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Nestlé Nigeria Appoints Oyebode As Board Chairman As Ifezulike Retires

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Nestlé Nigeria Appoints Oyebode As Board Chairman As Ifezulike Retires

By Moninuola Sulaiman

The Board of Nestlé Nigeria PLC has announced the appointment of Mr. Gbenga Oyebode, MFR, as the new Chairman of the Board of Directors with effect from May 18, 2023.

The appointment announced to shareholders and other stakeholders at the Annual General Meeting of Nestlé Nigeria PLC, held at the MUSON Center on May 17, 2023, follows the retirement of Mr. David Ifezulike as a Director and the Chairman of the Board of the Company with effect from May 18, 2023.

Nestlé Nigeria Appoints Oyebode As Board Chairman As Ifezulike Retires

Mr. Gbenga Oyebode, MFR, New Chairman Board of Directors Nestle Nigeria.

Mr. Oyebode qualified as a Solicitor and Advocate of the Supreme Court of Nigeria in 1980. He holds a Master of Laws degree and is the co-founder of the law firm of Aluko & Oyebode. He is a Fellow of the Chartered Institute of Arbitrators (UK) and the Nigerian Leadership Initiative. He is the Chairman of Okomu Oil Palm PLC, Teach for All, and the African Philanthropy Forum. He is also a Director of both CFAO Nigeria and Lafarge Africa PLC as well as a member of the Board of Trustees of the Ford Foundation.

Mr. Oyebode was first appointed to the Board of Nestlé Nigeria PLC on February 24, 2014, and has served on the Statutory Audit Committee, Nomination, Governance and Remuneration Committee as well as the Board Audit and Risk Management Committee of the Company.

 

New Chairman Board of Directors Nestle Nigeria.

Nestlé Nigeria Appoints Oyebode As Board Chairman As Ifezulike Retires

Mr. David Ifezulik, Former Chairman Board of Directors Nestle Nigeria.

Mr. Ifezulike who holds a Masters in Management Science and a Diploma of Imperial College, London, was appointed to the Board of Nestlé Nigeria PLC on December 22, 2000. He became the Chairman of the Board on May 10, 2013, and served the Company meritoriously during his tenure.

He joined Nestlé Nigeria PLC on January 1, 1980, and worked for over 26 years in various capacities and locations including Nigeria, Malaysia, Zimbabwe, Switzerland, and Ghana. He was on an international exchange program as Factory Manager of Nestlé Ghana between May 1999 and April 2003.

He retired from Nestlé Nigeria PLC as the Executive Director, Industrial Development in October 2006.

The Board of Nestlé Nigeria PLC thanked Mr. Ifezulike for his contributions to the growth of the Company and wished him success in his future endeavours.

The Board of Nestlé Nigeria PLC also expressed confidence in the ability of the new Chairman of the Board of Directors, Mr. Oyebode, to further contribute to the development of the Company and wished him personal satisfaction in his new role.

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

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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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Nigeria, Best Place To Invest, Says Dabiri-Erewa

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Dabiri-Erewa applauds diasporas contributions to the Nigerian economy as diaspora remittances increases

The Chairman/CEO, Nigerians in Diaspora Commission (NiDCOM), Hon Abike Dabiri-Erewa, has called on Nigerians in the Diaspora to consider investing in Nigeria’s healthcare, agriculture, real estate, and other sectors.

This appeal was made during a courtesy visit on Tuesday at the Commission headquarters,  Abuja, by Labour Councillor Abigail Marshall Katung, who expressed her delight at being recognized by her home country.

During the visit, the Secretary to the Commission,  Dr Yakubu Sule Bassi, who represented the NiDCOM Boss emphasized the importance of engaging the Nigerian diaspora in the country’s policies, projects, and overall development.

With over 17 million Nigerians residing abroad, the establishment of the Commission was a strategic move to harness the immense human capital and material resources available within the diaspora community for Nigeria’s socio-economic, cultural, and political advancement.

Bassi further highlighted that the Diaspora’s contribution to the nation is crucial, referring to the “Diaspora Phenomenon” as the new deal.

He outlined three areas through which diaspora Nigerians could make a significant impact. These include resources, talents, and skills.

Bassi also emphasized the need for Diasporans to uphold the  3-point Agenda for Nigerians living abroad. He said Diasporans are to be exemplary ambassadors wherever they are, excel in whatever they do, remain connected to their homeland, and give back to their communities.

Since its inception 4 years ago, the Commission has implemented various programmes to celebrate diasporans, such as the National Diaspora Day, Diaspora Investment Summit, the Badagry Door of Return, and most recently, the Global African Diaspora Symposium.

Little London and Woodhouse Ward Labour Councillor Abigail Marshall Katung, a Nigerian-born politician from Kaduna state, expressed her joy in visiting Nigeria and her commitment to collaborating with NiDCOM.

She acknowledged the honor of being recognized by her home country, which she believes gives her an advantage over her colleagues in the UK.

Having left Nigeria over 20 years ago, Councillor Abigail shared her passion for education and her involvement in medical and educational recruitment, particularly in facilitating Nigerian students’ admission into UK institutions.

She highlighted her focus on empowering young women through a mentorship scheme, mentoring 12 individuals each year, with an emphasis on the girl child. She stressed that “mentorship is about imparting skills and not solely about financial gains”.

Abigail Marshall Katung recently made history as the first African and Nigerian to be elected as a member of the Leeds City Council in the UK. With an overwhelming majority of votes (1,749 votes), she emerged as the Councillor for the Little London and Woodhouse Ward, UK.

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Visionary Tech Leader Gozy Ijogun Appointed As New Managing Director of Task Systems Ltd

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Visionary Tech Leader Gozy Ijogun Appointed As New Managing Director of Task Systems Ltd

…Eyes Leadership in African Technology Sector

 

Task Systems Limited, a pioneering force in the West African Information and Communications Technology (ICT) sector, has announced the appointment of Mrs. Gozy Ijogun as its new Managing Director effective April 1, 2023.

 

Gozy Ijogun, known for her transformative leadership, has a rich professional history in the digital technology realm. At the age of 25, armed with a degree in Chemistry from University College London and a Master of Science degree in Accounting, Organizations, and Institutions from the London School of Economics, Gozy made a significant impact on the digital landscape of Nigeria by setting up TD-Mobile, Nigeria’s first structured mobile devices distribution company. She propelled the company to generate a substantial N38 billion in revenue within its first year of operation, guiding the organization from its initial team of seven to become TD Africa Distributions Ltd., now a dominant player in technology distribution in sub-Saharan Africa, representing more than 25 top global brands and introducing a plethora of ICT solutions that consolidated its standing as a solutions-focused tech firm.

 

“Gozy’s proven leadership, strategic acumen, and passion for technology make her the perfect fit for Task Systems Ltd,” Leo Stan Ekeh, Chairman of Task Systems Ltd said. “Her impressive track record and innovative vision align seamlessly with our growth trajectory. We are excited to usher in this new era under her stewardship.”

Visionary Tech Leader Gozy Ijogun Appointed As New Managing Director of Task Systems Ltd

Mrs. Gozy Ijogun, New Managing Director.

Reflecting on her appointment, Gozy said, “I’m honoured to join Task Systems, a company that has consistently been at the forefront of tech innovation. We have a remarkable opportunity to grow and become Africa’s leading integrated technology and services company, and I am enthusiastic about leading Task Systems into this future.”

 

Besides her commercial accomplishments, Mrs. Ijogun is also deeply committed to social change. She was instrumental in launching “This is Me”, a Corporate Social Responsibility initiative championed by TD Africa to aid individuals and uplift their dignity.

 

With 36 years of industry leadership, Task Systems has consistently provided innovative ICT solutions across various industries, including oil, banking, media, manufacturing, and the public sector. The company has received over 27 global awards for its exceptional contributions.

 

With the visionary leadership of Mrs. Ijogun, Task Systems is poised for unprecedented growth and success.

 

Know About Task Systems Ltd: For over three decades, Task Systems has been a pioneer in the tech sector, introducing revolutionary ICT solutions across a broad spectrum of industries. Known for its trailblazing contributions, Task Systems remains a significant player in providing support solutions to numerous Nigerian companies.

 

 

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