Customer demand improved again in the Nigerian private sector at the end of 2022, supporting further rapid increases in both new orders and business activity. In turn, firms took on additional staff, albeit only slightly.

Meanwhile, currency weakness continued to exacerbate cost pressures, subsequently feeding through to the second-fastest rise in selling prices since the survey began in 2014.

The headline figure derived from the survey is the Stanbic IBTC Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

The headline PMI reached 54.6 in December, up from 54.3 in November and signaling a marked monthly improvement in business conditions across the Nigerian private sector. Moreover, operating conditions strengthened to the greatest extent since April 2022.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented: “The headline PMI rose 54.6 in Dec, up from 54.3 in November which continues to reflect an improvement in private sector business conditions. The improvement was essentially driven by stronger customer demand which consequently resulted in new orders growth rate reaching an 8-m high in December. As a result of the higher level of demand, firms increased business conditions and output levels across various sectors (agriculture, manufacturing, wholesale & retail and services sectors).

“Remarkably, stronger demand was sustained despite persistent inflationary pressures. Notably, purchase costs increased at the fastest pace in 4-m leading to companies increasing their output prices. Throughout the year 2022, headline inflation continued to rise till it reached 21.47% y/y in Nov, driven by elevated energy and food prices, exacerbated by the Russia-Ukraine crisis. In near term, inflation will likely remain elevated, significantly above the central Bank’s target range of 6% -9%, which would keep the monetary policy authorities hawkish aiming at containing surging price levels.”

The rate of growth in new orders quickened to an eight-month high in December, linked by firms to stronger customer demand. With customer numbers and new orders rising, firms also increased their business activity at a sharper pace at the end of last year.

Output rose across each of the agriculture, manufacturing, wholesale & retail and services sectors. Improvements in demand were sustained despite ongoing strong inflationary pressures. In particular, purchase costs increased at the fastest pace in four months amid rising prices for fuel and raw materials, exacerbated by currency weakness.

In turn, companies increased their own selling prices at a much faster pace, and one that was only surpassed by that seen in December 2021.

Policies to help staff with higher living costs, particularly those related to transportation, as well as efforts to motivate staff led firms to raise salaries solidly again. Companies also increased employment levels to try to alleviate some pressure on existing staff members, though workforce numbers were up only slightly overall.

Purchasing activity rose sharply again, but the rate of accumulation in inventories softened to a 22-month low amid cost pressures and the use of inputs to support output. Meanwhile, suppliers’ delivery times shortened to the least extent since July 2022.

While prompt payments and competition among vendors led deliveries to speed up, fuel scarcity reportedly caused delays in some cases.

Finally, business confidence remained relatively muted, rising from November’s series low but still the second weakest on record. Those firms that expressed optimism linked this to planned investment and business expansions.

Ecobank Nigeria has again called on its customers to approach any of its branches to deposit old Naira banknotes into their accounts to avoid last minute rush, also assuring them of gaining a minimum of 8% interest on their savings.

This is against the backdrop of Central Bank of Nigeria (CBN)’s January 31, 2023, deadline for the exchange of old Naira notes.

In a message to customers, the bank noted that measures are in place in all its branches to ensure seamless, easy and stress-free cash deposit by customers, adding that the bank’s branches are now open for business on Saturdays to accept deposits from customers.

Responding to media questions in Lagos, Dr. David Isiavwe, Group Head, Operations & Technology, said there are no charges on cash deposit at any Ecobank branch, no matter the volume. He assured customers of prompt services any day of the week and on Saturdays when the branches are also opened to receive cash.

“We wish to inform our customers not to wait for rush hour to bring their cash to the bank. They should visit any of our branches closest to them to deposit their cash in their account. We have extended our working days to Saturday to enable customers deposit cash. Though we are impressed with the present turn out of customers, there is still the need for others to comply. We don’t want any of our customers to miss the CBN’s deadline.”

It would be recalled that the Federal Government on December 15 introduced new 200, 500 and 1000 banknotes into the nation’s financial system. The CBN said the naira redesign policy is to control currency in circulation, address the hoarding of the banknotes outside the banking system and also address shortage of clean and fit banknotes in circulation.

The apex bank stated that the old banknotes would cease to be legal tender in the country from January 31, 2023.

Moruf Oseni

Wema Bank Plc has announced the retirement of its Managing Director/CEO, Ademola Adebise.

He will be proceeding on terminal leave from January 2nd, 2023 after over 13 years of meritorious service on the Board of the Bank. He will be succeeded by Moruf Oseni, currently the Deputy Managing Director.

Ademola Adebise was appointed as the Managing Director/Chief Executive Officer of Wema Bank Plc in June 2018. He joined the Bank in June 2009 as an Executive Director and rose to become the Deputy Managing Director in 2015.

Under his leadership, he expanded the bank’s footprints to other locations in Nigeria, he improved the performance of the Bank and spearheaded the first dividend payment in 13 years, since then, he has ensured consistent dividend payment over the last four years.

The Bank has  grown its Total Assets by 155%, from N470 billion to over N1.2trillion. Deposits also grew by 214% from N350 billion to N1.1 trillion. He initiated the partnership with Bank of Africa to support its customers across the African continent which has increased the Bank’s market share and customer base. All these led to an additional growth of 2 million customer accounts in Nigeria and a market share of 3% of industry volumes. The Bank is now the leading collection bank for state and government agencies due to its effective and efficient platform. The Bank’s rating by agencies was upgraded to BBB investment grade.

The Bank significantly changed the digital landscape through the ALAT platform. The innovative  platform also came tops in the KPMG Digital Scorecard for leading retail banks in Nigeria and this was  based on in-depth insights into the state of user experience on retail banks’ digital channels.

Furthermore, the Bank launched the first SME Business School for capacity building and empowerment

for SMEs – this has benefitted over 20,000 small businesses. The Bank also became one  of the founding members of the United Nations Environmental plan for financial institutions (UNEP- FI) and continues to provide digital solutions for societal impact.

The Chairman of the Board, Mr. Babatunde Kasali on behalf of the Board and Management expressed  its profound gratitude to Ademola for his service and wish him the best in his future

endeavours.

Further, Wema Bank Plc also announced the appointment of Mr. Moruf Oseni as the Managing

Director/CEO subject to the approval of the Central Bank of Nigeria.

Moruf Oseni joined Wema Bank in June 2012 as an Executive Director. He has over 25 years of experience with more than 16 years at Senior and Executive Management levels. Moruf Oseni was an Executive Director for 6 years and Deputy Managing Director for the last 4 years and has demonstrated capacity to lead the Bank.

He presently has responsibility for the Digital Optimization Directorate which includes – Digital, Retail, Treasury, Operations, and the Technology Divisions. Moruf is also the Executive Compliance Officer of the Bank. He supervised the launch of ALAT – Nigeria’s 1st  digital Bank that has received local and global awards and multiple accolades. Before joining Wema Bank, Moruf was the CEO of MG Ineso Limited, a principal investment and financial advisory firm. Prior to MG Ineso, Moruf was a Vice President at Renaissance Capital, and an Associate at Salomon Brothers/Citigroup Global Markets in London.

Moruf holds an MBA degree from the Institut European d’Administration des Affaires (INSEAD) in France, a Master’s in Finance (MiF) from the London Business School and a B.Sc. in Computer Engineering from Obafemi Awolowo University (OAU), Ile-Ife, Nigeria. He is also an alumnus of both the Advanced Management Program (AMP) of the Harvard Business School and King’s College, Lagos.

Other Board appointments include:

Wole Akinleye: Appointed as the Deputy Managing Director. Wole has over 32 years Banking experience. He presently oversees Corporate Banking and South West Business Directorate for the Bank.

A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Wole is an alumnus of the Advanced Management Program of the Harvard Business School. He obtained his first degree in Accounting from Obafemi Awolowo University in 1989 and subsequently, a master’s degree in Business Administration (Finance) from the same University.

Tunde Mabawonku: Appointed as Executive Director. He has over 23 years of experience and is presently the Chief Finance Officer and the Divisional Head of Finance & Corporate Services. Tunde has a Master’s in finance from the London Business School and a first degree in Economics from University of Ibadan.

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) & Chartered Institute of Taxation of Nigeria (CITN) and is an Honorary member

of the Chartered Institute of Bankers (HCIB). He has also attended several Senior Leadership programs.

In conclusion, the Board of Directors are confident that the appointment of the Executives will lead to  the continued transformation and growth of the Bank, particularly as the Bank

positions itself as a  market leader in Nigeria’s retail banking segment through technology and innovation.

The appointments take effect from April 1, 2023 and are subject to the approval of the Central Bank of Nigeria and other regulatory authorities.

2022 was a remarkable year for Union Bank of Nigeria.

The leading financial institution celebrated its 105th year of serving Nigerians with the announcement of the completion of a landmark transaction that saw the integration of the Bank with Titan Trust Bank to form a stronger union.

This announcement kicked off several noteworthy events and major milestones and Union Bank is pleased to recap these milestones the Bank recorded in 2022. The noteworthy events in each month are summarised below under the respective headings.

January 2022: Union Bank celebrates its 105th year of operations as Titan Trust Bank gets nod from regulators for the official integration. The fusion of both entities created expanded networks, increased operational efficiency and capacity as well as improved service delivery for the customers. The new direction set Union Bank on a path of delivering prosperity and shared growth for its partners and customers all over the African continent.

February 2022: As part of its commitment to push beyond banking to promote innovation and creativity nationwide, Union Bank partnered with AfricaNXT – formerly known as Social Media Week, to host the largest gathering of innovators across Africa. As an organisation focused on accelerating digital innovation, Union Bank showcased some of its ‘Digital Ventures’ products (Kula, Booster and M36) at the event via an interactive booth. The Bank also hosted two insightful sessions – a panel discussion and a masterclass session – targeted at the tech ecosystem.

March 2022: As an organisation committed to leading the charge for inclusion and parity, Union Bank has consistently leveraged International Women’s Day (IWD) to promote impactful discourse and encourage positive action for gender equality-2022 was no different. In in line with the 2022 global theme #BreakTheBias, the Bank hosted an event to celebrate everyday women breaking biases and shattering barriers in their professional and personal lives.

A key highlight of the event was the inauguration of the first executives for Wehub – Union Bank’s Women Empowerment Hub which is an internal network launched in 2016 to motivate, connect and provide support to women within the Bank. The newly elected executives were charged with the task to drive the implementation of impactful initiatives aimed at advancing the Bank as a progressive place to work.

April 2022: As part of its ‘Beyond Banking’ strategy and commitment to innovation and technological advancement in Nigeria, Union Bank launched SpaceNXT a future-forward, purpose designed co-working technological and innovation hub built to promote innovation and encourage collaboration within the tech ecosystem in Nigeria. Located within the Union Bank Head Office in Lagos, Nigeria, SpaceNXT provides an enabling environment where tech enthusiasts, visionaries and creators can converge for the propagation of new ideas. It is a launching pad for innovators to collaborate, develop and improve on ideas around digital systems and tech-based solutions.

May 2022: Following the completion of the official integration, and the subsequent receipt of all necessary regulatory approvals, Union Bank posted a formal notice of change in control with TGI Group, parent of TTB, now the majority shareholder and core investor in Union Bank. In addition to this, the Bank also announced the completion of the divestment of the Bank’s entire shareholding interest (direct and indirect) in its subsidiary, Union Bank (UK) Plc and the effective appointment of a Chief Executive Officer, Board Chair, and the reconstitution of a new Board of Directors. The new CEO, Mr. Mudassir Amray and Board Chair, Farouk Gumel assumed office on the 2nd of June, 2022

June 2022: Leading development bank, Afrexim Bank backed Titan Trust Bank with the sum of $300,000,000 to support the integration with Union Bank. This is to ensure the Bank is well positioned to deliver value to its customers and shareholders.

July 2022: Following a successful first season, Union Bank announced the return of Save & Win Promo, its flagship campaign aimed at rewarding new and existing customers with cash rewards and other gift items worth over N55,000,000. The second edition of the nationwide campaign coincides with the Bank’s 105th anniversary and will benefit more customers to appreciate them for their support and loyalty over the years.

August 2022: As part of its continued commitment to the UN SDG5, Union Bank continued its long-standing partnership with Junior Achievement Nigeria (JAN) to impact over 300 girls in the 21st edition of the Leadership Empowerment Achievement and Development (LEAD) Camp which marked the eighth year of collaboration between JAN and Union Bank. The week-long event was used to provide guidance and improve the skill sets of the girls in areas of financial literacy, entrepreneurship, technology, creative arts, and entertainment. Development sessions in the program included coding, understanding sexual abuse, and personal hygiene, while the participants also received mentorship from respectable and high-ranking women in the country’s private and public sectors.

September 2022: Mr. Farouk Gumel, Chairman, Board of Directors, Union Bank of Nigeria delivered the keynote address that formed part of the theme for the 15th Annual Banking and Finance Conference tagged Repositioning the Financial Services Industry for an Evolving Global Context. In his remarks, Farouk Gumel emphasised how the rapidly expanding agricultural sector in Nigeria has the potential to grow exponentially and contribute not just to the advancement of the Nigerian economy, but also the welfare of the local farmers who form a large percentage of the unbanked.

He highlighted how Union Bank in their 105-year history continues to support the Nigerian farmer and pointed out that the recent integration with the parent TGI group has further opened more opportunities for the Bank to leverage international partnerships to service the rural economy.

In the same month, Union Bank partnered with WACOT Rice Limited – a foremost rice producing company and subsidiary of Tropical General Investment (TGI) Group, to provide banking solutions for 6,000 local farmers including men, women, and young people across 4 Local Government Areas in Kebbi State. This partnership, called the Kebbi Financial Inclusion Drive is in line with Union Bank’s commitment to boost financial inclusion in Nigeria.

October 2022: Union Bank signed a partnership with Mobihealth – a globally recognised, integrated telehealth provider based in the UK, facilitating health solutions for underserved communities in Africa. This first of its kind partnership is part of Union Bank’s commitment to enabling success for its customers. The Bank aims to leverage this partnership to expand access to high-quality and convenient healthcare services for its customers at discounted rates.

In addition, Union Bank also secured a $25 million funding line from Africa Agriculture & Trade Investment Fund (AATIF) to expand its agricultural business footprint in Africa. This funding aims to support the Bank’s agri-expansion and outreach strategy and is expected to further contribute to the growth of the competitive food and agricultural sector in Nigeria that is fully aligned with national priorities – including improving food security, increased agricultural production and local food processing.

November 2022: To expand its footprint in Africa, Union Bank signed an MoU with Attijariwafa Bank – a leading multinational commercial bank and financial services company based in Morocco. Through this partnership, both Banks will develop new joint business opportunities for their respective customers that seek to support the trade finance and investment corridors between Nigeria and all the countries where Attijariwafa Bank operates.

December 2022: To closeout its 105th year anniversary activities, Union Bank launched a brand-new sonic identity tagged ‘The Sound of Union’. The launch of the Sound of Union – a 9-track EP, spanning different genres including afrobeats, highlife, jazz, alternative rock and more – is part of the Bank’s strategy to engage with todays and tomorrow’s generations.

The goal of the launch is to leverage the universality of music to build better connections with new and existing audiences through this unique sound identity. The Sound of Union EP is now streaming exclusively on Boomplay.

Awards & Recognitions: In 2022, the Bank received several awards and recognitions both locally and globally including the Global Finance award for the Best SME Bank 2023, the Euro Money Euromoney ‘Highly Regarded’ Bank for Corporate Banking, Corporate and Social Responsibility (CSR) and Environmental, Social and Governance and ‘Notable’ Bank for SME Banking and Digital Solutions.

We were also awarded the Middle East and Africa Banking Innovation Awards for Best Trade Finance Platform 2022, and Budgit Active Corporate Citizens award for Civic Investments.

As we look ahead to 2023, Union Bank remains committed to providing simpler and smarter solutions for its customers.

Ahead of the Yuletide holidays, Ecobank Nigeria has reassured that customers will be able to shop seamlessly and carry out all their transactions via the Ecobank Digital platforms, which include the Ecobank Mobile app, USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, and PoS terminals.

Also available to customers is an extensive distribution network of over 60,000 Ecobank Xpress Point agency banking locations spread across the country.

Speaking on Ecobank Mobile app, Osahon Akpata, Group Head, Consumer Payments, Ecobank, said the app, which is available for download on the Apple App Store and Google Play Store, makes it extremely easy to bank on the go 24/7, enabling customers to meet their payment needs anywhere and at any time directly from their mobile device.

“Our Mobile app allows customers manage their accounts, send money, pay bills, buy airtime, pay merchants, and do other transactions across the 33 African countries where Ecobank is present. The mobile app is secure, reliable, convenient, and available to everyone.  This is the season of giving and we offer our customers more options for sending money to loved ones. They can send money instantly to the 33 African countries where Ecobank is present (subject to local regulations). They can transfer money to other bank accounts both domestically and internationally. Our customers can also send an Xpress Cash token for redemption at our ATMs or Xpress Point agents to those who do not have a bank account. If they do not have the account number of the person they want to send money to, we offer a unique service, transfer by email or SMS where they share a secured link to the beneficiary who can redeem the funds into any bank account in Nigeria. Other unique features, include the opportunity to open an Xpress Account; set travel notifications for enhanced card security; block and unblock one’s bank card; attach other bank cards for transactions; as well as being able to add one’s banking profiles from different countries,” he stated.

Further, Akpata said Ecobank customers can “scan and pay for goods via QR code with EcobankPay; split payments with other Ecobank mobile app users and place a standing order for future payment.” He encouraged Nigerians to download the app for firsthand experience, especially during this Yuletide season for easy banking services both locally and across Africa, emphasizing that with the Ecobank Mobile app, customers do not need to carry cash for shopping, He pointed out that users of the Mobile app have access for help or support by chatting with RAFIKI.

Ecobank Nigeria Limited is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 33 African countries and an international presence in four locations (London, Paris, Beijing, and Dubai).

Ecobank Nigeria is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.

L-R:  Oluwatobi Ajayi, Chairman, Nord Automobiles Limited; Ifedayo Agoro, Chief Executive Officer, Dang Lifestyle; Abubakar Suleiman, Managing Director and Chief Executive Officer, Sterling Bank Plc; Ibidapo Martins, Chief Marketing Officer, Sterling Bank Plc and Ehis Ero, Chief Executive Officer, Ero Crafted at the unveiling of Made by Nigerians press conference in Lagos recently.

As part of its commitment to the growth and development of Nigerian businesses and the economy, Sterling Bank Plc, one of Nigeria’s leading financial institutions, has created the Made-By-Nigerians platform. The Made-by-Nigerians platform is a community designed to showcase the best products and services made by Nigerians, at home and abroad.

The bank will hold a Fair from the 23rd to the 24th of December 2022 to exhibit the best Nigerian-made- goods to the highest international standards. Interested and enthusiastic exhibitors and patrons can visit mbn.ng/tradefair to register for the fair.

Managing Director and Chief Executive Officer of the Bank, Abubakar Suleiman, disclosed at a press conference in Lagos that participants should expect a spectacle comprising physical and virtual exhibitions, workshops, discounts, freebies, huge deals, games, refreshments, and entertainment, among others.

Abubakar said the two-day event is the perfect avenue for Nigerian businesses to showcase and promote their products on a global scale by connecting buyers, sellers, and everyone in the supply chain in a fun and relaxed atmosphere.

He remarked that the bank is supporting the fair because it is on a mission to promote brands owned by Nigerians to help them build capacity, grow their businesses, and transform the Nigerian economic climate.

In his words: “We are passionate about growing the economy, and we believe this is one of the ways to do it.” He disclosed that over 300 merchants have registered on the platform and are ready to serve buyers with products of the highest quality.

The CEO also said the bank will support the businesses on the platform with access to professional services such as accounting, legal, and marketing, among others, in a bid to transform them from family-owned businesses into bankable entities that can attract professional employees, lending from banks, and new investors.

The press conference had chief executives of some of the most notable Nigerian brands, such as Ehis Ero of Ero Crafted, Mariam Animashaun of Tang Groo Food Company, Omovo Ayoola, Oluwatobi Ajayi of Nord Motors; Ahmed Akinsemoyin of Zorkle, Carla Sonjirin of Spa Melori, and Ifedayo Agoro of Dang! Lifestyle, in attendance.

They commended Sterling Bank for the initiative and expressed hope of collaborating with the lender to scale their operations.

MBN is a community for those who dare to dream. It is a hub that is accessible to every business within Nigeria and/or owned by Nigerians. Its focus is to help build and better position Nigerian brands to capture the growing global demand.