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CBN boosts Forex Market with $210m

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The Central Bank of Nigeria (CBN), on Wednesday, May 2, 2018, injected the sum of $210 million into the inter-bank Foreign Exchange market in continuation of its efforts to sustain liquidity in the market.

The apex Bank offered the sum of $100 million to authorized dealers in the wholesale segment of the market. The Small and Medium Scale Enterprises (SMEs) segment received the sum of $55 million while the sum of $55 million was apportioned to invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA)

A statement from the Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, confirmed the figures and reiterated CBN’s capacity to continue to sustain the foreign exchange intervention.

Mr. Okorafor urged Deposit Money Banks to continue to honour requests from customers with genuine needs, noting that the Bank will continue to sustain liquidity in the foreign exchange market.

Meanwhile, the nation’s currency continued on Wednesday, May 2, 2018 to maintain its stability in the FOREX market, exchanging at an average of N362/$1 in the BDC segment of the market.

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First Bank reiterates commitment to leverage Fintech

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Nigeria’s leading Tier 1 lender, First Bank of Nigeria Limited, has reiterated its commitment to leveraging Financial Technology (Fintech) to deliver innovative services.

The Managing Director/Chief Executive Officer, First Bank of Nigeria Limited, Dr. Adesola Adeduntan, stated this in his address to the Fintech summit hosted by the lender in Lagos yesterday.

The event tagged, “FirstBank Fintech Summit 2.0,” was the second edition of the summit which the bank commenced two years ago.

Dr Adeduntan, who was represented at the event by the Deputy Managing Director of the bank, Mr. Gbenga Shobo, stated that the summit was conceived to enable financial sector players provide financial products and services with greater speed, accountability and efficiency.

He stated that the event commenced last week with a two-day hackathon on Artificial Intelligence (AI) and Big data at the FirstBank Digital Lab with the aim of finding new ways to apply artificial intelligence to banking operations and practices.

According to him, “to remain competitive, banks must make the most of this disruptive change. At the moment, some actors are using this new technology so enthusiastically that it’s hard to keep up whilst others are still channeling too much investment in old systems.

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Lagos set to host second Nigeria Beer Festival

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From Left to Right: Mr. Dele Balogun, Executive Secretary, Lagos State Film and Video Censors Board ;Mr. FolaAdeyemi, Permanent Secretary in the State Ministry of Tourism, Arts and Culture and Mr. Akinola Oluwaleimu, Chief Co-ordinator, Nigeria Beer Festival Group at the media interactive session on the festival in Lagos on Wednesday

After a successful and large participation of people at the first edition of the Nigeria Beer Festival which debuted last year in Lagos, the organiser the event has announced that Lagos will be hosting the second edition again.

The week-long event will hold on Thursday October 25th to Wednesday October 31st at the Eko Atlantic City, Bar Beach Water front Ahmadu Bello Way, Victoria Island, Lagos to give it a carnival-like atmosphere .

Speaking at a press conference to announce the event in Lagos on Wednesday, Mr. Fola Adeyemi, the Permanent Secretary in the State Ministry of Tourism, Arts and Culture explained that the festival is in line with government’s agenda to grow the tourism and economy of the state.

He stated that Lagos state is collaborating with beer brewers in the country and their counterparts across the globe to stimulate the economic and tourism potentials in the State.

He enjoined Lagosians to come out in their large numbers to enjoy the ambience of the festival, assuring that the city is safe for fun lovers because of the various infrastructure development by the state such as Light-up Lagos among others.

“Lagos is a city state and in league with great cities all over the world. We are actually moving the state to a 24 hour economy and this festival will be part of the beneficiaries. Lagos is safe for fun and business. We are joining the global tourism world to create impact on the economy of Lagos and Nigeria.” he said.

Also speaking at the event, Akinola Oluwaleimu, General Manager of On and One Events Limited, the organisers of the festival informed that the festival is to promote culture, tourism, friendship and for beer brands to connect with their consumers.

He added that the festival, will promote responsible drinking among drinking-age (18 +) consumers at all its touch points.

According to him, the event, since it debuted last year, has seen Nigeria enrolled into the league of Beer Festivals around the world, and boost the country’s tourism opportunities.

“It will be a gathering of the largest community of beer consumers from across the country and beyond.This year’s edition will be bigger, better and “beertiful”, he said.

He revealed that the 2017 edition attracted over ten thousand beer enthusiasts and consequently the Festival has proven to become a major international tourist event in Nigeria with a potential to compete with other international beer festivals around the world.

“Nigeria Beer Festival will be a carnival week of entertainment, sales and marketing and a gathering of the largest community of beer consumers from across the country to bond and ‘beer’,” Oluwaleimu assured.

He added that the Nigeria Beer Festival will provide a fitting ambience to showcase culture and lifestyle in a carnival atmosphere with various beer brands and other alcoholic drinks in Nigeria connecting with their existing and potential consumers.

Oluwaleimu maintained that the festival, which will commence 4 p.m daily is a big opportunity for major breweries to exhibit and deliver various offerings of beer brands to the teeming consumers to strengthen brand relationship with them. “The timing promises an after work relaxation environment to bond with friends and associates, he said”

He also acknowledged the support of the Lagos State government through His Excellency, Governor Akinwunmi Ambode who found the private driven initiative worthy enough of its endorsement and providing necessary logistics support in security, health, safety and publicity to ensure a hitch free event.

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Transcorp appoints new management team

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Transnational Corporation of Nigeria Plc (Transcorp), has announced new appointments into its board and executive management. The company in a statement Tuesday said Valentine Ozigbo, has been appointed as its President/CEO with effect from January 1, 2019. He will succeed Adim Jibunoh, who is retiring on December 31.

The statement said Mr Ozigbo, currently the MD/CEO of Transcorp Hotels Plc, owner of the prestigious Transcorp Hilton Abuja, will bring over 20 years’ experience in banking, business development, hospitality and corporate transformation. ‘‘A multiple award winner, Mr Ozigbo holds an M.Sc. Finance from Lancaster University, UK; an MBA in Banking & Finance and a B.Sc. in Accounting from the University of Nigeria. He is a Fellow of the Institute of Chartered Accountants of Nigeria.

‘‘Similarly, Owen Omogiafo has been appointed as the MD/CEO of Transcorp Hotels Plc effective from January 1, 2019. She is currently the Executive Director, Corporate Services at Transnational Corporation of Nigeria Plc,” the statement added.

Also according to the statement, Mrs Omogiafo has over 18 years’ corporate experience in organisational development strategy, human capital management, banking, change and business management. The Board of Transcorp also approved the appointments of Obi Ibekwe and Toyin Sanni as Non-Executive Directors, following the retirement of Kayode Fasola and Abdulqadir Bello.

These appointments are effective October 30, 2018. ‘‘While Ms Sanni was Group Chief Executive Officer at United Capital Plc , a position she retired from in June., Ms Ibekwe holds a Bachelor of Arts degree in International Relations from Tufts University, Medford, Massachusetts, U.S.A., a Bachelor of Law degree from the University of Lagos and an MBA degree from the Ross School of Business, University of Michigan, U.S.A. She has over two decades experience in banking, holding senior executive and senior management positions spanning credit and marketing, credit risk management, human resources and customer service,” the statement read in part.

The company also announced the appointment of Emmanuel Nnorom as the Chairman of its Board, following the retirement of Mr Bello. Speaking on these appointments, the Chairman of Transcorp, Tony Elumelu, reportedly expressed his confidence that the newly appointed chief executives and non-executive directors will further strengthen Transcorp’s core purpose of improving lives across Nigeria.

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