Business News
Firstbank participates in Africa investment summit
As part of its financial inclusion and thought leadership drive, First Bank of Nigeria Limited participated in the Africa Investment Summit convened by Guardian Newspapers
As part of its financial inclusion and thought leadership drive, First Bank of Nigeria Limited participated in the Africa Investment Summit convened by Guardian Newspapers, Financial Times of London, NEPAD Business Group, Africa Business Roundtable, Africa Matters and Capital 3 Ltd.
The event themed; “Bridging Africa’s Investment Gap” took place on 26 – 27 September 2018.
FirstBank, Nigeria’s premier bank and one of the most valuable banks in Africa has grown in influence overtime and its leading position has earned it recognition and a position of thought leader even beyond the shores of Africa.
Recently, FirstBank, through its MD/CEO was the only representative Nigerian bank that participated in a High-Level dialogue among Chinese and African Business representatives which took place in China. The participation of the Bank at the summit is another testimony of its growing influence amongst the African financial institutions and business community.
Meanwhile, the MD/CEO, First Bank of Nigeria Limited, Dr. Adesola Adeduntan, has been conferred with the Honorary Citizenship of the State of Georgia and Congressional Commendation Award from the Georgia Senate – United States of America (USA). The Honour and Award was received at the International Forum on African Leadership (IFAL) on Tuesday, 25 September 2018 on the sidelines of the United Nations General Assembly meetings.
The identification of Dr. Adeduntan for the award is in recognition of his position as one of Africa’s most distinguished thought leaders in the financial sector with an impeccable leadership savvy backed by years of invaluable experience in the continent’s banking industry while also impacting the lives of his internal and external communities through his unalloyed commitment to the growth of FirstBank and Africa at large.
About FirstBank
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.
Business News
Christiano Ronaldo emerges first billionaire footballer ahead of Lionel Messi
Cristiano Ronaldo ranks Number 4 on the 2020 Forbes Celebrity 100 and making him the first soccer player in history to earn $1 billion.
Cristiano Ronaldo has been crowned the first soccer billionaire ahead of his top rival in sport, Lionel Messi after earning a massive $105 million before tax and fees in 2019. This was announced by Forbes through its official website.
CR7 as he is popularly called, ranks Number 4 on the 2020 Forbes Celebrity 100, a spot above Lionel Messi, and making him the first soccer player in history to earn $1 billion.
The 35-year old Juventus attacker is the third athlete to hit the $1 billion mark while still playing following Tiger Woods, who did it in 2009 on the back of his long term endorsement deal with Nike and Floyd Mayweather in 2017, who’s made most of his income from a cut of pay-per-view sales for his boxing matches.
The Portuguese star joined Juventus in 2018 in a deal worth $117.34 million after spending nine years with Real Madrid and within 24 hours of release, Juventus sold 520,000 Ronaldo jerseys worth over $60 million.
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He has amassed an ever-growing following of fans over the years. In January he became the first person with 200 million followers on Instagram alongside massive presence on Twitter and Facebook making him the most popular athlete on the planet.
Recall that in 2016, Nike signed Ronaldo to a lifetime deal and pays him upwards of $20 million annually couple with other sources of income including Real Estate, Social media influencing, etc. His 2020 earnings include a salary of $60 million, a slight decline compared to his earnings in 2018 due to a 30% pay cut he agreed to take in April as a result of the COVID-19 pandemic.
Business News
Insurance: NAICOM revises recapitalisation guidelines
In our view, we think the decision to extend the deadline is reasonable under current circumstances. The coronavirus pandemic has ravaged global economic and financial systems thus making it more difficult for an already unattractive insurance sector to raise much-needed capital.
In a circular communicated to insurance providers in Nigeria, National Insurance Commission (NAICOM) has announced an extension to the deadline for insurance providers to meet up with the regulator’s new minimum capital requirement. In addition, NAICOM has broken the recapitalisation exercise into two phases. The first phase must be complied with by 31 December 2020.
To comply, insurance providers must meet 50% of the new minimum capital requirements while reinsurance providers are required to meet up to 60% of the new minimum capital requirement. The second phase which will end on the final deadline of 30 September 2021 would require 100% compliance with the minimum capital requirement from all insurance and reinsurance providers.
The revised guidelines requires Life insurance providers to have minimum capital of N4bn (existing minimum – N2bn) by 31 December 2020 and paid up capital of N8bn by 30 September 2021. General insurers are required to meet a minimum paid-up capital of N5bn (existing minimum – N3bn) and N10bn by 31 December 2020 and 30 September 2021 respectively. Composite insurers are expected to have a minimum of N9bn in paid up capital (existing minimum – N5bn) by 31 December 2020 and N18bn by 30 September 2021 while reinsurers should have N12bn (existing minimum – N10bn) in minimum paid up capital by 31 December 2020 and N20bn by 30 September 2021.
In our view, we think the decision to extend the deadline is reasonable under current circumstances. The coronavirus pandemic has ravaged global economic and financial systems thus making it more difficult for an already unattractive insurance sector to raise much-needed capital. We note that several players have initiated the process of raising the needed funds from their existing shareholder base via the right issues. However, we highlight that some of the players currently have a negative book value of equity and are trading below their par values. Hence, raising equity capital does not appear feasible. That said, we expect to see a flurry of mergers and acquisitions in the industry once conditions become more favorable.
CSL Stockbrokers Limited, Lagos (CSLS) is a wholly-owned subsidiary of FCMB Group Plc and is regulated by the Securities and Exchange Commission, Nigeria. CSLS is a member of the Nigerian Stock Exchange.
Chief Legal Officer of Oando Plc, Ngozi J Okonkwo is dead.
Adewale Tinubu, Group Chief Executive Officer of Oando Plc announced this via a tweet.
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#RIP Ngozi J. Okonkwo, Chief Legal Officer, @Oando_PLC #RIPNgoziOkonkwo pic.twitter.com/CVgCiyADVY
— Wale Tinubu (@AdewaleTinubu) June 4, 2020
Until her death, she was the Chief Legal Officer of Oando Plc, having joined the company as Head, Legal Services of the company in 2009.
According to a tweet from one of her nephews, she battled cancer for a while, recovered before having a relapse during the recent COVID-19 crisis.
She went hard all the way, she was going to beat the cancer and do it in style. Unfortunately she was a citizen (read denizen) of a country determined to kill its children.
— Deno Landing🦍 (@zvko_) June 4, 2020
Before joining Oando, she worked as Junior Counsel with F.O Akinrele & Co., and also with KPMG Professional Services (previously known as Arthur Andersen) as Manager in the Tax, Regulatory and People Services unit and Head of indirect tax services.
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She obtained LLB (Hons) from University of Nigeria, Nsukka in 1997 and BL from the Nigerian Law School, Lagos in 1999. She was a member of the Nigerian Bar Association, honorary fellow of the Association of Fellows and Legal scholars of the centre for International Legal Studies, Austria, Associate Member of the Chartered Institute of Arbitrators, United Kingdom and Associate Member of the Chartered Institute of Taxation, Nigeria.
