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Coronation Merchant Bank holds virtual AGM, appoints substantive MD

Coronation Merchant Bank Limited held its 5th Annual General Meeting (AGM) on Tuesday, April 14, 2020.

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Coronation Merchant Bank Limited held its 5th Annual General Meeting (AGM) on Tuesday, April 14, 2020.

The meeting, which took place at the Bank’s head office, was held in strict compliance with social distancing rules and the directives of the Federal and Lagos State Governments. Only nine persons attended physically, while others participated via video conference.

The Bank’s audited figures presented showed a 14% increase in Profit After Tax from N4.484 billion in 2018 to N5.097 billion. Total Assets grew by 14% from N222.78 billion in 2018 to N253.35 billion. Cost of risk remained at a healthy level of 0.05% while the Bank sustained its zero Non-Performing Loan ratio indicative of strong risk management practices and good quality of risk assets.

The shareholders were informed that the Central Bank of Nigeria recently approved the appointment of Mr. Banjo Adegbohungbe as the substantive Managing Director/CEO following the retirement of Mr. Abubakar Jimoh, who led the leadership team of the Bank from inception in 2015 until recently when he commenced his terminal leave.

Commenting on the appointment of Mr. Adegbohungbe as MD/CEO, the Acting Chairman noted that, “The seamless transition in the Bank’s leadership is a result of deliberate succession planning by the Board, in line with its commitment to strong corporate governance standards. In the past 20 months, Banjo has distinguished himself in service to the organization and contributed immensely to the overall growth of the Bank. We are confident that his appointment will further strengthen and position the Bank for improved performance”.

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READ ALSO: Coronation Merchant Bank, JP Morgan, Barclays, Citi Bank, Morgan Stanley ranked among World’s best investment banks

He further stated that: “The outgoing Managing Director, Mr Abubakar Jimoh, gave himself to the growth of the Bank, having led a team that turned around a nearly-extinct Associated Discount House Limited and converted it to an “A+ rated” merchant bank in Nigeria within five years of its existence. We will always be grateful to Abu for his years of service to the Bank and for the strong values he instituted in the organization”.

The outgoing Managing Director/CEO, Mr. Abubakar Jimoh acknowledged the wise counsel and professional guidance that he and his leadership team enjoyed from the Board of Directors and other key stakeholders that contributed to the Coronation MB success story. He also congratulated the in-coming MD/CEO for his well-deserved appointment, and appealed to the Board members and all stakeholders to accord him a higher level of support that will propel him to greater success.

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About the bank: Coronation Merchant Bank was established in 2015 to provide wholesale banking to a long-underserved market. The Bank offers Corporate Banking, Investment Banking, Private Banking/Wealth Management and Global Markets/Treasury services to its niche clientele. It presently has two branches located in Abuja and Port Harcourt with its Head Office in Lagos, Nigeria.

READ MORE: Coronation Research releases Outlook for Insurance Sector

The Bank has been the recipient of numerous International and National awards for product innovation and sound corporate governance practices. Some of the international awards it received in 2019 include Best Investment Bank in Nigeria by Global Finance, Best Investment Bank in Nigeria by World Finance, Best Investment Bank in Nigeria by Global Banking & Finance Review, Best Investment Bank by Global Business Outlook and Best Investment Bank in Nigeria by International Finance.

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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Coronavirus

COVID-19 Update in Nigeria

On the 29th of October 2020, 150 new confirmed cases and 2 deaths were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 62,521 confirmed cases.

On the 29th of October 2020, 150 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 3,008 samples across the country.

To date, 62,521 cases have been confirmed, 58,249 cases have been discharged and 1,141 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 620,758 tests have been carried out as of October 29th, 2020 compared to 617,750 tests a day earlier.

COVID-19 Case Updates- 29th October 2020,

  • Total Number of Cases – 62,571
  • Total Number Discharged – 58,249
  • Total Deaths – 1,1141
  • Total Tests Carried out – 620,758

According to the NCDC, the 150 new cases are reported from 9 states- Lagos (89), Rivers (19), Ogun (11), Bayelsa (9), Kaduna (8), Plateau (8), Taraba (3), Osun (2), Delta (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 21,106, followed by Abuja (6,028), Plateau (3,630), Oyo (3,433), Rivers (2,809), Edo (2,657), Kaduna (2,641), Ogun (2,027), Delta (1,814), Kano (1,746), Ondo (1,666), Enugu (1,314),  Kwara (1,069), Ebonyi (1,049), Katsina (952), Osun (925), Abia (898), Gombe (883).  Borno (745), and Bauchi (711).

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Imo State has recorded 616 cases, Benue (491), Nasarawa (482), Bayelsa (412),  Ekiti (332), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (165), Taraba (146), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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Energy

Nigeria now generates 13,000mw of power – Minister of Power

Nigeria’s installed grid power generation capacity has increased from 8,000mw to 13,000mw under President Muhammadu Buhari.

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FG set to create at least 5 million jobs for youths in the power sector – Minister of Power , Consortium of Western investors to inject upwards of $5 billion in Nigeria's renewable energy sector, Power: Nigeria's deal with Siemens - the birth of a new era?

Minister of Power, Engineer Sale Mamman, disclosed that Nigeria’s installed grid power generation capacity has increased from 8,000mw to 13,000mw under the leadership of President Muhammadu Buhari.

This was stated by the Minister during the 2021 budget defence, before the House of Representatives Committee on Power in Abuja, as reported on the Twitter handle of  the Office of the Minister of Power today.

READ: N2trillion Mambila project: FG starts disbursement of compensation funds

READ: DisCos seek CBN funding for massive roll-out of meters to consumers

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READ: FG targets $150 billion revenue from Zero-oil plan 

However, members of the committee raised concerns about power supply to their various constituencies, urging the minister to ensure adequate supply.

The Minister explained that the distribution system had the capacity to evacuate 5,500mw of power, which is a significant improvement from 4,500mw in 2015, and that better performance should be expected in the near term.

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READ: FG to spend N447.6 billion on Police in 2021

READ: FG set to provide interest-free loans and agricultural inputs to farmers

Engr. Aliyu Magaji (APC-Jigawa), the Chairman of the committee, asked the Minister to mete out stiffer sanctions to the Distribution Companies (DisCos), to make them to sit up and provide the desired services to Nigerian people.

Magaji said that if the minister ensured the sanction of the DisCos, he would become the darling of lawmakers and the entire Nigerians.

READ: FG to inject over N198 billion on capital projects in power sector in 2021

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What they are saying

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On the performance of the Ministry since 2015, Engineer Mamman said:

During the period between 2015 to date, the sector has recorded successes and has faced challenges. In order to deliver this administration’s promise of providing stable and affordable power to Nigerians, a way forward was defined and supported by Mr. President’s political will.

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ENDSARS

Desmond Elliot apologises for addressing the youths as “Children”

Elliot apologised and allegedly broke down in tears on Live TV for addressing #EndSARS protesters as children.

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Desmond Elliot, a member of the Lagos State House of Assembly, apologised and allegedly broke down in tears on live TV for addressing #EndSARS protesters as “Children.”

The lawmaker disclosed this in a statement he issued via his Twitter handle and on a live TV interview on Thursday.

Elliot explained that he was carried away by his emotions, which was the reason he used such a word to describe the protesters on the floor of the house.

He tweeted, “I have read your honest feedback& suggestions& [sic] I sincerely apologize for addressing the youths as ‘Children.’

“I did not mean to be insensitive with this, it was borne out of the magnitude of destruction&looting [sic] of businesses I witnessed when I went on a tour of my constituency.

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“I saw women crying and my constituent members distraught as a result of the damages inflicted on their source of livelihood. I was moved by this while giving my submission on the floor of the House.

“I allowed my emotions get the better of me and for this I apologize to everyone my earlier statements may have hurt.”

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What you should know

The lawmaker, who is also a film maker, in his submission at the House on Thursday, allegedly pushed for the passing of a social media regulation bill.

His controversial statement received lots of criticisms, as many Nigerian youths attacked him for referring to youths as “children” and for also pushing for the regulation of social media.

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