Money Market

LAPO Wins CBN’s Best Financially Inclusive Microfinance Bank Of The Year 2022

Published

6 months ago

November 26, 2022

Business Echo Magazine

LAPO Wins Best Financially Inclusive Microfinance Bank Of The Year 2022

…as LAPO MD expresses gratitude to organisers

Olushola Okunlade Writes

LAPO Microfinance Bank Limited ( LAPO MfB), a premium microfinance institution in Nigeria has won the award of “The Best Financially Inclusive MfB of the Year “ 2022.

The award was presented to the bank at the maiden edition of the International Financial Inclusion Conference organised by The National Financial Inclusion Steering Committee (NFIS) supervised by the Central Bank of Nigeria (CBN).

The conference was a convergence of critical stakeholders: Regulators, Operators, Policy Analysts, and Government functionaries with the sole aim to examine the opportunities, challenges, and proffering solutions to the snags along the nation’s Financial inclusion objectives.

In a statement, Cynthia Ikponmwosa, Managing Director, LAPO Microfinance Bank Limited, expressed the bank’s happiness and appreciation for winning the award.

“We appreciate the NIFS, organisers of this conference, and the CBN for this recognition and award. It is a validation of LAPO’s immense impact on Financial inclusion through the consistent delivery of innovative Financial products and services to the last man in the last mile across Nigeria.

LAPO Microfinance Bank Limited remains committed to its over 30 years mandate of provision of social and economic support to members of low-income households and owners of micro small and medium enterprises in a sustainable manner.

In 2019, the Southern Swamp Associated Gas Solutions project was commissioned, and the SPDC JV is planning to reduce associated gas flaring further through its Forcados Yokri gas-gathering project, of which large parts are set to be completed in 2022. Despite such efforts to reduce continuous flaring, unfortunately flaring intensity (the amount of gas flared for every tonne of oil and gas produced) at both SPDC- and SNEPCo-operated facilities increased in 2021 owing to short-term operational issues. Flaring from SPDC-operated facilities increased by around 5% in 2021 compared with 2020. The increase was primarily because of the extended outage of the gas compression system in SPDC’s shallow-water operations. The system was restored and became operational from January 2022. Flaring at SNEPCo-operated facilities rose by around 160% in 2021 compared with 2020. This was mainly because of an increase in flaring on the Bonga floating production, storage and offloading (FPSO) vessel. Repairs to a flex-joint on the Bonga FPSO’s gas export riser in the second quarter took longer than expected, in part because of weather conditions. While repairs were under way, the FPSO continued to produce oil and therefore flaring was necessary for safety reasons. The repairs were safely concluded in July 2021. Although flaring intensity levels rose in 2021, SPDC and SNEPCo over the last 10 years have almost halved the combined amount of hydrocarbons they flare from 1.5 million tonnes in 2012 to 0.8 million tonnes in 2021. This reduction is the result of a strict flaring reduction management process and both SPDC and SNEPCo will continue to work in close collaboration with joint-venture partners and the government to make progress towards ending routine flaring of associated gas. NIGERIA LNG EXPANSION UNDERWAY Global demand for LNG continues to grow as the world increasingly seeks reliable supplies of lowercarbon energy. Shell’s investment in Nigeria’s gas infrastructure for export is expected to help 6 This is according to a data provided by global research and consultancy business Wood Mackenzie. the country benefit further from revenues. Shell Gas B.V. and its partners took a final investment decision in 2020 on a new LNG processing unit – known as Train 7 -- at NLNG. The expansion is expected to create around 12,000 jobs for Nigerians during construction and stimulate growth of the local oil and gas service sector, with 55% of engineering and procurement of goods and services being sourced in-country. Train 7 is expected to ensure Nigeria’s continued place as a global player in a lower-carbon energy source. Once operational, Train 7 will add around 8 million tonnes per annum of capacity to the Bonny Island LNG facility, taking the total production to around 30 million tonnes per annum. In 2021, NLNG began awarding procurement and construction contracts. Early works started at the site. The first phase of the worker village is expected to be ready for occupancy in 2022 and the new material offloading facility ready for use by the end of 2022. NLNG’s Train 7 is expected to come onstream in the middle of the 2020s. KEY LICENCE RENEWED FOR DEEP-WATER SNEPCo has interests in four deep-water blocks in the Gulf of Guinea, two of which it operates. Today, nearly one-third of Nigeria’s deep-water oil and gas production comes from the Bonga and the nonoperated Erha fields.6 Since production began in 2005, Bonga alone has produced more than 950 million barrels of oil with the 2021 average oil production per day at 105,000 barrels. The Bonga FPSO vessel has a total production capacity of 225,000 barrels of oil per day and 150 standard cubic feet of gas export per day. In 2021, the availability of the FPSO vessel increased to 80% from 70% in 2020. In addition to Bonga, SNEPCo’s exploration activities have led to several significant discoveries of oil and gas over the last two decades, including the Bolia and Doro fields (Shell interest 55%). Nigeria Briefing Notes Helping to power Nigeria’s economy 13 In the right investment climate, SNEPCo believes that there are opportunities to expand. In 2021 the OML 118 (Bonga) production sharing contract was renewed and the lease extended for 20 years. Bonga North and Bonga South West Aparo (BSWA) oil fields are two such potential opportunities. Bonga North is a proposed tie-back project to the existing Bonga FPSO with Phase 1 comprising 14 wells. BSWA is a development of a new FPSO with Phase 1 comprising 23 wells. SUPPORTING RENEWABLE ENERGY STARTUPS Millions of Nigerians are excluded from the country’s power grid and Shell Companies in Nigeria have established and provided substantial funding for a not-for-profit, impact-investing company called All On. Operating as an independent company, All On works to bring reliable electricity – often from renewable energy sources -- to off-grid urban and rural customers. This support aims to build a solid pipeline of viable businesses that can create the scale required to address Nigeria’s access to energy gap. In December 2019, SPDC and SNEPCo made a significant additional 10-year financing commitment of $160 million in All On, bringing the total commitment to $200 million. By the end of 2021, All On had provided investment capital to over 40 renewable energy start-ups in its portfolio – an increase of more than 30% from 2020. One such company is Infibranches Technologies Limited, to which All On has committed $2 million, which is expected to enable the indigenous technology company to expand sales of solar home systems via its more than 13,000 agent banking partners across Nigeria. With the support of the Rockefeller Foundation, the All On Hub was established in 2020 to provide nonfinancial support and build the capabilities of off-grid energy entrepreneurs. In 2021, the hub supported 81 ventures – nearly double the 41 supported in 2020. Also in 2021, All On, Odyssey Energy Solutions and the Global Energy Alliance for People and Planet launched a $10 million equipment financing facility as part of the DART pilot programme in Nigeria. 7 Hydraulic flying leads support the delivery of hydraulic fluid and/or chemicals between subsea equipment. 8 Subsea trees are an assembly of valves and other components used to monitor and control the production of a subsea well. DART will combine demand pooling, aggregated purchasing of solar equipment, and access to affordable finance to unlock economies of scale for solar companies, achieve cost savings for end-users, and accelerate the growth of the renewable energy sector in Nigeria and beyond. DEVELOPING LOCAL CONTENT AND SKILLS Shell Companies in Nigeria contribute to the growth of Nigerian businesses that can provide technical and support services to the industry. This includes the manufacture of tools and technical kits, the operation of helicopter flights in the Niger Delta, and strategic partnerships between foreign and local companies to stimulate technology transfer and capacity development. While there are government-required programmes in some areas, such as the Nigerian and Community Content Strategy embedded in the Assa North/Ohaji South gas development project, Shell Companies in Nigeria deliberately seek to contract local businesses wherever possible. In 2021, Shell Companies in Nigeria awarded $800 million worth of contracts to Nigerian-registered companies. Of these, 92% were companies with at least 51% Nigerian ownership. SNEPCo has awarded major engineering and construction contracts to companies that are indigenous, have local staff, or possess domestic capabilities in the country. At present, the manufacture and rebuild of hydraulic flying leads7 (HFLs) is being carried out in-country by wholly indigenous companies. Pressure Controls Systems Nigeria Limited, another Nigerian company, continues to refurbish old subsea trees.8 Sometimes, a lack of access to capital hinders Nigerian companies from competing for and executing contracts effectively. Shell Companies in Nigeria have provided access to nearly $1.6 billion in loans to 901 Nigerian vendors under the Shell Contractor Support Fund since 2012. These loans help improve their tendering opportunities.

Related Topics:#banks #cbn #financialanalysts #LAPOawards #lapomfb #lapomicrofinancebank

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Fidelity Bank Announces 2nd Edition Of Fidelity International Trade And Creative Connect (FITCC)

Published

4 hours ago

June 7, 2023

Business Echo Magazine

Fidelity Bank Records Stellar Performance in FY 2022

…takes trade expo to Houston, Texas, USA in October 2023

By Moninuola Sulaiman

Building on the resounding success of the maiden edition of the Fidelity International Trade and Creative Connect (FITCC) in London, UK last November, leading financial institution, Fidelity Bank Plc, has announced plans to host the second edition of the trade expo in Houston, Texas in the United States of America.

Tagged FITCC Houston, the event would hold on Wednesday, 18th, and Thursday, 19th October 2023 at the George R. Brown Convention Center, 1001 Avenida de las Americas, Houston, Texas 77010.

Situating the critical role FITCC plays in the bank’s export trade strategy, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nneka Onyeali-Ikpe stated that, “Fidelity Bank is very much invested in supporting export trade and has consistently demonstrated this by the interventions and innovations that we bring to the space. Beyond the instrument of financing, some of our key interventions in the space revolve around business management capacity development with initiatives like the Export Management Programme (EMP) which we host in partnership with the Lagos Business School and the Nigerian Export Promotion Council (NEPC) and market access development initiatives like FITCC.”

To promote Nigeria’s non-oil exports and facilitate integrations to global supply-chain networks, FITCC Houston will host leading businesses, entrepreneurs, investors, and regulators operating in the commodity, service, creative, fashion, and FinTech sectors in Nigeria and the United States. The participants would explore partnership, co-creation, and foreign direct investment opportunities.

Participating businesses will benefit from curated market access engagements, investment and partnership opportunities, extended brand exposure before a global audience as well as speaking and networking opportunities amongst a long list of benefits in FITCC Houston.

Interested businesses and participants are encouraged to register for the conference at www.fidelitybank.ng/fitcc.

Money Market

Stanbic IBTC Bank Updates Its Woman-Owned Account To include Male Signatory

Published

14 hours ago

June 7, 2023

Business Echo Magazine

Rashidat Okunlade Writes

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC and a leading financial institution in Nigeria, is thrilled to announce that its woman-owned business account, Blue Blossom account, can now be opened by female business owners who have male signatories.

This initiative is intended to foster gender equality while bolstering women’s financial empowerment and inclusion.

The Blue Blossom business account caters to the needs of women entrepreneurs and business owners throughout Nigeria. It offers them a remarkable opportunity to open and manage a business account with the added convenience of a designated male signatory. By implementing this unique feature, Stanbic IBTC Bank is taking bold steps to bridge the gender gap and promote equal representation in the business landscape.

The woman-owned account brings an array of exceptional benefits to its holders. One of its standout features is a zero-maintenance fee, providing cost-effective solutions that empower women to nurture their businesses efficiently. The account also includes complimentary online banking services, allowing holders to manage their finances and conduct transactions anytime, anywhere, conveniently.

Recognizing the crucial role of support networks in fostering women-owned businesses, Stanbic IBTC Bank has formed strategic partnerships with various esteemed business development agencies and organizations. Through these alliances, the bank aims to provide women entrepreneurs with valuable resources, mentorship programs, and networking opportunities, propelling their enterprises toward tremendous success.

“We are thrilled to unveil an account that enables women entrepreneurs to take charge of their finances and drive the growth of their businesses,” expressed Olajumoke Bello, Head, Enterprise Banking, at Stanbic IBTC Bank.

According to Olajumoke, “Stanbic IBTC remains resolute in its commitment to promoting financial inclusion and gender equality. The woman-owned account epitomizes our dedication to these values and shows our relentless support for women entrepreneurs.”

By introducing the woman-owned account, Stanbic IBTC Bank reaffirms its ongoing efforts to support women-owned businesses, foster gender equality, and stimulate economic growth across Nigeria. As a frontrunner in the financial sector, the bank is steadfast in its mission to deliver tailored financial solutions that address the unique challenges and aspirations of women entrepreneurs and business owners, ultimately empowering them to realize their full potential and achieve their business goals.

In a rapidly evolving world where inclusivity and equal opportunities are paramount, Stanbic IBTC Bank remains at the forefront, pioneering initiatives that break barriers and create a level playing field for women in business. The woman-owned account is just one of the bank’s innovative initiatives, embodying their unwavering commitment to shaping a future where women entrepreneurs can thrive and contribute significantly to the Nigerian economy.

Money Market

NUBIFIE Picketing: Polaris Bank Restates Commitment To Staff Welfare

Published

1 day ago

June 6, 2023

Business Echo Magazine

By Moninuola Sulaiman

Polaris Bank has clarified that she did not violate any law in a recent disengagement of some staff which it said was done in line with the terms of the contract guiding their engagements

The Bank was reacting to a report of the picketing of its headquarters by NUBIFIE this morning by a section of the media.

The Bank disclosed that it has engaged and will continue to engage the union to resolve any lingering labour matters.

The Bank emphasized that a cordial relationship has existed between her and the union over the years and believes that concerns raised by either party can be effectively addressed through dialogue.

Polaris Bank remains committed to fostering a harmonious working relationship and ensuring the well-being of its employees.