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

2 years 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, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Banking Sector

UBA, Access Holdings, and FBN Holdings Lead Nigerian Banks in Electronic Banking Revenue

Published

3 days ago

April 24, 2024

Samed Olukoya

United Bank for Africa (UBA) Plc, Access Holdings Plc, and FBN Holdings Plc have emerged as frontrunners in electronic banking revenue among the country’s top financial institutions.

Data revealed that these banks led the pack in income from electronic banking services throughout the 2023 fiscal year.

UBA reported the highest electronic banking income of N125.5 billion in 2023, up from N78.9 billion recorded in the previous year.

Similarly, Access Holdings grew electronic banking revenue from N59.6 billion in the previous year to N101.6 billion in the year under review.

FBN Holdings also experienced an increase in electronic banking revenue from N55 billion in 2022 to N66 billion.

The rise in electronic banking revenue underscores the pivotal role played by these banks in facilitating digital financial transactions across Nigeria.

As the nation embraces digitalization and transitions towards cashless transactions, these banks have capitalized on the growing demand for electronic banking services.

Tesleemah Lateef, a bank analyst at Cordros Securities Limited, attributed the increase in electronic banking income to the surge in online transactions driven by the cashless policy implemented in the first quarter of 2023.

The policy incentivized individuals and businesses to conduct more transactions through digital channels, resulting in a substantial uptick in electronic banking revenue.

Furthermore, the combined revenue from electronic banking among the top 10 Nigerian banks surged to N427 billion from N309 billion, reflecting the industry’s robust growth trajectory in digital financial services.

The impressive performance of UBA, Access Holdings, and FBN Holdings underscores their strategic focus on leveraging technology to enhance customer experience and drive financial inclusion.

By investing in digital payment infrastructure and promoting digital payments among their customers, these banks have cemented their position as industry leaders in the rapidly evolving landscape of electronic banking in Nigeria.

As the Central Bank of Nigeria continues to promote digital payments and reduce the country’s dependence on cash, banks are poised to further capitalize on the opportunities presented by the digital economy.

Banking Sector

FMBN Set for Commercialization to Improve Affordable Mortgage Financing

Published

5 days ago

April 22, 2024

Samed Olukoya

In a bid to bolster housing delivery efficiency and enhance affordable mortgage financing for Nigerians, the Federal Mortgage Bank of Nigeria (FMBN) is gearing up for commercialization.

This move comes as part of the Nigerian government’s efforts to address the housing deficit and ensure adequate shelter for its citizens.

The Managing Director of FMBN, Shehu Osidi, made this announcement during a courtesy visit by the Federal Housing Delivery Reforms Task Team at the bank’s headquarters in Abuja.

Led by Mr. Adedeji Adesemoye and Brig. Gen. Tunde Reis, the task team discussed strategies to revitalize the housing sector, with a focus on FMBN’s pivotal role in providing affordable mortgage financing.

Osidi explained the bank’s commitment to supporting the government’s agenda of reforming and improving the housing sector, which is vital for sustainable development and enhancing citizens’ quality of life.

He underscored FMBN’s significant journey in the history of mortgage and housing finance in Nigeria and expressed optimism about the forthcoming commercialization process.

The commercialization plan involves repositioning and recapitalization efforts, following extensive engagements with the Bureau of Public Enterprise (BPE).

Osidi stressed the importance of aligning the bank’s operations with its mandate of affordable mortgage financing, ensuring that it remains a reliable partner in the quest for accessible housing solutions.

As part of its strategic blueprint, FMBN has prioritized various initiatives to enhance service delivery and operational efficiency.

Of note is the ICT project aimed at upgrading core banking applications that is almost complete and promised to revolutionize customers’ experience.

Also, amendments to the FMBN and NFH Acts are underway in the National Assembly, addressing key areas to facilitate the bank’s transformation.

Despite challenges, including performance issues with estate development loans, FMBN is determined to overcome obstacles and achieve its objectives.

The commercialization plan aligns with broader efforts to deepen reforms and foster a remarkable turnaround in the housing sector.

By focusing on process automation, cost efficiency, credit quality enhancement, and strategic partnerships, FMBN aims to catalyze sustainable growth and address the nation’s housing needs effectively.

Chairman of the Federal Housing Reforms Task Team, Adedeji Adesomoye, reiterated the committee’s mandate to review the operations and governance structures of key housing institutions.

With ambitious targets set by the government, including the construction of 20,000 housing units in 2024 and 50,000 units in subsequent years, the commercialization of FMBN marks a pivotal step towards realizing Nigeria’s housing aspirations.

As the commercialization process unfolds, FMBN stands poised to play a central role in facilitating access to affordable mortgage financing, thereby contributing to the realization of homeownership dreams for millions of Nigerians.

Banking Sector

Adesola Adeduntan’s Early Departure Prompts First Bank Holdings to Scrap Capital Raise Plans

Published

1 week ago

April 20, 2024

Samed Olukoya

First Bank Holdings Plc has decided to scrap its plans for capital raise following the early departure of its Managing Director, Adesola Adeduntan.

The decision to cancel the extraordinary general meeting (EGM), which was planned to discuss the proposed N300 billion capital raise, comes amidst Adeduntan’s resignation from his role, eight months before the scheduled expiration of his tenure.

The bank formally announced the cancellation of the EGM in a filing seen by Investors King on Friday.

The meeting, which was initially scheduled to be held virtually on April 30, 2024, aimed to seek authorization from the company’s members for the capital raise and address other related matters.

Adeduntan’s resignation, announced on the same day as the cancellation of the EGM, comes as a result of the Central Bank of Nigeria’s tenure requirements affecting bank executives.

In his retirement letter addressed to the Chairman of First Bank, Adeduntan expressed gratitude for the support received during his stewardship and highlighted the strides made by the bank during his tenure.

He stated, “During this period, the bank and its subsidiaries have undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa.”

Adeduntan further mentioned his decision to pursue other interests, prompting his early retirement effective April 20, 2024.

The cancellation of the capital raise plans shows the impact of Adeduntan’s departure on the bank’s strategic initiatives.

It reflects a shift in priorities for First Bank Holdings as it navigates leadership changes and seeks to chart a new course for its future direction.