On Saturday, 16 March 2019, Nigeria’s premier financial institution, First Bank of Nigeria Limited and other corporate entities in the FBNHoldings Group, would collectively have a 125km relay walk to celebrate the Bank’s 125 years of unbroken business operations in commemoration of its 125 years anniversary.
Following the flag hoisting ceremony, the anniversary activities curtain raiser event that held on 1 March 2019, the 125km Relay Walk which is to be carried out at locations across Nigeria and other countries where the Bank operates is among the many activities lined-up to celebrate the Bank’s impact and contribution to the growth and development of Nigeria over the years, predating the independence of the West African country with a view to reinforce the collaborative efforts of all institutions of the group, FBNHoldings, as well as building on the heritage for the next 125 years and beyond.
According to Dr. Adesola Adeduntan, the Chief Executive Officer, First Bank of Nigeria Limited, “the 125km Relay Walk is a representation of the collaborative effort of not just FirstBank but all entities in our holding company, FBNHoldings, that have in the last 125 years impacted lives and contributed to the growth and development of our host communities and countries where we do businesses. At FirstBank, we are proud of the strides made across these locations where we operate as without the effort of all staff – past and present – as well as our customers and stakeholders, there would be no FirstBank. The 125km is a mark of our incredible journey of delivering impeccable financial services to our customers as we leave no stone unturned to remain an icon of admiration in today’s financial services industry in Africa.”
Speaking on the significance of the ‘Relay Walk”, Adeduntan explains that The Relay Walk is a collaborative effort to achieve a symbolic 125km. He added “It is also a representation of the FirstBank brand in the last 125 years; our people, the team work, partnership and the collective spirit which has shown that as a team, together we can do and achieve more. It is neither a marathon, nor sprint, but a surefooted, steady walk we have taken in the last 125 years.”
On how the “Relay Walk” would be carried-out and what it means to the brand, Folake Ani-Mumuney, the Group Head, Marketing and Corporate Communications, FirstBank explains “As a Group, we have journeyed through the ages, our footprints spreading far and wide with indelible landmarks of several firsts. The Relay Walk, yet another First, combines a relay with a walk. A relay, symbolic with races connotes the agility of sprint, which can only be achieved through a team’s collective effort while the passing of the baton during a relay connotes effective succession, thus all attributes evident in FirstBank’s attainment of 125 years of sustained profitable growth. Ani-Mumuney explained the Relay Walk would see staff, customers and stakeholders walk at least 1.25km in teams and from different locations to make up the minimum 125km.
At the end of the walk in each location, teams will symbolically pass the baton, committing to a cause that will take the Group to the next 125 years. The baton exchange symbolises the strong culture of succession planning of the Group in the last 125 years, a trait that highlights the dynamic and transformational nature of the brand as well as the essence of future proofing through a deliberate planning of transitions from one generational to another. The baton exchange is a commitment by the current leadership to uphold this spirit of foresight and deliberate planning of taking the brand to greater heights through the next 125 years.
The 125km Relay Walk, to be led by Dr. Adeduntan will terminate at the Bank’s corporate Head Office in Marina where staff, customers and other stakeholders will converge to witness the symbolic baton hand over and a commitment to the next 125 years.
First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading banking services solutions provider in Nigeria for 125 years. With some 15 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; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. 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.
CBN grants Mortgage Refinancing Companies approval to refinance Non-member banks
The CBN has expanded access to mortgage financing by removing restrictions on refinancing mortgages earlier imposed.
The Central Bank of Nigeria (CBN), has granted approval to Mortgage Refinancing Companies (MRC), to re-finance non-member banks.
This is contained in a circular referenced FPR/DIR/GEN/CIR/07/056 and signed by Ibrahim Tukur, the Director of Financial Policy and Regulation Department, CBN.
The circular improved on the earlier provisions contained in section 22.214.171.124 which states that “A mortgage refinance company (MRC) shall not, without the prior approval of the CBN, extend total outstanding credit to any single borrower, which is equal to or more than twenty times the value of the borrower’s shares with the MRC or 25 percent of its shareholders’ funds unimpaired by losses.”
What this means
Based on the provisions contained in the latest circular, MRCs are now free and legally permitted to refinance the qualifying mortgages of banks and all other non-members ( that do not hold equity), subject to meeting all other relevant requirements specified in the framework.
In a nutshell, the restriction on non-member mortgage lenders from refinancing their mortgages with MRCs has been removed.
Why this matters
Prior to the provisions contained in the latest circular, CBN had expressed fears that provisions of section 126.96.36.199 negatively impacts the mortgages sub-sector, as it constrains the MRCS from refinancing the mortgages of non-shareholder banks. Therefore, the new order will help to remove the restrictions already highlighted.
In lieu of this, the latest circular stated that the provision of section 7.3.1 5 is hereby revised to “the MRC shall not, without prior approval of the CBN, extend total outstanding credit to any single borrower, which is equal to or more than 25 percent of its shareholders’ funds unimpaired by losses,” the circular reads.
Nascon Allied Industries Plc: Increase in sale of goods boosts revenues
Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating unit
Nascon Allied Industries Plc recorded a boost from an increase in the sale of goods revenue-generating units, as total revenues increased slightly. The company reported revenues of N21.87 billion in 2020 (9months) – 4.01% increase compared to N21.03 billion in the corresponding period of 2019.
What you should know
Key highlights from 2020 (9months) results
- Revenues increased by 4.01% from N21.03 billion to N21.87 billion YoY.
- Revenues from sale of edible, refined, bulk grade salt; seasoning and vegetable oil, increased to N21.87 billion, +22.53% YoY.
- Other income increased to N12.81 million, +27.43% YoY.
- No revenue was recorded for freight income on the deliveries of salt and seasoning income-generating unit.
- Gross profit increased to N8.96 billion, +74.56% YoY.
- Operating profit increased to N3.64 billion +18.60% YoY.
- Pre-tax profits increased to N3.47 billion, +16.63% YoY.
- Post-tax profits increased to N2.29 billion, +13.27% YoY.
- Earnings Per Share increased to 115 kobo, +12.75% YoY
- Total assets increased to N44.36 billion, +45.79% YoY.
- Total liabilities increased to N32.04 billion, +67.21% YoY.
- Total equity increased to N12.32 billion, +9.35% YoY.
Nascon Allied Industries Plc recorded a boost from increase in sale of goods revenue-generating unit, but no revenue was recorded for its freight income on the deliveries of salt and seasoning revenue generating-unit.
Though companies have generally recorded decreased revenues in the last three quarters, mostly due to COVID-19; Nascon Allied Industries Plc was able to increase its total revenues and pre-tax profits in the period under consideration.
Instagram disables its “Recent” feature
Instagram recently announced it had removed the “recent” tab from hashtag pages on a temporary basis
Instagram disclosed that it would remove the “Recent” tab from its hashtag pages for people in the United States of America.
The social networking and video sharing service stated this on its official Twitter handle. It said it is “doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.”
Starting today, for people in the U.S. we will temporarily remove the “Recent” tab from hashtag pages. We’re doing this to reduce the real-time spread of potentially harmful content that could pop up around the election.
— Instagram Comms (@InstagramComms) October 29, 2020
What you should know
Nairametrics had reported on Instagram’s apology for its algorithm malfunction that led to the flagging of #EndSARS posts as fake.
Instagram has also taken the following measures to ensure a successful November election.
- The registration of 4.4 million votes this year through its flagship platform – Instagram and Messenger.
- Serving as a means of information and tool to people in the US on the electoral process
- The ban of any content that can thwart the success of the election.
(READ MORE:U.S dollar stable amid U.S holiday)
Mark Zuckerberg, the CEO of Facebook, said he was perturbed about the high risks for civil unrest in the US due to the upcoming presidential election.
“I’m worried that with our nation so divided and election results potentially taking days or weeks to be finalized, there is a risk of civil unrest across the country.”
Furthermore, he disclosed on a call while discussing Facebook’s Q3 earnings, that “given this, companies like ours need to go well beyond what we’ve done before.”
Why this matters
The aim of the short-term decision is to decrease the spread of misinformation in the forthcoming US election.