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BoI Advises Youths to be Innovative

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  • BoI Advises Youths to be Innovative

The Bank of Industry has advised the youth to be innovative and begin to make meaningful contributions to the society.

The Head, Osogbo Branch of BoI, Dr Emmanuel Ojoowuro, gave the advice in a chat with newsmen at a sensitisation workshop on ‘Funding Opportunities for Micro, Small and Medium Scale Enterprises’ in Osun State,’

He urged the youth to start thinking of how they could assist the society by providing solutions to numerous challenges facing their immediate environment.

Ojoowuro said, “Youths should start thinking of they can contribute to the society. They can’t remain on the same spot for ever. They are our future and they should start creating, adding value, innovating and start developing their ideas.

“Bank of Industry has loan packages for youths who want to obtain loans and the process is not hard. We treat our youth differently because they are just coming up. We have different templates for them, so that they can be able to access the loans. Any youth who has value- adding project can come for loan in our bank.”

In his remarks, the Managing Consultant of Romis Consultant, Mr Babatunde Bello, whose company organised the workshop, said through the forum, the participants would be advised on ways to improve their businesses.

He said, “What we do basically is to assist micro, small and medium enterprises to do their business better and to grow their business to be strong enough to access funding and expand.

“We have assisted a lot of people and we helped them build their capacity. We also assisted them to secure fund from the Bank of Industry and through this workshop, we would be able to bring in more people.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Nestle Nigeria Posts N11.852 Billion Profit in Q3 2021

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Nestle Nigeria - Investors King

Nestle Nigeria Plc, a publicly listed food and beverage specialty company headquartered in Lagos, has reported N90.151 billion in revenue for the third quarter (Q3) ended September 30, 2021. This represents an increase of 25.72 percent from N71.707 billion recorded in the third quarter of 2020.

In the company’s unaudited financial statements released on Monday, the cost of sales responded to the increase in revenue, rising by 30.04 percent from N42.52 billion filed in the corresponding period of 2020 to N55.29 billion in the quarter under review.

Accordingly, Gross profit inched higher from N29.187 billion in the same period of 2020 to N34.857 billion in Q3, 2021. While marketing and distribution and administrative expenses stood at N12.123 billion and N2.94 billion in Q3 2021 from N10.931 billion and N2.398 billion in the same quarter of 2020, respectively.

Results from operating activities grew from N15.857 billion in the corresponding period of 2020 to N15.857 billion in the third quarter of 2021.

Nestle Nigeria’s finance income jumped by 228.4 percent from N229.253 million in Q3 2020 to N752.943 million in Q3 2021. However, finance costs escalated by 240.35 percent to N2.34 billion in Q3 2021, up from N687.581 billion recorded in Q3 2020.

Profit before tax rose from N15.399 billion achieved in the third quarter of 2020 to N18.205 billion in the same period of 2021.

Nestle Nigeria paid N6.352 billion in income tax to post N11.853 billion profit after tax in the third quarter of 2021, a 17.2 percent increase from N10.113 billion filed in Q3 2021.

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Banking Sector

Stanbic IBTC Reiterates Strategic Youth Agenda

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Determined to further strengthen the strategic position young Nigerians occupy in the country, Stanbic IBTC, a member of Standard Bank Group, has continued to promote various programmes to get Nigerian youths engaged and empowered for better productivity and participation in the development of the nation.

The Group aimed one of its initiatives, the ‘Youth Leadership Series’ (YLS), at deepening financial and entrepreneurial knowledge among Nigeria’s younger generations. The initiative, which was launched in 2018, is held in institutions of higher learning across the nation and brings together mentors from across various sectors of the economy to encourage and inspire the next generation. 

Dr. Demola Sogunle, Chief Executive of Stanbic IBTC Holdings, spoke of the initiative. He stated that through one of the organisation’s CSI pillars, ‘economic empowerment’, the YLS was birthed as an avenue to get young Nigerians engaged and empowered to become future business leaders.

He said that Nigerian youths required support, guidance, and empowerment to propel them to the pinnacle of their various fields, and added that innovative projects and tech disruptions championed by youths in virtually every sector have proved their ingenuity, skill, brilliance, and resourcefulness.

Sogunle further stated that since youths easily get distracted by different challenges, the organisation wanted to ensure that they were aptly and constantly guided, mentored, inspired, and motivated, not just to attain their goals but to actualise their full potentials.

This year’s event which held virtually attracted youths from across Nigeria and various parts of the world including the UK, USA and UAE. It featured an array of speakers – Debo Adebayo, better known as Mr. Macaroni and  Ms. Ifedayo Agoro, the founder of Diary of a Naija Girl (DANG), an online lifestyle website, who spoke on ‘Winning with Social Media’; the duo of Olumide Soyombo, co-Founder, Bluechip Technologies and Tracy Batta, co-Founder, Smoothie Express who spoke on ‘Winning with Entrepreneurship’; while Akin Bamidele Akintola, Head of Equity Sales, Stanbic IBTC Stockbrokers and Yanmo Omorogbe, co-founder of Bamboo Invest, an investment platform that allows Nigerians to invest in United States stocks, both spoke on ‘Winning with Investments’.

All speakers shared their entrepreneurial experiences, challenges, and success stories in these areas.

Speakers at previous editions of the YLS included Kechi Okwuchi, a survivor of the ill-fated Sosoliso plane crash of December 2005, who later went on to bag a First Class Degree from the University of Thomas Houston, Texas and emerged a finalist at America’s Got Talent; Member Feese, survivor of the United Nations Building bomb blast in Abuja and Cobhams Asuquo, renowned music producer, who was born blind.

Also, Stanbic IBTC Bank, in collaboration with Creative Youth Community Development Initiative (CYCDI), and Covenant University, Ota and in alignment with the 73rd session of the United Nations General Assembly (UNGA) in New York City, engaged Nigerian youths on better understanding of the United Nations (UN) Sustainable Development Goals (SDGs) and their role in its attainment.

The organisation also said that some needs of youths have been catered to with the Stanbic IBTC BluEdge Youth Account, targeted to help students and youths cultivate a savings culture very early in life.

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Finance

United Capital Launches 150 Billion Naira Infrastructure Fund

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United Capital Plc today announced the launch of its 150 Billion Naira Infrastructure Fund.

The United Capital Infrastructure Fund (UCIF) is a Naira-denominated fund that aims to provide long-term financing for the delivery of critical infrastructure in Nigeria and Sub-Saharan Africa.

United Capital stated this in a disclosure statement released through the Nigerian Exchange Limited and obtained by Investors King on Monday.

The statement further said that the fund has been registered with the Securities and Exchange Commission as a close-ended fund.

The infrastructure deficit in Nigeria is growing at an alarming rate with the Central Bank of Nigeria (CBN) estimating that the Federal Government would need about US$100 billion annually to address the nation’s infrastructure deficit.

This infrastructural deficit is a major constraint to the economic development of Nigeria and the United Capital fund is set to address this deficit by financing infrastructure assets that cut across sectors such as power and renewable energy, transportation, agribusiness and industrial infrastructure, healthcare, technology, mass housing, urban and social infrastructure.

Stanbic IBTC also launched a N100 Billion infrastructure fund earlier in the year in an attempt to close the infrastructural gap in the country.

According to United Capital, the Infrastructure Fund would be managed by United Capital Asset Management Limited (“UCAML”), its only sponsor. The Fund has retained Africa Finance Corporation (AFC) as the independent Financial Advisor, to provide additional layers of best practice of corporate governance which enhances the project appraisal and due diligence activities of the Fund Management team.

Speaking at the launching, Mr. Peter Ashade, the Group Chief Executive Officer of United Capital Plc stated that “the journey to launch the Fund has taken almost two years, during which period extensive preparatory studies and appraisals were carried out to establish the business case for the Fund, as well as to define a model and governance framework that would provide investors that have an appetite for long-term financing products (such as pension funds and insurance companies), with sufficient confidence of the attractiveness of UCIF, as an investment opportunity.”

United Capital Plc is a financial services group with activities that include Investment Banking, Asset Management, Trustees, Securities Trading, Wealth Management and Consumer Finance. The Group is headquartered in Lagos, Nigeria, with operations and presence in West Africa.

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