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GAVI Champion for Africa, Dr. Awele Elumelu, Joins Global Health Leaders to Champion Increased Vaccine Coverage in Under-Immunised Nations‎

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Dr. Awele Elumelu, GAVI Champion for Africa and Founder, Avon Medical Practice, joined other global health leaders at a Photo Exhibition organised by GAVI, the Vaccine Alliance, for increased vaccine coverage in under-immunised nations. The event tagged “Vaccine Heroes” was held on September 10, 2018, in Geneva, Switzerland.‎

Following the announcement made earlier in January 2018 on the sidelines of the global World Economic Forum in Davos, of Dr. Elumelu as GAVI Champion for Immunisation in Africa, the GAVI Photo Exhibition ‎convened GAVI representatives who reiterated their commitment to saving the lives of children around the world.

Speaking at the Gavi event, Dr. Awele Elumelu commended the great efforts and achievements by the Vaccine Heroes, Health Workers and the GAVI team in spreading the message and adoption of immunisation globally. In her words: “Immunisation is one sure way to prevent diseases, save our children and advance our economy. It is an honour to champion the importance of immunisation that saves the lives of children around Africa and the world. I am particularly pleased to be doing so with innovative organisations like the ones that make up the Gavi Alliance,” she said.


Dr. Elumelu further advocated the urgent and important need for the health of children and committed to working with the global Vaccine Alliance to expand the coverage of immunisation across Africa and in her native country, Nigeria. ‎

“In our own capacity, at Avon Medical and Avon HMO, we are working to provide quality, effective and accessible healthcare and insurance to most citizens in Africa’s most populous country, Nigeria. This is our Group’s way of contributing to the work of GAVI. I look forward to doing more work and bringing about more private and public partnerships to promote immunisation and better coverage for children in and out of Africa”.

In attendance was Director General, World Health Organisation (WHO), Dr. Tedros Adhanom Ghebreyesus who spoke about the importance of vaccines as the backbone of health systems. According to him: “There is no health for all without vaccines for all”.

Organised by GAVI, the Vaccine Alliance, the event gathered leaders in the global health sector, including Anuradha Gupta, Deputy CEO, Gavi, the Vaccine Alliance; Clemens Adams, Director, United Nations; and Seth Berkley, CEO, Gavi, the Vaccine Alliance.

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GTBank Releases Q1 Unaudited Results, Reports Profit Before Tax Of N57.0Billion  

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Guaranty Trust Bank plc has released its unaudited Financial Results for the quarter ended March 31, 2019, to the Nigerian and London Stock Exchanges.
The Bank recorded positive performance across all financial metrics with gross earnings for the period growing by 1.2% to ₦110.3billion from ₦109.0billion posted in March 2018. Profit before tax improved to ₦57.0billion from ₦52.6billion recorded in the corresponding period of March 2018, representing a growth of 8.3%.
Customers’ deposits also rose by 6.0% to ₦2.410trillion in March 2019 from ₦2.274trillion in December 2018, whilst the Bank’s Loan book grew by 1.6% from ₦1.262trillion as at December 2018 to ₦1.282trillion in March 2019.
Balance sheet remained strong with the Bank closing the quarter ended March 31, 2019 with Total Assets of ₦3.556trillion and Shareholders’ Funds of ₦627.2Billion.
In terms of Assets quality, NPL ratio and Cost of Risk closed 7.03% and 0.05% in March 2019 from 7.30% and 0.34% in December 2018 respectively.
In addition, coverage for NPL stood at 90.12% while Full Impact Capital adequacy ratio remained very strong, closing at 22.25%. On the backdrop of this result, Post Tax Return on Equity (ROAE) and Return on Assets (ROAA) closed at 32.79% and 5.76% respectively. These indices are pointer to GTBank’s strategic positioning in Nigeria and other Countries where the Group operates.
Commenting on the first quarter results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr Segun Agbaje, said; “Going into 2019, we knew that it would be a challenging year, but our strategy and unwavering focus on delivering value for our customers and shareholders continues to underpin our ability to consistently deliver solid results despite changing market variables. We carried on the momentum of the previous year, posting strong growth in earnings, effectively managing costs and leveraging our digital-first customer-centric strategy to deliver world-class services that are simple, cheap and easily accessible.”
He further stated that; “Whilst ensuring the long-term growth of our business is the greatest value that we can create for our communities, we are also leveraging our resources, expertise and network to help people thrive. That’s why, from April 28 to May 1, 2019, we are organizing the biggest food and drink festival in Africa to give small businesses in the food industry the platform, network and access to the markets that they need to grow.”
GTBank has continued to be best in class in terms of Profitability, Efficiency and Capital among Peers and other Financial Institutions in Nigeria. This is evidenced by its Earnings per Share of ₦1.74, Return on Equity (ROAE) of 32.79%, Cost to Income Ratio of 38.64% and Capital Adequacy of 22.25%.
These metrics are a testament to the efficient management of the Bank.
In recognition of the Bank’s bias for world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years.
Some of the Bank’s recent awards include 2018 Bank of the Year – Nigeria from the Banker Magazine and 2018 Best Banking Group and Best Retail Bank Nigeria from World Finance Magazine.
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Zenith Bank Plc Sustains Market Dominance with Improved Profitability

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Zenith Bank GMD, Peter Amangbo, arrested

 

In the first quarter ended 31 March 2019, Zenith Bank Group recorded improved numbers across key metrics, driven by a solid performance in all business segments. This resulted in a Profit before Tax (PBT) of ₦57 billion, representing a 6% growth over the ₦54 billion achieved in the corresponding period in 2018. The Group’s on-going commitment to cost optimisation on the income statement and statement of financial position ensured earnings per share increased by 7% to ₦1.60 compared to Q1 2018.

The growth in net interest income and operating income by 23% and 1% respectively mitigated the decline in gross earnings. The effective management of cost-to-income ratio, cost of funds and cost of risk offset top-line declines to deliver an enhanced operating income in the period.

Our risk and asset quality continues to improve as cost of risk dropped significantly by 52% from 0.9% in the prior year to 0.4% for the period. This was achieved as impairment charges declined by 54% (₦2.5 billion year on year reduction). Our cost of funds also improved, declining by 25% from 4% in Q1 2018 to 3% at quarter-end. This was supported by a 22% decrease in interest expense of ₦10 billion over the same period, affirming the Group’s robust treasury and liquidity management. Our prudent cost management led to a 5% decline in our cost-to-income ratio by 5% from 53.3% in 2018 to 50.9% in the period with an absolute reduction in operating expenses by ₦2.3 billion year-on-year.

The Group’s retail franchise continues to increase as retail deposits grew by N80bn between December 2018 and March 2019 representing a 9% growth notwithstanding the fact that total customer deposits dropped marginally by 3%. The drop in customer deposits was as a result of rebalancing of the deposit mix as expensive purchased deposits were forgone in favour of cheaper and stickier retail deposits.

The volume and value of transactions across our electronic and digital platforms continue to grow as new customers are being acquired. Our balance sheet continues to strengthen as liquidity ratio is at 66.7%, loan to deposit ratio closed at 43%, and capital adequacy ratio ended the period at 25% respectively and remain above the relevant regulatory thresholds as at 31 March 2019.

Going into the rest of the year and with improving economic fundamentals, we are confident of delivering value to all our stakeholders on our commitments even as we create more opportunities for businesses by supporting them through selective risk asset creation. We shall continue our investments in the retail segment of the market as we consolidate our leadership position in the corporate segment while maintaining a strong balance sheet.

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A Woman’s Signature goes on Naira for the first time in 59 years

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Central Bank of Nigeria, CBN has broken history, as a woman’s signature first time in Nigeria’s 59-year history, is inscribed on the Naira.

Priscilla Ekwere Eleje, who has been acting director of currency and operations at the Central Bank of Nigeria (CBN), has been confirmed, substantive director of the apex bank.

She is the first female director of currency in the history of the bank, and her signature has been appended on the naira — breaking another glass ceiling.

Ladi Kwali, Nigeria’s foremost potter, is the only woman on the naira, taking a spot at the back of the N20 note.

Every naira note in the country’s history — save the N20 note — has had the face, name, and signature of a man, up until now.

Insiders at CBN revealed that the Godwin Emefiele, the governor of the bank, has been working to ensure more women come to the table at the bank.

TheCable also learnt that she was confirmed on August 30, 2018, and currencies printed afterwards would carry her signature.

Sarah Alade has been the closest woman to this feat, rising to become the deputy governor of the CBN after as she was appointed the head, fiscal analysis division of the CBN at the turn of the millenium.

Alade, who — though in acting capacity — became the very first female governor of the Central Bank of Nigeria (CBN), retired on March 22, 2017, after leading at the bank in various capacities.

Aishah Ahmed was appointed to replace Alade in 2018.

 

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