Business

Shareholders Commend FCMB’s performance in 2014; Approve N25 kobo Dividend

Published

10 years ago

May 4, 2015

Shareholders of FCMB Group Plc have unanimously approved the payment of a cash dividend of 25 kobo per ordinary share, for the year ended December 31, 2014. The approval came at the 2^nd Annual General Meeting (AGM) of FCMB Group Plc held in Lagos on Thursday, April 23, 2015.

Commenting on the development and the financial statements of the Group, the Coordinator of Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, commended the Board and Management of FCMB Group Plc for the performance and dividend payment, despite the particularly challenging operating environment for banks in 2014. He added that, ‘’the increase in the Group’s profit from N16b in 2013 to N22b in 2014 is commendable. It is a clear signal that things are looking up. We are also happy that FCMB has emerged as a strong player in retail banking and from what we have seen so far, we are optimistic that the Bank will continue to wax stronger’’.

On his part, the National Chairman of Shareholders’ Trustees Association of Nigeria, Alhaji Mukhtar Mukhtar, said, ‘’theresult is very wonderful, despite the very harsh economic environment. The FCMB has been able to give us a wonderful result. We are very satisfied. The 22k dividend is very encouraging. Profit after tax has gone up, total assets has increased. We are very impressed with the result. I congratulate the current executive management of the Bank for a job well done’’. On the refreshed corporate identity of FCMB, Alhaji Mukhtar described the move as welcome development that will help the Bank become more visible and connect better with customers.

Speaking at the AGM, the Chairman of FCMB Group, Dr. Jonathan Long, stated that the Group, which comprises First City Monument Bank Limited, FCMB Capital Markets Limited and CSL Stockbrokers Limited, ‘’has achieved a strong and sustained growth over the past three years’’, adding that during the past year, the Group continued the profitable development of its core banking, capital markets and stock-broking businesses’’. Mr. Long assured that with the implementation of the Group’s supervisory structure, ‘’we are confident that this will help us to consolidate the gains made over the past years and face the economic challenges which we are confronted in 2015’’.

The Managing Director of FCMB Group Plc, Mr. Peter Obaseki, noted that, “the Group is on track to deliver on its promise to its various shareholders’’. He continued by explaining that the Financial Holding Company structure adopted by FCMB in 2013 has given, ‘’opportunity for us to diversify our revenue sources and minimise our exposure to the risks inherent in some of the businesses in our portfolio of investments’’. Mr. Obaseki stated that despite regulatory and macro-economic challenges, ‘’our future outlook is bright, our capital base remain strong, the bank’s strategies are yielding results and we will focus more improving contribution to revenue from the non-banking businesses, especially in the wealth management space’’.

Also speaking, the Group Managing Director/Chief Executive of First City Monument Bank Limited, Mr. Ladi Balogun, pointed out that the Bank made considerable progress on the priorities it set out last year, including accelerating market share in retail banking, primarily through consumer finance; enhanced investment in customer experience as a means of growing customer base and containment of operating expense. ‘’Our capital positioned strengthened over the year. We successfully raised N26 billion tier 2 capital which helped us maintain a reasonable capital adequacy ratio, at 19 percent. We remain well placed to meet expected future growth requirements’’, he said.

Mr. Balogun disclosed that following the Bank’s renewed focus on retail banking, ‘’we acquired 500,000 customers in 2014. We also supported 278,518 borrowing customers during the year with loan disbursements which demonstrates the broad impact we are having on the economy’’. According to him, the Bank also provided greater convenience for its retail customers by rolling out 245 new ATMs, just as it migrated more customers to alternate channels.

On the future outlook, he said that among other priorities, ‘’our e-banking and cards business will be a key focus area for non-interest income growth to replace COT, bring greater convenience and consistency of experience to our customers. We will continue to moderate our operating expenses and cost of risk by consolidating our risk acceptance criteria in an increasingly high-risk environment, while focusing increasingly on deposit growth’’. The GMD/CEO of First City Monument Bank told the shareholders that, ‘’we are very much on course to build a dominant retail banking business well diversified across lending, savings deposits, bancassurance and payments. Overall, we are confident this progress and momentum will be sustained, as we continue to grow our market share through service excellence and improve our efficiency ratios’’.

The audited accounts of FCMB Group Plc for the year ended December 31, 2014 showed a stellar performance. The Group’s total assets grew by 17 per cent to N1.2trillion, deposits rose by 6% to N755billion. All the Group’s subsidiaries achieved progress during 2014 with FCMB Capital Markets Limited recording a profit before tax of N1 billion, an increase of 145% compared to that of 2013, while CSL Stockbrokers Limited witnessed a 127 per cent surge in profit before tax to N377million.

First City Monument Bank Limited, the banking subsidiary of the Group, also sustained the soundness of its balance sheet and credit standing. Going by the 2014 financial statements, the recorded a 26% improvement in profit before tax from N17.8 billion in 2013 to N22.5billion in 2014. Net revenue was up by 16.7% to N96.1 billion in 2014. This was driven mainly by a stronger growth of 13 percent in interest income as against the 2 percent reduction in the corresponding interest expense. Overall, the Bank’s balance sheet grew by 15 percent from N998.71 billion in 2013 to N1.15trillion in 2014. The banks earnings per share (EPS) increased by 38 percent to 112k in 2014 from 81k in 2013. Return on average equity (ROAE) increased to 14.58 percent in 2014 from 11.61 percent in 2013, while the return on average assets (ROAA) jumped to 2.05 percent in 2014 from 1.67 in 2013.

Recently, the Bank opened another chapter in its evolution as it unveiled a refreshed corporate identity. Its colours of black and gold which spoke to an exclusive audience have been replaced by a vibrant combination of purple and yellow, speaking to a broader audience. The logo has also been modified to be slightly less formal and more contemporary, yet retaining a distinctly FCMB feel. At the unveiling of the refreshed corporate identity, Mr. Balogun said that, ‘we have reached a tipping point in our evolution, and we feel we are now ready to wear a new look that is reflective of not only where we are, but also where we are going. In doing this, we have set ourselves a long term vision to be the premier financial services group of African origin. The diversity of our business is bringing greater resilience and strength. Steadily this strength is revealing itself in our financial performance’’.

He further explained that, ‘’at FCMB we believe that our future is intertwined with the collective future of our customers. We do not believe that we can succeed if you do not. Hence, we will reinforce our position of being an inclusive lender. We will support sectors that will drive the prosperity of the markets in which we operate. We will bring greater accessibility to a broad range of financial services. We are optimistic about the future and determined, whatever the challenges, to make this happen for the benefit of all stakeholders’’

Business

Empowering Tomorrow’s Tourism Leaders: Batsumi Travel’s Mission to Bridge the Skills Gap

Published

3 hours ago

January 13, 2025

Sahara Weekly

Empowering Tomorrow’s Tourism Leaders: Batsumi Travel’s Mission to Bridge the Skills Gap

Batsumi Travel Township Tourism Development (BTTTD) Creates Opportunities for Youth in Tourism
In a country where youth unemployment and skills shortages remain pressing challenges, Batsumi Travel Township Tourism Development (BTTTD) is stepping up to make a difference. This innovative initiative aims to bridge the gap between theoretical education and real-world industry experience for high school students studying tourism in South Africa.

Recognizing that many young learners in township schools lack access to practical exposure and industry connections, BTTTD provides in-depth knowledge and hands-on training to better prepare students for further studies and employment. Through educational tours, site inspections, and interactive workshops, students gain valuable insights into various sectors of the travel and tourism industry, one of the country’s fastest-growing sectors.

Creating Pathways to Employment and Entrepreneurship

Beyond education, BTTTD is committed to empowering previously disadvantaged youth by offering internships and mentorship programs. Through strategic partnerships with tourism industry suppliers, the initiative ensures that students engage with real-world professionals, gaining a deeper understanding of career paths in hospitality, travel management, tour guiding, and more.

Financial support is also a key component, as Batsumi Travel works with industry partners to provide learnerships, internships, and employment opportunities for graduates of the program. This not only benefits the learners but also uplifts their families and communities, contributing to broader economic growth.

Building a Recognized Industry Leader
Batsumi Travel envisions becoming a major role player within the travel industry, offering world-class services in both inbound and outbound travel, concierge services, flight reservations, and visa assistance. With a commitment to quality, transparency, and customer satisfaction, the company ensures that every client experience—whether for business or leisure—is seamless and stress-free.

A Call for Collaboration and Support

To sustain and expand this impactful program, BTTTD seeks to strengthen partnerships with tourism stakeholders, calling on suppliers and sponsors to contribute towards the future of South Africa’s tourism workforce. With the right support, this initiative has the potential to shape a new generation of tourism professionals, ensuring the industry continues to thrive.

For more information on how to partner with Batsumi Travel or to book travel services, visit www.batsumitravel.co.za or contact [email protected] | +27 64 534 3213.

Batsumi Travel: Turning Dreams into Destinations—For Travelers and Future Tourism Leaders Alike.

Business

Lisa Sebogodi: The Trailblazer Revolutionizing South African Tourism

Published

22 hours ago

January 12, 2025

Sahara Weekly

Resilient, Innovative, Unstoppable – Lisa Sebogodi’s Leadership at Batsumi Travel

Lisa Sebogodi, the visionary founder and CEO of Batsumi Travel, has significantly influenced South Africa’s tourism landscape. Established in 2010, Batsumi Travel emerged from Lisa’s ambition to create employment opportunities and establish a lasting legacy for her family.

Under her leadership, the company has become a beacon of excellence in the travel, tourism, and hospitality industry. Lisa’s dedication to client satisfaction was recognized when she was honored as the “Most Client-Focused Woman-Owned Travel Agency 2023 – Gauteng” by Acquisition International.

The COVID-19 pandemic posed unprecedented challenges to the global tourism sector, and Batsumi Travel was no exception. Lisa’s resilience and innovative strategies were instrumental in reviving the company post-pandemic. Her commitment to excellence and adaptability ensured that Batsumi Travel not only survived but thrived in the aftermath of the crisis.

Batsumi Travel offers a comprehensive range of corporate and leisure travel management services, catering to diverse client needs. The company’s dedication to personalized service and attention to detail has garnered a loyal clientele, both locally and internationally.

Lisa’s impact extends beyond her business achievements. She serves as an inspiration to aspiring entrepreneurs, particularly women, demonstrating that with vision and determination, one can overcome challenges and make a significant impact in their industry.

Patronizing Batsumi Travel means supporting a company that values client satisfaction, innovation, and resilience. Under Lisa Sebogodi’s leadership, clients are assured of exceptional service tailored to their unique travel needs, contributing to the growth and sustainability of the tourism industry in South Africa and beyond.

For more insights into Lisa Sebogodi’s journey and the ethos of Batsumi Travel, you can watch her interview on the Small Business Show:

celebrity radar - gossips

Abdul Samad Rabiu: The Game Changer Transforming Lives Through BUA Group

Published

4 days ago

January 10, 2025

Sahara Weekly

The Master Builder: Abdul Samad Rabiu and the BUA Legacy”

By Femi Oyewale

Arguably, Abdul Samad Rabiu, one of Africa’s leading industrialists and philanthropists, has emerged as a transformative force in Nigeria and beyond. Through the BUA Group, Rabiu has not only revolutionized industries but has also dedicated himself to improving lives and fostering economic growth. This article explores how Abdul Samad Rabiu and his BUA Group are reshaping industries and communities, becoming a beacon of hope and progress.

The Rise of BUA Group: A Visionary’s Journey

Founded in 1988, the BUA Group began as a modest trading company, importing and distributing commodities such as rice, edible oils, and flour. Under Rabiu’s visionary leadership, the company evolved into a diversified conglomerate with operations spanning cement, sugar, real estate, steel, ports, and terminals.

Today, BUA Group stands as one of Africa’s largest and most influential industrial enterprises, directly contributing to the continent’s economic development. With a focus on self-sufficiency and reducing import dependency, Rabiu’s initiatives have helped strengthen Nigeria’s position as a manufacturing hub.

Transforming Industries: BUA’s Impact

1. Cement Industry: Building Nations

BUA Cement has become a cornerstone of Nigeria’s construction and infrastructure sectors. The company’s state-of-the-art plants, strategically located in key regions, have significantly boosted local production capacity, reducing reliance on imports. This industrial expansion has led to job creation and infrastructure development, directly impacting millions of lives.

2. Sugar Refining: Sweetening Local Economies

Through its sugar plantations and refineries, BUA Group has contributed to Nigeria’s self-sufficiency in sugar production. The company’s backward integration program, which includes developing vast sugarcane plantations, has provided jobs for thousands of Nigerians while reducing the country’s sugar import bill.

3. Agriculture: Feeding the Future

Rabiu’s focus on agriculture goes beyond sugar. BUA’s investments in rice milling and other agro-processing industries are addressing food security challenges and empowering smallholder farmers across Nigeria. By leveraging technology and innovation, the company is helping modernize Nigeria’s agricultural landscape.

4. Energy and Infrastructure: Powering Progress

In a nation grappling with energy deficits, BUA Group has invested in power generation to support its operations and contribute to the national grid. The company’s infrastructure projects, including ports and terminals, are enhancing trade efficiency and positioning Nigeria as a key player in global commerce.

The Abdul Samad Rabiu Africa Initiative: Philanthropy at Scale

Rabiu’s commitment to transforming lives extends beyond business. In 2021, he launched the Abdul Samad Rabiu Africa Initiative (ASR Africa) with an initial pledge of $100 million annually for health, education, and social development projects across Africa.

1. Health Sector Interventions

ASR Africa has funded the construction of hospitals, medical research centers, and healthcare facilities in underserved communities. These initiatives aim to improve access to quality healthcare and address systemic challenges in the sector.

2. Education and Capacity Building

Education remains a cornerstone of Rabiu’s philanthropic efforts. From building schools and universities to providing scholarships, ASR Africa is empowering the next generation of leaders and innovators.

3. Social Development

Through strategic partnerships with governments and NGOs, ASR Africa addresses pressing social issues, including poverty alleviation and community development. These projects are designed to create lasting change and promote inclusive growth.

A Legacy of Impact and Inspiration

Abdul Samad Rabiu’s journey from a young entrepreneur to one of Africa’s most influential figures is a testament to his vision, determination, and compassion. Through the BUA Group, he has demonstrated how businesses can drive economic growth while prioritizing social impact.

As he continues to expand his influence, Rabiu’s focus remains steadfast: transforming industries, empowering communities, and creating opportunities for millions. His story serves as an inspiration for aspiring entrepreneurs and a reminder of the power of purposeful leadership.

Abdul Samad Rabiu and the BUA Group represent a transformative force in Africa’s economic and social landscape. By prioritizing sustainability, innovation, and philanthropy, Rabiu is not just changing industries but also improving lives. His work underscores the importance of aligning business success with societal progress, making him a true game changer in every sense of the word.