Stanbic IBTC Holdings PLC’s entities have won the Best Asset/Fund Management Company and Best Private Banking Business in Wealth and Society West Africa at the Global Wealth and Society Awards West Africa 2019. The awards further validate Stanbic IBTC’s standing as a leading end-to-end financial services organisation with market leadership across segments, including wealth management, corporate and investment banking, pension fund administration, stockbroking, custody, trusteeship and others.
Stanbic IBTC Asset Management Limited won the Best Private Banking Business in Wealth and Society in West Africa, while Stanbic IBTC Pension Managers Limited picked the Best Asset/Fund Management Company in Wealth and Society also in the West Africa category.
The award ceremony was held in conjunction with a Roundtable Dialogue comprised of private bankers, impact investors, and related parties, at the Eko Hotel Lagos. These new accolades complement the numerous recognitions awarded to both companies in 2018.
“Being singled out among peers is gratifying and we are very pleased to have been selected for recognition as the Best Asset/Fund Management Company in West Africa. It is another prestigious award made possible by our esteemed and loyal customers. Our customers constantly challenge us through their patronage and positive feedback allowing us to push the envelope in innovative service to ensure they get full benefit of partnering with us,” Chief Executive, Stanbic IBTC Pension Managers Limited, Mr. Eric Fajemisin, said.
On his part, Chief Executive, Stanbic IBTC Asset Management Limited, Mr. Oladele Sotubo, expressed the firm’s delight for being recognized by such a reputable and credible organisation from a pool that includes some of the industry giants in Africa. He said the awards further demonstrate Stanbic IBTC’s strength and desire to consistently provide best-in-class financial services solutions across all market segments by leveraging on the expertise and rich heritage of the Standard Bank Group, to which Stanbic IBTC Holdings belongs.
“These awards are testament to our capabilities and competences across all business segments, and speak to our unwavering dedication to consistently deliver innovative and robust solutions to our clients,” Sotubo stated.
The Global Wealth and Society programme opened in London in 2018, according to the promoters, out of the belief that wealth can be a force for good. As such we look for instances everywhere in the world where wealthy individuals, institutions and funds were targeted to make an impact in their local communities or the world at large.
The programme is predicated on the belief that the best financial institutions are able to understand and look after their clients’ personal aspirations as well as family and business interests through exceptional service, conducted with integrity, a deep empathy for its clients’ needs, and superior and timely product innovation resulting in the preservation and expansion of the clients’ wealth in their lifetime.
Organizers of the awards, Global Wealth and Society, said recipients of these awards underwent a stringent and comprehensive evaluation process and that the selection of Stanbic IBTC Asset Management Limited was based on three major factors which distinguished the firm among its peers and they are; its being a national pioneer in ethical financial products and alongside its Imaan fund based on Sharia principles, and its Ethical Fund is Nigeria’s first quoted socially responsible mutual fund and accounts for one third of the Ethical Funds Sector in Nigeria.
Stanbic IBTC Money Market Fund is the institution’s most profitable product as well as the largest open-ended mutual fund in Nigeria and Socially Responsible Investment Funds and its customer-centric strategy drove strong Assets Under Management (AUM) growth for firm.
Stanbic IBTC Pension Managers Limited, on the other hand is the country’s largest pension fund administrator, with a proven record of finance tracking and the protection of investments. The company’s Retiree Fund 4 was the best performing fund in its category for 2018, with a YTD return of 15.54% compared to the average of 12.66% for Retiree Fund 4 in Nigeria. The company currently manages the largest Retirement Savings Account Fund (RSA) in Nigeria and is consistently providing products and services that meet customer, statutory and regulatory requirements. In addition to this, the PFA has continued to attract new clients, recording strong growth in AUM and a jump in high net worth clients in 2018.
The Special Presidential Investigation Panel for the Recovery of Public Property says it will slam a charge of economic sabotage on Unity Bank if it refuses to return the over N7 billion owed the Federal Government.
The Head, Media and Communication of the Panel, Ms Lucie-Ann Laha, gave the warning in a statement in Abuja on Monday.
According to her, the sum represents 15,561,769.99 dollars and N1,488,455,810.90 being excess and arbitrary charges on accounts of some agencies of government by the bank before the implementation of Treasury Single Account (TSA) system.
She said that the agencies included Nigerian Ports Authority (NPA), Nigerian National Petroleum Corporation (NNPC), Nigeria Custom Service (NCS), the Kaduna Refinery and NIMASA.
“Unity Bank, which had agreed to this amount in February, has neither proffered a payment plan nor demonstrated good faith by actually initiating payments.
” Instead, the bank has severed all communications with the Panel in this regard.
“It may be recalled that the panel had commissioned a team of experts, including forensic auditors, to look into the operations of accounts of MDAs in commercial banks within the country prior to the commencement of TSA,” Laha said.
The spokesperson said that the exercise had unearthed some sharp practices and elicited indictments.
She added that some of the indicted banks had since agreed to a refund plan and in fact commenced payments.
“Unity Bank has, however, not made any move in this regard.
“The Panel is unrelenting in its resolve towards ensuring that economic saboteurs are brought to book and looted public property, including money, duly returned to government”.
Governor-Elect of Lagos State, Babajide Sanwo-Olu, has said he will reduce reckless driving in BRT by employing graduates as drivers and adding more dignity to the work.
Sanwo-Olu spoke Saturday during an interactive session with his classmates at the Executive Master of Business Administration class, University of Lagos, 1998/2000 set
Sanwo’s classmates asked Sanwo-Olu how he would address the recklessness of some of the BRT bus drivers.
He said ; Quote
“By the time we get the culture of the drivers’ right, the routes are coming up, by the time we finish the Abule-Egba/Iyana Ipaja/Ikeja route, it will boost the number of BRT (buses).”
Accordingly to Sanwo-Olu, Lagos could one day adopt technology to upgrade and model the BRT ticketing system after what is obtainable in the United Kingdom.
At the dinner, the governor-elect also explained his plans to eradicate gridlock around the cit.
He said his administration hoped to, by the middle of next year, complete the blue rail starting from Okokomaiko, through to Mile 2, Orile and Marina.
“The water will work, BRT buses will work and rail will work,” Sanwo-Olu added.
Isiaka Oyetola, Osun State governor, has declared that his administration has no money for capital projects on assumption of office.
Oyetola said that his administration had to seek the intervention of the Federal Ministry of Works for the construction of the long abandoned Iwo-Osogbo Road as one of his maiden capital projects which he embarked upon as soon as he assumed office about seven months ago.
He stated that many people were not aware of the secret for the success recorded on the constriction of the road attributing it to the intervention of the Federal Ministry of Works in Abuja.
Oyetola who spoke while delivering an address at Aragbiji Palace Iragbiji during a Ramadan Lecture, said his government had no money on assumption of office to embark on white elephant and capital intensive projects.
Governor Oyetola further said that his resolve was to promptly pay workers’ salary, adding that the era of ‘half salary’ in the state has finally gone.
Mr. Oyetola also used the occasion to reiterate his commitment to provision of quality health care services in the state at no cost at all for Osun citizenry.
He said, “Everything you need for your sound health is available at all the 332 Healthcare Centres across the state of Osun. Just go to the healthcare centre closest to you to access the healthcare services provided by the government. Others yet to be available would be provided.
“You don’t have to go to Asubiaro Hospital in Osogbo before you can access our healthcare services. The one nearest to you will be equipped with all the necessary health provisions.”
Governor Oyetola, however, sought for the continuation of support of Osun people for his government saying, “A governor is like a driver, who needs the cooperation of all onboard for a safe trip.”
In attendance at the 12th Annual Aragbiji Palace Ramadan Lecture which the Royal Father of the ancient town, Oba Abdul-Rasheed Ayotunde Olabomi, has never missed since he assumed the throne about twelve years ago were the wife of the Governor, Alhaja Kafayat Oyetola, Osun Central Senator-elect, Dr. Ajibola Bashir, and other political functionaries.
The Federal Government said on Monday that it has lined up several activities to mark June 12 as Nigeria’s first Democracy Day.
Though it said that May 29 still remains a public holiday in the country and that President Muhammadu Buhari will be sworn in on that day, it nevertheless said major activities of the event will be shifted to June 12.
￼Minister of Information and Culture, Lai Mohamed, who spoke at a press briefing in Abuja, said both days would be marked as public holiday this year.
But the minister said most of the activities had been moved to June 12, and that the events slated for May 29 would be low key.
￼He said world leaders will only attend the June 12 events.
The minister said the events celebrating June 12 as Democracy Day will kick off on Friday, June 7, with a Historical Exhibition in Arts, Pictures and Immersive Environment and run through June 12.
The event, he said, is slated to hold at the ICC.
It will be followed on Sunday, June 9th by a Youth Concert, Creative Industry and Entertainment Night also at the ICC.
He said, “On Monday, June 10th, there will be a Secondary Schools Exhibition/Panel Discussion at the ICC, and Tuesday, June 11th will feature three events: the PMB Oratorical Contest at the ICC, an Anti-corruption Summit at the Transcorp Hilton and a First Lady’s Commissioning Programme in Yola, Adamawa.
“Wednesday, June 12th will start off with a parade at the Eagle Square, and the Democracy Day programme will wrap up with a Dinner and Gala Night at the State House Conference Centre.”
The Nigerian National Petroleum Corporation (NNPC) has explained that the retirement of 11 of its senior management staff and others from its subsidiaries as well as the redeployment of 19 others were part of its normal replacement and backfill process.
A top source at the Corporation who disclosed this in a chat with The Whistler, described as fallacious, the insinuation that the exercise was lopsided.
In all, 30 staff were affected by both the statutory retirements and redeployments.
A list of the staff that would statutory retire between 1st May and 31st July, 2019 obtained by The Whistler includes the General Manager, Chad Basin, Aniya Francis Umaru, who is from the north-eastern part of the country and retired on May 6th, 2019; Adewale Solomon Ladenegan, Managing Director, KRPC, who hails from the south-west and retired on May 13th, 2019 and Musa Sulyman Gimba, who is the Group General Manager, NNPC Leadership Academy, who also is from the north-east and retired on May 14th, 2019.
Others include Umma Ayuba Musa, who is the General Manager, HR & Admin Services, Duke Oil, from North-west and retired on May 19th, 2019; Emmanuel–Ate Mariagoretti Ndidi, General Manager, Support Services, NGC, from the south-south region and retires on May 30th, 2019; Tsavnande Thaddeaus Atighir, the Executive Director, Operations, from the North-Central; Okor Ovieghara, the General Manager, Upstream/TA to GMD, who hails from the South-South region; Barau Mohammed Kabir, the Managing Director, NGMC, who is from the North-Western region; Dawaki Salihi Abubakar, the General Manager NLNG, LIMS, from the North-West; Ibrahim Aminu Bagudu, the Executive Director, ETSD, NPDC, who is from the North-West and Yusuf Shimingah Matashi, the Managing Director, NPDC, who hails from the North-Western region retires on 17th July, 2019.
“The retirement of these officers will open up gaps in the management of some important Strategic Business Units and Commercial Strategic Units of the Corporation.
“Consequently, there is an urgent need to propose competent staff within the Corporation for promotion to fill up the vacancies that emerged,” the documents cited by The Whistler explained.
On the other hand, the names of the 19 staff that were redployed include Anas Mustapha Mohammed, Usman Faruk, All Muhammed Sarki, Osarolube Ezekiel, Ihya Aondoaver Mson, Isah Abubakar Lapal, Umar Hamza Ado, Garba Adamu Kaita, Ossai Uche, Usman Umar, Ehizoje Tunde Ighodaro, Ahmed Mohammed Abdulkabir and Lere Isa Aliyu.
Others are: Richard-Obioha Maryrose Nkemegina, Dikko Ahmed, Ibrahim Sarafa Ayobami, Usman Yusuf, Sambo Mansur Sadiq and Buggu Louis Tizhe.
Speaking further, the source who shed more light on the exercise said: “It’s part of normal replacement process for those that are due for statutory retirement. We normally get approvals ahead of schedule.
“The reference to lop-sidedness in the media is misplaced as we try to do like for like in replacing retiring staff with staff from their zones as much as possible.”
Contrary to a news report on the retirement of the NPDC boss, the source said Matashi would not leave until his statutory retirement date of 17th July.
“The replacements are for staff retiring statutory between 1st May and 31st July 2019. Of necessity some of the replacements and the backfills have to be promoted through appointments due to their grades,” the source said.
President Muhammad Buhari has approved the appointment of Captain Rabiu Hamisu Yadudu as the new Managing Director of the Federal Airports Authority of Nigeria (FAAN).
Captain Yadudu is to take over from the erstwhile Managing Director, Engr. Saleh Dunoma. The new appointment was announced in an official statement issued Monday and signed by the Deputy Director Press & Public Affairs, Ministry of Transportation (Aviation), James Odaudu.
An ICAO / ACI accredited International Airport Professional, Captain Yadudu was until his new appointment, the Director of Airport Operations of the Authority.
He also holds professional certifications in Avionics, Airport Safety Management Systems, Airport Security Management, Air Transport Systems Management, amongst others. His appointment takes immediate effect.
More facts have emerged on the reasons why the defunct Diamond Bank surrendered itself for a business combination deal with Access Bank Plc.
The deal was consummated on April 1.
According to a report obtained by THISDAY yesterday, between December 2014 and June 2018, the immediate past management of Diamond Bank under the leadership of Mr. Uzoma Dozie as Chief Executive Officer, inherited a distressed oil and gas portfolio of $1.8 billion (N302.6 billion).
Of this amount, the sum under Watch list and non-performing loans (NPLs) stood at $406 million (N68.9 billion) and $73 million (or N12.3 billion), respectively.
In addition, the bank had foreign currency balance sheet mismatch in excess of $883 million as at October 31, 2015, resulting from maturing trade obligations and customer transactional instructions.
Similarly, Diamond Bank had unpaid billions of naira to the federal government’s Treasury Single Account (TSA), resulting to regulatory sanctions and negative public perception and waning customer confidence.
The immediate past management of the defunct bank preserved Diamond Bank’s licence by paying down the inherited forex liquidity mismatch, it stated.
Furthermore, it showed that the inability of Diamond Bank to repay the Nigerian National Petroleum Corporation/Nigerian Petroleum Development Company Limited’s funds to the TSA, “due to the application of those funds in the creation of long-term oil and gas and power loans was a major threat to the bank’s corporate existence.”
Without external management, the then management of the bank employed every legitimate means, including strong negotiation and relationship management skills to have the issue resolved.
According to the report, as at the end of September 2018, this obligation had been fully extinguished.
While resolving this, the Uzoma Dozie-led management built an enviable retail franchise that, stand-alone, can generate sustainable profitability and low-cost deposits.
However, the value of the retail deposit was hidden in bad corporate loans inherited by the then management.
In addition, the management then developed long-term sustainable relationship with global institutions, which has helped to build thrust in its brand.
These included Women’s World Banking, Bills and Melinda Gates Foundation, Afreximbank, International Finance Corporation, Ecowas International and Development Bank, among others.
Commenting on the merger with Diamond Bank, the Group Managing Director/Chief Executive Officer, Access Bank, Mr. Herbert Wigwe, had said: “Together, we would have 27 million customers, which is the largest customer base of any bank on the continent. We would have 33,000 point of sale (PoS) terminals, 3,300 automated teller machines (ATMs) and all of that.
“Access Bank has grown over time and has built a very strong wholesale banking capability. We have also shown significant expertise as far as treasury is concerned, risk management as well as our capital management plan.
“We created and pushed a very strong value chain strategy which was our own way of building our retail business.
“This was because we realised that the creation of a large diversified bank is critical, not just for Nigeria, but in Africa and the world. If you go to any part of the world, what you tend to see is that the top three or top five banks technically control market share.”
Speaking further, Wigwe said the combination of Access Bank and Diamond Bank would ensure that “we are able to take and solve customers’ issues right from the wholesale end, down to the man in the village, just because of the use of technology.” (Thisday)
VIO has declared that pasting `Car For Sale’ or “For Sale” sticker on a moving vehicle is illegal and a violation of law.
According to the Federal Capital Territory Directorate of Road Traffic Services (VIO), pasting “For Sale” sticker on moving vehicles as a way of marketing is illegal and a violation of the law. Mr Kalu Emetu, the directorate’s Public Relations Officer made this known in an interview with NAN in Abuja, on Sunday.
Emetu went on to say that such act was a violation of the FCT Administration’s transportation master plan.
A lot of vehicles had been impounded for violating the law; and warned car owners to use proper channels of marketing their vehicles, he said.
VIO also finds it illegal for any vehicle owner to market their vehicles in unauthorised car marts in the FCT.
Nigerians are advised to take caution and heed to the law as breaking it is purnishable and involves paying fine. With different officials on the road to ensure car owners and road users abide by the law, it is also to remember the 12 things to avoid when a soldier stops your vehicle which we posted about a month ago.
Pay television firm, MultiChoice has announced a partnership between its flagship initiative, the MultiChoice Talent Factory (MTF), and the New York Film Academy College of Visual and Performing Arts (NYFA), a world-renowned visual and performing arts school.
The groundbreaking collaboration, explained, Femi Odugbemi, MTF Academy Director (West Africa), is in line with MTF’s mission of igniting Africa’s already established creative industries through training and skills development as well as foster new and original programming.
Cheryl Uys-Allie, MTF Director, added that MultiChoice’s commitment to partnering with industry experts such as the NYFA is to promote and protect the growth of Africa’s creative industries. She also pointed out that the endorsement of the MTF by NYFA confirms the film school’s continued efforts to the empowerment and development of filmmakers across the world.
For more than a decade, the NYFA has supported African content creators and performers by hosting workshops across the continent, where the institution’s faculty has met with thousands of students in Nigeria, Ghana, South Africa and Kenya and further bridged its hands-on intensive training in both the visual and performing arts as well as offering information sessions, auditions, and portfolio reviews to attendees.
The NYFA prides itself in developing students through a “learning by doing” approach, blending a mixture of traditional film school instruction with coursework and practical experience, which ensures that students learn to make films by actually making films. Through this partnership, MultiChoice continues its commitment to boosting capacity in the continent’s creative industry.
Jim Miller, NYFA Vice President, said the institution is delighted to be part of the process to upgrade skills of African film and television professionals.
“The New York Film Academy is honored to be a part of the enrichment, development, and fostering of storytellers across Africa, a continent steeped in a rich history of dynamic, creative and passionate visual and performing artists
“Over the years, NYFA has been privileged to have hosted hundreds of students—from dozens of African nations—many of whom have found outstanding success in their national industries when they returned home.
“This MTF and NYFA collaboration is a natural extension of our commitment to help bolster the skills of talented African storytellers,” Miller said.
The MTF Academy (West Africa) Director, equally noted that the much anticipated MTF Masteclasses kicked off in January, supported by various industry partners, and will include series of workshops intended to increase MTF’s purpose of upskilling film and TV creatives. Taking place across various cities, the Masterclasses are also presented to industry professionals with the intention of developing technical skills of established creatives in cinematography, audio and storytelling to improve the quality of local productions.