Experts Brainstorm at Stanbic IBTC Business Forum

Image

By Modupe Gbadeyanka

Amid Nigeria’s current economic headwinds, a message of relief is coming from Stanbic IBTC Bank and experts on how individuals and businesses can weather the storm and remain on the path of profitability and growth.

This glimpse came at a knowledge sharing economic update session  organized by Stanbic IBTC Bank with the theme “committed to solutions that drive your progress” to review the latest trends in the economy and to assist individuals and organizations attain their business objectives. Over 70 participants attended the event, which took place in Lagos on Tuesday, March 14, 2017.

In his welcome address, Executive Director, Personal and Business Banking, Stanbic IBTC Bank, Mr Babatunde Macaulay said apart from providing clients the opportunity to learn new things, the forum was also meant to help them develop appropriate resilience to the economic situation in order to guard against vulnerabilities.

By providing such a platform to glean important information and backing it up with financial solutions, the bank hopes to create long-term win-win relationships with individuals and businesses and the economy at large.

“We are always seeking to understand the needs of the entire spectrum of our clientele and by so doing, strive to connect with every market segment so that we can provide the much needed solutions to their financial needs,” he stated.

Macaulay reiterated that as an African institution, the Standard Bank Group, to which Stanbic IBTC belongs, will continue to demonstrate commitment to the development of Nigeria by supporting critical sectors of the economy and helping to highlight investment opportunities in the country.

Among issues dissected at the forum, headlined by Chief Executive Officer, Financial Derivatives Company Limited, Bismarck Rewane and Co-Founder and Director of Programmes, Co-Creation Hub Nigeria, Femi Longe, were the economic outlook, indicators and forecasts, trends and opportunities around innovation and digital technology for Nigerian businesses.

Diagnosing the current economic trends, Bismarck Rewane noted that the drop in Nigeria’s inflation rate to 17.78 percent in February, the lowest level in 15 months, is uplifting.

However, what should be celebrated is the direction of the inflation, not necessarily the figure, which is still double digit.

The easing of pressures on the local currency, he stated, suggests that the Central Bank of Nigeria is beginning to do the right things, which should be sustained.

Pulling the country out of recession, he emphasized, requires significant spending on capital projects which will trigger a multiplier effect leading to a gradual lessening of recession from the second quarter of 2017.

However, some risks to be considered in the economic dynamic include a stumbling of the oil price rebound, further escalation of militancy in the Niger Delta and proper management of the borrowing programme. He said the meeting of the Monetary Policy Committee (MPC) slated for Lagos on 20th – 21st March will provide further insight on the economic direction.

Femi Longe, who spoke on ‘Technology and the Nigerian Economy,’ said the benefits of technology and innovations are innumerable for the individual, business and economy. The ability to identify new opportunities and develop appropriate business strategies based on the ingenious application of cutting­ edge technology will make a huge difference, he said. Rather than wait for foreign investment to drive Nigeria’s development, he said the country should explore home-grown solutions to its economic needs. In pursuing this objective, Longe said partnerships between start-ups and businesses are imperative. The expansion of social and economic enablers such as power, roads, communication, ICT, transport, education and health will trigger exponential economic growth and aid the ease of doing business in the country, he added.

Stanbic IBTC Bank is a subsidiary of Stanbic IBTC Holdings PLC, 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 bank 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 over 153 years and is focused on building first-class, on-the-ground financial services organisations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, globally.

Share
Related Stories
Image
07-December-2023

Reps Assure Accountability, Transparency in Customs Duties, Levies

By Dipo Olowookere The House of Representatives Committee on Customs and Excise chaired by Mr Leke Abejide, has promised to ensure that all customs duties and levies collected by the Nigeria Customs Service (NCS) are accounted for and remitted to the nation’s purse. He gave this assurance during the inaugural meeting of the panel on Wednesday in Abuja, using the occasion to roll out the seven-point agenda of his group. The lawmaker, who contested in the recently-concluded governorship election in Kogi State under the African Democratic Party (ADC), listed the key focus of the team as oversight of the Nigeria

Image
09-December-2023

Nigerian Exchange Rises 0.12% Amid Weak Investor Sentiment

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

Image
09-December-2023

Crude Prices Up 2% on US Demand Growth Expectations

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

More Stories
Image
17-September-2018

Report Reveals What Nigerian Kids Search Online, Websites Visited

By Dipo Olowookere A new report by Kaspersky Lab has revealed the online activities of children across Nigeria, based on statistics from the company’s Parental Control modules. The research also showed what children in the region watched, listened to, purchased and searched for online. Kaspersky Lab, in the statement made available to Business Post, disclosed that the report shows anonymised statistics on websites visited from Windows PCs and Macs, and search activity on Windows PCs, Macs, Android and iOS devices. The stats were taken from Kaspersky Lab’s flagship products that have the Parental Control module switched on, and from Kaspersky

Image
17-October-2023

Oil Market Drops 1% as US May Ease Sanctions on Venezuela

By Adedapo Adesanya The oil market fell by one per cent on Monday after expectations rose that the United States could ease sanctions on Venezuelan crude exports. Venezuela, a member of the Organisation of the Petroleum Exporting Countries (OPEC) could begin to heave a sigh of relief as government and opposition are set to return to political negotiations this week after nearly a year. This development weakened Brent crude by 1.4 per cent or $1.24 during the session to $89.65 a barrel, as the US West Texas Intermediate (WTI) crude dropped 1.2 per cent or $1.03 to finish at $86.66

Image
04-August-2018

Access Bank Staff in Trouble for Stealing Customers’ N14m

By Modupe Gbadeyanka An employee of Access Bank Plc in Lagos has landed in hot soup for allegedly stealing about N13.6 million from the accounts of two customers of the financial institution. The suspect, Mr Kolawole Agboola, was on Friday arraigned at the Tinubu Chief Magistrates’ Court in Lagos Island on a three-count charge of conspiracy, fraud and theft, which he pleaded not guilty to. The Idimu, Lagos-based 29-year old banker, according to the prosecutor, Sergeant Hafsat Ajibode, committed the offences between October 2017 and March 2018. The offences contravened Sections 287 (7), 325 and 411 of the Criminal Law

Image
03-May-2019

EFCC Arraigns Akeredolu for Fraud

By Modupe Gbadeyanka The Economic and Financial Crimes Commission (EFCC) Ibadan zonal office, on Friday, May 3, 2019 arraigned one Akeredolu Oluwafemi Temidayo (a.k.a. Susan Henderson) before Justice Joyce Abdulmalik of the Federal High Court 2, sitting in Ibadan, Oyo State. Akeredolu, who claimed to be a graduate of Insurance from The Polytechnic, Ibadan, was arraigned on a three-count charge of obtaining money under false pretence, possession of fraudulent documents and forgery. The accused was alleged to have contravened Sections 1, 2 and 6 of the Advance Fee Fraud and other Fraud Related Offences Act, 2006, as well as Section

Image
31-May-2022

Flour Mills Increases Dividend Payout by 30% as Revenue Hits N1.2trn

By Dipo Olowookere The board of Flour Mills of Nigeria Plc is proposing to pay shareholders of the company a dividend of N2.15 per unit for its 2022 financial year, which ended on March 31, 2022. This amount is higher than the N1.65 paid in the previous accounting period, reflecting an increase in dividend payout by 30.3 per cent. The firm, in its audited results released on Tuesday, said the year under review was profitable as the pre-tax profit jumped by 10.48 per cent to N41.1 billion from N37.2 billion, while the net profit appreciated by 8.95 per cent to

Image
06-July-2019

RCCG, Adeboye on COZA, Fatoyinbo: Their Precaution, Their Choice

By Nneka Okumazie Until a person is disgraced, most precautions would never make sense. After a person becomes a disappointment, wishes fly on what should have been avoided. No one says there are no tragedies. No one says there aren’t the wicked bent on evil and manipulation. No one says there are no misfortunes. But most times, it is better to be far careful, than to be sorry. Everyone is at risk of going down. It is easier to go further down for those already down, than to go up. Fall, for those up, is sometimes faster than ascent. Unknowns,

Image
20-May-2023

NASD OTC Exchange Closes 0.2% Higher

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.2 per cent on  Friday, May 19, following positive price movement from FrieslandCampina WAMCO Nigeria Plc. The milk producer closed the final session of the week as the sole gainer after it moved up by N1.00 to settle at N66.00 per share compared with the previous day’s N65.00 per share. This supported the N1.96 billion upward movement in the value of the NASD OTC Exchange as it finished at N990.28 billion compared with Thursday’s closing value of N988.32 billion. Following the same trend was the NASD Unlisted Securities Index

Image
15-October-2020

Lagos Denies Sponsoring Thugs to Attack #EndSARS Protesters

By Dipo Olowookere Contrary to reports making the rounds, the Lagos State government has said it never sponsored any thug to attack residents of the state partaking in the widespread #EndSARS protest. The Commissioner for Information and Strategy, Mr Gbenga Omotoso, ​in a statement on Thursday, described the reports as “untrue and wicked.” He said the “unverified reports” were the handiwork of “enemies of peace and orderliness [who want] to whip up sentiments against the government.” According to him, the administration of Mr Babajide Sanwo-Olu will never encourage any violent act that may put the lives and businesses of Lagosians

Ad
Ad
Recent Stories
Image
09-December-2023

Moody’s Upgrades Nigeria’s Outlook to Positive After Economic Reforms

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

Image
09-December-2023

Value of Nigeria’s Unlisted Stock Exchange Reaches N1.2trn

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

Image
09-December-2023

Naira Crashes to N1,099.05/$1 at Official Market

By Adedapo Adesanya The Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

Image
09-December-2023

Nigerian Exchange Rises 0.12% Amid Weak Investor Sentiment

By Dipo Olowookere A 0.12 per cent appreciation was recorded by the Nigerian Exchange (NGX) Limited on Friday, reversing the previous day’s losses triggered by profit-taking in the banking sector. Business Post reports that it was the same banking space that influenced the growth posted yesterday, rising by 1.60 per cent, supported by the consumer goods indices, which appreciated by 0.15 per cent. However, there were pockets of profit-taking during the last trading session of the week, with the insurance sector shedding 0.78 per cent, the industrial goods sector losing 0.65 per cent, and the energy counter declining by 0.57

Image
09-December-2023

Crude Prices Up 2% on US Demand Growth Expectations

By Adedapo Adesanya Crude oil prices rose more than 2 per cent on Friday after data from the world’s largest oil producer, the United States, supported expectations of demand growth. Brent crude futures settled at $75.84 a barrel after chalking up $1.79 or 2.4 per cent, as the US West Texas Intermediate (WTI) crude futures traded at $71.23 after gaining $1.89 or 2.7 per cent. Despite the gain at the final session of the week, both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. For the week,

Image
08-December-2023

PZ Cussons Nigeria Publishes List of 61,628 Shareholders With Unclaimed Dividends

By Aduragbemi Omiyale One of the players in the personal healthcare and consumer goods sectors, PZ Cussons Nigeria Plc, has published a list of its shareholders with unclaimed dividends. Unclaimed dividends are cash rewards given to investors, mainly from the profits from the company’s operations, but are yet to be collected by the beneficiaries. This has been a major source of sleepless nights for the Securities and Exchange Commission (SEC), which is working to bring down the number of unclaimed dividends. It has been reported that the value of unclaimed dividends in the nation’s stock market is over N185 billion.

Image
08-December-2023

CBN Raises Alarm on Fake Naira Notes, Threatens Prosecution

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

Image
08-December-2023

Nigeria’s Crude Output Falls 30,000 Barrels Daily to 1.43mbpd in November

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

Image
08-December-2023

New Survey: Some Nigerian Bank Adverts Are Misleading—Customers

By Aduragbemi Omiyale Some aggrieved customers have accused Nigerian banks of lying about a few of their services in adverts in the media and not doing enough to assist when needed, despite using the provided platforms to lodge their complaints. In a survey conducted recently by a foremost perception consulting firm in the country, CMC Connect LLP, it was observed that some financial services consumers in Nigeria are not satisfied with what they get from their banks. The perception study carried out by the Strategy & Intelligence Service unit of CMC Connect showed that, “Consumers do not have enough information

Image
08-December-2023

Delta State Proposed Budget 2024 and Critical Concerns

By Jerome-Mario Utomi It is common knowledge that Delta State Governor, Sheriff Oborevwori, recently, presented a N714.4 billion Appropriation Bill tagged ‘Budget of Hope and Optimism,’ for the 2024 fiscal year to the state House of Assembly. What is, however, uncertain to Deltans and the watching world is whose interest the bill, if passed, is meant to serve or protect. There is also the concern as to whether it will herald into the political geography called Delta state, a just or an unjust law. As we are now, a just law is ‘a man-made code that squares with moral laws