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Wema Bank Empowers 100,000 MSMEs in Ekiti State

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Wema Bank Empowers 100,000 MSMEs in Ekiti State

Launches Ekiti-Wema MSME Empowerment Programme for Youth and Businesses.

 

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has partnered with the Ekiti State Government through the Ministry of Wealth Creation and Employment to launch the Ekiti-Wema MSME Empowerment Programme for youth and businesses in Ekiti State.

 

 

 

 

Launched on Monday, August 5th, 2024, the Ekiti-Wema MSME Empowerment Programme is an initiative designed to train and empower 100,000 youth and Micro, Small and Medium Enterprises (MSMEs) operating within Ekiti State with business management, digital empowerment and finance management skills for success. Leveraging the immense potential of Nigerian youth and the economic opportunities presented by MSMEs, the Ekiti-Wema MSME Empowerment Programme is strategically curated to help the youth of Ekiti State maximise their potential while equipping businesses for sustainable growth and productivity, towards boosting the state’s macroeconomic conditions.

 

Wema Bank Empowers 100,000 MSMEs in Ekiti State

 

The Ekiti-Wema MSME Empowerment Programme is set to be executed through virtual and physical training sessions cutting across business management, digitalisation, and financial management, additionally providing access to mentorship support from experienced and successful entrepreneurs from within and outside Nigeria. These participants will also receive a certificate of participation upon completion of their training course. Beyond the trainings, participants will also gain access to market and assistance in securing finances to put their learnings to practice and scale their operations. This comprehensive approach ensures that the Programme not only enhances the capabilities of youth and MSMEs in Ekiti State but also facilitates their sustained growth and contribution to the economic development of Ekiti State.

Reiterating the Bank’s commitment to pioneering solutions, initiatives and partnerships for the growth and success of Nigerians, Wema Bank’s Executive Director of Retail and Digital Business, Tunde Mabawonku, encouraged youth and businesses in Ekiti State to seize this unique opportunity for their success. “As Nigeria’s most innovative bank, we have committed to concerting efforts, pooling resources where ideal and going the extra mile in developing solutions that address the needs of our people and ultimately empower them to thrive. Our robust portfolio attests to this deep-rooted commitment and with the Ekiti-Wema MSME Empowerment Programme, we are extending the reach of our positive impact, positively enhancing the lives and businesses of the Ekiti State people and empowering them with the skills, knowledge, and expertise needed to thrive in today’s competitive market. Our approach is granular yet comprehensive, bringing tailored solutions for growth to the youth and businesses of Ekiti State right within their vicinity. We hope that through this initiative, Ekiti State will become a hub of productivity and economic buoyance, and the domino effect of this economic boost will translate on the national scale, improving our nation’s macroeconomic indicators for the best”, Mabawonku said.

The Ekiti State Honourable Commissioner for Wealth Creation and Employment, Otunba Kayode Fasae, added, “Our goal with this partnership with Wema Bank is to implement a two-pronged approach that contains two missing key ingredients of wealth creation and employment generation, which are skill development and finance. Wema Bank has been extremely supportive in working with the Ekiti State Government for the success of our people. You would recall that in 2020, the Bank collaborated with the State to sponsor the training of 2500 youth under the Central Bank of Nigeria’s AgriBusiness Small Medium Enterprise Investment Scheme (AGSMEIS) and now, four years later, we are proud to announce the birth of yet another groundbreaking partnership with the Bank, the Ekiti-Wema MSME Empowerment Programme. We reiterate our unwavering commitment to maximise the deliverables of this Programme to serve as a veritable intervention platform for skill development and panacea for employment and wealth creation”.

Wema Bank continues to expand its network, partnering with reputable individuals, institutions, and entities on state and federal levels to provide viable solutions for Nigerians across the world, empowering them to thrive in both personal and professional endeavours. With the Ekiti-Wema MSME Empowerment Programme, Wema Bank is set to transform 100,000 lives and businesses across Ekiti State.

Interested Youth and Businesses in Ekiti State are to visit https://wema-ekitisme.alat.ng/register to register for the Ekiti-Wema MSME Empowerment Programme.

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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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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