Nigeria’s premier and leading financial services provider, First Bank of Nigeria Limited, has announced that its 2019 FirstBank Agric Expo would hold on Friday, 30 August 2019 at the Eko Hotel and Suites, Lagos. The 2019 edition – the third in the series – is themed “Agricultural Value Chain – Spotlighting Opportunities and Managing Risks” would have Professor Benedict Oramah, President of AFREXIM Bank as the Keynote Speaker.
The annual FirstBank Agric Expo, launched in 2017 provides the lead in national discourse on sustainable agriculture value-chain as a substantial source of Nigeria’s economic development, improved contribution to her balance of trade as well as foreign exchange. The 2019 edition would host over 600 delegates and over 60 exhibitors to display the latest technology in farm equipment, tools and machineries as well as packaged finished agricultural produce, logistics and supply, thereby keeping the participants and sundry agribusiness practitioners abreast with new opportunities in the Agricultural industry.
Besides the plenary session, the expo will feature three (3) Masterclasses with in-depth analysis on specific areas of Agribusiness, facilitated by enterprising Subject Matter Experts (SMEs). The Masterclass facilitators include Mr Leonard Anyanwu, Group Executive Director, Saro International Limited; Mr Segun Ogunwale, Team Lead, Kominity Digital and Mr Bamidele Ayemibo Managing Director, 3T Impex Trade Centre, who will provide insight as well as share success stories and experiences.
Expressing his delight on FirstBank’s leading role at not just promoting Agriculture but diversifying the Nigerian economy, the CEO, First Bank of Nigeria Limited, Dr. Adesola Adeduntan said, ”In the last 125 years, more than any other financial institution, we have played a key role in financing different sectors of not just the Nigerian economy but other economies in sub-Saharan Africa. As Nigeria expands opportunities in its non-oil sector – especially Agriculture – we remain committed to the growth of the agricultural sector and its contribution to the nation’s Gross Domestic Product.”
“Our consistency in convening the FirstBank Agric Expo, which is in its third consecutive edition, is a demonstration of our commitment to building the agribusiness economy which is capable of delivering sustained prosperity by meeting domestic food security goals, generating exports, supporting sustainable income and creating employment opportunities,” he concluded.
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 an 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 the 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.
Group Head, Marketing & Corporate Communications
Zenith Bank rewards customers with massive giveaways in the “Zenith Beta Life” weekly promo
The Promo is open to existing and new Zenith Bank customers.
Zenith Bank Plc, Nigeria’s leading financial institution, has commenced its “Zenith Beta Life” Promo to reward customers of the Bank with gifts every week starting from 31st July 2020 to 30th July 2021.
During this period, fifty (50) customers will be selected via raffle draw each week and rewarded with gifts worth NGN30,000.
The Promo is open to existing and new Zenith Bank customers with the following raffle qualifying criteria:
- maintain a minimum deposit of NGN5,000 for the period;
- request and collect a Zenith Bank Card; and
- download and register on the Zenith Mobile App or register for *966# EazyBanking.
Zenith Bank Plc is recognised as one of the most customer-focused financial institutions in the country and was voted the most customer-focused bank in Nigeria for the retail and SME segments in the 2018 KPMG Annual Banking Industry Customer Satisfaction Survey (BICSS).
A clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions, Zenith Bank has clearly distinguished itself in the Nigerian financial services industry through superior service quality, unique customer experience and sound financial indices.
In recognition of its track record of excellent performance, Zenith Bank was voted as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto and Co. The Bank was also recognised as Bank of the Year and Best in Retail Banking at the 2019 BusinessDay Banks and Other Financial Institutions (BOFI) Awards.
More recently, the Bank emerged as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the Banker Magazine “Top 500 Banking Brands 2020”, number one Bank in Nigeria by Tier-1 Capital in the “2020 Top 1000 World Banks” Ranking published by The Banker Magazine, Best Bank in Nigeria 2020 in the Global Finance World’s Best Banks Awards 2020, and Bank of the Decade (People’s Choice) at the ThisDay Awards 2020.
Corporate Finance and Business Valuation redefined by Coronation Capital
Professor Aswath Damodaran took his time to provide practical guidance on the entire valuation process.
The word ‘valuation’ has been mistaken by several experts and audiences around the world as the process of pricing an asset. While some believe it is an opportunity for bargaining or negotiation between parties involved, lessons from the just concluded 2nd edition of the Coronation Capital Masterclass, which was tagged Corporate Finance and Business Valuation, suggests otherwise and the expert trainer provided a simplified process for carrying out company valuation.
The facilitator of the Masterclass, Professor Aswath Damodaran of New York University Sterns Business School took his time to provide practical guidance on the entire valuation process to the participants. According to him, “Valuation is not a science or an art, it is a craft that provides a bridge between values and numbers. Valuing an asset is not the same as pricing that asset. Valuation is driven by Cash-flows from existing assets, the growth in those cash flows and quality of the growth (which represents the risk in the process).
The Second edition of the Coronation Capital Masterclass which discussed “Corporate Finance and Business Valuation” with Professor Aswath Damodaran of the New York University Sterns Business School, unlike the first edition was hosted virtually due to the impact of the novel coronavirus on the globe which includes sustained travel restrictions.
Giving his opening remarks the Chairman of Coronation Capital Mr. Aigboje Aig-Imoukhuede said the masterclass was an attestation to the value placed by the Coronation Capital and its ecosystem on valuation of assets and its culture of continuous learning and development. He described himself as a student of Professor Aswath Damodaran and believed it was a privilege to learn from the scholar.
Here are 10 key takeaways from the NYU Finance Professor’s classes during the Coronation Capital Masterclass session.
- Valuation Is not a Science or Art, but a Craft
- Valuing an Asset is not the same as Pricing an Asset
- A Good Valuation is the expression of a Possible, Plausible and Probable story in numbers
- When developing stories from numbers, ensure to connect all drivers of value to valuation and keep the feedback loop open
- All Valuations are biased. The only question is how much and in which direction is the bias
- There is no precise valuation and “You don’t have to be right to make money, you just have to be less wrong than everybody else”
- As companies get larger, it gets more difficult to sustain value-adding growth
- The payoff to Valuation is greatest when it is least precise
- Simpler valuation models do much better than complex ones
- Always question but respect markets. The market is always right
“Valuation is a process that needs to developed, through understanding what the #company does, and ensuring the story is possible, probable, and plausible, it should not sound too abstract”. – @AswathDamodaran
Every Valuation starts with a narrative. In developing that narrative, the critical assessment of the following is crucial in providing a strong base of understanding about the business.
- The company (products, management & history)
- Present and future competition
- Macro environment in which it operates.
Max.ng, uplifting its communities through social impact interventions
MAX.ng is a company founded on the principles of solving problems.
MAX.ng, Nigeria’s frontline financing and technology platform for mobility, delivering services such as vehicle-financing, electric mobility, logistics, and mobile payments, prides itself on being a company advocating for behavioural change in the Nigerian society. In recognition of the weakening effects of the COVD-19 pandemic, the company has been working actively to bring relief and support to its target communities.
All over the world, COVID-19 pandemic has had a severe impact on lives. Businesses are shutting down and lives have been lost, the world is gradually adapting to a new norm and efforts are being made globally to limit the negative impact of the virus.
In Nigeria, MAX.ng has joined several organizations in playing their part to aid in the fight against the COVID-19 pandemic. The company adopted a systematic approach towards minimizing the negative impact of the pandemic among its communities, employees, customers, and drivers.
MAX.ng, a company founded on Innovation:
MAX.ng is a company founded on the principles of solving problems. It started as a logistics company that was established to solve the infrastructural and delivery challenges some businesses faced in fulfilling orders due to the unending traffic in Lagos, Nigeria’s economic hub. As a forward-thinking company, MAX.ng saw the opportunity of using motorcycles to address these challenges. Its success in this field led to the consideration of how technology could be used to bring sanity to the chaotic scene of motorcycle transportation (popularly called okada). From there, it was just a step and a hop delving into the motorcycle-hailing business as a means of transportation.
Impacting its Communities Positively:
As part of its efforts to contribute positively to communities around it, MAX.ng built the company around the principle of empowering individuals and giving them the means of providing a livelihood for themselves and support their families. It operates a business model that provides vehicle financing where drivers can receive the vehicles and pay back the cost over a period of time. In addition to financing, the company also provides safety training and access to healthcare and insurance for its riders. MAX.ng changed the face of motorcycle transportation in Nigeria and this led to other companies jumping on the bandwagon to follow its model.
In the famous words of Mother Theresa, “I alone cannot change the world, but I can cast a stone across the waters to create many ripples.” MAX.ng has continuously created ripples across its communities by recognizing that a business cannot grow without the communities around it. MAX.ng has actively shown support to its target communities.
The company recently embarked on a CSR campaign around markets in Ibadan, Oyo State, where it distributed parasols to market traders so that they can protect themselves and their wares from the rains and harsh weather. MAX.ng also provided targeted interventions to residents and transport industry workers by providing hygiene products, facemasks and food to over 5,000 beneficiaries across Akure, Ibadan and Lagos.
COVID 19 Initiatives:
As the world experienced the COVID-19 pandemic, which affected the way of life of almost everyone across the country, MAX.ng stepped up to the plate and rolled out systematic approaches to cushion the effects across its operational communities and ensure the safety of lives of its drivers and customers. It embarked on continuous training of its drivers on safe and proper hygiene practices to minimize the risk of infection and to ensure they are not exposed to the virus.
During the pandemic lockdown mandated by the Federal Government, MAX.ng provided a 50% discount to small scale businesses for their deliveries and activated digital wallet and electronic payment features on its mobile app to eliminate the need for cash transactions. The MAX.ng team also visited police stations across the country to provide them with safety kits and sensitize them on COVID-19 protocols. This gesture was also extended to residents within the communities visited.
As part of its safety measures, it provided face masks and hand sanitizers to its riders and ensured that their motorcycles are periodically disinfected. The MAX.ng tech mobility model has also made it easier for business owners to use the platform to sell and deliver their products directly to their customers, thus eliminating the need for physical contact.
The future is bright for MAX:
On its plans for the future, MAX.ng has promised to stay true to its mission of “making mobility safe, affordable, accessible, and sustainable through the deployment of high-performance technology and operators.” The company is currently in talks with different states on how technology can be used to organize the transportation industry in a better way and also tackle the issues of identity management.