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ACHA INTRODUCES THE CALL FOR PROPOSALS FOR THE “NOTHING ABOUT US WITHOUT US!” (NOW US!) AWARDS

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ACHA INTRODUCES THE CALL FOR PROPOSALS FOR THE "NOTHING ABOUT US WITHOUT US!" (NOW US!) AWARDS

ACHA INTRODUCES THE CALL FOR PROPOSALS FOR THE
“NOTHING ABOUT US WITHOUT US!” (NOW US!) AWARDS

 

The Africa Caribbean Heritage Alliance (ACHA) introduces the call for proposals for the “Nothing About Us Without Us!” (NOW Us!) awards. The theme for the project is inclusiveness, in recognition of inspiring and inclusive initiatives from Nigeria that promote diversity, innovation and creativity and will in turn trigger the self-empowerment of rightsholders groups and communities through small grant funding.

 

 

 

 

 

 

 

The call for proposals is initiated by Voice Nigeria coordinated by Oxfam in Nigeria and funded by the Ministry of Foreign Affairs of the Netherlands, partnering with the Africa Caribbean Heritage Alliance (ACHA) who are the implementors of the project.
The project is two years in duration and was officially initiated in October 2021.

 

 

 

 

 

 

 

 

The deadline for the call for proposals ends on February 4, 2022. A link has been provided below to ease the process while we await creative and innovative proposals from Nigerian community-based and civil society organisations.

 

 

 

 

 

 

 

 

 

 

From the applications that will be received, three projects will be selected to receive grants of Euro 10,000, 15,000 and 25,000 respectively, to be used by the successful organizations to carry out activities with their community stakeholders.

 

 

 

 

 

 

 

This development funding opportunity supports Nigeria’s efforts to achieve the Sustainable Development Goals with no one being left behind and encourages citizen’s participation in the implementation of social, economic, cultural, political and environmental issues. As a partner in development, the Africa Caribbean Heritage Alliance (ACHA) partnership with Voice initiative of Oxfam in Nigeria to celebrate inclusion and builds on an earlier successful partnership with initiatives for:

 

 

 

 

 

 

 

 

 

• improving access to (productive resources) (finance, land and water) and employment.
• improving access to social services, health and education and
• improving spaces for political participation and citizens engagement.
These initiatives should be led by one or more of the following groups and/or communities
• People living with disabilities
• Women facing exploitation, abuse and or violence
• Vulnerable youth and the elderly and
• Indigenous groups and/or ethnic minorities.
WHO CAN APPLY?
• not for profit, community based, self-help groups or social enterprises, registered in Nigeria and with a working bank account in local currency
• If not a registered organization, list a host institution that can serve as the legal or financial host for your initiative.
• organizations fully led by individuals (staffing, governance, design and implementation) belonging to the same rightsholders groups it serves and will benefit
• organizations with a track record of inclusive approaches and
• initiatives that are innovative (out of the box thinking), creative and have the potential for impact.

 

 

 

 

 

 

 

 

 

HOW TO APPLY

Interested persons or organizations can apply by simply clicking on the link below:

: https://voice.global/call-for-proposal/v-21194-ng-il/#about

Call for Proposals: Nothing About Us Without Us! (NOW Us!) Awards, Nigeria.

For more information, email us at: [email protected]

https:afrocaribbeanalliance.org

ACHA INTRODUCES THE CALL FOR PROPOSALS FOR THE "NOTHING ABOUT US WITHOUT US!" (NOW US!) AWARDS

Business

PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

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PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU CONGRATULATES DR ADEDUNTAN, AS FIRST BANK CELEBRATES EX-GROUP CEO

President Bola Ahmed Tinubu congratulates Dr Adesola Adeduntan, the retired Group Chief Executive Officer of First Bank Nigeria Limited, for his exceptional service at Nigeria’s oldest bank.

In celebration of Adeduntan’s remarkable tenure, the 130-year-old First Bank will host a special send-off ceremony this weekend, expressing gratitude for his contributions over the past nine years.

President Tinubu commends him for steering the bank through transformative growth, which includes expanding customer accounts from 10 million to over 42 million and elevating Profit Before Tax from N10 billion in 2015 to an impressive N300 billion in 2023.

These milestones, the President said, reflected Adeduntan’s visionary leadership and commitment to excellence.

The President expresses his appreciation for Adeduntan’s willingness to serve the nation in various pivotal roles, including his contributions to the Nigerian Economic Summit Group and other prominent institutions. His extensive expertise in the financial sector has significantly bolstered Nigeria’s economic landscape.

President Tinubu also lauds the bank’s solid internal management ethos, which is responsible for the seamless transition from Adeduntan to the current CEO, Olusegun Alebiosu.

President Tinubu wishes Dr. Adeduntan continued success in all his future endeavors.

Bayo Onanuga

Special Adviser to the President

(Information & Strategy)

November 1, 2024

 

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ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024  

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Zenith Bank Enhances E-Channel Services for Customers

ZENITH BANK DELIVERS REMARKABLE TRIPPLE-DIGIT GROWTH IN GROSS EARNINGS AS PBT HITS N1.0 TRILLION IN Q3 2024

 

Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2024, recording a remarkable triple-digit growth of 118% from N1.33 trillion reported in Q3 2023 to N2.9 trillion in Q3 2024. This performance underscores the Group’s resilience and market leadership in spite of the challenging macroeconomic environment.

 

According to the Bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the topline also led to an increase in the bottom line, as the Group recorded a 99% Year on Year (YoY) increase in profit before tax, growing from N505 billion in Q3 2023 to N1.0 trillion in Q3 2024.  Profit after tax equally grew by 91% from N434.2 billion to N827 billion in the same period.

 

The growth in the topline was driven by the expansion of both interest income and non-interest income. Interest income saw a notable 190% rise to N1.95 trillion, attributed to the high-yield environment. Non-interest income rose by 41% to N856 billion, bolstered by substantial growth in fees and commissions, which highlights the strength of Zenith Bank’s retail growth and the robust performance of its digital channels during the reporting period. The robust increase in profitability reflects the Bank’s focus on operational efficiency and strong risk management practices. Earnings per share (EPS) nearly doubled, rising to N26.34 from N13.82 in Q3 2023, underscoring Zenith Bank’s strong value creation for shareholders.

 

The Bank’s balance sheet grew significantly, with total assets growing by 49% to N30.4 trillion, largely supported by customer deposits, which rose by 42% to N21.6 trillion. This growth in deposits was broad-based across corporate and retail segments, highlighting the Bank’s deepening reach and customer loyalty. Gross loans increased by 46% to N10.3 trillion, underscoring the commitment to supporting strategic sectors in the economy.

 

Capital adequacy ratio remained strong, improving to 21.9%, well above regulatory requirements. The return on average equity (ROAE) stood at 37.8%, up from 35.1%, while return on average assets (ROAA) also improved to 4.3% as Zenith Bank maximized its asset base. Cost of funds increased to 4.3%, reflecting the broader market trend of rising interest rates, while the cost of risk was maintained at 7.3%, underscoring the Bank’s proactive approach in provisioning for credit risk. The Bank’s cost-to-income ratio rose to 39.5%, reflecting the impact of strategic investments in technology and capacity building aimed at supporting long-term growth, even as it continues to strive for greater operational efficiency.

 

Zenith Bank’s asset quality remains a cornerstone of its strength, with a non-performing loan (NPL) ratio of 4.5%, within regulatory limits. A high coverage ratio of 198.4% underscores the Bank’s disciplined approach to risk management, positioning it for resilience in the face of market volatility while supporting stable loan growth.

 

Zenith Bank remains steadfast in its commitment to sustainable growth and value creation. The Bank launched a capital raise program on August 1, 2024, consisting of a combined Rights Issue and Public Offer. This capital raise was driven by the Central Bank of Nigeria (CBN)’s recapitalization directive for commercial banks issued in March 2024. While the Bank awaits final capital verification approvals from authorities, the fundraising exercise was successful, reflecting strong confidence in Zenith Bank’s brand.

 

The additional capital will enhance the Bank’s ability to expand its product offerings, deepen its penetration in strategic sectors, boost lending to the real sector and pursue its African and global expansion plan.  In furtherance of this, the Bank in September 2024 received regulatory approval for the establishment of a Zenith Bank branch in Paris, France, which is fully operational and will enhance the Bank’s product offerings in international markets.

 

With a strengthened capital base, Zenith Bank is well-positioned to navigate the evolving economic landscape, while putting best-practice sustainability standards at the heart of its business. The Bank will also continue to prioritize opportunities that enhance stakeholder value and a strong compliance and corporate governance culture, which will reinforce the its leadership position within Nigeria’s financial sector and drive long-term growth.

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Business

IPMAN: Setting the Record Straight

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Fueling Uncertainty: Investigating Nigeria's Subsidy Removal And Dangote Refinery Debacle* By Sylvester Audu

IPMAN: Setting the Record Straight

 

The Dangote Petroleum Refinery wishes to clarify that it has not received any payments from the Independent Petroleum Marketers Association of Nigeria (IPMAN) to purchase refined petroleum products.

IPMAN: Setting the Record Straight

Although discussions are ongoing with IPMAN, it is misleading to suggest that they (IPMAN Members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them. Consequently, we cannot be held responsible for any payments made to other entities.

The payment in mention has been made through the Nigerian National Petroleum Company Limited (NNPCL), and not us. In the same vein, NNPCL has neither approved, nor authorised us to release our Premium Motor Spirit (PMS) to IPMAN.

We would like to emphasise that we can meet the nation’s demand for all petroleum products, including petrol, diesel, and aviation fuel. At present, we can load 2,900 trucks per day and we have also been evacuating petroleum products by sea. We advise IPMAN to register with us and make direct payment as we have more than enough petroleum products to satisfy the needs of their members.

Furthermore, we believe it is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of His Excellency, President Bola Ahmed Tinubu. Conducting business through public speculation is counterproductive and unpatriotic.

In the interest of our country, we encourage all stakeholders to collaborate and heed the advice of President Tinubu, while promoting a unified approach, rather than engaging in media conflicts and needless propaganda.

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