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Why We Earmarked N10m For Tree Planting In Our Estates – Pelican Valley CEO, Adeyemo

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Why We Earmarked N10m For Tree Planting In Our Estates – Pelican Valley CEO, Adeyemo

Why We Earmarked N10m For Tree Planting In Our Estates – Pelican Valley CEO, Adeyemo

By Heritage Odih, Abeokuta

 

 

The Chief Executive Officer (CEO) of Pelican Valley Nigeria Limited, Dr Babatunde Adeyemo, has explained the rational behind the firm’s huge budget for tree planting and Green ‘Areas areas’ development project within the Pelican Ecostay Apartments and Pelican Brief Estate.

 

 

 

 

Adeyemo said the ‘Green Areas’ is an integral part of the Estate’s Master Plan as approved in the full layout by the Ogun State Government, adding that the implementation of it which had started in phases, would be executed meticulously.

 

 

 

 

The realtor dubbed as the ‘Poster boy’ of the real estate sector in Ogun State, said the firm purposely sited the estate at its specific location within Masa – Kobape axis of the state to provide immeasurable “peace of mind” to clients.

 

 

 

 

 

He explained to The Daily Crucible that the place was conceived to be an eco – friendly setting, a serene ambience where man and nature would align together to promote “good health and longevity,” and away from the congestion the Abeokuta metropolis has become..

 

 

Why We Earmarked N10m For Tree Planting In Our Estates – Pelican Valley CEO, Adeyemo

 

 

Adeyemo that has recently being inducted as ECOWAS Youth Ambassador in addition to being an Anti – corruption ambassador, said he needed not wait for the good counsel of the National Emergency Management Agency(NEMA) on the importance of leaving a portion aside for ‘Green Areas’ in an estate before embarking on tree planting in his own estates.

 

 

 

According to him, he is naturally in love with Greens, and would effortlessly and gladly plant trees without much prompting from any quarters.

 

He said the essence is to have a zero carbon emission human habitation, make the place tourists attraction with special built lounge, recreation areas, special built club and a Gymn centre for the comfort of the calibre of clients that had keyed into the concept.

 

The realtor said, “Pelican Brief Estate and Pelican Ecostay apartments have government fully approved layout. In furtherance of our Master plan, we have Green Areas and at the same time, we have eco-friendly place called Pelican Ecostay apartments. It is conceived to offer comfort and healthy living. There, we are going to use almost N10 million naira to buy plants, we have started buying tree seedlings in phases and we are going to put the seedlings in each plot and compound so that in the next two or three years, you can always have a serene ambience and zero carbon emission because in this estate, there will be no home power generator in any apartment. It is going to be 100% eco – friendly in compliance with ecostay, eco – friendly concept.

“We deliberately sited our estate at that particular spot in Masa Kobape area of Abeokuta to give our clients peace of mind, it is a place where man and nature will align to promote good health and longevity. It is away from the congestion of Abeokuta metropolis.

 

“In terms of proximity, it is 50minutes drive from Lagos and less than 20 minutes from Abeokuta or Prof Wole Soyinka Train station . It is all encompassing and we truly want to make it tourists attraction. We will have special built lounge, recreation areas, special built club and a Gymn centre. All these are in the Master Plan of Ecostay apartments and we are going to extend same to Pelican Brief estate.

 

“The beauty of government approved estate is that in every layout of government approved estate, there is a portion mapped out for you, it is compulsory, and the government will do it for and you can’t use that portion for any other thing. Before government approved a layout, you must have a green area, you must have a place for recreation, you must have commercial area so that nobody goes building shops in front of his apartment to sell groundnut or coconut. It will never happen in this kind of estate because we have purpose vouch out facility space for that. We have commercial zone. We are going to have our five – storey building corporate headquarters there. One floor will house Oko Opo Foundation. One floor will be for the supervision of the estate.

 

“The last floor will be for my second passion, which is broadcasting. We are planning to have a Radio Station because we have a bundle of knowledge converging there. We are talking of Nigerians who have excelled in many endeavours and they want to retire there. We will tap into their wealth of experience by bringing them to handle one or two live programmes in our proposed Radio Station. We are going to utilise what we have optimally. It is going to be the knowledge base of Ogun State, the tourist attraction and future of Ogun State.”

 

 

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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