The Group Managing Director and Chief Executive Officer, Skye Bank Nigeria Plc, Tokunbo Abiru, has advised students in secondary schools across the country to take money matters seriously if they wish to be in control of their financial future.
He gave the advice while delivering a lecture during a one-day seminar at Rayfield International Secondary school, Nsukara Offot, Uyo, Akwa Ibom State.
The seminar, facilitated by Skye Bank Nigeria Plc, was to mark the 2018 Global Financial Week organised by the Central Bank of Nigeria in collaboration with Junior Achievement Nigeria. The theme for this year’s edition is “Money Matters Matter”.
The Global Money Week is celebrated worldwide. March 15, 2018 is however chosen by the CBN and Junior Achievement Nigeria to teach the younger generation the virtues of financial planning and management aimed at increasing the level of financial literacy while boosting the financial inclusion drive of the CBN.
Represented by Raphael Abiaziem, the bank’s Regional Manager, South-South, Abiru said that the financial week celebration is aimed at empowering young people with financial knowledge that will rightly position them for the future.
He said, “Money Matters matter,” adding that “children and youth need to receive the knowledge and develop skills necessary to make smart financial decisions throughout life.”
Mr. Abiru noted that: “Financial Literacy is an essential life skill that is lacking in our educational curriculum which should be part of the education that we give to our children to prepare them for the realities of the world out there.
“We want young people to learn how to manage their money wisely so they can become financially empowered and form part of a critical mass that will spread financial and entrepreneurial education in the country.”
The GMD/CEO further stated that what the students have learnt would help them organise and plan their lives so that they can confront the challenges of the future.
He added that “if they learn how to save at this stage, no matter how little, and they maintained it over time, they would become financially independent. He also noted that Skye Rainbow account (a savings account targeted specifically at children in primary and secondary schools offers every child the opportunity to start laying the building blocks for their future.
“Our commitment to financial inclusion is unwavering and this is why we will continue to be in the vanguard of ensuring that we reach out to both the unbanked and the under-banked in our communities, helping them see the importance of savings and its long-term benefits,” he emphasised.
Earlier in his address, the school Principal, Mr. John Bassey, commended the bank for its public spirited disposition to capacity building, education and youth development and specifically lauded management for its support to the school and pupils.
“I am altogether pleased with this initiative and I am particularly excited that my school was chosen as one of those to benefit from the program,” he added.
The highlight of the event was the presentation of a cash gift to the best interactive student, Blessing Emmanuel Edeke, who is also the school’s head girl. The money was used to open an account for her instantly.
A total number of about 40,000 students in six schools spread across the six geopolitical zones of the country benefitted from the financial literacy seminar.
Skye Bank is one of Nigeria’s leading retail bank with wide-ranging electronic solutions promoting consumer lifestyle and e-commerce experience for its customers.
Q2: Dangote Cement invests $3bn on plants, grinding terminals across Africa
…. employs 27,952 Nigerians in 2017
Group Chief Executive Officer of Dangote Cement, Joe Makoju has revealed that the company has invested a whopping $3B to build manufacturing plants and import/grinding terminals across Africa.
The company’s operations, according to Makoju are in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.7Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).
For the second quarter under review, Makoju also revealed that while total Nigeria sales volumes went up by 13.9 per cent to 7.8Mt, Pan-African volumes reduced by 3.9 per cent, mainly due to shutdown in Tanzania.
In all, the company, which employed 27,952 workers in Nigeria in 2017 had its revenue increased by 16.9 per cent and its earning per share also increased by 3 per cent to N6.60 kobo per share for the second quarter, ended in June 30, 2018.
Makoju said: ““Our first-half performance was very strong and driven by an excellent recovery in Nigeria, where our sales volumes increased by nearly 14 per cent and revenues rose by more than 18 per cent. Pan-African operations saw a slight fall in volumes but both revenues and EBITDA increased because of better pricing and currency conversion effects.
In addition, we achieved the largest-ever issuance of Commercial Paper by a Nigerian company when we issued ₦50B Series 1 & 2 Notes at the end of June, with a discount rate that reflected the strength of our Company and its excellent credit ratings.
Of course, our strong performance has been overshadowed by the tragic and heartbreaking events in Ethiopia. I would like to pay tribute to my colleagues Deep Kamra, Beakal Alelign and Tsegaye Gidey and offer our sincere condolences to their families.”
It would be recalled that the Chairman of Dangote Cement, at the company’s recently concluded annual general meeting (AGM), Aliko Dangote attributed the 31 per cent increase in the company’s revenue, of N805.6 billion, for the 2017 financial year, to its pan African operations growth which also recorded a significant increase in revenue from N195 billion to N258.4 billion in 2017.
He said: “Pan African operations increased volumes by 8.4 per cent, with Ethiopia, Senegal, Cameroon and South Africa all performing strongly and close to their operating capacity”
Noting that the company experienced some challenges in operating in sub-Saharan Africa, Dangote said the Management responded in robust fashion and benefited from “…the diversity we have created across our business and because of our local knowledge and attitudes towards doing business in neighboring countries in Africa.”
Explaining the rationale behind the success recorded by the Dangote Cement’s revenue, the acting Group Chief executive, Joe Makoju said “… the increase was helped by our decision to increase our use of local coal in Nigeria and that also helped to improve our fuel security, maintain production uptime and it reduced our need for foreign currency. We source coal from our parent company, Dangote Industries and from another Nigerian supplier, and we are very happy with the way this has worked out for us because it has enabled us to phase out the use of expensive low pour fuel oil in our kilns and also to reduce our use of imported coal”
On the future growth plans for the Group, Makoju said “…As it stands, I think we will focus on building new grinding plants along the coast of West Africa, and ensure we have clinker export facilities in Nigeria. We are looking at the possibility of two new lines in Nigeria, perhaps by the end of 2020 and its likely these will be in Edo state and Obajana, with a combined capacity of 6Mta”
Fidelity Bank donates N50m to Lagos State Security Trust Fund
Fidelity Bank Plc on Monday donated N50 million to the Lagos State Security Trust Fund (LSSTF) as part of contributions to improving security of lives and property in the State. The cheque was presented by the Bank’s Executive Director, Lagos and South-West, Mrs Nneka Onyeali-Ikpe to the Executive Secretary, LSSTF, Dr. Abdulrassaq Balogun at a brief ceremony in Alausa, Ikeja, Lagos on Monday.
Onyeali-Ikpe who commended the Lagos State Government for its commitment to preserving public peace, and protecting lives and property of Lagosians, said security was paramount to business success. According to her no activity can thrive in an atmosphere of uncertainty and insecurity.
“We are encouraged to support this initiative and kudos must be given to the Lagos State Government for the peace we are enjoying in the state today. gWe have over 80 branches, about 2,000 staff and millions of customers in the state. We are concerned about their safety all the time” she stated
The Executive Secretary of LSSTF, Dr. Abdurrazaq Balogun, commended the bank for the gesture, saying that Fidelity had been consistent in its support to the Fund from inception to date. According to him the bank has donated a total of N175 million to the LSSTF since the fund was established. “Thank you Fidelity Bank. We are most appreciative of this and what is most touching for us is your consistency. You have always come to our aid every year unsolicited”.
He assured the Fidelity Bank officials that the donation would be used judiciously and reiterated the commitment of the Lagos State Governor Akinwumi Ambode to ensuring that we have a safe Lagos State.
CBN sustains Forex intervention, injects fresh $210m
The Central Bank of Nigeria (CBN), on Tuesday, July 17, 2018 injected the sum of $210 million into the inter-bank foreign exchange (forex) market.
The Bank offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million, just as $55 million was also allocated for invisibles such as tuition fees, medical payments and Basic Travel allowance (BTA).
In a statement, the Bank’s Acting Director of Corporate Communications Department, Mr. Isaac Okorafor confirmed the figures and restated the apex bank resolve to continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.
Mr. Okorafor maintained that the continued forex intervention is to ensure that the Bank meets genuine customers’ requests in various segments of the market.
It will be recalled that last Tuesday, July 10, 2018, the CBN intervened to the tune of $210 million, to cater for requests in the wholesale segment of the market.
Meanwhile, the naira continued to exchange at an average of N360/$1 in the Bureau De Change (BDC) segment of the market on Tuesday, July 17, 2018.
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