Finance

Wema Bank Empowers Young Entrepreneurs

Published

7 years ago

August 18, 2016

The grand finale of this year’s Nigeria Student Fashion and Design Week (NSFDW) was held recently at the University of Lagos, with Wema Bank rewarding the most creative designer with startup funds and SME packages for the other participants.

Wema Bank Plc, one of Nigeria’s longest surviving indigenous commercial bank and the leading sponsors at the 2016 edition, used the platform to enlighten participants on some innovations that afford convenience and safety of transaction while banking with Wema Bank. These include *945# convenient banking operations, Purple Connect and Wema Card Control among others.

The 2-day event showcased over 30 designers to enthusiastic audience that include invited dignitaries, students from the school and other universities across the country.

Speaking on the bank’s involvement in the students’ activities, Head of Brand, Marketing Communications, Mrs. Odili Onome, underlines the organisation’s consistent commitment to sustainable development of its resident communities.

“As a leading financial institution in the country, the student campuses represent a major part of our resident communities and we are proud to identify with the core passion the Nigerian students that constitute a good percentage of our loyal customers across the country.”

She added that “Wema Bank is passionate about empowering the creative youths in the country and the Nigerian Student Fashion And Design Week provides the right platform for the bank to support young entrepreneurs in the Nigerian fashion industry, a sector that is evolving quite rapidly and to encourage improved saving culture among the youth of the country.”

As a build up to the grand finale, the organisers had earlier gone on a road show to selected campuses that include Obafemi Awolowo University, Ile-Ife (OAU); Yaba College of Technology (YABATECH); Federal College of Education (Technical), Akoka and Covenant University. Others are; Babcock University; Federal University of Agriculture Abeokuta (FUNAAB); Oduduwa University; Redeemers University; Caleb University; and University of Lagos. The Wema Bank’s branch network extends to most of these schools.

There were also online activations that include the Fashion Designers’ Contest and General Public Contest for Most Stylish Student. The Nigeria Student Fashion & Design Week team also visited selected malls and cinemas to drive publicity for the event.

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Finance

Falcon Corporation Secures N19.41bn Debt Facility for State-of-the-Art LPG Facility in Port Harcourt

Published

1 day ago

December 5, 2023

Investors King

Falcon Corporation Limited, a prominent player in Nigeria’s energy sector, has successfully secured a N19.41 billion debt facility from the Chapel Hill Denham Nigeria-managed Infrastructure Debt Fund (NIDF).

The financing will be used for the development of a cutting-edge 15,000 metric ton Liquefied Petroleum Gas (LPG) storage facility and a dedicated jetty in Rumuolumeni, Saipem/Aker Base Road, Port Harcourt, Rivers State.

The Managing Director of Falcon Corporation, Prof. Joe Ezigbo, emphasized the company’s commitment to national service through investments in the gas industry.

He highlighted the strategic positioning of the LPG facility in proximity to major gas sources and navigable water routes, anticipating economic gains, job creation, income growth, health improvements, and environmental sustainability.

“We positioned our LPG facility strategically in proximity to major Gas sources and navigable water routes. The Project is set to facilitate and enhance more direct procurement and distribution of LPG, which will dramatically lower conventional delivery and storage costs,” said Prof. Joe Ezigbo.

The project has achieved significant milestones, reaching a completion rate of 65% as of October 2023. Various phases of development, including the completion of the jetty, shoreline protection, and engineering activities, have contributed to this progress.

The entire project is expected to be completed and commissioned by Q4 2024.

Falcon’s General Manager, Finance, Nelson Walter, expressed satisfaction with the partnership with NIDF, highlighting their reputation for providing reasonable terms for impactful infrastructure projects.

The flexible long-term loan repayment structure aligns with Falcon’s goals, making the collaboration instrumental in realizing this groundbreaking project.

Financial advisers Vetiva Capital Management Limited and Chapel Hill Denham Advisory, along with legal counsel Detail Commercial Solicitors, played crucial roles in facilitating this strategic debt facility for Falcon Corporation’s ambitious LPG infrastructure development in Rivers State.

Finance

Nigerian Financial Market Sees Vibrant Trading Amidst N90bn Loss

Published

2 days ago

December 4, 2023

Investors King

The Nigerian financial market showcased robust trading activities, dominated by the financial services sector.

Despite this upbeat activity, investors witnessed a net loss of N90 billion by the close of trading.

The financial services industry took the lead in trading, accounting for 67.68% of the total equity turnover volume and 47.30% of the value.

A total of 1.721 billion shares valued at N18.28 billion exchanged hands in 17,151 deals.

The conglomerates industry followed suit with 200.584 million shares worth N1.55 billion traded in 2,073 deals.

The services industry claimed the third position, boasting a turnover of 122.025 million shares valued at N376.17 million in 2,051 deals.

Despite the overall market capitalization dipping by 0.23% to N39.082 trillion due to the delisting of Union Bank of Nigeria’s entire issued share capital, the NGX All-Share Index experienced a 0.27% increase, closing the week at 71,419.87.

Additionally, McNichols Consolidated Plc contributed to the market dynamics by listing 398,053,129 ordinary shares at N0.50 arising from its rights issue.

The total issued and fully paid up shares of McNichols expanded from 718,740,000 to 1,116,793,129 ordinary shares.

The trading landscape witnessed a significant surge, with a 4.88% increase in total traded volume, reaching 2.54 billion units in weekly deals.

The number of trades grew by 8.75%, totaling 36,138, and the weekly traded value surged by 70.50%, amounting to N38.64 billion.

Banking Sector

Zenith Bank Signs MOU With CFA Institute to Develop Finance and Investment Professionals

Published

5 days ago

December 1, 2023

Investors King

Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the Chartered Financial Analyst (CFA) Institute to promote efforts and activities that support the formation, training, and updating of human capital in finance and investment for the overall development of the Nigerian financial services sector.

The MoU, was signed by the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu; the President/CEO of the CFA Institute, Margaret Franklin; and the President of CFA Society Nigeria, Ibukun Oyedeji on Tuesday, November 28, 2023.

Speaking at the MoU signing ceremony, the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu commended the CFA Institute and the CFA Society, Nigeria for their laudable programmes in developing finance and investment professionals in Nigeria.

According to him, your Women in Investment Management Initiative, CFA Institute Research Challenge, CFA Society Nigeria Ethics Challenge and University Affiliation Program are very laudable, and Zenith Bank will continue to partner with the CFA Institute and the CFA Society Nigeria to ensure that young finance and investment professionals get the needed support for their career development.

In his words, “As a good corporate citizen, Zenith Bank remains committed to furthering the economic, cultural and social development of the society. As such, we continue to support projects and initiatives that have long-term social and economic benefits for our various publics and stakeholders. Partnering with the CFA Institute and the CFA Society Nigeria is therefore a demonstration of our commitment to building professional excellence in the finance services industry in Nigeria”.

At the CFA Institute Africa Investment Conference, during the ‘Journey to the Top: A Discourse with CEOs’ segment, Dr. Onyeagwu inspired future finance and investment professionals to uphold the highest standards of integrity.

He stressed the importance of making difficult yet high-quality decisions, building robust networks, and dedicating themselves to hard work for career success.

In his words, “as upcoming professionals, the opportunities are immense for you. Africa doesn’t get bigger than Nigeria. There is scarcity of the right kind of people that have the talent, that have the character and the leadership to provide leadership in organizations. Make a decision to be one of those, make a decision to be different. You must be driven by your passion; you must delay gratification. In Zenith what is driving us is the strive for excellence. It is not about who you are and where you come from. We have the best class of talents you can think of anywhere in the world.”

He assured the young finance and investment professionals that Zenith Bank will offer immediate employment opportunity to CFA Charter Holders and those who qualify as Chartered Accountants.

Also speaking on the MoU, the President/CEO, CFA Institute, Margaret Franklin reiterated the Institute’s commitment to the professional development of students and upcoming professionals.

In her words, “there are many things that we do for students, we invest heavily in students and why is that? Because they are our future. The mission of the CFA Institute is to lead the investment industry with the highest standards of ethics, education and professional excellence for the ultimate benefit of society and that starts with our CFA programme”.

She commended Zenith Bank for its continued support to the CFA Society Nigeria and sponsorship of the CFA Institute Research Challenge over the years.

She also commended the bank for being one of the top employers of CFA members in the country. She expressed her admiration of the culture of excellence in Zenith Bank.

Also speaking at the MoU signing ceremony, the President of CFA Society Nigeria, Ibukun Oyedeji commended Zenith Bank for its partnership with CFA Society Nigeria and its commitment to the development of young finance professionals in the country.

The the CFA Institute Africa Investment Conference is being hosted by the CFA Institute and CFA Societies from Ghana, East Africa, South Africa and Mauritius. The conference has representatives from over 20 universities in Nigeria (members of their investment clubs being supported by CFA Society).