From left: Mrs. Patricia Ahunanya, Chief Compliance Officer, Unity Bank Plc; Nkechinyere Ojiego, General Manager of Simba Group; Mrs. Adenike Abimbola, Divisional Head, Retail and SME Banking, Unity Bank Plc; Angela Ajala, Coordinator, ANWBN and Lady Isioma Fidel-Ewerem, from Women in Renewable Energy at the capacity-building workshop for women entrepreneurs held recently at Unity Bank HQ in Lagos.

Unity Bank Plc has hosted a capacity-building workshop to support the Association of Nigerian Women in Business Network (ANWBN) in a move aimed at empowering women entrepreneurs with the necessary skills required to thrive in today’s digital economy.

The initiative for the workshop stems from the growing advancement in technology and its impact on business hence the theme: “Empowering Women Entrepreneurs: AI and Digital Marketing Strategies,” which sought to equip women with practical knowledge on how to harness the power and take advantage of emerging technology.

As a platform that drew the participation of businesses from diverse sectors, attendees were provided with tools for leveraging digital platforms for expanding market reach, building efficiency in business operations, engaging customers, and increasing brand visibility.

Renowned industry experts and speakers such as Dr. Opeyemi Ojesina, the Chief Executive Officer of Jesshill Consulting, Nkechinyere Ojiego, General Manager, of Simba Group, and Mrs. Adenike Abimbola, Divisional Head, of Retail and SME Banking, Unity Bank Plc, led impactful sessions at the workshop designed to help participants grow their businesses by leveraging cutting-edge technologies and customer-centric marketing strategies

Addressing the media after the event, Mrs. Adenike Abimbola said the capacity-building initiative was inspired by the need to empower women entrepreneurs to take advantage of the growing opportunities presented by the evolving digital marketing landscape.

She said: “The growing digital landscape presents a unique opportunity for women to scale their businesses. There are over 70 percent of women entrepreneurs in Nigeria who desire this kind of capacity-building programme to improve their businesses, helping them learn how to transition from traditional business methods to one powered by technology, as this will become a differentiator”

While commending the partnership with ANWBN and emphasising the importance of digital technologies, Mrs. Abimbola pledged Unity Bank’s commitment to supporting SMEs, adding that the Bank will often pay priority attention to female-led ventures to improve relationships and collaboration with women businesses in Nigeria.

She added: “We are proud of our partnership with ANWBN and the success of this workshop. Empowering women entrepreneurs is key to driving economic growth and ensuring sustainable development. We look forward to more initiatives that support and uplift women in business.”

One of the participants, Mrs. Yetunde Adeniran, a fashion designer, shared her learning experience explaining that with the insights gained here, she has now found more ways of integrating digital technology into many facets of her business.

She also highlighted the advantages of Unity Bank’s Yanga Account, which she noted as a crucial tool for small business owners, providing financial support tailored to their specific needs.

In 2022, Unity Bank launched Yanga Account to facilitate financial inclusion for Women. The success of the workshop underscores Unity Bank’s ongoing commitment to supporting female entrepreneurs in Nigeria as the Bank seeks to empower women in business by providing access to valuable resources, financial tools, and educational opportunities that will help them thrive in an increasingly competitive market.

Africa’s Global Bank, United Bank for Africa (UBA) Plc has released its audited financial results for the half year ended June 30, 2024, showing impressive performance across some key financial indicators.

The audited financials released to the Nigerian Exchange Limited (NGX), showed that the bank recorded double-digit growth in its gross earnings and operating incomes.

At the end of the first two quarters of the year, and despite the tough global macroeconomic climate in Nigeria as well as the geo-political environment challenges across major countries in Africa where the bank has subsidiaries, UBA recorded a 39.6 per cent increase in its gross earnings, which rose from N981.77 billion in 2023 to N1.371 trillion in June 2024.

Interest income also increased by 134.3 per cent to N1.003 trillion up from N428.2 billion recorded in June last year, while total assets went up by 37.2 per cent from N20.6 trillion in December 2023 to close at N28.3 trillion. Customer deposits, also leapt by 33.7 per cent in the same period to close at N23.2 trillion up from N17.3 trillion recorded at the end of 2023.

The results filed showed that profit before tax (PBT) which stood at N403 billion in June 2023, closed the half year at N402 billion, while profit after tax (PAT)dropped slightly from N378 billion to N316 billion in the year under consideration. However, the banks’ shareholders’ funds increased by 47 per cent from N2.03 trillion in December 2023, to N2.99 trillion.

In line with the bank’s culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc has declared an interim dividend of N2.00 per share for every ordinary share of N0.50 each held by its shareholders, representing 300% increase compared to the N0.50 declared in the similar period of 2023.

UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, while commenting on the results underscored the bank’s commitment to consistently deliver value to its shareholders. He said, “UBA Group has continued to deliver strong double-digit growth in high quality and sustainable banking revenue streams, driven by a focused growth in balance sheet, transaction and digital banking businesses across geographies in line with our strategic goals.”

Continuing, the GMD said: “The Group’s performance has been buoyed by consistent strong growth in all core and sustainable banking income lines. Our intermediation business showed strong growth with net interest income expanding by 143% YoY to N675billion.”

On the plans for the rest of the year, Alawuba said, “As the Group intensifies its customer acquisition drive, we are making significant investments in technology, data analytics, product research and innovation to enhance our value proposition and customer experience.”

The Executive Director Finance & Risk, Ugo Nwaghodoh, expressed delight at the milestone achieved by the bank in driving operational efficiency, as reflected in cost-to-income ratio normalizing around the 50% range.

“Our cost optimisation provides scope for further moderation, as we explore options towards a drastic reduction of our foreign currency denominated cost components, robotizing and automation of processes and application of artificial intelligence to our operations,” he stated.

He disclosed that the Group will focus on effectively managing the heightened credit, operational, cyber and information security risks, as it continues to conduct its business within the tenets of our moderate risk appetite in alignment with our sustainability goals.

“The Group has made significant progress and is on course to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions. that we operate in,” Nwaghodoh further explained.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than thirty-five million customers, across 1,000 business offices and customer touch points in 20 African countries.

With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

L-R:  Abubakar Sani Sambo, Chairman Board of Trustees, Renewable Energy and Energy Efficiency Association Alliance (REEEA-A); Gregory Jobome, Executive Director, Risk Management, Access Bank; and Afam Victor Ogene, Chairman Renewable Energy Committee, House of Reps during the 2024 REEEA-A International conference, theme “Road to Net Zero Actionable Initiatives for Success” held in Abuja recently.

Stakeholders, including government officials, experts, and Civil Society Organizations (CSOs), have called for enhanced strategies to address climate change and air pollution while creating a more affordable and resilient energy system aimed at improving the economy and the quality of life.

They made this call at a two-day conference of the Renewable Energy and Energy Efficiency Association (Alliance) REEEA-A themed themed “Road to Net Zero: Actionable Initiatives for Success.” held recently in Abuja.

Speaking at the conference, the President of the Renewable Energy and Energy Efficiency Association (Alliance) REEEA-A, Magnus Onuoha, highlighted the achievements and vision of the Alliance over the past five years.

He emphasised that, in collaboration with seven associated organisations, the Alliance has actively worked towards improving energy access and security in Nigeria and beyond.

He stated that through its mission, the Alliance has enhanced the quality and standards of renewable energy technologies, research, and policy by fostering knowledge generation and dissemination for sustainable development.

Onuoha highlighted key milestones of the Alliance, including the standardization and validation of energy efficiency measures and the harmonisation of renewable energy policies between 2020 and 2021.

He further stated that the Alliance has also provided regulatory support to both public and private sector clients, focusing on network and information exchange, youth and gender empowerment, and research support services.

He acknowledged the contributions of partners such as the Nigeria Energy Support Program (NESP), a joint initiative between the European Union, the German government, the Federal Ministry of Power, and GIZ. Access Bank was also recognised for its sponsorship, underscoring the significance of private-sector involvement in achieving net-zero targets.

Onuoha stated that the theme “Net Zero” centers around addressing climate change and air pollution while creating a more affordable and resilient energy system.

Achieving net-zero emissions offers a path to a more productive economy and improved quality of life, focusing on human progress and sustainability.

In his remarks, Executive Director, Risk Management, Access Bank, Dr. Gregory Jobome emphasised on the need for universal access to modern energy.

In his words; “as a bank, our mission has evolved beyond conventional banking to embrace sustainability as a core business principle. This journey is not just about us funding individuals or organizations, it’s about all of us working together, co-creating solutions, and scaling up sustainable initiatives across Nigeria and Africa. To further achieve this, we lunched the Sustainable Finance Accelerator Program, an initiative from the bank to Boost Eco-Friendly Initiatives in Nigeria. The Program is structured collaborate and nurture innovative ideas within the sustainable development sector by offering comprehensive training, mentorship, and essential resources. The program’s goal is to transform participants’ ideas into viable, impactful businesses that contribute to a more sustainable and resilient future. To be a part of this great adventure ,please register on https://sustainablefinanceaccelerator.accessbankplc.com/ ” Gregory concluded.

Earlier, the minister of Power, Adebayo Adelabu, who was represented by the deputy director of the Power and Energy Division, Owolabi Sunday, acknowledged the pressing challenges posed by climate change and the need for Nigeria to transition from traditional energy sources to cleaner alternatives.

He highlighted that Nigeria is blessed with abundant renewable resources such as sunlight, wind, and water, and therefore, transitioning to renewable energy is essential for the country’s sustainable future.

Polaris Bank, a leading retail commercial bank, has emerged as Nigeria’s Best Bank in Micro, Small, and Medium Enterprises (MSMEs) lending.

The lender was recognised over the weekend for its long-standing commitments to supporting MSMEs through several direct and indirect funding channels.

Expert judges at the inaugural MSME Finance Awards 2024, organised by Nairametrics and The Economic Forum, at the weekend in Lagos, said the choice of Polaris Bank as the ‘Best in MSME Lending’ (Banking Sector) was based on the bank’s provision of sustainable finance and funding to entrepreneurs in the MSMEs sector to grow their businesses.

MSMEs are the largest employers in the Nigerian economy, providing immense contributions in job creation and economic activities. Recent data showed that the contribution of the MSME sector to employment had increased by 3.5 per cent.

The International Labour Organisation (ILO) estimated that MSMEs contribute around 48 per cent to GDP and around 80 per cent of total employment in Nigeria.

The award ceremony, held at the upscale Civic Centre, Victoria Island, Lagos, cemented Polaris Bank’s reputation as a pacesetter in industry standards for lending and impact-driven financing to critical sectors of the Nigerian economy.

Commenting on the award, Managing Director, Polaris Bank, Mr. Kayode Lawal, said: “We are honoured to receive this prestigious award, recognising our commitment to empowering Nigerian MSMEs. Micro, small, and medium businesses are pivotal to national economic growth; they are the backbone for large corporations and drive innovation and job creation.

“We are glad that our dedication to providing accessible financing and tailor-made innovative solutions has made a tangible impact on the growth and sustainability of these vital businesses.’’

He commended Nairametrics and The Economic Forum series for the award and assured of Polaris Bank’s continued commitment to MSMEs empowerment by delivering innovative and exceptional customer-centric services and solutions that propel Nigeria’s overall economic advancement.

“We are grateful to Nairametrics and The Economic Forum for this recognition, acknowledging our team’s relentless efforts to provide innovative and exceptional services to Nigeria’s MSME sector. This award is a motivation for us; our strategic focus on MSME lending, driving financial inclusion, and promoting Nigeria’s economic development remains something we are committed to,’’ he stated.

Nairametrics, Nigeria’s leading financial literacy news platform, explained that the nomination and subsequent award bestowed on Polaris Bank and other finalists were meant to honour financial services organizations—including banks, insurance companies, and fintech companies—that have made a real impact on MSMEs in Nigeria, ensuring sustainable growth for the sector.

Polaris Bank has built a strong footprint in financing MSME by committing billions of naira in loans to support MSME operations in Nigeria, with huge lending portfolio dedicated to empowering micro, small, and medium businesses meant to grow businesses, create jobs, and build wealth.

These initiatives have earned Polaris Bank multiple awards and recognitions, including the 2022 and 2023 MSME Bank of the Year award by BusinessDAY’s Banks and Other Financial Institutions Awards (BAFI).

For Nigeria to achieve the $1trillion Gross Domestic Product (GDP) by 2026, the Nigeria Deposit Insurance Corporation (NDIC), among other stakeholders, have emphasised on the need for banks and Fintech companies to collaborate and drive the real sector growth.

Delivering a keynote address at the 2024 annual conference of the Finance Correspondents Association of Nigeria (FICAN) in Lagos over the weekend with the theme, “Nigeria’s Journey Towards $1 trillion Economy: Impact of Banks’ Re-capitalisation, Opportunities for Fintechs and Real Sector” the Managing Director/Chief Executive, NDIC, Mr. Bello Hassan stated that the current recapitalisation initiative of the Central Bank of Nigeria (CBN) must be effectively implemented. According to him, this is necessary towards enhancing the resilience, solvency and capacity of Nigerian banks to absorb shocks and continue to support economic development of the nation by efficiently performing their function as the fulcrum of financial intermediation.

He noted the role of strong and well capitalised banks in supporting the current administration’s bold vision of growing Nigeria’s economy to a $1 trillion must be appreciated by the relevant players in the financial sector.

“The opportunities and potentials for growth of the real sector depend, among others, on the availability and affordability of financing the economy. To achieve the desired level of financing required by the real sector, the window offered by banks in partnership with Fintechs, must be adequately harnessed,” he said.

He, however, stressed on the need for supervisors to understand the interconnection among the various financial services providers and how their policies and actions can affect the efficiency and optimality of the overall financial system.

He noted that many Nigerian banks have focused almost exclusively on large corporations, underserving small and medium enterprises as well as the financially excluded active poor unlike the Fintechs that have the potential of closing this gap through deployment of innovative financial services, using new technology and reduction of bottlenecks associated with traditional financial institutions.

“Notwithstanding the opportunities for growth and the benefit that the system stands to gain through the exploration of Fintechs in the financial services ecosystem, we must, as stakeholders, be conscious of the additional risks and complexities that the system may be further exposed, particularly in the area of privacy, personal information, customer protection, transparency, and cyber-security.

“This no doubt has made regulatory oversight increasingly more complex. Financial regulators must evaluate existing rules and consider adoption of new regulations to better address the opportunities and challenges presented by these new technologies,” Hassan said.

On the role of stakeholders, he emphasised that the vision of growing Nigeria’s economy initiated by President Bola Tinubu, is the starting point for the national policy rethink, stakeholder engagement and realignments of efforts and policies toward achieving the objective.

He stated that the CBN and NDIC have collectively through their respective mandates repositioned the banking industry to better serve its intermediation role for the benefits of real sector and in fact all other sectors of the economy.

He said the CBN foreign exchange rate unification and banks recapitalisation are some of the key initiatives necessary for propelling national economic growth.

Hassan highlighted that the foreign exchange rate unification policy has the potential for promoting foreign direct investment, foreign portfolio inflows, increased investor confidence, reduction of budget deficit, and improved sovereign credit ratings.

“The objective of the CBN and NDIC is to promote safe, sound and stable banking system that is capable of providing the required financing to our productive sectors of the economy. This is crucial in Nigeria’s journey towards the $1 trillion economy that we all aspire to attain,” he added.

While giving his guest speaker address, the Group Managing Director, United Bank for Africa Plc (UBA), Mr. Oliver Alawuba said Nigeria’s journey to a $1 trillion economy is not just a vision but also a shared responsibility.

Alawuba, who was represented by the Executive Director, Finance and Risk Management, UBA, Ugo Nwaghodoh, however, called on the banking sector, fintech innovators, the real sector, and regulatory institutions to work hand-in-hand to drive this transformation.

“We are on the cusp of a new era, one that will be defined by innovation, resilience, and sustainable growth. Let us take this opportunity to collectively shape the future, ensuring that the Nigeria of tomorrow is one where prosperity is shared, opportunities abound, and our economy stands as a beacon of growth on the global stage,” he said.

According to him, Nigeria has the largest fintech market in Africa, populated by a rapidly growing number of start-ups offering solutions that address the inefficiencies of the traditional banking sector.

“Fintech has already transformed how Nigerians access financial services – from mobile payments to lending platforms, the scope is vast.

“As we march towards a $1 trillion economy, the Fintech Sector is poised to play a crucial role in expanding financial access, driving innovation, and stimulating competition within the broader financial system,” he said.

In his welcome address, the National Chairman, FICAN, Mr. Chima Nwokoji, however, raised concerns on fluctuations in exchange rates, and regulatory pronouncements of which one is the exclusion of retained earnings from capital calculations.

He explained further that, “There is evidence of global best practices that show that a robust banking system is vital for economic growth. Singapore’s banking sector, for instance, has facilitated its rise as a financial hub and supporting economic growth.”

He highlighted that the banking sector recapitalisation would increase lending to MSMEs, driving entrepreneurship. According to him, this will boost job creation and support fintechs through strategic partnerships. This, in turn, will improve financial inclusion; enhance credit facilities for agriculture, manufacturing, and infrastructure development and boost investor confidence, thereby attracting foreign direct investment.

In the recently held grand finale event that honored 84 of its customers with N28 million, Stanbic IBTC Bank concluded its Reward4Saving Promo 3.0.

This prestigious event took place at the iconic Stanbic IBTC Towers on Walter Carrington Crescent, Victoria Island, Lagos; marking the end of a nationwide initiative to promote a strong savings culture among Nigerians. The promo rewarded 875 customers in its third season across 12 months.

At the grand finale draw, seven customers from seven business zones of Stanbic IBTC Bank won the grand prize of N2 million each, alongside seven savers who each secured N1,000,000 and an additional 70 winners who were rewarded with N100,000 each.

The selection process for all winners was conducted electronically and supervised by representatives from the Advertising Regulatory Council of Nigeria (ARCON) and the National Lottery Regulatory Commission (NLRC), ensuring fairness and transparency.

First introduced in 2021, the Reward4Saving initiative was devised as a strategic promo to encourage Nigerians to develop saving habits by allowing them to participate in monthly, quarterly, and grand finale draws to win cash prizes.

So far, the promo has rewarded 1,942 customers with N318 million. The promo has also won the ‘Most Transparent Consumer Promotion’ award for two consecutive years at the Industry Awards.

The Reward4Saving Promo 3.0 transcends the mere distribution of prizes; it epitomises Stanbic IBTC Bank’s commitment to enhancing financial security and encouraging Nigerians to adopt sustainable saving practices. By emphasising the significance of saving, the Bank aspires to empower its clientele and substantially contribute to the nation’s financial prosperity.

In his opening remarks, Olu Delano, Executive Director, Personal & Private Banking at Stanbic IBTC Bank, highlighted the company’s strong commitment to fostering a savings culture among its clients. “Our current savings promo goes beyond a mere celebration; it is proof of our dedication to promoting financial inclusion and advocating for responsible financial practices,” stated Olu.

He further acknowledged and appreciated customers’ dedication to saving. “Through this initiative, our goal is to commend their prudent financial behavior and encourage a broader segment of the Nigerian population to recognise and adopt the merits of financial discipline,” Olu concluded.

By fostering consistent saving habits, individuals can secure their financial future and enjoy a range of additional rewards.

This approach enhances their economic stability and is fundamental to achieving financial freedom. Cultivating discipline in saving encourages a mindful approach to spending and investment, which can lead to a more prosperous and stress-free life.

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has commenced the 2024 edition of its annual SME training.

This initiative is designed to empower small and medium-scale enterprises (SMEs), stimulate economic growth, and promote entrepreneurial innovation across the country.

The event will be held in key locations across Nigeria, including Lagos, Kaduna, Kano, and Abia states, from Thursday, September 19, 2024 to Friday, November 1, 2024.

As part of its commitment to developing the Nigerian economy and supporting SMEs, Stanbic IBTC Bank has meticulously designed this programme to provide entrepreneurs and business owners in the open market with essential tools, knowledge, and networks to thrive in today’s competitive market.

The Stanbic IBTC  2024 SME training promises to be a transformative experience for all participants, as Stanbic IBTC Bank brings banking solutions to their doorstep.

At the training sessions, attendees will engage in workshops led by experts, offering invaluable insights and practical skills from seasoned professionals and industry leaders.

It is a prime opportunity for networking, allowing participants to meet and connect with like-minded entrepreneurs, potential partners, and investors, thus broadening their business opportunities.

The event will also provide access to innovative tools and resources to streamline operations, enhance productivity, and foster growth.

Additionally, attendees will receive up-to-date market insights, including forecasts, strategies, and firsthand success stories from thriving businesses directly from market analysts. This setup ensures all participants acquire new knowledge, practical tools, and connections to advance in their respective industries.

Olajumoke Bello, Head, Enterprise Banking, Stanbic IBTC Bank, expressed tremendous enthusiasm for the SME training:

“At Stanbic IBTC, our commitment to the success of Nigerian small and medium-scale enterprises (SMEs) is rock solid. We recognise these businesses’ role in nurturing economic development, and we provide a supportive platform to meet their immediate needs while paving the way for a sustainable future for businesses nationwide.”

Olajumoke added that Stanbic IBTC empowers entrepreneurs through this initiative and creates a conducive environment where businesses can thrive and prosper. “Our objective is to ensure that Nigerian SMEs are well-equipped with the necessary tools, knowledge, and resources to achieve remarkable growth and contribute significantly to the nation’s economy.”

The event represents a significant advancement in efforts to engage with and support Nigeria’s small and medium-scale enterprise (SME) sector, a critical component of the national economy.

Through initiatives like the 2024 specialised SME training programme, Stanbic IBTC is reinforcing its commitment to being a key player in fostering the nation’s socioeconomic growth.

Growing investor confidence and strong market participation have continued to boost optimism about Fidelity Bank’s stock as the bank experienced a remarkable 20% surge on the Nigerian stock market, with its share price surpassing the N13 mark by the third week of September.

This upward trend follows the bank’s combined offer, which included a Public Offer and Rights Issue launched on June 20, 2024.

The combined offer consisted of 10 billion ordinary shares priced at N9.75 for the public and 3.2 billion shares at N9.25 for existing shareholders, collectively raising N127.1 billion. After a consolidation period from June to August, coinciding with the close of the combined offer, Fidelity Bank’s shares have gained over 20% month-to-date (MtD) in September.

Fidelity Bank has maintained a robust bullish trajectory since August 2018, when its stock dipped below N2. Since then, it has surged by more than 680%. The bank started trading in 2024 at N10.85, with 900 million shares exchanged.

However, uncertainties related to recapitalisation efforts among major Nigerian banks led to a temporary decline to N9 per share in April. Despite this setback, the stock regained its upward momentum after touching a low of N9.00.

Following the completion of the combined offer in August, Fidelity Bank’s share price climbed once again, gaining over 20% by mid-September. A key factor contributing to this latest surge is the successful combined offer, which paves the way for an upcoming private placement.

The Fidelity Bank combined offer, which was the first in the current recapitalisation phase in the banking industry, saw significant demand, prompting an extension that added 8.2 billion shares. Of these, 5 billion were sold through the Public Offer and 3.2 billion via the Rights Issue. This high demand resulted in increased market activity, with over 2 billion shares traded in June and 3 billion in July.

As the combined offer concluded on August 12, the stock entered a consolidation phase, but trading activity picked up notably by mid-September. Weekly trading volumes reached 27 million shares, pushing the stock past the N13.00 threshold, sustaining its upward trend.

In a recent note to investors, the bank’s Managing Director, Dr. Nneka Onyeali-Ikpe expressed gratitude for the strong response to the capital raise, stating that, “with the conclusion of the Combined Offer, I am delighted to announce that we have met and surpassed our capital-raise target for the first phase of this exercise.”

“My profound gratitude goes to our customers, new investors and existing shareholders for supporting us in this journey. We will forever be grateful for the support we received during this capital-raise exercise.

“Our deepest thanks go to our regulators namely the CBN, Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX): the CBN for its vision of recapitalising Nigerian banks to ensure banks have sufficient capital to sustain a $1tn economy in the near future and improve the overall confidence in the banking industry; SEC and the NGX for the role they played in ensuring the seamless execution of this first phase of our recapitalisation plans.