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First Bank Promotes Sports, Donates N44m for Facilities

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First Bank of Nigeria Ltd. in its bid to strengthen sports development and enhance student health and wellbeing through physical recreational activities in secondary schools has donated sporting facilities totalling N44 million to Queens and Kings College Lagos.

The Bank under its corporate responsibility and sustainability initiatives constructed a 450-seater sports pavilion at Queens College and renovated the Squash Court of Kings College as part of its continuous contribution to complementing Government’s efforts by providing educational infrastructure support for Schools across Nigeria.

Mrs. Folake Ani-Mumuney, FirstBank’s spokesperson, said the financial institution’s interventions in the area of sports development reinforce its commitment to boosting the process of developing the minds and abilities of the nation’s future leaders.

“At First Bank, our ultimate goal is to remain a strong supporter of efforts geared towards equipping the youths with the skills required for socio-economic empowerment through support of sports development, youth engagement initiatives, endowment schemes and infrastructure development. Our desire is to see these strategic and need-driven youth empowerment interventions culminate in equipping our Nigerian youths for a bright future,” she said.

At the commissioning and handover ceremony of the squash court at Kings College, Otunba Oladele Olapeju, principal, commended and appreciated First Bank for its support stating that, “the squash court will help its students develop their skills in the game and building a veritable foundation for grooming future world champions.”

Olapeju urged all stakeholders to help provide support for secondary school sports competitions that will facilitate the discovery of talents that would win laurels for the country in international events.

Also speaking at the event, Vice President Kings College Old Boys Association (KCOBA), Barrister Rotimi Aladesanni, commended the First Bank for its gesture and expressed hopes that the facilities will encourage students in the College to be dominant players in the game.

Mrs. E.M Osime, principal of Queens College, also expressed gratitude to the Bank at the launch and handover ceremony of the sport pavilion in Queens College, saying “I am pleased that the project is completed and on behalf of Queens College, we say a big thank you to First Bank for their efforts in investing in this project.”

First Bank has a consistent history of supporting educational projects across the nation. It has invested huge resources to provide better learning facilities in all levels of schools in the country, while boosting endowment and infrastructural development schemes.

Some of FirstBank’s recent infrastructural development schemes include: University of Abuja entrepreneurship center, educational equipment to Quantity Surveying Department ABU Zaria, the Faculty of Social Science Building and Lecture Theater in University of Port Harcourt, as well as the University of Technology Minna.


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NELFUND Says UTME, NIN, BVN Mandatory for Student Loans

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Nigerian Education Loan Fund (NELFUND) has said that Nigerian students will need to present their Unified Tertiary Matriculation Examination registration number (UTME); National Identification Number (NIN); and Bank Verification Number (BVN) to access student loans.

NELFUND Says UTME, NIN, BVN Mandatory for Student Loans

Mr Akintunde Sawyerr, managing director of NELFUND, assured that the body would ensure that those he called ‘ghost students’ would not have access to the soon-to-be-launched scheme.

The MD noted that NELFUND has put processes in place to ensure that all applicants and beneficiaries are traceable to prevent the loan from turning into a sort of national cake.

“We are using technology to run the system. The process of application is online and we are limiting human contact as much as possible. Once you have a Bank Verification Number, BVN and National Identification Number, NIN, which are parts of the requirements, we will have access to your data and all your accounts. This will also help us to know if you are qualified or not,” he explained.

He explained further that those who are already in school can apply for the loan at any level of their study, but must be at the beginning of each session. They would also have to provide their admission and matriculation details in addition to BVN and NIN.

According to the NELFUND boss, about 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centres would be among the first batch of beneficiaries. The number may increase as time goes on.

The programme, he noted, will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), which will amount to N194 billion if the agency meets its projection.

He explained that the loan would be paid in two segments. The first, he said, is the chargeable school fees which would be paid directly to the institutions while stipend would be paid into individual student’s account for day-to-day upkeep.

Mr. Sawyerr stated that the amount individual applicants will access will vary because of the course of study, school fees payable and geographical location of the institutions among others.

On the method of payback, he said, “You don’t start paying back the loan until two years after your National Youth Service Corps, NYSC Scheme and that is, if you have secured a job or business. A beneficiary can defer repayment if he has not secured a job, but if after due diligence, he defaulted, then he becomes a criminal and we will work with every agency that can help us get the money back, for example, EFCC, ICPC etc.”

 


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Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC

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Sun International Limited, run by Anthony Leeming, South African entrepreneur, has agreed to sell its Nigerian interests to Rutam Finance Company Limited (RFC) for roughly $14.4 million.

Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC

The move is part of Sun International’s strategy to consolidate operations and focus on key markets. Sun International joined the Nigerian market in 2009, but has struggled in recent years due to a challenging operating climate.

This divestiture is consistent with the company’s strategic objectives and represents a shift in portfolio management.

Sun International, will sell a 43.3 percent ownership investment in Tourist Company of Nigeria PLC (TCN), which manages Lagos’ Federal Palace Hotel, to RFC for $1.875 million.

In addition, the group would pay off its whole $12.675 million credit to RFC, effectively exiting the Nigerian market. The corporation also intends to sell its remaining 6% ownership in TCN in due course.

The transaction, subject to customary closing conditions including as regulatory approvals, is estimated to create a cash inflow of about $14.41 million for Sun International.

These funds will be utilized to reduce debt.

Following the completion of the acquisition, TCN will no longer be included in Sun International’s financial statements.

This will reduce group debt by about $41.82 million, excluding IFRS 16 lease liabilities.

The closing is scheduled for no later than May 28, 2024, provided that all usual closing conditions are met. The Nigerian Competition Authority, the Securities and Exchange Commission, and the Nigerian Stock Exchange have all provided key clearances.

Sun International, founded in 1968 by the late Sol Kerzner, has grown into a renowned gaming and resort company under Leeming’s leadership.

In fiscal 2023, the company’s revenue increased by 7% to $646.14 million, while headline earnings increased by 86 percent to $55.35 million.

This demonstrates Sun International’s resiliency and strategic direction. Sun International’s pullout from Nigeria demonstrates the company’s dedication to streamlining its portfolio and pursuing growth possibilities in key areas.

With a rich history and a focus on the future, this transaction demonstrates the company’s commitment to create wealth for shareholders and stakeholders while also strengthening its position in the gaming and hospitality industries.

 

 


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Sam Darwish, US-Nigerian Businessman Suffers $6m Loss as IHS Shares Plunge

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Sam Darwish, a US-Nigerian telecom entrepreneur, has experienced a huge financial setback in his holding in IHS Holdings following a recent drop in the shares of the top telecom infrastructure company on the New York Stock Exchange (NYSE).

Sam Darwish, US-Nigerian Businessman Suffers $6m Loss as IHS Shares Plunge

Sam Darwish

According to data, Sam Darwish’s investment in IHS Holdings has lost $6 million in market value during the last 13 days. This drop reflects increasing selling pressure among NYSE investors.

From March 12 to 30, Darwish’s investment in IHS Holdings increased from $35.17 million to $49.27 million, resulting in a $14 million gain.

Darwish founded IHS Holdings in 2001, and it has since grown to become the largest telecom infrastructure business in Africa, Europe, Latin America, and the Middle East.

It is renowned for its huge tower count and is the world’s third-largest independent international tower firm.

In the last 13 days, IHS Holdings shares on the NYSE have dropped by 11.72 percent, from $3.67 on April 3 to $3.24 at the time of writing.

As a result, the company’s market capitalization has dropped below $1.1 billion, causing significant losses for stockholders.

As chairman and CEO of IHS Holdings, Sam Darwish holds a critical position in African telecom.

With a strong 4.17 percent ownership holding, equivalent to 13,958,158 ordinary shares, he is a key participant in the global telecom infrastructure business.

The recent double-digit loss in IHS Holdings shares has resulted in a $6 million decrease in the market value of Darwish’s shareholding in the top telecom infrastructure company. His shareholding has decreased from $51.23 million on April 3 to $45.22 million.

Despite this defeat, Darwish remains an important figure in the worldwide telecom business.

IHS Holdings’ extensive tower network and smart acquisitions have secured its position as a major participant in the global telecom infrastructure sector.

 


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