Banking
30 Win N10m in Unity Bank Corpreneurship Challenge
By Modupe Gbadeyanka
Business grants worth N10 million have been given to 30 members of the National Youth Service Corps (NYSC) by Unity Bank Plc.
The funds were shared to the corps members by the lender through its flagship business plan competition known as Corpreneurship Challenge, which is in its 6th edition.
The Unity Bank Corpreneurship Challenge has been an avenue to support the fresh graduates from the various tertiary institutions across the country serving their fatherland.
Unity Bank is currently in 10 states of the federation where three winners each emerged from the Batch B Orientation. The winners emerged last week from Lagos, Ogun, Benin, Abuja, Akwa Ibom, Kano, Sokoto, Enugu, Osun and Kwara States.
As in the previous editions, the cash prizes included a N200,000 business grant for third place winners; a N300,000 business grant for second place and a star prize of N500,000 for the winners.
Some of the winners included Yahaya Muhammad, Alade Ayinde and Omolola Kehinde in the Kano NYSC camp, while Chiamaka Nweke, Nduke Oduobuk and Victoria Adesope emerged as the winners in the Enugu State camp.
In Lagos, Aliu Haira Abimbola, Uzoechi Ihuoma Augustus and Adesanolu Lukmon Abiodun emerged winners to claim the cash prizes.
One of the winners in Abuja, Ebingha Ogbe John appreciated Unity Bank for the opportunity, saying the initiative has helped her to showcase her business to the world.
“I thank Unity Bank for making my project, Mama’s Ally Crashfish to come alive in this Abuja,” she said.
The scheme continues to attract increasing interest among the corps members, as over 2000 applications were received but only 100 were shortlisted for the pitching sessions where the thirty winners emerged.
The contestants’ business plans which ranged from software solutions, fashion, fish production, poultry farming, bee farming, retail chains, piggery to beverages were assessed on originality, marketability, future employability potential of the product and knowledge of the business.
Speaking during the finale in the FCT NYSC camp, the Divisional Head, Retail, SME Banking and E-Business Directorate, Unity Bank Plc, Mr Olufunwa Akinmade, said the competition has proved to be a great tool for empowering fresh graduates in the country.
“The corpreneurship challenge is a creative entrepreneurial development initiative by Unity Bank in conjunction with the National Youth Service Corps, NYSC. It is aimed at driving job creation through entrepreneurship.
“With rising youth unemployment in the country, it is just common sense to consider the entrepreneurship alternative”
“As the corps members join the labour market after their youth service, not every one of them will get the opportunity for a paid employment. But with what Unity Bank is doing, many of them will get the support they need to start a small business and even become employers of labour.
“We encourage the corps members to take seriously the opportunity that the Unity Bank Corpreneurship has provided. And to those that have emerged as the winners today, we ask them to utilise their grants judiciously. Unity Bank remains committed to empowering the youth through initiatives such as this, as we know that the bedrock of the economy is entrepreneurship,” he said.
The Zonal Head, North West, Unity Bank Plc, Mr Mustapha Idris Baba, implored the winners to judiciously utilise the funds to support the business venture that got them the grant.
This edition follows the expanded Corpreneurship Challenge which started in the 5th edition in June this year. The programme looks set to expand nationwide, empowering corps members to explore entrepreneurship alternatives in the face of rising youth unemployment in the country.
Recall that Unity Bank started the Entrepreneurial Development Initiative in 2019, to specifically target corps members, as part of efforts to contribute to job creation in Nigeria. It continues to gain traction, growing bigger and better in grooming corps members having successfully run several editions of the scheme in partnership with the NYSC Skill Acquisition and Entrepreneurship Development (SAED).
Unity Bank has invested over N80 million in the initiative, which has now produced 58 winners since it was launched.
By Modupe Gbadeyanka
In its determination to help the government achieve a $1 trillion economy by 2030, the Central Bank of Nigeria (CBN) has introduced two account packages for Nigerians in the Diaspora.
The central bank tagged these account options as the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA).
In a circular signed by its acting Director for Trade and Exchange Department, Dr W.J. Kanya, the apex bank stated that the NRNOA allows account holders to remit their foreign earnings to the country and manage funds in both foreign and local currencies, while the NRNIA gives them the opportunity to invest in assets in Nigeria in either foreign or local currencies.
It explained that account holders may maintain both a foreign currency account of a local currency account or both to carry out their transactions or partake in diverse investment opportunities.
It stated that Nigerians abroad will have the opportunity to won any of the accounts from January 1, 2025, subject to meeting KYC requirements.
The CBN said it came up with these account products to improve access for non-residents to opportunities in the Nigerian economy and increased contribution of Diaspora community to the socio-economic developments of Nigeria.
According to the circular, account holders can use their accounts to participate in the country’s Diaspora bond and other debt instruments issued locally, specifically targeted at the Nigerian Diaspora or available to the investing public.
It said the accounts would also serve as a conduit for them to manage their funds directly in a safe and secure environment and reduce the reliance on third parties in meeting local commitments and obligations.
By Adedapo Adesanya
Guaranty Trust Holding Company (GTCO) Plc recently completed the raising of N209 billion out of its targeted N400.5 billion public offer in the ongoing recapitalisation efforts directed by the Central Bank of Nigeria (CBN) to create resilient banks amid rising external shocks in the global environment.
Speaking on this development, the chief executive of the firm, Mr Segun Agbaje, said the equity capital raising has set a strong foundation for accelerated development.
“We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise.
“The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities.
“This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s Banking and Non-Banking businesses,” the banker stated.
GTCO had launched a public offer of 9.0 billion ordinary shares of 50 Kobo each at N44.5 per share, with N209.41 billion realized, representing 52.3 per cent of the total offer size.
The offer garnered substantial interest from domestic retail investors, raised a total of N209.41 billion from 130,617 valid applications for 4.706 billion ordinary shares, fully allotted.
“This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors. This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base,” GTCO stated.
The announcement followed completion of the capital verification exercise conducted by the CBN and the approval of the basis of allotment of the offer by the Securities and Exchange Commission (SEC).
By Modupe Gbadeyanka
No fewer than 30 pregnant women at the Mushin Primary Health Centre in Lagos have received maternity kits from Fidelity Bank Plc.
The gesture from the financial institution is part of its efforts to support improved maternal health in the metropolis.
It was gathered that the items were given to the beneficiaries through the Fidelity Helping Hands Programme (FHHP), a Corporate Social Responsibility (CSR) initiative of the lender aimed at promoting staff involvement in community development under the Great Minds Inductees Class.
“The project was borne out of the need to support pregnant women by providing them with essential materials for a safe delivery,” the Divisional Head for Brand and Communications Division at Fidelity Bank, Mr Meksley Nwagboh, explained.
“Maternal mortality remains a significant public health challenge in Nigeria, with the country accounting for a substantial proportion of global maternal deaths.
“In fact, a 2023 United Nations report indicate that nearly 28.5% of global maternal deaths occur in Nigeria.
“This is an alarming statistic and as a bank given to improving the welfare of our host communities, we deemed it fit to support initiatives to address this challenge in the Mushin community with this donation,” he stated.
One of the beneficiaries, Mrs Mary Olusanya, expressed her heartfelt appreciation for the bank’s support.
“I appreciate Fidelity Bank for helping us. Many pregnant women cannot afford these kits, but this donation ensures that we can have safe deliveries and better healthcare,” she said.
The Medical and Health Officer for Mushin Local Government Area, Dr Kayode Odufuwa, said, “This intervention by Fidelity Bank will help reduce maternal mortality and encourage more women from less-privileged backgrounds to register for antenatal care.”
“On behalf of the Chairman of Mushin LGA, Mr Emmanuel Bamgboye, we want to express our heartfelt gratitude to Fidelity Bank for extending its donation of maternity kits to pregnant women at this centre.
“We appeal for continued collaboration with the Bank to further strengthen healthcare services within the area,” he stated.
On her part, the Apex Nurse and Deputy Director of Nursing Services in Mushin LGA, Mrs Bolanle Odunlami, said, “The donation is a much-needed relief for many mothers who are unable to afford essential delivery kits. Fidelity Bank has truly shown empathy by coming to the aid of our patients, and for that, we are extremely grateful.”
Business Post reports that through the FHHP, employees of the bank identify projects that benefit their immediate community and gather funds to implement them.
The bank’s management then matches this contribution with an equivalent amount and allocates it for the chosen projects.
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