Connect with us
nairametrics

Business News

Elo Umeh named 2019 B2B SME CEO of the year

Elochukwu Umeh, CEO Terragon Group has been named the Business-to-Business (B2B) SME CEO of the year at the 2019 Business day CEO awards which took place on the 4th of August, 2019 in Lagos, Nigeria.

Published

on

Elochukwu Umeh
Elochukwu Umeh, the CEO of Terragon Group has been named the Business-to-Business (B2B) SME CEO of the year. The announcement was made at the 2019 Business day CEO awards which took place on the 4th of August, 2019 in Lagos, Nigeria.
The annual Business Day Leadership Awards adjudged the most prestigious cross-industry event for the recognition of innovators and success stories, was graced by top dignitaries across the length and breadth of Africa’s largest economy.
The award is in recognition of exceptional business leaders and organisations for their sustained commitment to excellence in enterprise and contributions to the Nigerian economy. No fewer than 14 business leaders and 20 companies including a public institution bagged different awards at the maiden Business Day Nigerian Business Leadership Awards.
Speaking at the event, Frank Aigbogun, Publisher/CEO, Business Day Media Ltd, said the award was necessary in order to bring to limelight the great and innovative things happening in Nigeria whether they be in the private or in the public sector.
The vetting criteria were based on a balanced scorecard that assigns weighted averages to leadership, innovation, information and knowledge management, process improvement, financial performance, employee job satisfaction, social and environmental focus and compliance with extant requirements.
According to a statement by the award organizers, “The decision to bestow this award on Mr Umeh was informed by certain factors. First, your track record as a leader that is shaping the future of business in Nigeria through innovation and investment in the market analytics and digital marketing space.
“Second, the impressive growth trajectory and market share of Terragon Group over the past year, despite the tough operating environment prevalent across the Nigerian economy.
“Third, your visionary leadership and uncanny ability to identify a changing market need and thus deploy the resources required to take advantage of the emerging opportunity in the African market. Finally, your sustained commitment to the national development as a proudly Nigerian entrepreneur, and the reputation of Terragon group and healthy and friendly employee workplace.”
While responding to the recognition, Mr Umeh said, “I thank Business day newspaper for the recognition and honour, deeply appreciate it. It’s also very timely as we continue to aggressively invest to build strong big data and software as a service business that helps businesses use artificial intelligence to enable customer connections at scale. We are at the forefront of a global phenomenon and we are keen to lead Africa in that space, this honour is only a testament to the work we have put in and a challenge to double up our effort.”
Terragon is Africa’s fastest-growing enterprise marketing technology company. We aggregate and enrich difficult-to-source consumer data, generating measurable outcomes for telco’s, banks, and larger brands. Terragon uses its on-demand cloud marketing platform, attribution software, and deep analytics capability to enable thoughtfully, targeted omnichannel access to 100m+ mobile-first African consumers. Headquartered in Lagos Nigeria, the group has offices in Ghana, Kenya, South Africa, and India.

NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Company Profile

Jaiz Bank: First shared-profit bank in Nigeria approaches 10 years

Nigeria’s first non-interest bank has moved from being a regional bank to a national bank.

Published

on

Jaiz Bank Plc, First shared profit bank in Nigeria approaches 10 years

When the idea of a Non-interest banking was first broached in Nigeria in the late 90s, it was greeted with suspicion. This was probably because its more popular name ‘Islamic banking’ had non-muslim Nigerians thinking it was a ploy to eventually Islamize the country.

Two decades and several sensitization campaigns later, Nigeria’s first non-interest bank has moved from being a regional bank to a national bank, with several branches and customers.

Nairametrics company profile this week looks at this trail-blazing bank; how it has survived its first decade, while operating a system that is completely different from that of other banks in the country, yet still holds its own in the industry.

History

The JAIZ movement in Nigeria dates far back to 2001, when Justice Imam Muhammad Taqi Usmani and Sanusi Lamido Sanusi, both guest speakers at a seminar hosted in Sheraton Hotel Abuja, advised the different groups clamoring for a non-interest bank in Nigeria to come together under one group, if their aim was to be achieved.

In response to this advice, the Halal group and the JAIZ group united, combining influence and resources to drive for the establishment of a Nigerian non-interest bank.

GTBank 728 x 90

Jaiz International was set up in 2003, and after almost 8 years of trying to meet the guidelines, and capital requirements of the Apex bank (amid the Soludo-led recapitalization exercise which shook the industry) and other factors, the bank received a regional license from CBN on a historic date.

JAIZ International Plc was established on 11th of November 2011, and began the long walk to the actualization of their dreams.

(READ MORE: Jaiz Bank reports 45.3% profit increase in H1 2020, involved in 21 litigations)

Deal book 300 x 250

On 6 January 2012, operations commenced at the branches in Abuja, Kaduna and Kano. Hassan Usman, is now Managing Director of the bank, while Alhaji Dr Umaru Abdul Mutallab, heads the Board of Directors, with Alhaji Dr Umaru Kwairanga, and Alhaji Dr Muhammadu Indimi as members.

Other members include Abdulfattah O. Amoo; Alh. (Dr.) Aminu Alhassan Dantata; Alh. (Dr.) Musbahu Bashir; Alh. Mukhtar Danladi Hanga; Alhaji Mamun Maude; H.R.H. Engr. Bello Muhammad Sanni; Mahe Abubakar Mahmud; Mall. Falalu Bello; Mall. Hassan Usman; Mr. Seedy Njie; Nafiu Baba-Ahmed; and Prof. Tajudeen Adepemi Adebiyi.

In 2013, when the bank started expanding to other urban centers, it was permitted to increase shareholding capital to $92.3 million (NGN14.3 billion), and subsequently applied for a national banking license which it received in 2016. At the end of FY 2019, it had 38 branches with over a thousand employees.

Stockholding was and is still shared among Nigerian and foreign individuals, and institutional investors, while the number of issued shares as at December 2019 was 29.46 billion.

(READ MORE: Jaiz Bank Plc announces final dividend of 3 kobo for FY 2019)

Banking with a human face

Non-interest banking is touted to be a more ethical form of banking, with less emphasis on profit, and more on societal and individual development.

GTBank 728 x 90
Fidelity ads

Like other banks, Jaiz Bank Plc provides banking products and services like savings, current, salary, and kids savings accounts, but with slightly different terms. The bank also provides online banking, leasing, cards, bonds and guarantees, and several other investment products tailored to its principles. Customers’ deposits are used for business operations, with the understanding that the profit will be shared between the bank and customers. While sharing profit with customers, in the event of a loss, the bank tries to weather it out, since the customers’ deposits are already insured with the NDIC.

In offering its credit facilities, the bank tends to adopt a religious perspective, looking beyond an individual’s ability to repay the loan. The impact of such a business or project on the society is a priority consideration, and could be the sole reason for refusing a loan. In this regard, business ideas which go against morality or societal growth, are not given loans.

The bank also offers its loans in a manner that creates a partnership between the bank and the borrower, towards improving the society. A profit for the company is a profit for the bank, while a loss for the company is also a loss for the bank, even though steps are taken to recover the capital.

How many people will be employed by the business? How will it impact the environment and the economy? These are some of the questions considered before a loan is either granted or refused. This is why bankers in the space like to refer to it as “banking with a face” or ethical banking.

(READ MORE: Jaiz Bank Plc appoints new directors)

No matter how profitable a venture is, if any part of its operations is considered detrimental to societal welfare, it will be declined. If, for any reason, a customer is to be penalized for default, the proceeds cannot be listed as part of profits for the bank, but is ploughed into the society as charity.

Financials

Audited financials from the company shows that the company is fast growing to make up for the early years of little or no profit.

Coronation ads

The FY 2019 audited reports show that the company declared dividends of 3 kobo per share, an improvement on previous years’ performances, where no dividend was declared. Total assets grew 54% YOY, from N108.4 billion in 2019 to N167 billion in 2019, while deposits rose 50% to N127 billion, from the N85 billion recorded in 2018.

Gross earnings grew from N8.7 billion to N14.7 billion, and Cost to Income ratio improved from 87.28% in 2018 to 80.21% in 2019, with return on assets and equity rising to 1.26% and 13.57% respectively.

app

Profit before tax shot up 135% from 898 million in 2018 to N2.1 billion in 2019, and earning per share grew to 8.29 kobo from 2.83 kobo in 2018.

The recently reported Q2 2020 unaudited reports show that in spite of the COVID-19 challenges in the country, the bank had a fair outing in the second quarter of the year, with a clear improvement across all indicators in comparison to Q2 2019.

(READ MORE: CBN allows banks to pay winnings, salaries for 7 banned betting & gaming companies)

Conclusion

JAIZ Bank Plc is fast-growing, achieving much in good time, although Nigerians are yet to fully understand this system of banking. There is also the supervision of the Advisory Committee of Experts (ACE), which ensures that banking operations are done in line with the dictates of Sharia law.

The bank includes non-Islamic employees in its workforce, a point to back the claims that it is not religiously inclined, though more needs to be done in its board composition to fully corroborate this, and show the public that it is a bank that accommodates all religions.

Continue Reading

Tech News

President Trump to decide fate of TikTok in 24-36 hours

US President, Donald Trump is to decide the fate of TikTok in the country in the next 24-36 hours.

Published

on

Vaccine, America's Trump finally bans TikTok, WeChat, US imposes visa ban on Nigerians for election-related activities

All eyes are now on President Donald Trump as he is expected to decide the fate of TikTok in the U.S. in the next 24-36 hours.

In a report credited to CNBC News, ByteDance, owners of TikTok, is planning to go for an IPO for global TikTok on an American Stock Exchange.

Under the proposed plan, waiting for President Trump’s approval include, Oracle owning a minority stake that will be lower than 20% of the new global TikTok.Walmart the world’s biggest retailer by revenue will also take a stake, though its amount remains unknown.

While the Chinese authorities have asserted it’s right to obstruct the sale of vital technologies, it is likely to approve the deal as long as it doesn’t involve the transfer of the artificial intelligence algorithms that drive TikTok’s service. Even if ByteDance were to cede its major ownership over TikTok.

U.S President recently disclosed he was against any idea that ByteDance( parent company) would retain a majority stake in TikTok.

GTBank 728 x 90

“From the standpoint of ByteDance we don’t like that,” Trump spoke on the Chinese company retaining a majority stake in the business. “I mean, just conceptually I can tell you I don’t like that.”

An IPO on TikTok would most likely be the biggest technology IPO in recent times. Private valuations of the fast-growing startup have been estimated to be worth about $50 billion.

Back Story; Recall Nairametrics about a month ago reported on how President Trump issued directives banning any U.S. transactions with Chinese tech firms that include Tencent and ByteDance.

According to Trump, “WeChat “automatically captures vast swaths of information from its users. This data collection threatens to allow the Chinese Communist Party access to Americans’ personal and proprietary information.”

He went on to say that the application also captures personal information of Chinese nationals visiting the U.S.

Continue Reading

Business News

Nigeria working to attract more foreign direct investments to prepare for AfCFTA – Trade Minister

The Minister noted that the ministry is actively working to attract more FDIs into key industries.

Published

on

FG meets group to access AfCFTA's $650 billion market, UNIDO’s $60m investment programme to boost Nigeria’s industrialisation - FG, FG to strengthen economic ties with Turkey, FG moves to facilitate tax incentives for SMEs, Made-in-Nigeria vehicles gulp N364 billion from FG

Nigeria’s Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, has said that Nigeria is actively working to attract more foreign direct investments into key industries to meet the demands of the African Continental Free Trade Area (AfCFTA).

This was disclosed by the Minister on Thursday at the virtual Nigerian-British Chamber of Commerce (NBCC) Global Investment Conference, themed “The future of Trade and Investment in Africa.”

The event covered 3 key areas that will boost trade between Nigeria and the UK. They are: The African Continental Free Trade Area, Foreign Direct Investment and Economic Risk and Accessing finance for increased trade and investment.

“As we gear up to meet the demands of the enlarged continental market which will be fostered by AfCFTA, we are actively working to attract more foreign direct investments into key industries,” the Minister said.

GTBank 728 x 90

The Minister added that Nigeria’s investment priorities are:

  1. Promoting digital economy, “considering its potential for growth, job creation and mitigating the impact of Covid-19.”
  2. Domesticating production through various sectoral backward integration plans.
  3. Exploring opportunities to boost renewable energy financing across the country.

He urged that Nigeria should remain committed to implementing the initiatives to enable the country become a suitable environment for investment and strategic trade relationships.

Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
deals book
Advertisement
IZIKJON
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement