By Grace Alegba

Wema Bank has launched the fifth edition of its tech competition, ‘Hackaholics’, to foster innovation and empower youths as well as startups in addressing societal challenges.

The bank made this known at a news conference to announce Hackaholics 5.0, on Thursday in Lagos, with the theme, “Meta-Idea: DigiTech Solutions for Africa’s Prosperity”.

The fifth edition of Hackaholics pledges a total cash prize of over N70 million for top innovators across Africa.

Hackaholics is an annual tech and innovation competition birthed by Wema Bank in 2019.

It provides a platform for young Nigerians with tech-driven ideas to bring their game-changing ideas to life, scale their ventures and access a wider market for these tech-enabled solutions.

The Executive Director of Retail and Digital Business, Wema Bamk, Mr Tunde Mabawonku, said the essence of Hackaholics was to bridge the gap in Africa’s macroeconomic landscape through innovation.

He said, “Our mission as a bank is very clear, ‘Empowering Lives Through Innovation’ and this is the exact purpose behind Hackaholics.

“Within the bank, we have transformed the status quo and redefined the standards with cutting-edge solutions and technology, hence our position as Nigeria’s most innovative bank, but we didn’t end there.

“With Hackaholics, we have taken our innovation drive outside the bank, empowering youth for success and facilitating the development of transformative solutions tailored to the needs of diverse Nigerians and even the African populace.

“By embracing innovation, fostering a culture of collaboration, and prioritising customer-centricity, we have and will continue to transform and position Wema Bank as a digital leader, in action, products and services.

“Our aspirations are not merely about implementing new technologies; they are about fundamentally transforming how we operate, to be Simple, Seamless, Convenient and Reliable in service to our customers.”

Mabawonku said that Hackaholics aligns with the sustainability vision of the bank, ‘Developing Digital Solutions for Societal Impact.’

According to him, this year aspires to expand into Pan-African frontiers, taking the magic from the Hackaholics train beyond Nigeria.

“So, how can we improve the health sector across Africa? How can we transform the education sector? How can we drive positive change across various verticals?

“Hackaholics is the platform that not only challenges creative minds and piques curiosity to bring those ideas to life but also provides invaluable tools and resources to amplify the ideas, taking them from Idea to Product for the world to benefit.

“Interestingly, Hackaholics itself came and began as an idea. Today, it has been metamorphosed into the formidable platform we see today.

“With Hackaholics, we are on the way to birthing and discovering another unicorn in Africa, and I hope that you will stick with us as this journey unfolds,” Mabawonku said.

Expatiating on the details of Hackaholics 5.0, Wema Bank’s Head of Innovation, Mr Solomon Ayodele, said that the theme was anchored on two principal factors.

According to him, these include the Meta Idea and African Prosperity.

“We are challenging the youth to develop extraordinary ideas that will proffer practical solutions to our local problems as Africans.

“This year, we are widening our scope across the six geopolitical zones in Nigeria, and we are also touching Africa.

“As you may know, we launched the Hackaholics Digital Summit last year, culminating the Hackaholics 4.0 journey in grand style.

“This year, you’re going to experience the Coachella of the tech industry at our Hackaholics 5.0 grand finale tech festival, and the journey begins today,” he added.

Ayodele also explained that this year’s Hackaholics would not be limited to entries from specific verticals.

“Any verticals you can think of will be accepted. Our focus for Hackaholics 5.0 is the brilliance of your mind, so we leave it to you to discover a problem area that matters and develop an innovative solution that will drive a positive impact.

“Our goal is to birth solutions that address diverse aspects of real-world challenges, and you have the opportunity to be a part of this transformative journey.”

Winner of the Wema Bank’s Hackaholics 4.0 edition, Mrs Jane Agbaohwo, Chief Executive Officer of IRETI Healthhub, said that she came up with a solution called Breast Beam, an innovative device, that helps to solve the problem of late diagnosis of breast cancer.

Agbaohwo said that the personal experience of her mother’s battle with breast cancer motivated her to take action and contribute positively by creating a device that could potentially help others in similar situations.

According to her, participating in the competition and winning proved to be a turning point for her.

The vertinary doctor explained that the support and guidance she received from the bank’s innovation team were instrumental in refining her business idea and preparing her for the challenges ahead.

She noted that the pre-pitch event with the master class provided her with valuable insights and skills needed to align her concept with industry standards and demands.

The grand scale edition will be executed over a six-month period, touring 10 universities across Africa and challenging the youth to pitch unique, innovative and practical Digi-Tech solutions.

This is to positively impact the acceleration of progress, development and prosperity not just in Nigeria but across the African continent. (NAN)

Edited by Olawunmi Ashafa

By Grace Alegba

3T Impex Trade Academy, a trade consulting firm, on Saturday, identified critical skill gaps within Nigeria’s banking sector that were hindering the country’s export trade volume and economic progress.

These skill gaps were identified in the academy’s 2024 survey, titled, “Nigerian Trade Finance Skill Gap Assessment Survey”, which was unveiled in Lagos.

Dr Bamidele Ayemibo, Lead Consultant, 3T Impex Consulting Ltd., during the presentation of the survey, shared insights gathered from 716 banking professionals across 21 banks nationwide.

“This landmark survey has laid bare the existing skill gaps and challenges faced by professionals in the trade finance domain within the Nigerian banking industry,” he said.

Key findings from the survey highlighted significant challenges, including training deficits among 50 per cent of bankers, with only 12 per cent possessing trade certifications in trade services units.

Also, 38 per cent of bankers identified knowledge gaps as a major obstacle in managing international trade operations and financing, while 65 per cent demonstrated experience and knowledge gaps.

Ayemibo emphasised the impact of these skill gaps on banks and Nigeria’s overall trade volume, stressing the urgent need for targeted interventions to address these challenges.

He said that the lack of expertise affected banks and impacted Nigeria’s overall trade volume, which was lagging behind other developing countries with similar or even smaller populations like South Africa.

“The repercussions of this knowledge gap are manifold. Banks, which are pivotal in facilitating international trade transactions, face heightened financial risks due to inadequate understanding of payment methods, trade finance, and risk management.

“This lack of expertise may lead to inaccurate credit assessments. potential defaults and financial losses, thereby compromising the stability and profitability of banks and shaking confidence in the financial system.

“Moreover, inefficiencies in trade documentation, compliance, and understanding of trade rules can result in delays, errors, and non-compliance with regulatory requirements.

“Such shortcomings can tanish the reputation of banks and discourage foreign businesses from engaging in trade with Nigerian counterparts, further dampening the country’s trade prospects,” Ayemibo cautioned.

He further explained the importance of immediate action through tailored training programmes, curriculum enhancements, and policy interventions.

“Bridging these gaps is crucial not only for the growth and competitiveness of Nigerian banks but also for the overall economic development and prosperity of Nigeria,” he said.

Speaking with newsmen, Ayemibo underscored the necessity of a holistic approach to skill gap bridging, aligning banker training with monetary and fiscal policies.

He also emphasised the need for government support in export training to reduce the increasing ignorance of export opportunities among Nigerians, thereby stimulating mass job creation and economic growth.
He stated: “Ignorance of export among Nigerians was also increasing the “Japa” Syndrome, and the government can intervene with supporting export trainings for mass job creation and economic boost.

“There is a very serious need for the fiscal side to begin to consider export readiness for training the citizens, particularly those that have the capacity to be able to produce for export.

“Now the exchange rate is coming down. We need to sustain this tempo by increasing the number of exports.

“This means building capacity and growing the number of exporters in the country.”

Mr Gabriel Idahosa, President and Chairman of the Council at the Lagos Chamber of Commerce and Industry (LCCI), emphasised the significance of balanced trade for Nigeria’s economic prosperity.

“A trade becomes balanced when we are importing and exporting. If as country we are only importing and we are not exporting, then we can never have a balanced trade,” he said.

He advocated regular exports of Nigerian goods, services, culture, and tourism to spur mass employment and increase foreign exchange reserves.
He commended the management of 3T Impex Trade for its contributions to the specialised training.

Akin Morakinyo, Registrar, Chartered Institute of Bankers of Nigeria (CBN), who explained principles of trade balance, highlighted the importance of capacity building on the national development.

He also commended the academy for the survey, while pledging CIBN’s commitment and support to effort on capacity building.

The News Agency of Nigeria (NAN) reports that after unveiling the “Nigerian Trade Finance Skill Gap Assessment Survey”, certificates were presented to the academy’s graduands. (NAN)

Edited by Olawunmi Ashafa

By Rukayat Adeyemi

Zenith Bank Plc says its total assets grew to N20.368 trillion for the year ended Dec. 31, 2023.

Mr Michael Otu, the Company Secretary of Zenith Bank, said this in the bank’s audited results for the year ended Dec. 31, 2023 sent to the Nigerian Exchange Ltd. (NGX) in Lagos.

This represents an increase of 65.78 per cent when compared to N12.286 trillion recorded in the same period of 2022.

The bank’s Profit Before Tax (PBT) increased by 179.63 per cent in the year ended 2023 to N795.962 billion, compared to N284.65 billion recorded in 2022.

Its Profit After Tax (PAT) for the year under review stood at N676.909 billion as against N223.911 billion posted in the previous year, representing an increase of 202.31 per cent.

Also, the bank’s gross earnings, which closed at N945.554 billion in the 2022 financial year, rose to N2.131 trillion as at Dec. 31, 2023, indicating an increase of 125.35 per cent.

The bank’s total liabilities rose to N18.045 billion during the year under review, representing an increase of 66.06 per cent, against N10.906 billion posted in year 2022.

Meanwhile, its Board of Directors has proposed to pay shareholders a total dividend per share of N3.50 from the retained earnings accounts as at Dec. 31, 2023.

The dividend will be presented for ratification by the shareholders at the next Annual General Meeting (AGM) of the bank.

The directors said the payment of dividends is subject to witholding tax rate of 10 per cent in the hands of qualified recipients. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa and Emmanuel Afonne

By Rukayat Adeyemi

Guaranty Trust Holding Company Plc (GTCO) has reported a Profit Before Tax of N609.3 billion for the financial year ended Dec.31, 2023.

This represents an increase of 184.5 per cent over N214.2billion recorded in the corresponding year.

The group announced this in its audited financial statements for the year ended Dec. 31, 2023, sent to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE) in Lagos.

GTCO’s loan book (net) increased by 31.5 per cent from N1.89 trillion recorded as at December 2022 to N2.48 trillion in December 2023.

The group’s deposit liabilities grew by 63.7 per cent, from N4.61 trillion posted in the year ended 2022 to N7.55 trillion at the close of year 2023 business.

The holdings balance sheet remained well structured and resilient with total assets and shareholders’ funds closing at N9.7 trillion and N1.5 trillion, respectively.

Also, the Full Impact Capital Adequacy Ratio (CAR) closed at 21.9 per cent, while asset quality was sustained.

The International Financial Reporting Standard (IFRS) nine stage three loans improved to 4.2 per cent in December 2023 from 5.2 per cent recorded in December 2022.

However, Cost of Risk (COR) closed at 4.5 per cent  from 0.6 per cent in Dec. 2022, as a result of worsening macros, which caused significant increase in Expected Credit Loss ( ECL) variables.

Commenting on the results, the Group Chief Executive Officer of GTCO, Mr Segun Agbaje, said the challenging operating environment of 2023 truly tested the business model put in place for the holding company, for both its banking and non-banking business verticals.

Agbaje stated that harnessing the group’s synergies yielded a strong performance and allowed the company to strengthen its foothold in banking.

He explained that GTCO also built viable and resilient businesses of HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers.

“Also important to our success is our relentless obsession with innovation and offering great customer experiences, as demonstrated by the successful redesign and upgrade of our mobile banking application, GTWorld.

“In a landscape characterised by evolving regulatory reforms, global uncertainties, and heightened competition, we have continued to leverage our inherent strengths and capabilities to unlock significant value.

“Creating more opportunities for the businesses and individuals we serve.

“As we navigate the challenges and opportunities that lie ahead, we are confident that our robust underpinnings and focus on flawless execution will continue to drive sustainable growth across all our operations and deliver long-term value for our stakeholders,” he said. (NAN)

Edited by Olawunmi Ashafa

By Grace Alegba

The Chartered Institute of Bankers of Nigeria (CIBN) has announced a historic net operating surplus of N1.37 billion for 2023, marking a significant growth from the N837.94 million recorded in 2022.

Its President, Dr Ken Opara, revealed this achievement during the institute’s Annual General Meeting (AGM) on Saturday in Lagos.

He said the net operating surplus, which was above one billion Naira earmarked for 2023, represented a 63.60 per cent growth.

The president, who also coordinated and chaired the annual general meeting, reeled out his achievements in ICT, revenue drive, capacity building, legacy projects, and support in ongoing economic policy reforms in Nigeria, among others.

“I am particularly delighted that our institute continued to wax stronger financially, notwithstanding the economic downturns and headwinds in the year 2023.

“It is on record that our institute for the first time crossed the one billion Naira mark by achieving a Net Operating Surplus of N1.371 billion in 2023 when compared with N837.943 million achieved in 2022, representing a growth of 63.60 per cent.

“Similarly, total revenue grew from N2.065 billion recorded in 2022 to N2.782 billion in 2023, representing 34.72 per cent growth, while total assets grew from N7.821 billion in 2022 to N9.119 billion in 2023.

“The cost-to-income ratio for the year ended December 31, 2023, stood at 50.72 per cent, down from 59.41 per cent in the corresponding period in 2022. This ratio is way below the approved Governing Council threshold of 61 per cent for the 2023 financial year.

“I am persuaded that with prudent and efficient management of resources, as well as diligent execution of our strategic plan, our institute will sustain this northward trajectory,” he said.

Opara, who took over leadership in May 2022, also announced a planned road show to flag off the collaboration with Pan-African Payment and Settlement System on April 25 in Lagos to promote exportation.

He explained how his administration, through teamwork, left indelible marks in the banking industry in an era characterised by disruptions, volatility in the economy, and other turbulence.

Opara, also the Chairman of Council, CIBN, explained youth engagement initiatives aimed at checkmating mass migration of the nation’s young professionals out of the country to other advanced economies.

He thanked CIBN members, stakeholders, family and friends for their support that ensured the success of his tenure.

The National Treasurer of the Institute, Mrs Mojisola Bakare-Asieru, represented by Mr Dele Alabi, second Vice President, presented the 2023 audited financial statements.

The external auditors, Rosewater Partners, after the presentation of facts and figures, affirmed that the financial position of the CIBN was in agreement with the book of accounts.

The Chairman of the CIBN Audit Committee also affirmed that the accounting and reporting policies of the institute were in accordance with legal requirements and ethical practices

The News Agency of Nigeria (NAN) reports that Prof. Pius Olanrewaju was elected as the new President of the institute, along with other elected officers for the 2024-2026 tenure.

The results of the 72-hour electronic voting election was announced during the AGM by Mrs Caroline Anyanwu, Chairperson of the CIBN Election Committee at Bankers House in Lagos.

The new president-elect was the immediate past First Vice President of the institute.

Olarenwaju, in his acceptance speech, described the outgoing president as “a great leader” who had positioned the institute on a path for growth and greatness.

He thanked the leadership and members of the institute while promising to build on the legacies of Opara, his predecessor, in office.

He promised to unveil his agenda during his inauguration at an investiture programme scheduled for May. (NAN)

Edited by Olawunmi Ashafa