NEWS AGENCY OF NIGERIA

CBN mandates BDCs to cap forex profit at 1.5%

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By Grace Alegba

The Central Bank of Nigeria (CBN) on Thursday directed Bureau De Change (BDCs) operators to sell forex at a maximum profit margin of 1.5 per cent, aiming to correct market distortions.
The bank, in a circular signed by Aliyu Mahdi, Acting Director, Trade and Exchange Department, CBN, said the directive was to normalise the foreign exchange market through ongoing reforms.

The circular titled: “Sales of Foreign Exchange To BDCS To Meet Retail Market Demand For Eligible Invisible Transactions”, outlined the rationale behind the directive.

The regulator said that persistent distortions in the retail market were contributing to disparities in exchange rates, particularly in the parallel market.

“To address this issue, the CBN has authorised the sale of FX to eligible Bureau De Change (BDCs), to satisfy demands for invisible transactions,” it stated.

Under the directive, each BDC is authorised to purchase 20,000 dollars at a rate of N1,450 per dollar reflecting the lower band of the trading rate observed in the previous session at Nigeria Autonomous Foreign Exchange Market (NAFEM)

“All BDCs are permitted to sell to eligible end-users at a profit margin not exceeding one point five per cent (1.5%) above the CBN purchase rate,” the bank clarified.

The apex bank instructed eligible BDCs to remit Naira payments to specified CBN Naira Deposit Account Numbers and submit payment confirmations alongside required documentation for disbursement at designated CBN branches in Abuja, Awka, Kano and Lagos. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

Firm restates commitment to redefining PR in Nigeria

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By Taiye Olayemi
The Creative Intelligence Group (CI Group), a media and content consultancy firm, says it is reshaping the landscape of public relations in Nigeria by combining extensive experience with innovative strategies.

 

Its Group Chief Executive Officer, Mr Femi Odewunmi, told the News Agency of Nigeria (NAN) on Wednesday in Lagos.

 

He said that the firm aims to provide tailored services to organisations, emphasising reputation management, awareness enhancement and fostering meaningful connections.

 

“CI-PR is leveraging CI Group’s robust capabilities, CI-PR will deliver strategic solutions that encompass media relations, digital engagement, and content creation, all tailored to align with clients’ business development and lead generation goals,” he said.

 

He underscored the role of media strategy and public relations in organisational growth.

 

Odewunmi explained, “At CI Group, we excel in pinpointing the most effective ways to influence the stakeholders crucial to our clients.

 

“With the introduction of CI-PR, we are enhancing our ability to help organisations grow and safeguard their reputations.

 

“Our goal is to ensure they are seen positively, address relevant issues, and attract new opportunities.”

 

Odewunmi said that CI-PR extends CI Group’s core strengths into comprehensive media relations solutions that not only establish client thought leadership and build trust but also secure strategic media placements to elevate organisational profiles.

 

“Additional offerings now include media sentiment monitoring and predictive analysis to better anticipate market trends and public reactions, ensuring our clients are always a step ahead in their public relations strategies,” he said. (NAN)

Edited by Olawunmi Ashafa

Recapitalisation: Wema Bank concludes first phase of capital raise

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By Rukayat Adeyemi

Wema Bank has concluded the first tranche of its recapitalisation exercise, having secured all relevant regulatory approvals for the allotment of its N40 billion rights issue.

 

Its Managing Director, Mr Moruf Oseni, disclosed this in a statement made available in Lagos.

Oseni said as a forward-thinking and pioneering bank, the financial institution in December 2023 launched N40 billion rights issue which had been approved by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

The News Agency of Nigeria (NAN) reports that CBN, in March, launched a recapitalisation programme requiring commercial banks to raise fresh capital.

This is in alignment with the minimum requirement for their respective banking licenses within a 24-month timeline spanning April 1 to March 31, 2026.

The goal of recapitalisation is to simultaneously boost the Nigerian economy and strengthen its financial services industry.

Oseni said: “With this remarkable development, Wema Bank has now successfully raised the first tranche of its plan in the minimum requirement laid down by the CBN.

“The bank’s resolve in retaining its commercial banking license with National authorisation and the N40 billion rights issue is a step in that direction.

“Our move to commence our capital raise programme very early demonstrates our push for excellence, and with a strong emphasis on our digital play, we are set to amass more successes in the coming months,” he said.

The managing director expressed satisfaction with the vote of confidence given by the bank’s shareholders during its first rights issue exercise, noting that its shares were fully subscribed.

Oseni stated that the bank also obtained the approval of its shareholders at its 2023 annual general meeting to raise an additional N150 billion to meet the capitalisation threshold set by the CBN.

He hinted that the process was expected to be completed within 12-18 months.

Oseni said: “We are committed to providing optimum returns for every stakeholder and the successful conclusion of this N40 billion rights issue is a bold step in the right direction.

“In addition to the upward trend in the bank’s financial performance and the success recorded so far in its recapitalisation exercise, Wema Bank’s corporate rating was recently upgraded to BBB+ by Pan African credit rating agency, Agusto and Co.

“The bank was also retained at BBB by international rating agency, Fitch.”

According to him, over the medium to long term, Wema Bank is positioned to not only dominate the digital banking space but also the Nigerian financial services industry at large.

 

Edited by Remi Koleoso/ Olawunmi Ashafa

Afreximbank, First Bank sign $200m facility agreement to finance clients’ needs

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By Okeoghene Akubuike

 

Afreximbank and First Bank of Nigeria(FBN) have signed a 200 million dollar facility agreement for financing the needs of FBN’s numerous clients.

The News Agency of Nigeria (NAN) reports that the signing took place at the ongoing 31st Afreximbank Annual Meetings (AAM2024) in Nassau, The Bahamas, on Friday.

The meetings are being monitored by the NAN.

The facility will finance the needs of FBN’s numerous clients engaged in oil and gas and energy, manufacturing, telecommunications and associated infrastructure projects.

The parties who signed the agreement included Olusegun Alebiosu, Acting CEO, FBN, Awani Kanayo, Executive Vice-President, Intra-African Trade Bank (IATB), Afreximbank, and Viswanathan Shankar, CEO, Gateway Partners on behalf of African Credit Opportunity Fund.

The 31 AAM2024 is being held in Nassau, The Bahamas, from June 12 to June 15, with the theme: “Owning our Destiny: Economic Prosperity on the Platform of Global Africa’’, NAN reports.

The AAM is taking place alongside the 3rd edition of the AfriCaribbean Trade and Investment Forum (ACTIF2024).

Edited by Vivian Ihechu

First Bank partners IWS to empower 250 widows

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By Rukayat Adeyemi

 

First Bank of Nigeria has partnered with the International Women’s Society (IWS) to empower over 250 widows, in commemoration of the 2024 International Widows’ Day.

The News Agency of Nigeria (NAN) reports that beneficiaries at the event, tagged “IWS Widows Feast and Empowerment Programme”, received various essential tools, equipment and grants on Wednesday in Lagos.

The items distributed were sewing machines, freezers, coolers, hair dryers, cake mixers, industrial cooking gas, generators, and freezers to help the widows establish and sustain their businesses.

Ms Lande Atere, Chief Customer Experience Officer of First Bank, said that the financial institution had been partnering with IWS for over a decade.

According to her, the bank has been empowering women-owned Small and Medium Enterprises (SMEs) with funding and skills acquisition.

“As an organisation that strategically prioritises financial inclusion, we will continue to support IWS in creating entrepreneurial opportunities and promoting self-reliance and vocational skills among women,” Atere stated.

Mrs Adebanke Adeola, Chairperson of the International Women’s Society (IWS) Widows Trust Fund (WTF), appreciated First Bank for supporting the society in empowering and feasting with the widows.

Adeola mentioned that the bank provided Point of Sale (PoS) machines to improve the benefiting widows’ access to financial services and income generation opportunities.

Also, some beneficiaries would receive extra working capital through the generosity of the financial institution and other sponsors.

“This partnership, along with generous sponsorships from other companies and individuals, enables us to continue our mission and expand our impact.

“The programme, organised yearly, aims to help widows achieve financial independence and self-sufficiency,” Adeola said. (NAN)

Edited by Olawunmi Ashafa

 

Business network ‘ll bridge employment gap for people with disabilities – Chair

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By Grace Alegba

The Nigeria Business and Disability Network (NBDN) says it plans to launch an app designed to connect People With Disabilities (PWD) with potential employers.

Omobolanle Victor-Laniyan, Chairperson of NBDN and Head of Sustainability at Access Corporation, unveiled this initiative during the NBDN 2024 Annual Diversity and Inclusion Conference held on Wednesday in Lagos.

The conference, hosted by Access Bank, centered around the theme, “Disability Inclusion in Corporate Sustainability”.

It aimed to address the challenges faced by PWDs in accessing employment opportunities.

Victor-Laniyan emphasised the importance of creating a safe and inclusive space for PWDs, stating that the app would alleviate the hardships and discrimination they often encounter during job searches.

“The app will serve as a platform for PWDs to access job opportunities and receive guidance on CV writing and other necessary skills,” she explained.

She further highlighted that the app would enable employers to post job vacancies and search for potential candidates, facilitating a seamless connection between PWDs and employers.

While the launch date of the app is pending due to ongoing partnerships, Victor-Laniyan reassured attendees of NBDN’s commitment to advocating the rights of PWDs despite challenges in data collection.

In her opening speech, Victor-Laniyan underscored the need for increased employment opportunities for PWDs and urged corporates to integrate them into suitable roles based on qualifications.

The conference featured panel discussions and keynote addresses from industry experts, including Dr James Lalu from the National Commission for Persons with Disabilities, Ms Adenike Oyetunde from the Lagos State Office for Disability Affairs (LASODA).

Others were Dr Toyin Adeyemi from Save the Children International, and Dr Joy Shuaibu from Sightsavers Nigeria. (NAN)

Edited by Olawunmi Ashafa

Why traditional institutions better suited for resolving conflicts – Etsu Nupe

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Traditional institutions have more potential for conflict resolution than conventional agencies, considering their proximity to the people and their veneration in the society.

The Etsu Nupe, Alhaji Yahaya Abubakar, made the assertion on Wednesday in Lagos.

The Etsu Nupe, also the Chairman, Niger State Council of Traditional Rulers, delivered a lecture on the theme, “Traditional Authority and National Integration in Nigeria”.

The lecture was organised by the Nigerian Institute of International Affairs (NIIA) with the aim of generating national discourse on the relevance of traditional institutions.

Abubakar said that traditional institutions understood the basic problems confronting their peoples and societies, culturally, religiously and emotionally.

He said that the expertise of traditional rulers as peacemakers and socio-cultural bridge builders should be maximally exploited to bring greater value and understanding among the different peoples of Nigeria.

The royal father emphasised the significance of traditional institutions for the overall development of Nigeria.

He said that traditional institutions had deep-rooted attachments to local communities and had the abilities to influence public acceptance of initiatives.

He said this was in addition to their established roles as custodians of cultural values.

According to the Etsu Nupe, traditional institutions prioritised communal interests vital for re-establishing peaceful societies.

He noted that traditional institutions encompassed traditional rulers, traditional title holders, religious leaders and community elders.

“Most significantly, their permanent residency and intimate familiarity with local environments makes them ideal for effective community surveillance and security management as well as local experts in conflict resolution.

The royal father called on the National Assembly to rethink its review of the constitution along the debates of restructuring governance, devolution of powers and the complex interplay between traditional institutions and the federal political system in Nigeria’s multi-ethnic democracy.

According to him, amid growing insecurity, ethnic tensions and perceived declining national cohesion, advocating a formalised constitutional advisory role is seeking to leverage centuries-old indigenous governance structures to tackle modern challenges.

“The system of local leadership was entrenched long before colonialism. Modernism brought about eroding of this cherished system, and modern governments are reluctant to re-integrate it into modern governance.

“Therefore, it is imperative that the reluctance to accord the traditional institutions the authority to serve in matters affecting religion, culture, security and conflict resolution may need to be reconsidered.

“Also, the tacit advisory roles that the traditional rulers and religious leaders play today would need to be formalised.

“They are already serving as consultants on a variety of issues including security and conflict resolution,” Abubakar said.

Abubakar, also Chairman, Coordinating Committee of National Council of Traditional Rulers of Nigeria, said that the council’s vision for and commitment to security, peace and welfare of citizens transcended Nigeria.

He added that the council’s experiences in peacebuilding were centuries-old.

He said that traditional institutions were the bedrock of the success of any government.

According to him, this is because the traditional institution is an enduring cultural heritage of the people and a system through which they govern themselves.

Prof. Eghosa Osaghae, Director-General of NIIA, said that questions were being asked about traditional institutions in Nigeria.

“Almost everyone agrees that if we are looking for the anchor that will help us solve many of the problems and mobilise national support especially in the security sector, the place to look at is the traditional institution.

“I am sure that the contributions from the NIIA will help in the resolution of a national quest and the emergencies that confront our nation today,” Osaghae said.

The Chairman of the occasion, Prince Adewole Adebayo, said that the existence of traditional institutions should be taken advantage of, because solutions to national problems were situated there.

“The people of Nigeria don’t care much about the form of government but about justice, and traditional institutions are instruments of justice.

“Even in diplomacy, traditional institutions are soft power. Our traditional institutions are soft institutions and have the dignity of our society,” he said. (NAN)

Edited by Ijeoma Popoola

UWGN, Creative Colony, educate students on transforming trash to art

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By Oluwafunke Ishola

An NGO, United Way Greater Nigeria (UWGN), in collaboration with Creative Colony, has trained students in Lagos schools on transforming discarded plastics into art.

 

Ms ‘Deola Durodola, Executive Director, UWGN, at the completion of the three-day initiative on Friday in Lagos, said the project was aimed at promoting recycling and the creative use of waste plastics to create art.

 

Durodola said that the initiative tagged “Eco Art project” was conducted at Ilupeju Junior Secondary School and Mawumaduka School and Orphanage, Makoko.

 

According to her, the project engaged students in an educational and artistic experience, transforming discarded plastics into vibrant works of art.

 

Durodola said that the students learnt about the environmental impact of plastic waste and the significance of recycling.

 

She noted that they were guided by skilled artists from the Creative Colony, who taught them various techniques to repurpose waste materials into beautiful, meaningful artworks.

 

“The project aimed to inspire the next generation to think creatively about environmental conservation and to see the potential in everyday waste.

 

“We are thrilled to see the enthusiasm and creativity of the students, and it is our hope that this experience will leave a lasting impression and encourage sustainable practices in their communities,” she said.

 

She added that the initiative not only highlighted the importance of recycling but also showcased the students’ creativity and artistic talents.

 

According to her, participants created stunning portraits of notable figures such as Tobi Amusan, celebrated Nigerian sprinter and world champion; Gov. Babajide Sanwo-Olu of Lagos State, and Tunde Onakoya, a chess player and coach.

 

Also, Dr Ameera Euba, Founder, The Creative Colony, said the  partnership with UWGN represents a powerful synergy of community engagement and artistic innovation.

 

Euba noted that by merging efforts, the organisations had not only educated young minds on the importance of recycling but also provided them with a creative outlet to express their ideas and aspirations.

 

“Together, we are fostering a culture of sustainability and creativity that will resonate far beyond the classrooms and communities we serve,” she said. (NAN)

Edited by Vivian Ihechu

FCCPC engages market leaders on rising food prices

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Investigation

By Yusuf Yunus

Lagos, May 29, 2024 (NAN)The Federal Competition and Consumer Protection Commission (FCCPC) on Wednesday engaged market leaders and traders in Lagos to investigate the persistent increase in food prices across markets.

Mrs Suzie Onwuka, Head, Lagos Office of FCCPC, revealed the reasons for meeting with market leaders of Mile 12 Market and Oke-Odo Market, Ile-Epo in Lagos, while briefing newsmen.

Onwuka explained that the engagement aimed to gather insights directly from stakeholders to understand the factors contributing to escalating food prices, a major concern by consumers nationwide.

The News Agency of Nigeria (NAN) reports that the commission’s investigative mission prioritises consumer protection and competition issues, particularly regarding the affordability of food commodities.

She highlighted insecurity, particularly its impact on agricultural produce, and the removal of fuel subsidies as a major factor influencing the rising cost of transportation which subsequently added to food prices.

According to her, the practice of hoarding grains during dry seasons and releasing them during rainy seasons for planting purposes exacerbates price fluctuation and sustains high prices.

She stressed the importance of stakeholders’ collaboration in addressing the challenges and stabilising food prices for consumers.

Alhaji Shehu Usman, Chairman of the Mile 12 International Perishable Market Association, affirmed the market leaders’ commitment to collaborating with the Lagos State Government in agricultural ventures to enhance food security.

Usman highlighted efforts to secure land for farming activities, including tomato cultivation, to complement existing produce.

Addressing the inflationary trend, Usman clarified that there was no deliberate price manipulation within the market.

He attributed the spike in food prices to disruptions in agricultural activities caused by insecurity.

This, he added, led to the movement of some Northern farmers from their base to Internally Displayed Camps (IDPs), due to security threats posed by bandits.

Alhaji Taofik Olorunkemi, the Baba-Oja of Oke-Odo Market in Ile-Epo corroborated Usman’s views regarding the hike in prices of food items

He emphasised the challenges posed by the high cost of transporting goods from farms to urban centres and the continuous increase in food prices with each new produce entering the market.

Olorunkemi also highlighted the influence of the removal of oil subsidies on food prices and expressed concerns about the reluctance of the youth to pursue farming opportunities due to modernisation.

The market leader commended the federal government for the provision of adequate security measures to safeguard farmers and agricultural operations.

He emphasised the need for a secure environment to enable effective cultivation.

Meanwhile, some market traders who spoke to newsmen, said they feel the pains of Nigerians but more painful that they would have to sell based on the cost price.

They urged the federal government not to relent on its various intervention programmes, aimed at reducing the pains of Nigerians. (NAN)

Edited by Olawunmi Ashafa

 

Wema Bank set to meet CBN’s recapitalisation deadline- MD

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By Rukayat Adeyemi

Wema Bank, on Tuesday, said it is set to raise N200 billion capital within the 24-month timeline issued by the Central Bank of Nigeria (CBN).

Mr Moruf Oseni, Wema Bank Managing Director/Chief Executive Officer, said this at the 2023 Annual General Meeting (AGM) of the bank in Lagos.

Oseni said that the preparedness followed the approval of the bank’s shareholders and Board.

According to him, the bank will achieve the aim through public placements and a public offering.

The News Agency of Nigeria (NAN) reports that the CBN on March 29 directed commercial banks in the country with international authorisation to shore up their capital base to N500 billion and national banks to N200 billion.

Similarly, non-interest banks with national and regional authorisation will increase their capital to N20 billion and N10 billion respectively.

The recapitalisation exercise, expected to commence from April 1 through March 31, 2026, is to help the country to attain its one trillion-dollar economy target.

Oseni explained that the CBN had done its due diligence and approved the bank’s N40 billion rights issue, which is currently undergoing the Securities and Exchange Commission’s (SEC) approval to be listed on the Nigerian Exchange.

He said: “Our capital base now stands not at the current N15 billion, but with the rights issue, at N55 billion, which is a significant headway towards N200 billion.

“We are confident that we will achieve this before the timeline expires.

“We have shared our plans with the CBN, and working assiduously to meet the balance of our capital base in the nearest future.”

According to him, at a minimum, Wema Bank will remain a national bank but will keep working tenaciously to become a ‘Systematically Important Bank’ and re-attain Tier-one status.

The managing director said that the bank would continue providing optimum value for its shareholders and stakeholders.

On the bank’s financials for the year 2023,
Oseni said the Bank reported a 196 per cent increase in Profit Before Tax (PBT) from N14.75 billion in the previous year to N43.59 billion in year 2023.

He mentioned that the bank also posted  220.4 per cent increase in its Profit After Tax (PAT) from N11.21 billion in year 2022 to N33.66 billion in the year under review.

The managing director stated that the bank reported 70.63 per cent increase in its gross earnings from N132.30 billion in the previous year to N225.75 billion in year 2023.

According to him, the bank also posted 53.64 per cent increase in loans disbursed in 2022, from N521.43 billion to N801.10 billion.

Wema Bank also recorded a remarkable 220.53 per cent increase in earnings per share from N87.2 to N279.5, among other successful upturns.

Oseni noted that the bank’s performance has been stellar throughout the year and the figures testify to that.

“As a bank, we feel privileged and lucky to have enjoyed the support of our shareholders and stakeholders, especially in the past year.

“None of it could have been possible without the support of the Board, my colleagues in Executive Management, and our customers who are extremely loyal and committed to helping us improve,” he said.

Meanwhile, the bank’s shareholders unanimously approved 50k dividend for the year ended Dec. 31, 2023.

They also approved the appointment of two new non-executive directors of the bank, namely: Ms Yewande Zaccheaus and Mr Yusuf Kazaure, and the new Executive Director, Mr Segun Opeke, as new additions to the Wema Bank Board of Directors.

Commending the exceptional results, Mr Badmus Tunde, a shareholder of the Bank descibed the performance as overwhelming, adding that profitability has been maintained.

Tunde welcomed the new chairman on board, as well as the managing director, noting that they are very capable of steering the ship.

“I want to congratulate the Bank for coming this far, 79 years is not child’s play and I pray God grants us long life.

“Since 1945, Wema Bank has seen the good, bad, beautiful and the ugly, and through thick and thin, it has gotten to where it is today,” he said.(NAN)

Edited by Olawunmi Ashafa

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