Access bank lists as 11th bank on the Ghana Stock Exchange(GSE)

Access bank lists as 11th bank on the Ghana Stock Exchange(GSE). Access Bank Ghana has officially listed on the Ghana Stock Exchange (GSE). The bank becomes the first Nigerian bank and the eleventh bank in Ghana, to list on the local bourse.

Access bank completed its Initial Public Offer (IPO) raising 29.62 million cedis, just above the 21 million cedis regulatory requirement to list on the stock market.

Speaking at the official ceremony to list the company on the stock market, the Managing Director of Access Bank, Dolapo Ogundimu said,

“We need to include Ghanaians as our shareholders because we operate in Ghana so we need to expand our operations to include other Ghanaians.”

Meanwhile the bank has received firm commitments from other investors to cover shares that were not issued under the terms of offer.

It is however expecting over 96 million cedis from such investors.

Commenting on when such investments are likely to be made available to Access bank, Mr. Ogundimu intimated to Citi Business News he is hopeful all investors will fulfill their commitments by February 2017.

“SSNIT has put out a statement that it has put in about 50 million cedis and there are other high net worth individuals who will be contributing to the 96 million cedis, maybe latest by February all the monies should be in,” he remarked.

Meanwhile the ownership of the company following the IPO will now see about 75 percent going to the parent company of Access Bank Ghana that is Access bank PLC, 10 percent now owned by a Ghanaian pension fund while the remaining 15 percent belongs to a number of institutions and individuals.

First Bank Nigeria bemoans unemployment rise

ADVERSE conditions small and medium enterprises (SMEs) operate under have been blamed for rising unemployment in Nigeria.
First Bank Nigeria (FBN) Capital made the observation after the latest unemployment and underemployment watch from the National Bureau of
Statistics (NBS) revealed the unemployment rate accelerated to 13,9 percent from 13,3 percent over the last three months.
The unemployment rate increased to 15 percent in quarter three from 14,5 percent recorded in the second quarter.
Additionally, the underemployment rate for the same category rose to 20,8 percent in the third quarter from 20,5 percent over the same period.
FBN Capital attributed this to Nigeria’s business climate being generally unfavorable, particularly for start-up firms including SMEs.
“Several bottlenecks obstruct business growth and expansion, which discourages graduates from venturing down the entrepreneurship route.”
The financial house however noted to assist reduce the unemployment rate, policymakers had flagged entrepreneurship as a solution.
“There are many gaps to be filled within Nigeria’s economy, opportunities for skilled graduates to develop their own small businesses,” FBN Capital
Government has set out to create three direct job creation and training schemes under its programme of social welfare intervention.
The N-Power Teacher Corps initiative aims to engage 500 000 unemployed graduates for two years.
The targeted number amounts to 5 percent of the working population.
However, there are concerns surrounding the next phase for the successful applicants once the stipulated time frame of two years elapses.

FirstStars Reality TV Show: EbonyLife TV And First Bank’s Partnership Produces Winner

FirstStars Reality TV Show: EbonyLife TV And First Bank’s Partnership Produces Winner

First Bank of Nigeria in partnership with EbonyLife TV recently announced the first-ever winners of FirstStars.

The announcement took place on Wednesday, 14th December, 2016 at FilmHouse IMAX Cinema, Lekki.

First Stars, a competitive reality show that gave Nigerian youths the opportunity to project their creative skills in five key categories: directing, producing, art directing, script writing and acting had 25 filmmakers go through a filmmaking ‘bootcamp’ comprising of several tasks including creating an original ad for First Bank and making a short film.

The two finalists then originated and produced ‘made for tv’ films of average 60 minutes each with minimal technical supervision. Team ‘SISTERLY’ with Director Essang Solomon emerged Winner while Team ‘IT TAKES 5’, directed by Preere Opuofoni, came second.

The winning team was rewarded with a N5,000,000 cash prize while the Runner-up got N1,000,000 and other consolation prizes.

The highly applauded movies got voted for by the entertained judges comprising of the Deputy Managing Director of First Bank Nigeria, Gbenga Shobo; Executive Chairman and CEO of EbonyLife TV, Mo Abudu; Head, Marketing & Corporate Communication, First Bank, Folake Ani-Mumuney; Commercial Director, EbonyLife TV, Uzor Onwuchekwa; Head, Brand Management, First Bank, Bukie Oluyadi; Producers, Tolu Ajayi and Tosin Otudeko, among others.

The contestants, during the filmmaking bootcamp, were guided and mentored by a panel of judges comprising of prestigious Director Walt Banger, Producers – Tolu Ajayi and Tosin Otudeko, Art director – Theo Lawson and Nigerian Actors – Iretiola Doyle and Deyemi Okanlawon, through a series of exciting creative challenges as well as a string of tense and teary eliminations.

There were also celebrity appearances by EbonyLife TV CEO, Mo Abudu and Omotola Jalade-Ekeinde.

The Films will air on ELTV in January 2018.

Over 100 elite runners scramble for Access Bank Lagos City Marathon slots

Over 100 elite runners scramble for Access Bank Lagos City Marathon slots

Although the race is still about two months to go, the second edition of the Access Bank Lagos City Marathon has generate so much interest among elite marathoners worldwide that all of them want to be part of it.

Already, about 125 elite athletes have applied to participate in the race slated for February 11, 2017, but, according to General Manager, Marathon, Yussuf Alli, only 60 foreign elites athletes and 100 Nigeria elites will be invited for this edition.

“ We are expecting 50,000 participants this year, so we welcome runners from all parts of the world, but we shall cover travel expenses and accommodation of only 160 elite athletes, 60 elite athletes from different parts of the world and 100 Nigerian elite athletes based at home and abroad,’’ he said.

Alli reconfirmed that Kenya’s Daniel Kinyua, who is currently ranked among the top 10 in the world, will be in Lagos.With personal best of 2:05:21, he won the 2016 Amsterdam Marathon.
Also confirmed for the race is Kenya’s Sammy Kitwaic, a bronze medalist at the World Half Marathon, who ran 2:04:28 at 2014 Chicago Marathon and 2:05:45 Amsterdam Marathon in 2016.

Marius kimutai also from Kenya with a 2:05:47 at the 2016 Amsterdam marathon 2016 and Ethiopia’s Siraj Gena Ethiopia, who won the 2016 Buenos Aires Marathon in October 2016, 2010 Rome Marathon and 2013 Istanbul Marathon are also coming to Lagos.

The female field is equally strong, according to Alli, who confirmed that Ethiopia’s Mamitu Dasic, Alice Timbili, Haliem Hussan Beriso and Emily Chekemoi Samoe of Kenya, the winner of 2013 Barcelona International Marathon and 2015 First Xiamen International Marathon, Taiwan, would be in for the race.

He said that elite athletes from 13 countries have confirmed to participate in the 2017 race, adding, “our projection is 50,000 runners but the response has been tremendous… we have distributed over 40,000 physical forms, but the response online has been great. At the end of the day, the number of runners that may turn out on February 11 may surpass our projection,’’ said Alli.

The making of a global banking brand – ACCESS BANK PLC

The making of a global banking brand – ACCESS BANK PLC

Taking a business from the level of a company to a recognisable brand is always the desire of most business owners. However, experiences over the years have shown that starting a business is easier than building a brand. That is why it is easy to list many companies while statistics of successful brands are minimal. This notwithstanding, a recognisable and loved brand is one of the most valuable assets a company owns.

According to Nielson’s Global New Product Innovation Survey, 59 percent of consumers prefer to buy new products from brands familiar to them. As a small business, the survey established that one may be competing against big brands with devoted customers. That’s why brand owners always find ways to differentiate–with a solid brand building process of their own.

Like few Nigerian brands that have become household names in the market, Access Bank entered the market humbly about 26 years ago but with the ambition of becoming a solid brand that would command respect in many sectors. From day one, its handlers were able to know early enough that branding was much more than just a cool logo or well-placed advertisement.

Promoters of the Access Brand followed a simple rule of branding; they started small with their branding and didn’t forget to focus on their target niche and audience first. They also craft a clear expression of what their company was most passionate about. Within a short time, the bank turned to a major player in the banking sector focusing on four business segments: Personal, Business, Commercial and Corporate & Investment banking.
Few weeks ago, the innovation and creative ingenuity of its handlers paid off as it was named ‘Bank of the Year’ at the 17th annual Bank of the Year awards black-tie dinner in London. To analysts, the feat was not by accident, considering various positioning tools deplored by the bank’s promoters in the last 10 years.

The award, which validates other nine international honors earned by the Bank over the past ten months for operational excellence, responsible business practices and innovation, is unarguably one of the most coveted awards in the banking sector globally.

Presenting the award, Michael Buerk, BBC News journalist, commented: “In spite of the challenging operating environment and rapid changes in the industry, Access Bank has remained a formidable institution. Specifically, the Bank has been a purveyor of innovation in the Nigerian banking space and consistently outperformed industry forecast. It is firmly believed that its operational model, risk management and governance framework, which enable sustained superlative financial performance need commendation”.

Although this view is consistent with analysts’ opinion on the Bank in the past one year, but its Group Managing Director, Herbert Wigwe who received the award for the Bank said, “While innovation, excellent risk and corporate governance framework might be the advantage we have over our competitors, the Bank is propelled by a vision of becoming the world’s most respected African Bank, and this requires us to do things differently to standout. He thanked the bank’s stakeholders for their support and assured them of improved performance in the years ahead”.

Access Bank rolls out new mobile application

Access Bank rolls out new mobile application

Access Bank Ghana has upgraded its existing mobile banking application, designed to make banking more flexible for customers. This falls in line with the Bank’s commitment to improve its services through cutting edge technology and alternative digital channels. Known as AccessMobile Premium, the robust application allows users to perform key banking transactions such as intra and inter-bank funds transfer, bills payment, airtime top-up, cheque and ATM card requests and initiating an account opening process.
The group head for personal banking at Access Bank Ghana, Stephen Abban, said it was becoming increasingly impossible to serve customers through brick and mortar branches. Besides providing ease, security and immediate access to customers’ money whereever they are, the app also has a branch and ATM locator.

In addition, it enables users to make deposits into their bank account straight from their mobile money wallets. Customers can download the app by searching for Access Bank Plc on the app store of any smartphone device using IOS (Apple), Android or BlackBerry World operating system.

Good Morning Nigeria – Some fine details in the budget speech

pic-4-president-buhari-presents-2016-appropration-bill-in-abujaGood Morning Nigeria – Some fine details in the budget speech

The president’s 2017 budget speech to both houses of the National Assembly is an ambitious statement of intent. We learn that in the first nine months of this year aggregate FGN revenue and expenditure amounted to N2.17trn and N3.58trn respectively, and that the proposed budget projects corresponding totals of N4.94trn and N7.30trn. The speech shares the “paradox that to diversify from oil we need oil revenues”. This budget, unlike this year’s, targets higher revenues from oil than from non-oil sources.

This, we feel, is an official acknowledgement that the commendable aim of transforming the culture and mechanisms of paying tax in Nigeria can only be delivered in stages.

The FGN had earlier trimmed its expectations of independent revenue collection from N1.5trn in the 2016 budget, of which just N272bn had been raised by the end of October, to N811bn next year. These are the operating surpluses of government agencies. (They are required by law to surrender 80% of such surpluses to the consolidated revenue fund.)

The capital budget has been set at 30.7% of the total. How the FGN must look a little enviously at the mix in most state budgets, although not at their dependence on the monthly FAAC payout. Kaduna, for example, has set a capital to recurrent ratio of 69 to 31 in its 2017 budget..

The federal budget does not provide for cash call payments to the NNPC’s oil joint-venture partners. These were earlier shown at more than N1trn per year through to 2018. The cost recovery mechanism is to replace cash calls.

The president’s speech noted additional overdue debts of N2trn to contractors and other private-sector parties (including oil marketers and exporters). This picked up on the plans of the federal finance minister, Kemi Adeosun, to issue 10-year promissory notes in settlement. These obligations represent 2.3% of 2015 GDP.

The speech goes some way towards dispelling the notion that the FGN has been inert or inactive the past year. It notes, inter alia, the agreement with Morocco on reviving abandoned fertiliser plants; provisions in the new budget to clear overdue electricity bills; the completion of the Kaduna-Abuja railway; and annual cost savings of N180bn from the elimination of payments to ghost workers, reduced government travel budgets and the conversion of confiscated properties for government office space.

We have already commented upon the assumptions underpinning the proposed budget (Good Morning Nigeria, 15 December 2016).

Pay us now or we’ll take bribes like policemen –FRSC officials threaten

Pay us now or we’ll take bribes like policemen –FRSC officials threaten

Some officials of the Federal Road Safety Corps have threatened to obtain bribes the same way policemen extort money from motorists if they are not paid their November salaries and allowances before Christmas.

The officials, who spoke to our correspondent on the condition of anonymity, said the Federal Government had refused to offer any explanation for the non-payment.

They said this was unfortunate, because they had been asked to work during the holidays as part of the ‘ember months’ campaign.

An official, who identified himself only as Patrick, said the government had no excuse for withholding salaries since the FRSC is a revenue-generating agency.

He said, “The government is being very unfair to us. Christmas is next Sunday and many of us who are male officials have been asked to remain on the roads to ensure that the roads are safe.

“How can the agency ask me to spend Christmas on the road and at the same time deprive me of my salary?

“They should not turn corps officials into policemen because that is what will happen if we are not paid.”

A female FRSC official, who is a single mother, said the non-payment of salaries had affected her, as she had not been able to do any shopping for her children.

She said, “Everyone knows that the prices of goods increase during Christmas and that is why most people try to do their shopping early December. It is bad enough that we are witnessing a recession but the government should not worsen our condition by withholding our pay.

“What will I feed my children this Christmas? Where will I get the money to take them out to have fun? They cannot tell us not to extort money from motorists and at the same time deprive us of our salaries. It is unfair.”

Another official, who identified himself only as Abiodun, told our correspondent that in the last five months, corps officials had been receiving salaries on the seventh day of the following month.

He added that the agency and the government had failed to explain to officials why things had gone bad.

Abiodun said, “There have always been bad eggs in the agency, but the fact that most officials are well paid sort of reduced the number of bad eggs.

“However, now that salaries are not being paid, the government seems to be giving officials the ‘green light’ to indulge in corrupt practices. You cannot flog me and ask me not to cry.”

When contacted on the telephone, the FRSC’s Head of Media Relations and Strategy, Mr. Bisi Kazeem, told our correspondent that the salary issue was not the fault of the agency but the Integrated Payroll and Personnel Information System, the platform through which Federal Government officials are paid.

Kazeem, however, said officials would not resort to bribes as they are paid separately for patrols.

He said, “The salary issue is from IPPIS and not from us; so, I suggest you get in touch with the Office of the Accountant-General of the Federation.

“The salary issue is being sorted out and anyone who takes bribes knows the implications. Anyone who is caught collecting bribes will be dismissed.”

Nigeria News headlines 20 December 2016

Nigeria seeks advisers for debut Islamic bond: Nigeria is looking for financial and legal advisers and trustee firms to organise its first Islamic bond in the domestic market, the country’s Debt Management Office (DMO) said on Monday. The OPEC member, which is Africa’s largest economy, is working on a debut sovereign sukuk but has yet to determine the size of a potential deal. (Source: Reuters)

Nigeria’s Buhari says recession will ebb in 2017 – statement: Nigeria’s recession will ease in 2017, President Muhammadu Buhari said on Monday. “We are optimistic that the external factors that partly contributed to push our economy into recession will ebb in 2017,” Buhari said in a statement. (Source: Reuters)

Nigeria to provide dollars to airlines, fuel marketers in special fx auction – traders: Nigeria’s central bank on Monday asked banks to submit bids for a “special currency auction” to clear the backlog of matured outstanding dollar obligations for selected sectors of the economy, traders said on Monday. The central bank instructed commercial lenders to submit backlog dollar demand from fuel importers, airlines, raw materials and machinery for manufacturing firms and agricultural chemicals by 1500 GMT for a special forex intervention. (Source: Reuters)

West Africa bloc urges Nigeria, others to reform economies: A West African bloc called on Nigeria and other countries to undergo necessary structural reforms to improve their economies, as a collapse in oil and commodity prices continues to cripple economic growth. Nigeria and other member countries should take appropriate economic and financial stimulus measures in order to be less vulnerable to commodity price fluctuations and improve their economies’ resilience to exogenous shocks, said the Economic Community of West African States. (Source: Reuters)

FG to earn US$2bn from new cash call policy: The federal government (FG) is expected to earn about US$2bn from a new cash call policy that comes into effect in January 2017 while its oil production is set to increase to 2.5 million barrels per day in 2019. This is a fallout of the restructuring embarked upon by the Minister of State for Petroleum Resources, Ibe Kachikwu, which culminated in an agreement signed yesterday in Abuja on a new cash call exit policy with the international oil companies (IOCs). (Source: Vanguard)

NNPC tackles aviation fuel scarcity, imports 38.7m litres: The Nigerian National Petroleum Corporation (NNPC) yesterday said it has imported about 38.7 million litres of the aviation fuel in a bid to eliminate the prevailing scarcity of the product and the severe impact on airlines and travellers in the country. Group Managing Director of the NNPC, Maikanti Baru, disclosed this saying the 38.7 million litres imported is expected to last for 26 days. (Source: Vanguard)
Ikeja Electric clamours for re-instating CAPMI scheme: Due to difficulties faced in the acquisition of pre-paid meters, Ikeja Electric wants the credited advance payment for metering implementation (CAPMI) scheme to be brought back to discourage estimated bills. Speaking when the House of Representatives Committee on Power visited the company’s Head Office at Ikeja, the Chief Executive Officer, Ikeja Electric, Anthony Youdeowei, implored the Minister of Power, Works and Housing, Babatunde Fashola to revisit the cancelled scheme, so as to enable the DISCOs fulfil their obligations of metering Nigerians. (Source: Vanguard)

2017 Budget: FG budgets N185bn for new initiatives, targets N565bn from recovered loot, MTN fine: The minister of budget and national planning, Udoma Udo Udoma, said in Abuja the federal government (FG) had earmarked N185bn (US$585.4m) in the 2017 budget for new initiatives. Udoma announced this at Public Presentation of the 2017 Budget Proposals in Abuja. Udoma added that the FG hopes to raise a total of N565bn (US$1.8bn) from recovered loot and fines to be paid by MTN Nigeria to fund the 2017 budget. (Source: Punch)

FG secures US$150m from World Bank for mining sector: The federal government (FG) has secured US$150m from the World Bank for the solid minerals sector support and economic diversification. The minister of mines and steel development, Kayode Fayemi, disclosed this while briefing the press in Abuja on Monday on the activities of the ministry in 2016. He also said that the ministry was seeking to raise a US$600m investment fund for the sector in alliance with the Nigerian Stock Exchange and the Nigerian Sovereign Investment Authority. According to the minister, the World Bank fund will be used to provide technical assistance for the restructuring of the Mining Investment Fund. (Source: Punch)

Despite recession, Lagos generated more revenue in 2016, says Ambode: Lagos State Governor, Akinwunmi Ambode, last Sunday hailed tax payers in the state for performing their civic obligations faithfully, saying the state recorded more Internally Generated Revenue (IGR) in 2016 than what was recorded in 2015 despite economic recession in the country. As at December 16, 2016, the state had raked in N287bn IGR for the year under review as against N268.2bn generated in 2015. (Source: Thisday)

Good Morning Nigeria 20 December 2016 – Another pick-up in unemployment

Good Morning Nigeria 20 December 2016 – Another pick-up in unemployment

The latest unemployment/underemployment watch from the National Bureau of Statistics (NBS) reveals that the labour force (population of working age between the ages of 15 and 64) increased to 108 million in Q3 2016 from 106.7 million recorded in Q2. At the same time, the unemployment rate accelerated to 13.9% from 13.3%. The recent International Labour Organisation (ILO) forecast of a global unemployment rate of 5.9% for both 2016 and 2017 implies that Nigeria’s unemployment rate of 13.9% is already significantly higher than average.

Within the labour force, 27.1 million people were either unemployed or underemployed, compared with 26.1 million in Q2 2016.

As for the 25‐34 age group (which falls under the youth population per the NBS definition), the unemployment rate increased to 15.0% in Q3 from 14.5% recorded in Q2. Additionally, the underemployment rate for the same category rose to 20.8% in Q3 from 20.5% over the same period.

Given that rural jobs are predominantly in agriculture, and are often seasonal, attention tends to focus on unemployment in urban areas, particularly white-collar positions in the formal economy.

To assist in reducing the unemployment rate, policymakers have flagged entrepreneurship as a solution. There are many gaps to be filled within Nigeria’s economy, opportunities for skilled graduates to develop their own small businesses.

However, Nigeria’s business climate is generally unfavorable, particularly for start-up firms including SMEs. Several bottlenecks obstruct business growth and expansion, which discourages graduates from venturing down the entrepreneurship route.

The FGN has set out to create three direct job creation and training schemes under its programme of social welfare intervention. The N-Power Teacher Corps initiative aims to engage 500,000 unemployed graduates for two years.

The targeted number amounts to 5% of the working population. There are concerns surrounding the next phase for the successful applicants once the stipulated time frame of two years elapses, given the high possibility that some of these candidates would then rejoin the ranks of the unemployed or underemployed.

Globally, the highest unemployment rates in data shown in this NBS report include Djibouti (54.0%) and Kenya (40.0%) while the lowest include Qatar (0.2%), Cambodia (0.5%) and Thailand (1.2%).

Stanbic IBTC unveils 24-hour digital branch

Stanbic IBTC unveils 24-hour digital branch

Stanbic IBTC Bank has commissioned her first self-service digital branch, delivering the transformational power of digital technology to drive optimal financial services in Nigeria.

The flagship digital branch inauguration took place in Lagos on aDecember 14, with technology business pioneer, Leo Stan-Eke, founder of Zinox Technologies Limited, declaring the facility ready for business. Located at Maryland Mall, right in the heart of Lagos, the branch’s processes and systems are completely digitalised and equipped with tablets, touch screens, electronic banking devices and new digital technologies set up in designated self-service and private areas to enable customers conduct financial transactions seamlessly while enjoying a delightful banking experience.

Among other facilities available at the branch are automated teller machines, bulk note acceptor, personal teller machine, smart table, self-service kiosk, self-service smart tablets, Internet banking kiosk, and instant debit card issuance machine.

Chief Executive, Stanbic IBTC Bank, Yinka Sanni, said the digitisation of banking services is the path to the future as consumers increasingly embrace the online world to meet their needs. The benefits of digitalisation and innovation are huge for the individual, business or economy, Sanni stated, adding that as technology evolves, Stanbic IBTC Bank will keep pace with it to deliver impeccable value to its customers.

Fidelity Bank wins Ghana Bank of the Year 2016

Fidelity Bank wins Ghana Bank of the Year 2016

Fidelity Bank has emerged Ghana bank of the year 2016 at the Banker’s seventeenth (17th) annual Bank of the Year awards held in London. Commenting on Fidelity Bank’s accomplishment, the judges gave the following citation: “In a highly competitive banking sector Fidelity Bank has emerged as the standout entrant for the Ghana country award. Sound portfolio management, a commitment to innovation and an excellent financial performance all contributed to the judging panel’s decision.

In local currency terms, Fidelity Bank’s Tier 1 capital increased by 31 percent in 2015 while its total assets and net profits grew by 36 percent and 83 percent, respectively. Similarly, return on equity hit 33 percent in 2015, up from 31 percent in the previous year, while its cost-to-income ratio fell to 53 percent, from 56 percent in 2014. To better tackle non-performing loans (NPLs), Fidelity Bank established a dedicated recoveries unit, while its strategy of booking only the highest quality assets has led to the lender’s loan book dramatically outperforming the sector average. In 2015, the industry NPL ratio was 15 percent against Fidelity Bank’s 2.27 percent.

In 2015, Fidelity Bank completed the acquisition of ProCredit Savings and Loans. The deal has bolstered Fidelity Bank’s position in the small and medium-sized enterprise (SME) market, in which ProCredit was a focus, while growing the bank’s footprint by a further 75 branches, 109 ATMs and a further 693,000 customers.

Fidelity Bank also launched a partnership with IBM to manage the bank’s technology infrastructure, which improved standards of service delivery and consolidated its position in the market. The bank’s SME Business Academy also impressed the judges. Acting in a capacity-building function, the academy helps SMEs to develop a sound governance culture, unlock growth opportunities and make these entities more bankable over the long term. Experts specialised in different industries train the businesses listed in the academy.”

Oyo rewards Heritage Bank for commitment to women empowerment

Oyo rewards Heritage Bank for commitment to women empowerment

The Oyo State Government has recognised and rewarded Heritage Bank Plc for its commitment to women empowerment.

The bank was bestowed with the special appreciation award at a summit organised by the Oyo State Officials’ Wives Association, under the leadership of the Governor’s wife, which is the 5th edition.

The three-day summit, entitled: “The Ultimate Woman at a Time Like This,” was held at the Emeritus Theophilus Ogunlesi Multipurpose Hall, Opposite UCH Gate, Ibadan.
The MD/CEO of Heritage Bank, Dr. Ifie Sekibo, in appreciation of the award, stated that the bank’s supports for women entrepreneurs reinforces its belief in small businesses and their importance to economic growth of the country.

He said: “Heritage Bank recognizes the importance of women in the society, especially in the economy, and this informs its commitment to women empowerment. Our mission is to help women succeed in business and in life.

“We believe that with the right motivation and resources, more women in Africa and in Nigeria can achieve the enviable success that many women across the world have achieved. At Heritage Bank, we have committed ourselves to providing these capacity and resources to empower and motivate women across the country.”

Women empowerment, according to Sekibo, was informed by the need to advance the Nigerian woman’s confidence and also teach her to find a balance between living the life she wants and securing her financial future.

The hostess and leader of OYSOWA, Florence Ajimobi, described the summit as a landmark for two reasons.
Ajimobi said: “The first is that this is the fifth edition of the summit and it is so amazing that this small idea that was conceived a few years ago has become a reference point.

“The second is that just this year, the Violence Against Women Law 2016, was passed by the Oyo State House of Assembly to the glory of God. I recall that during the first summit in 2012, I mentioned that steps were being taken to pass this bill into law and there was even a session on passing a bill on violence against women during that summit. This summit gives us an opportunity to celebrate this achievement for Oyo State that now, we have a law that protects us (women) specifically.”
Ajimobi noted that over the last five years, several programmes have been organised with a view to producing ultimate women in the society.
She also advocated upward review for the roles of women in nation building.

Nkechinyere Okorocha, the wife of Imo State Governor, who advocated greater recognition for women, noted that the change that Nigerians desired and believed has finally come to the country.

The Senior Special Assistant to President Muhammadu Buhari on Sustainable Development Goals, Adejoke Orelope-Adefulire, emphasised the need for Nigerians to pray for their leaders and why women should be supportive to their husbands and play their own quota in the growth and development of the country.

The Oyo State Governor, Senator Abiola Ajimobi, and his counterparts from Lagos and Osun States, Akinwumi Ambode, Rauf Aregbesola, called for increased support for women to ensure that they overcome challenges limiting their potentials.

The three governors noted that in this period of economic recession, the leaders at every level should ensure that the water does not become too hot for women and that the future of every society is determined by the quality of women in that society.

They also called for empowerment programmes capable of preparing women economically for any emergency situation in the country and on the home front.

Osun Assembly insists bailout fund remains N3.352m for state, N173.226m for LG

Osun Assembly insists bailout fund remains N3.352m for state, N173.226m for LG
The Chairman, House State House of Assembly Committee on Information and Strategies, Mr. Olatubosun Oyintiloye has insisted that the balance of the bailout fund given to the state government is N3.352 million while that of the local government councils is N173,226 million.

In a press statement issued and signed by Oyintiloye on Sunday evening, he made frantic efforts to clear the air on the controversy trailing the bailout fund, explaining that the balance was not N3.362 billion.

Oyintiloye said a statement credited to the spokesperson of a faction of Osun State chapter of the People’s Democratic Party, (PDP), Prince Diran Odeyemi concerning the balance of the bailout fund was mischievous and misleading.The lawmaker urged people of the state to disregard Odeyemi and his false claims.

His words “The public should disregard the defamatory statement credited to the factional spokesperson of PDP, one Diran Odeyemi who intended to mislead the public with his mischievous claims”.

He noted that the balance of the fund given to the local government council is N173,226 million and it is domiciled with Zenith Bank.

He added that the balance of the bailout to the state is N2.040 million which is at First Bank and N1.312 million in Wema Bank.

Oyintiloye said these figures were given by the Accountant-General of the state, Mr. Akintayo Kolawole, when he appeared before the House of Assembly to give an account of how the bailout was utilised.

He added that the representatives of the banks, present during the probe are: Adebayo Yakub (First Bank), Musbau Oyeniran (Wema Bank) and Ola Adedeji (Zenith Bank). These bank officials corroborated the figure given by the accountant general.

He stated that the Chairman of the Nigeria Labour Congress, Jacob Adekomi; Chairman, Joint Negotiation Council, Adebayo Adejumo and other labour leaders were present at the probe and they corroborated the figure given by the accountant general.

He said, “The balance of the bailout given to the state is N2.040 million which is at First Bank and N1.312 million in Wema Bank.

The bailout to the local government remains N173,226 million.

Access Bank Ghana Ltd has raised GH¢29.62 million in its initial public offer (IPO)

Access Bank Ghana Ltd has raised GH¢29.62 million in its initial public offer (IPO)

Access Bank Ghana Ltd has raised GH¢29.62 million in its initial public offer (IPO), enough to enable it to list on the Ghana Stock Exchange (GSE).
The public floatation which started and ended on November 24, 2016 had 1,820 applications subscribing for 7.4 million plus shares.

The bank needed to raise a minimum of GH¢21 million to make the offer successful.

However, the Head of Financial Control and Strategy at Access Bank Ghana, Mr Calleb Osei, told the Daily Graphic the bank had also received commitments from some willing investors who had to satisfy some internal approval processes to enable them to subscribe to the unissued shares (more than 18.59 million shares).

Daily Graphic’s checks have revealed that when the commitments are redeemed, they will boost the subscriptions beyond the targeted GH¢104 million which the IPO envisaged.

A joint statement issued by the Access Bank and the Securities and Exchange Commission (SEC) said successful applicants with Central Securities Depository (CSD) accounts would have their shares credited to them by December 22, 2016.

Applicants with CSD accounts will have their letters of allotment mailed to them, with which they are expected to open CSD accounts and deposit their shares before they can trade them.

The offer

Access Bank Ghana Ltd started public floatation of part of its shares through the GSE on October 19, 2016 to last for a month. The bank and its sponsoring brokers, African Alliance Securities Ghana Ltd, extended the offer period from its initial end date of November 11 to November 25, 2016 to allow for more investors, especially institutional investors, to subscribe or make commitments.

The bank issued 26 million shares at GH¢4 per share, which analysts consider a discounted price given the value of the bank which has put up sterling financial and operational performances since it started operations in Ghana in 2009.

The Managing Director of Access Bank Ghana Ltd, Mr Dolapo Ogundimu, said the IPO provided evidence of the bank’s belief in the potential of the Ghanaian economy.

He said the bank was also giving a rare opportunity to Ghanaians and other investors to have a stake in the growing fortunes of the bank.

According to experts close to the bank, all commitments should be received and finalised by the first quarter of next year. The bank is expected to list the issued shares on the GSE on Wednesday, December 21, 2016.

Financial News Website in Nigeria