Still in the spirit of the 2018 Corporate Responsibility and Sustainability Week (CR&S), themed ‘Touching Lives; You First’, employees of First Bank of Nigeria Limited recently shared moments with physically challenged children in Lagos and also presented numerous foodstuffs and toiletries to them. The CSR activity which took place all over Nigeria and other Africa countries where FirstBank is located through its subsidiary; FBNBank had staff visit orphanages; homes for the physically challenged, and other institutions that require support across the country. These subsidiaries include, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal.
Defying the torrential rain, the top-level management staff, on Saturday, June 23, 2018, visited Pacelli School for the Blind and Partially Sighted Children, and the Down Syndrome Foundation of Nigeria in Surulere, Lagos respectively to interact with the pupils and also presented food, health and sanitary items contributed by the staff of the bank to them.
Similarly, the Bank presented foodstuff and other materials to orphanage babies home at Anua in Uyo and Generate of Handmaid of Holy Child of Jesus motherless home Ifuho Ikot Ekpene local government area of Akwa Ibom, with a view to giving the children a sense of belonging.
In Abuja, it was the same story as Al Ansar Orphanage Home and Abuja School for the Handicap, both in the Kuje Area Council of the FCT, Abuja, also received essential materials.
Expressing appreciation on behalf of management and pupils of Pacelli School for the Blind and Partially Sighted Children, the Headmistress, Sister Jane Onyeneri, thanked FirstBank for the kind gesture and the timely gifts.
She added that the school founded on June 16, 1962 and owned by the Catholic Arch-Diocese of Lagos, accommodates 140 pupils, adding that it is a non-denominational institution.
“The school offers the pupils free tuition, free feeding and free accommodation. So, we really appreciate FirstBank’s timely intervention and consider it an act of kindness that will go a long way in ensuring the school continues to do this”, Onyeneri stated.
Speaking on behalf of the FirstBank team, the Group Executive, Retail Banking, Lagos and West, Mr. Tunde Owolabi, said: “FirstBank Corporate Responsibility and Sustainable Week is set aside to promote acts of random kindness and create opportunities for staff to give their time and resources to defined courses in line with the bank’s Corporate Responsibility & Sustainability strategic approach.”
He disclosed further that ‘Hope Rising’ initiative is one of the key programmes of the Bank designed to empower people living with disabilities. “Its key objective is engendering inclusivity and diversity through training as well as inclusive events. The partnership with Pacelli School falls under the Hope Rising platform and this includes support in cash and kind”, Owolabi noted.
Touched by the show of appreciation in the emotion-laden sonorous songs rendered by the pupils, Mr. Owolabi went ahead to make a personal donation to the school, while appealing to other well-meaning Nigerians to render assistance to the needy. The FirstBank team also promised to send representatives and more gifts at the school’s graduation taking place on July 12, 2018.
The FirstBank team that visited Pacelli School for the Blind, comprised the Head, Alternative Workforce, Yinka Folorunsho, and Head, Talent Management, Muyiwa Olulaja, amongst others.
Apart from visiting and donating to orphanages/ less privileged homes and IDPs, the other four key initiatives of the FirstBank’s CR&S are Career Counselling for secondary school students, commemoration of the UN International Widow’s Day in partnership with the International Women Society, and Staff Promoting Acts of Random Kindness (SPARK) initiative designed to encourage people to be kind and uphold values. First Bank of Nigeria Limited is also in partnership with Vision Spring to empower people with impaired vision by providing eyeglasses and lens at very affordable rates.
First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading banking services solutions provider in Nigeria. With some 14 million customer accounts, FirstBank provides a comprehensive range of retail and corporate financial services with over 750 business locations. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.
Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.
FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; and “Best Retail Bank in Nigeria” for seven consecutive years, 2011 – 2017, by the Asian Banker International Excellence in Retail Financial Services Awards. Our brand purpose is to always put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of first choice in building your future”. Our brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.
NSITF board to investigate suspended MD and others over financial misconduct
The board of directors of the Nigerian Social Insurance Trust Fund (NSITF) has revealed that it will investigate the activities of the suspended Managing Director, 3 Executive Directors, and 8 other senior management staff over financial breaches and gross misconduct.
This was disclosed by the Chairman of the board of NSITF, Mr. Austin Enajemo-Isire, in a statement in Enugu on Sunday July 5, 2020.
Enajemo-Isire said that the Managing Director and other top management staff of the organization would have the opportunity to clear themselves of any wrongdoing with the probe panel which was being set up.
While reacting to claims that the suspension did not follow due process as President Muhammadu Buhari did not approve it, Enajemo-Isire said that the approval for the suspension of the affected staff had been conveyed to the Labour Minister in a correspondence referenced SGF. 47/511/T/99 of June 30, 2020.
According to the Chairman, “The minister has conveyed this approval and directives to me for necessary action in terms of setting up a board-driven investigative panel.
“This is to give the affected officers the opportunity to clear themselves of the financial and procurement breaches and acts of gross misconduct and other infractions that gave rise to their prima facie indictment.
“It is in this light that I have decided to call a virtual meeting of the management board on Tuesday, July 7, 2020, to consider the modalities for our action.”
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He, therefore, appealed to staffers of NSITF and their social partners to keep calm and exercise restraint.
A few days ago, Nairametrics reported the suspension of the Managing Director and some senior management staff over corruption allegations. However, the management in its reaction debunked that claim and said that the President did not approve their suspension but that rather, it was the sole decision of the Labour Minister, Chris Ngige, who they said was overreaching himself.
Nigerian Content Intervention Fund increased to US$350 million
The fund expansion was one of the decisions taken at the board’s recent meeting.
The governing council of the Nigerian Content Development and Monitoring Board (NCMB) announced on Sunday that it has approved a $150 million expansion of the Nigerian Content Intervention Fund, raising it from $200 million to $350 million.
Nigerian Content Intervention Fund Increased to US$350M
The Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) has approved the expansion of the Nigerian Content Intervention Fund from US$200 million to US$350 million.@NigeriaGov pic.twitter.com/Y0TtDzwALq
— NCDMB (@OfficialNCDMB) July 5, 2020
The fund expansion was one of the decisions taken at the board’s recent meeting on June 16, 2020, chaired by Minister of State for Petroleum Resources, H.E. Chief Timipre Sylva, who is also the Chairman of the Council.
The board said that $100 million from the additional fund would be used to boost five existing loan products, which include manufacturing in the oil and gas industry, asset acquisition of rigs, marine vessels, contract financing for Nigerian oil service providers, contract financing for oil and gas community contractors, and loan refinancing with Nigerian banks.
The council also announced that $20 million and $30 million would be used for 2 newly developed loan product types (the Intervention Fund for Women in Oil & Gas and PETAN Products) which include Working Capital loans and Capacity Building loans for PETAN member companies.
Started in 2017, the Nigerian content Intervention fund was developed as a $200 Million fund managed by the Bank of Industry, to facilitate on-lending to qualified stakeholders in the Nigerian oil and gas industry on five loan product types.
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The NCI Fund is a portion of the Nigerian Content Development Fund (NCDF), aggregated from the one percent deduction from the value of contracts executed in the upstream sector of the oil and gas industry.
According to the NCMB, “About 94 percent of the NCI Funds has been disbursed to 27 beneficiaries as at May 2020.”
Seplat gives notice of board meeting, to consider Q2 financial result
The notification is in conformity with the rules of the Nigerian bourse on the obligations of the issuer.
The indigenous oil and gas firm, Seplat Petroleum Development Company Plc has given notice of its board of director meeting which has been scheduled for Tuesday, July 28, 2020 through a teleconference in Lagos between 10 am and 3 pm.
This was disclosed in a notification that was sent to the Nigerian Stock Exchange (NSE) on July 3, 2020 and signed by the oil firm’s Company Secretary, Edith Onwuchekwa.
The notification is in conformity with the rules of the Nigerian bourse on the obligations of the issuer, in this case, Seplat, to notify the Exchange at least 14 days ahead of the due date and time when the board of directors hopes to meet to discuss its financial results.
The notification from Seplat states, ‘’In line with the rules of the NSE on the obligation of the Issuer to notify the Exchange at least 14 days in advance, in respect of the date and time when the board of directors will meet to discuss its Q2 2020 Financial Results, we wish to state the meeting details as follows,’’
‘’Date: Tuesday 28th July 2020, Venue: Via Teleconference, Lagos, Time: 10.00am – 3.00pm’’
Seplat, in its statement, also said they were going to notify the Exchange of the details of the Board’s decision on the 2020 second-quarter financial results immediately after the meeting as required by the rules.
Nairametrics had earlier reported that following the global oil crisis triggered by the coronavirus pandemic, the oil and gas firm, in its released financial statement, announced that revenue declined from $159.5 million in Q1 2019 to $130.5 million in Q1 2020. That represented an 18.2% drop.
The gross profit dropped from $81.4 million in Q1 2019 to $33.1 million in Q1 2020. This shows a drop of 59.3%. The profit before deferred tax showed a loss of $105.8 million in Q1 2020 as against the profit before deferred tax of $35.8 million that was achieved in Q1 2019. This represented a huge drop of 395.5%.
The company’s CEO, Austin Avuru, said that as part of its strategy, Seplat was shifting focus to its gas business which is less exposed to the oil price drop which is currently ravaging the upstream sector.
The current share price of Seplat on the Nigerian Stock Exchange is N386 per share as at July 3, 2020.