Banking Sector

Junior Achievement Nigeria partners FirstBank to Implement 22nd National Company of the Year Competition

First Bank of Nigeria Limited has partnered with Junior Achievement Nigeria to implement the 22nd National Company of the Year (NCOY) competition which will be held on Thursday, 13th October 2022.

Published

12 months ago

October 12, 2022

Samed Olukoya

First Bank of Nigeria Limited has partnered with Junior Achievement Nigeria to implement the 22nd National Company of the Year (NCOY) competition which will be held on Thursday, 13th October 2022.

The annual flagship event which was last held physically in 2019 will bring together 12 winning student companies from the Regional Company of the Year competition to compete for the National Company of the Year award sponsored by First Bank of Nigeria Limited. The winner of the National Company of the Year competition will proceed further to represent Nigeria at the Junior Achievement Africa’s Company of the Year (ACOY) competition.

The goal of the Junior Achievement Company Program is to inspire senior secondary school students to start and run their own business(es), develop a product or service, and market their brand. With the support of seasoned volunteers, students come together to form a company, choose a business name and elect company officers to oversee the operations of the company for the program duration. These activities help them hone some in-demand skills like creativity, accountability, teamwork, leadership, problem-solving, critical thinking and public speaking needed to succeed in this competition and thrive globally. In the end, the student companies present the results of their enterprise before a panel of judges.

The judges for this year’s competition are: Osayi Alile -CEO, Aspire Coronation Trust(ACT) Foundation; Molade Adeniyi -CEO, Wave; Nneka Itabor, Head, Transaction Banking Sales, Commercial Banking, FirstBank; Afolake Oredola, Business Manager, Commercial Banking, FirstBank; Uchenna Achunine, Director, Business Development and Communications, Nigerian Conservation Foundation (NCF); David Adegboyega – Sound Character Coach & Nation Builder; Femi Iromini – Co-founder/CEO Moni Africa.

According to the Executive Director, Junior Achievement Nigeria, Foluso Gbadamosi, she stated:

“We are glad that the National Company of the Year competition will once again be held physically after 2 years of being virtual. We are eager to see the tremendous business solutions and enterprises that our young leaders have doggedly built. More than ever, it is extremely important to equip young people for a global economy and we are grateful to selfless minds in the form of people and organizations who have partnered with us on this mission. We celebrate our sponsors, First Bank of Nigeria Limited for their continual support in building young leaders and we say a big thank you to every friend and stakeholder of JAN.”

Folake Ani-Mumuney, FirstBank’s Group Head, Marketing & Corporate Communications said “we commend Junior Achievement Nigeria for organizing the 22nd edition of the National Company of the Year Competition, a competition that has been impactful in promoting the entrepreneurship skills, spirit and talent innate in school children, whom are unarguably the leaders of tomorrow.

Our sponsorship of the National Company of the Year competition aligns with our FutureFirst initiative driven to promote financial literacy, entrepreneurship and innovative development and career counseling of school children at an early age. We are excited to be part of the entrepreneurship journey of all representatives of the participating teams and we wish everyone the best”, she concluded.

The 12 student companies competing at Junior Achievement Nigeria 2022 National Company of the Year are:

Green Apex student company from International School, University of Lagos; produced a biodegradable sanitary pad for women

Champion Squad student company from Taidob College, Asero, Ogun State produced the wearable totes made from a revamping process of used clothes with creative and fashionable local adire

Nexus Queens Creation student company from Queens School, Ibadan developed a Decorative led lamp structured with 80% carton.

Octagram student company from Redeemer’s Int’l Secondary School, Rivers State developed a Gas detector which alerts users about leakages and Honey candy that aids digestion, heals sore throat and reduces cholesterol

Amazing Explorer student company from Government Secondary School, Tundun, Wada, Jos developed a pig dung, a renewable energy product that produces methane gas which when connected to a burner produces the required energy for cooking and a free energy generator produced from scrap materials.
Unique Standard Technology student company from Unique Standard Academy, Kaduna, developed an Infinity DC Generator
Kundila Energy concept student company from Government Arabic Secondary School, Kundila, Kano, developed the Kmasgas
Government Science and Technical College, Garki, Abuja developed Interlocks
Peace Elshadai Model Academy, Auta Balefi, Nasarawa developed a laptop power bank
Top Faith International Secondary School, Akwa Ibom developed a Vacuum cleaner
De Perficient student company St. John’s of God Secondary School, Enugu developed Verso bot(a robot)
The straw recyclers company, from Special Education School, Tudun MALIKI (School for the blind and Deaf) used abandoned straw and take away plastic spoons from the garbage and recycled them into different home accessories: bags, doormats, home decorations, tissue papers containers, coin purses and more.

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

Access Holdings Posts 52.6% Profit for the First Half of the Year

Parent Company of Access Bank Celebrates Remarkable Financial Performance in H1’23

Published

4 hours ago

September 26, 2023

Investors King

Access Holdings Plc, the parent company of Access Bank, has reported a 58.9 percent surge in gross revenue to N940.3 billion for the first half of 2023.

The financial services giant also recorded remarkable growth in Profit Before Tax (PBT) and Profit After Tax (PAT) at 71.4 percent and 52.6 percent, respectively, culminating in N167.6 billion for PBT and N135.4 billion for PAT during the same period.

These financial milestones were unveiled as part of Access Holdings’ Audited Consolidated and Separate Financial Statements for the period concluding on June 30, 2023.

The driving force behind this unprecedented growth can be attributed to a potent combination of factors. A 63.0 percent growth in interest income and a 51.9 percent increase in non-interest income fueled the surge in gross revenue.

Access Holdings also witnessed a 35 percent year-to-date growth in customer deposits, capping the first half of 2023 at an impressive N12.5 trillion. This remarkable achievement encompassed all business segments, reinforcing the Group’s status as Nigeria’s largest financial institution by total assets.

The company’s total assets grew by 39.0 percent year-on-year to N20.9 trillion while shareholders’ funds surged by 40.6 percent to N1.7 trillion.

These astounding figures underline the Group’s ability to generate value from a diversified business portfolio, spanning banking, asset management, and payment services.

Herbert Wigwe, the Group Chief Executive Officer of Access Holdings Plc, commented on the company’s positive performance, saying, “Our growth plans for the African continent remain firm and clear, driven by the strong long-term growth prospects and trade opportunities seen across many of the countries.”

He went on to emphasize the company’s commitment to its 5-year cyclical strategy, stating, “Our primary objective remains to transform Access Holdings Plc into a leading financial and ecosystem player, fostering opportunities for shared prosperity among all stakeholders.”

Banking Sector

Central Bank of Nigeria Postpones 293rd Monetary Policy Committee Meeting

Published

4 days ago

September 22, 2023

Investors King

The Central Bank of Nigeria (CBN) has announced the postponement of its 293rd Monetary Policy Committee (MPC) meeting, originally scheduled for September 25th and 26th, 2023.

Dr. Isa AbdulMumin, the bank’s Director of Corporate Communications, released a statement on Thursday confirming the decision.

In the statement, Dr. AbdulMumin stated, “The Monetary Policy Committee of the Central Bank of Nigeria has deferred its 293rd meeting, which was initially planned for Monday and Tuesday, September 25th and 26th, 2023, respectively. A new date will be communicated in due course. We regret any inconvenience this change may cause our stakeholders and the general public.”

While the CBN did not provide an official reason for the postponement, some industry experts suggest it may be related to the pending approvals for the newly appointed governor and deputy governors of the bank.

President Bola Tinubu recently nominated Yemi Cardoso as the potential head of the CBN. Additionally, Tinubu has endorsed the nominations of four new deputy governors for the apex bank, who are expected to serve for an initial term of five years, pending confirmation by the Senate.

The nominated deputy governors are Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello. However, the appointment of the CBN governor is contingent upon Senate confirmation, which is currently on a yearly recess.

The CBN assures stakeholders and the public that the rescheduled MPC meeting date will be communicated promptly as soon as it is confirmed.

Banking Sector

Currency in Circulation Surges by N1.7 Trillion Amidst Rising Cash Transactions

Published

4 days ago

September 22, 2023

Investors King

The currency in circulation in Nigeria has surged by N1.7 trillion, driven by a surge in cash transactions.

According to data obtained from the Central Bank of Nigeria (CBN), as of the end of August, the currency in circulation rose to N2.7 trillion.

This substantial increase in currency in circulation comes after a 235.03 percent dip to N982.1 billion as of the end of February 2023 from N3.29 trillion at the close of October 2022, primarily due to the naira redesign policy spearheaded by the CBN.

However, the currency in circulation began its steady ascent once the policy concluded. Cash that had been previously withdrawn from circulation to promote electronic payments was reintroduced into the economy, contributing to this significant boost.

The data obtained from the CBN reveals that a whopping N2.3 trillion was removed from circulation during this period.

The CBN defines currency in circulation as all legal tender currency in the hands of the general public and within the vaults of Deposit Money Banks, excluding the central bank’s vaults.

The CBN further elucidated its methodology, stating that it employed an “accounting/statistical/withdrawals & deposits approach” to calculate the currency in circulation in Nigeria. This approach meticulously tracks the movement of currency in circulation on a transaction-by-transaction basis.

Under this methodology, each withdrawal made by a Deposit Money Bank at one of CBN’s branches results in an increase in currency in circulation (CIC), while each deposit made by a DMB at one of CBN’s branches leads to a decrease in CIC.

This surge in currency in circulation reflects the evolving landscape of financial transactions in Nigeria and underscores the importance of flexible monetary policies in facilitating economic growth and stability.