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Skye Bank empowers students with financial literacy

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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.

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BUSINESS

CBN injects another $210m into Forex Market

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In its latest round of intervention, the Central Bank of Nigeria (CBN) on Tuesday, November 13, 2018, injected the sum of $210 million in the inter-bank foreign exchange market.

Figures obtained from the CBN indicate that the authorized dealers in the wholesale segment of the market received the sum of $100 million while the Small and Medium Enterprises (SMEs) and invisibles segments were allotted the sum of $55 million each.

The Bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor assured that the CBN would continue to sustain liquidity in the forex market. He also expressed optimism that the Naira will continue its strong run against the dollar and other major currencies around the world, considering the stability in the market and robust reserves.

The Central Bank of Nigeria (CBN) had on Friday, November 2, 2018, made interventions to the tune of $337.16million in the retail Secondary Market Intervention Sales (SMIS) and CNY 56.17million in the spot and short-tenored forwards segment of the foreign exchange market.

Meanwhile, the Naira on Tuesday, November 13, 2018 exchange at an average of N360/$1 in the BDC segment of the market.

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BUSINESS

Diamond Bank denies merger, acquisition talks with Access Bank

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Diamond Bank Plc and Access Bank Plc have notified the Nigerian Stock Exchange and the general public that both banks are not in any merger or acquisition talks as being circulated in some media.

The banks, in separate statements to the exchange on Monday, denied the rumours that they were engaged in merger and acquisition talks.

Uzoma Uja, Diamond Bank’s Company Secretary, said it was not in discussion with any financial institution at the moment on any form of merger or acquisition.

Uja said that the attention of Diamond Bank had been drawn to the rumour in the media stating that the bank was purportedly in discussion with Access Bank to acquire the bank.

He said: “We wish to state categorically that the bank is not in discussion with any financial institution at the moment on any form of merger or acquisition.

“We trust that the above clarifies the position of the bank with regards to the rumour on the various media platforms.”

Also, Sunday Ekwuochi, Company Secretary, Access Bank, said the bank had not entered into any such discussion with Diamond Bank or any other institution.

Ekwuochi said: “As a publicly quoted company built on best practice, the bank is fully cognisant of its disclosure obligations in respect of any such corporate action and will always discharge its obligations in the most professional manner.

“Consequently, any statement regarding any such corporate action that is not issued by the bank should be disregarded.”

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Teleology finally takes over 9mobile, names new board

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Teleology Holdings Limited has finally taken over 9mobile.

This is coming 11 months after the company made it to the top five companies making a bid to take over the telecommunications company.

In a statement seen by TheCable, and signed by Mohammed Edewor, Teleology said it “is pleased to announce the constitution of a new Board of Directors for Nigeria’s multi-award-winning telecommunication company, 9mobile”.

This follows “the successful completion of the tenure of the former Board appointed by the Central Bank of Nigeria (CBN) and in fulfillment of the consequential transfer of final ownership to the new investors, Teleology Nigeria Limited”.

“We thank all out-going members of the Board for helping to shepherd 9mobile through the critical transition phase it has passed through since July 2017 and wish them the very best in their future assignments.

“For us, the composition of the new Board of Directors is another significant milestone, and this follows the issuance of final approval of no objection by the Board of the Nigerian Communications Commission (NCC) to the effect that the technical and financial bids Teleology submitted for 9mobile met and satisfied all the regulatory requirements.

“This is indeed the dawn of a new era in the evolution of the 9mobile brand in the Nigerian market”.

The new board of directors is constituted by:

  1. Nasiru Ado Bayero (Chairman)
  2. Asega Aliga (Non Executive Director)
  3. Adrian Wood (Non Executive Director)
  4. Mohammed Edewor (Non Executive Director)
  5. Winston Ndubueze Udeh (Non Executive Director)
  6. Abdulrahman Ado (Executive Director)
  7. Stephane Beuvelet (Acting Managing Director)

Nasiru Ado Bayero, the new chairman, appreciated the telco’s employees and subscribers, who is said should be prepared for best-in-class services forthwith.

“As we begin this new epochal phase, we wish to thank all the employees who built this viable business,” Ade Bayero said.

“Our debt of gratitude also goes to our subscribers even as we assure them to get ready for real best-in-class additional value for their relationship with the 9mobile brand.

“Without you, there could not have been a 9mobile business for us to invest in today. We will justify your confidence in our brand by making significant investments that will improve the value you get for using 9mobile.”

The sale process of 9mobile was initially billed to be concluded on January 16, 2018, following an approval of the extension of the deadline by the Nigerian Communications Commission (NCC) after an initial December 2017 deadline.

Teleology eventually won the final bid, ahead of Airtel, Globacom, Smile, Helios.

The company, 9mobile, formerly known as Etisalat Nigeria was taken over in July 2017 following a N541 billion debt overhang.

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