Business

Heritage Bank, others canvass adequate Agric Financing for finance services repositioning

Published

2 years ago

September 26, 2022

AJAGBE ADEYEMI TESLIM

Sponsored by: H&H

Heritage Bank Plc has affirmed that adequate agricultural financing is critical in defining Nigeria’s trade competitiveness, which guarantees sustainable agricultural systems, generates foreign exchange – a critical aspect that equips the financial sector to respond to changing market requirements and address critical sector needs for global competitiveness.

The Executive Director of Heritage Bank Plc, George Oko-Oboh disclosed this, during the Chartered Institute of Bankers of Nigeria’s (CIBN)15th Annual Banking and Finance Conference, tagged: “Repositioning the Financial Services Industry for an Evolving Global Context” in Abuja.

He disclosed that Heritage Bank has been at the forefront of financing Agric value chains that have upped its competitiveness in the global market and helping to boost local production, conserve scarce foreign exchange and enhance food security, and ultimately result in the creation of hundreds of new jobs.

According to Oko-Oboh, the bank’s involvement in the sector dated back to many years ago and it has always been at the forefront of ensuring overall growth and development of commodities products in Nigeria. For these feats, Heritage Bank disbursed the CBN’s N41billion intervention in wheat production in Nigeria for commodity associations and anchor companies.

“We have continued to create market linkages between smallholders’ farmers and Anchors/Processors, create an ecosystem that drives value chain financing, improve access to credit by the smallholders’ farmers by developing credit history through the scheme and many more.

“As a Bank, we partnered CBN and other stakeholders such as wheat farmers association of Nigeria, wheat farmers, processors and marketers’ association of Nigeria, Lake Chad Research Institute and other development partners, flour mills of Nigeria and several seed companies and others to support over 100,000 farmers in wheat production.

“Also, Heritage Bank further factored consideration of value addition of financial services and products flowing to and/or through value chain participants to address and alleviate constraints to growth that have distorted product financing, receivables financing, physical-asset collateralization, risk mitigation products and financial enhancements,” said the executive director.

Also, the Chairman, Union Bank of Nigeria Plc, Farouk Gumel has said Nigerian banks must invest in modernising agriculture, helping it to be more resilient, more dynamic and better able to adapt for the banking sector to favourably compete in the evolving global context. “Modernisation means much more than technology alone. It is also about farming techniques, he said.

Gumel noted, “to reposition the industry for a ‘Glocal context, we need also to look more inwards,” saying repositioning is not an option. It is a necessity Nigerian has begun an agricultural renaissance over the past seven years. To be truly Glocal, we must commit the same resources and investments to rural-local customers as we have done to urban global clients.”

He agreed that the local players must keep an eye on what global happenings to stay in tune with international best practices, while asking that local/rural farmers should never be forgotten.

President/chairman of council for CIBN Dr. Ken Opara said the financial services industry needs to adapt to much faster pace of change in advancement in technology and innovation, saying services, products, and technologies that were new and useful in the past will not necessarily be so soon.

Opara said advancement in technology and innovation is bringing about another wave of revolution that will change the landscape of the financial services sector more than ever.

Business

UBA Champions Youth Empowerment through Graduate Programme, Employs 398 Across Africa.

Published

20 hours ago

May 3, 2024

august24admin

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

African’s Global Bank, United Bank for Africa (UBA), held the second edition of its expanded Graduate Management Acceleration Programme (GMAP) class of 2024, where 398 young Africans were inducted into the UBA Tribe after a rigorous six-month hands-on-work and learning experience.

The event, which was held in a grand ceremony in Eko Hotel, Lagos on Thursday, was graced by esteemed guests, the UBA management, faculty members, mentors, and the graduating cla

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Africa’s Global Bank, United Bank for Africa (UBA), held the second edition of its expanded Graduate Management Acceleration Programme (GMAP) class of 2024, where 398 young Africans were inducted into the UBA Tribe after a rigorous six-month hands-on-work and learning experience.

The event, which was held in a grand ceremony in Eko Hotel, Lagos on Thursday, was graced by esteemed guests, the UBA management, faculty members, mentors, and the graduating class.

The graduands are from six African countries, including Nigeria, Ghana, Cameroun, Kenya, Tanzania and Zambia.

Addressing the gathering, UBA’s Group Chairman, Tony Elumelu, who congratulated all the graduates, expressed profound pride and admiration for their success having completed the intense capacity-building programme, combining learning with on-the-job training experience, garnered while rotating across several departments and units in the bank.

Elumelu took time to highlight the bank’s passion for youth empowerment in Africa, while bridging the unemployment gap, which according to him, remains one of the greatest challenges of the continent.

“For me these young UBA Graduates are a testament to who we are: a truly pan-African Group, that invests in African talent.This milestone is more than just numbers. It signifies UBA’s commitment to youth empowerment. Unemployment is the greatest challenge we face – a tragic and cruel betrayal of a generation. We know governments alone cannot create all the jobs we need – so it is up to us, the African private sector, to partner our government in improving lives and livelihoods. This is Africapitalism, and it is gratifying to see UBA play its part. UBA is dedicated to creating a positive impact, through the GMAP programme UBA is creating employment, boosting economic growth, and transforming lives across Africa,” Group Chairman said.

Continuing, he said, “At UBA, identifying these young ones, bringing them to the centre, training them, equipping them for the future and the task ahead, not just for a career in UBA, but wherever they end up remains our passion, because this is how we play our role as a Pan-African bank, in helping to empower the next generation, which is the African youth. We are helping to create employment and this for us is our driving force.”

Earlier in his speech, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, commended the graduating class for their unwavering commitment and emphasized the program’s role in cultivating the next generation of UBA leaders.

“Your dedication, resilience, and unwavering commitment have been nothing short of inspiring. Each of you has demonstrated the qualities of a true UBA ambassador, and today, we celebrate not just your achievements but also the collective strength of our UBA family.

While recognizing the invaluable support extended by families and friends, the GMD said, “Let us take a moment to express our deepest appreciation for their steadfast support as the invaluable support of your families and friends throughout this journey. Their love, encouragement, and understanding have undoubtedly played a pivotal role in your success.”

UBA’s Group Head, Human Resources, Modupe Akindele, said the bank remains committed to nurturing talent and leadership within the organisation. She noted that the GMAP programme, which marked its second graduation will be a continuous initiative, as it culminates an intensive journey towards leadership excellence.

“Already, the programme has graduated over 1,100 graduates, that is about 700 in 2023 and now we have 398 graduates. The fact remains that at UBA, we believe in equal opportunity for all, regardless of age, tribe, gender, or background; and so, we will continue to pursue our dream to nurture these young ones to their full potential,” she added.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touch points, in 20 African countries and across 4 continents.

With presence in the United States of America, the United Kingdom and France and more recently the United Arab Emirates, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

Picture 1: l-r: Group Deputy Managing Director, Muyiwa Akinyemi; Group Head, Human Capital Management, Modupe Akindele; Group Managing Director/CEO, Oliver Alawuba; Group Chairman, Tony Elumelu; Group Head, Customer Experience, Michele Nwoga; Executive Directors, Ugo Nwaghodoh and Alex Alozie flanked by graduands of Graduate Management Accelerated Programme(GMAP) of United Bank for Africa(UBA), held in Lagos on Thursday

Picture 2: l-r: Group Deputy Managing Director, Muyiwa Akinyemi; Group Head, Human Capital Management, Modupe Akindele; Group Managing Director/CEO, Oliver Alawuba; Group Chairman, Tony Elumelu; Group Head, Customer Experience, Michele Nwoga; Executive Directors, Ugo Nwaghodoh and Alex Alozie flanked by graduands of Graduate Management Accelerated Programme (GMAP) of United Bank for Africa(UBA), held in Lagos on Thursday

Picture 3: l-r: Group Treasurer, Stephen Amangbo(1st from Left) ; Executive Director, Alex Alozie(3rd from left); Group Deputy Managing Director, Muyiwa Akinyemi(5th from left); Group Chairman, Tony Elumelu(middle); Group Managing Director/CEO, Oliver Alawuba(9th from left); Executive Directors, Ugo Nwaghodoh(11thfrom left); Group Head, Human Capital Management, Modupe Akindele(12 from left); and Company Secretary, Bili Odum, flanked by graduands of Graduate Management Accelerated Programme(GMAP) of United Bank for Africa(UBA), held in Lagos on Thursday

Business

Access Bank Advocates for Innovative Financing Models to Realise SDGs

Published

23 hours ago

May 3, 2024

august24admin

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

At the 2024 Medic West Africa Event, organised by ABCHealth in collaboration with Informa Markets, Access Bank reaffirmed its dedication to fostering positive transformation in healthcare across Africa.

L-R: Mories Atoki, Chief Executive Officer, ABCHealth; Jane Ike-Okoli, Head of Specialised Sectors Business & Commercial Banking, Stanbic IBTC; Ralph Opara, Group Head, Commercial Banking Division (Lagos 2), Access Bank PLC; Odunayo Sanyo, Executive Director, MTN Foundation; Ibironke Akinmade, Group Head, Health Finance, Sterling Bank, and Zouera Youssoufou, MD/CEO, Aliko Dangote Foundation at the 2024 Medic West Africa Event hosted by ABCHealth in partnership with Informa Markets in Lagos…recently.

The event, which served as a platform for stakeholders across industries deliberate on the theme ‘Healthcare Investments in Africa: Mobilizing the Private Sector to Drive Healthcare Investments in Africa,’ aimed to chart a path through which corporates can leverage innovative financing models and strategic partnerships in fostering the achievement of the United Nations Sustainable Development Goals.

The discussions also explored strategies for strengthening healthcare infrastructure, leveraging technological advancements, as well as enhancing community health initiatives.

Lending his voice to the conversation, Ralph Opara, Group Head, Commercial Banking Division at Access Bank Plc, stressed that, “The government can’t carry the burden of the health sector alone. Hence, it is imperative that the private sector explores and implements innovative financing models and strategic partnerships to bridge the healthcare investment gap.”

Opara noted that collaborative effort between the public and private sectors is not only crucial but essential to driving innovation, improving healthcare accessibility, and ensuring sustainable development across the continent.

Walking the talk on partnerships, Access Bank partnered with the Private Sector Health Alliance of Nigeria (PSHAN), to launch the Adopt-A-Health Facility Program (ADHFP) with the primary aim of delivering, at least, one global standard Primary Healthcare Centre (PHC) in each of the 774 Local Government Areas (LGAs) in Nigeria. So far, the initiative has resulted into over 180 PHCs adopted across the country.

Other notable participants at the event include Mories Atoki, CEO, ABCHealth; Jane Ike-Okoli, Head of Specialised Sectors Business & Commercial Banking, Stanbic IBTC; Odunayo Sanyo, Executive Director, MTN Foundation; Ibironke Akinmade, Group Head, Health Finance, Sterling Bank, and Zouera Youssoufou, MD/CEO, Aliko Dangote Foundation.

Business

Transcorp Hotels Breaks All-time Revenue Record in Q1 2024, Achieves 844% PAT Growth

Published

24 hours ago

May 3, 2024

august24admin

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Transcorp Hotels Plc, the hospitality subsidiary of one of Africa’s leading, listed conglomerates Transnational Corporation Plc (Transcorp Group), has sustained its remarkable financial performance as shown in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024.

The company recorded a 72% increase in revenue to N13.8 billion compared with N8 billion reported in Q1 2023.

Highlights of Transcorp Hotels Q1 2024 Results
Q1 2024 RevenueN13.8 billion, up 72%, in comparison with N8 billion reported in Q1 2023.

Profit before Tax rose by 568%, amounting to N6 billion in Q1 2024, compared to N911.6 million during the same period last year.

Profit after Tax grew by 844 % year-on-year to N5 billion in Q1 2024, compared to N531 million in the same period last year.

Occupancy grew to 82% in Q1 2024, up from 75% in Q1 2023.

Commenting on the Q1 results, Oluwatobiloba Ojediran, the Chief Financial Officer said, “This outstanding performance highlights the continuous improvement we have recorded in all parts of our business, and how our operational efficiency has given us a competitive edge.

We have continued to break our own revenue records and outperform industry performance on all indices”.
Transcorp Hotels Plc Managing Director/CEO, Dupe Olusola said, “Our excellent first quarter performance marks the beginning of another great year for our company.

We broke our all-time monthly revenue record in March, a demonstration of our commitment to excellence and superior performance.

We leveraged opportunities across our segments for continuous growth. Demand in our International Business Travel and leisure segments remained strong in Q1 2024, delivering an industry-leading revenue per available room (RevPAR) growth of 74% and profit growth in excess of 844%”.

“We assure our stakeholders that we will continue to deliver exceptional value and leverage innovative tactics to rapidly expand our business portfolio.”

About Transcorp Hotels Plc
Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies with strategic investments in the power, hospitality, and energy sectors.

Transcorp Hotels is redefining hospitality standards in Africa through its businesses, including the iconic Transcorp Hilton, Nigeria’s flagship hospitality destination, and digital platform, Aura by Transcorp Hotels. www.transcorphotelsplc.com