As part of efforts to provide financial and business skills to female entrepreneurs, Access Bank Plc has announced the launch of its Womenpreneur Pitch-A-Ton 2019, a capacity building initiative which will provide financial grants as well as mini-MBA in conjunction with the International Finance Corporation (IFC, a member of the World Bank Group) for fifty winners.
The Womenpreneur Pitch-A-Ton is targeted at women above the age of 18 years who have been in business for at least one year.
Speaking on the initiative, Ayona Aguele-Trimnell, Coordinator, W Initiative, Access Bank, stated that the Pitch-A-Ton is an expansion of the Womenpreneur Business Workshop, under the Bank’s women proposition, the W Initiative.
She said, “In line with our value proposition as the No. 1 Bank of Choice for women in Nigeria, we are happy to announce the launch of the Womenpreneur Pitch-A-Ton 2019 which will provide up to N10 million financial grant and a unique capacity building program aimed at empowering women entrepreneurs.”
“The Pitch-A-Ton is designed as a 3-month programme incorporating pitching sessions and 3 weeks of mini-MBA training in collaboration with the IFC.
“Access Bank has been a leading advocate for women’s economic empowerment in Nigeria and this is the key motivation for the W Initiative which caters to the women economy particularly in the areas of capacity building and creating networking opportunities for women” she added.
Explaining the mechanics for participation, Ada Udechukwu, Head, Women Banking said: “Interested persons who meet the criteria are required to fill an online application. The five hundred candidates selected from this pool will then send in a sixty seconds video pitch which will be screened by a credible panel of business experts to select fifty finalists.”
She added: “As part of the graduation requirements, the fifty finalists will pitch their businesses, infusing learnings from the mini-MBA and will stand an opportunity to win financial grants up to N5 million.
As a leading commercial bank in Nigeria, Access Bank has made significant investments aimed at enhancing growth in the Small and Medium-size Enterprise sector. The Bank is also a major advocate for women in business through innovative offerings like the W Power Loan, a discounted financing at 15% interest per annum, for women to grow their business as well as other Business Support Services.
The Womenpreneur Pitch-A-Ton is the first women-in-business support initiative of its kind in the industry. Please click HERE to know more.
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
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- Nigerian Breweries publishes names of over 100,000 shareholders who are yet to claim their dividends.
- 2020 FY Results: Sovereign Trust Insurance Plc records a 37% increase in profit after tax.
- CSCS Plc posts profit after tax of N6.93 billion in FY 2020
- BUA Cement Plc announces Board Meeting
- Infinity Trust Mortgage Bank Plc records a 60% increase in profit after tax in Q1 2021.