By Dipo Olowookere
A new platform to bring together music and football called Star Music The Fusion has been launched by Star Lager Beer.
This new initiative was unveiled on Tuesday, March 28, 2017, at the Eko Hotel and Suites in Victoria Island, Lagos.
Star Lager, Nigeria’s foremost beer brand, has over the years been a pioneer of ground breaking platforms including Star Music Trek, Star Mega Jam, Star Super fans Show and Star Quest.
Star Music The Fusion, first of its kind in Nigeria, will see six teams of football legends, music artistes and DJs compete in a series of music and football concerts.
The novel platform will enthusiastically engage music and football fans with series of concerts, online and offline activities to pick a winning team.
The platform is based on Star Lager Beer’s consumer experience and their passion for music underpinned heavily by their favorite foreign clubs.
Commenting on the consumer experiences, Marketing Director, Nigerian Breweries Plc, Franco María Maggi, said, “With the brand’s activities over the past years, it can very well be seen that Star is a major supporter of music and football as we always seek to bring together and celebrate fans across the country.
“This new platform will bring more excitement and fun to millions of consumers, football and music fans across Nigeria, as they will be hands on to vote for their favourite teams.”
With Star Music The Fusion, Star Lager Beer will connect with as many music and football fans as possible as the platform will play on the strength of its partnerships with European clubs; Real Madrid, PSG, Juventus, Manchester City, Arsenal and Barcelona and also on the success of its nationwide tour, Star Music The Trek.
Speaking on the brand’s efforts to bring together its major pillars, Portfolio Manager, National Premium, Nigerian Breweries Plc, Mr Tokunbo Adodo stated that, “Our goal is to bring all of our target audience under one umbrella. We know what our consumers love and we would love to connect with them via their passions and interests.
“We see Star Music The Fusion as a way to further strengthen our commitment to millions of fans and bring quality enjoyment of football and music with unrivalled consumer interaction experience.”
The Star brand has over the years, built on its music and football pillars through initiatives including Star Music Trek, Star Mega Jam, Star Quest Shine on Nigeria and Star Super Fans Show by building great relationships with its consumers and rewarding their passion and love for music and football.
Since the first STAR lager beer bottle rolled out of the bottling lines in the Lagos brewery in 1949, the brand has been a premium market leader and was listed by the African Business magazine in its 100 Most Admired African Brands in 2015. Star has put its expansive platform to good use in promoting music and youth lifestyle through projects like STAR Music Trek, STAR Quest and STAR Mega Jam.
Sixty-eight years after it debuted in the Nigerian brewing sector, Star lager beer has continued to occupy the premium position by bringing a brighter shine to millions of fans.
KPMG Rates Stanbic IBTC Bank High in Retail, Corporate Banking
By Aduragbemi Omiyale
The KPMG 2022 Nigeria Banking Industry Customer Experience (CX) Survey has rated Stanbic IBTC Bank Plc high in retail and corporate banking in the country.
According to the report, Stanbic IBTC Bank occupied the first position with a 73.8 CX score out of 100 in the retail segment and sustained the leading position for the second consecutive year. Time and effort are the drivers of performance in the retail category, and the bank outperformed its peers in this regard.
Stanbic IBTC Bank, which held the top position in the retail and SME segments last year, performed well across key customer journey areas, particularly in resolution – a key area of improvement for the industry where customers rate banks on timeliness and quality of feedback on issues as well as the ability and ease of reporting issues and concerns.
Other customer journey areas where Stanbic IBTC Bank came tops included discovery – the ease of getting information about the bank coupled with professional and friendly staff, the ease of account opening with digital-only options and the speedy onboarding process.
Stanbic IBTC Bank is among the top three in transacting – accessibility, timeliness, and quality of service from physical and digital channels, and in account maintenance which covers requests for account statements, general enquiries and updates to account information with accuracy and completeness.
Moving up five places compared to last year’s report, Stanbic IBTC Bank also emerged as this year’s leader in the corporate segment with an 80.9 score out of 100 and received great feedback on the depth of their relationship managers’ knowledge in key sectors.
The report also revealed that Stanbic IBTC successfully closed the gap in digital banking, emerging as a clear leader in the industry.
Speaking on these achievements, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, said, “The primary goal of the bank is to forge lasting relationships with its clients by offering timely, creative, and valuable solutions that benefit them. We are fully committed to serving Nigerians with top-notch financial services.”
According to Mr Adeniyi, “2022 has been remarkable for us at Stanbic IBTC. Asides from these good standings revealed by the KPMG report, the globally renowned credit rating agency, Fitch Ratings, also reaffirmed the retention of our National Long-Term ‘AAA (nga)’ and National Short-Term ‘F1+(nga)’ ratings for the Stanbic IBTC Group and Stanbic IBTC Bank respectively.”
“The National Long-Term ‘AAA (nga)’ and National Short-Term ‘F1+(nga)’ Ratings are the highest possible ratings on Fitch’s rating scale, and we were rated high based on the potential support from our parent company, Standard Bank Group, based in South Africa. We play a vital role in Standard Bank Group’s main operations in West Africa, and we retained our ratings based on our size and high operational integration,” he added.
Fitch Ratings assessed Stanbic IBTC’s strategic importance as the holding company for Standard Bank Group’s leading corporate and investment banking (CIB) and wealth businesses in Nigeria and Stanbic IBTC Bank’s position as an integral part of its Nigerian operations. It also considered Standard Bank Group’s controlling ownership of Stanbic IBTC, high integration of risk management, operations and strategy, shared branding, and Stanbic IBTC’s moderate contribution to Standard Bank Group’s net income.
The ‘AAA (nga)’ is given to issuers with the lowest expectation of default risk when compared with their competitors. The National Short-Term Rating of ‘F1+(nga)’ is assigned to issuers that have a strong capacity for timely payment of financial commitments in comparison to other issuers in Nigeria.
Mr Adeniyi noted that the organisation’s competitive position, good risk profile, healthy funding, and liquidity position also facilitated its upgrade in the Global Credit Ratings (GCR). The national scale long-term issuer rating assigned to Stanbic IBTC Bank PLC was upgraded to AAA(NG) from AA+(NG) and the national scale short-term issuer rating was A1+(NG), indicating a stable outlook and making Stanbic IBTC Bank the only financial institution in Nigeria with the rating.
He attributed the astounding performances of the organisation to the dedication and hard work of its workforce and the tenacity of the firm to continue to play vital roles in Nigeria’s economic development, stating that Stanbic IBTC would not relent in developing sustainable solutions that ensure customers’ delight and the company’s success in the Nigerian financial services spectrum.
Customers to Win N50m at Draws of Union Bank Promos
By Modupe Gbadeyanka
Over N50 million is up for grabs at two draws of Union Bank of Nigeria Plc promos aimed at rewarding its loyal customers on Friday, January 27, 2023.
A statement from the lender disclosed that the event, to be live-streamed to allow participants to join virtually, will take place at the bank’s head office in Marina, Lagos.
Union Bank is currently running two promos, the Save & Win Palli campaign in its second edition and the UnionKorrect campaign, a savings promo.
Save & Win Palli Promo and UnionKorrect promo are nationwide campaigns aimed at rewarding customers with cash prizes and other exciting gifts. The goal is to encourage and promote a healthy savings culture, and the promo is open to new and existing customers.
More than 300 lucky customers will be rewarded at the dual draws on Friday with cash prizes and other exciting consolation prizes.
In addition, one lucky customer will go home with the grand prize of N5 million from the Save and Win promo draw, while other customers will receive other cash prizes of N105,000 and N500,000 for the last set of the monthly and quarterly draw winners.
In addition, Union Bank will reward 227 customers with N18.5 million in the UnionKorrect campaign.
Winners will be randomly selected through electronically generated and transparent draws monitored by relevant regulatory bodies.
Prospective customers can download the UnionMobile app on their mobile phones to open an account or walk into any Union Bank branch.
To reactivate existing accounts, returning customers can call the 24-hour Contact Centre on 07007007000 or visit any of Union Bank’s branches across the country.
Mixed Feelings as CBN Cash Swap Programme Kicks Off
By Modupe Gbadeyanka
The cash swap programme of the Central Bank of Nigeria (CBN) in rural and underserved areas of the country kicked off on Monday, January 23, 2023, amid mixed feelings.
On October 26, 2022, the Governor of the CBN, Mr Godwin Emefiele, announced that the bank would redesign the N200, N500, and N1,000 notes.
At a special press briefing in Abuja, he further disclosed that the new banknotes would be introduced into the system on December 15, 2022, while by January 31, 2023, all the old notes would have been mopped up from the circulation.
As announced, the new notes hit circulation last month, but instead of banks to stop giving customers the old notes, they are still issued with the currency despite having about a week to the deadline.
This raised doubts about the feasibility of the deadline, especially when Nigerians in the rural areas were yet to see the redesigned Naira denominations.
In order to reach these people, the central bank launched the cash swap policy, which allows Nigerians to exchange their old notes for new ones.
According to a circular jointly signed over the weekend by the Director of Banking Supervision at the CBN, Mr Haruna Mustafa, and the Director of Payments System Management, Mr Musa Jomoh, the initiative was to reach rural communities in Nigeria.
Under this programme, an agency will “exchange a maximum of N10,000 per person, as the amount above this would be treated as a cash-in deposit into wallets or bank accounts in line with the cashless policy, BVN, NIN or voter’s card details of the customers should be captured as much as possible.”
The CBN said to promote financial inclusion, “this service is also available to anybody without a bank account. Agents may, on request, instantly open a wallet or account, leveraging the CBN Tiered KYC Framework. This will ensure that this category of the populace is able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost.”
For accountability, the agent would be required to “render weekly returns to their designated banks regarding the cash swap transactions. DMBs shall, in turn, render same to the CBN on a weekly basis.”
Reports gathered by Business Post indicate that this policy was a mixed bag on its first day.
In the Igbo Egun area of Abeokuta, Ogun State, this newspaper was informed that residents of this community are still in the dark about the redesigned Naira notes, while a few of the Ilogbo community in Ado-Odo/Otta in Ogun State, and those in the Ishefun, Olayemi, Igesu, Olorunisola areas of Ayobo, Lagos, have seen the new notes and are optimistic of having their cash swapped for the new notes before the deadline.
Latest News on Business Post
- LASEMA Battles to Curtail Fire Outbreak at Balogun Market January 26, 2023
- Tinubu Never Blamed Buhari for Fuel Scarcity, Others—Onanuga January 26, 2023
- Jumia, Churches, POS Operators, Others Reject Old Naira Notes January 26, 2023
- SFS Fund Mobile App Sees 300% Rise in Downloads January 26, 2023
- DLM Capital Sponsors Employee’s Philanthropic Projects January 26, 2023
- Julius Berger Offers for Sale N30bn Commercial Paper in Two Series January 26, 2023
- InterswitchSPAK 4.0 Finalists Nudge for N7.5m University Scholarships January 26, 2023
- How Nigeria Can Boost FX Inflow from Education Tourism—Schoolingyonda January 26, 2023
- Investors Stake N1.0trn on N220.5bn Treasury Bills, Rate Drops to 0.29% January 26, 2023
- Elections: Tinubu Accuses Buhari Administration of Sabotage January 26, 2023