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Nigeria must focus on youths to drive inclusive economic growth- Stanbic IBTC

Published

3 years ago

November 3, 2021

Stanbic IBTC Holdings Chief Executive, Dr. Demola Sogunle, stated in a recent interview that at Stanbic IBTC, we consider infrastructure development as a key driver of economic growth and development. This is one of the reasons behind the launch of the Stanbic IBTC N100 billion Infrastructure Fund. We aim to deploy proceeds of the fund for the development of infrastructure in critical sectors to boost economic activities in those areas. Some of the identified areas are transportation, education, and health. I’d like to quickly chip in that education and health are key CSI pillars for us at Stanbic IBTC. We launched Series One, the first tranche of the Infrastructure Fund, and the result has been positive as it has been widely accepted. Our strategy in using the Series One as a vehicle to attract investments from domestic institutional investors has been successful. We also saw a good turnout from insurance companies and high networth individuals. They bought into the story and vision of trying to invest their funds in the Infrastructure Fund, which can be categorised as an alternative asset plan.

Steps to secure Nigeria’s future

It is well known that the future of any country lies in the youth. It is therefore very important to prioritise their education because the kinds of decisions and actions they take will be dependent on their level of knowledge. It is also very important to focus on their health. As a country, we also need to deploy resources towards reducing the level of unemployment.
The average Nigerian youth exudes so much energy and we have seen this play out in the occurrences in the last 12 months. We are witnesses to the innovativeness and the creativity of the Nigerian youth. We have developed three unicorns driven primarily by young Nigerians. The Nigerian youth is energetic, creative, innovative. By focusing on them, we will be able to secure our future.
Secondly, we need to look at the enablers of economic development and inclusion, because there is no point having economic growth that is not inclusive. The youths are very important to ensure inclusiveness within the context of our economic growth.

Expectations from NESG

There is the need to take urgent actions. People are more desi People are desirous of fulfilled promises and a thriving economy. We need to execute the initiatives which are geared towards economic development and improving the lives of the populace. There should be a proper alignment and proper coherence between the public and private sectors. One of the key outcomes of the 2021 NESG summit for me is the resolve by various stakeholders to execute tasks with speed with the aim of achieving positive results. This is fundamental so that when we come back next year, we can itemise the recommendations and implementation and possibly measure results. It is important for the public and private sectors to come to a point where execution is accorded priority in summits such as the NESG.
How does Stanbic IBTC drive Nigeria’s growth
Between 2015 and now, Stanbic IBTC has facilitated over 35 billion dollars’ worth of capital inflows into the country. Despite the advent of Covid-19 and the negative impact of the economy, we have attracted almost 0.8 billion dollars of foreign portfolio investment this year alone. This is evident of Stanbic IBTC’s ability to facilitate foreign capital inflow despite economic headwinds.
We are funding and making sure that savings of retirees are well managed, and payments made monthly to ensure that they continue to enjoy the fruits of their labour. We achieve this with our pension subsidiary, Stanbic IBTC Pension Managers, which is Nigeria’s biggest pension fund administrator by number of customers and assets under management.
One of our mantras as an organisation is that “Nigeria is our home, we drive our growth”. This is beyond a tagline. You can say that it is in our DNA to give back to the communities where we operate and Nigeria as a whole. The Stanbic IBTC Infrastructure Fund was also launched on the back of that mantra. We have already committed a certain percentage towards the development of critical infrastructure. Besides, it is also a key governance requirement.
We are doing a lot in the health care sector as well. Over the weekend, we commissioned a teaching hospital at the Baze University. This will be the largest private teaching hospital in the South of the Sahara. It measures about 10,000 square meters and we are funding it. We are intervening in public healthcare sectors and education because, as I mentioned earlier, they represent the pillars of our social initiatives as a responsible corporate entity. Our interventionist activities include giving scholarships, donation of learning materials, building educational structures, and even resuscitating dilapidated structures. We are also involved in extra-curricular activities such as sponsoring football competitions among students of tertiary institutions. We aim to develop the knowledge of our youths and even help some of them develop their talents and skill sets, which may hitherto be hidden. We train youths interested in Artificial Intelligence, programming, coding, data analytics, data science and we also pay for them to be certified.
We are doing a lot on economic empowerment. In the last 12 months, we have increased our portfolio for SMEs. The percentage increase is more than 300% and we are just starting. We will continue to do even more

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Fidelity Bank Named “Nigeria’s Best Private Bank” at Euromoney Awards

Published

3 days ago

April 17, 2025

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Tier one bank, Fidelity Bank PLC, has been named “Nigeria’s Best Private Bank” at the prestigious Euromoney Awards 2025. The recognition was formally unveiled at the awards ceremony held recently at The Savoy in London.

The Euromoney Awards for Excellence are prestigious annual honors and a benchmark for excellence in the global banking and finance industry. Established by Euromoney magazine, the awards highlight outstanding performance, innovation, leadership, and service excellence across various financial sectors and regions.

Commenting on the award, Managing Director and Chief Executive Officer of Fidelity Bank PLC, Dr. Nneka Onyeali-Ikpe said, “We are truly honored to be recognized by Euromoney as Nigeria’s Best Private Bank. This award is a testament to the hard work and dedication of our staff as well as our strong commitment to delivering premium wealth management solutions, personalized financial advisory, and superior client service to high-net-worth individuals in Nigeria and beyond.”

The Euromoney Awards are among the most highly respected in the global financial industry. Winning such an award for its private banking business further builds on Fidelity Bank’s growing reputation as one of Nigeria’s most trusted and customer-centric financial institutions.

According to a statement on Euromoney’s website, “The bank’s commitment to providing specialised credit solutions also sets it apart. Clients benefit from tailored lending options, including asset-backed lending, real estate financing, and customised credit facilities. These solutions are structured to support complex financial needs while ensuring flexibility and ease.”

Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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Access Holdings Records 88% Growth in Gross Earnings to N4.878 Trillion

Published

4 days ago

April 16, 2025

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Access Holdings PLC (“the Group”) (Bloomberg: ACCESSCO), a leading African financial services group, today, announced its audited financial results for the full year ended December 31, 2024. The Group delivered 88% year-on-year growth in gross earnings, rising from N2.594 trillion in 2023 to N4.878 trillion in 2024. The strong performance was driven by diversified income streams, with interest income growing by 110% to N3.480 trillion and non-interest income increasing by 47.8% to N1.397 trillion, supported by robust retail banking activities, digital expansion, and a dynamic trading strategy.Profit before tax (PBT) increased by 19% to N867.0 billion, while profit after tax (PAT) rose to N642.2 billion, despite inflationary and macroeconomic challenges. Total assets grew by 55.5% to N41.498 trillion, and customer deposits rose by 47% to N22.525 trillion. Shareholders’ funds also increased by 72%, reaching N3.760 trillion.In 2024, the Group made significant social and environmental impact across the continent, touching millions of lives and earning multiple industry accolades. Through various corporate social investment initiatives in education, entrepreneurship, health, and the environment, the Group reached over 21 million individuals across Africa. Its employee wellness programmes also covered 28,000 staff across operating entities. Access Bank, the flagship subsidiary, through its W-Initiative, disbursed loans to over a million women-led SMEs, advancing financial inclusion and gender empowerment.The Group’s efforts attracted prestigious recognition and awards, including three Euromoney Awards for Excellence (notably ‘Best Bank for ESG’); International Finance Award for ‘Most Innovative Bank for Community Development and Community Engagement’; and World Economic Magazine Award for ‘Most Sustainable Bank’.In terms of economic sustainability, Access Bank recorded strong strides through its Economic, Social and Governance (ESG) programmes. It facilitated $437.42 million in DFI inflows to support MSMEs across Africa, disbursed 1.6 million digital loans to low-income individuals, and booked its first N1.4 billion diaspora mortgage loan.The Group also achieved a 13.4% reduction in operational emissions, planted 57,302 trees, and enabled solar power adoption for 226 homes and businesses. Its headquarters was awarded the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for sustainable design and construction
standards.In addition, Access employees contributed 228,500 volunteer hours to various community development programmes, reinforcing the Group’s commitment to inclusive and purpose-driven impact.The Group is focused on delivering sustainable returns to shareholders, while reinvesting in innovation, infrastructure, and cross-border expansion. Its banking subsidiary launched operations in Hong Kong, received regulatory approval in Malta, and successfully integrated its operations in Zambia and Tanzania, expanding its global footprint.Access Bank posted significant gains across all performance metrics, with interest income growing by 110% and fees and commissions rising by 81%. International subsidiaries contributed 48.5% to the banking segment’s PBT, demonstrating strong execution across key markets.In 2024, Access Holdings also became the first institution to meet the Central Bank of Nigeria’s recapitalisation directive, raising 351 billion through a rights issue. The₦ proceeds are being strategically deployed to strengthen digital infrastructure, enhance liquidity, and fuel long-term growth.Looking ahead, Access Holdings remains committed to building a more inclusive, sustainable, and profitable future, delivering delivering value not just to shareholders, but to society and the environment at large.

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JIM OVIA ADMITTED TO THE FREEDOM OF THE CITY OF LONDON

Published

1 week ago

April 10, 2025

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L-R: Chairman, Access Holdings Plc, Aigboje Aig-Imoukhuede, CFR; His Eminence John Cardinal Onaiyekan; President of Dangote Group, Alhaji Aliko Dangote, GCON; Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR; Governor of Lagos State, Mr. Babajide Sanwo-Olu; and Governor of Delta State, Rt.Hon. (Elder) Sherrif Oborevwori, during the admission of Jim Ovia to the Freedom of the City of London in the United Kingdom, on Monday.
The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, has been admitted to the prestigious Freedom of the City of London in a distinguished ceremony which held at the Mansion House, City of London on Monday, April 7, 2025. This prestigious accolade is a testament to Mr. Ovia’s exceptional contributions to the global financial landscape, unwavering commitment to fostering economic development, and dedication to philanthropic endeavours that have positively impacted countless lives.The Freedom of the City of London, a time-honoured tradition dating back to the 13th century, is one of the oldest surviving ceremonies in the United Kingdom. Historically, it granted freemen certain rights and privileges within the city. Today, it stands as a symbolic recognition of individuals who have made outstanding contributions to London or the wider society. This honour places Mr. Ovia among a distinguished group of recipients, which includes notable figures from various fields such as Nelson Mandela, Bill Gates, Sir Winston Churchill, Desmond Tutu, Harry Kane, Morgan Freeman and Ian Wright.Commenting on his new status as a Freeman of the City of London, the distinguished honoree, Jim Ovia, CFR said “It is indeed a great honour to be admitted to the prestigious Freedom of the City of London. This is not just a recognition of my personal achievements, but also a testament to the tireless efforts of the entire Zenith team who have worked diligently to establish our institution as a leading force in global finance. I am proud to be part of a legacy that celebrates innovation, excellence and the spirit of entrepreneurship. I dedicate this to the people of Nigeria and Africa who continue to inspire me with their resilience and determination. I look forward to continuing to play a role in shaping the economic landscape of our great continent and beyond.”Joining the nation in congratulating Mr. Ovia, President Bola Tinubu, through a press statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, commended Mr. Ovia for being a distinguished ambassador of the nation’s private sector. He described the honour as a fitting recognition of his exceptional contributions to business, innovation, and technology, as well as for his role in shaping Nigeria’s financial landscape and strengthening economic ties between Africa and the rest of the world. According to him, “This honour is a testament to your unwavering commitment to excellence, your pioneering role in the growth of the financial services sector in Nigeria, and your visionary leadership that continues to inspire generations. As an accomplished entrepreneur and advocate of innovation-driven development, your recognition in the City of London affirms the global relevance of Nigerian excellence and enterprise”.Dignitaries at the ceremony include Former President of Nigeria, Chief Olusegun Obasanjo, GCFR; Governor of Lagos State, Mr. Babajide Sanwo-olu; Governor of Delta State, Rt.Hon. (Elder) Sherrif Oborevwori; Governor of Enugu State, Dr. Peter Mbah; President of Dangote Group, Alhaji Aliko Dangote, GCON; Minister of State for Finance, Dr. Doris Uzoka-Anite; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, MFR; Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu; Oba of Oniru, Oba Abdulwasiu Lawal; Group Managing Director, TGI Group of Companies, Rahul Savara; Obi of Onitsha, Igwe Nnaemeka Alfred Achebe, CFR, and His Eminence John Cardinal Onaiyekan, who joined Zenith Bank Executives in celebrating this significant milestone.This well-deserved recognition rides on the back of many other prestigious awards that Mr. Ovia has received for his outstanding contributions to banking, education and philanthropy including conferment of Commander of the Federal Republic (CFR) & National Productivity Order of Merit (NPOM) Award in 2022 by the Federal Government of Nigeria. He was also named the Banker of the Year in 2007 and Titan of the year in 2024 by ThisDay Newspaper, and received the African Business Leader Award from the Africa-America Institute. He received honorary degrees from the University of Lagos as well as from the University of Nigeria, Nsukka and was recognized by Forbes Africa as one of the most influential figures in banking.