Wema Bank Celebrates Remarkable Journey of 79 years

In a remarkable celebration of heritage and innov ation, Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT today announced a joint celebration marking Wema Bank’s 79th years and ALAT’s 7 years anniversaries. This significant celebration not only commemorates nearly eight decades of exceptional service and innovation in the Nigerian banking sector but also celebrates the bank’s seven years of digital excellence with ALAT.

Since its inception in 1945, Wema Bank has been at the forefront of financial innovation, constantly adapting to meet the evolving needs of its customers. Over the decades, the bank has evolved from a regional bank to a national bank, adapting continuously to meet the dynamic needs of its customers and establishing itself as a pillar of trust and reliability for millions of individuals and businesses across Nigeria.

According to the MD/CEO Wema Bank, Mr. Moruf Oseni, the bank’s evolution from being Nigeria’s oldest indigenous bank to being at the forefront of innovation, pioneering Africa’s first fully digital bank, ALAT, has been a true story of resilience and transformation.

“At 79, Wema Bank stand stronger than ever, and this achievement would not have been possible without the support of our customers and employees. We thank them for believing in the Wema vision, for entrusting their financial security to us, and for allowing us to contribute to their personal and professional aspirations. Their faith in us is deeply cherished, and we are honored to serve them.”

“As we mark our 79th year today, we reaffirm our commitment to empowering lives through innovation, and exceeding our customers expectations with unparalleled banking experiences tailored to their needs. Our pledge is to stand by our customers through every stage of life, offering enabling platforms to accelerate their growth and propel them to extraordinary heights.”

“While the past 79 years have been remarkable, we anticipate that the coming decades will be even more inspiring. With the partnership of our customers and employees, Wema Bank is poised to set new standards in financial services and redefine the future.” He concluded.

As part of the anniversary celebrations, Wema Bank and ALAT are rolling out a series of customer-focused activities designed to reward loyalty and enhance the customer experience. Throughout the anniversary month, customers will enjoy various promotions, including discounts on transactions, cash prizes, special loan offers and much more.

This anniversary is more than a celebration; it’s a reaffirmation of Wema Bank’s resilience and ongoing commitment to innovation and customer satisfaction in a competitive industry. Both Wema Bank and ALAT are poised for further growth, with strategic initiatives designed to enhance customer-centric services and expand the reach yearsw capability of digital banking solutions.

Federal Housing Authority goes digital
…As the MD/CEO flags off Digitalisation drive.

The Managing Director and Chief Executive, Federal Housing Authority, Hon Oyetunde Ojo, May 1st, 2024 flagged off the Authority’s digitization drive.
In a ceremony at FHA’s head office, the MD CEO noted that the digitalisation effort is the first phase of the organisation’s march towards being a fully digitized outfit. This phase he stated covers all the Authority’s internal operations. He stated that the next phase that would take off in the coming weeks would be the real time interface with the public: allottees, prospective customers and Stakeholders.

Describing the event as a significant milestone in the Authority’s history and corporate existence, Hon Ojo noted that it has become necessary for FHA to embrace digitalisation to stay competitive and relevant.

In his words, the MD said : ” in today’s rapidly evolving world, where technology continues to reshape industries and redefine how we operate, it has become imperative for us to embrace digitalisation to stay competitive, efficient and relevant.
The FHA Chief Executive noted that when his management resumed duties about two months ago, they found It unacceptable to lead the nation’s premier housing agency operating analogue in the this 21st century. He noted that their resolve and commitment to modernize and streamline the Authority’s operations, enhance service delivery, and ultimately serve the Stakeholders better, was the driving and motivating force behind them.
Hon Oyetunde Ojo also emphasized that the robust programmes of his management towards expanding the operations of the Authority has made it expedient to embrace digitalisation.
Citing FHA’S role in the Renewed Hope Agenda of President Bola Ahmed Tinubu (GCFR) on Housing, the commencement of the Authority’s Diaspora City initiative as some of the projects FHA is currently involved in, he pointed out that the enormity of the projects can only be supported by digitalisation.
According to him, “…it has become more pertinent now that FHA is in the fore front of Housing revolution in the country through President Bola Ahmed Tinubu’s Renewed Hope Agenda in Housing… the Authority is also getting set fir the take off of the Diaspora City initiative, meant to help our people living outside the country to gave befitting homes back home”
Continuing, he said that the enormous nature of these projects has made digitization of FHA more expedient.
” We are repositioning an FHA where people could stay in the confines of their homes and monitor their investments with us, buy houses, obtain any information the want, just by the click of a button”. He said.
The MD revealed that the coming months and years will witness series of digital initiatives that would be rolled out across the Authority. He declared, ” … from automating manual processes to digitizing records, implementing advanced analytics, and enhancing cybersecurity measures, our digitalisation efforts will touch every aspect of our organization”.
Hon Ojo encouraged the staff to embrace the changes that comes with digitalisation. ” As we embark on this journey, I encourage each and every one of you to embrace change, to be open to new ideas, and actively participate in our digital transformation. Together, we have the opportunity to shape the future of FHA and pave the way for a more innovative, efficient, resilient organization “. He said.

Backward Integration: Dangote Targets 700,000MT of Refined Sugar in Four years

…As Q1 revenue rise by 20.1% to N122.7bn

Dangote Sugar Refinery Plc (DSR) has unveiled plans to produce 700,000 metric tonnes of refined sugar from locally grown sugarcane in the next four years, through its Backward Integration Programme (BIP).

Chairman of Dangote Sugar Refinery Plc, Aliko Dangote stated this at the company’s 18th Annual General Meeting (AGM) held yesterday in Lagos, just as the Nigerian Exchange released the company’s first-quarter result for 2024, indicating an increase of 20.1 per cent in its revenue to N122.7 billion.

Dangote, at the AGM, said in alignment with the Federal Government of Nigeria’s policy guidelines, DSR continues to focus on and enhance its Backward Integration Project (BIP) by deploying and reviewing project strategies to ensure efficient delivery.

He noted that the 700,000 metric tonnes would meet 50 per cent of the current market demand for refined sugar. According to him, the 10-year sugar development plan to produce 1.5 million MT of sugar per annum from locally grown sugarcane remains a germane roadmap to the attainment of the Company’s objectives.

“Our focus is on achieving the revised targets set for DSR Numan Operations, Dangote Adamawa Sugar Limited, and Nasarawa Sugar Company Limited, while we are hopeful that the Taraba State Government will resolve the community payment issues that have led to the stoppage of activities at the Dangote Taraba Sugar Limited, Lau/Tau project.”

He added that “…During the year under review, despite the challenges we were faced with, the company significantly scaled up investment in the Backward Integration Projects with the ongoing expansion of the DSR Numan factory refining capacity from 3,000TCD to 9,800TCD year-end.

“The factory will be increased with an additional 5,200TCD to 15,000 TCD (tonnes of cane crushed per day) eventually to meet the need in view of the massive land development activities also going on at the site. The aim is to achieve 24,200 hectares in total by the year 2029.”

He also emphasised that despite the adverse impact on the business environment by the continuous increase in the inflationary trend, lack of liquidity and FX to fund the company’s equipment import among others for the backward integration projects, concerted efforts are ongoing to secure the needed funds for the development of the Nasarawa Sugar Company Limited project at Tunga in Awe Local Government Area of the state.

“This will enable the company to put in place the needed infrastructure for the eventual commencement of full-scale production and ensure that the Dangote Sugar Backward Integration ‘Sugar for Nigeria Project’ is achieved. In the end, over $700 million investment would be committed to the Backward Integration Programme,” he added.

Dangote said that the Dangote Sugar (Ghana) Limited, was established as a subsidiary of the Company during the year under review, in line with the plan to expand its presence in the sugar industry across Africa.

On outlook, he stated that “achievement of the goals of the Sugar Backward Integration Master Plan remains our focus. This will go a long way in delivering the anticipated benefits, especially in FX savings and cushioning its impact on our operations amongst other benefits to the company, all stakeholders, and the nation.”

Group Managing Director/CEO of Dangote Sugar, Ravindra Singhvi said, “Despite these challenges, we are resolute and focused on the delivery of our business targets in the medium to long term.”

He pointed out that “as we continue to navigate through the scarcity and high cost of foreign exchange, escalating costs of raw materials amongst others, our focus is to enhance the effectiveness of our supply chain processes, optimise cost, improve our operational efficiencies and delivery on our Sugar for Nigeria backward integration project.”

He said “the target is to produce a minimum of 1.5MT refined sugar annually from locally produced sugarcane at our integrated sugar production estates, which is expected to alleviate some pressure on costs and our demand for foreign currency.

“Achievement of a sustainable business remains one of our key strategies and concerted efforts were made towards sustaining the achievements we have recorded in the past,” Singhvi added.