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First Bank partners NESG, hosts 25th Nigerian Economic Summit

First Bank of Nigeria Limited has partnered with The Nigerian Economic Summit Group to host the 25th Nigerian Economic Summit, its annual flagship event.

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First Bank Adesola Adeduntan, Global transactions get easier with Firstbank’s Card Offerings, FBNQuest Trustees Marks 40th Anniversary of preserving legacies in Nigeria, Ellah Lakes Plc announces close period for H1 2019 results The Board of Directors of Ellah Lakes Plc has announced that the company would be meeting on the 22nd October 2019 to consider, among other matters, the audited financial statements of the Company for the financial year ended 31 July, 2019. The Company also announced the commencement of a closed period with effect from 7 October 2019, until 24 hours after the Company’s Audited Financial Statements is filed with The Exchange. Top executives, directors, advisers, and many others at Ellah Lakes Plc have been barred from trading in the company’s shares ahead of the meeting of board of directors of Ellah Lakes. This was disclosed in a notification which was sent to the Nigerian Stock Exchange (NSE). http://www.nse.com.ng/Financial_NewsDocs/27720_ELLAH_LAKES_PLC._CORPORATE_ACTIONS_OCTOBER_2019.pdf The announcement is in line with rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015) which states that, “The period of closure shall be effective from fifteen (15) days prior to the date of any meeting of the Board of Directors proposed to be held to consider any of the matters referred to above or the date of circulation of agenda papers pertaining to any of the matters referred to above, whichever is earlier, up to twenty-four hours after the price-sensitive information is submitted to the Exchange. The trading window shall thereafter be opened. Every issuer shall notify the Exchange in advance of the commencement of each closed period.” Why this matters: The close period will allow the board to consider the company’s unaudited financial statements for the third quarter. Other company issues will also be discussed during the meeting of the Board of Directors. What is a close period? A close period is a period before the release of a company’s result or financial statement when of course, those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information. About the company: Ellah Lakes Plc is a fish farming company., FBN processed 237 million transactions in two weeks, amid COVID-19 lockdown, First Bank Holdings declares a Profit after Tax of N26 billion in Q1 2020

As part of its continued commitment to create an enabling environment and opportunities for the promotion of sustainable growth and development of the Nigerian economy, First Bank of Nigeria Limited has partnered with The Nigerian Economic Summit Group (NESG) to host the 25th Nigerian Economic Summit (NES#25), its annual flagship event.

The Silver Jubilee edition of the Nigerian Economic Summit is themed “Nigeria 2050: Shifting Gears” and scheduled to hold on 7 – 8 October 2019 at Transcorp Hilton, Abuja. Mrs Ibukun Awosika, Chairman, First Bank of Nigeria Limited, would speak on “Gender Empowerment” at the plenary.

The Nigerian Economic Summit is the foremost credible platform for public-private dialogue which enables policy makers and influencers to deliberate on issues, proffer policy options with a view to a better understanding of our national economic policy direction and growth strategies.

National leaders and policy influencers billed to attend the event include His Excellency Muhammadu Buhari, GCFR, President of the Federal Republic of Nigeria; His Excellency Prof. Yemi Osinbajo, GCON, Vice President of the Federal Republic of Nigeria; Mrs. Zainab Ahmed, Hon. Minister for Finance, Budget & National Planning, Nigeria.

[READ MORE: First Bank’s Adesola Adeduntan Bags ‘Best Chief Executive Officer’ Award]

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Other dignitaries are Senator Dr Ahmad Ibrahim Lawan PhD, CON, President of the Senate; Right Honourable Femi Gbajabiamila, Speaker of the House of Representatives and Mrs. Amina J. Mohammed, Deputy Secretary General of the United Nations. The Chief Host of the event is Mr Asue Ighodalo, Chairman of the Nigerian Economic Summit Group.

Panelists at the event include Alhaji Aliko Dangote President/CEO Dangote Group; Mr Godwin Emefiele Governor, Central Bank of Nigeria; Bishop Matthew Kukah, Founder, The Kukah Centre; His Excellency Dr Kayode Fayemi, Chairman, Nigeria Governors Forum; HRH Muhammadu Sanusi II, The Emir of Kano; Hon. Adebo Ogundoyin, Speaker, Oyo State House of Assembly; Ibukun Awosika, Chairman, First Bank of Nigeria Limited; Hon. Mrs Hannatu Mohammed, Board Member, ICPC; Mr. Chidi Ajaere, CEO, GIG Group; Mrs Juliet Anammah, CEO, Jumia Nigeria and Mr Mauricio Alarcon, MD/CEO, Nestle Nigeria Plc .

The event is billed to comprise plenary sessions, exhibitions, design workshops, dinner and the anniversary lecture as well as the presentation of awards and prizes to winners of the NES #25 essay competition and start-up pitching event.

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About FirstBank

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 over 16 million customer accounts, FirstBank provides a comprehensive range of retail and corporate financial services with over 33,000 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.

[READ MORE: First Bank convenes digital lab open house, reinforces digital reinvention in banking]

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.

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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.

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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.

 

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.

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ENDSARS

#EndSARS: Lagos State needs N1 trillion to rebuild losses – Gbajabiamila

Gbajabiamila has said that the Lagos State Governor told him that the state would need N1 trillion for the reconstruction of destroyed assets.

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Closing of Nigerian-owned shops in Ghana must be dealt with decisively - Femi Gbajabiamila, Lagos State needs N1 trillion for reconstruction - Femi Gbajabiamila

The Speaker of the House of Representatives, Femi Gbajabiamila has disclosed that Lagos State will need about N1 trillion for the reconstruction and repair of the properties and infrastructure that was vandalized and destroyed by hoodlums.

Gbajabiamila disclosed this while responding to questions from State House Correspondents after the assessment visitation of some of the properties that were destroyed during the protest.

What you should know

The #EndSARS protest which started as a peaceful demonstration by thousands of youths, degenerated into chaos after the protests were hijacked by hoodlums. The distasteful actions of hoodlums and arsonists have seen properties worth billions of naira vandalized, destroyed and razed down.

One of the consequences of these events was reported by Nairametrics as the Lagos State Government revealed that 27 of the burnt Bus Rapid Transit (BRT) vehicles in the Oyingbo and Ojodu Berger areas of the state cost $200,000 each, while 57 of them cost $100,000 each, which gives a total of N3.9 billion.

(READ MORE: Lagos to support owners of looted, vandalised stores)

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What they are saying

According to information gathered by The Punch, the Speaker said, “The House of Representatives will do all it can to compensate all those who suffered brutality, including policemen that lost their lives in the process.

“However, we want to know what exactly happened at the Lekki Toll Gate. The judicial panel must reveal this. However, I want to encourage Nigerians to allow peace to reign.

“I learnt from the governor of Lagos State that it will take N1trn to rebuild what had been lost and asked him what’s the budget size of the state, he said about N1trn. You can see we are moving backwards.

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“Hence, we must consider the consequences of our actions before embarking on any venture. I, therefore, appeal to the youth to allow peace to reign henceforth. I still believe in the unity of Nigeria.

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ENDSARS

#EndSARS: NBC fines AIT, Channels and Arise TV over use of “unverifiable” footages

The NBC has sanctioned three major Nigerian television stations over their reportage of recent unrest across the country.

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NBC slams N5 million fine on Nigeria Info over Mailafia's inciting comments

The National Broadcasting Commission, NBC, has fined Nigerian media houses including AIT, Channels TV and Arise News, claiming they used unverifiable video footages from social media to cover the #EndSARS protests.

This was disclosed in a report by AIT on Monday afternoon. According to media reports, the regulators imposed various fines on Arise TV, African Independent Television (AIT) and Channels Television between N2million and N3million.

“The National Broadcasting Commission has sanctioned Africa Independent Television, AIT, Arise TV and Channels for what it calls, a gross violation of the broadcast code, top of which is the use of unverifiable online video footages on the social media,” AIT said.

The Acting Director-General of the commission, Armstrong Idachaba, warned that further sanctions will be harsher and announced that the owners of AIT, DAAR Communications would be fined separately for alleged reports of a fire incident at the National Christian Centre.

The sanction according to Idachaba, will be a fine of not less than N2 million.

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The NBC had warned last week that broadcasters must “perform the role of a peace agent by adhering to the principle of responsibility, accuracy and neutrality” in reporting the protests.

More details later..

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Economy & Politics

Why Okonjo-Iweala should win the WTO DG role – Prof. Moghalu

Professor Kingsley Moghalu has thrown support behind Dr. Ngozi Okonjo-Iweala to win the World Trade Organization top job.

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Why Okonjo-Iweala should win the WTO DG role- Prof. Moghalu

A former Deputy Governor of the Central Bank of Nigeria, Professor Kingsley Moghalu, has publicly canvassed support for Dr. Ngozi Okonjo Iweala to win the World Trade Organization (WTO) top job.

The former professor of public policy at Fletcher School, Tufts University, made the disclosure via his official Twitter handle, as seen by Nairametrics

Prof. Moghalu made a strong case for why Africa’s candidate should be considered for the top shot, noting that the need for Africa to get a better deal in the world trading system should be a major criterion in selecting the next WTO DG. He also believed that correcting this negatively skewed trade deal will help tackle poverty and underdevelopment in Africa.

What you should know

Nairametrics had earlier reported that Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee have emerged as the last two candidates for the top WTO job.

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Prof. Moghalu also disclosed that the final selection decision is expected this week or very early next week.

(READ MORE:WTO DG: Okonjo-Iweala gets the backing of 79 countries so far)

Prof. Moghalu said, “The dynamics of world trade are rigged against Africa, keeping the continent poor and undeveloped. In this piece for Project Syndicate @ProSyn, I make a strong case for why Africa’s candidate, @NOIweala, should be selected as the next Director-General of @wto.

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“The final selection decision is expected this week or very early next. Alongside the case for why the African candidate Okonjo-Iweala is best placed to lead WTO, I make the case for the continent more broadly as to how and why it must get a better deal in the world trading system.”

What this means

If finally selected for the top job, the opportunity will present Dr. Okonjo the platform to solve some global trade-related issues, one of which is Africa’s trade position with the rest of the world.

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