Connect with us

E-Financial

NOVA Merchant Bank Holds 3rd AGM Virtually

Published

on

Kindly share this post

Nova Merchant Bank on Thursday, May 7, embraced digital technology as the financial institution held its third Annual General Meeting (AGM) virtually at its head office in Victoria Island, Lagos.

NOVA Merchant Bank Holds 3rd AGM Virtually

The meeting was held virtually in strict adherence with stipulations by the Federal and state government in a bid to limit the spread of the Coronavirus pandemic currently ravaging the world.

The meeting which was led by Mr. Phillips Oduoza, chairman, NOVA Merchant Bank, had in attendance Mr Anya Duroha, managing director; Mr. Nnadozie Ohaji, company secretary;  board of directors; Shareholders, as well as representatives from key financial regulatory organisations including the Central Bank of Nigeria and the Nigerian Deposit Insurance Corporation.

Shareholders at the meeting lauded the innovative concept of the virtual meeting, which according to them, showed that the bank is ahead in keeping up with the times, while ensuring continuous safety of both staff and shareholders.

They also commended its impressive performance and urged the bank to continue the growth trajectory notwithstanding the current macroeconomic headwinds occasioned by the coronavirus and drop in oil price.

While presenting the bank’s financial performance for the year ended December 31, 2019, Oduoza noted that the bank reported a significant improvement in all the key financial indices compared to 2018 achievements.

He attributed this growth to the successful execution of the 2019 strategic plan in line with the key strategic pillars to position the bank as a market leader by 2025.

“While we acknowledge the present macro-economic landscape and its concerns, and even though we see that the situation remains very fluid, It is our firm belief that the COVID-19 crisis will also result in several opportunities for the Bank, as industry dynamics evolve,” Oduoza said.

He assured the shareholders that the Bank will continue to focus on digital banking, provision of long-term funding, wholesale and investment banking while maintaining a lean operating philosophy.

Also speaking, Duroha, managing director/chief executive officer said, 2019 was the year in which the Bank’s business made major leaps due to the resilience and commitment of our employees.

He said, “I am pleased to inform you that your investments in the Bank have continued to record double digit growth along all major parameters. This clearly demonstrates the level of confidence in the Bank and our offerings especially given the competitive nature of the banking industry and our relative newness in the market.

“We were able to deliver these impressive results as we remained focused on our mission of creating superior value in the markets we serve and keeping our customers at the center of our business. I believe this performance is sustainable by maintaining our relentless focus on providing a superior customer experience,” Duroha stated.

According to the MD, some of these key achievements include growth in deposits by 523%, growth in loan book by 1106%, increase in total assets by 155% and rise in profit after tax by 43% over the 2018 performance, adding that the customer base scaled up by 72%  while the cost to income ratio dropped by 8% over 2018.

At the meeting, the shareholders also approved the reappointment of two retiring directors and urged the board to continue to steer the bank in the right direction.

NOVA Merchant Bank offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Comments

E-Financial

Nigerian Manufacturing Sector Contracts for 5th Consecutive Month – CBN

Published

on

Kindly share this post

The Manufacturing Purchasing Managers’ Index (PMI) in September stood at 46.9 index points, indicating a contraction in the Nigerian manufacturing sector for the fifth month.

This was disclosed by the Central Bank of Nigeria (CBN) in its September PMI report released last week.

According to the report, four out of the 14 sub-sectors surveyed reported expansion (above the 50 per cent threshold) in September.

It listed the expansion order as electrical equipment; transportation equipment; cement and nonmetallic mineral products.

It said the remaining sub-sectors reported contractions in the following order: petroleum & coal products; primary metal; furniture & related products; printing & related support activities; food, beverage & tobacco products; textile, apparel, leather & footwear; chemical & pharmaceutical products; fabricated metal products and plastics & rubber products; while the paper product sub-sector was stable.

Production

At 47.3 points, the production level index for the manufacturing sector indicated contraction in September for the fifth consecutive month.

Of the 14 sub-sectors surveyed, five recorded increased production level, one reported same level of production, while eight recorded declines in production.

New Orders

At 46.4 points, the new orders index also contracted in September for the fifth consecutive month. Six sub-sectors reported expansion in new orders, while the remaining eight recorded contraction in the month.

Supplier Delivery Time

The manufacturing supplier delivery time index stood at 53.5 points in the month, indicating a faster supplier delivery time for the fifth time.

Six of the 14 sub-sectors recorded improved suppliers’ delivery time, five reported same level, while three recorded slower delivery time

Employment Level

The employment level index stood at 44.1 points, indicating contraction in employment level for the sixth consecutive month.

Of the 14 sub-sectors, two recorded growth in employment, three recorded same level of employment, while the remaining nine recorded lower employment level in the review month.

Raw material Inventories

The manufacturing sector inventories index also contracted for the sixth consecutive time in September to 43.0 points. Four of the 14 sub-sectors recorded growth in inventories, while the remaining 10 recorded lower raw material inventories.


Kindly share this post
Continue Reading

E-Financial

FG Sacked IST Members over Fraud- Ahmed

Published

on

Kindly share this post

Mrs Zainab Ahmed, minister of Finance Budget and National Planning, has said the Federal Government sacked some past members of the Investments and Securities Tribunal (IST) as they indulged in corruption.

FG Sacked IST Members over Fraud- Ahmed

Inaugurating the new members, the minister charged the new members to eschew corruption and be forthright.

Bar. Azi Amos Isaac was appointed as Chairman for a five year term and Bar. Nosa Smart Osemwengie, was re-appointed as member for a second term of four years.

“The problem with the tribunal has been infighting amongst members, lack of industrial harmony and series of complaints bordering on maladministration.

“This has been the bane of the tribunal and a source of embarrassment not only for the Ministry of Finance but for the government in general,” Ahmed said.

The new chairman, Azi, assured the finance minister that, “the teething issue of restiveness has been addressed since he assumed duty,” adding that, “The place is calm and the staff have become very supportive.”

Azi said since 2003, the tribunal has “given judgment in the value of assets worth over N844 billion and that from 2017 to date, they have given decisions in monetary value totalling over N28bn.

“It has not failed in its adjudicatory responsibility.

“It has carried out its assignment with candour and integrity and intends to improve on what has been on ground.”

 


Kindly share this post
Continue Reading

E-Financial

CBN Bans Customer-to-Customer Forex Transfer

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has banned transfer of foreign exchange (forex) from one customer to another.

CBN Bans Customer-to-Customer Forex Transfer

According to the apex bank, forex cash lodgements into domiciliary accounts can only be done by the account owners henceforth.

An internal memo available in the media space explains that the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

The circular states: “Forex inflows cannot be credited to customers until the legitimacy of funds is established.

“They can have unfettered access by telegraphic transfers up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines.

“Transfers from one customer to another is prohibited. Transfer within related companies is allowed subject to a limit of $50,000 per month.”

It recommended that proceeds from non-oil exports should be sold to banks, used for repayment of dollar term loans, and self-utilisation for trade transactions for LC, bills and Form A.

Also oil export proceeds from E&P companies are to be used to pay contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil FX proceeds.

Offshore forex inflows from other Nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used for trade transactions subject to eligibility for E-Form M.

“Upon confirmation of the legitimacy of the inflows, customers can have unfettered access, subject to a maximum of $50,000,” the document read.

“Utilisation for trade transactions subject to processing of eligible trade transactions using E-Form M. Payment for services must be backed with demand note from offshore beneficiary and other regulatory documents.

“Related party transfers are allowed to the maximum of the inflow received. The transfer request should be backed by a signed instruction from the account holder.” Payment of government fees and levies are also allowed to the maritime, oil and gas, aviation. government parastatals and export processing zones.

 


Kindly share this post
Continue Reading
Advertisement

Social

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Trending