EIB, Cooperative Bank of Kenya to Support Kenyan Companies Most Affected by Covid With EUR 50 Million
New investment by companies active in sectors most challenged by the COVID-19 pandemic will be accelerated by a new EUR 50 million targeted financing initiative launched in Nairobi today by the European Investment Bank and the Cooperative Bank of Kenya. The new business financing programme will also be supported by European Union grants.
Werner Hoyer, President of the European Investment Bank and Dr. Gideon Muriuki, Group Managing Director and CEO of The Co-Operative Bank of Kenya highlighted how closer cooperation between Kenyan and African financial partners will unlock crucial access to finance by firms impacted the economic, trade and health impact of the global pandemic.
“COVID-19 has dramatically impacted business activity across Kenya and ensuring new investment is essential to help companies recover from the pandemic. The unique partnership between the European Investment Bank and the Cooperative Bank of Kenya has successfully supported private sector investment across Kenya since 2003. The latest cooperation backed by the European Investment Bank’s targeted East Africa COVID-19 Rapid Response facility will unlock EUR 50 million of new investment, strengthen economic resilience and allow Kenyan companies to harness opportunities for growth.” said Werner Hoyer, President of the European Investment Bank.
“The European Investment Bank is pleased to join forces with the Cooperative Bank of Kenya to help small businesses across Kenya to withstand the shock of COVID-19. This new initiative will enable companies to adapt to the challenges of the COVID-19 operating environment and is a key part of the EIB’s support for health and economic resilience across Africa and around the world.” said Thomas Östros, European Investment Bank Vice President responsible for Eastern and Southern Africa, and development.
The Ambassador of the European Union to Kenya, H.E. Henriette Geiger said “As the European Union we are happy to have enabled this cooperation between the EIB and the Cooperative Bank. With a grant of 8 Million Euro from the European Union, we expect that this line of credit will allow Kenyan businesses strengthen their economic resilience to shocks from the impact of Covid 19 and avoid further employment losses.”
The Co-operative Bank of Kenya and the European Investment Bank have worked together to finance investment across Kenya since 2003. This long-standing partnership has financed expansion of manufacturing, education, agriculture, transport and logistics firms and supported thousands of jobs.
Thanking the European Investment Bank, Dr. Gideon Muriuki on his part added: “Co-operative Bank commitment to the SME sector in Kenya will ensure that this facility will be available immediately to fund acquisition of tangible business assets, working capital, development of distribution networks, innovation and business research among others, and contribute to the recovery of Kenya’s businesses following the covid-19 challenges.
“The credit facility will be available for up to a maximum of Kes 1.5billion per customer for a maximum tenor of 7 years. Businesses employing up to a maximum of 250 employees can apply immediately, he added.
Backing private sector recovery with long-term local currency financing
The new targeted financing scheme will include support companies in sectors most impacted by the trade, economic, tourism and health challenges triggered by COVID-19 and unlock investment to accelerate private sector recovery from the pandemic.
Kenyan companies will be able to access long -term loans in KSH, with tenors of up to 7 years, far longer than usually available.
EIB strengthening presence in Africa
New partnership highlighted ahead of the formal launch of the EIB’s new regional hub for East Africa.
EIB President Werner Hoyer and Vice President Thomas Östros are spending four days in Kenya meeting political, business and financial leaders on their first official visit to Africa since the pandemic.
The European Investment Bank is the world’s largest international public bank and last year provided more than EUR 5 billion for new investment across Africa.
Wema Bank Plc Announces Dividend Declaration and Director Appointments at 2022 AGM
Wema Bank Plc recently held its highly anticipated Annual General Meeting (AGM) on May 31, 2023, in a fully electronic format.
Wema Bank Plc recently held its highly anticipated Annual General Meeting (AGM) on May 31, 2023, in a fully electronic format.
During the meeting, several crucial resolutions were presented and subsequently passed, marking significant milestones for the bank.
One of the most notable resolutions was the declaration of a dividend. The shareholders unanimously approved a dividend payout of 30 kobo per ordinary share of 50 kobo each. The dividend, stemming from the bank’s profits in the Financial Year ended December 31, 2022, will be paid to members on the company’s register as of May 9, 2023, after the deduction of the appropriate Withholding Tax.
Also, the AGM witnessed the ratification of a new Director’s appointment. Mr. Tunde Mabawonku was unanimously appointed as an Executive Director of the bank, bringing his wealth of experience and expertise to the organization.
In addition, the AGM addressed the re-election of Directors retiring by rotation. Shareholders unanimously voted for the re-election of Mr. Abubakar Lawal, Mr. Adeyemi Adefarakan, and Prince Olusegun Adesegun as Non-Executive Directors on the Bank’s Board.
Another significant resolution passed at the AGM involved the authorization of Directors to determine the remuneration of the auditors. The shareholders unanimously empowered the Board of Directors to fix the fees payable to the Bank’s Auditors.
Additionally, the election of members of the audit committee was a vital aspect of the AGM. The shareholders elected Professor Oyelakin Samuel Awobode, Mr. Ogbonna Joe Anosikeh, and Mrs. Omobola Esther Osijo as the shareholders’ representatives to the Bank’s Statutory Audit Committee.
Meanwhile, Mr. Abubakar Lawal and Mrs. Bolarin Okunowo were chosen as the Board’s representatives on the Committee.
Lastly, the AGM approved the directors’ fees for the financial year ending December 31, 2022. The Directors’ annual fee was fixed at N62,000,000.00, with the Chairman receiving N9,500,000.00 and Non-Executive Directors each receiving N7,500,000.00. Additionally, a sitting allowance of N300,000.00 was approved for the Chairman and N250,000.00 for other directors for the 2023 financial year. These fees reflect the bank’s commitment to fair and competitive compensation for its leadership team.
Unity Bank Grows Gross Earnings to N57Billion in 2022FY, Builds Momentum as Profit Grows by 21% in Q1/2023
Unity Bank total comprehensive income rose by 262.1% to N1.2 billion from N744 million in the corresponding period of 2021
Nigeria’s retail lender Unity Bank Plc has posted a Profit Before Tax of N1.1 billion for its full-year results that ended Dec 2022, even as its gross earnings rose by 13.1% to N57 billion from N50.2 billion in the corresponding period of 2021.
The Bank in its audited full-year financial statement submitted to the Nigeria Exchange Group Limited recorded growth in key performance indicators as reflected in the interest income, loans and advances to customers, customer deposits, and profits.
A major highlight of the financial year is the growth in total comprehensive income, which rose by 262.1% to N1.2 billion from N744 million in the corresponding period of 2021. The Bank grew Profit Before Tax (PBT) by N1.1 billion, while Profit After Tax stood at N941.4 million.
With the loan book sustaining an expansion by 7.5% to N289.4 billion from N269.3 billion within the period under review, the interest and similar income consequently witnessed significant growth rising 7.5% to close at N48.9 billion compared to N43.2 billion in the corresponding period of 2021.
Similarly, income from fees and commissions recorded significant growth, rising by 25.7% to N7.68 billion from N6.1 billion within the period under review.
More so, deposits from customers saw marginal growth, increasing by 1.6% to N327.4 billion from N322.2 billion in the corresponding period of 2021 as the Bank pushes for deeper penetration of its retail footprint with the rollout of products targeting different segments of the market.
Meanwhile, the Bank also released its unaudited financials for Q1, 2023, in which it sustained improved performance, posting
Commenting on the financial statements, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun noted that the Bank’s focus on building back momentum continues to reflect in the key performance indicators despite economic headwinds and volatilities that characterized the operating environment in the 2022 financial year.
“There are highs and lows as we look at the gross earnings, with 13.7% growth, increase in liquid assets by 7.5% and deposits recording moderate growth of 1.6%, while maintaining steady growth in profitability”, she stated.
“Overall, the financial statement thus threw up both strong and less optimal points which inform the outlook for our business”, she further stated.
She reassures that going into the new financial year, the Bank will remain laser-focused on our strategic choices and key growth drivers to push all the indices and elevate growth to double-digit territory. “The performance posted for Q1’23 in terms of the PBT, gross earnings, and other key indicators are strong reinforcement of adequate measures being adopted and a testament of our resolve to sustain and equally improve upon the fundamental initiatives adopted to strengthen growth throughout the course of the financial year”, Mrs. Somefun stated.
She further said: “Since late 2022, the Bank has begun significant investment in technology and innovation in line with its strategic pursuits to win in the retail space with our focus on digital and lifestyle banking, dynamic product development, and accelerated onboarding. As part of our transformation journey, we will double down on these investments in the coming months in order to achieve our aspirations of (1) significantly reducing customer pain points and simplifying customer experience; (2) increasing the rate of customer acquisition; (3) expanding the frontiers of partnerships; and (4) ultimately developing new and sustainable income lines for the Bank.”
According to her, the Bank will further give attention to fast-paced process automation, cost and resource efficiency, targeted value chain relationships, and brand visibility as it expands the range of products and services to meet the evolving needs of its esteemed customers.
Analysts are of the view that the growing retail footprint driving the repositioning strategy of the Bank aligns with the market expectations, which is also reflected in the increasing uptake of the Bank’s offering.
International Banker Award 2023: Ebenezer Onyeagwu Named Best Banking CEO of The Year in Africa
The Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, has been named ‘Best Banking CEO of the Year in Africa’ in the International Banker 2023 Banking Awards.
The Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, has been named ‘Best Banking CEO of the Year in Africa’ in the International Banker 2023 Banking Awards. The award, published in the Spring 2023 Issue of the International Banker Magazine, sees Dr Onyeagwu honoured alongside other individuals and banks from the Middle East and Africa.
Expressing gratitude for the recognition, Dr. Onyeagwu commended the Publishers of the International Banker for considering him a fitting recipient of the ‘Best Banking CEO of the Year in Africa’ award. He stated, “This award reflects the bank’s position as a leading financial institution in Nigeria and the African continent. It also attests to our commitment to principles of sustainability and high ethical standards, which have become integral to our overall strategy as an institution”.
He dedicated the award to the Founder and Chairman, Jim Ovia, CFR, for his guidance and mentorship; the bank’s management team and staff, for being the shoulder upon which his achievements and success as CEO rests; and the bank’s customers for making Zenith Bank their bank of choice.
Dr Onyeagwu’s outstanding career has led to him receiving multiple awards, including Bank CEO of the Year (2019) by Champion Newspaper, Bank CEO of the Year (2020, 2021 & 2022) by BusinessDay Newspaper, CEO of the Year (2020 and 2021) – SERAS Awards, and CEO of the Year (2022) – Leadership Newspaper.
As Group Managing Director/CEO, Dr Onyeagwu has led Zenith Bank to achieve tremendous feats and milestones in financial performance (including 47 per cent growth in the bank’s market capitalisation in four years), financial inclusion, corporate governance and sustainability. These efforts have culminated in several local and international awards and recognitions including being recognised as Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; ‘Best in Corporate Governance’ Financial Services’ Africa, for four consecutive years from 2020 to 2023, by the Ethical Boardroom; and the Most Responsible Organisation in Africa 2021 by SERAS Awards.
On March 25, 2023, he was conferred with a Doctorate Degree in Business Administration by the University of Nigeria, Nsukka, Nigeria’s first indigenous University, in recognition of his immense achievements as Group Managing Director/CEO of Zenith Bank as well as his contributions to the growth of the financial services sector in Nigeria and across the African continent. The award was given during the 50th convocation ceremony of the University.
Published by Finance Publishing Limited, the International Banker is a leading global source of authoritative analysis and opinion on banking, finance and world affairs. Its influence, integrity, accuracy and objective opinion have earned it global recognition. The International Banker Awards strive to recognise the most worthy financial institutions around the world – those not just doing their jobs well but exceptionally well – those operating at the industry’s cutting edge and setting new performance levels to which others will aspire. The 2023 Banking Awards focused on various criteria, including the provision of much-needed capital for economic growth, cutting-edge innovation to enhance security and efficiency, commitment to sustainability and ESG principles, as well as intelligent investing to maximise profits and shareholder value.
Otedola’s Geregu: Investors Exchange Shares Worth N16.365 Billion on Monday in Suspected Insider Dealings
Nigeria’s Trade Union Congress Urges FG to Increase Minimum Wage to Cushion Effect of Subsidy Removal
Apple Unveils Its First Virtual Reality Headset to be Launched Next Year
Cryptocurrency4 weeks ago
Binance Resumes Bitcoin Withdrawals After Pause, Cites Congestion of Network
Technology4 weeks ago
Apple And Google Collaborate to Stop Unwanted Tracking of People by Bluetooth Devices
Appointments5 days ago
Wema Bank Plc. Appoints Dr. (Mrs.) Oluwayemisi Olorunshola as Board Chairman
Telecommunications4 weeks ago
Airtel Africa plc’s Customer Base Grows to 140 Million, Fueled by Mobile Data and Mobile Money Services
Finance6 days ago
Zenith Bank Maintains Position as Best Corporate Governance Financial Services’ in Africa for the Fourth Consecutive Time
Fintech4 weeks ago
WhatsApp Users in Singapore Can Now Pay Local Businesses Through Chat
Banking Sector2 weeks ago
Zenith Bank Executive Director Acquires 4.04 Million Shares, Reinforces Confidence in Bank’s Growth
Cryptocurrency4 weeks ago
Pepecoin Traders Remain Bullish Despite Recent Price Correction; Whales Continue to Accumulate