Banking
FCMB Shareholders Expect More Value, Gains in FY 2020
By Dipo Olowookere
Shareholders of FCMB Group Plc have applauded the management and board for the impressive results churned out by the company in the 2019 financial year.
National Chairman of the Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, said at the company’s Annual General Meeting (AGM) held this week that the performance was encouraging.
“FCMB Group performed very well in the financial year ended December 31, 2019. The result is encouraging, and dividend is growing.
“We urge the board, management and staff to continue in this positive direction. We look forward to seeing more value and gains this year,” Mr Okezie said at the meeting, which took place by proxy.
Another shareholder who spoke at the virtual AGM, Mr sunny Nwosu, who doubles as the Co-ordinator of Independent Shareholders Association of Nigeria (ISAN), praised the institution for efficiently running its affairs and the appreciable growth recorded in key operating areas.
“The fact that FCMB was able to hold the AGM, and a successful one for that matter, is a welcome development. It shows that the organisation is well prepared and very concerned about the interest of shareholders.
“We are happy about the result and the dividend payment. This will go a long way to provide some money for shareholders to survive the lockdown.
“We also note with appreciation the support provided by FCMB to the government, other bodies and businesses to mitigate the effect of COVID-19,” he said.
Also speaking at the AGM, the Group Chief Executive of FCMB Group Plc, Mr Ladi Balogun, assured that 2020 will see a number of the financial institution’s digital initiatives coming of age, adding that these are expected to be substantial.
“Our businesses continue to improve with growth in other key indicators, such as loans and advances, deposits and Assets Under Management (AUM), which grew by 13.1 percent, 14.7 percent and 28.3 percent, respectively.
“Our customer base also grew by 27.5 percent across the group from 5.5 million to 7 million. Overall customer satisfaction has shown positive trends, with a net promoter score of 31 in banking and 23 in asset management,” he said.
Mr Balogun further stated that, “The Commercial and Retail Banking Group grew its profit by 20 percent driven by improved performance in our consumer finance business, as we continue to expand our digital products offerings and channels.
“Commercial and Retail Banking remains the largest contributor to the Group’s profits with 92 percent. Assets managed by our Asset and Wealth Management businesses increased by over 28 percent to over N403 billion at the end of the year.”
Chairman of FCMB Group, Mr Oladipupo Jadesimi, while speaking at the gathering held at the company’s corporate head office in Lagos, stated that all the three business groups within FCMB Group Plc reported improved performances, in terms of higher earnings and profits, compared to what was achieved in 2018.
He expressed gratitude to shareholders for joining the meeting as well as their unflinching support, which has made FCMB to wax stronger.
“The board of directors have adopted a policy that seeks to provide investors with a stable and sustainable form of capital distribution, with consideration given to the growth and capital requirements of the business, thereby maximising long-term share value for shareholders,” he said.
Business Post reports that at the AGM, the 7th, shareholders unanimously approved the payment of a cash dividend of 14 kobo per ordinary share, which translates to N2.77 billion, for the year ended December 31, 2019.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
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