E-Financial
UBA Boss Tasks CFOs on Economic Growth
Phillips Oduoza, group managing director and chief executive officer of United Bank for Africa Plc (UBA), has called on the Chief Financial Officers (CFOs) of banks to find common ground for non-competitive collaboration to advance economic growth.
Oduoza, made this call in an address presented during the Finance Week, West Africa 2014 held in Lagos.
Speaking during a session on ‘Corporate Finance Excellence –Creating a World Class Financial Environment’ he urged the CFOs to create a platform where banks as major stakeholders would interact on a non-competitive but cooperative and collaborative basis alongside other stakeholders to promote value oriented partnership which is pivotal to economic growth and development.
The UBA boss, who was represented at the occasion by the bank’s Head of Consumer Banking, Ilesanmi Owoeye, said Nigeria remained one of Africa’s fastest growing, economies with expanding financial services, communications, technology and entertainment sectors.
He explained that all the sectors of the economy play significant role in the economic development.
Oduoza also called on all “professionals in the Banks and the CFOs across various segments of the economy, to work harmoniously for the improvement of their respective stakeholders’ fortune and ultimately the Nation’s.”
“Due to the importance of finance in the lives of organizations, the CFOs are the central figures in all the organizations, so, there is no “debating” the need for fostering value oriented partnership, which is pivotal to growth and development,” he said
He urged that the banks and the CFO organizations must work as partners. “The CFOs must drive the banking relationship by working with their bank to drive the organization’s visions. They should clearly articulate the organization’s needs and their banking requirements with a focus to create value for all stakeholders.”
E-Financial
Lafarge Africa Launches Girls-in-Tech Programme to Empower Women Innovators
Recognising the underrepresentation of women in the technology sector, Lafarge Africa Plc, has launched the Girls in Tech Program, a pioneering initiative aimed at empowering young women in technology.
Meticulously crafted to bridge the gender gap in tech and empower 10 young females between the ages of 18-25 years from Lafarge Africa Host communities in Cross River State, the program is poised to make a significant impact in the region.
The Girls in Tech Program seeks to harness the unique talents of these young women and introduce them to the dynamic world of technology. By providing them with essential skills and opportunities, the initiative aspires to equip them to become self-reliant as well as problem solvers in society.
In collaboration with Aptech and Arena Multimedia,globally recognized leaders in technology incubation and opportunity, as well as The Bridge Leadership Foundation, the boot camp promises to be a transformative experience for the participating girls, who are eager to make their mark in the tech industry.
Speaking during the onboarding to flag-off in Calabar recently, the Plant Manager, Lafarge Africa Plc, Sotirios Valsamakis, who was represented by the Human Resources Business Partner, Lafarge Africa Plc; Barong Ita, revealed that the program was in line with the company’s commitment to diversity and inclusion.
She also added that the initiative is designed to ignite a spark of inspiration, hope, and possibilities in the heart of the selected girls across the host communities.
“As an organization, people are an integral part of our sustainability drive, and we are invested in building lasting progress by empowering members of our host communities. We also recognize the need for greater and greener diversity and inclusivity within the tech sector.”
Today’s event is not just about launching a program. It is about igniting a spark of inspiration, hope, and possibilities in the hearts of these young women. It is about challenging stereotypes.”
Also speaking at the event, the Cross Rivers State Commissioner for Science, Innovation & Technology, Justin Beshel represented by Edwin Adie, Technical Senior Advisor, Cross Rivers State Ministry of Science & Technology commended Lafarge Africa for the initiative adding that it is in line with the State government’s plan towards science, technology and innovation development.
E-Financial
Hydrogen, CCHub Partner to Encourage Fintech Startup Success
As the country faces economic challenges, the need for adaptive strategies in the fintech industry becomes paramount. In line with this, leading Fintech startup, Hydrogen Payment Services Limited (‘Hydrogen’), has teamed up with Co-creation Hub (‘CcHub’) to host an insightful event themed, ‘Adapting Fintech Business Models to Economic Climes’.
The event, set to take place on Thursday, April 18, 2024, from 12:00 WAT at the CcHub office in Sabo, Lagos, will delve deep into the intricacies of Nigeria’s economic challenges and how these influence the fintech ecosystem.
Participants will gain actionable insights on how to adapt fintech business models to volatile economic conditions by prioritising flexibility, agility, and customer-centricity.
This collaboration underscores the shared commitment of both entities to empower aspiring founders venturing into the Fintech space amidst economic uncertainties.
By leveraging their respective expertise and resources, Hydrogen and CcHub aim to equip emerging entrepreneurs with the knowledge, tools, and support needed to thrive in today’s dynamic economic conditions.
Emeka Awagu, Chief Technology Officer at Hydrogen, commented on the strategic partnership with CcHUB: “Our alliance with CcHUB amplifies our shared commitment to pioneering transformative solutions in Nigeria’s fintech sector.
“By leveraging Hydrogen’s technological expertise alongside CcHUB’s innovative approach, we are primed to set a new standard for fintech excellence and drive impactful change across the industry.”
The event will feature a distinguished panel of industry experts and thought leaders, including, Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo; Emeka Awagu, Chief Technology Officer, Hydrogen, and Miracle Ezechi, Digital Marketing Manager, Hydrogen.
The panel discussion will be moderated to encourage an engaging and insightful conversation on the strategies and innovations required to thrive in Nigeria’s Fintech landscape amidst economic challenges.
E-Financial
Fidelity Bank Reports N124.3Bn Pre-Tax Profit for 2023
Fidelity Bank Plc has recorded a profit before tax of N124.3 billion for the year ended December 31, 2023, indicating a 131.5 per cent increase from N53.7 billion posted in the 2022 financial year.
The bank disclosed this in its 2023 full year audited financial statement issued to the Nigerian Exchange Ltd. (NGX) on Tuesday in Lagos.
Fidelity Bank said it would also pay investors a final dividend of 60k per share and a total dividend of 85 kobo per share for the reporting period.
This represents a 70 per cent increase compared to the 50 kobo per share paid to its shareholders in the previous year.
The financial institution stated that this led to an increase in return on average equity of 26.5 per cent in the year under review from 15.6 per cent in the corresponding year.
According to the financial statement, the bank’s gross earnings increased by 64.9 per cent year over year to N555.83 billion.
The bank stated that this was driven by 81.6 per cent growth in net interest income which increased from N152.7 billion in year 2022 to N277.37 billion in the 2023 financial year.
This led to a profit after tax of N99.45 billion, representing a 112.9 per cent annual growth.
Commenting on the performance, Nneka Onyeali-Ikpe, managing director of Fidelity Bank, said the financial institution closed the financial year with strong double-digit growth across key income and balance-sheet lines.
Ms Onyeali-Ikpe stated that the bank’s performance in 2023 was an attestation of its capacity to deliver superior returns to shareholders despite the difficulties in our operating environment.
She said, “A review of the financial performance showed that the bank grew its net interest income by 81.6 per cent to N277.4 billion. This was driven by a 55.5 per cent increase in interest income, thus reflecting a steady rise in asset yield throughout the year.
“The average funding cost dropped by 20bps to 4.4 per cent due to increased low-cost funds that grew from 83.6 per ent in 2022 to 97.4 per cent in 2023.
“The combination of higher asset yield and lower funding cost led to an increase in net interest margin of 8.1 per cent from 6.3 per cent in 2022 financial year.”
According to her, the total customer deposits crossed the N4 trillion mark, as deposits grew by 55.6 per cent from N2.6 trillion in 2022.
She noted that the increase was driven by 81.1 per cent growth in low-cost funds.
Mrs Onyeali-Ikpe explained that despite the challenging operating environment, the bank reaffirmed its devotion to helping individuals grow and inspiring businesses to thrive.
She said the bank also committed to empowering economies to prosper by increasing net loans and advances to N3.1 trillion from N2.1 trillion in the 2022 financial year.
The managing director stated that despite the growth in its loan portfolio, regulatory ratios were maintained well above the required thresholds.
Mrs Onyeali-Ikpe noted that the bank liquidity ratio stood at 45.3 per cent in the year ended 2023, from 39.6 per cent in the year 2022, while the capital adequacy ratio rose to 16.2 per cent, compared to the minimum requirement of 15.0 per cent.
“We recognise the changing dynamics in the Nigerian banking space and the need to monitor and proactively manage evolving risks. The proposed final dividend of 60 kobo per share reflects our commitment to strong value creation and returns to our shareholders.
“Fidelity Bank has consistently paid dividends since 2006,” she said.
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