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PRESIDENT TINUBU TO ORACLE GLOBAL VP: WITH CUTTING EDGE TECHNOLOGY, WE WILL DIGITIZE THE PUBLIC SERVICE AND SURGICALLY APPLY PUBLIC MONEY FOR GROWTH

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PRESIDENT TINUBU TO ORACLE GLOBAL VP: WITH CUTTING EDGE TECHNOLOGY, WE WILL DIGITIZE THE PUBLIC SERVICE AND SURGICALLY APPLY PUBLIC MONEY FOR GROWTH

 

PRESIDENT TINUBU TO ORACLE GLOBAL VP: WITH CUTTING EDGE TECHNOLOGY, WE WILL DIGITIZE THE PUBLIC SERVICE AND SURGICALLY APPLY PUBLIC MONEY FOR GROWTH

 

 

 

President Bola Tinubu, on Monday, expressed his support for new partnerships with global technology companies to ensure that data from public institutions are accurate and transparent in providing templates on which proper public sector planning and accounting can occur across sectors.

 

 

 

 

Speaking at a meeting in the State House with the Global Vice President of Oracle, Mr. Andres Garcia Arroyo, the President welcomed the company’s commitment to Nigeria’s civil service reform process and data management sector, even as he emphasized the need for greater knowledge transfer through the establishment of academies and training institutions in the country.

 

 

 

 

Aiming to promote the ease of doing business, digital innovation, effective identity management, efficient payroll administration and qualitative citizen-centred service delivery, the President cited Oracle’s proven success in the automation of the Lagos State payroll system during his tenure as the Lagos State Governor and lauded the positive impact of technological solutions in enhancing accountability, and expediting timelines for service delivery without sacrificing quality in the process.

 

PRESIDENT TINUBU TO ORACLE GLOBAL VP: WITH CUTTING EDGE TECHNOLOGY, WE WILL DIGITIZE THE PUBLIC SERVICE AND SURGICALLY APPLY PUBLIC MONEY FOR GROWTH

 

 

“I have tested Oracle and it has worked for our success. In Lagos State, what we did in effective collaboration with you, has been copied across the states of the Federation. We can only build our institutions with accurate data and cutting edge data management capabilities that are reliable and effective. We can only rely upon our human resources for excellent service delivery to Nigerians, if they are well trained and ready to learn.

 

 

 

 

“The transfer of knowledge is essential for our nation and the continent. In this government, we believe that the only way to build our country is a bottom-up-approach and from one single sheet of paper, we can create an end-to-end solution for public administration that will rid our service of its worst tendencies in favor of effectiveness and reliability,” the President declared.

Expressing concern about Nigeria’s bloated civil service payroll at the national and sub-national levels, the President stated: “Each time they give me the payroll number, I get so frightened. Where am I going to get the capital to develop the infrastructure we desperately require if the payroll of 1% – 2% of the population is consuming all the revenue? I think we need a tight technological control that can check and balance all necessary control points of our transaction processes. I’m looking forward to working with Oracle because I have the belief and confidence that you can do it as you have in the past.”

In his remarks, the Global Vice President of Oracle proposed a comprehensive digital transformation of work process at the federal level of administration, in order to achieve greater macro-economic visibility; streamline government processes for cost and time savings; and to provide the desired skills development opportunities for Nigerians.

“You have shown tremendous practical leadership throughout your career, Mr. President. We have partnered with you and we know how determined you are to achieve all that you set out to achieve. This is why we are offering Nigeria a free national diagnostic of the present situation in the public service with a view to dimensioning across sectors the scale of solution required. We look forward to partnering with you again,” the Oracle VP concluded.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

September 4, 2023

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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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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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