Banking
Stanbic IBTC Pension Managers Pays N279b to Retirees
By Dipo Olowookere
Affirming its status as Nigeria’s largest Pension Fund Administrator (PFA), Stanbic IBTC Pension Managers Limited has paid over N279 billion to retirees since its inception in 2006.
Between January and June this year, over 5,000 new retirees also received their benefits from the PFA increasing the number of individual retirement savings account (RSA) holders nationwide with it to over 1,500,000. A total of N16.6 billion was paid to retirees from January to June this year.
These figures were reeled out as the company examined its 2017 half year performance with a view to retooling for higher performance in the years ahead. This was also as the PFA continued its national awareness and engagement campaign across the country.
The 2017 employers’ forum organized by the company has held in four key cities namely Benin, Port Harcourt, Enugu and Abuja, while similar sessions are scheduled to hold in Kaduna, Ibadan and Lagos before the end of the year.
In a chat, Chief Executive of Stanbic IBTC Pension Managers Limited, Mr Eric Fajemisin, stated that the company has more than N1.7 trillion in assets under management, a feat that reinforces a strong evidence of its proficiency at ensuring safety and return of value on investment to RSA holders through higher standards of service delivery.
The performance also demonstrates the potential of the pension industry to pool the requisite funding to support Nigeria’s economic development
Mr Fajemisin noted that the Pension Reform Act 2014, which replaced the 2004 Act, addressed a number of lacunas in the original Act such as the application of a portion of pension assets towards the payment of equity for a residential mortgage by the RSA holder as well as the inclusion of the informal sector in the Contributory Pension Scheme.
However, there is more room for further development as the industry operators and the regulator and other stakeholders continue to collaborate to ensure continuous advancement.
“We believe that every able-bodied Nigerian who earns a living is entitled to a pension at the point in time when that person can no longer work and would not want to be a liability to the nation or to the kith and kin. This is what makes participation in the nascent pension scheme quite imperative,” he said.
Mr Fajemisin said it is very important to raise the level of awareness about retirement planning, especially among operators in the informal sector which boasts of an estimated 38 million workers and about 60 percent of Nigeria’s Gross Domestic Product as well as employing over 90 percent of its workforce. He said deepening awareness about the pension scheme requires the collaboration of all stakeholders as there are numerous benefits to ensure peace of mind in retirement.
On service delivery, the Stanbic IBTC chief said the provision of satisfactory services to the informal sector through channels they are conversant with will ensure availability and accessibility. Adopting the existing ecosystem they operate and using mobile devices to access important information will add more transparency and trust to the scheme.
He said the PFA would continue to respond to the ever-changing preferences and needs of its customers by deploying the appropriate tools, technology and channels.
The PFA’s significant breadth of knowledge in the market, backed by the expertise and experience of Stanbic IBTC Group, a member of the over 154-year-old Standard Bank Group, will remain instrumental in delivering value-driven services to clients.
He said transaction notifications on contributions, quarterly statements and quarterly pension notes are regularly sent to customers through SMS, emails and hardcopy statements to enhance transparency and trust and ensure that contributors have up-to-date information on the status of their pension funds.
Stanbic IBTC Pension Managers Limited is a subsidiary of Stanbic IBTC Holdings, a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African financial institution by assets and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for 154 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.
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.
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