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FCMB Wins SME Development Award

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FCMB
  • FCMB Wins SME Development Award

First City Monument Bank (FCMB) Limited, has been named the ‘Best African Small and Medium Enterprises Development Bank’ of the year by the African Association of Small and Medium Enterprises (AASME).

The pronouncement was made at the 2nd Edition of African International Small and Medium Enterprises Economic Summit and Award (AFRI-SMEs 2016), which recently held in Aba, Abia State.

AASME is a coalition of micro, small, medium businesses, associations, operators, owners and individual manufacturers within Nigeria, extended into some African countries but headquartered in Aba. Some of the members include entrepreneurship and skill development cooperatives, palm kernel producers, import and export groups, garment, textile manufacturers, dealers, investment and development cooperatives as well as leather and allied products cooperatives among others.

Commenting on the award to President General AASME, Darlington Onuoha Kalu, was quoted in a statement to have said FCMB did not deserve and merit anything less, considering its pedigree and volume of support to SMEs over the years.

“Its speed and positive response in various partnerships leading to the establishment, growth and development of small and medium scale businesses is very commendable. The bank is helping to solve the problem of unemployment, leading to skills acquisition and in turn, the nation’s economic development.

“FCMB is the first bank to respond to and cooperate with us, among all other Banks that we called. The bank’s level of commitment towards the economic development of Nigeria through its quality and volume of support to small businesses, starters and growing firms, has not been equaled by any other bank,” Kalu stated.

Acknowledging the award on behalf of the Regional Director, FCMB in the South-east and South-south,the Vice President and Zonal Head, Owerri Zone, Mr. Okey Ogelle commended the organisers and the governing council of AASME for their commitment, desire and the level of organisation towards realising their main objective of truly transforming and growing small businesses into mega firms.

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

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Lafarge Africa Board Proposes N30.60bn Dividend, Lower Than Previous Year

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Lafarge Africa - Investors King

Lafarge Africa’s Board of Directors has recommended a dividend payout of N30.60 billion for the year ended December 2023, a reduction from the previous year’s dividend.

The proposed dividend translates to N1.90 per unit of shares and awaits approval from shareholders at the upcoming Annual General Meeting (AGM) of the company.

In a corporate announcement filed with the Nigerian Exchange Limited, Lafarge Africa disclosed that the proposed dividend is payable from the Pioneer Reserve to shareholders registered as of March 28, 2024.

Despite the lower dividend proposal, Lafarge Africa recorded an increase in revenue to N405 billion, marking an 8.6% rise from the previous year’s N373 billion.

However, the company’s post-tax profit experienced a 4.7% decline, amounting to N51.14 billion, attributed mainly to the devaluation of the naira.

Lolu Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, expressed confidence in the company’s performance despite economic challenges.

He highlighted the growth in revenue and an improved operating margin, despite pressures from inflation and currency devaluation.

Looking forward, Lafarge Africa remains optimistic about the construction sector’s growth in Nigeria, despite prevailing economic challenges.

The company aims to leverage its market opportunities while maintaining a focus on sustainability and stakeholder value.

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South African Billionaire Christo Wiese Predicts Return of Major Players to Nigeria Despite Recent Exodus

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Christo Wiese

South African billionaire Christo Wiese remains optimistic about Nigeria’s economic prospects, predicting the eventual return of major players despite a recent exodus from the West African nation.

In an interview with Bloomberg TV, Wiese explained that it is impossible to ignore Nigeria’s large and growing population, “how do you ignore an economy like this?”

Wiese, the former chairman of Shoprite Holdings Ltd., acknowledges the challenges faced by businesses in Nigeria, where recent currency woes and policy missteps have contributed to an exodus of international companies.

Procter & Gamble Co. and Shoprite are among the global conglomerates that have announced their departure from Africa’s most populous nation.

However, Wiese sees the recent exits as temporary setbacks rather than a long-term trend. He believes that the allure of Nigeria’s vast consumer market and its economic potential will eventually draw major players back.

Despite the current uncertainty, Wiese remains confident in Nigeria’s future, emphasizing the need for governments to adopt correct policies and for investors to exercise patience.

While acknowledging Nigeria’s single-commodity economy vulnerabilities, Wiese highlights the resilience of the nation’s economy and its potential for growth and development.

He suggests that foreign investors, including South African ones, are adopting a wait-and-see approach, anticipating a time when the economy stabilizes and favorable policies are in place.

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Appointments

Seplat Energy Names Udoma Udo Udoma as Independent Non-Executive Chairman, Bello Rabiu as Senior Independent Non-Executive Director

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Seplat Energy Plc - Investors King

Seplat Energy, a prominent Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has made significant changes to its board leadership.

In a recent announcement, the company revealed that Udoma Udo Udoma has been appointed as the new Independent Non-Executive Chairman, succeeding Basil Omiyi, who is set to retire on March 31, 2024.

Udoma Udo Udoma, a distinguished lawyer and seasoned board administrator, brings a wealth of experience to Seplat Energy.

He holds degrees from St. Catherine’s College, Oxford, and has had a remarkable career spanning various sectors, including petroleum, energy, and natural resources.

Udoma has served on numerous large-sized company boards, including UAC Nigeria Plc and Union Bank Plc, and held key public sector appointments, such as Chairman of the Corporate Affairs Commission and Minister of Budget & National Planning.

In addition to Udoma’s appointment, Seplat Energy announced the selection of Bello Rabiu as the new Senior Independent Non-Executive Director, effective April 1, 2024.

Rabiu, a seasoned professional with extensive experience in the petroleum industry, holds multiple degrees and has served in various capacities at the Nigerian National Petroleum Corporation (NNPC).

The appointments come as part of Seplat Energy’s commitment to upholding strong corporate governance practices and ensuring a smooth transition of leadership.

Both Udoma Udo Udoma and Bello Rabiu are expected to play pivotal roles in guiding Seplat Energy as it continues to expand its operations and consolidate its position as a leading energy company in Nigeria and beyond.

In a statement, Basil Omiyi, the outgoing Chairman of Seplat Energy, expressed confidence in the newly appointed leaders, emphasizing their capabilities to steer the company towards further growth and success.

The appointments underscore Seplat Energy’s dedication to fostering excellence and innovation in the energy sector while meeting the evolving needs of its stakeholders and contributing to Nigeria’s energy transition efforts.

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