Banking
Fidelity Bank Holds Export Management Programme Sept 25
By Dipo Olowookere
One of the financial institutions in Nigeria, Fidelity Bank Plc, has fixed Monday, September 25 to Friday, September 29, 2017 for the fifth stream of its Export Management Programme (EMP).
A statement issued by the lender said “EMP 5 comes heavily loaded as it is coinciding with the first anniversary of the EMP initiative which has uniquely positioned it to have woven around it, a number of the key activities already slated for the commemoration of this first anniversary of the programme.”
It further stated that the EMP 5 will, in addition to its usual focus areas, also seek to shed significant light on key policies/programmes recently released by government to boost non-oil exports and in particular, how intending exporters can take advantage of them.
Some of these recent policies include the Investors and Exporters FX Window announced by the CBN a few months back which allows exporters to sell their FX proceeds at market rates as opposed to the official CBN rate; the requirement for shippers to ensure that bills of lading in respect of exports from Nigeria carry the Form NXP number of the underlying cargo to ensure that all exports from Nigeria are carried out through the formal channels, etc.
The reputation of the EMP as the must-attend, focused capacity building programme for aspiring and existing exporters in the Nigerian market has continued to be attested to by testimonials from participants of previous streams of the programme.
For example, Fidel Buchi Anyi, an EMP 4 participant said, “This is the direction banking in Nigeria should go-Giving before asking! Strategically helping small businesses before requesting for accounts.”
It was gathered that the programme will mark its first anniversary, having been launched in 2016 as a sector focused capacity building event.
It is run by Fidelity Bank in partnership with the Pan-Atlantic University and the Nigerian Export Promotions Council (NEPC), to deliver impactful, world-class export management education to aspiring and existing players in the non-oil export sector of the Nigerian economy.
The programme which prepares participants for effective play in the international non-oil export markets in particular and the larger export markets in general, has continued to raise the bar of capacity building in exports in Nigeria.
Its unique curriculum is structured to take participants through courses bordering strategically on product development for export; developing linkages with customers in importing countries; understanding the various export processes, accompanying documentation and other requirements in Nigeria and key importing countries; export products storage; quality assurance, branding and packaging, sourcing and supply chain management, logistics and shipping, export finance, business ethics, etc.
Managing Director and Chief Executive Officer of Fidelity Bank, Mr Nnamdi Okonkwo, who gave valuable insights into the rationale behind establishing the EMP, stated that the financial institution remains highly committed to aiding the diversification of Nigeria’s monolithic economy particularly through import substitution and export promotion.
“We finance a lot of micro, small and medium enterprises (MSMEs) in Nigeria. A number of these MSMEs have strong export potentials.
“It was therefore a natural fit for us to partner with the Lagos Business School (LBS) and the Nigerian Export Promotions Council (NEPC) to make this happen given in particular, recent developments in the global oil markets and the impact they have had on the Nigerian economy,” he said.
In addition, Mr Okonkwo emphasized the need to boost non-oil exports and build sustainable non-oil exports capability which he affirmed is now at the heart of the country’s diversification strategy.
He explained that, “Exporting not only improves foreign exchange (FX) earnings, but countries most successful in exports have stronger links to wealth creation, employment generation and sustainable poverty reduction.”
Banking
CBN Eyes FX Inflows from Nigerians Abroad With New Account Packages
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.
Banking
GTCO’s N209bn Raise Sets Foundation for Accelerated Development—Agbaje
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).
Banking
Fidelity Bank Donates Maternity Kits to Pregnant Women in Lagos
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.
-
Feature/OPED5 years ago
Davos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years ago
Estranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years ago
Sort Codes of GTBank Branches in Nigeria
-
Economy2 years ago
Subsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years ago
First Bank Announces Planned Downtime
-
Sports2 years ago
Highest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN