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Business News

Abbey strategic deal with VFD to facilitate bank’s growth plan, shareholders’ value

Abbey Mortgage Bank Plc has announced that the strategic partnership with VFD Group Plc would enable the company play major roles in the financial service industry and ultimately boost shareholders’ returns on investment.

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Abbey mortgage bank plc, Bell Ringing Ceremony

Abbey Mortgage Bank Plc has announced that the strategic partnership with VFD Group Plc would enable the company play major roles in the financial service industry and ultimately boost shareholders’ returns on investment.

Addressing stockbrokers during the ‘Bell Ringing Ceremony ‘ of the company held on the Nigerian Stock Exchange (NSE) in Lagos yesterday, the Managing Director of the company, Mrs Rose Ada Okwechime assured that the company would leverage VFD’s innovative and aggressive drive to enhance shareholders’ value and boost profitability going forward.

She said:” I am pleased to inform you that the strategic partnership which Abbey Mortgage Bank Pls have nurtured has resulted to VFD Group Plc, acquiring 35 per cent stake in Abbey Mortgage Bank Plc.

“The new investments will enable the two groups form a strategy that would propel us to play major roles in the financial services industry. Abbey’s stable, longstanding business ethics and customer centric culture will blend and grow with VFD’s innovative and aggressive drive to create superior value.”

READ ALSO: Cooperative Mortgage Bank seals N8 billion housing deal with Shell CITS

According to her, the synergy would transform the firm into becoming a major player in the market, contribute to economic growth and deliver good returns to shareholders.

Abbey Mortgage Bank Plc was incorporated in 1991 and licensed to carry on business as a primary mortgage institution (PMI) by the Central Bank of Nigeria on January 11, 1992. Full commercial operations commenced on March 11, 1992.

The Group Managing Director and Chief Executive Officer of VFD Group Plc. Nonso Okpala, while announcing the deals in Lagos last month said:

This investment presents opportunity for quick wins across board.” Beyond the new client base and geographic reach this investment presents us, it is strategic towards driving the value chain and upselling of our real estate business.
“While we continue to seek out viable investment in diverse sectors, this investment further enhances our ability to ring-fence financial service offerings and make VFD Group and its subsidiaries a “one-stop shop” for varying customer needs.
“I will like to express my gratitude and that of the executive team for the support received along this journey and I look forward to a year that brings more of such landmark.

About VFD Group Plc: VFD Group is a financial services-focused proprietary investment company that creates value by working within Nigeria’s informal financial sector to create innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur.
On 21st of October 2008, the Bank became officially listed on The Nigerian Stock Exchange.

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Business News

Senate calls for the liberalization of cement policy to crash the price of the commodity

The Senate also tasked the FG on providing more industrial incentives to bring new players into the cement industry.

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BUA Cement

The Nigerian Senate has called for the liberalization of Nigeria’s cement policy to boost production and subsequently crash the price of the commodity in the country.

This motion was raised by Senator Lola Ashiru at today’s senate plenary, the senator also tasked the Federal Government on providing more industrial incentives to bring new players into the cement industry, in addition to the liberalization of the cement policy in Nigeria.

Ashiru explained that to reduce the price of cement and in extension, other building materials in the country, the Federal Government needs to provide an enabling operating environment that will encourage new entrants in the country.

The Senate in conclusion called on the FG to provide more industrial incentives and protections such as concessionary loans and larger tax incentives to encourage new entrants and expand the national cement production infrastructure, as this boost in production will lead to a downward review of cement price in Nigeria.

What industry leaders are saying

Earlier this year the founder of BUA Group, Abdulsamad Rabiu, called for the liberalization of Nigeria’s cement policy to boost production and reduce the price of the commodity.

The billionaire philanthropist faulted the belief that Nigeria is self-sufficient in terms of cement production, noting that recent statistics and figures on Nigeria’s population and cement production do not support this status of sufficiency in cement production as stated by some individuals.

He attributed the high price of cement products in the country to the supply gap which exists in the country, as the few producers who currently operate in the country are unable able to meet the country’s huge and growing demand.

The Group Executive Director, Strategy, Portfolio Development and Capital Projects, Devakumar Edwin, explained that the demand and consumption of cement in the nation currently outstrips supply, and this can be pegged on the growth in the country’s population, and the strong appetite for real estate investment and construction in the country.

He revealed that a supply gap of about 40% exists in the country’s cement market and that all players in the industry are working hard to level production with the rising demand in the country.

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Paypal’s Venmo now permits cryptocurrency trading

Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

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Venmo, a mobile payment service owned by PayPal has announced that it has started allowing users to buy, hold and sell cryptocurrencies on its app. Just like PayPal, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, and users can carry out transactions with as little as $1 on the app

Founded in 2009, Venmo has over 70 million users and it is one of the most popular payment channels in the US. The payment platform processed around $159 billion in payments last year.

Since the app functions like a social network, adding cryptocurrency will offer a more user-friendly feel for people who love buying and selling crypto.

READ: 28 million merchants to be granted crypto usage on PayPal

As bigger companies show more interest in cryptocurrency, there will be wider adoption of virtual currencies in future. Venmo is the latest payment app that is offering support for cryptocurrency on its platform.

Paypal, the parent company of Venmo is one of the most active companies in the crypto space as it allows users to buy, sell and hold cryptocurrencies in their digital wallets. Paypal users can also spend their coins at millions of merchants globally.

Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

What they are saying

Darrell Esch, Venmo’s Senior Vice President and general manager said “Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”

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