigeria’s most innovative bank, Wema Bank Plc, has emerged the best performing bank in the first half of year 2022 financial year with a weighted average score of of 2.83 points, beating 12 other bank’s.

 

According to a special report on the Nigerian banking performance in the first half of 2022 prepared by Nairametrics, Wema Bank ranked first in one category, second in three categories and third in one category. Stanbic IBTC and First Bank came second and third respectively..

 

The key metrics considered in the report are total asset growth, loan book growth, profit growth, cost-to-income ratio movement, and return on average equity.

 

The 13’reviewed banks which are listed on the Nigerian Exchange posted a net profit of N1 trillion in 2021 from N887.1 billion recorded in 2020.

 

The 13 reviewed banks are Wema Bank, First Bank of Nigeria, FCMB, GTB, Jaiz Bank, Access Bank, and Stanbic/IBTC. Others are UBA, Sterling Bank, Unity Bank, Union Bank, Zenith Bank, and Fidelity Bank.

 

During the first six months of 2022, the thirteen banks posted an aggregate of N501.1 billion as profit after tax, representing an increase of 13.1% compared to N443.17 billion recorded in the corresponding period of 2021

 

The banks grew their bottom line despite headwinds ravaging the global economy as the energy crisis triggered a significant surge in the operational costs of businesses operating in the country, while some banks were forced to ration their operating hours in a bid to manage the rise in the cost of operation.

 

Wema Bank came first in the category of

Leading bank’s by customer deposits growth . The bank recorded ±30.2 percent customer deposit growth during the review period, followed by Fidelity Bank and Access Bank with +13.1 percent and +12.8 percent respectively.

 

Wema Bank came second in three other categories – total assets growth rate (+13%), loan book growth rate (+19.9%) and profit after tax growth rate {+47.8%}.

 

Stanbic IBTC , the second place winner, ranked first in total asset growth rate and leading bank’s by cost to income ratio growth rate

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Again! FCMB Lands IN Serious Trouble Over False Claim…… As Court Orders Bank To Pay N540m Damages.

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First City Monument Bank (FCMB) is in hot soup as the Federal Capital Territory (FCT) High Court has ordered the bank to pay N540.5 million in damages to Pastor Emmanuel Omale of the Divine Hand of God Prophetic Ministry and his wife, Deborah over false claim that they laundered N573 million for former chairman of the EFCC, Ibrahim Magu.

Delivering judgement in the suit, Yusuf Halilu, the judge, held that the bank breached its “duty of care to the claimants,” the Omales and their church.

The judgment was on the suit marked: FCT/HC/CV2541/2020 filed by Mr. Omale, his wife and the church.

The judge held that the evidence before the court showed that the bank admitted error in its report to the NFIU of entries in the account of Divine Hand of God Prophetic Ministry which was accused of laundering money on Mr. Magu’s behalf.

Mr. Halilu also said the bank claimed that the purported N573 million was wrongly reflected as credit entry in Divine Hand of God Prophetic Ministry’s account by its reporting system, which it recently upgraded.

The judge held that FCMB admitted the error, which brought incalculable damage to the reputation of the claimants both within and outside the Nigeria – depleting their church’s membership.

Mr. Halilu said the claimants provided sufficient evidence to establish case of negligence against FCMB.

Consequently, the judge awarded N200 million as aggravated damages; N140.5 million as specific damages and N200 million as general damages.

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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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