This week’s Monday mission was about communication and teamwork.
The couples, IYKERESA and BOLAR were both assigned a wall space at a school and had to work together to beautify it but there was a plot twist; the females, Bolanle and Theresa were taught the artful skill of painting by a professional painter and had to pass that knowledge unto their partners Iyke and Arnold to complete the task.
On Tuesday evening, the Love Guests made their way to the living room to await Aunty’s decision, as they have all become accustomed to her Tuesday pickings. She selected BOLAR to continue their love journey in the Love Pad because she felt they needed a break from being chosen three times in a row whist IYKERESA remained on the final nomination list alongside DOUBLECHRIS, JAYKECH and OBIEBI.
As we countdown to the Sunday, 22nd March Live Show, the viewers will get a chance to vote for the couple they would like to see remain in the Love Pad.
Voting opened 8pm WAT Tuesday 17 March and will close 10pm WAT Thursday, 19 March. Voting can be done via the Africa Magic website – https://africamagic.dstv.com/
Ultimate Love is live 24/7 on DStv Premium, DStv Compact Plus, DStv Compact, DStv Confam and DStv Yanga packages on channel 198; and on GOtv Max and GOtv Jolli packages on channel 29.
For more information on the show, visit www.africamagic.tv/
Age they say is nothing but a number but not when you are 126 and still relevant. FirstBank Ltd, Nigeria’s oldest bank has in so many ways stood the test of time.
If there is any bank you can reference for experience when it comes to transformation and innovation from the second industrial revolution to what many see now as the fourth, then it is perhaps this bank. Innovate or die as they say.
Last week, news reports suggest the bank was considering an acquisition of Polaris and Heritage Banks respectively. The bank promptly issued a press release neither affirming nor denying that a deal was under consideration.
However, it said enough to warrant a review of the consequences of taking yet another bold step in the bank’s ageless journey in survival.
Heritage Bank which began operations in 2012 after acquiring the license and structure of the old Societe Generale Bank of Nigeria is not new to controversy.
In 2014 Heritage Bank did the unthinkable, it was announced by the Assets Management Corporation of Nigeria (AMCON) as the winner of the bid for the acquisition of the defunct Enterprise Bank.
Since then, reports about the bank’s ability to remain as a going concern have dominated the news. Polaris Bank, on the other hand, was created by the CBN after it took over the hugely mismanaged Skye Bank Plc.
The bank is yet to publish its financials and the impression out there is that the bank is on life support on the instruction of the CBN.
So, why could FirstBank or indeed any bank be interested in these banks? Last January, the CEO of Heritage Bank Mr. Ifie Sekibo revealed that it will soon receive fresh capital injection from yet to be disclosed investors, a development that is expected to push up the bank’s capital base and by so doing, drive growth.
This was the first official indication that the bank needed capital to survive and remain competitive. FirstBank’s position as the largest bank by total assets and deposits was also usurped by Access Bank following its acquisition with Diamond Bank.
To wrestle the bank, it’s position at the top, First Bank will have to consider both organic and inorganic means. Thus, an acquisition with Heritage Bank is logical. Heritage Bank also recently launched its digital banking business, Octopus putting it at the forefront of the FinTech driven future of banking.
FirstBank potential acquisition with Polaris is one that is hard to decipher from a value proposition. Thus, a possible deal will have to exclude liabilities for it to make sense.
To be fair, Polaris bank has reinvented itself over the last couple of years despite its legacy challenges and ability to attract deposits. From rebranding to launching new products it has struggled to remain relevant as AMCON continues its search for a buyer.
Last year, the bad loan bank announced it will step up a sale of the bank after the 2019 general elections.
Is this a good move for First Bank? First Bank has its own fair share of challenges and is currently undergoing a transformation. The bank is reining in on its notoriously high cost to income ratio and has also reduced its non-performing loans ratio. It has also led the sector in terms of financial inclusion and is also tech conscious with its very impressive banking app and associated services.
The race to scale driven dominance in the banking sector will likely hinge heavily on inorganic growth such as mergers and acquisitions. For a Holdco like FBNH, First Bank’s parent company, the structure allows target driven acquisitions which could solidify the bank’s position as a leading financial services supermarket.
But the risks are obvious and real. An acquisition is not just a combination of balance sheets, it can be a clash of cultures and an explosion of costs. Recent banking acquisitions have not really resulted in the so-called dominance it touts or cost synergies it hopes to optimize.
Nigeria’s largest banks by profits and market capitalization remain Zenith Bank and GT Bank and both avoided mergers and acquisitions during the Soludo driven banking consolidation race.
If FirstBank is to cut a deal to swallow both Polaris and Heritage Banks respectively, then it needs thorough due diligence and must avoid carrying on liabilities and costs that often weigh down on consolidation gains.
In 2017, we got a chance to ask the CEO of the bank, Dr Adesola Adeduntan if the bank could win the race to get to trillions in gross revenue. In response, he took a deep breath and remarked that First Bank was in it to win it. This acquisition may just be a chance to nick it.
Yielding to public outcry, the Federal Government, on Wednesday, banned flights from 13 countries.
This was announced by the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, in Abuja.
The move was aimed at containing the dreaded COVID-19.
The government also suspended issuance of visa on arrival.
The affected countries are the United States (U.S.), United Kingdom (UK), Switzerland, China, Japan, Iran, South Korea, Germany, Italy, Norway, The Netherlands, France, Spain.
The Greater Lagos Regatta and Festival (TG-LARAF) will accelerate the economic growth of Lagos State by heightening investor’s interests in the potentials of state, the organisers have said.
At a press conference to announce the event on Tuesday, Mr. Ivor Ekpe, Chief Executive Officer of Gradient Hill Limited, organisers of the event, said TG-LARAF is conceived to combine elements that have never been put together before to draw attention to the economic prospects of the state.
“The objective of TG-LARAF is very simple. It is not to have another party that will be forgotten till the next one. We saw an opportunity to do what will help Lagos beyond just the entertainment and to see how we can combine what nobody else has done before.
We have put together a conference, which centres on the prospect, growth and opportunities in Lagos and combine that with the regatta and festival. So, this provides a wonderful opportunity to combine these elements and have a greater impact,” Ekpe said.
The event, being organized in partnership with the Lagos State Ministry of Tourism, Arts and Culture, is scheduled to hold from 10-12 April. It will open with a conference tagged “Greater Lagos Inland Waterways Optimization and Business Conference.” The conference, slated to hold at the EkoAtlantic city, will be addressed by experts in tourism/ hospitality, finance, insurance, maritime as well as arts and culture sectors, who are expected to come up with ways on how best to harness water assets of the state to accelerate its economic growth.
The same day, the event will be formally declared open at an elaborate ceremony by the Lagos State Governor, Mr. Babajide Sanwo-Olu.
The second day will feature a boat regatta, racing competitions by traditional and modern marine vessels at the waterfront of the Five Cowrie Creek, while the third day will see awards presented to winners of the competition. Each day of the event, the organisers explained, will feature family funfair and bazaar as well live musical performances.
Flykite Productions, organizers of GOtv Boxing Night, have announced a decision to postpone the 21st edition of the event (GOtv Boxing Night 21).
The show, scheduled to hold on 12 Aprilat the Indoor Sports Hall of the National Stadium, Lagos, will now hold at a date to be announced later. The decision to postpone the event was informed by concerns related to the Corona Virus Disease (COVID-19).
In a statement, CEO of Flykite Promotions, Jenkins Alumona, said the decision to postpone the event was taken after consultation with stakeholders and event sponsors. “After close consultations with boxing stakeholders and the sponsors, we have decided to postpone GOtv Boxing Night 21 to a later date. This is in recognition of the hazard that COVID-19 poses, especially in light of boxing being a physical sport which attracts a large number of people,” Alumona explained.
The event, which debuted in 2014, is an initiative of GOtv to revive the sport in Nigeria.