First City Monument Bank (FCMB) recently took another bold step to deepen its history of excellence and consolidate its position as one of the foremost financial institutions in Nigeria. The latest milestone came in the form of a new thematic campaign titled, ‘’Feel Confident, Pursue your Aspirations’’.
The campaign, which showcases the warm, friendly, approachable, inspiring and energetic brand identity of FCMB and its values as a simple, reliable and helpful Bank, is being communicated in print, television and radio outlets and also on social media, just as it continues to make raves as one of the most outstanding in recent times in the country.
The ‘’Feel Confident, Pursue your Aspirations’’ message tells compelling stories of the lives and business aspirations of diverse Nigerians and how FCMB supports them to bring such dreams and aspirations to reality. It also tells the story of the very diverse base of the customers that FCMB serves, its commitment to creating opportunities, adding more value and enhancing the overall customer experience of its clientele. This is aimed at further connecting with them to sustain their loyalty and patronage.
Indeed, the commercials of the new thematic campaign across media platforms clearly demonstrate the commitment of FCMB and its readiness to help existing and potential customers confidently translate their dreams, aspirations, ideas and business plans into real practical, measurable and successful ones.
In addition, the thematic campaign sends a clear message of conviction to all segments of people in the society who have any form of credible personal or corporate business idea, intention or plan, but have not been able to turn them into reality, that FCMB is ready to make them live their dreams. Credence is added by the fact the Bank parades a team of experts in financial management, macro and micro financing, business design, development, growth and sustainability, among others.
Part of the proposition of the campaign goes thus: “You have got plans, let’s make them happen. At FCMB, we share your aspirations. Let us help you fulfil them with our specialised range of banking products and services. You have got an idea, let’s grow a business. Managing a business does not have to be a burden you bear alone. Get SME advisory support today. We power over 300,000 registered businesses with our array of business banking solutions. Take advantage of these solutions designed to support your business”.
The over 35 years old financial institution, which was recently awarded the prestigious International Organisation for Standardisation (ISO) 9001:2015 certificate for Quality Management System by the Standards Organisation of Nigeria, is making this possible through its all-inclusive bucket of flexible products and services, structured to satisfy all banking needs of all segments of the society.
Commenting on the FCMB ‘’Feel Confident, Pursue your Aspirations’’ thematic campaign, the Managing Director of the Bank, Mr. Adam Nuru, said, “it tells the story of the diverse base of the customers that we serve at FCMB. It does not matter where you are, we support you to fulfill your life and business aspirations at FCMB. Our convenient electronic banking platforms and best-in-class relationship management model deliver great experience to our customers as we support them to achieve their great dreams for themselves, their families and their businesses”.
He reiterated that, ‘’Nigerians are aspirational and hard-working people. FCMB is the bank for all Nigerians, walking with them as partners to fulfil their life and business aspirations in the true spirit of its brand pay-off line; “FCMB- My Bank and I”.
In the same vein, the Group Head, Corporate Affairs of FCMB, Mr. Diran Olojo, explained that, “it is a tactical reaction to our Bank’s periodic brand health checks. This is aimed at regularly feeling the pulse of our stakeholders in our continuous drive to satisfy them and sustainably achieve excellent customer experience, qualities FCMB has come to be associated with, over the years”.
In the same vein, the Managing Director of the Bank said that as one of the few Banks that consistently feature in the top 5 categories, across all segments, in the KPMG annual customer satisfaction survey, analysts are of the opinion the lender is on a stronger pedestal to deliver the very best in products and services.
FCMB provides one of the best alternate channels banking services cutting across ATMs, mobile banking, Point-of-Sale (PoS) and internet banking. The Bank is among the first to deliver on-the-spot ATM cards, including Visa card and Mastercard, issuance in Nigeria. Last year, the Bank deployed an additional 5,000 PoS machines nationwide to bring the number to 14,000. It also launched a new Small and Medium Scale Enterprises (SMEs) mobile app to enhance alternate channels adoption among customers in the business segment.
FCMB’s self-service, stress-free and secured solution, (*329# USSD code), has equally continued to delight the public. Through this platform, customers carry-out various financial transactions, using their mobile phones. These include funds transfer, account opening, micro loans and top-up, account balance enquiry, airtime and data purchase, bills payment, among other value-added services, on the go and without any hurdles.
The Bank explained that the *329# mobile banking solution forms part of its core strategy to expand its service channels by promoting and deepening the Central Bank of Nigeria’s cashless and financial inclusion policies. The development eliminates delays periodically experienced by physically visiting a branch of the Bank or outlet to carry-out transactions. In addition, the initiative will reinforce the lender’s commitment to environmental sustainability, geared towards reducing the quantity of paper and other materials usage in the society of which printing of various banking documents forms a substantial part of the process.
A major component of FCMB’s sustainability principle is on agriculture and empowering farmers with a view to increasing their productivity potential as part of its financial intermediation role for national development. This is reflected in the bank’s intervention that has resulted in better access to financial resources by deserving individuals, organisations and companies. It has also led to improved processes, better output and profitability.
In the Small and Medium Scale Enterprises space, FCMB has continued to prove its mettle. It has developed number of cutting-edge products and services that have endeared it to Businesses. Some of these offerings include, the e-invoicing platform – a unique solution, designed to help businesses monitor and control their cash management, especially as it affects payments, receivables, reconciliation and other financial transactions, through the internet and other mobile channels among others.
In addition, the Bank offers free banking transactions for a period of three months for new-to-FCMB SME customers. In line with the Bank’s drive to partner with value content from the Fintech space, it has collaborated with Paystack to provide an innovative online collection platform for merchants and other businesses focused on enabling them to provide their customers with a seamless payment experience.
Beyond this, FCMB regularly organizes training and other capacity building programmes for SMEs to keep them up to speed with skills that would further grow their businesses, while also providing funding. Without doubt, the new thematic campaign of FCMB and other giant strides being recorded by the Bank, show that it is on a journey to greater heights.
Dangote Cement to extend clinker export to other African countries
Dangote is on course to sell more clinker across West Africa and commence shipment to Central Africa in H2 2020.
The Management of Africa’s largest cement producer, Dangote Cement Plc (DCP), disclosed during a virtual event yesterday, that the cement producer is set to commence clinker export to other African countries within the next few weeks.
The Acting Group CFO, Guillaume Moyen, made this known in his presentation at the joint virtual event with NSE, tagged “Facts Behind the Figures and Sustainability report’’ on Wednesday, 24th September, 2020.
Backstory: In its half-year report, the Management of Dangote disclosed that on 12 June 2020, the maiden shipment of 27.8Kt of clinker from Nigeria to Senegal left the Apapa Export Terminal.
The Management reiterated that the company is on course to sell more clinker across West Africa, and commence shipment to Central Africa in H2 2020. As it is in line with the Group’s vision of making West and Central Africa, cement and clinker independent, with Nigeria the main export hub.
The absence of limestone in much of West Africa, especially those in the coastal states, forces those countries to import bulk cement and clinker from Asia and Europe, and this is quite expensive.
However, Dangote Cement plans an ‘export–to–import’ strategy, positioning Nigeria as the main export hub of the continent, in a bid to serve West and Central Africa countries from Nigerian factories, making the region cement and clinker independent.
This is consistent with the Group’s vision of cementing Africa’s economic independence, as this would lead to lower clinker cost for pan-African operations, due to the proximity of Nigeria to these countries, as clinker landing cost will be cheaper.
The Management emphasized that this is possible, as Nigeria can serve a potential market of 15 countries, with over 350 million people, given the county’s relative abundance of quality limestone, especially in key Southern regions.
It is important to note that DCP’s clinker volume, according to figures contained in its H1 2020 results, has increased to 60Kt from 12kt in H1 2019, which translates to 400% increase.
The benefits of DCP’s export strategy
It is noteworthy that the innovative strategy of Dangote Cement Plc is expected to;
- Cement Africa’s economic independence, and contribute to the improvement of continental, regional, and intra-regional trade, as the company seeks to make regional and continental free trade agreement a reality.
- Ensure that the increase in production due to exports, leads to increase in capacity utilization in the Nigerian operation, and in turn, reduces fixed cost per tonnes.
- Increase foreign revenue exchange for the Nigerian operation, and offset foreign exchange risks.
- Reduce clinker landing cost, by leveraging on the proximity of Nigeria to other African countries.
Some of the benefits of our export strategy are Higher capacity utilization of our facilities; Ecowas benefits; Foreign exchange; and Lower clinker cost for Pan-Africa operations – @guillaumemoyen
#NSEhostsDangote https://t.co/TGd2N6JGZw pic.twitter.com/TvPGHunsb0
— The Nigerian Stock Exchange (@nsenigeria) September 23, 2020
Fidelity Bank to raise N50 billion in bonds in Q4 to refinance existing debts
The new issue will be made to redeem the existing N30 billion bond which was issued at 16.48%.
One of Nigeria’s second-tier commercial banks, Fidelity Bank Plc, has concluded plans to issue up to N50 billion ($131.3 million) in local bonds by the fourth quarter of 2020, in order to refinance existing debts as the yields drop.
The disclosure was made by the Chief Operations and Information Officer, Gbolahan Joshua, during an analyst call on Tuesday, September 8, 2020.
The crash of crude oil price globally, which was triggered by the novel coronavirus pandemic, has led to a decline in bond yields on the local debt market. This has made foreign investors to dump their local assets, leaving excess liquidity in the money market. This has also put a lot of pressure on the foreign exchange market as they look for dollars to repatriate their funds.
The Fidelity Bank top executive disclosed that the new issue will be made to redeem the existing N30 billion bond which was issued at 16.48%.
The global economic situation has seen yields in the debt market drop from as high as 18% about 3 years ago to less than 5% for the one-year treasury bill.
Fidelity Bank had revealed that it expected to see a 15% drop in profit this year when compared to 2019 result due to the coronavirus pandemic. Its profit after tax increased by 21.9% to N12 billion for the half-year 2020.
The second-tier bank also disclosed that its income declined in the second quarter due to a downward review of lending rates on loans as a result of the economic downturn.
Heineken buys more units of Nigerian Breweries Plc
The Dutch firm has invested N276 million in NB since August, to increase its stake in the Brewer by 0.10%.
The major shareholder of the largest brewer in Nigeria, Heineken Brouwerijen B.V, has increased its stake in Nigerian Breweries, with the purchase of 233,110 additional units of Nigerian Breweries shares. This was disclosed by the company in a notification sent to the Nigerian Stock Exchange, which was seen by Nairametrics.
According to the notification, which was signed by the Company’s Secretary, Uaboi G. Agbebaku, the purchase was made on the bourse over two transactions on the 2nd and 3rd of September.
This disclosure is a regulatory requirement that must be reported to the Nigerian Stock Exchange, especially when a major shareholder or director of a publicly quoted company purchases shares in the company they own.
The analysis of these transactions indicates that the purchase consideration for the 233,110 additional units of Nigeria Breweries shares at an average price of N39.94 is put at N9.3 million.
This purchase and previous purchases further cement Heineken Brouwerijen B.V’s status as a major shareholder; the company has accumulated a total of 7,720,236 since 30th June.
As of June 30th, when Nigerian Breweries released its Half-year financial results and reviewed its shareholding pattern, the company had exactly 7,996,902,051 outstanding shares, with Heineken Brouwerijen B.V being the majority shareholder with 3,019,363,804 units, which amount to 37.76% of the total shares of the company outstanding.
Hence, with the current purchase of 233,110 additional units, and previous purchases in August and September 1, which amount to 7,487,126 units, Heineken’s ownership percentage of Nigeria Breweries is now put at 37.85%.
Insider transactions, both sales and purchases, are often an indication of how shareholders perceive a company’s valuation. It could also mean a possible capital raise or that the majority shareholders are strengthening their existing holdings.
In like manners, the purchase of the shares of Nigerian Breweries by Heineken and other majority shareholder has mopped up stray volumes on the bourse, and pushed the stock price higher by 29% or N9, from N31 it closed at on the 3rd of August to its current value of N40 with 38.2x earnings.
About the company
Nigerian breweries is the largest brewing company in Nigeria. It engages in the brewing and marketing of lager beer, stout and non-alcoholic malt drinks, and the bottling of the Schweppes range of soft drinks and Crush Orange. Its brands include Star, Gulder, Legend, Heineken, Maltina, Amstel Malta, Fayrouz, Climax, Goldberg, Malta Gold, and Life. These products are mainly sold in Nigeria and other neighbouring countries.
Key takes on NB’s financials
Nigerian Breweries was affected by the disruption in the global and domestic demand and supply chain, as profit after tax of the largest brewer dropped by as much as 58%, at the back of the adverse impact of the sharp contraction in economic activities.
The knock-on effect of the COVID-19 lockdown, which affected the trade segment of the business, affected the company sales and this triggered the 11% drop in revenue in the first half of the year.