Welcome Address by Dr Adesola Adeduntan, Managing Director/CEO, First Bank of Nigeria Limited & Subsidiaries at the Launch of FirstBank Chat Banking on Friday, 9 November 2018 at FirstBank Digital Lab, Yaba, Lagos
It is my pleasure to welcome you on behalf of the Board and Management of First Bank of Nigeria Limited, the nation’s foremost financial institution, to the launch of FirstBank Chat Banking on WhatsApp, another 24/7 available banking channel.
As a leading banking services provider and customer-friendly bank, we are keen at offering excellent financial services to our esteemed customers and devising new ways of effectively and efficiently meeting customers’ financial needs.
We have optimised our digital banking offerings to ensure ease of banking and convenience; our FirstMobile app, Firstonline, FirstMonie and USSD banking are some of the channels we have put in place to make this happen. FirstBank Chat Banking on Whatsapp is our latest addition. We have gone Live with this product and I am pleased to formally introduce this product to our media partners today.
FirstBank Chat Banking on WhatsApp is another significant milestone in our mission to provide convenient and fast payment solutions to our customers. It is one of the ways FirstBank puts You First and enables you stay connected with your contacts, loved ones, friends and finances all on the GO whilst you chat with them because at FirstBank we are driven to bolster relationships on all fronts anywhere and anytime.
It is a new channel for access to our services; a convenient way to make payment and an easy-to-use banking application. Banking with FirstBank on WhatsApp is secure, accessible and convenient. You can now carry out basic banking transactions such as inter and intra bank funds transfer, pay bills, buy airtime, buy data and check your account balance on your WhatsApp.
You will be able to generate a WhatsApp banking PIN and all your transaction authentications will be done using a safe link, thereby ensuring the security of your banking details.
Distinguished ladies and gentlemen, I urge you to come onboard Chat Banking on WhatsApp by adding FirstBank on 08124444000. Say hi on WhatsApp to begin banking.
We remain committed to leveraging evolving technology in delivering easy and convenient banking services and products to our esteemed customers.
Please enjoy FirstBank Chat Banking on WhatsApp, our latest offering to our esteemed customers and ensure you onboard today.
Thank you very much for your time.
COVID-19, VAT, FX scarcity adversely impacted our operations in 2020 – Nigerian Breweries boss says
NB Plc’s operations in 2020 were adversely impacted by the COVID-19 pandemic, VAT increase and FX devaluation.
The management of Nigeria’s leading brewer, Nigerian Breweries Plc has revealed that its operations in 2020 were adversely impacted by the COVID-19 pandemic, VAT increase, FX devaluation and scarcity of foreign exchange.
This statement was made by the Managing Director of Nigerian Breweries, Mr Jordi Borrut Bel, at the company’s pre-AGM media briefing for the financial year-end 2020, which held in Lagos this week.
He noted that the increase in the brewer’s cost in 2020 was due to the COVID-19 pandemic which disrupted the company’s operations, as well as the increase in VAT, devaluation and FX scarcity which has put pressure on input cost.
The Nigerian Breweries boss explained further that the increase in cost could not be fully attributed to currency devaluation and foreign exchange scarcity.
He explained that the increase in costs of goods sold, as reported in its audited financial results, could also be linked to the increase in the volume of goods sold, as the company’s sales volume in 2020 increased by almost the same percentage as the cost of goods sold.
To deal with this challenge going forward, he revealed that the company is focused on the supply chain, and will continue to seek out ways to mitigate any of the price increases coming from FX scarcity.
The company’s profitability in question?
An analysis of the company’s result revealed that despite the 4.3% increase in net revenue from N323.00 billion recorded in 2019, to a total of N337.01 billion in 2020, the company’s profit declined significantly by 53.3% to N7.53 billion.
Speaking on this, Jordi Borrut in his statement at the press briefing noted that the brewer’s business performance in 2020 was quite impressive especially in the face of the COVID-19 pandemic and economic recession. Despite these challenges, the company maintained a strong and healthy balance sheet.
“There was a slight reduction in profitability but compared to the previous year, the business witnessed an improved growth in revenue. The significance of this is that the business became more stable and healthier,” he said.
What you should know
- Nigerian breweries, being the largest brewer in the country, maintained its stance in terms of generating profits year-on-year. The company emerged as the only brewer to record a profit of N7.37 billion from its operations in 2020, 54.3% lower than 2019 figures (N16.1 billion).
- From this, the leading brewer was able to pay shareholders a total dividend of N7.5 billion, translating to a dividend of 94 kobos per share – a dividend payout in which exceeds 100%.
- While Guinness and International Breweries made a loss of N12.6 billion and N24.9 billion respectively, this reality impacted their ability to pay their shareholders dividends in 2020.
Highest paid Nigerian bank MD/CEOs of 2020
Bank MD/CEOs in Nigeria earned a combined N1.5 billion in salaries in 2020.
The banking sector, especially commercial banks, is one of the most profitable sectors of the Nigerian Economy churning out profits of close to a trillion in 2020 alone. They are also one of the highest employers of labours in the country employing over 93,000 Nigerians.
Sitting at the helm of affairs is the Chief Executive/Managing Director, the highest-ranking executive in the organization saddled with the responsibility of making the best corporate decisions, oversight of the execution of the organisation’s corporate strategies and most importantly increasing the shareholders’ return. The buck basically stops on their table.
Thus, these enormous responsibilities also come with a considerable executive compensation for their service making them ostensibly the highest-ranking staff of the bank.
In typical Nairametrics fashion, we bring to you a list of the highest-ranking bank CEOs for 2020 based on their executive compensation (exec comps). The bank MD/CEOs under our review earned over N1.5 billion in salaries in 2020.
The data was sourced from the published audited accounts of the bank and verified by Nairametrics Research.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Friesland Campina Wamco Nigeria Plc announces AGM, proposes dividend of N6.74 per share.
- ETI appoints Akin Dada as Group Executive, Corporate & Investment banking.
- Union Homes REIT proposes final dividend worth N465.03 million for shareholders.
- GT Bank Plc holds FY 2020 investors presentation.
- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.