Banking
Ecobank Promotes Adire Textile to Boost Tourism, Culture in Africa
By Modupe Gbadeyanka
Ecobank Nigeria Limited has disclosed that its decision to promote the Adire textile is mainly to boost tourism and culture in Africa, especially now that the continent has commenced the implementation of the African Continental Free Trade Area (AfCFTA).
A few days ago, the lender organised the Ecobank Adire Lagos Experience. The event was a beehive of activities and funfair, with the influx of topflight exhibitors, government functionaries, culture enthusiasts, social media influencers, artists, local and foreign tourists, traditional rulers, diplomats, and members of the National Union Textile Garment Tailoring Workers of Nigeria (Adire sector).
The festival took place at the Ecobank Pan African Centre (EPAC) Lagos for three days.
Originating from Abeokuta, Ogun State, Adire textile is an indigenous indigo-dyed cloth made by using different wax-resist methods to create dazzling designs.
The Managing Director/Regional Executive of Ecobank Nigeria, Mr Bolaji Lawal, speaking at the event, said the support for Adire textile was a demonstration of the bank’s commitment to supporting MSME growth in Nigeria, stressing that the bank was impressed and motivated by the phenomenal success of the maiden edition held last year.
“We believe that through this event, we are showcasing the enormous potential of Adire clothes. If you look at what Ghana has done with kente and America with jeans, we want to promote Adire as a Nigerian clothing brand to the world,” he stated.
Speaking in the same light, Mr Kola Adeleke, an Executive Director of Commercial Banking, observed that the bank’s support was to connect the SMEs to the world and play in the AfCFTA landscape, stating that with the bank’s footprint in Africa and unified payment system, it was capable of taking adire to the world stage.
According to him, “Ecobank has the largest presence in Africa. We have a presence in 33 countries in Africa. That gives us the opportunity and advantage to connect African businesses across the continent.
“When you look at the impact we are making in the SME sector in the country, there is a need to deepen the opportunities in the market. Producing quality products will give our Nigerian producers the opportunity to sell their products to other Africans across the continent.”
Mr Adeleke observed that the bank’s support for Adire goes beyond exhibition and supporting the producers to play in the international market.
“Ecobank has a single market app which we have built. Our customers can onboard, and on the app; they can advertise their products. This app is accessible to other Africans across the continent. So, this is the kind of support that we are looking at beyond providing the normal financial advisory services but connecting entrepreneurs across the world.”
Mrs Korede Demola-Adeniyi, who is the Head of Consumer Banking at Ecobank, said the exhibition was part of the bank’s contribution to boosting the nation’s tourism, culture and creative industry using Adire as a key driver, adding that the bank was impressed with the turnout of high-profile exhibitors, vendors, dignitaries from different parts of the world.
“The bank is encouraged by the success of the maiden edition which took place last year. It is in line with our brand promise as a pan-African institution to promote culture and boost tourism on the continent.
“We are impressed with the patronage and interest shown by exhibitors and dignitaries from all walks of life.”
“The 3-day event also featured a series of masterclasses as well as networking opportunities with entrepreneurs, shoppers and everyone interested in the making or trading of Adire,” she said.
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.
By Aduragbemi Omiyale
The management of First Bank of Nigeria (FBN) Holdings Plc has assured that the boardroom crisis rocking the company would not affect its operations.
Recall that a group of shareholders with 10 per cent equity stake in the financial institution asked for an Extra-ordinary General Meeting (EGM) under section 215 (1) of CAMA for the removal of the chairman of the board, Mr Femi Otedola, and a non-executive/deputy chief executive of Geregu Power Plc, Mr Julius Omodayo-Owotuga.
They argued that Mr Otedola, who owns Geregu Power, was plotting full control of FBN Holdings by planting his loyalists on the board.
The aggrieved shareholders pointed out that the businessman was planning to take charge of the proposed private placement of N360 billion shares of the firm, accusing him of removing those he felt were blocking his way.
To calm nerves, FBN Holdings issued a statement on Thursday, informing its stakeholders that the crisis does not pose a threat to its services.
“This matter does not in any way impact the operations of the company, and all the businesses within the Group continue to provide uninterrupted services to its customers.
“We assure our valued customers, shareholders, investors, other stakeholders and the general public that we are taking all necessary steps to protect the interests of the company and its subsidiaries.
“The Group’s performance continues to improve, resulting in a higher market capitalisation even as we work towards surpassing the regulatory minimum capital well ahead of the deadline.
“In the meantime, the Registrar and Lead Issuing House are collating the returns from all receiving agents in respect of the company’s rights issue which closed on December 30, 2024.
“FBN Holdings and its subsidiaries remain committed to the highest level of corporate governance,” the notice signed by its scribe, Mr Adewale Arogundade, said.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN