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LCCI Celebrates International Women’s Day, Calls For Critical Policy, And Social Reforms For Gender Equality

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1 year ago

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ASIWAJU (DR) MICHAEL OLAWALE COLE, CON PRESIDENT, LAGOS CHAMBER OF COMMERCE & INDUSTRY (LCCI).

Olushola Okunlade Writes

The Lagos Chamber of Commerce & Industry (LCCI), a gender-sensitive organization has congratulated women all over the world on this year’s International Women’s Day celebrations today, 8th of March 2022. 

The theme of this year’s edition, “Gender Equality Today for a Sustainable Tomorrow” provides us an opportunity to join voices with people around the world and shout our message for equal rights and that “Women’s rights are human rights!” This year’s theme is all about recognizing and amplifying the important role women and girls around the world play in addressing climate change for a more sustainable future.

ASIWAJU (DR) MICHAEL OLAWALE COLE, CON PRESIDENT, LAGOS CHAMBER OF COMMERCE & INDUSTRY (LCCI).
ASIWAJU (DR) MICHAEL OLAWALE COLE, CON PRESIDENT, LAGOS CHAMBER OF COMMERCE & INDUSTRY (LCCI).

Beyond the speeches and celebrations that mark the annual International Women’s Day, we use this medium to call for critical policy and social reforms that put gender equality and sustainability at the center of governance, politics, and international affairs. Women should be given equal access to resources for them to add more value to society. The Food and Agriculture Organization (FAO) revealed that if women farmers had equal access to productive resources, their farm yields would increase by 20 to 30 percent. This could provide enough food to keep 100 to 150 million people from hunger and thereby reducing global hunger to 17 percent.

At all levels of government, women’s representation and leadership appear to drive better performance and more sensitivity to environmental outcomes. At the local level, women’s participation in managing natural resources has led to more equitable and inclusive resource management and better conservation outcomes in Nigeria. In public service, women have proved to be less corrupt than their men folks who have been in the news for the wrong reasons.

The Lagos Chamber of Commerce & Industry, a gender-sensitive organization is pleased to congratulate women all over the world on this year’s International Women’s Day celebrations today, 8th of March 2022. The theme of this year’s edition, “Gender Equality Today for a Sustainable Tomorrow” provides us an opportunity to join voices with people around the world and shout our message for equal rights and that “Women’s rights are human rights!” This year’s theme is all about recognizing and amplifying the important role women and girls around the world play in addressing climate change for a more sustainable future. Beyond the speeches and celebrations that mark the annual International Women’s Day, we use this medium to call for critical policy and social reforms that put gender equality and sustainability at the center of governance, politics, and international affairs. Women should be given equal access to resources for them to add more value to society. The Food and Agriculture Organization (FAO) revealed that if women farmers had equal access to productive resources, their farm yields would increase by 20 to 30 percent. This could provide enough food to keep 100 to 150 million people from hunger and thereby reducing global hunger to 17 percent. At all levels of government, women’s representation and leadership appear to drive better performance and more sensitive to environmental outcomes. At the local level, women’s participation in managing natural resources has led to more equitable and inclusive resource management and better conservation outcomes in Nigeria. In public service, women have proved to be less corrupt than their men folks who have been in the news for the wrong reasons. In line with global trend, Nigerian women constitute nearly half of the population of the country. But despite the major roles they play with their population size, women roles in the society are yet to be given the recognition they deserve. This is due to some cultural stereotypes, abuse of religion, traditional practices, and patriarchal societal structures. In Nigeria, about 51 percent of women are involved in voting during elections. Despite this, women are still under-represented in both elective and appointive positions. The extant National Gender Policy (NGP) recommended 35% affirmative action and sought for a more inclusive representation of women with at least 35% of both elective political and appointive public service positions. Recently, both chambers of the National Assembly were presented with a “Bill for an Act to Alter the Provisions of the Constitution of the Federal Republic of Nigeria, 1999 to Provide for Special Seats for Women at the National and State Houses of Assembly”. It was saddening to see the Bill rejected by majority votes which has led to pockets of protests by women groups across the country. We urge the National Assembly to reconsider the rejected bills for a possible review and acceptance for inclusive governance. We commend the lawmakers for accepting the “Bill for an Act to Alter the Provisions of the Constitution of the Federal Republic of Nigeria, 1999 to Provide a Minimum Percentage for Women in Ministerial or Commissioner Nominees.” We urge the government to leverage this Bill passage to deliberately work toward the inclusion of women in governance as this would give Nigeria international recognition and relevance. Political parties should also be sensitive to the provisions of this Bill towards ensuring that deliberate steps are taken to include more women in the running of the parties and offer elective opportunities to women. Nigeria, being a signatory to many international treaties that support women in politics like the 35 percent affirmative action, should enact more local laws that support more women participation according to international provisions. ASIWAJU (DR) MICHAEL OLAWALE COLE, CON PRESIDENT, LAGOS CHAMBER OF COMMERCE & INDUSTRY TUESDAY 8TH MARCH 2022

In line with the global trends, Nigerian women constitute nearly half of the population of the country. But despite the major roles they play with their population size, women’s roles in society are yet to be given the recognition they deserve. This is due to some cultural stereotypes, abuse of religion, traditional practices, and patriarchal societal structures. In Nigeria, about 51 percent of women are involved in voting during elections. Despite this, women are still under-represented in both elective and appointive positions. The extant National Gender Policy (NGP) recommended 35% affirmative action and sought for a more inclusive representation of women with at least 35% of both elective political and appointive public service positions.

Recently, both chambers of the National Assembly were presented with a “Bill for an Act to Alter the Provisions of the Constitution of the Federal Republic of Nigeria, 1999 to Provide for Special Seats for Women at the National and State Houses of Assembly”. It was saddening to see the Bill rejected by majority votes which have led to pockets of protests by women groups across the country. We urge the National Assembly to reconsider the rejected bills for a possible review and acceptance for inclusive governance.

We commend the lawmakers for accepting the “Bill for an Act to Alter the Provisions of the Constitution of the Federal Republic of Nigeria, 1999 to Provide a Minimum Percentage for Women in Ministerial or Commissioner Nominees.” We urge the government to leverage this Bill passage to deliberately work toward the inclusion of women in governance as this would give Nigeria international recognition and relevance. Political parties should also be sensitive to the provisions of this Bill towards ensuring that deliberate steps are taken to include more women in the running of the parties and offer elective opportunities to women.

Nigeria, being a signatory to many international treaties that support women in politics like the 35 percent affirmative action, should enact more local laws that support more women participation according to international provisions.

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Stanbic IBTC Bank Nigeria PMI: Recovery From Cash Crisis Continues In May

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13 hours ago

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June 7, 2023

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How Stanbic IBTC’s Activities Drive Job Creation

By Moninuola Sulaiman

Latest PMI data indicated that the Nigerian private sector continued to recover from the cash crisis in May as access to money improved and business conditions returned to normality. Output and new orders expanded for the second month running, with the latter increasing at the fastest pace in just over a year. Confidence remained historically subdued, however, meaning that firms continued to operate a cautious approach with regard to hiring. Input costs rose sharply again, with output prices up accordingly. That said, the rate of selling price inflation eased to the weakest since April 2020. The headline figure derived from the survey is the Stanbic IBTC Bank Purchasing Managers’ Index™ (PMI®).

Readings above 50.0 signal an improvement in business conditions in the previous month, while readings below 50.0 show a deterioration. The headline PMI posted above the 50.0 no-change mark for the second month running in May, following the two-month sequence of decline seen around the worst of the cash crisis in the first quarter of the year. At 54.0, up from 53.8 in April, the index signaled a solid improvement in business conditions that was the most marked in 2023 so far. With access to cash improving, customer numbers increased, enabling firms to secure greater volumes of new orders in May.

New business was up sharply, with the rate of expansion the fastest since April 2022. Similarly, business activity rose for the second month running, and at a marked pace. Here, the expansion was slightly softer than in April, however. The activity was up across each of the four broad sectors covered, with growth led by wholesale & retail. Although higher new orders encouraged firms to increase their staffing levels for the first time in four months during May, the rate of job creation was only marginal amid signs that spare capacity remained in the private sector. The weak pace of employment growth also partly reflected a relatively softer sentiment regarding the year-ahead outlook for activity. Although business expansion plans and predictions of further improvements in new orders supported positive forecasts, confidence dipped and was the second lowest on record.

 

More positively, firms increased their purchasing activity at a rapid and accelerated pace, with higher input buying helping companies to expand their inventories. Purchase prices continued to rise sharply, albeit at a slightly softer pace than in the previous survey period. Higher costs for agricultural inputs such as animal feeds, and rising prices for industrial raw materials, were often mentioned. Staff costs were also up as companies offered higher pay to employees to reflect greater workloads. Although output prices rose markedly in response to higher costs, the pace of inflation eased to the softest in just over three years as some firms offered discounts to stimulate demand.

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IFC, Partners Support BUA With $500M Facility To Boost Industrialization, Create Jobs, In Northern Nigeria, Sahel

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1 day ago

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June 6, 2023

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IFC, Partners Support BUA with $500 Million Facility to Boost Industrialization, Create Jobs, in Northern Nigeria and the Sahel

Rashidat Okunlade Writes

International Finance Corporation (IFC) on Monday made its largest-ever investment in northern Nigeria, providing a financing package alongside African and European partners to BUA Cement Plc to help the company part-finance and develop two new, energy-efficient cement production lines that will create up to 12,000 direct and indirect jobs.

 

IFC’s $500 million financing package includes a $160.5 million loan from IFC’s own account, a $94.5 million loan through the Managed Co-Lending Portfolio Program (MCPP), and $245 million in parallel loans from syndication partners; the African Development Bank (AfDB) – $100 million, the Africa Finance Corporation (AFC) – $100 million, and the German Investment Corporation, Deutsche Investitions- und Entwicklungsgesellschaft (DEG) – $45 million.

 

The financing, announced during the Africa CEO Forum in Abidjan, Cote d’Ivoire, will allow BUA, Nigeria’s second-largest cement producer, to develop new production lines in northern Nigeria’s Sokoto State. The plants will run partly on alternative fuels derived from waste and solar power. Each will produce about three million tons of cement annually when complete, serving markets in Nigeria, Niger, and Burkina Faso.

 

Investing in northern Nigeria is integral to IFC’s strategy to promote sustainable development in underserved regions. This includes areas with limited opportunities and a need for increased private-sector engagement. The new plants will provide local developers with a reliable and affordable source of cement, and bolster the construction of essential infrastructure, fostering economic growth and prosperity for the region.

IFC, Partners Support BUA with $500 Million Facility to Boost Industrialization, Create Jobs, in Northern Nigeria and the Sahel

Left-Right: Samaila Zubairu, President & CEO, Africa Finance Corporation (AFC); Abdul Samad Rabiu, Founder and Chairman of BUA; Makhtar Diop, Managing Director of International Finance Corporation (IFC); Franziska Hollmann, Director Industries & Services, Africa & EMECA at DEG and Solomon Quaynor, AFDB Vice President Industry during the IFC/BUA Group $500 million facility official signing in Abidjan, Cote D’Ivoire.

The project is expected to create about 1,000 direct and 10,800 indirect jobs. Direct jobs include those in manufacturing, engineering, and advanced automation systems. Indirect jobs include those in the cleaning, maintenance, mining, and transportation sectors.

 

“BUA is delighted to partner with IFC and other esteemed institutions in securing this $500 million facility to develop energy-efficient cement production capacity and strengthen our equipment and logistics capabilities in northern Nigeria. In line with our commitment to sustainability and ESG principles, this investment will create jobs and contribute to economic and infrastructural development within Nigeria and the greater Sahel region. We are particularly pleased to have successfully gone through the rigorous process with IFC, AfDB, AFC, and DEG, which validates our responsible business practices. By focusing on greener fuels and enhancing our equipment and logistics platform, BUA Cement is building a foundation for sustainable infrastructure growth and a more inclusive society,” said Abdul Samad Rabiu, Chairman and Founder of BUA Group.

 

“We are pleased to join with our partners to support BUA with an investment that will boost industrialization, create jobs and deliver economic growth in northern Nigeria, a region with significant economic potential,” said Makhtar Diop, IFC’s Managing Director.

 

The financing package announced by IFC and its partners will also allow BUA to replace some of its diesel trucks with vehicles that are run partly on natural gas, over time producing fewer emissions. As part of the project, IFC will also advise BUA on developing a gender-inclusive workplace strategy that creates more opportunities for women across its operations.

 

“Following an initial $200 million investment in BUA Group in 2021, we are proud to play another key role in this landmark manufacturing project set to transform the construction sector in northern Nigeria and the entire country. Investing in this project will sustainably build Nigeria’s local manufacturing capacity, empowering local communities and creating employment opportunities. AFC is committed to working with our partners to accelerate development impact through infrastructure solutions that support value addition, industrialization, and job creation throughout Africa,” said Samaila Zubairu, CEO & President of Africa Finance Corporation (AFC).

 

“The African Development Bank is pleased to be partnering with IFC and BUA on this expansion project as it is aligned with our priority strategies of industrializing Africa and improving the quality of lives of Africans through the increase in cement production which will lead to the development of additional affordable housing and critical infrastructure in Nigeria and neighboring West African countries while supporting the use of cleaner energy at BUA’s Sokoto facility,” said Solomon Quaynor, Vice President – Private Sector, Infrastructure and Industrialization of African Development Bank (AfDB).

 

“DEG’s mission is to be a reliable partner to private sector enterprises as drivers of development and creators of qualified jobs. We are pleased to contribute to this transaction together with our development finance partner institutions. Together we support BUA in its transformation towards a more sustainable production by implementing innovative technology. The significant reduction of CO2 emissions and the creation of decent jobs in a region with many vulnerable households are key factors for DEG’s financing,” said Gunnar Stork, Senior Director at DEG.

 

The investment in BUA is part of IFC’s strategy to promote diversified, inclusive growth and job creation in Nigeria, where IFC supports the manufacturing agribusiness, healthcare, infrastructure, technology, and financial services sectors. IFC has an active investment portfolio of $2.3 billion in Nigeria.

 

Know More About IFC: a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in over 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In the fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.

 

Know More About BUA Group: BUA Group is one of Africa’s leading manufacturing, mining, foods, and infrastructure conglomerates with diversified interests in a wide range of sectors, including but not limited to Cement, Sugar, Flour Milling, Real Estate, logistics, and Infrastructure. Established in 1988 by Abdul Samad Rabiu, BUA Group has consistently grown over the years, establishing itself as a leading player in the Nigerian and African private sectors. As an organization, BUA Group places a strong emphasis on operational excellence, leveraging innovative technologies, and nurturing a high-performing workforce to stay competitive. Beyond its business operations, the group is dedicated to contributing positively to the socio-economic development of its host communities, signifying its commitment to sustainable and responsible business practices. For more information, visit www.buagroup.com

 

 

 

 

 

 

 

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FBN Holdings 2022 Earnings Rises To N805 Billion; Q1 2023 Profit Grows By 55% To N56 Billion

Published

3 days ago

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June 5, 2023

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results for the nine months ended September 30, 2022

Rashidat Okunlade Writes

FBN Holdings Plc. (FBNH) announces its unaudited results for the first quarter ended March 31, 2023.

 

Selected Financial Summary 

Income Statement  
(₦ billion) Q1

2023

 Q1

2022

 ∆ Key Ratios % Q1

2023

 Q1

2022
Gross earnings 259.5 180.5 +43.8% Post-tax return on average equity5 20.1 14.5
Interest income 179.6 109.4 +64.1% Post-tax return on average assets6 1.9 1.4
Net-interest income 111.8 72.8 +53.6% Earnings yield7 10.1 7.6
Non-interest income[1] 72.3 64.7 +11.8% Net-interest margin8 6.3 5.1
Operating income[2] 184.2 137.5 +33.9% Cost of funds9 3.0 2.0
Impairment charges for losses 16.9 8.8 +93.1% Non-interest revenue/operating income 39.3 47.1
Operating expenses 111.2 92.2 +20.6% Cost to income10 60.4 67.0
Profit before tax 56.1 36.5 +53.6% Gross loans to deposits 54.1 51.9
Profit for the period [3] 50.1 32.4 +54.5% Capital adequacy (FirstBank (Nigeria) 15.6 16.0
Basic EPS (kobo)[4] 1.38 0.89 +54.0% Capital adequacy

(FBNQuest Merchant Bank)

 17.4 19.7
Statement of Financial Position NPL/Gross Loans 4.0 6.0
(₦ billion) Q1

2023

 FY

2022

 ∆ NPL coverage11 96.7 68.9
Total assets 11,094 10,578 4.9% PPOP12/impairment charge (times) 4.3 5.2
Customer loans & advances (Net) 3,949 3,789 4.2% Cost of risk13 1.7 1.1
Customer deposits 7,591 7,124 6.6% Book value per share 27.9 25.3

 

Nnamdi Okonkwo, Group Managing Director commented: “FBNHoldings has sustained its positive performance momentum despite the clearly difficult operating environment. This is a testament to our ability to effectively navigate the challenging business terrain and optimise opportunities. It further demonstrates our disciplined risk management and strong execution capabilities resulting in enhanced revenue generation and improved bottom line.

“Notwithstanding the ongoing progress, we remain focused on innovating and deepening our value propositions and delivery model while optimising operational efficiencies, using technology, to drive sustainable earnings and returns for our shareholders. We are confident that the Q1 performance will be maintained for the rest of the year.”

 Commercial Banking

  • Gross earnings of ₦7 billion, up 44.2% y-o-y (Mar 2022: ₦170.4 billion)
  • Net interest income of ₦110.0 billion, up 50.9% y-o-y (Mar 2022: ₦72.9 billion)
  • Non-interest income of ₦67.8 billion, up 10.6% y-o-y (Mar 2022: ₦61.3 billion)
  • Operating expenses of ₦107.6 billion, up 21.0% y-o-y (Mar 2022: ₦88.9 billion)
  • Profit before tax of ₦55 billion, up 57.0% y-o-y (Mar 2022: ₦34.1 billion)
  • Profit after tax of ₦48.0 billion, up 54.8% y-o-y (Mar 2022: ₦0 billion)
  • Total assets of ₦6 trillion, up 5.1% y-t-d (Dec 2022: ₦10.1 trillion)
  • Customers’ loans and advances (net) of ₦3.9 trillion, up 4.5% y-t-d (Dec 2022: ₦3.7 trillion)
  • Customers’ deposits of ₦4 trillion, up 6.64% y-t-d (Dec 2022: ₦6.9 trillion)

Dr. Adesola Adeduntan, Chief Executive Officer of FirstBank (Commercial Banking Group) commented: “The FirstBank Group delivered an impressive performance in Q1 2023, with significant growth across key metrics. Gross earnings recorded a substantial increase of 44.2% year-on-year, demonstrating the Bank’s ability to generate substantial revenue from core operations. Net interest income saw a remarkable surge of 50.9% year-on-year on the back of optimal asset pricing and effective management of interest-earning assets. Increasing penetration of digital and transaction banking offerings supported our Q1 performance in non-interest income by 15.3% growth. The increase of 21.0% year-on-year in operating expense reflects the high inflationary environment but within revenue growth. Overall, the Commercial Banking Group delivered substantial growth of 57.0% and 54.8% in profit before tax and profit after tax, respectively, for the quarter.

The growth in our performance metrics underlies the strength in the core fundamentals underpinning our business strategy and the sustainability of our business model. This year marks our 129th anniversary and these results clearly demonstrate the resilience of our business model and proven ability to transform ourselves to meet the demands of changing times and seasons. Our transformative and purpose-driven strategy, alongside our strong value propositions, enables us to continue supporting our customers across our chosen markets. We are optimistic about the rest of FY 2023 and these results are a sign of better things to come.”

 

 Merchant Banking & Asset Management (MBAM) / FBNQuest

  • Gross earnings of ₦85 billion, down 16.4% y-o-y (Mar 2022: ₦10.5 billion)
  • Profit before tax of ₦2.2 billion, down 34.4% y-o-y (Mar 2022: ₦3.4 billion)
  • Total assets of ₦7 billion, up 0.1% y-t-d (Dec 2022: ₦495.4 billion)

 

 

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