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Heritage Bank’s Training Institute Gets CIBN Accreditation As Refinery School

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(Front row)- Dr. Uju Ogubunka, Past Registrar, CIBN; Jude Monye, Executive Director of Heritage Bank; Seye Awojobi, Registrar of CIBN; Kafhat Araoye, member , Capacity Building and Certificate (CB&C) committee CIBN and Kola Abdul, Past Chairman, CIBN Lagos Branch, (standing row)- Fela Ibidapo, Divisional Head, Corporate Communications, Heritage Bank; Abike Wesey, Divisional Head, Human Capital Management; Eduje Ighokpo, Chief Information Security Officer; Osepiribo Ben-Willie, Directorate Head, South South and South East; Saubana Ogunpola, member , Capacity Building and Certificate (CB&C) committee, CIBN; Kikanwa Akpenyi, Group Head, Customer Experience & Analytics; Kayode Adeyemi, Ag. Group Head, CB&C; Ndidi Olaosegba, Head, Competency Framework, CB&C; Dike Dimiri, Regional Executive, Lagos & South-West, Heritage Bank and Ike Williams, Directorate Head, Service Bank, during the accreditation of Heritage Bank’s training school, dubbed “The Refinery” by the Chartered Institute of Bankers of Nigeria.

Heritage Bank Plc’s training school, known as “The Refinery” for new entrant staff has been accredited by the Governing Council of the Chartered Institute of Bankers of Nigeria (CIBN).

The Refinery supervised by the Bank’s Human Capital Management Group was accredited by CIBN after assessing and evaluating its syllabus, curriculum and structure by panel of technocrats and seasoned bankers set up by the Institute, which according to the chartered institute aligns with the Competency Framework of the Central Bank of Nigeria (CBN) and the professional paper standard of CIBN.

The President of the Institue, Uche Olowo commended Heritage Bank for changing the narratives of the banking system via the establishment of a credible training facility, The Refinery that prepares trainees who are to be employees for a core professional banking experience.

He further applauded Heritage Bank for setting a high standard of learning facility which its structure and curriculum “is next to that of CBN’s training institute,” whilst stressing that the bank’s training school is the best in the Nigerian banking industry and at par with international best standard.

Seye Awojobi, the Registrar/CEO of CIBN, who represented Olowo, stated that the Institute would be grateful to Heritage Bank for the values it holds tenaciously for changing the narrative of the system not just supports to the Institute’s activities but in terms of human capital development and the nation’s economy.

The MD/CEO of the bank, Ifie Sekibo, has described Heritage Bank as a forward-looking business whose strength lies in the ability to spot and mold talents into great professionals.

Sekibo, represented by the Executive Director, Jude Monye explained that the word “The Refinery” was chosen for the purpose of refining its employees to emerge as gold and harness the required skills to excel in their job functions.

He noted that the Refinery was established to train, nurture and arm young employees with the right skills needed to fast-track development and enable teams to flourish.

Sekibo further explained that at the Academy, “we hire young graduates who want to advance their skill levels, which will lead to a direct and indirect improvement of life for their families and communities that will culminate toward more productive, resourceful persons.”

However, during its assessment and evaluation of The Refinery in Port Harcourt, Saubana Ogunpola, member, Capacity Building and Certificate (CB&C) committee noted that one aspect of the accreditation is the exemption of successful trainees of the bank’s training programme from nine courses in the CIBN’s professional certification examination.

Meanwhile, 300 new intakes who are fresh from universities across and outside the country with diverse academic backgrounds and impressive academic records, are currently undergoing rigorous training in an intensive 12-week academic (practical and theoretical) programme with over 30 courses in Port Harcourt.

The Refinery is a tailored learning experience Institute with the perfect blend of technologies, techniques, and methodologies to optimize training experiences, which will help employees succeed in ensuring that the bank’s business stays ahead of the curve with the banking sector along with Heritage Bank’s target goals.

BIG STORY

Access Holdings’ Shareholders Unanimously Back Capital Raising Plan, Hail Aig-Imoukhuede’s Return As Chairman

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  • Re-elect Olusegun Ogbonnewo, Ojinika Olaghere as a Non-Executive Directors

 

The shareholders of Access Holdings Plc (“Access Holdings” or “the Group”) at the 2nd Annual General Meeting (AGM) held on Friday, April 19, 2024, unanimously backed the Group’s plan to establish a capital raising programme of up to US$1.5 billion as well as the subset initiative to raise up to N365 billion, specifically, through a Rights Issue of ordinary shares to its shareholders.

The proceeds of the Rights Issue would be used to support on-going working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.

The shareholders also ratified the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as Non-Executive Directors.

The appointment of Aig-Imoukhuede as the Chairman of Access Holdings was praised by the shareholders, who pointed to his rich history of success with the institution, having transformed it into Nigeria’s biggest lender by market value alongside Herbert Wigwe. Aigboje’s leadership was instrumental in driving the institution’s growth during the 2004 recapitalisation of the banking industry led by the Central Bank of Nigeria (CBN) under the leadership of its former Governor, Prof. Charles Soludo.

“We are thrilled with Aigboje Aig-Imoukhuede’s return to the role of Chairman. His proven track record, experience, and strategic insights position him as the ideal leader to steer Access Holdings towards meeting its lofty targets. During his tenure as CEO, particularly during the recapitalisation directive by the CBN, he steered Access Bank to raise an impressive $2 billion in capital, and this demonstrates his capacity to, once again, lead Access Holdings towards successfully achieving the objectives of our planned Capital Raise and Rights Issue targets,” said Chief Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN).

In line with the Group’s strong financial performance, the payment of a final dividend of N1.80 kobo per every N0.50 Kobo ordinary share for the 2023 financial year was approved, marking a 28 per cent improvement from the corresponding period in 2022.

The Group’s full-year results for the period ending December 31, 2023, showcased an impressive 335 per cent increase in pre-tax profit to N729 billion from N167.68 billion in 2022. The Group also experienced an 87 per cent surge in gross earnings to N2.59 trillion from N1.39 trillion in 2022 and reported a remarkable 306 per cent growth in profit after tax to N619.32 billion, from N152.20 billion in 2022.

Commencing in the second half of 2024, Access Holdings’ global expansion strategy will enter the consolidation and efficiency phase, aligning with its five-year plan to accelerate the attainment of its 2027 strategic objectives. The Group remains focused on driving sustainable growth, and delivering value to its shareholders even as it continues to build a globally connected community and ecosystem, inspired by Africa, for the world.

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BIG STORY

Transcorp Power Plc Records 775% PBT Jump In Q1 2024 With Impressive Revenue Growth

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Transcorp Power Plc (Transcorp Power), one of the electricity generating subsidiaries of Nigeria’s leading, listed conglomerate, Transnational Corporation Plc (Transcorp Group), has demonstrated impressive financial performance in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024.

The Company recorded N67.86 billion in gross earnings, compared to N21.04 billion reported in Q1 2023, reflecting a significant increase of 223%.

The strong performance is further demonstration of the Company’s strategic focus and effective execution, as part of Transcorp Group’s implementation of its integrated power strategy.

Highlights of Transcorp Group Results

Q1 2024 Revenue N67.86 billion, up 223%, compared to N21.04 billion in Q1 2023.

Profit before Tax rose by 775%, amounting to N28.77 billion in Q1 2024, compared to N3.29 billion in the same period last year.

Profit after Tax grew by 665% year-on-year to N20.1 billion in Q1 2024, compared to N2.6 billion in the same period last year.

Total assets grew to N276.2 billion in Q1 2024, up from N223.3 billion in Q4 2023.

Commenting on the financial highlights, Evans Okpogoro, the Chief Financial Officer said, “The Q1 2024 results saw a gross margin of 51%, a cost to income ratio of 70% and net profit margin of 30% compared to Q1 2023 gross margin of 37%, cost to income ratio of 87% and net profit margin of 13%. This highlights the remarkable operational efficiency gains of the Company. Transcorp Power has continued to grow its revenue aggressively and consistently over the last five years. We expect that by year end 2024, we will see a similar growth trajectory recorded between FY 2022 and FY 2023.”

Transcorp Power MD/CEO, Peter Ikenga, commented on the results, “We are pleased to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges. Our ability to sustain growth amidst this environment shows the resilience of our business model and the efficient execution of our strategic initiatives.”

“We remain committed to leveraging our strengths to capitalise on emerging opportunities, drive sustainable growth and provide superior value to all our stakeholders. We will continue to prioritise ingenuity, operational excellence, corporate governance, and stakeholder engagement, to deliver superior value for our long-term growth”. He added.

About Transcorp Power Plc

Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies, 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.

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BIG STORY

Hydrogen, CCHub Partner To Encourage Fintech Startup Success

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As the country faces economic challenges, the need for adaptive strategies in the fintech industry becomes paramount. In line with this, leading fintech startup Hydrogen Payment Services Limited (‘Hydrogen’) has teamed up with Co-creation Hub (‘CcHub’) to host an insightful event themed ‘Adapting Fintech Business Models to Economic Climates’.

The event is set to take place on Thursday, April 18, 2024, from 12:00 a.m. WAT at the CCHub office in Sabo, Lagos, will delve deep into the intricacies of Nigerian economic challenges and how these influence the fintech ecosystem. Participants will gain actionable insights on how to adapt fintech business models to volatile economic conditions by prioritising flexibility, agility, and customer-centricity.

This collaboration underscores the shared commitment of both entities to empower aspiring founders venturing into the fintech space amidst economic uncertainties. By leveraging their respective expertise and resources, Hydrogen and CcHub aim to equip
emerging entrepreneurs with the knowledge, tools, and support needed to thrive in today’s dynamic economic conditions.

Emeka Awagu, Chief Technology Officer at Hydrogen, commented on the strategic partnership with CcHUB: “Our alliance with CcHUB amplifies our shared commitment to pioneering transformative solutions in the Nigerian fintech sector. By leveraging Hydrogen’s technological expertise alongside CcHU’s innovative approach, we are primed to set a new standard for fintech excellence and drive impactful change across the industry.”

The event will feature a distinguished panel of industry experts and thought leaders. including Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo; Emeka Awagu, Chief Technology Officer, Hydrogen; and Miracle Ezechi, Digital Marketing Manager, Hydrogen.

The panel discussion will be moderated to encourage an engaging and insightful conversation on the strategies and innovations required to thrive in the Nigerian fintech landscape amidst economic challenges.

Interested attendees are encouraged to register here and reserve a spot.

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