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Stanbic IBTC Holds 2022 Economic Outlook Webinar

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Stanbic IBTC Holdings PLC, a member of Standard Bank Group, recently hosted a webinar titled “2022 ‘Virtual Economic Outlook- Investing and planning in an election cycle”. The event which aimed at reflecting on economic trends that shaped 2021 and projecting into 2022, held on Monday, 14 February 2022.

According to the financial services provider, the webinar affords participants the opportunity to learn directly from economic experts on the importance of planning and investment.

Bismarck Rewane, Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, and Muyiwa Oni, Head, Equity Research, Stanbic IBTC Holdings PLC, led deliberations at the virtual event.

Other speakers at the webinar were Eric Fajemisin, Executive Director, Corporate and Investment Banking; Remy Osuagwu, Executive Director, Business and Commercial Clients; Executive Director Client Solutions – Bunmi Dayo-Olagunju and Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers.

Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings, set the tone for the event by appreciating the customers for the confidence and trust reposed in the organisation through their patronage. He assured Nigerians of valuable and exciting opportunities despite the likely headwinds as the nation prepares for its general elections.  

Bismarck, who enumerated the current state of the Nigerian economy, noted that Nigeria’s expenditure currently stands at N19.63 trillion while its revenue stands at N10.71 trillion. This, he said, represented a fiscal deficit of N8.92 trillion, which translates to an increasing level of poverty, inflation, unemployment and the number of out-of-school children. He noted that the number of fully employed Nigerians had dipped by 54.41 per cent in the last five years and the working population grew by 18.45 per cent, while 50 per cent of Nigerians remain idle.

Highlighting Nigeria’s fiscal position in five years, he noted that while oil prices increased by 62.36 per cent; currency and balance of trade weakened by 239.76 per cent and 35.95 per cent respectively, with gross external reserves gaining 39.29 per cent.

According to him, sustained supply concerns have helped to shore up global oil prices above $80 per barrel while the Central Bank of Nigeria has continued to step up its intervention programme in the forex market as the nation’s gross external reserves continue to dwindle. Also, he said, the naira has continued to witness increased pressure due to excess liquidity.

“The nation’s economy is expected to continue its rebound as witnessed in the last quarter of 2021 while oil prices are likely to remain high as major economies re-open fully and oil demand picks up. Furthermore, the advent of COVID-19 vaccines has continued to discount the impact of Omicron on oil demand while the effect of the Iran nuclear deal is expected to push up the nation’s oil supply to the global market. This is expected to provide more support to Nigeria’s earnings,” said Bismarck.

“To boost the manufacturing sector, the Central Bank of Nigeria (CBN) is likely to intensify its forex intervention as it seeks to increase supply to manufacturers, Also, the CBN is expected to step up efforts towards exchange rate convergence, increase its intervention in the forex market while the postponement of the fuel subsidy removal will dampen the anticipated spike in inflation for the year as trade policies are expected to become less protectionist.”

Eric Fajemisin, Executive Director, Corporate and Investment Banking, Stanbic IBTC Bank noted that Stanbic IBTC, through its business advisory services, has continued to help its customers make good investment decisions and provide them with business financing. Remy Osuagwu, Executive Director, Business and Commercial Clients also of Stanbic IBTC Bank said the organisation has continued to partner with the CBN in its various intervention programmes such as the Real Sector Fund, Anchor Borrowers Fund, and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), amongst others.

Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers said that Stanbic IBTC, through its investment management vehicle, has continued to provide avenues for investors to profitably invest their funds short and long term while ensuring the safety of invested funds.

Bunmi Dayo Olagunju, Executive Director of Client Solutions, Stanbic IBTC in her concluding remarks, stated that the economic ecosystem can improve during the election cycle if digital technologies can be leveraged effectively.

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Banking Sector

FirstBank Commemorates 2022 Customer Service Week

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced its commemoration of the 2022 edition of the Customer Service Week scheduled to be globally celebrated on 3 – 7 October 2022. 

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First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced its commemoration of the 2022 edition of the Customer Service Week scheduled to be globally celebrated on 3 – 7 October 2022. 

The event themed: “Celebrating Service” will be marked across its FBNBank subsidiaries in over half a dozen countries which include FBNBank UK, FBNBank Ghana, FBNBank Senegal, FBNBank Gambia, FBNBank Guinea, FBNBank DRC and FBNBank Sierra Leone.

Customer Service Week is an international celebration that highlights the importance of customer service and staff who serve and support customers daily to deliver exceptional service to customers.

The Bank’s celebration of the 2022 Customer Service Week will include several activities considered integral to promoting a relaxed atmosphere whilst extending its participation to everyone, irrespective of where they are. The activities include virtual engagement of customers on its social media handles: firstbanknigeria on Instagram; First Bank of Nigeria Limited on Facebook; First Bank of Nigeria Limited on LinkedIn and @FirstBankngr on Twitter. 

Others are a video booth and photo frame funfair, then a Virtual Party on the Friday of the weeklong event and a movie date for staff.

Through the last 128 years of its operations, FirstBank has played a leading role in utilizing its robust customer service network and digital banking architecture to support its customers – cutting across diverse cultures, tribes and races beyond the shores of Nigeria – in meeting their individual and business needs. The Bank achieves this through its innovative, interactive, self-service banking platforms like *894# Quick Banking mobile solution, FirstMobile banking application, Firstmonie Agents, FirstOnline internet banking, WhatsApp banking, and ATM amongst many others. The Bank’s electronic banking channels are constantly updated with new and exciting features to expose customers to exemplary services and experience to put them at an advantage in the industry.

According to Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank “for us at FirstBank, celebrating service, the theme of the 2022 edition of the Customer Service Week is a reflection of our brand mantra “You First”. This reiterates the essence of our existence since 1894, centred on putting You, our customers First as we continue to support individuals and businesses to impact the economy.

With our dynamic and vibrant human-led and digital-led customer services operations, we remain committed to rendering the gold standard of services to our customers and stakeholders regardless of where they may be across the globe” she concluded.

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Finance

NNPC Limited Declares N674 Billion Profit After Tax for 2021 FYE

The Nigerian National Petroleum Company Limited (NNPCL) declared a Profit After Tax of N674 billion for the 2021 financial year

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The Nigerian National Petroleum Company Limited (NNPCL) declared a Profit After Tax of N674 billion for the 2021 financial year. This is the second time the government-owned oil company will declare a profit in 48 years.

NNPCL, Group Chief Executive Officer, Mele Kyari, disclosed that the NNPCL as a corporation grew its profit after tax from N287 billion in 2020 to N674 billion in 2021. 

Kyari also announced that the corporation grew its assets from N15.86 trillion in 2020 to N16.3 trillion in 2021. 

Investors King noted that this is the second time NNPCL will declare a profit after tax in 48 years.

The company made its first profit after tax in 2020 when it declared a profit after tax of N287 billion.

The GCEO, Mele Kyari, while declaring 2021 profit in Abuja said the development came despite the challenging operating environment. 

Kyari said: “Today, I am happy to announce that the board of NNPC Limited has approved 2021 audited financial statements, and NNPCL has progressed to a new performance level, from N287b profit in 2020 to a N674b profit after tax in 2021, climbing higher by 134.8 per cent year-on-year profit growth.”

NNPCL recently acquired Oando’s OVH Energy with the aim to grow the profit and portfolio of the national oil company. 

The Petroleum Industry Act (PIA) has transitioned NNPCL to a profit-oriented company.

Likewise, Kyari also boasted that the rebranded NNPC Limited will soon become the most profitable company in Africa. 

Meanwhile, Kyari stated that the new company will not leave any stone unturned to increase its oil production. He further noted that efforts have already been paying off. 

Investors King earlier reported that NNPCL is set to open the Trans Niger Pipeline (TNP) which was shut down six months ago due to oil theft and vandalism.

The oil company aims to add about 400,000 barrels of crude to its output in the next few days.

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Delta State Domestic Debt Jumps by 100 Percent Within Three Months

Delta State’s debt profile rose from N163 billion in March 2022 to N378 billion in June 2022. 

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Within three months, Delta State’s debt profile rose from N163 billion in March 2022 to N378 billion in June 2022. 

Investors King learnt that Lagos, Delta and Ogun are the three states with the highest domestic debt figures in Nigeria. 

According to a report released by the Debt Management Office (DMO), Delta state recorded the biggest within the three months of March to June 2022. The report also indicated that many states have also borrowed within the months under review. 

A closer look shows that in March, the 36 States and the FCT had a domestic debt of N4.8 trillion. However, this has risen to N5.2 trillion as of the end of June 2022.

Delta State’s debt profile increased from N163 billion in March to N378 billion in June 2022. Lagos State has the highest debt profile of N797.3 billion. Figures show that Lagos State’s debt as of March 2022 was N780.4 billion.

Ogun on the other hand is owing a total of N241.7 billion. Although it stands among the top three most indebted States, its debt figure has marginally reduced from the N241.9 billion it was in March 2022.

River State has the fourth highest domestic debt of N225.5 billion. Although the oil-rich state has refused to update its debt profile since over a year ago. Imo State which has the fifth highest debt profile borrowed about N6 billion within the period under review.

Jigawa State has the lowest debt profile of N45.1 billion. However, the debt profile of the state also rose by over 3 Billion between March and June 2022. As of March, Jigawa’s domestic debt was N41.6 billion.

Other states with a relatively low debt profile, when compared to other states, include Ebonyi with N59.1billion, Kebbi State with N60.4billion, Ondo State with N62.2billion and Katsina State with N66.6billion.

Meanwhile, Investors King understands that the decrease in the Federal Allocation Account (FAAC) due to the non-remittance of NNPC Limited and the preparation for the 2023 general election are some of the factors fuelling the rise in domestic debt. 

Full List of the Domestic Debt as of June 2022 (Source: Debt Management Office )

Lagos            N797.3 B

Delta.            N378.8 B

Ogun.            N241.7 B

Rivers.           N225.5 B

Imo.               N210.3 B

A.Ibom.          N203.9 B

Cross River   N176.0 B

Oyo.              N159.9 B

Osun.            N150.0 B

Bayelsa.        N150.0 B

Plateau.         N144.6 B

Benue.           N143.5 B

Bauchi.          N129.0 B

Kano.             N125.0 B

Gombe.          N123.6 B

Others include 

Adamawa.    N120.6 B

Ekiti.              N119.5 B

Zamfara.       N115.7 B

Edo.               N112.1 B

Kwara.           N110.5 B

Abia.              N107.6 B

Borno.           N102.4 B

Yobe.             N96.6 B

Taraba.          N90.8 B

Kogi.              N90.5 B

Sokoto.          N89.9 B

Enugu.           N89.9 B

Niger.             N80.9.B

Kaduna.         N78.1 B

FCT.                N75.5 B

Nassaraw.      N72.9 B

Anambra.       N72.4 B

Katsina.          N66.6 B

Ondo.             N62.2 B

Kebbi.             N60.4 B

Ebonyi.           N59.1 B 

 

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