Access Corporation, MTN Nigeria drive equity market to N607bn gain

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Nigerian equity market gained N607bn in market capitalisation in the past week, on the back of buying interest in large-cap stocks like Access Corporation and MTN Nigeria.

The All-Share Index appreciated by 1.06 per cent to close at 97,456.62, while the market capitalisation rose by 1.10 per cent to N56tn.

All other indices closed higher, except for the Growth Index, which saw a depreciation of 0.03 per cent, while the Alternative Securities Market Index remained flat.

The upward trend was driven by investor interest in major stocks, such as Access Corporation, which gained 2.39 per cent, and MTN Nigeria, which rose by 7.37 per cent.

Across various sectors, the performance was bullish, with gains recorded in consumer goods (1.47 per cent), insurance (1.59), industrial (0.17 per cent), banking (5.12 per cent), and oil & gas (two per cent).

In terms of activity, the financial services industry led the charts, accounting for 1.71 billion shares valued at N26.99bn traded in 19,277 deals, contributing 66.05 per cent and 52.71 per cent to the total equity turnover volume and value, respectively.

Following closely was the oil and gas industry, which saw 332.83 million shares worth N12bn traded in 9,956 deals.

The services industry ranked third with 146.189m shares valued at N530.544m traded in 3,404 deals.

During the week, 43,535 units valued at N13.476m were traded in 122 deals, up from the 23,881 units valued at N8.240m transacted in the previous week.

Overall, 52 equities appreciated, an increase from the 36 equities recorded in the previous week, as 31 equities saw price declines, compared to 46 in the prior week, while 68 remained unchanged, slightly lower than the 69 recorded earlier.

Meanwhile, the Federal Government’s savings bonds were listed on the Nigerian Exchange on September 12.

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Fidelity Bank Plc, a leading financial institution, has donated maternity kits to pregnant women in Aiyetoro, Yaba Local Council Development Area (LCDA) of Lagos State.

L-R: Mr. Tukwasi Onyechi, Class President, Crestcore Inductees Class, Fidelity Bank Plc; one of the beneficiaries; Dr. Oredein, Medical Officer of Health for Yaba Local Council Development Area (LCDA); and Mrs. Victoria Abuka, Team Lead, Corporate Social Responsibility, Fidelity Bank Plc; at the donation of maternity kits to pregnant women in Aiyetoro, Yaba Local Council Development Area (LCDA) of Lagos State recently.

This donation is part of the bank’s Corporate Social Responsibility (CSR) efforts under the Fidelity Helping Hands Program (FHHP).

The initiative, spearheaded by the Crestcore Inductees Class, underscores the bank’s dedication to supporting local communities. Through FHHP, Fidelity Bank Plc’s staff identify impactful projects in their communities and raise funds to support them. The bank’s management matches these contributions, amplifying their reach and impact.

The handover ceremony was held at Aiyetoro Primary Health Centre, Wright Street, Adekunle, Yaba. Dr. Meksley Nwagboh, Divisional Head of Brand & Communications at Fidelity Bank Plc, presented the maternity kits to the community.

Dr. Nwagboh highlighted the importance of the initiative, stating, “At Fidelity Bank, we recognize that ‘health is wealth,’ and without good health, it is difficult to pursue one’s dreams and aspirations. Unfortunately, financial barriers often prevent women from seeking crucial ante-natal care. This has been fingered as a leading cause of maternal mortality.

“That is why we are in the Aiyetoro Community today to provide essential maternity kits to economically disadvantaged expectant mothers. Our hope is that this donation encourages more women to attend ante-natal appointments.”

Receiving the items on behalf of the beneficiaries, the Medical Officer of Health for Yaba LCDA, Dr. S.O. Oredein, expressed gratitude on behalf of the community.

“Fidelity Bank has once again proven to be a bank that cares deeply about the well-being of the people. By providing these maternity kits, the bank is encouraging more expectant mothers to visit health centers, thus helping to reduce maternal mortality”, explained Dr. Oredein.

The donation of maternity kits in Aiyetoro LCDA, Yaba, falls under Fidelity Bank’s Health/Social Welfare CSR pillar. Other pillars in the bank’s CSR strategy include Education, Youth Empowerment, and Environmental Sustainability.

One of the beneficiaries, Sekinat Aderoju, expressed her joy, saying, “We are truly grateful for Fidelity Bank’s support. Receiving these maternity kits will ease the financial burden and help us prepare for safe deliveries.”

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer com­mercial bank with over 8.3 mil­lion customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards in­cluding the Export Finance Bank of the Year at the 2023 Business­Day Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provid­er Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Do­mestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Nigeria’s leading commercial bank and Africa’s most agile company, Sterling Bank Limited, has made history by migrating to what is believed to be the continent’s first ever indigenous core banking solution called SeaBaaS.

The implementation of SeaBaaS, developed by Peerless, marks the completion of a new banking system announced to customers in August 2024.

This strategic move positions Nigeria as a leader in digital banking, driven by local talent and cutting-edge technology.

Leveraging advanced data analytics and artificial intelligence, the system promises to enhance customer experience and operational efficiency, providing smarter, faster financial services.

Speaking on the achievement, Abubakar Suleiman, CEO of Sterling Bank, said SeaBaaS is the first fully developed core banking platform that is wholly built and owned by an African technology company.

He described the development as the start of a new revolution in Africa’s drive for economic self-sufficiency, noting that the intellectual property underpinning SeaBaas will be available to partners across the continent in the coming months.

For regulators, it ensures greater transparency, robust reporting, and compliance with evolving standards.

“Partnering with Peerless to create SeaBaaS is not just a milestone for us; it is a renewal of our resolve and ambition to remain a world-class organization. It is proof that African institutions can do great things that will make the world stand up and take notice of us,” said Suleiman.

“We are once again proving that the notion of Nigerian banking being one of the most technologically advanced is not just a myth, but a reality that is manifested in the quality of solutions we can develop, and services we can deliver to our customers.”

Suleiman explained that the transition to SeaBaaS represents many things to many people. “For the African banking industry, it is the continent’s first indigenously conceived and engineered core banking application, built and owned entirely by a Nigerian company, with every line of code, database configuration and interface proudly African, delivered by homegrown talent.

“For our customers, it offers faster transactions, enhanced security and innovative financial products tailored to their needs. For regulators, it ensures greater transparency, robust reporting and compliance with evolving standards.”

The bank’s CEO acknowledged the challenges faced during the implementation, stating that implementation issues had been resolved, with the institution’s full bouquet of digital banking services being restored in phases for customers’ use.

According to him, “This successful deployment reminds us that nothing truly valuable comes without challenges. While this transition has tested our systems and patience, it also reinforced our commitment to innovation and excellence. We enter this new phase confident that the migration will deliver unmatched efficiency and transformative customer experiences.”

He also pointed out the financial implications of the migration, noting that African banks collectively spend hundreds of millions of dollars annually on foreign core banking systems, which exacerbates the continent’s trade balance issues. The introduction of SeaBaaS not only sets a new benchmark for Nigerian financial services but also paves the way for a future where African institutions can reduce their technology costs, thereby enhancing financial inclusion, he said.

Sterling Bank’s migration to SeaBaaS adds to its history of being at the forefront of market-leading innovations. The bank pioneered Nigeria’s first contactless prepaid transport card (FarePay) and the first automated retail lending solution (Specta).

It has also partnered with state governments to deploy innovations like the first drone delivery system for pharmaceutical consumables with Zipline in Kaduna, and digitized medical records.