Category Economy

Salaries

By Ismaila Chafe

Abuja, April 2, 2020 (NAN) President Muhammadu Buhari on Thursday met with the Presidential Committee on the impact of the coronavirus on Nigeria’s economy, and directed the Ministry of Finance and National Planning to ensure that salaries were paid.

Minister of Finance, Budget and National Planning Hajiya Zainab Ahmed, who chairs the presidential committee, said this in Abuja while answering questions from State House correspondents at the end of the meeting.

She said the committee briefed the President on current happenings around the world due to COVID-19 and its impact on the country’s economy.

According to her, the President also directed the committee to put in place measures meant to protect the poor and less privileged members of the society from unnecessary hardships as a result of the virus.

She told the State House correspondents that the President also directed the ministry to ensure that “critical infrastructure like roads, rails are protected and as much as possible, use local inputs so that the country retains value within her economy’’.

On the directives given, Ahmed said: “Well, he has directed that we should make sure that salaries are paid, make critical infrastructures like roads, rails are protected, as much as possible use local inputs so that we retain value within our economy.

“And also make sure that we take measures that protect the poor and the vulnerable.”

The minister further explained that the purpose of the meeting was to update the President on situations that are evolving on a daily basis.

“This meeting was just to brief Mr President as the situation we are in keeps evolving on a daily basis, as the health crisis gradually expands, affecting states and also the lockdown that has been ordered to help curtail expansion of the health crisis.

“The consequences of the lockdown is the additional slowing down of the economy and the measures that we need to take to mitigate the negative consequences of the slow trade and businesses,’’ she added.

The Minister of State Petroleum Resources, Timipre Sylva, who is also a member of the committee, said: “The economy is not in the best of shapes due to COVID-19 and oil prices are collapsing every day, hence the need for the President to be constantly briefed.’’

Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele said: “the economy is not looking as simple as everyone thought it would be.

“The global economy, naturally, like we all know at this time, will naturally suffer growth problems and may even lead to recession globally.

“So we are trying to see what we can do as a country to rescue our own situation so we don’t go the direction many will go.

“It is not going to be easy but we can only assure our people that we are on top of it and that we will resolve it and Nigerians will still be better for it.”

Other members of the committee are Minister of State, Budget and National Planning, Clement Agba, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mela Kyari. (NAN)

SYC/YEE

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Edited by Emmanuel Yashim

Covid-19: Bank chief tasks Nigerians on adherence to safety measures

By Lydia Ngwakwe
Covid-19
Lagos, April 2, 2020 (NAN) The Group Managing Director, Access Bank Plc, Mr Herbert Wigwe, has implored Nigerians to adhere to stipulated social distancing guidelines, and practice regular hand washing as directed by the World Health Organization.

“We are positive that we can beat the spread of the virus, if we all comply with the safety measures as advised by the NCDC and WHO ” he said in a statement on Thursday in Lagos.

Wigwe said that Access Bank, in its characteristic manner of offering ‘more than banking,’ is at the forefront of the fight against COVID-19.

“Through our various projects, we are looking to support the government and the National Centre for Disease Control (NCDC) by providing facilities that can serve as both testing and isolation centers,” he said.

According to the bank chief, researchers have identified early detection and isolation as important parts of ending the spread of the virus and that making testing and isolation centers more accessible, will help save more lives.

Access Bank PLC has been at the forefront of the interventions deployed to fight the COVID-19 pandemic by big players in the private sector.

The Bank played a major role in the formation of The Coalition against COVID-19 (CACOVID), a task force instituted to ensure the minimisation of the impact of Coronavirus pandemic in Nigeria.

The new joint effort with other members of CACOVID has seen the Bank donate N1bn to facilitate the building of 1000-bed isolation centers across the 6 geopolitical zones of the country.

According to the statement, the building of the test and isolation centers will be in phases.

The first phase of the project is the construction of additional testing and isolation centers, in Lagos (Yaba and Gbagada), Enugu, Kano, Port Harcourt, Borno, and Abuja.

The next phase of the project will see the construction of additional centers in more states of the federation to enable early detection and testing of suspected COVID -19 cases as well as treatment of confirmed cases, it said.(NAN)

LED/CHIN/SOA

Edited by Chinyere Bassey/Oluwole Sogunle

Meeting

By Chinyere Joel-Nwokeoma

Lagos, April 2, 2020 (NAN) FCMB Group Plc has obtained the approval of the Corporate Affairs Commission (CAC) to hold its 2019 Annual General Meeting (AGM) on April 28, by proxies.

Mrs Olufunmilayo Adedibu, FCMB Group’s Company Secretary, made the announcement in a statement to the shareholders on Thursday, posted on the Nigerian Stock Exchange (NSE) website.

The News Agency of Nigeria (NAN) reports that with the development, FCMB Group will be the second to hold an AGM through proxies which was first initiated by GTBank.

“We refer to the publication of our Audited Financial Statements and the Notice of AGM scheduled to hold on Tuesday, April 28, at 11.00 am.

“Your company notes the outbreak of the COVID-19 pandemic in the country and the partial lockdown of some states as announced by the Federal Government and some state governments towards securing their entry points and preventing the further spread of the coronavirus.

“We are also mindful of the legal framework and corporate actions predicated on the AGM, such as payment of dividend to shareholders, approval of audited accounts and filing of the annual returns, among others.

“Therefore, towards ensuring that these actions do not remain stalled as would be the case if the AGM is postponed or cancelled, we engaged the CAC and have obtained their approval to hold the AGM with attendance by proxies.

“To this end, shareholders are encouraged to send duly completed proxy form(s) indicating how you wish to vote on each of the resolutions noted therein, to the Registrars Cardinalstone Registrars or via e-mail to registrars@cardinalstone.com, not less than 48 hours before the time fixed for the meeting,” she said.

Adedibu noted that the option was being adopted in line with the provision of section 230 of the Companies and Allied Matters Act (CAMA) on the use of proxies with the understanding that the quorum for an AGM can be achieved either through physical attendance or by proxy.

“This measure is also to ensure that the operations of the company continue to run within the laid down compliance and regulatory frameworks, irrespective of the current circumstances,” she added. (NAN)
JNC/SOA

Edited by Oluwole Sogunle

CIBN donates N20m to Lagos State to combat Covid-19

By Lydia Ngwakwe

Lagos, April 2, 2020 (NAN) The Chartered Institute of Bankers of Nigeria (CIBN) has donated N20 million to the Lagos State Government to support the government’s efforts in containing the spread of COVID-19.

The Registrar/Chief Executive of the institute, Mr Seye Awojobi, made the announcement in a statement on Thursday in Lagos.

Awojobi said the institute was committed to ensuring a safe and sound economy as well as supporting all its stakeholders to achieve a healthy and sustainable development of the country.

“The donation is a token of our support toward the state government’s response to the pandemic.

“We believe that it will be a booster to the pool of funds available to the state which would go a long way in the provision of much-needed essential materials and important medical equipment.’’

Awojobi applauded President Muhammadu Buhari and Gov. Babajide Sanwo-Olu of Lagos State for leading the charge to manage the challenging situation.

“We commend their efforts, most especially the proactive measures taken so far to stop the pandemic in the country.

The registrar also commended Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele and all deposit money banks, who are corporate members of the institute for their generous donations toward curtailing the disease.

He called on the populace to comply with all rules and precautionary measures, issued by government and health authorities to avoid further spread of the disease. (NAN)
LED/JEY/SN
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Edited by Johnson Eyiangho/Silas Nwoha

Port

By Chiazo Ogbolu

Lagos, April 2, 2020 (NAN) Management of the Nigeria Shippers’ Council (NCS) led by its Executive Secretary, Mr Hassan Bello, visited two port terminals, to monitor compliance with presidential directives on port operations during lockdown.

Mrs Rakiya Zubairu, Deputy Director, Public Relations, made this known in a statement on Thursday in Lagos.

Zubairu said the visit was to ensure that compliance was being followed as regards the President’s directives on port operations during the lockdown occasioned by COVID-19 pandemic.

She said the team visited the ENL Terminal; a general cargo terminal at the Apapa Port, and PTML Terminal, a vehicle terminal at Tin Can Island Port.

“The visit to the port is to find out the challenges they are facing and ensure they cooperate in keeping their terminals open for ports operation,” she said.

Zubairu added that the aim was to ensure freight forwarder gain access to the ports and buses were provided for them.

News Agency of Nigeria reports that the NSC had earlier provided free buses to freight forwarders and other port users to ease their movement to the port from various locations.

The bus services, scheduled to leave 8:00 a.m. daily, covers FESTAC Town (by Apple junction), Okokomaiko (at Alakija under bridge), Surulere (by National Stadium), Oshodi (at Charity bus stop) and Ikeja (at Ikeja along bus stop) for the period of the lockdown in Lagos. (NAN)
CAN/RSA
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Edited by Rabiu Sani Ali

Transaction
By Chinyere Joel-Nwokeoma
Lagos, April 2, 2020 (NAN) Access Bank Plc has introduced a Dual Transaction Service (DTS), an enhanced debit card service that provides access to credit at the same time.

Mr Victor Etuokwu, the bank’s Executive Director, Retail Banking, made this known in a statement in Lagos on Thursday.

Etuokwu said that the DTS was unveiled to enable customers stay safe and connected by going cashless.

He said the DTS was a bundled service designed to allow pre-approved customers access a credit line through their existing debit card.

“This is the first time any bank in Nigeria will be providing this kind of combined essential service to its customers.

“We have been encouraging our customers to stay safe and connected by going cashless while using our various digital channels.

“We know these are trying times and our customers may need an extra boost during this period. So rather than have them go through the rigorous process of applying for a credit card, we will give them access to more funds using their existing debit cards,” he said.

Etuokwu explained that the service was available to all Access bank customers who earn from N20,000 and above.

“Customers can also access three times the value of their salary during this period of restricted movement.

“This is a remarkable feat and we will continue to promote digital transactions and discourage branch banking until we are completely come out of the pandemic times,’’ Etuokwu added.

According to him, to activate this service, all our customers need to do is dial *901*14# from the comfort of their homes, choose credit as account type on any POS or ATM terminal during any transaction to access the credit line through their debit card.

“The dual card service from Access bank Plc is the first-of-its-kind on the continent.

“The features of the dual transaction service represents another milestone in our mission to transform banking and demonstrates how far we have come in such a short time” he said.

Etuokwu noted that the bank recently donated N1 billion as part of its contribution to fight coronavirus in Nigeria.

He said the bank had also reached out to its customers via several communications to go cashless by using the Access Bank electronic and digital platforms during this period of the pandemic to remain safe. (NAN)
JNC/BOLA/AJA
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Edited by Bola Akingbehin/Adeleye Ajayi

Port
By Chiazo Ogbolu
Lagos, April 2, 2020 (NAN) The Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) and the Nigerian Shippers’ Council (NSC) have collaborated to pull banks back to Apapa port.

The Registrar and Chief Executive Officer of CRFFN, Mr Sam Nwakohu, made this known in a statement in Lagos on Thursday.

According to Nwakohu, the move was necessitated due to the difficulties being faced by freight forwarders in the area of payments through commercial banks during the lockdown in Lagos.

He added that the banks had closed shops in accordance with the directive of President Muhammadu Buhari that all businesses in Lagos, Ogun and Abuja should close shops for 14 days and that there should be restriction of movements.

“As you are aware that this is a challenging and complex period and there is a limitation on financial activities being done in the state.

“This has brought a halt to the services performed by banks as they are no longer operating as usual.

“Nonetheless, the Executive Secretary of Nigerian Shippers’ Council and l have been able to appeal to some commercial banks to open shops in compliance with the Presidential directives,” he said.

Nwakohu listed the banks that would open to provide skeletal services within the vicinity of the ports, between the hours of 9a.m.-2p.m. daily for payments of duty on cargo.

The banks are United Bank for Africa, Zenith Bank Plc., First Bank of Nigeria and Access Bank.

He added that the banks are situated at Wharf road, Warehouse road, Burma road, Abebe Village road, Apapa-Oshodi Expressway and Mobile road.

Nwakohu pointed out that two additional banks are also expected to open in no distant time.

He also urged everyone to stay safe and healthy. (NAN)
CAN/AJA
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Edited by Adeleye Ajayi

CBN says contributions to its COVID-19 relief fund hit N15bn
By Lydia Ngwakwe
CACOVID
Lagos, April 1, 2020 (NAN) The Central Bank of Nigeria (CBN) on Wednesday said that monetary contributions to its relief fund under the auspices of Private Sector Coalition Against COVID-19 (CACOVID) stood at N15 Billion.

CBN Director of Corporate Communications, Isaac Okorafor, said in a statement in Lagos that the donations were from 37 donors, including individuals, banks and other corporate bodies.

“A breakdown of the contributions showed that CBN and Aliko Dangote donated N2billion each.

“Abdul Samad Rabiu (Bua Sugar Refinery), Segun Agbaje (GTB); Tony Elumelu (UBA); Oba Otudeko (First Bank); Jim Ovia (Zenith Bank); Herbert Wigwe (Access Bank) and Femi Otedola of Amperion Power Distribution donated N1 Billion each to the relief fund.

“Pacific Holding Ltd, Union Bank Plc, Sterling Bank Plc, Standard Chartered Bank, Stanbic IBTC, Citi Bank Nigeria Ltd, FCMB, Fidelity Bank, ECOBank, African Steel Mills and Multichoice Nigeria Limited also made donations.

” Similarly, FSDH Merchant Bank, FBN Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Sun Trust Bank, Providus Bank, Wema Bank, Unity Bank, Heritage Bank, Nova Merchant Bank, Polaris Bank and Keystone Bank donated.

“Others are Globus Bank, Titan Trust Bank, Takagro Chemicals Ltd, Ahmadu Mahmoud and Handy Capital Ltd make up the list of those that have sofar made contributions to the Private Sector Coalition Against COVID-19 (CACOVID) Relief Fund domiciled at the CBN,” he said.

Okorafor said that the coalition appreciated the list of good spirited individuals and corporate bodies for hearkening to the clarion call championed by the CBN and the private sector.

He called on more Nigerians and corporate bodies to key into the coalition with a view to supporting the fight against the pandemic.

According to him, Nigeria can overcome the scourge when all hands are on deck.(NAN)
LED/WOJ
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Edited by Wale Ojetimi

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Profit
By Chinyere Joel-Nwokeoma
Lagos, April 1, 2020 (NAN) The Bank of Industry (BoI) says it recorded a profit before tax of N39.33 billion for the financial year ended Dec. 31, 2019.
The bank said the profit represented a growth of 7.2 per cent when compared with ₦36.66 billion achieved in the corresponding period of 2018.
The Managing Director of BoI, Mr Olukayode Pitan, in a statement on Wednesday in Lagos, said that the performance reflects a strong balance sheet and sustained business growth in line with both regulatory requirements and global best practices.
“It also indicates a strong alignment with the strategic objectives of the Federal Government, especially in the areas of industrial growth and job creation.
“The group’s total equity as at year ended 2019 was ₦293.09 billion showing a 13.4 per cent increase over 2018 position of ₦258.24 billion,” he said.
Pitan said that the increase in profitability was as a result of improvement in the bank’s loan book, as well as the efficient management of the group’s assets and liabilities.
According to him, in spite of the slow start in the first quarter of the year due to the 2019 general elections, loans and advances grew by 16.7 per cent from ₦634.11 billion in 2018 to ₦740.03 billion in 2019.
He said that Interest Income and Interest Expense increased by 20 per cent and 54 per cent on a year-on-year basis respectively, due to increase in loan book as well as the impact of borrowings.
Besides, Pitan said that BoI in the year under review disbursed ₦234 billion to 10,145 enterprises across the country, thus reduced the country’s unemployment rate, as it created one million direct and indirect jobs.
Pitan noted that disbursement to the Micro, Small and Medium Enterprises (MSME) segment increased from ₦33.9 billion in 2018 to ₦53 billion in 2019, representing a 56.3 per cent year-on-year growth.
He said that the bank also consolidated its role as the managing partner of one of Federal Government’s Social Investment Programmes, Government Enterprise and Empowerment Programme (GEEP).
According to him, ₦8.2 billion was disbursed to beneficiaries in 2019, bringing the total disbursed fund since inception of the programme to ₦36.9 billion, to 2.3 million beneficiaries nationwide.
“In light of this outstanding performance, GEEP was recognised by the Desmond Tutu Fellowship for its role in driving financial inclusion.
“The programme also won the African Development Bank’s African Bankers’ Award as the most impactful Financial Inclusion programme in Africa,” he said.
Pitan added that during the year, the bank initiated discussions with its international strategic partners towards raising funds to boost its operations, noting that the transaction was concluded in March 2020.
According to him, €1 billion (approximately $1.11 billion) was raised through a Syndicated Guaranteed Senior Loan Facility from 24 international financial institutions.
Pitan said that the success of the transaction would enable BoI to catalyse domestic production, job creation, enhance local industry competitiveness, and attract domestic and foreign investments.
He added that the fund would integrate local industries into domestic, regional and global value chains, grow export earnings and positively impact the overall economic development of the country. (NAN)
JNC/AOS/WOJ
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Edited by Bayo Sekoni/Wale Ojetimi
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