- Fitch Releases Ratings on Two Nigerian Banks
Fitch Ratings has retained its ‘AAA’ national rating on Stanbic IBTC Holdings Plc as well as Stanbic IBTC Bank Limited.
This is just as the international rating agency also assigned Sterling Bank Plc a long-term Issuer Default Rating (IDR) of ‘B-‘ and a national long-term rating of ‘BBB-(nga)’. It also assigned a stable outlook on Sterling Bank.
It explained that its rating on Stanbic IBTC reflected the credit worthiness of the bank and the holding company. The ‘AAA’ national rating is assigned to institutions with the lowest relative risk.
In arriving at the rating for Stanbic IBTC, Fitch took account of the strong parental support from Standard Bank Group, to which Stanbic IBTC Holdings belong. The parent company provides support in such areas as staff training, provision of information technology upgrades and best practice processes as well as strong corporate governance practices.
In the report, the rating agency also reviewed the capital adequacy of Stanbic IBTC in compliance with regulations and concluded that it was very strong and compare favourably against peers.
The Chief Executive of Stanbic IBTC Holdings, Mr. Yinka Sanni, said the ratings were a clear testament of the financial institution’s strength, strong leadership and the unyielding support of its parent company.
He reiterated Stanbic IBTC’s commitment to the Nigerian market and pledged it will continue to provide support to all sectors of the economy in order to keep moving individuals and businesses forward.
Meanwhile, Fitch in its rating on Sterling Bank explained that the bank’s IDRs were driven by its standalone creditworthiness as defined by its Viability Rating (VR).
“The VR is constrained by challenging operating conditions in Nigeria, the bank’s modest franchise and developing business model, weaknesses in its financial profile, and its higher risk appetite than peers.
“These factors are counterbalanced by Sterling’s coherent strategy, especially its business transformation initiatives, and strong management team.
“Sterling’s financial profile is characterised by high credit concentrations, variable earnings and profitability, modest capital buffers based on its risk profile, and its structurally weak funding and liquidity profile.
“Sterling has a high exposure to the oil and gas sector, representing 45 per cent of gross loans at end- nine month 2017, mainly to mid-sized corporates.
“Around 38 per cent of the bank’s loans at end-nine month 2017 were in foreign currency, exposing it to currency volatility,” the report added.
Based on prudential requirements (all loans that are 90 days overdue), Sterling’s NPL ratio was 6.1 per cent at the end of the first nine months of 2017.
Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others
Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.
Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.
“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.
“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.
The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.
Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”
“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.
Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”
Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director
Seun Suleiman is the New Managing Director of Siemens Energy Nigeria
Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.
According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.
Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.”
Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.
The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.
“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.”
It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.
FG Reopens Osubi Airport Warri for Daylight Operations
FG Reopens Osubi Airport Warri for Daylight Operations
The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.
The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.
The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.
However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.
On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.”
I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth. 🇳🇬🙏🏽🇳🇬
— Hadi Sirika (@hadisirika) March 1, 2021
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