As the Federal Government intensify effort to diversify the nation’s economy through the Zero-oil strategy, series of customer fora organised by First City Monument Bank (FCMB) Limited on export trade has been described as laudable and an impressive initiative as it will go a long way to assist the growth of businesses and activities of government.
The commendation came from the Emir of Kano, AlhajiMuhammedSanusi II, Executive Director/Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), MrOlusegunAwolowo and other stakeholders who attended the customer forum of the bank held in Kano on January 26, 2017.
A statement from the bank revealed that the events were in collaboration with the NEPC, Central Bank of Nigeria (CBN), Nigerian Export-Import Bank (NEXIM), Nigeria Customs Service (NCS) and 3T Impex Trade Academy.
On one of the occasions, the fourth by the bank in its series, was themed, “Financial Inclusion for Non-oil Exports Growth.” It was aimed at further empowering and enhancing the capacity of its customers and other stakeholders on the rudiments and benefits of export trade and how FCMB could provide support, such as direct export financing, refinancing and rediscounting of sales contracts/invoice (pre-shipment and post-shipment financing) for agro commodities, solid minerals and other non-oil resources.
Speaking at the event, Emir Sanusi urged Nigerians engaged in export trade to move beyond primary products by focusing on the exportation of processed products, which will go a long way to add value to their businesses and the country in general. He stated;
“We must realise that the era of Nigeria exporting raw agricultural and other primary products is gone. For us to achieve the required mileage and benefits in international trade, we must redirect our efforts on processing finished products and export these items which will earn us more revenue, build capacity and accelerate the country’s drive towards industrialisation.”
He expressed gratitude to FCMB for organising the forum in Kano, while urging exporters in the state to take advantage of the opportunity to take their businesses to the next level.
“FCMB has provided a window of opportunity for businesses in Kano through this forum. I believe the bank will use this platform to further empower the people, businesses and the economy of the state, considering its rich history beginning as an investment Bank and the institutions impressive skills pedigree,” Emir Sanusi added.
In his speech, MrAwolowo, who was represented by the Regional Co-ordinator, North-West of the Council, Alhaji AbdullahiMamman, stated that, “the NEPC’s collaboration with FCMB will play an important role in delivering the Zero-oil plan strategy and making the non-oil export sector a significant contributor to foreign exchange earnings.” He added that by organising the customer forum, FCMB is helping to build a higher level of engagement with exporters and other stakeholders to promote competitiveness, competence and capacity through innovative and bespoke financial solutions.
Awolowo explained that the Zero-oil plan is a coherent agenda to mobilise public and private sector resources towards replacing oil as the main source of the country’s foreign exchange and revenue.
“The focus is to make the world a market place for Nigerian non-oil products. We want to grow non-oil exports from $2.7billion (2014) to $8billion in 2019 and eventually $25 billion by 2025, adding that, “appropriate trade financing definitely is critical in achieving this feat.”
Commenting on the customer forum, the Executive Director, Business Development of FCMB, Mr Adam Nuru, said it is one of the various initiatives of the bank to build the capacity and support customers to take their businesses to the next level in order to effectively leverage on available opportunities, such as those provided by financial inclusion and e-payment solutions. He added that, “This programme helps to amplify how much we value our customers. It also provides a platform for us to equally inform the Market that we are truly on ground to support government, exporters and stakeholders in their efforts towards driving and growing export trade to boost non-oil revenue and other benefits in Nigeria in a sustainable manner.”
Adam disclosed that FCMB has various services which it provides to exporters to enable them effectively carry out their business. These include, but are not limited to, pre-shipment and post-shipment financing, processing of payments by way of telegraphic transfer, internet banking, or other means, provision of documentary and standby letters of credit, guarantees, performance bonds, securities underwriting commitments and other forms of off balance sheet exposures, issuing bank drafts and bank cheques to exporters to facilitate trade, lending through overdraft, instalment loans, cash management and treasury services, among others.
The Executive Director urged customers of the Bank to take advantage of these services so as to be able to compete favorably globally.
He assured that, “As an inclusive lender committed to exceptional service delivery, we will continue to champion and support initiatives that will fast-track the growth of the country and by extension our customers’ businesses in line with our values as a simple, helpful and reliable financial institution.”
First City Monument Bank (FCMB) is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments. Having successfully transformed to a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers.
BIG STORY
Transcorp Power Plc Reports Strong Results Post Listing: N142 Billion Revenue, N52.8 Billion PBT, And Declares N23.46 Billion Dividend
Transcorp Power Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), announced impressive financial performance at its recently concluded 11th Annual General Meeting (AGM), the first since the Company went public, via a listing by introduction of its shares, on March 04, 2024.
The Company recorded gross earnings of N142.1 billion, a 57.3% increase, compared to the previous year. Profitability remained strong, demonstrating its resilience amidst evolving market dynamics. Profit before tax showed an impressive year-on-year growth, up 84.4%, from N28.6 billion reported in 2022 to N52.8 billion in 2023.
At the AGM, the Chairman of the Board, Mr. Emmanuel Nnorom highlighted Transcorp Power’s achievements over the past year, while assuring shareholders of the Company’s commitment to maintaining its exceptional financial results and improving the lives of Nigerians.
He said: “Last year’s strong performance is a testament to the resilience of our business strategies, underpinned by a culture of strong corporate governance. We know that with our strategy and the dedication of our team, we will continue to deliver exceptional value to all stakeholders.”
Speaking on the Company’s performance, the Managing Director/Chief Executive Officer, Transcorp Power, Peter Ikenga, stated that the Company’s success is as a result of the rigorous execution of our strategies and deliberate focus on enhancing operational efficiency.
“As we celebrate last year’s achievements, we remain committed to continuous improvement. This year, our strategic focus is on recovering plant available capacity, enhancing operational excellence and efficiency, and rigorously implementing our plant maintenance schedule. We will continue prioritizing and investing in human capital, aiming to enhance in-house capabilities. Our commitment to incident and injury-free operations remains strong, as we leverage our talent, foster ingenuity, and nurture teamwork. We are determined to build on our successes and leverage strategic investment opportunities to deliver even greater performance and sustainable growth for our stakeholders.”
Shareholders at the AGM lauded the Company’s professionalism and commitment to growing value for shareholders. Mrs. Bisi Bakare, one of the company’s shareholders, commended Transcorp Power for continuously exceeding shareholder expectations. She said: “I am very satisfied with Transcorp Power’s performance. It demonstrates their commitment to creating value for us shareholders, which is what we are all here for.”
Transcorp Power’s social responsibility activities were also commended at the AGM. The Company has contributed to Nigeria’s sustainable development, particularly in the areas of education, community development, and environmental sustainability.
Operationally, the Company’s focus on excellence and optimisation has contributed to its position as a market leader in the power sector. Through strategic investments and operational strategies, Transcorp Power continues to enhance its generation capacity and optimise plant performance.
Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), a leading, listed African conglomerate with strategic investments in the power, hospitality, and energy sectors. Transcorp Power is committed to creating value and driving economic growth, by improving lives through access to electricity and transforming Africa.
www.transcorppower.com
Dangote Cement has been honoured with the top prize at the inaugural Corporate Reporting Award, jointly organized by the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited.
The leading cement manufacturer received the Platinum award for excelling across all three reporting categories, showcasing exemplary reporting practices that comprehensively address all relevant aspects of corporate reporting. According to the organisers, the scoring criteria involved a combination of average scoring and assessments from individual judges.
In addition to the Platinum award, Dangote Cement also clinched the Best in Class Award for Excellence in Corporate Governance, surpassing other nominees such as Access Holdings, Airtel Africa, ETI, MTN Nigeria, SEPLAT Energy, and Stanbic IBTC Holdings Plc. Airtel Africa and Seplat Energy were recognized for Financial Reporting and Sustainability Reporting, earning Gold and Silver awards respectively in the overall category.
Edward Imoedemhe, the Company Secretary/General Counsel of Dangote Cement Plc, expressed gratitude for the recognition, emphasizing the company’s dedication to corporate reporting standards. He said that the awards will serve as motivation to continually elevate performance in this area.
“We are grateful to the organisers for this honour which is a testament to our commitment to corporate reporting and best practice. We will continue to raise the bar,” he assured.
Olufemi Shobanjo, CEO of NGX Regulation Limited, highlighted the significance of the award in promoting transparency and accountability among listed companies, anticipating a positive ripple effect on both listed and private companies in Nigeria.
ICAN’s 59th President, Innocent Okwuosa, underscored the importance of corporate reporting excellence in attracting capital flows to the market. He emphasized the role of transparency in fostering investor confidence and reiterated ICAN’s commitment to promoting accountability and transparency in the private sector.
“It is generally agreed that capitals will flow to markets that foster greater transparency and this effort is aimed at this. It also re-enforces the public interest mandate of ICAN in extending accountability and transparency to the private sector,” he said.
The maiden Corporate Reporting Award recognized the top 30 most capitalized companies listed on the Nigerian Exchange Limited for the 2022 financial reporting year.
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