By Itohan Abara-Laserian

Fidelity Bank Plc says it has successfully issued 10 years N41.21 billion in fixed rate unsecured subordinated bond at 8.5 per cent coupon rate due 2031.

Mr Mustapha Chike-Obi, Fidelity Bank Chairman, disclosed this in a statement made available to the News Agency of Nigeria (NAN) on Sunday in Lagos

Chike-Obi said that the bond issuance which was fully subscribed given that total investor interest and commitments in the bonds were N56.6 billion.

According to him, the transaction underscores the bank’s capacity to successfully execute debt capital market transactions.

Recall that in December, the bank announced plans to issue fixed income securities with 10-year tenor to support the growth and development of Small Medium Enterprises (SMEs), retail business as well as its technology infrastructure.

The bank conducted the debt issuance under its registered N100 billion bond issuance programme.

The bonds are unsecured and subordinated, which will qualify as Tier II Capital in line with the Central Bank of Nigeria Guidance Notes on Regulatory Capital for commercial banks in Nigeria.

Chike-Obi said: “The bond issuance further demonstrates our confidence in Nigeria’s debt market.

“It also validates the continued investor confidence in our corporate strategy and aspirations, strong corporate governance structure and solid and stable executive management team with robust history of superior financial performance and returns,” Obi explained.

Mrs Nneka Onyeali-Ikpe, the bank’s Chief Executive Officer, said proceeds from the transaction would be utilised to support growth in the issuer’s risk assets in SME and retail business and investments in technology & retail infrastructure.

Onyeali-Ikpe added that this was in line with the bank’s Tier I aspirations.

According to her, the bank’s business fundamentals have remained strong in spite of the challenging economic environment occasioned by the coronavirus pandemic and the attendant recession.

“The successful bond issuance highlights the confidence in the Fidelity brand, as well as our capability to expand our funding sources, and deliver innovative financial services to our esteemed customers,” she said.

She said that the issue was assigned a rating of A- by Agusto, and A by Datapro and will be listed on both the Nigerian Stock Exchange and FMDQ Securities Exchange Ltd. (NAN)

By Chinyere Joel-Nwokeoma

Access Bank has unveiled series of offers to celebrate its customers to mark 2021 Valentine season with a campaign tagged ‘It’s a Love Thing.’

Mr Victor Etuokwu, the bank’s Executive Director, Retail Banking, speaking at the launch in Lagos on Friday said, the campaign, which was the fourth edition, would run from Feb. 10 to Feb. 28.

“Valentine season gives us another opportunity to show love to our customers and reward their loyalty for banking with us.

“We are using this opportunity to thank our customers for their commitment to Access Bank.

“We appreciate our customers as well as non-customers who depend on our services and products to achieve seamless banking transactions and wish everyone a happy valentine’s celebration,” Etuokwu said.

Also speaking, Mrs Adaeze Umeh, Group Head, Consumer Banking, Access Bank, said the offers were introduced to meet the needs of the bank’s customers during the season.

“In the spirit of the love season, we have created unique and amazing offers to meet the needs of our customers this season.

“Our Device Finance offer allows our customers gift their loved ones with new devices for as low as N1,500 per month,” said Umeh.

According to her, all a customer needs to do is to download the Quickbucks App, dial *901# to open a new account or walk into any Access Bank branch to reactivate their accounts and start transacting to enjoy the Valentine Campaign benefits.

“We will also offer 20 per cent discount to the first 4,000 customers who subscribe to our XclusivePlus quarterly plan between today and the last day of February.

“Our merchant customers are not left out of the fun this season, we will be rewarding them with shopping vouchers when they perform transactions up to N200,000 or more on SwiftPay, a revolutionary payment platform designed for SMEs who do business on social media.

“We are offering these and so much more to show how much we appreciate our customers for their consistent patronage,” Umeh said. (NAN)

By Kingsley Okoye

The Senate has mandated its Committees on Banking and Insurance, Capital Market, ICT and Cyber Crimes to invite Governor of Central Bank of Nigeria, Mr Godwin Emefiele to brief it on crypto currency transactions.

The resolution followed adoption of a motion by Sen. Gyang Istifanus (PDP-Plateau) at Thursday’s plenary on CBN’s decision to stop financial institutions from transacting in crypto currencies.

Gyang in his presentation, said the CBN directive to financial institutions was a follow up to its earlier directives of January 2017 and February 2018 which forbade banks from using, holding and trading in crypto currencies.

He said the decision was predicted on the need to safeguard the economy from adverse effects of crypto currency regime which were unregulated digital currencies issued by anonymous entities.

He, however, said the CBN directive had attracted sharp reactions from Nigerians and had become a topical subject of national discuss.

He said crypto currency was both an opportunity and a threat, hence, the Senate had a responsibility to ensure that Nigeria and its citizens don’t miss out in the opportunities that crypto currency offered.

Contributing, Sen. Biodun Olujumi (PDP-Ekiti) said Nigeria did not create crypto currency and therefore could not possibly kill its operation.

She said Nigeria should not exclude itself from global technological development shaping the world.

“We can regulate and manage crypto currency transactions in Nigeria, we can not kill it because some of our youths are working hard and doing great in technology,” she said.

Sen. Bassey Akpan (PDP Akwa Ibom), said Nigeria must not shy away from technological development, saying that the country must follow the trend in technology in the world.

President of Senate Ahmed Lawan, in his remark said that the CBN needed to educate Nigerians on crypto currency transactions especially its impacts on the economy and security.

He said the Senate wanted more information before it can be guided on next line of action, noting that the motion may not be the last on crypto currency as issues were still developing. (NAN)

By Lydia Ngwakwe

Mr Lucky Okunzuwa, a customer with the Polaris Bank, Akpakpava branch, Benin, Edo State, has emerged as the first millionaire at the maiden draw of the bank’s ongoing nationwide Save & Win promo.

The bank in a statement said Okunzuwa emerged alongside 60 lucky customers drawn across the six geopolitical zones, winning N100,000 each during the draw which held at its headquarters in Lagos.

The promo designed to enrich Nigerians with a N26 million pay-out, will end in April 2021.

The winners emerged through a transparent draw witnessed by officials of the Federal Competition and Consumer Protection Commission ( FCCPC), representatives of other regulatory agencies; as well as customers and relations of the winners.

The draw was conducted using a hybrid media technology which enabled in-premises event whilst over 600 customers logged in through the bank’s virtual network and social media handles.

The promo is designed to make millionaires of everyday Nigerians by encouraging current and prospective customers of the bank to save minimum of N10,000 monthly, for any three consecutive months within the promo period, starting from November 2020 to April 2021.

The first millionaire of the promo, Okunzuwa, said, ‘‘I am very delighted at winning one million naira in the Polaris Bank’s Save & Win Promo.”

It was like a dream, when I was told but this is a reality. The money will go a long way in supporting my small business to grow.”

I also make a commitment to continue to save more. I sincerely thank Polaris Bank for this novel initiative.’’

Speaking at the unveiling of the winners, Polaris Bank’s Executive Director, Lagos Business, Mr Segun Opeke, said that the event was significant because it was a testament of the bank’s unwavering commitment to impact and enrich the lives of Nigerians

Opeke noted that the reward was aimed at encouraging more people to save and invest their money.

“In tough times such as we are now, there is a compelling need to save, not only to win a prize, but also to plan for the rainy day,” he said.

Opeke said that the Polaris Bank Save and Win Promo is a sure way to save more and also become either a millionaire or win N100,000.

“The promo will produce eight millionaires, while 180 others will go home with N100,000 each across three draws in February, March and April with winners drawn from the six -geo-political zones of the country,” he added.

Ms Susie Onwuka, of the FCCPC; Ezeani Daniel Abumchukwu and Akoji Elizabeth, of the Advertising Practitioners Council of Nigeria and Peace Ibadin of the National Lottery Regulatory Commission, attested to the free, fair and transparent draw that threw up the winners.

The representatives of the regulatory bodies, therefore, commended the bank for making good its promise to the winners.

Contributing, the bank’s Group Head, Product and Market Development, Adebimpe Ihekuna, emphasised that the promo would be on till April 30.

Ihekuna encouraged existing and prospective customers to take advantage of the savings promotion to increase their savings; as well as to get more money to invest, especially the low-income earners.

Polaris Bank is a future-determining bank committed to delivering industry-defining products, and services, across all sectors of the Nigerian economy. (NAN)

By Chinyere Joel-Nwokeoma

Access Bank Plc has partnered American Express to broaden the acceptance and usage of American Express cards in the country.

Mr Robert Giles, Senior Banking Advisor Retail Banking, Access Bank, made this known in a statement on Wednesday in Lagos.

Giles said the partnership would enable American Express Card holders use their cards at a wider range of merchant locations in Nigeria for tourism, business or private visit.

He said international American Express card holders would also be able to withdraw cash from Access Bank ATMs.

“This announcement places Access Bank as the first full-service bank to acquire merchants who will accept American Express Card payments in the country.

“Local merchants will now have the option to accept American Express through Access Bank, thereby not only encouraging increased merchant business activity but also offering travelling American Express Card holders the opportunity to transact using their preferred method of payment.

“This new partnership will broaden the acceptance of American Express payments via Access Bank as well as Access Bank ATMs and ecommerce websites nationwide,” Giles said.

He added that Access Bank merchants who embraced American Express cards would benefit from an additional high-spending customer base.

“We are proud to be partnering American Express to bring some of the best payment solutions in the world to Nigeria.

“This is great news for Nigerian businesses and will help bring foreign exchange inflows into the country. We value the confidence that American Express has placed in us to significantly enhance the payment experience in our market,” he said.

Vivi Galani, Vice President EMEA Network Partnerships for American Express, said the company was pleased with the partnership to expand its presence in Nigeria.

“We are pleased to be partnering Access Bank to continue to expand the presence of American Express in Nigeria, which is an important location for our travelling card holders and a fast-growing market for commerce.

“This agreement will give international card members even more locations to use their cards in Nigeria, whether they are travelling for business or leisure, and this will be particularly important as international travel resumes.

“For local merchants, it provides the opportunity to capture more business from global card holders visiting the country,” Galani said. (NAN)

By Adenike Ayodele

Two workers of Fina Trust Micro Finance Bank were on Wednesday arraigned before an Ikeja Magistrates’ Court over alleged stealing of N720, 508 belonging to the bank’s customers.

Sodeeq Adeleye and Idowu Popoola, aged 34 and 38, respectively,  are facing a two-count charge of conspiracy and stealing.

The defendants, however,  pleaded not guilty.

According to the prosecutor, Sgt. Kenrich Nomayo, the defendants committed the offences from May 2020 to  December 2020  at No. 46 Toyin Street, Ikeja.

Nomayo said that the defendants received the money from customers of the bank with an instruction  to pay the money into their accounts.

“All attempts to retrieve the money has remained fruitless; they converted the money to their personal use,” he said.

He said that the alleged offences contravened Sections 287 (7) and 411 of the Criminal Law of Lagos State, 2015.

The Magistrate, Mrs O. O. Fajana, admitted the defendants to bail in the sum of N200, 000, with two sureties in like sum.

Fajana ordered that the sureties should be gainfully employed and  provide evidence of two years’ tax payment to the Lagos State Government.

The magistrate adjourned the case until Feb. 9 for mention. (NAN)

By Chinyere Joel-Nwokeoma

Access Bank Plc said on Tuesday that its transition to Holding Company (Holdco) would offer continent-wide opportunities and support international expansion drive.

The bank’s Group Managing Director/ Chief Executive Officer, Mr Herbert Wigwe, said this at its investor call in Lagos.

Wigwe said that the company would realign for growth through transitioning to a HoldCo to capture continent-wide opportuinites and support the international expansion.

He disclosed that the HoldCo would consist of four subsidiaries namely Access Bank Group, payment business, consumer lending and agency banking as well as insurance brokerage.

He said that Access Bank was in partnership with Coronation Insurance to offer insurance products to the bank’s customers.

According to him, Access Bank-Coronation Insurance bancassurance is already available in Nigeria and Ghana.

Wigwe said that the insurance subsidiary would adopt a dynamic and creative approach to deliver value-added services focused to meet customer insurance needs.

He added that the bank planned to open subsidiaries in consumer lending and agency banking to enhance revenue.

Wigwe noted that the bank’s Africa strategy was supported by its presence in key international markets.

He explained that the strategy would enable the bank diversify earnings away from the volatile operating environments in Africa and orchestrate operations as a global payments gateway.

Wigwe added that it would the company to manage its risk and exposures to soft currencies and enhance profitability without excess risk.

He said that the bank had identified eight African countries for a potential expansion with the kick-off of the African Continental Free Trade Agreement.

Wigwe said that the eight countries were Algeria, Morocco, Egypt, Ivory Coast, Senegal, Angola, Ethiopia and Namibia.

He said that the bank had the largest customer base in Africa, with significant share (44 per cent) digitally active.

Wigwe said that the bank’s number of customers as of third quarter of 2020 stood at 42 million, with 46 million accounts.

The bank chief said the bank had 633 branches and a very strong digital footprint with 53,440 POS, nine million USSD users, 9.5million on mobile applications and  about 3,000 ATMs, among others.

He said that despite challenges, the bank had continued to return strong financial performance.(NAN)

By Chinyere Joel-Nwokeoma

VFD Group, a financial service-focused proprietary investment company in Lagos, is perfecting arrangements for a national banking licence to be a major player in the Nigerian economy in the next five years.

The Group Managing Director and Chief Executive Officer, VFD Group Plc, Mr Nonso Okpala, disclosed this in an interview with the News Agency of Nigeria (NAN) on Monday in Lagos.

Okpala told NAN that the company was making plans for a banking licence from the Central Bank of Nigeria and would undertake a capital raise exercise in February.

He said the board and management of VFD Group had approved the capital raise of N13.5 billion.

According to him, the capital raise will be a combination of rights, special placement and issuance of debt.

He said the funds would be geared toward obtaining a banking license, driving the adoption of its virtual bank and making strategic investments that would add up to its ecosystem strategy.

“In the next five years, VFD Group will be a major player in the Nigerian economy and will start to expand to key African locations and take its poise for a leadership position in Africa in the next 10 years.

“For our stakeholders, I will say, take advantage of the opportunity of the capital raise that the VFD Group is offering in February to be a part of its success story.

“If you have invested in the company, enhance your investment and if you do not have any, make an investment.

“I will say unequivocally, that the VFD Group represents the most compelling investment opportunity in Nigeria today.

“So, everybody should take advantage of it and be part of this remarkable growth because beyond growth and profitability, we want to be able to provide the pace for African economic resurgence,” he said.

Speaking on the impact of COVID-19 pandemic on the company, Okpala said the company performed beyond expectations in spite of the pandemic.

“We have been in existence for 11 years and we have seen and experienced different challenges within the Nigerian economy and the world’s at large.

“This has been our key and compelling strategy in the last 11 years: flexibility, the ability to understand social and economic trends and the readiness to take proper advantage,” Okpala said.

He said in spite of the coronavirus pandemic and extended lockdown, the company remained profitable.

Okpala noted that VFD Group deployed innovation to ensure continuity of its businesses.

“We have deployed as much innovation as possible to ensure that the business thrives.

“I will say that COVID brought a great deal of threat and challenges to everybody but we have found a way to grow and be profitable despite it all,” he added.

Okpala said the VFD Group would likely close 2020 with a profit before tax of between N3.5 billion and N4 billion.

“This is relative to our 2019 performance of N1.9 billion and our 2018 performance of less than a billion naira.

“The growth trend was not altered by the pandemic. Perhaps we could have made more without COVID, but the point remains that we keep a very innovative mindset that keeps us on the path of growth and profitability despite the challenges,” Okpala said.

VFD Group is a financial service-focused proprietary investment company that creates value by working within Nigeria’s informal financial sector to create innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur. (NAN)