In a strong rebuttal sent to Nairametrics, EMTS owners of 9 Mobile has confirmed that Orange did not purchase any stake in 9 Mobile” as stated in an opinion article published on Nairametrics. The article has been corrected by the authors and updated on Nairametrics.
In an email statement sent by a media agency representing 9 Mobile, they emphatically stated that there was no such purchase by Orange and requested that the article be retracted.
An excerpt of the email statement read
“The Management of Emerging Markets Telecommunications Services (EMTS) Limited, operating as 9mobile, is constrained to react to a story entitled ‘France’s Orange move into Nigeria spells trouble for resident Telcos’ published on your platform, nairametrics.com, on Sunday, June 21, 2020.”
“The journalist Jenrade Lawal wrote: “……. when Etisalat Nigeria (now 9mobile) fell into financial crisis, Orange was one of the investors and they purchased a 65% stake in Etisalat Nigeria.”
“We emphatically state that Orange did not purchase any stake in Etisalat Nigeria (now 9mobile) and does not have any investment in the 9mobile’s business.”
Download the Nairametrics News App
Nairametrics maintains a strict editorial process and goes at length to verify claims made by its content partners. We also have limited interference in opinion articles provided they are not malicious or targeted at character assassination. Nairametrics frowns at factually incorrect statements included in articles. The article has now been corrected and the authors suspended from publishing articles on Nairametrics till further notice.
Zenith Bank ranks Nigeria’s Number One Bank according to Tier-1 Capital
Zenith Bank extended its lead over the second-placed bank in Nigeria.
Zenith Bank Plc has ranked in the position of the Number One Bank in Nigeria.
The ranking was done by Tier-1 Capital in the 2020 Top 1000 World Banks Ranking published by The Banker Magazine.
The ranking which was published in the July 2020 edition of The Banker Magazine of the Financial Times Group, United Kingdom, was based on the 2019 year-end Tier-1 capital of banks globally. Climbing a whopping 29 spots from 415 in 2019 to 386 in the 2020 global ranking of banks, Zenith Bank retained its position as the number one Tier-1 bank in Nigeria with Tier-1 Capital of $2.79 billion, an increase of 16.1% on the $2.40 billion recorded in the 2019 rankings.
According to the Ranking Report, Zenith Bank extended its lead over the second-placed bank in Nigeria. Zenith’s financial performance for the year was underpinned by a 29% increase in non-interest income, with an improved market share in both retail and corporate sectors.
Speaking on the latest rankings, the Group Managing Director/Chief Executive, Mr. Ebenezer Onyeagwu said: “this ranking, which further attests to our market leadership, is the outcome of a well-thought-out strategy of always delighting and creating value for our teeming customers through a broad range of superior product offerings, best-in-class service and top-of-the-range technology.”
Recent awards received by the bank include; The Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto & Co. It was voted as Bank of the Year and Best Bank in Retail Banking at the 2019 BusinessDay Banks and other Financial Institutions (BAFI) Awards.
Most recently, the bank was recognized as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the Banker Magazine “Top 500 Banking Brands 2020”, Best Bank in Nigeria in the Global Finance “World’s Best Banks Awards 2020” and the Bank of the Decade (People’s Choice) at the ThisDay Awards 2020.
Mbari Uno launches open innovation platform to positively impact social well-being
The first innovation cycle would begin this July and run through to September 2020.
Mbari Uno (House of Collaboration) a design hub in Lagos has officially launched its open innovation platform, the Mbari Uno Forum; a nonprofit organization. The forum is a Collective of designers and professionals using design thinking rooted in indigenous realities to develop culture, products and services that solve social problems in Africa. The group is set to begin its first innovation cycle in the Public Health sector in line with the UN SDG Goal 3: Health & Wellbeing.
Speaking on the launch, Mr. Chuma Anagbado, one of the founders of Mbari Uno noted that, “the forum is our solution to the very any challenges we face as a people and the time has come for us to look inwards and take charge of our life and destinies. It is time for Africans to solve the problems of Africa. The Mbari Uno Forum provides the platform for meaningful collaboration and pooling of skills by not just African professionals but people that bear the brunt of the problems – all of us.”
The COVID-19 pandemic engulfing the world has brought to fore the pathetic state of health infrastructure in Nigeria and by extension Africa. There have been predictions that we would be the hardest hit as a result of our weak economies and deficient health infrastructure. Reiterating the organization’s objective, Mr. Anagbado explained that the first innovation cycle of MUF will focus on Sustainable Development Goal 3; Good Health and Wellbeing. “We have chosen this goal in response to the unprecedented Covid19 pandemic and the attendant need to urgently address the quality of public health care in our communities. We will be challenging ourselves on ways to improve public health care quality, accessibility, & infrastructure in Nigeria, by identifying gaps and needs in public health care delivery.”
The first innovation cycle would begin this July and run through to September 2020. At the end of each cycle, a detailed report of the Collectives activities and solutions birthed will be published and an exhibition held within the premises of the Mbari Uno. This exhibition is expected to have investors, policymakers, captains of industry, agencies and government functionaries in attendance. The group plans to hold an annual design summit that would be a round-up of all the developments from its quarterly innovation cycles.
Download the Nairametrics News App
About Mbari Uno (House of Collaboration)
Mbari Uno (House of Collaboration) is a hub using design to build human capacity & make social impact. We collaborate with communities to innovate solutions to social and business problems. We exist to promote ‘Design thinking’ by creating & publishing design content, curating an online professional’s directory, and setting up spaces where designers and professionals can share insights, knowledge and resources, showcase their work, network, and explore opportunities for collaborative growth across Sub-Saharan Africa.
(Julia Obinna, 08025946996)
FCMB Pensions Limited enters into an agreement to acquire 96% of AIICO Pensions Limited
The enlarged pension business will benefit from FCMBs extensive distribution platform.
This appears to be part of a deliberate strategy to grow the Group’s investment management portfolio and build on the inherent synergies between this and banking. It will be recalled that FCMB Group increased its stake in Legacy Pensions (now FCMB Pensions) to 91.6 pecent in 2019 and now has full control of the business.
FCMB Pensions has since grown its assets under management (AUM) to N325 billion with 350,000 customers as at March 2020, while that of AIICO Pensions is estimated at N126 billion with over 240,000. A combined AUM of N451 billion and almost 600,000 customers will take the entire Groups customer base to 8,000,000 and its total AUM (inclusive of all investment management activities) to over N560 billion. In addition, the enlarged pension business will benefit from FCMBs extensive distribution platform, comprising of 200 branches, a strong web and mobile presence; and the recent launch of its Pensions’ online enrolment platform.
READ ALSO: FCMB profit up 9.2% surges to N20 billion
Analysts have already seized on the announcement expressing broadly positive views of its impact for both FCMB Pensions and FCMB Group. One investment banking analyst described it as “a positive move and a statement of intent from FCMBs management to leverage its non-banking businesses to drive profitability”. Another analyst described this as a “Landmark transaction giving a mid-tier player a great opportunity to bulk up”, further remarking that “We believe the combined entity will be better positioned for stronger organic AUM growth and fee income contribution to the Group’s performance”
This acquisition is one of several proactive steps, along with digitisation that the company has embarked upon to enhance its market position and competitiveness as the industry braces itself for the commencement of Retirement Savings Account (RSA) portability.
Investment funds’ performance is also receiving greater attention, especially in the low-interest rate environment. In this regard, FCMB Pensions has strengthened its investment committee with the addition of Mrs. Titi Odunfa Adeoye to its Board of Directors. Mrs. Adeoye is the Founder and Chief Investment Officer of Sankore. The new Director holds an MBA from Harvard Business School, a BBA in Accounting (summa cum laude) from Howard University and is a Certified Public Accountant (Gold Award). Mrs. Adeoye’s skills in investment strategy were honed at firms like Goldman Sachs in New York. Her area of expertise is strategies for the creation, growth and preservation of individual or family wealth with a focus on “alternative” asset classes.
Speaking about Friday’s announcement, Mr Ladi Balogun, Chairman of the Board of Directors – FCMB Pensions, remarked that “the business intends to use its scale to positive effect towards investing in the growth of the Nigerian economy while ensuring safety and the most competitive returns for its customers”.