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70 Win Cash Prizes in Stanbic IBTC Bank Reward4Saving December Draw

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Stanbic IBTC Bank ATM

By Modupe Gbadeyanka

The December 2023 draw of the Stanbic IBTC Bank’s Reward4Saving Promo produced 70 additional winners, a statement from the financial institution has disclosed.

Stanbic IBTC Bank introduced the Reward4Saving promo in 2021 to encourage customers to save for rainy days.

Customers who deposit at least N10,000 in their Stanbic IBTC Bank Savings Account or @ease wallet for a minimum of thirty days, qualify for the draws.

The campaign, currently in its third season, runs till August 2024 and will reward seven customers with N2 million each across seven regions in its grand finale draw.

At the December draw, the Head of the Middle Markets and Youth Segment at Stanbic IBTC Bank, Ms Layo Ilori-Olaogun, applauded the commitment of participants and winners and urged them to continue the discipline of saving.

“The Reward4Saving Promo, now in its third season, is excited to have completed four monthly draws and one quarterly draw; rewarding 287 customers with N35 million.

“As a people-driven financial institution, we are delighted to hear past winners share testimonies of how this initiative has immensely decreased their financial burden.

“At Stanbic IBTC Bank, we prioritise putting our customers’ matters first, which is evident in our high customer retention and loyalty,” she said.

Speaking further, Ms Ilori-Olaogun said, “In the months preceding the finale, 70 customers will each be rewarded with N100,000 in the monthly draws; while seven customers will win N1 million in the quarterly draws. Existing and new customers are urged to keep saving to boost their chances of winning.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Banking

CBN Eyes FX Inflows from Nigerians Abroad With New Account Packages

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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.

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Banking

GTCO’s N209bn Raise Sets Foundation for Accelerated Development—Agbaje

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Segun Agbaje GTCO

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).

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Fidelity Bank Donates Maternity Kits to Pregnant Women in Lagos

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Fidelity Bank Saturday banking

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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