He came, he saw and conquered; that better describes the performance of the visiting Kenyan, Sam Njoroge, who stole the show on his first ever visit to Nigeria, where he also won his first ever International tournament; the 57th in the series of the annual Firstbank sponsored Lagos Amateur Open Golf Championship, which holed out at the golf section of Ikoyi Club 1938 on 18 November 2018.
The 2-handicaper arrived Nigeria on Thursday, November 15th had a feel of the course later in the day, returned on Friday for another quick survey of the course, before unleashing his golf skill on his peers, even though he said the thought of winning was far from him when he got the invitation to be part of the international amateur championship.
“I told myself this is my first visit, so I don’t expect I can win. I just want to play good golf, enjoy my game and leave the rest”– Sam Njoroge
But all that changed after his opening round of 3-over par 75 when he found himself in contention in a field of 90-contenders, mostly Nigerians, many of whom had played on the course severally.
Scaling through the half way cut, Njoroge seemed better prepared for the final round. Aided by what many described as his flawless swing, chipping and sublime putting skill, the young man instantly became the topic of discourse around the Course. Some described his as a ‘witch’ on the Course; while others simply say he is destined for a great future in golf.
Their thought and admiration for the Kenyan was eventually confirmed when he carded a level par 72, winning the competition by 4-shots over one of the tournament favourites, Monday Eze, who closed with 1-over 73, for 151-total.
Eze shots an opening 78 before, 4-shots off the winners opening 75 to duck in the second position. Eze who was disappointed at the outcome actually gave a good account of himself. He has won the coveted trophy twice and was gunning for his third title before the visitor pushed him down the leaderboard.
Emmanuel L. was two-shot further back at 11-over par, over 36-holes while another Nigerian, Emmanuel Olusegun came fourth at +12. Biodun Oyewoga completed the top-5 category in the competition at +17 over two-days.
Already, Njoroge is eyeing pro golf career in Europe, saying, all things been equal, he hopes to be in United Kingdom by June next year in pursuit of long life dream of becoming a professional golfer. His sojourn, he said would be funded by friends, admirers and supporters.
Njorige is not just good in the sport; he is Kenya’s number One amateur and holds his Club’s; Kenya Railway Corporation Golf Club’s record of 61-gross, a feat he attained early this year.
Njoroge holds a High School Certificate, has done a course in Business Studies and did a little bit of IT.
On his assessment of the Nigerians he competed with, he said, “They are good, it is just that they are not consistent,” Probed further on what he meant by their inconsistency, he simply said, “Lack of practice”.
Now 23, Njoroge started playing golf at the age of 9 and never Caddied before he turned amateur.
Analysts say his victory is a pointer to the international status of FirstBank Lagos amateur open, one of the longest running amateur event in the world and a challenge to the Nigerians he played with.
This piece originally appeared on Golf Nigeria
First Bank’s board replacement won’t affect profitability – Fitch
CBN’s remedial actions will not have a material effect on the group’s asset quality, profitability and capitalisation.
Fitch Ratings has affirmed that the recent First Bank board replacement will not affect the bank’s profitability and asset quality, as it rates the bank at B- with a negative outlook.
This was disclosed by the rating firm via a statement seen by Nairametrics.
According to the rating firm, the development reflects its view that the impact of the Central Bank of Nigeria’s replacement of FBNH and FBN Ltd boards, the identification of corporate governance failings and the imposition of corrective measures are tolerable at the rating level.
What Fitch is saying
It stated, “We have assessed the near-term financial impact of these actions on FBNH and FBN and believe this is tolerable at the rating level, even though the final outcome is uncertain. In our view, any remedial actions imposed by the CBN, including a potential reclassification of related-party exposures as impaired, will not have a material effect on the group’s asset quality, profitability and capitalisation.
However, this does not consider any possible additional actions by the CBN, especially if FBN fails to implement the regulator’s corrective measures or if there were any further uncovering of corporate governance irregularities.
The Outlook remains Negative, reflecting FBNH’s pre-existing asset quality and capitalisation weaknesses as well as the group’s corporate governance weaknesses highlighted by the CBN. These could put pressure on the ratings.”
What drives First Bank’s rating
FBNH is the non-operating holding company that owns FBN. FBNH’s ratings are aligned with those of FBN (which represents around 90% of consolidated group assets) due to high capital and liquidity fungibility within the group, and low double leverage (at 95% at end-1H20) at the holding company level.
It added that FBNH’s IDR is driven by its intrinsic creditworthiness, as defined by its ‘b-‘ Viability Rating (VR). The rating, according to Fitch, considers the group’s exposure to Nigeria’s volatile operating environment and also factors in vulnerability in its capital position in the context of moderate earnings generation and asset-quality pressures, where headroom above the minimum regulatory capital requirements is also moderate. Capitalisation is a factor of high importance to VR.
“The new boards appointed to FBNH and FBN comprise individuals with sufficient experience and expertise. However, we view such major change as hugely disruptive. There are no changes in FBNH and FBN’s executive management team.
“We believe the governance shortcomings cited by the CBN reflect poorly on FBNH’s reputation and on the group’s governance and control practices. As a result, we have revised down our assessment of FBNH’s Management and Strategy score to ‘b-‘ from ‘b’.
“We also assigned a negative outlook to this factor, which reflects the uncertainty surrounding additional remedial actions that the CBN may impose due to these related party exposures as well as the potential for further uncovering of governance irregularities. It also captures the lack of track record of the new board and its ability to restore confidence in FBNH and FBN,” it added.
Asset quality remains a rating weakness. FBNH reported an improved impaired loan ratio of 7.9% at end-1Q21 (end-2020: 7.7%). However, FBNH’s reported reserve coverage of 54.5% at end-1Q21 (end-2020: 48%) remains significantly weaker than domestic peers’.
“Our assessment indicates that if the related-party loan highlighted by the CBN were classified as impaired, the ratio would be unlikely to be above 10% (excluding any new impaired loan generation from ordinary business),” Fitch added.
What you should know
On 29 April 2021, the CBN removed the non-executive directors on the boards of FBNH and FBN and replaced them with new individuals appointed by the apex bank, according to Nairametrics.
The CBN gave a series of reasons for its action including the unjustified and unapproved change of the bank’s MD/CEO by the former board, corporate governance failings pertaining to long-standing insider loans that were affecting the bank’s capitalisation and failure to comply with regulatory directives.
Airtel Nigeria announces appointment of Surendran as new Chief Executive Officer
Airtel Nigeria, has announced the appointment of Mr C. Surendran as the new MD/CEO with effect from August 1, 2021.
Telecommunications giant, Airtel Nigeria, has announced the appointment of Mr C. Surendran as the new Managing Director and Chief Executive Officer with effect from August 1, 2021.
Surendran would be replacing the outgoing Managing Director and Chief Executive of Airtel Nigeria, Olusegun Ogunsanya, who has been elevated to the position of Chief Executive Officer of Airtel Africa Plc with effect from October 1, 2021.
According to a report from the News Agency of Nigeria, this disclosure is contained in a statement issued by Airtel on Wednesday, May 5, 2021, in Lagos.
The statement says that Surendran would also be appointed to the Executive Committee (ExCo) as Regional Operating Director, reporting to the CEO of Airtel Africa plc, and onto the Board of Airtel Networks (Nigeria) Limited.
Airtel in its statement said, “Surendran has been with Bharti Airtel since 2003 and has contributed immensely in various roles across customer experience, sales and business operations.
He was the Chief Executive Officer of Karnataka, which is the largest circle in Airtel India, with over one billion dollars in revenue.
Surendran delivered an exceptional performance with significant movement in Revenue Market Share (RMS) over the last few years, currently at 54 percent. He has over 30 years of business experience, including 15 years at Xerox.’’
Airtel said that Surendran would transition into his new role from June 1, 2021, and spend the time onboarding into the business until July 31, 2021.
In case you missed it
It can be recalled that a few days ago, Airtel Africa Plc, a leading provider of telecommunications and mobile money services in Nigeria and 13 other countries, announced the appointment of Mr Olusegun Ogunsanya as the new Chief Executive Officer, following the notice of retirement given by the current Managing Director/Chief Executive Officer, Raghunath Mandava, to the Board.
In the notification sent by Airtel Africa to the Nigerian Exchange, Ogunsanya is expected to join the board of Airtel Africa with effect from October 1, 2021.
Nairametrics | Company Earnings
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- Seplat Petroleum Development Company postpones Q1 2021 dividend payment date.
- FMDQ approves quotation of MTN’s Commercial Paper worth N73.5 billion.
- MTN Nigeria issues a 7-Year Series 1 bond worth N110 billion.
- Caverton Offshore Support Group reports profit after tax of N520 million in Q1 2021.
- Okomu Oil proposes dividend worth N6.7 billion for shareholders.