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FirstBank Sponsors Duke of Shomolu Production; As Awo and Aremu Hits The Stage

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First Bank Nigeria-- Investors King

First Bank of Nigeria Limited has announced its sponsorship of ‘A Deep Dive Into History’, a theatre production from the Duke of Shomolu (DOS) Production House, spearheaded by Joseph Edgar. A deep dive into history comprises two exciting stage plays – Aremu and Awo, showing from the 22nd of August and will run every Sunday till the 12th of September 2021 at the legendary Glover Memorial Hall, Marina, Lagos.

Aremu is a powerful depiction of the life and times of Chief Olusegun Obasanjo GCFR. The play takes us through his birth, the errant stages of his adulthood, exploring his peasant background, his travails as freedom and human rights crusader and other milestones. Aremu is a rich cultural play that preaches hope to the audience, that they can be whoever they want to be. The play was written by Prof. Ahmed Yerima, the former DG of the National Theatre and National Troupe.

Awo on the other hand is a play that seeks to reintroduce the dying values of loyalty, integrity, vision building amongst others to the modern-day audience who seem to have lost their way in the fast and seedy lifestyle of modern-day Nigeria. This play is set to be directed by Mr. Makinde Adeniran FTA – Lagos State Chairman of the National Association of Nigerian Theatre Practitioners and is bringing 26 years of local and international experience to the play.

With the sponsorship of similar socio-cultural plays in the creative arts industry such as Ayinla, Moremi, Makaliki, Duke of Shomolu Production’s Play (Emotan and Oba Esugbayi), October 1st (a movie) and the Calabar Festival, FirstBank’s sponsorship of ‘Duke of Shomolu Productions’ affirms the bank’s continued support for the development of arts in Nigeria under its First@arts initiative.

First@arts is FirstBank’s platform for consolidating all its efforts in the arts, supporting the entire value chain of the creative arts, providing much-needed financing and advisory support, showcasing and facilitating the successes of the industry, and enabling customers to explore and access the wealth of opportunities the creative industry has to offer.

Achieving these and a host of many others have been implemented through strategic partnerships with organisations like the British Council, Live Theatre Lagos, Freedom Park, Terra Kulture, and the Cross Rivers State Government (Calabar Festival), among others.

Expressing her delight on the plays, Folake Ani-Mumuney, GH, Marketing & Corporate Communications, First Bank of Nigeria Limited said, “For over 127 years, FirstBank has been at the forefront of nation-building; enabling Nigeria and Nigerians through resourceful partnerships to build the Nigerian creative industry value chain, especially the arts and entertainment sub-sectors. We remain proud of this sponsorship that creates an excellent platform to showcase Nigeria to the world as being part of a collective goal to continually keep dreams and hope alive; holding strong to our commitment to reignite cultural heritage.”

“Without a doubt, the theatre remains part of the creative and entertainment industry value-chain across the globe and indeed a powerful channel to drive our heritage and culture, which resonates with our legacy of being woven into the fabric of society.”

The Duke of Shomolu Productions is a positive disruptive force that has been designed to aggressively push the agenda of “telling stories through performances”. In the last three years, the platform has engineered and fostered on Nigerian theatre audiences, some of the most eponymous works attracting over 50,000 people, attending their productions. The DOS production is a leading brand in the Performing Arts sector in Nigeria and was established in 2018.

According to research disclosed in PWC’s recent Entertainment & Media Outlook report, Nigeria’s entertainment market is expected to rise from $4.46 billion in 2018 to a $10.5 billion market by the end of 2023. In addition, with this initiative and other sponsored events, FirstBank is committed to strengthening its contribution to the development of the entertainment industry in the country.

About FirstBank

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 125 years.

With over 750 business locations and over 76,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 15 million customers. The Bank has an international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is to always put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of the first choice in building your future”. Our brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.

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Transcorp Power Plc Listing Sparks Surge in Energy Sector Interest in Capital Market

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Transcorp Power

The recent listing of Transcorp Power Plc on the Nigerian Stock Exchange has ignited a wave of enthusiasm among energy sector players, signaling a significant shift towards capital market engagement.

With the introduction of 7.5 billion ordinary shares at N240 per share, Transcorp Power Plc entered the market with a bang, boasting a market cap worth N1.8 trillion.

The reception was nothing short of remarkable as the stock surged by 10% on its first trading day, closing at N264 per unit.

By the end of the week, it had appreciated by 46.38% to N351.30 per share.

This unprecedented success has not gone unnoticed with financial analysts and stockbrokers heralding the listing as a catalyst for broader market participation.

Vincent Ugwu, Managing Director/CEO of De-Lords Securities Limited, explained the allure of the capital market for power sector players, citing its capacity to raise low-cost capital.

He highlighted the abundance of opportunities within the sector, including those in the gas value chain, widening areas of coverage, and cross-border power sales.

Echoing similar sentiments, Mike Eze, CEO of Crane Securities Limited, commended the reception of Transcorp Power Plc’s listing by Nigerian investors, underscoring the market’s ability to absorb funding demands from the power sector.

Abdulmumin Ali, an Abuja-based financial analyst, projected sustained growth for Transcorp Power Plc shares, urging early investors to seize the opportunity for substantial returns in the short to medium term.

Speaking at the listing ceremony, Transcorp Power’s Managing Director, Peter Ikenga, expressed pride in the company’s dedication to Nigeria’s growth and its commitment to delivering sustainable energy solutions.

As the energy sector increasingly embraces the capital market, the listing of Transcorp Power Plc stands as a testament to the market’s potential to drive sectoral growth and innovation in Nigeria.

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Merger and Acquisition

Foreign Investor Eyes 7% Stake in LivingTrust Mortgage Bank Plc

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LivingTrust Mortgage - Investors King

LivingTrust Mortgage Bank Plc is on the brink of a significant financial move as reports indicate a foreign investor’s interest in acquiring a seven percent stake in the institution.

According to industry insiders familiar with the matter, the prospective investor is poised to proceed with the regulatory formalities following the completion of due diligence.

The potential investment is anticipated to provide a substantial capital injection for LivingTrust Mortgage Bank Plc, paving the way for enhanced operational capabilities and strategic growth initiatives.

However, as of the time of reporting, the specifics of the investor and the financial terms of the deal remain undisclosed, pending regulatory filings and approvals.

This development comes on the heels of the recent appointment of Dr. Olumide Adedeji as the new Managing Director of LivingTrust Mortgage Bank Plc, effective March 7, 2024.

Dr. Adedeji, a seasoned finance professional with a wealth of experience garnered from esteemed institutions such as Standard Chartered Bank, FCMB, and Diamond Bank, among others, is poised to steer the bank through this potential transformative phase.

While the transaction awaits official confirmation, industry analysts speculate that the investment could signify a vote of confidence in the bank’s prospects and the broader Nigerian financial landscape.

Furthermore, it underscores the appeal of Nigerian financial institutions to foreign investors seeking strategic opportunities in emerging markets.

The move aligns with LivingTrust Mortgage Bank Plc’s commitment to fortifying its position in the market and unlocking value for its stakeholders amidst a dynamic economic environment.

As the regulatory processes unfold, stakeholders eagerly anticipate the potential implications of this strategic partnership on the bank’s trajectory and the broader financial ecosystem.

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Transcorp Power Lists on the Nigerian Exchange; Gains 10% First Day of Trading

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Transcorp Power

Transcorp Power Plc, a power subsidiary of Transnational Corporation Plc (Transcorp Group), has listed its shares via introduction on the Main Board of the Nigerian Exchange (NGX), adding more than N1.8 trillion to the market capitalization of NGX and further boosting liquidity in the Nigerian capital market.

The listing was celebrated on the 4th of March 2024, with a Closing Gong ceremony and a “Facts Behind the Listing” presentation.

Transcorp Power gained 10% on the first day of trading, to close at N264 per share, up from the listing price of N240 per share.

The listing of Transcorp Power is further evidence of the execution of Transcorp Group’s integrated power strategy, ensuring Nigeria’s natural resources are harnessed for the development of the Nigerian economy and so delivering on the Group’s mission of “Improving Lives and Transforming Africa”.

The listing which comes on the 10th anniversary of Transcorp Power’s founding, demonstrates the Company’s strong corporate governance, operational excellence, and value creation for stakeholders.

This track record was earlier recognised in May 2023, when the Company became the first successor Power Generating Company in Nigeria to receive its post-privatization discharge from the National Council on Privatisation, having met and surpassed the key performance indicators set out by the Bureau of Public Enterprises (BPE).

Transcorp Power operates the Ughelli Power Plant in Delta State, with an installed capacity of 972MW. At the time of acquisition, the plant had an available capacity of 160MW.

Transcorp Power invested and increased the available capacity to 680.83MW (a 227% increase) within 4 years of acquisition, surpassing the 5-year target of 670MW set by the Bureau of Public Enterprises.

Transcorp Power Plc is a member of the West African Power Pool and a participant in the ECOWAS Regional Electricity Market. Today, Transcorp Power supplies electricity to the ECOWAS Regional Market.

Peter Ikenga, Transcorp Power’s Managing Director/CEO stated, “This is a testament to our unwavering dedication to powering Nigeria’s growth.  We embark on this new chapter with a sense of purpose, innovation, and a commitment to continue to deliver sustainable energy solutions in Nigeria and beyond.”

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