Connect with us

Our attention has been drawn to a malicious and untrue report trending online, titled, “Heritage Bank Should be Shut Down- Company Tells Court, CBN” and about the bank’s financial and liquidity condition that questioned the ability of the bank to honour its obligatory engagements with a customer, Geonel Integrated Services Limited.

We want to categorically state that the allegation is not true as the Geonel Integrated Services Limited’s account is currently being investigated for financial crimes by the Economic and Financial Crime Commission (EFCC).

However, the bank was advised formally to freeze the account by the federal agency through court injunction pending when the investigation will be concluded.

The investigation is still ongoing and the bank is under obligation to respect a valid order of court.

We want to state categorically that Heritage Bank is not distressed as being malevolently reported, the bank is capable to honour its obligations to customers and numerous stakeholders alike.

BUSINESS

iCreate: Sterling Bank Tackles Unemployment Through Africa’s Biggest Skills Olympics

Gbemileke Ajayi

Published

on

iCreate Africa, the organiser of the iCreate Africa Skills Festival, has said Nigeria’s best artisans will converge on Lagos from December 4 -5 to compete for laurels at the grand finale of the festival following the conclusion of the regional finals in Kaduna and Enugu.

The festival which is the biggest of its kind in Africa is in its second edition.

Sponsored by Sterling Bank Plc, from inception, the festival also enjoys support from Bosch Nigeria Limited, GIZ, Trace TV, Siemens, Lagos State Employment Trust Fund (LSETF), and Universal Learn Direct Academia Limited (ULDA), among others.

Speaking at a press conference in Lagos recently, Chief Client Engagement Officer of Sterling Bank, Mr. Moronfolu Fasinro, said the bank is partnering with iCreate Africa to boost acquisition of technical skills because it is committed to solving the unemployment challenge among young people on the African continent.

He said the way to resolve the unemployment challenge going forward is through skills acquisition by young men and women rather than focusing on white-collar jobs, adding that “We know that youth employment is a key part of creating a society that is harmonious and productive.”

Fasinro noted that vocational jobs are what move an economy in its day-to-day operations and iCreate was bringing various people together to work on how to change the narrative about the labour market.

“We are very happy to partner with iCreate to produce this sort of opportunity so that these people could change the face of employment on the continent in the future,” Fasinro said.

Also speaking, Chief Marketing Officer of Sterling Bank, Mr. Dapo Martins, said Nigeria needs to also focus on the export of skills instead of concentrating on the export of crude oil and agricultural products alone. He noted that most Nigerian graduates who travel abroad either find themselves washing plates in restaurants or doing other menial jobs.

He lamented the situation whereby skilled technicians are usually shipped in from outside the country because they are not available locally.

Also speaking, Founder and Chief Executive Officer (CEO) of iCreate Africa Skills Festival, Mr. Bright Jaja, explained that it was clear to him at the beginning of the journey that the idea of the festival was different and unique, and would probably not make sense to a lot of people.

“But we were consistent because we understood the concept and background. Having done thorough research on the employment situation in Nigeria, we realised that the only solution to the challenge was to rebrand jobs away from the existing perception and notion that if one is not a medical doctor, lawyer or an engineer, he has failed,” he said.

Jaja noted that over time a lot of young people had to go through tertiary education under stress and depression even though they knew that the courses they were studying were not what they wanted or had the interest to pursue.

The Founder/CEO said the objective of iCreate was to create five million jobs in five years by empowering about one million people who would, in turn, employ at least five people in their businesses.

He said the strategy is to rebrand the way society perceives vocational skills and get young people to be interested or attracted to what they have passion for in the overall interest of the economy.

Retail Marketing Manager of Bosch Nigeria Limited, Mr. Samson Ajayi, said the iCreate Skills Festival was pivotal to the company because it addressed a lot of structural issues in the Nigerian economy, adding that as an engineering company that makes mechanical parts, the festival provided a unique avenue for the company to contribute its quota to the Nigerian economy.

Also commenting, President of Universal Learn Direct Academia Limited (ULDA), Engineer Olawumi Gasper, said the company was very happy to work with iCreate and congratulated Mr. Jaja for inspiring young Nigerians to develop a passion for skills acquisition.

The press conference was attended by other stakeholders including Trace TV, Fashion Academy, House of Tara, and Lagos State Employment Trust Fund (LSETF).

The iCreate Skills Festival is a platform that promotes skills excellence, showcases skills standards and careers, demonstrates benchmarks of excellence in teaching and learning and creates interest in public sector agencies and private organizations to invest in skills development.

The 10 winners from the first edition represented Nigeria in Russia in 2019. They include Otareh Alvin who won in the cooking category, Nejo Tolulope (graphics), Silas Adedoyin (web design), Patrick Obafemi (app development), Barnabas Kudi (robotics), Afolabi Caleb Kayode (art), Ms. Malissa Onojo (tailoring), Yusuf Abdullahi (barbing), Kingsley Ihejirika (hairdressing), Ms. Faiza Usman Adamu (make-up), Joshua Olalekan (carpentry), Oladoja Peter (tiling), Kumshuan Talgang (plumbing) and Prince Isitua (bricklaying).

Continue Reading

BUSINESS

Heritage Bank Identifies High Prospects In Nigeria’s £4bn Gold Market

Avatar

Published

on

Heritage Bank Plc, Nigeria’s most innovative banking service provider, disclosed that Nigeria’s Gold market is worth £4 billion Pounds with high prospects of profitability for all players in the subsector.

The MD/CEO, Ifie Sekibo, who stated this at the Nigeria-Canada Investment Summit, held in Abuja, yesterday also disclosed that the enormous potential of the industry was one of the reasons why Heritage Bank delved into the mining sector despite enormous risks.

According to him, the bank has Dukia Gold as its partner that would facilitate access to local miners and artisans to get value for their commodity at international market price after being registered with Dukia Gold.

Sekibo, who was represented by the Team Lead, Agric Finance and Export, Adelana Ogunjirin, explained that prior to now, local miners of Gold found it difficult to trade their commodities favorably but with the involvement of Dukia and its partner, Heritage Bank, a Quality-and-Quantity test will be conducted based on the arrangement they made with Dukia Gold and that will lead to added value to the smallholder miners. He explained that this will leverage the small miners the opportunity to also trade their commodities at the international market price.

He further stated that a metric tonne of gold is currently valued at $30million adding that it is worth investing in the industry, especially as gold is a kind of commodity that does not easily lose its value.

He said: “Mining sector is an area which has not been fully tapped in terms of the potentials around it, as there are quite a lot of opportunities around that sector. Recently we secured a $1 billion funding line with our funding partner AfreximBank, which also is to support areas like solid minerals.

“Now with respect to this we have looked at the value chain of this space and we have looked at the opportunities that are there. A lot of fund providers have not really delved into this and it is because of the lack of understanding of the market.

“In terms of value, gold is an area where you can enhance the value. You hardly see Gold losing value and you see that in different exchanges you even trade those commodities.

“Looking at it in terms of trend, you see that gold is something that will appreciate definitely. So in terms of the profitability of this business, we have looked at it, the crunch, the numbers we see that is a space that the Bank will definitely earn a lot of income.”

He also expressed optimism that other banks would like to come into the Nigerian mining sector but maybe studying to understand the sector properly.

“Definitely other banks will come into the sector. For us, we are leading, but the truth is they need to play in an area and space that they understand, as not everybody would be able to play in that space.

“Heritage Bank has already carved a niche for itself in agribusiness space, just like the Gold commodity, this would be exported. So, in terms of export proceeds too, there are opportunities to be explored. Generally, looking at the Nigerian outlook, in the long run, this will also enhance the country’s external reserves. There are multiplier effects of what we are doing today and that is why we are also moving in this direction,” the MD noted.

Also speaking, Managing Director, Nigeria Export-Import Bank, NEXIM, Abba Bello, revealed that the bank had gone into high-level discussions with heavy equipment manufacturers and suppliers that would lease equipment to miners for exploration and processing, adding that this was expected to make the equipment accessible and affordable.

Bello said, “For equipment supplier or outright purchase of equipment, we have gone into discussions with Bluecare and now Mantrac for the supply of heavy equipment for gold processing or exploration on lease basis and, it is something that does not exist currently within the industry.

“Barrick Gold and Bullion Mart is something that happens in the mining world. You don’t have to own the equipment, but there are vendors who supply the equipment for explorers to hire.

“Discussions have gone very far with the equipment suppliers and very soon we will announce the programme.”

Meanwhile, the Country Manager, ITM, Nigeria, Habibah Waziri, raised concerns on human resources development that would sustain the sector.

Waziri also said there is a need to formalize the sector and also invest in human capital in the sector for growth and development.

Continue Reading

BUSINESS

UBA Partners With British Airways To Reward Loyal Customers

Peter Okunoren

Published

on

Pan African financial institution, United Bank for Africa (UBA) Plc and the global airline, British Airways have announced a collaboration to reward loyal customers who are cardholders of the Bank.

The promo which will last for six months from November 2019, will witness UBA customers getting significant discounts when they purchase their British Airways tickets using their UBA cards. The promo will allow customers to enjoy up between 10% to 15% discount on any ticket purchased during the campaign. The ticket fares is exclusive of taxes as is applicable to purchases of all goods and services.

The collaboration is aimed at increasing customer experience and satisfaction for both UBA Cardholders and customers of British Airways.

The General Manager, Corporate Bank, UBA Directorate, Mr Muyiwa Akinyemi, who expressed delight at the collaboration, noted that the promo between the two organizations was carefully thought out to ensure that loyal customers of the two institutions are duly rewarded while ensuring that they also receive more value for their money. He added that for persons without a UBA account, all they require to benefit from this promo is to procure a card instantly from any UBA branch nationwide.

“UBA is excited to collaborate with one of the foremost Airlines in the world to run a promotion aimed at rewarding our cardholders and premium customers who will enjoy discounted tickets and other ancillary benefits such as loyalty points on the British Airways Executive Club.”

He explained that as a customer-centric institution, UBA is always on the look-out for services and reward schemes that will ultimately benefit the customers, in line with its Customer 1st policy.

Akinyemi noted that the bank has plans to partner with other airlines in the future to provide further opportunities for reducing the cost of travel for its customers. “For now, we are partnering with a pre-eminent airline that offers class and distinction,” he said.

The Commercial Manager for British Airways in West Africa, Mr. Kola Olayinka, noted that the airline is pleased to partner with the bank due to its huge customer base and wide reach, adding that with the partnership, more customers will be able to enjoy the promo.

He said, “British Airways is excited to partner with UBA, Africa’s Global Bank, to create a mind-blowing promotion aimed at raising awareness about this service to be rendered by both institutions.”

Continuing, Kola said, “In addition, the discounts provided by British Airways will reduce the cost of travel and encourage the Bank’s customers to make more foreign trips during the period and also reward their customers and staff as a way of giving them something very tangible.”

Continue Reading

Most Popular