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Ecobank Group Sustains Resilience in 2016, Makes Full Loans Provision, Assures Shareholders of Robust Future Earnings

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Ecobank Transnational Incorporate (ETI) has taken a decision to completely clean its books of non-performing risk assets in its  legacy loan portfolio, and has made  a provision of N221.7 billion in its 2016 audited accounts.  The impairment charges, showed a jump of 110.7 per cent compared with N105.2 billion recorded in 2015.

According to the results released on the floor of the Nigerian Stock Exchange (NSE) on Tuesday, ETI recorded a growth of 22.3 per cent in gross earnings to N665 billion in 2016, from N542.7 billion in 2015. Net interest income similarly rose by 25.3 per cent to N284 billion, from N226.6 billion in 2015. Profit before impairment charges stood at N188 billion, up from N146 billion.

However, the  N221.7 billion impairment charges led to company to close  the year with loss before  tax of N33.7 billion compared with a profit before tax of N40.5 billion,  while loss after tax stood at N52 billion, as against a profit after tax of N21.25 billion in 2015.

Commenting on the results, the Group Chief Executive Officer of ETI, Ade Ayeyemi said  Group revenues remained resilient despite a tough year of macro- economic headwinds including a weaker economic environment, particularly in Nigeria, and the strengthening of our reporting currency – the United States dollar – against all African currencies particularly the Nigerian Naira where 40 per cent  of the Group’s revenues have historically been generated.

“Separately, our end of year bottom line performance has been impacted by our voluntary adoption of a full impairment charge regarding our legacy loan portfolio, for which a resolution  vehicle was set up, the first private sector funded resolution vehicle of its kind in Nigeria, with the sole objective of ring-fencing the legacy loans from Nigeria’s  core bank. This, among others, would allow management to focus on delivering results. Our business philosophy was founded on international best practice in  terms of accounting and asset quality, so whilst the impairment charge has impacted our earnings, our accounting treatment has been for the right reasons  and we are in better shape for the future as a result,” he said.

While assuring that stakeholders that the group has strengthened its entire risk management architecture, he said the bank would also company would also focus on  bringing  down impairment cost, improve the collection and what  have  been provided for so that the bottomline would be robust going forward.

Ayeyemi disclosed that the  funds proposed $400 million convertible bond issue will be used sensibly and profitably, of which $200 million would be used to repay the short-term financing used in setting up the resolution vehicle.

“The remaining $200 million is for a conscious debt restructure of the maturity profile of the ETI Holdco balance sheet. We are delighted to have very high subscription levels to the issue from existing shareholders, in the region of $300 million. The conversion price of the offer

is 6 USD cents compared to a current price of 3 USD cents with an interest rate of 6.46 per cent above LIBOR. Good businesses should always match operational expansion with cost control, and this is a fundamental belief of ours which we practise. We maintain our cautious stance on lending in this challenging period, but will continue to implement a number of exciting new customer initiatives such as our pan-African banking app and leveraging our blue-chip partnerships to benefit our customers across 40 countries. As the gateway to global trade finance in Africa, the role

we are playing at the centre of the intra-Africa trade and cash management for governments, corporate clients, suppliers and distributors will benefit the  economies in which we operate and consequently the income of Ecobank,” he said.

The GCEO said he remained confident in the result of the cost efforts and in “our ability to deliver a leading service for our customers which will be reflected in improved key  performance indicators in 2017 and beyond. Ecobank’s twin goals are generating sustainable returns above the cost of equity whilst maintaining the highest  international standards and we treat both goals equally. Reputations are hard won and easily lost and we will never compromise that. We have a bright future  ahead and I look forward to the future with confidence.”

 

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Renewed Hope Agenda and Impacts in Aviation* By Mary Odoma

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Renewed Hope Agenda and Impacts in Aviation* By Mary Odoma

*Renewed Hope Agenda and Impacts in Aviation*

By Mary Odoma

 

President Bola Tinubu’s knack for selecting top talent is unparalleled. In his quest to build a prosperous Nigeria, he’s assembled an exceptional team. By leveraging their expertise, experience, and strategic insight, he’s fostering national stability, economic growth, and a sustainable future.

His latest win is in Aviation and Aerospace Development, where he’s appointed a fearless and straightforward leader, Festus Keyamo, SAN. Keyamo’s commitment to excellence makes him an ideal fit. President Tinubu’s vision for Nigeria is taking shape, and his leadership choices are truly commendable.

A dedicated, charismatic and impactful lawyer, the dynamic and astute developer is a terror to mischief makers and enemies of progress. A tough and forceful personality who is determined with an ultimate goal to change Nigeria.

Appointed on 21st August 2023 as the helmsman of the Ministry, Keyamo has been unwavering in his drive for positive transformation, reforming the sector and bringing about enduring positive impact in a transparent manner.

Renewed Hope Agenda and Impacts in Aviation*
By Mary Odoma

His Ministry has the core mandate of regulating air travel and aviation services in the country. It is also responsible for overseeing air transportation, air development, maintenance, provision of aviation infrastructural services and other needs.

A very patriotic Nigerian, Chief Festus has several achievements, in line with the Renewed Hope Aviation Roadmap approved by President Tinubu to his credit.

In a steadfast commitment towards revitalizing the nation’s aviation sector, Mr Keyamo was able to ensure the approval of the concession of the Nnamdi Azikiwe International Airport (NAIA), Abuja and Mallam Aminu Kano International Airport (MAKIA), Kano Airports. This is in line with the initiation of the Nigerian Airport Concession Strategy.

Also, in line with the Federal Ministry of Aviation Roadmap, Chief Keyamo initiated the signing of an MoU with the Nile University for the take-off of African Aviation and Aerospace University (AU). This milestone achievement of the Minister aims to integrate and create an avenue for the training, research and development of ready middle-class manpower for the sector.

Equally, under his watch, the pragmatic leader led the Ministry into partnership with the ICRC and also a collaboration with the IFC on infrastructural development. This partnership is to both develop and implement a comprehensive and durable framework that will meet the infrastructural needs of the sector over a long period.

Through Keyamo’s congruence and dynamism, the BASA arrangement is another revolutionary innovation aimed at ensuring the operationalization of direct flights between Nigeria and Brazil.

Keyamo’s motivation and altruistic devotion to having a functional aviation and aerospace sector also moved him to upgrade the Muhammadu Buhari, Airport, Maiduguri to the standard of an international airport. This airport is ready to commence full operation on January 1, 2025

In the area of staff motivation, retirees of the Ministry now have no cause for alarm as their interest is covered. Recently, the Ministry honoured 24 retirees drawn from the lowest rung to the highest. It is in a bid to acknowledge those who have contributed immensely to the growth and development of the sector as Nation-builders.

His prompt response to issues including distress reveals an empathetic personality and someone who is very much alive to his responsibilities. Recently, while reacting to the accident involving a helicopter on the 24th October 2024, Mr Keyamo, immediately upon receiving the distress call, activated protocols aimed at search and rescue operations, mandating all relevant bodies to do everything humanly possible to ensure the safety of the passengers on board the ill-fated vehicle.

The Minister was also actively involved with all the relevant agencies towards ensuring a coordinated response. His active and physical involvement led to the minimization of casualties.

In a show of collaboration and solidarity, the Hon. Minister travelled to far away Marrakesh, Morrocco, to give support to the 2024 International Transport Workers’ Federation (ITF) congress. His presence was to underpin the importance the federal government attaches to the role of the transport workers in stabilizing the aviation sector.

Festus Keyamo as the Honourable Minister of Aviation and Aerospace Development is certainly the best thing that has happened to the industry. He has exhibited passion, dedication and selfless forthrightness in the discharge of his duties and a total comprehension of what it takes to carry out his roles. He is well-groomed for the job and his background has helped him greatly towards shaping the positive impact he is making on society.

Today, Festus has proved that a faithful, disciplined, and dedicated Nigerian can stand out of the crowd because he symbolizes what governance is all about. These feats can only be achieved by a man with the right comportment and conduct in the service of humanity and the fatherland.

Deserving of note is that Chief Keyamo, through the foresight of President Tinubu has well-prepared team leaders appointed as heads of the agencies of the Ministry.

The supportive and collaborative roles of the Nigeria College of Aviation Technology, Nigeria Metrological Agency, Nigeria Civil Aviation Authority, Nigeria Airspace Management, the Federal Airports Authority of Nigeria, and the Nigeria Safety Investigation Bureau (NSIB), have brought about those tangible and noticeable volte-face experienced today in the Aviation sector.

With Keyamo at the helm, Nigeria’s aviation sector is experiencing a transformative shift, thanks to President Tinubu’s foresight in appointing well-prepared team leaders. The Nigeria College of Aviation Technology, Nigeria Metrological Agency, and others are working together to bring about tangible change. Keyamo’s dedication, discipline, and commitment to service have improved Nigeria’s image and reformed the aviation and aerospace sectors.

Odoma is the President of New Nigeria Network [NNN[ writing from Abuja.

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SEAMLESSVISA: TRANSFORMING THE U.S. VISA APPLICATION PROCESS By Chinedu Nsofor

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SEAMLESSVISA: TRANSFORMING THE U.S. VISA APPLICATION PROCESS
By Chinedu Nsofor

 

Navigating U.S. visa applications has been a daunting challenge for millions of hopefuls, especially in Sub-Saharan Africa, where nearly 70% of U.S. visa applicants are denied due to several factors including incomplete applications and poor interview preparation.

SEAMLESSVISA: TRANSFORMING THE U.S. VISA APPLICATION PROCESS
By Chinedu Nsofor

 

In response to this critical issue, SeamlessVisa, co-founded by visionary entrepreneur Jeremiah Haruna, is pioneering a technology-driven solution to simplify the process and drastically improve success rates.
Empowering Immigrants with Cutting-Edge Technology.

 

SeamlessVisa’s web application empowers both individuals and businesses to handle U.S. visa applications with efficiency and confidence. The software offers a comprehensive suite of tools designed to simplify the entire process. Key features include automated error checking, a risk evaluation tool that assesses visa approval chances, and an AI-powered simulated interview trainer that prepares applicants for the high-pressure consular interviews.
Haruna, an immigrant himself, intimately understands the emotional and financial toll of visa denials. “Having experienced the frustration of visa rejections, I know how devastating it can be, not just financially but emotionally,” says Haruna. “That’s why SeamlessVisa is dedicated to making this journey smoother, more affordable, and ultimately successful for those seeking better opportunities in the U.S.”

 

A Personal Solution for a Global Problem
SeamlessVisa’s platform is not just another visa service—it’s a product of personal experience and deep empathy. Haruna, along with his co-founders—two of them lawyers and one software engineer—are using their expertise to create a better and affordable solution for businesses managing U.S. student visa applications.

 

This innovative approach has already caught the attention of EdTech companies and visa agents across Sub-Saharan Africa, who are partnering with SeamlessVisa to help hundreds of U.S. student visa applicants submit stronger, error-free applications. The company’s FiBi AI interview trainer is a game-changer for those nervous about the visa interview stage. FiBi AI offers tailored, practice interview sessions and expert tips, helping applicants build confidence and improve their performance during the actual consular interview—a stage where many hopefuls falter.

 

The platform’s affordability and ease of use make it accessible to a wider audience, from individual applicants to large visa processing businesses.

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LG Election: Abeokuta North Chairmanship candidate promises to facilitate international projects

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LG Election: Abeokuta North Chairmanship candidate promises to facilitate international projects

LG Election: Abeokuta North Chairmanship candidate promises to facilitate international projects

The All Progressives Congress APC, Chairmanship candidate of Abeokuta North Local Government in the coming November 16th L G polls in Ogun state, Hon . Olanrewanju Oyegbola Sodipo has said his administration would synergize with international organizations so as to enhance further development and growth of the Local Government.
Hon. Oyegbola Sodipo stated during an interview with journalists in Abeokuta, ogun State Capital.

LG Election: Abeokuta North Chairmanship candidate promises to facilitate international projects

He stated that as part of his programmes, if elected as the Chairman of the council, developing partners such as United Nations’ programmes would be facilitated to the LG.
The Chairmanship candidate also hinted that his administration would beckon on prominent personalities from the local Government,wherever they are in Nigeria and overseas for them to contribute meaningful to the programmes and developmental projects so as to provide sustainable dividend of democracy to the people.
He added that the need to contribute positively to the welfare of the people , progress and turn around of Abeokuta North Local Government,among others prompted him to vie for the Chairmanship seat .
He added that the elderly, aged and Pensioners’of the LG Healthy living would be his administration’s priority as qualitative Health schemes are part of the blueprints to be enjoyed by the group.
He also stated that maternal schemes for pregnant women would be taken care of, empowerment and series of financial programmes to boost small business owners ,artisans,Skills acquisition initiatives and youths empowerment are also part of the programmes .
” Our Local Government is an agragarian place, our LG is quite different for other LGs . There are arable lands here, we will engage our Youths in meaningful agricultural projects that will yield bountiful harvest for the LG, and we will be able to feed ourselves and the state as well”.
“We are also prepared to key into the ISEYA mantra of our indefatigable Governor, Prince Dapo Abiodun in all it entirety”
On fulfilment of campaign promises, Oyegbola Sodipo said that the Local Government Autonomy initiated by President Bola Ahmed Tinubu’s administration and passed into law by the Supreme court , which the State Governor has been one of its prime mover will be of greater help for the LGs to be able to perform optimal.
He , therefore, assured the people of the local government that by the grace of God, and the support of the prince Abiodun Led administration, his administration would perform wonders within 100 days in office.

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