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Business

”My Priority Is To Provide Jobs For Teeming Unemployed Anambra Youths” – Hotel Mogul Umenwobi Henry

Published

6 years ago

June 14, 2018

Who is De Don?
My name is Umenwobi Abuchi Henry (JP). I am the CEO of New World lounge and Las Vegas night club, Awka, Anambra State. I’m from Ezinifite Aguata local government Area in Anambra State. I grew up in Ezinifite before heading to Bauchi to learn trading. After that I came to Awka where I resided briefly before traveling abroad.
How long did you stay abroad?
I stayed for about 8 years because, no matter where I go my heart is always in Nigeria.

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Since your arrival how would you describe your experience?
Well, so far so good. I saw a lot of nice changes especially in Anambra State. I was surprised to see that the state is one of the safest in Nigeria now thanks to chief Willie Obaino. People can move freely at any time now.
What inspired you to go into hospitality business?
OK, I’ll say that the major reason I went into hospitality business is because, since I was a kid I’ve always told myself that I’ll like to do something that will benefit people. So when I came back from abroad I thought of many business ideas, but later settled on building hotels and clubs. Because first it’ll employ many people, provide the people a place to rest and a place to enjoy themselves. You can imagine my joy when I see people propose to their girlfriends every week at my club. It also gladdens my heart to see happy couples coming to my hotel for honeymoon. There are so many positive experiences but I can only name a few.

How were you able to build New World Hotel and Las Vegas Night Club into one of the most popular tourist destinations in Anambra State?
I’ll say it all boils down to good service. We always make sure that our customers are well treated. That keeps them coming back. Next is security. I’ll say that our place is one of the safest places people can lodge or club with rest of mind. Then the types of events we host to appease the customers matters too. People love our activities such as, the white party, which attracts the high and the mighty in Anambra State. We also hosts Jersey party which involves people coming out wearing their clubs’ jerseys. I’ll say it’s been one of the most successful parties hosted in Las Vegas night club. We also do champagne Night, which as the name implies is all about champagne. We have 30 queens, where we host reigning pageantry winners from across the state. There’s also Arabian nights where the biggest boys and the biggest girls don Arabian attires. It’s really a sight to behold. We’re introducing two new parties, one is the Mask party which is coming up on Friday the 29th of June 2018, and the second one is celebrity night, which involves hosting popular celebrities once a month in the club. That doesn’t mean that celebs have not been frequenting our place. People like Terry G, D Prince, Vector, Nkoli Nwa Nsuka, Zubee Michael, Award winning film producer Lawrence Lurrenzo Onuzulike, Junior pope and host of others do visit our outfits.
How would you rate hospitality business in the Eastern part of the country, most especially Anambra?
I would say that my people are trying. Since the change in the security level of the state, hospitality business has surged dramatically. The biggest issue hindering growth is lack of electricity. I ran desel daily every year. It takes a lot from the business. But I don’t think that’s just an Anambra issue. I think it’s more of Nigeria’s issue.
It’s no doubt you’re a massive employer of youths. How has it been managing them?
I won’t lie to you, it hasn’t been easy. In every twelve apostles there must be a Judas. But we deal with them with patience and most importantly we train them always and ensure they know whats required of them at the work place. In all, I’ll say it’s God that helps us.
What are some of your plans in changing the face of hospitality business in Anambra State?
I won’t it call it plans because I’m already doing things to change the face of hospitality in Anambra State. I didn’t just build a hotel and a club and then went home to rest. Instead, I work with talented and creative people on a daily basis to keep dishing out fun activities and expanding our businesses to accommodate more customers and provide more jobs. Oh, let me add that due to the quality of our hotel and clubs and the standard we set, most people coming home from abroad like to stay and club with us.

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Why did you choose to invest heavily in Anambra State?
If it was a few years ago, I won’t have taken the risk. But as I said earlier, when I returned to Nigeria I was shocked by the level of security in the state, again thanks to governor Willie Obaino. And also it’s my home state, they say Charity begins at home. If I don’t develop my state who will? It would’ve been a very big disappointment for me to travel abroad and see many things and not bring as much as possible back home, so that when white people visit Nigeria they will see that we are a modern society too. We can’t leave everything to the government.
What do you think of the current political situation in Nigeria?
In every positive there are some negatives, and in every negative there are some positives. I won’t say the current political situation is the best or the worst. I’ve learned to have some positives out of every situation.
What do you think of Governor Obaino’s leadership?

I think he’s trying. If you noticed I’ve mentioned security many times. It’s because businesses won’t thrive without security and he has provided that. Most people of Anambra State are very proud of him. But like I always said, we need power supply in the state, after security and good roads, power supply is very important. This is crippling many businesses not just only those in hospitality.
Do you think Governments at the state and the national levels deserved another term in office?

If I answer the question based on how I’m being favoured, then my answer will be biased. I’ll rather say it depends on Nigerians in general to decide. At this point I’m calling everyone to come out with their PVCs and vote for what’s better for the country and for my state.

From our little research, people of Anambra loves you immensely because of your philanthropic nature. Do you plan to ride the popularity wave and join politics?
If I’m to follow the way people have been pushing me I would’ve been into politics long before now. c don’t know about the future but for now I’m more focused on providing jobs for the youths and doing things that will benefit my people.

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Business

ASR AFRICA COMMENCES THE CONSTRUCTION OF A 500-CAPACITY LECTURE THEATRE AND FACILITIES WORTH 250 MILLION NAIRA FOR THE ADAMAWA STATE UNIVERSITY, MUBI, NIGERIA

Published

16 hours ago

May 3, 2024

Sahara Weekly

ASR AFRICA COMMENCES THE CONSTRUCTION OF A 500-CAPACITY LECTURE THEATRE AND FACILITIES WORTH 250 MILLION NAIRA FOR THE ADAMAWA STATE UNIVERSITY, MUBI, NIGERIA

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Mubi, May 3rd, 2024

Sahara Weekly Reports That The Abdul Samad Rabiu Africa Initiative (ASR Africa) commences the construction of a 500-capacity lecture theatre and wash facilities for the Adamawa State University, Mubi. This project is coming after the nomination of the institution as a recipient of the ASR Africa Tertiary Education Grant Scheme (TEGS), by the Board of Directors of the Abdul Samad Rabiu Africa Initiative.

Speaking at the event, the Acting Vice Chancellor of the University, Dr. Stephen A. Lagu, expressed his appreciation to the Chairman of BUA group and ASR Africa, Abdul Samad Rabiu, for the rare philanthropy gesture towards the university. He stated that the intervention of the Chairman would reduce the physical infrastructure deficit at their new campus and promote sanitation and hygiene in the university. He added that the choice of the 500-seat lecture theatre with the four boreholes at different locations within the campus was identified and agreed to by the relevant organs of the institution with the ASR Africa team.

Dr Ubon Udoh (MD / CEO, ASR Africa), in his remarks, congratulated the institution for qualifying for the nomination by the Board of Directors of ASR Africa. He stated that the rigorous selection process which includes stringent criteria such as the quality of service delivered by the university and the pedigree of graduands from the institution at the national and international levels, proves that the university is keeping up with its vision as a leading institution of learning in the region. He encouraged the management and students to ensure proper use and maintenance of the facilities as a show of appreciation for the grant given to them.

The Tertiary Education Grant Scheme of the Abdul Samad Rabiu Africa Initiative is part of the efforts of the Chairman of BUA Group and ASR Africa, Abdul Samad Rabiu to give back to the African continent and make a lasting impact in education as a means of uplifting and restoring the dignity and lives of Africans.

About ASR Africa

ASR Africa is the brainchild of African Industrialist, Philanthropist and Chairman of BUA Group, Abdul Samad Rabiu, the Abdul Samad Rabiu Africa Initiative (ASR Africa) was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa.

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Business

Rano: Inspiring Story Of An Ice block seller who became billionaire

Published

18 hours ago

May 3, 2024

Sahara Weekly

Rano: Inspiring Story Of An Ice block seller who became billionaire

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Alhaji Auwalu Abdullahi Rano, popularly known as A.A Rano transformed from a humble boy from Kano Village into a billionaire magnate, overseeing a conglomerate that includes 120 filling stations across Nigeria.

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Born into an average family in Lausu, Kano State, Rano started small, with an ice block and groundnut oil business, including other local items.

Rano has gone into building a multi-billion naira enterprise spanning various sectors of Nigeria’s economy.

Today, Rano owns AA Rano oil & Gas industry in Nigeria with 56 ML Tank farm in Lagos, with 120 retail outlet/ fillng stations across Nigeria and over 600 trucks & LPG terminals as well as acquired vessel (M.T LAUSAU).

His ventures include RanoGaz, a state-of-the-art Liquified Petroleum Gas (LPG) terminal, a rice milling company, Rano Lubricant, Rano Air, Lausu Marine and Logistics, AA Rano Terminal, and AA Rano Road Haulage.

@PUNCHNG

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Bank

Fidelity Bank records a 120.1% growth in PBT to N39.5bn in Q1 2024

Published

1 day ago

May 3, 2024

Sahara Weekly

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Fidelity Bank records a 120.1% growth in PBT to N39.5bn in Q1 2024

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In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 120.1% growth in Profit Before Tax from N17.9bn at the end of Q1 2023 to N39.5bn for Q1 2024. This was made known in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, 30 April 2024.

According to the statement, Gross Earnings increased by 89.9% yoy to N192.1bn from N101.1bn in Q1 2023. The increase was led by a combination of interest income (90.7% yoy) and non-interest income (84.0% yoy). Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, FX-related income, trade, banking services, and remittances, supported by increased customer transactions.

Commenting on the results, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc stated, “We are pleased to report another quarter of strong financial performance driven by our strategic focus on customer-centricity, digital innovation and operational excellence. Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.”

In the period under review, the bank grew Net interest income grew by 89.5% yoy to N99.6bn from N52.6bn in Q1 2023, driven by interest and similar income as the yield on financial instruments improved to 14.7% from 10.1% in Q1 2023 (2023FY: 11.6%). In line with the steady rise in interest rates through the year, average funding cost increased by 80bps ytd to 5.2%. However, NIM came in at 8.8%

compared to 8.1% in 2023FY, as increafeatsed yield on earning assets surpassed funding cost to 15.1% from 13.3% in Q1 2023 (2023FY: 13.5%).

Similarly, Total Deposits increased by 17.2% ytd to N4.7tn from N4.0tn in 2023FY, driven by double-digit growth across all deposit types (demand, savings and term). Net Loans and Advances increased by 21.2% to N3.7tn from N3.1tn in 2023FY.

“Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper. We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” explained Onyeali-Ikpe.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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