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FBNQuest Targets Greater Value Creation as PBT Jumps 57.3%

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FBNQuest Merchant Bank

By Dipo Olowookere

FBNQuest Merchant Bank is not resting on its oars as it has another target for itself after meeting the previous goals set by the management.

On Friday, April 23, 2021, the investment banking and asset management subsidiary of FBN Holdings Plc held its 6th Annual General Meeting (AGM) in Lagos.

The gathering afforded the board and management to give an account of how the company faired in the 2020 fiscal year, which struggled due to the COVID-19 pandemic.

This health crisis caused the macro-economic environment in Nigeria to face headwinds, which plunged the nation into a recession for the second time in less than 5 years.

However, robust growth in key business lines, especially in fixed income trading, corporate banking and asset management supported the strong performance recorded by the organisation in the period under review.

In the year, FBNQuest Merchant Bank improved its profit before tax (PBT) by 57.3 per cent to N6.52 billion.

The Chairman of FBNQuest Merchant Bank, Mr Bello Maccido, while speaking at the AGM, commended the company for the strong performance.

He noted that the outlook for 2021 is anchored on three important pillars; optimisation, innovation and partnerships, adding that the FBNQuest aims to ensure greater value creation through a renewed people agenda, as well as innovation through the transformation of operations with a great focus on digital channels.

Mr Maccido further commended the continued commitment of the board members, management and staff to the growth of the organisation.

On his part, the Managing Director/CEO of the firm, Mr Kayode Akinkugbe, said, “The bank commenced a new three year-strategy cycle in 2020, having set clear objectives and aspirations founded on the premise of a temperate macroeconomic and operating environment.”

“We believe our 2020 performance reflects the effectiveness of the strategy, while our diversified business platform enabled us to withstand the shocks, remain competitive and mitigate downside risks posed to any single business line,” he added.

FBNQuest remains committed to delivering value to its clients and has consistently reported growth across all its businesses.

The firm was recently recognised for outstanding transactions delivered, receiving the Banker Deal of the Year Award for Africa for the Restructuring of the Sahara Power Group; the Debt Deal of the Year Award from the BusinessDay Banking and Other Financial Institutions Awards for the Refinancing Lagos State Government loan facility; and the Best Asset Manager (Nigeria) Award from EMEA Finance African Banking Awards. The firm was also honoured at the 2020 Great Place to Work® Awards as one of the Best Workplaces in Nigeria.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Banking

Heritage Bank Partners CBN, LCFE to Disburse N41bn to Wheat Farmers

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Heritage Bank Partners

By Modupe Gbadeyanka

Farmers in 14 states of the federation will soon receive N41 billion to grow wheat on about 111,025 hectares of land as part of efforts to expand the production of the crop in the country.

The money will be disbursed to the wheat farmers by Heritage Bank Plc in partnership with the Central Bank of Nigeria (CBN).

To make the programme seamless, Heritage Bank has commenced the registration of the farmers and this is done through the Lagos Commodities and Futures Exchange (LCFE).

The MD/CEO of Heritage Bank, Mr Ifie Sekibo, while addressing newsmen, expressed optimism that the scheme would help reduce the nation’s food import bill by increasing wheat production, create market linkages between smallholders farmers and anchors/processors, create an ecosystem that drives value chain financing, improve access to credit by the smallholder farmers by developing credit history through the initiative and many more.

Mr Sekibo who was represented by the Divisional Head, Agribusiness, Natural Resources & Project Development, Heritage Bank, Olugbenga Awe, stated that the partnership was basically to consummate Wheat Seed Multiplication Project under the CBN’s Brown Revolution Initiative, in order to ensure due diligence on loan administration, monitoring and recovery, which would bring about increase in the domestic production of wheat and close the wide supply gap in the Nigerian agricultural space.

“What we want to achieve is to end importation of seeds and make Nigeria self-sufficient in wheat production.

“We are working with about 30 firms focusing only on seed production and also working with CBN to make sure we register all farmers. We believe working with LCFE will move Nigerian farmers from an informal approach to a structured approach”, he said.

He further explained that whilst riding on the success of the wet season, “we decided to focus on the dry season which comes naturally to our people. As a bank, we are working on two things; one is to ensure the continuous multiplication of seeds and the other is to focus on the grains.

Former Executive Director of Lake Chad Research Institute (LCRI), Dr Oluwasina Olabanji commended Heritage Bank for its efforts in reducing wheat importation and saving the country from the $2 billion spent annually on the importation of wheat, calling on other banks to emulate the lender in efforts to achieving wheat sufficiency in the country.

“If this money is saved it could be used for infrastructural development. It is true that there are a lot of linkages not only on financial institutions but also in the value chain, these linkages have been moulded together with the intervention of the CBN and Heritage Bank,” he said.

He explained that the CBN and Heritage Bank’s intervention has become critical due to the high demand for wheat in Nigeria and the inability to meet that demand.

Speaking also, the Managing Director of LCFE, Mr Akinsola Akeredolu-Ale, commended the CBN and Heritage Bank for their support, which have leveraged Nigeria to be on the right track for self-sufficiency in food production.

He said the commodity exchange in partnership with Heritage Bank would provide an enabling environment for farmers, warehouse owners, commodity middlemen and commodity merchants, to be able to trade Wheat.

He noted that LCFE has created a platform that enhances liquidity in the commodity market, enhances the revenue base of the country and enables commodity traders to manage risk.

Business Post reports that Heritage Bank is throwing its weight behind this scheme as one of the participating financial institutions (PFIs) under the CBN’s Anchor Borrowers’ Programme IABP).

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Banking

Unity Bank Targets 5 Million Women MSMEs in South West With Yanga Account

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Unity Bank Yanga Account

By Modupe Gbadeyanka

No fewer than 5 million Micro, Small and Medium Enterprises (MSMEs) being operated by women in the South West region of Nigeria would be engaged by Unity Bank Plc.

The Nigerian retail lender disclosed this at the launch of the Yanga Account in Ibadan, Oyo State.

The account package was specifically designed by the financial institution to promote women MSMEs and create a unique proposition.

At the official launch of the Yanga Account recently in Abuja, a movie star in Nigeria, Sola Sobowale, was unveiled as the brand ambassador.

Yanga Account is a complete suite of services designed to promote financial inclusion among women through stress-free savings and investment, access to the services of dedicated sales agents, agency banking services close to the location of their businesses, special business seminar and training on how to grow business, access to microloans, customized debit cards and other bundled e-banking products.

At the official unveiling of the Yanga Account for the South West region held in Ibadan on Tuesday, the bank pledged its unwavering commitment to empowering women in order to enable them to overcome every obstacle of accessing quality Banking services needed to assist the growth of their businesses.

As part of the efforts to connect directly with the target market, the star actress who is now known as ‘Mama Yanga’ undertook a market tour to interact with the women and gain first-hand knowledge of how the product is being received in the market.

Speaking at the event in Ibadan, the Managing Director/Chief Executive Officer of Unity Bank Plc, Mrs Tomi Somefun stated that the “Yanga Account heralds a new dawn for my fellow women operating businesses in South West Nigeria.”

She noted that “the Yanga account is open to all market women in farming, fashion design, tailoring, frozen food, pastry and baking, cosmetics, jewellery designs and making, skincare, eateries and restaurants, etc. whether living in the communities or cities.”

She reiterated that “the Yanga Account is conceived and designed for the financial literacy and empowerment of Nigerian women. It is about making sure that our women who make up 55 per cent of the financially excluded Nigerians have access to basic and life-changing financial services.”

Also speaking, Sola Sobowale invited all Nigerian women who operate businesses in the South West to embrace the incredible opportunities offered by the Yanga account to grow their businesses.

She said: “This is the first time that a bank will specifically design a product to cater to women and I am excited about the inherent benefits of this account and the endless possibilities that it brings to my fellow women. I invite all my fellow women in South-West Nigeria to sign up for the Yanga Account and watch their levels change.”

On his part, Group Head, Retail, SME Banking and E-Business, Unity Bank Plc, Mr Funwa Akinmade said: “Female-led MSMEs in South West Nigeria continue to play pivotal roles in the contribution of the MSMEs to the economy of Nigeria and that has informed this special activation of Yanga account in Ibadan today.

“The Yanga account is a well-packaged banking product that combines several services that most small businesses owned by women will need to become profitable. We are optimistic that Ibadan women and all others across South West Nigeria will embrace the Yanga Account and leverage its full benefits to grow their businesses.”

With the launch of the Yanga account, Unity Bank said it underscores its retail strategy which continually aligns with the vision of the Central Bank of Nigerian and the financial services ecosystem to provide needed support for Nigerian women by enhancing access to wealth-creating opportunities in the financial services sector.

Industry watchers believe the retail product has the potential to aggressively deepen financial inclusion, which recent research by Enhancing Financial Innovation & Access (EFInA) has shown “can benefit individuals, families, and businesses, supporting key outcomes such as GDP growth.”

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Banking

Wema Bank Gets Experts to Educate Nigerian SMEs on Export Business

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wema bank Maraba branch

By Aduragbemi Omiyale

Some key industry experts in banking, international trade and finance and business ethics will gather on Thursday, December 2, 2021, will educate Nigerian Small and Medium Enterprises (SMEs) on the rudiments of export business.

Wema Bank Plc is providing the platform for this discussion and it is part of its determination to show SMEs the rich potentials in the export business and how they can tap into the goldmine for growth and profit.

The event, which kicks off by 11 am, is themed Leveraging Exports for Business Growth: Strategy and Resources for Small Businesses and will require registration ahead of the day via https://bit.ly/SMEWebinar4.

Expected at the webinar are the Head of Central Operations and Trade Services at Wema Bank, Mercy Olagundoye; the MD/CEO, Starlink Global and Ideal Limited, Adeyemi Adeniji; the Lead Consultant, 3T Impex Trade Academy, Dr Bamidele Ayemibo, with the Editor of BusinessDay Weekender of Lehle Balde moderating the session.

Speaking on the importance of the webinar, Head, Small and Medium Enterprises (SMEs), Wema Bank, Mr Arthur Nkemeh, reiterated the bank’s belief in the empowerment and growth of SMEs because of their importance in the economy.

He described the SME sector as the backbone of major developed economies, and important contributors to employment and economic growth as critical contributors to the national Gross Domestic Product (GDP).

He added that players in the sector need all the support and upskilling they can get to become more profitable and grow their businesses.

“The webinar is a continuation of our efforts to equip SMEs with the basic management knowledge required to grow their businesses and tap into the huge goldmine in the export sector, particularly agriculture.

“Nigeria is renowned as a leading oil exporter, but there are other agricultural commodities that our facilitators would focus on. They will tell participants about all the required documentation they will need to become dominant players in the export sector and how to comport themselves ethically,” he added.

The webinar is another of the many efforts of Wema Bank to equip SMEs with the essential management knowledge required to run their businesses and respond to challenges in a demanding business environment.

The bank organised an SME Business School in June and October this year, aimed at equipping SMEs with the basic management knowledge required to scale their businesses and respond to challenges in a demanding business environment.

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