FBN Holdings Plc has announced its unaudited results for the half year ended June 30, 2022 with a gross earnings of N359.
The company stated this in a statement on Friday in Lagos.
The gross earnings indicated an increase of 22.
4 per cent when compared with N293.
4 billion recorded in the preceding period of 2021.
It also recorded a profit before tax of N65.
7 billion from N45.
2 billion achieved in the corresponding period of 2021, an increase of 45.
3 per cent.
The company’s profit for the period stood at N56.
5 billion against N38.
1 billion posted in the comparative period of 2021, representing an increase of 48 per cent.
Commenting on the result, the Group Managing Director, Mr Nnamdi Okonkwo, said that the company demonstrated resilient performance despite the challenging operating environment.
“FBNHoldings continues to demonstrate resilient performance despite the challenging operating environment with an impressive improvement in revenue and profitability.
“For the half year 2022, gross earnings and profit before tax grew by 22 per cent y-o-y and 45 per cent y-o-y to N359.
2 billion and N65.
7 billion respectively.
“Furthermore, we continue to see good progress across our performance metrics, which remain in line with our focus on driving sustainable growth.
“The Group remains committed in its transformation drive, which has resulted in stronger balance sheet and better asset quality with non-performing loans closing at 5.
4 per cent at H1 2022.
“Similarly, risk management capability remains robust across the Group supporting the drive for enhanced earnings for sustainable capital accretion,” Okonkwo said.
He said that the company would continue to deliver sustainable value to its stakeholders.
“Our strategic intent remains unchanged in optimising opportunities that drive growth in revenue, profitability, capital accretion and overall operational efficiency that delivers sustainable value to our stakeholders,” Okonkwo said.
Also speaking, Dr Adesola Adeduntan, the Chief Executive Officer of First Bank of Nigeria Ltd., said that the commercial banking group remained focus on executing key initiatives to position the Group for improved profitability in FY2022, amidst a challenging operating and dynamic regulatory environment in H1 2022.
“Our half-year results further reinforced our drive toward our ‘Quantum Profitability Leap’ agenda.
Our gross earnings are up 22.
6 per cent y-o-y to N338.
5 billion and net interest income up 49.
3 per cent y-o-y to N152.
9 billion, respectively.
“On the back of the impressive growth recorded in our top line, our profit before tax recorded a strong growth of 40 per cent y-o-y to N60 billion.
“Profit after tax also grew by 42.
3 per cent y-o-y to N53.
3 billion as the bank continues to reap the dividends of the successful restructuring of its balance sheet and revamping of our risk management architecture.
“We continue to record progress in driving down our non-performing loan ratio which now stands at 5.
4 per cent at the end of H1 and we are on target to bring it within regulatory limit of five per cent by end of FY 2022,’’ he said.
Adeduntan expressed the confidence that the current momentum of generating impressive returns from the quality risk assets portfolio already created would be sustained.
“We will continue to strengthen our dominant digital banking capabilities in providing best-in-class services to all segments of our customers across all our footprints in sub-Sahara Africa and beyond,” he said.
First Bank of Nigeria Ltd. says its agent banking network, Firstmonie Agents, has collectively processed transaction volume in excess of one billion, amounting to over N22 trillion.
Mrs Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications, said this in a statement on Wednesday in Lagos.
According Ani-Mumuney, the financial services were carried out in 22 trillion transactions by over 180,000 Firstmonie agents spread across the 772 local government areas.
“Firstmonie Agents have been integral to bringing financial services closer to the underbanked and unbanked segment of the society.
“Our agent banking network provides convenient banking services that are easily accessible, thereby saving time and travel costs for individuals in the suburbs and remote environments with no access to financial services.
“Popularly referred to as the ‘Human ATM’, Firstmonie Agents are empowered to reduce the reliance on over-the-counter transactions while providing convenient personalised services.
“Amongst the services carried out by the agents include; account opening, cash deposit, airtime purchase, bills payment, withdrawals and money transfer.
“Through various empowerment and reward schemes implemented to put its Firstmonie Agents at an advantage to economically impact their immediate communities, whilst importantly having their business sustained,’’ she said.
Ani-Mumuney also said that the bank’s agent banking scheme remains a toast to Nigerians, irrespective of where they are in the country.
She said that one of the schemes, Agent Credit, launched in 2020, had helped the bank to provide credit facilities worth N238 billion to its Firstmonie Agents.
Dr Adesola Adeduntan, Chief Executive Officer, FirstBank said, “Since the relaunch of our agent banking scheme in 2018, our Firstmonie Agents have played a vital role in bridging the financial inclusion gap in the country.
“It has allowed many more people the ability to undertake various financial and business transactions in cost-effective ways, thereby saving a lot of time and money in travelling over long distances for basic banking services.
“We are delighted by the giant strides of our Firstmonie Agents in promoting financial inclusion.
“We commend them for their efforts in taking banking to the doorsteps of Nigerians, irrespective of where they are, in a very effective way,’’ he said.()
Sen. Ita Enang, a former Senior Special Assistant to President Muhammadu Buhari on Niger Delta Affairs, has rated the Buhari administration high on infrastructure development in Nigeria.
He said this during a facility tour of the Calabar-Itu-Ikot Ekpene Road with some journalists on Monday.
According to Enang, Buhari has shown commitment in completion of projects, especially Calabar-Itu-Ikot Ekpene Highway.
He said that the contract sum for the project was about N185 billion.
“Out of this, the SERMATECH Nig. Ltd has N79 billion, while Julius Berger has N54 billion and N52 billion to China Civil Engineering Construction Corporation (CCECC),” he said.
He said that the 87 kilometre road which linked Cross River, Akwa Ibom and Abia was being funded by the Nigeria National Petroleum Corporation (NNPC) through a tax credit at a cost N185 billion.
Enang, who inspected the project from the Mbak Obio Itam axis in Akwa Ibom to the Ayadehe Bridge, expressed hope that Buhari would inaugurate it before leaving office in 2023.
“We are anxious that Mr President is committed to delivering most of the projects including this one, he is going to deliver the second Niger Bridge and this road is going to be a great part of it.
“We are working toward it; Mr President will personally inaugurate this road for Akwa Ibom, Cross River and Abia people.
“We are impressed by the work we see SERMATECH and the extent they have gone on the bridge and their relationship with the community,” Enang said.
On the issue of compensation, Enang said the Akwa Ibom and Cross Rivers Governments have shown commitment to paying the compensation to property owners on the road.
He urged the state governments to ensure that there were no delays in the road construction.
According to Enang, the President was addressing all challenges confronting the nation.
He urged the people of Akwa Ibom and all Nigerians to vote for All Progressives Congress (APC) candidates in the 2023 general elections “We are here telling the people of Akwa Ibom and Cross River that Buhari has delivered on his campaign promises on infrastructure and other key areas.
“We are having challenges on the economy and we are addressing it according to the world parameters.
We all know the price of crude oil and the level of inflation.
“The President is addressing all these challenges and we are urging Akwa Ibom people and all Nigerians to vote for APC in the 2023 general elections,” he said.
The site agent of SERMATECH Nigeria Ltd, Mr Joe Ukpata, said pilling and other work on four bridges on the road were at advanced stage and would be completed in 2022.
Ukpata said SERMATECH was in charge of 28.6 kilometres of the road, adding that for the section it was handling, the quality of work was okay.
“The longest bridge is 260 metres the piling work has been completed and we are moving to Ayadehe Bridge which is more than 50 per cent completed.
“We are sure that three of the bridges will be fully delivered this year, while the Calabar Bridge will be done during the dry season because piling work can only be done during the dry season.
“We are making sure that everything is quality, top notch as an indigenous company competing with giants.
We know that we will be easily assessed,” Ukpata said.
The Minister of Federal Capital Territory (FCT), Malam Muhammad Bello says N21.029 billion is needed to complete the rehabilitation of the National Assembly Complex.He disclosed this on Thursday during an oversight tour of some projects in the capital city by the Senate Committee on FCT.The minister while noting that the National Assembly Phase II popularly known as “the White House” was realised from 1996 to 1999 by ITB Nigeria Ltd added that no major rehabilitation works had been carried out on the building over the years.He said that the contract which was awarded on Dec. 30, 2021 for 16 months has a contract sum of N30, 229, 290, 830.35 while the amount paid was N 9, 200, 000, 000.“The commencement date is April 16 and is expected to be completed Aug. 15, 2023.The minister listed other priority projects embarked upon by the administration to include rehabilitation of Federal Secretariat complex, construction of southern park way from Christian Center to ring road.Others he said were the rehabilitation of expansion of Outer Southern Expressway, provision of engineering infrastructure for Wuye District, rehabilitation and expansion of Outer Southern Expressway Villa Roundabout and completion of B6, B12 and Circle Road in Central Area.He explained that the ministry gave some projects in the city priority over others due to scarcity of funds.“What we did was because of the scarcity of funds, we prioritised key infrastructure projects to get them completed.“And in deciding to the ones that fit into that category, we looked at the ones that will give the maximum benefit to the maximum number of people.“All the four projects we visited, you find that they are all road projects that are meant to link one section of the Abuja city to another and that is the whole idea.“The masterplan has been designed in such a way that they complement each other.“So if you finish one portion and you don’t do the other one, then you don’t get the full utility of that particular road.”Bello further said that it was the intention of the ministry that as the tenure of President Muhammadu Buhari’s administration rounds off, a number of projects would be completed.“Some of them we intend to develop them to a level whereby the next team should be able to do it.“Ultimately, the objective is to make Abuja a vibrant city; a city where people will feel comfortable; where there wouldn’t be traffic gridlock and where facilities will work.”He said that working together with the Senate, the ministry would be able to achieve the completion of the projects.Bello, however, said that running a mega city was a huge challenge noting that demographically, Abuja had changed tremendously.“So the main challenge is to be able to fast tract the provision of infrastructure at a pace that will be able to match with population growth.”Also speaking, Chairman Senate Committee on FCT Sen. Tolu Odebiyi, who led the committee members said:”what we have seen is quite impressive.“We believe that in the twilight of this administration, in the next month, it is important we catalogue all the projects that are being done and prioritise the ones that must be completed before the end of this term.“This is so that we can also make sure we provide the adequate funding and budget for it.“Their budget is going to be forwarded to us very shortly and it is important we come and see the state of the work and the completion rate of the programme before we take them on.“Like any other project, we will make sure all the projects that require priority are given the due attention like any other project.”(NAN)NewsSourceCredit: NAN
Mr. Mike Dada, President of All African Music Awards (AFRIMA) and Ms. Banke Lawal, Founder of BMPro Makeup Group, have emerged as Chairman and Vice Chairman of the creative and cultural committee of the Nigerian-British Chamber of Commerce (NBCC) .
Ms. Bisi Adeyemi, president of the NBCC, in a statement on Friday in Lagos, said the appointment is effective immediately.
Adeyemi said the chamber, with a mandate to explore opportunities in the Nigerian business world and economy, recently launched the creative and cultural group.
She said the group was launched to help harness the economic potential of Nigeria's creative industry.
Adeyemi said that the terms of reference for the creative and cultural sector group include fostering and creating a platform for collaboration among group members and fostering the growth of member organizations.
He added that the group took it upon itself to organize programs and events to showcase the diversity and strength of the creative sector and, in this regard, organize an annual "NBCC Creatives and Culture Day."
“Others include reviewing the impact of government policies on the sector and working with the advocacy committee to engage policymakers and brief members as appropriate, preparing position papers to support the chamber's interface with advocacy organizations.
public and private sector.
"I hope you will accept this responsibility, as it would provide the House with an opportunity to benefit from your wealth of experience, which I hope you will make available through your regular attendance at committee meetings," he said.
Adeyemi revealed that other members of the committee include; Mrs.
Atinuke Olashore of PJK Nigeria Ltd., Mr. Olafemi Olaniyan of Collageo Communications Ltd and Mr. Joseph Edgar, Duke of Shomolu.
Other members are Mr. Mathew Adigolo of Pureview Photography, Ms. Bisi Sotunde of Busy Bee Events, and Ms. Kiki Okewale of KO by Kikiokewale.
Dada, in his acceptance remarks, said that he and other members of the group are determined to fulfill the committee's mandate for the benefit of the two great countries, Nigeria and Britain.
He stated that the cultural and creative industry was capable of creating a considerable number of jobs, reducing poverty and bringing about peace if properly harnessed.
The Nigerian News Agency reports that Dada is a lawyer, a chartered public relations and marketing professional, as well as managing director of the group, Octopus Group Africa.
The NBCC is Nigeria's foremost bilateral chamber for promoting trade and investment between Nigeria and Britain since its inception in 1977.
The Nigerian petroleum industry on Wednesday in Abuja held a night of tributes for the departed Dr Mohammed Barkindo, the Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC).
The News Agency of Nigeria reports that Barkindo passed on in Abuja on Tuesday at the age of 63.
He was buried on Wednesday in Yola, Adamawa State, in accordance with Islamic rites.
Speaking at the ceremony which coincided with the 2022 Nigeria Oil and Gas (NOG) Award, Mr Mele Kyari, the Group Managing Director, Nigerian National Petroleum Company Ltd., said Barkindo’s demise was a shock to the industry.
Represented by Mr Adetunji Adeyemi, the Group Executive Director, Downstream, NNPC, Kyari prayed God to grant the family the fortitude to bear the loss.
Mr Mike Sangster, the Managing Director, TotalEnergies EP Nigeria Ltd., said the loss was for the family, the country Nigeria, the oil and gas industry and the world at large.
Sangster who was represented by Mr Charles Ebereonwu, the Country Communications Manager, TotalEnergies Nigeria, described Barkindo as a humble and hardworking man who made enormous contributions to the oil and gas industry.
“All we can do is to pray for the family for the fortitude to bear the loss and the Almighty God to grant his soul eternal rest,” he said.
Also, Mr Rick Kennedy, the Chairman, Oil Producers Trade Section (OPTS), described Barkindo as a true giant of the industry.
Kennedy said the contributions of the departed global energy leader could not be overemphasised, adding that his death was a huge loss to the sector.
On his part, Mr Osagie Okunbor, the Country Chair, Shell Companies in Nigeria, said Barkindo was an iconic figure in the oil and gas industry whose death came as a very rude shock to stakeholders.
Okunbor said OPEC was able to overcome multiple crisis due to his outstanding leadership, adding that he made Nigeria and Nigerians proud on the global stage.
In his tribute, Mr Simbi Wabote, the Executive Secretary, Nigerian Content Development and Monitoring Board, said Barkindo was a role model and someone worthy to be admired.
“He was the icon of our time. His death is a great loss to Nigeria. God knows best. When our time is up, there is nothing we can do.
“He has played his part and we can only continue from where he stopped,” Wabote said.
Mr Mike Sangster, the Managing Director, TotalEnergies EP Nigeria Ltd., says crude oil theft has become an organised crime which is costing Nigeria about $10 million daily in accrued revenue.
Sangster made the disclosure at the Nigerian Oil and Gas (NOG) conference and exhibition on Wednesday in Abuja.
The News Agency of Nigeria reports that he spoke during the industry leaders panel session on “The Future of Nigeria’s Energy Sector in the Petroleum Industry Act (PIA) Era.”
He noted that the PIA had made provision for the Host Community Trust Fund which was a step in the right direction to empower the local communities and ensure a clear and consistent framework across the industry.
Sangster said this would not put an immediate end to activities of crude oil thieves and pipeline vandals which had transcended into an organised crime and disrupting the operations of oil and gas companies.
He said that TotalEnergies had declared a force majeure on its OML 58 and had stopped production since Feb. 24 due to the vandalism of its oil and gas infrastructure.
Sangster said: “You can see some of the figures in the press! I mean, maybe it’s up to 100,000 barrels per day, which is being stolen.
“With crude oil selling even at $100 per barrel, that means it’s $10 million per day, which has been lost and mainly to the country because you know, NNPC have 60 per cent of most of the joint ventures and we pay tax at 85 per cent.
“That’s a huge loss for the country. So, I think it really needs to be a priority to look beyond the host communities and how we can address the crude safety and eradicate it once and for all.”
Sangster, therefore, urged the government and industry stakeholders to find a lasting solution to the issue of vandalism in order to make Nigeria an investment destination for oil and gas companies.
Also, Mr Rick Kennedy, the Managing Director, Chevron Nigeria Mid-Africa Business Unit, called the institutionalising of the PIA which would define a clear role for industry stakeholders going forward.
Kennedy, who is also the Chairman, Oil Producers Trade Section (OPTS), said traditional oil and gas businesses had a key role to play in Nigeria’s energy transition journey.
“We’re going to transition to more and more gas. I think that we have all agree with that. That’s our transition fuel and with time, other sources of energy. They’ll become economic, they’ll become readily available,” he said.
Kennedy said the transition would happen at different pace for different countries, adding that Chevron remains committed at present to its traditional oil and gas business.
Taraba State Government says it has begun sensitisation of Kakara community to the privitisation of the Karara Beverages, producers of the Highland Tea.
Mr Ezekiel Iliya, Chief Executive Officer (CEO), Taraba Investment and Property Development limited (TIPDL), stated this while addressing newsmen in Jalingo on Sunday.
The News Agency of Nigeria reports that the Kakara beverages Nigeria Ltd is located on the Mambila Plateau, in Sardauna LGA of the state.
Iliya said that the exercise was to educate the people of the benefits they would derive at the end of the sensitiisation.
He noted that the state government would own 30 per cent assets while the remaining 70 would be privatised.
The managing director stressed that the host community preferred foreigners to manage the company than Nigerian investors.
“We are happy that the host communities have welcomed the idea of the privatisation.
“They have told us that they are all happy with the development, because it is what is happening in the whole world today.
“Government is not selling the company to an individual as speculated.
“Nothing changes in the company, 30 per cent will be for government while 70 will be privatised.
” This will improve profitability, productivity, efficiency and job opportunities for the benefit of Tarabans.
He said government was proposing to privatise the company, to ensure proper and efficient management devoid of interference and bureaucracies.
Iliya urged the general public to disregard any rumours that Mambila Beverages (Nig) Limited belonged to a particular community.
According to him, these are rumours by mischief makers who aim at creating dissatisfaction and raising unnecessary tension amongst members of the public.
NAN recalls that the government had proposed the privitisation of Karara beverages, the producers of the Highland Tea to a private company.
First Bank of Nigeria Ltd. has announced the launch of the FirstGem fund (FirstGem loan) a single-digit loan scheme, targeted at female entrepreneurs.
Mrs Folake Ani-Mumuney, the bank’s Group Head, Marketing and Corporate Communications, made the announcement in a statement on Sunday in Lagos.
Ani-Mumuney said that the scheme was exclusively designed to put women at an advantage in contributing to the socio-economic development of the country.
She said, “we are delighted with the role our FirstGem product plays in creating an avenue to enlarge the business activities and endeavours of female entrepreneurs across the country.
“Our FirstGem value proposition offers real solutions to constraints encountered by female entrepreneurs and working professionals, as it exposes women to opportunities for the advancement of their business.
“We implore every female business-minded individual to take advantage of the FirstGem loan as it puts them at an advantage to contribute their quota to the national economy.”
Ani-Mumuney said the FirstGem loan scheme was designed for female-owned or partnered SMEs who were into processing and packaging, beauty and cosmetics, confectionaries, catering and restaurants, transportation (Logistics) and -allied (retail value chain).
She said that the FirstGem loan with an interest rate of nine per cent per annum was a collateral-free loan available to the bank’s existing and prospective female customers.
She said that based on eligibility customers could access loans from N500,000 to N3,000,000.
Ani-Mumuney said that FirstGem launched in 2016 had been impactful in driving financial inclusion, influencing women’s empowerment through gender-advancement programmes, financial literacy, wealth management and building an investment portfolio.
According to her, FirstGem is designed specifically to meet the needs of the female gender, aged 18 years and above.
She also said that the loan was targeted at a broad spectrum of women, working professionals, entrepreneurs or market women through an array of benefits such as free business advisory services.
She listed other benefits as access to finance, specialised training on business development initiatives, regular insights on opportunities and mouth-watering discounts at partner merchant outlets.
Ani-Mumuney urged female owned or partnered SMEs to visit the bank’s website to access the loan via https:.firstbanknigeria.-financing--.
She urged them to download and fill out the Retail Loan Application Form and submit the completed form to the nearest FirstBank branch with accompanying documents.
Nigeria’s oil and gas logistics company, INTELS Nigeria Ltd., has graduated 38 women under its Women Empowerment Project Scheme Synergy (WEPSS).
The General Manager, Legal and Corporate Services of the company, Mr Amaopusenibo Epelle, made this known in a statement in Lagos on Sunday.
WEPSS is a Corporate Social Responsibility (CSR) initiative of INTELS established in 2013 to empower 5,000 community women over a 20-year period through training in fashion designing and tailoring.
“The beneficiaries are trained in two batches every year. Since inception nine years ago, more than 1,540 women drawn from various communities across the country have benefited from the empowerment scheme,” said Epelle.
Speaking during the graduation ceremony of Class of 2022 Batch A, at the WEPSS Training Centre, Onne, Rivers, he said the scheme was designed to uplift the economic status of the beneficiaries.
“It is a joyous occasion to celebrate determined trainees who have succeeded in acquiring new skills to make a decent living.
“WEPSS is a special centre set up to equip women in the community with competent tailoring skills,” he said.
Also, the Manager, Government and Public Affairs of INTELS, Rex Asaikpuka, encouraged the beneficiaries to utilise the skills imparted in them during their training.
He said, “I encourage you to run with the baton. It took time and resources to facilitate this training and we have succeeded in equipping you with the skills and start-up kit to takeoff.”
The Project Manager of WEPSS, Nancy Freeborn, commended the management of INTELS for its commitment to the empowerment of women, promotion of Nigerian content and support for local communities despite the present economic challenges in the country.
She encouraged the beneficiaries to put their skills to adequate use and build successful careers and businesses that would generate employment opportunities for others.
Freeborn said the garments produced during the training period would be donated to charity.
A major highlight of the graduation ceremony was the presentation of start-up kits, which included an industrial sewing machine and a steam iron to Gift Osaro, who emerged as the best graduating trainee of the Class of 2022 Batch A.
Seven other beneficiaries also received various prizes for their outstanding performances.