Connect with us

Business

Mug competition: Heritage Bank partners Ikoyi Club 38

Published

on

 

Heritage Bank Plc, Nigeria’s most innovative banking services provider; has partnered with Ikoyi Club 38 to host the monthly mugs competition of the golf section.

Speaking at the event, the MD/CEO of Heritage Bank, Ifie Sekibo said the bank partnered the club because, “we needed to pitch our tent where it matters, needed to be visible and to put our footprint in the sands of time.”

Sekibo, who was represented by the Regional Head, Lagos Island 2 of Heritage Bank, Abiodun Agbaje,  remarked that while the lender could not do everything at the same time, it was specifically looking at some events that are educative and have high calibre of people to deal with, adding that as a bank, they need to grow their business base with the kind of people that are at the event, who are high-calibre business people.

He said the event was one where a lot of business people gathered together in one place at the same time, stressing that Heritage Bank’s purpose is to create, preserve and transfer wealth across generations.

Also speaking, Joe Oduah, Chief Executive Officer of Resource Churchill, one of the players who contested in the competition, described the mug competition as a monthly tournament played by members only, adding that the winners are usually presented with a gift, which is a mug.

He said it is a medal play, which meant that the player with the lowest net emerged the overall winner, which entitled him to a mug and a special parking slot in the car park of the club.

Oduah, who also doubles as CEO of 3M, a safety equipment stockist and service centre and who  has been playing in the tournament for about 10 years and  won on several occasions, said generally it is an interesting tournament that brings all the amateurs players together to compete against one another.

In his contribution, Mr. Fabian Kenni, manager of the Golf Section of the Ikoyi Club 38, said the monthly mug competition is a tradition in golf worldwide and is usually done every month, either the first Saturday or the last Saturday of the month.

He said only amateur members who registered when the portal is opened are eligible to play and it is based on handicaps, which is the rating level of the players.

He said handicap starts from one to 28 for men and there are two categories. Category one is from handicap one to 13 while category two is from handicap 14 to 28.

Each category produces two winners, that is, a winner and a runner-up, making a total of four winners every month and each of them are presented with mugs.

Mr. M. Walsh emerged the overall net winner of the October mug competition with 81- (12)=69 and was awarded a mug and also be entitled to park his car in a special slot in the car park of the park for this month.

In the division one, Walsh won with 81- (12)= 69, followed by Mr. C.E.O. Ekeocha with 79 – (08)=71 as first runner-up, while in the division two, Macaulay Magnus came first with 91- (21)= 70 and Mr. K. Aderibigbe was first runner-up with 88- (15)=73.

The other winners were only awarded with mugs respectively.

Business

GTBank Builds Nigeria’s First Digital Play Centre for Children

Published

on

 

Banks only build branches, or so the story goes. Except for Guaranty Trust Bank Plc; the foremost African financial institution, which has been at the forefront of several innovative products and services, recently completed and opened the first digital playground for children in Nigeria.

Located in Lekki, Lagos State, the GTBank Play Centre is equipped with a wide range of interactive games that will give kids a fun and immersive digital experience whilst aiding their mental and intellectual development. Open from 10am to 3pm on Weekdays, and 10am to 1pm on Saturdays, some of the features of the Play Centre include the Sketch Town, where kids can design cars, launch rockets, and bring all their sketches to life. At the playground, children can also use the wide range of bricks available to build whatever excites their curiosity and also express themselves creatively by scribbling, writing and drawing on a digital chalkboard.

GTBank is renowned for designing innovative and personalized products and services that are tailored to customers’ unique needs and which fit seamlessly with their lifestyles. Recently, the Bank launched Habari, a digital platform that gives customers unlimited access to local and international music, and at the same time, allows them to shop online, split bills with friends and take care of their everyday needs, in one place. Habari, like the GTBank Play Centre, is the first of its kind in Nigeria, reflecting the Bank’s digital drive as well as its focus on creating unique experiences for all segments of its customer base.

Commenting on the launch of the Play Centre, the Managing Director and Chief Executive Officer of Guaranty Trust Bank plc, Mr Segun Agbaje said; “How and where children play contributes significantly to their cognitive and intellectual development, helping them build better communication and problem-solving skills. Our new Play Centre will give children a tension-free space to build these critical developmental skills, expose them to new and emerging digital technologies, and, most importantly, give them a wonderful time out.”

He further stated that “At GTBank we are passionate about building the bank of the future, and for us, this means constantly leveraging the best of technology to create amazing digital experiences for all of our customers, in a way that adds real value to their lives.”

Guaranty Trust Bank is one of the best run African financial institutions and serves as a role model within the financial service industry due to its bias for world-class corporate governance standards, excellent service quality, and innovation. The Bank is also renowned for driving youth empowerment initiatives alongside its business, as seen with the GTCrea8 Account package, which doubles up as a platform for empowering young undergraduates with the resources and networking that they need to develop their skills and talents and build capacity in their careers of choice.

 

Continue Reading

Business

Access & Diamond get final approval for merger

Published

on

Nigeria News

 

Access Bank Plc and Diamond Bank Plc have gotten final merger approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

The two financial institutions, in separate corporate disclosures issued on the Nigerian Stock Exchange (NSE) at the weekend, confirmed that the approvals have been secured.

“Access Bank Plc is pleased to announce that the bank has received the final approval of both the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to the proposed scheme of merger between the bank and Diamond Bank Plc,” a statement by Access Bank disclosed.

“The scheme is subject to judicial sanction by the Federal High Court. We will provide further update to the market upon receipt of court sanction of the scheme.”

 

Continue Reading

Business

Zenith Bank’s Improved PBT of N232Billion Excites Shareholders, with Dividend Offer of N2.80 Per Share

Published

on

In a clear show of its resilience and strong market share, Zenith Bank has announced an impressive result for the year ended December 31, 2018 with profit before tax (PBT) rising to N232 billion for the 12 months ended December 31, 2018.

Also, in demonstration of its commitment to its shareholders, the bank has announced a proposed final dividend pay-out of N2.50 per share, bringing the total dividend to N2.80 per share, representing a yield of 11.2 per cent.

According to the bank’s audited financial results for the 2018 financial year released in Lagos on Tuesday, this represents an increase of 16.6 percent over the N199 billion recorded for the same period in 2017. It is the highest so far published by any bank in the Nigerian Banking Industry in the current reporting period. Also, the results showed that profit after tax (PAT) witnessed an impressive growth of 11 per cent year-on-year to N193 billion from N174 billion.

This record profit before tax (PBT) was achieved through the Group’s optimisation of its cost of funds, cost-to-income ratio and cost of risk, ensuring that earnings per share strengthened by 11% to ₦6.15.

Despite the challenging macro-environment, the Group mitigated the knock-on effects through growth of its net interest income and operating income by 15% and 8% respectively as it was able to ensure improved cost efficiencies across the business. This focus on cost efficiencies is yielding tangible benefits as the Group recorded its lowest ever cost-to-income ratio at 49.3% from 52.8% in 2017.

The bank’s balance sheet remains shockproof as loan to deposit ratio, liquidity ratio and capital adequacy ratio were 44.2%, 72.0% and 25.0% respectively and all above the regulatory threshold.

Our risk-centric approach also ensured that cost of risk reduced significantly by 79% from 4.3% in the prior year to 0.9% in 2018. This was reflected through the drop-off in impairment charges by 81% (₦80 billion) compared to 2017, re-affirming the Group’s enhanced asset quality. In the same breadth, coverage ratio increased by 34.2% from 143.4% to 192.4% over the same period, reflecting a prudent disposition to credit risk management. Cost of funds also moved in the positive direction, declining by 41% from 5.2% in 2017 to 3.1% for the year, supported by a 33% decrease in interest expense (₦72 billion) over the same period, demonstrating a robust treasury and liquidity management.

Customer deposits grew by 7% led by an increase of ₦109 billion in savings and an increase of N122bn in current accounts providing it with a platform to rebalance its deposits mix. In 2018, expensively purchased deposits were foregone in favour of cheaper and more stable deposits resulting in a reduction of expensive and shorter dated deposits by ₦110 billion. On the asset front, this increased by 6% to close the year at ₦6 trillion.

The Group’s efforts to deepen its roots in the retail segment have started yielding benefits. This has resulted in a remarkable increase in the volume of transactions across various electronic platforms as well as significant customer acquisitions. This growth in transactions on its digital channels continues to support its retail push as fees from e-products increased by 44% over 2017 with retail deposit balances also growing by 25%.
Management’s outlook is positive for 2019, supported by a fairly stable inflation rate, converging foreign exchange market and near target oil production. The Group will continue its investment in the retail segment of the market to consolidate its leadership position in both the retail and corporate segments while it maintains its shock proof balance sheet.

Consistent with this superlative performance and in recognition of its track record of excellent performance,the bank was recently ranked as the Most Valuable Banking Brand in Nigeria in 2018 by The Banker Magazine. In similar fashion, Zenith Bank was recognized as the Best Corporate Governance Bank in Nigeria by The World Finance for the sixth time just as Ethical Boardroom, a Europe based Boardroom watchdog reaffirmed this recognition by naming the bank as the Best Bank in Corporate Governance in 2018.Recognition has also come the way of the bank as it was recently named as the Best Institution in Sustainability Reporting in Africa 2018 (SERAS Awards) and the Bank of the Year 2018 (BusinessDay).

Continue Reading
Advertisement
Advertisement
Advertisement
Advertisement

Trending