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Tag: Rukayat Adeyemi

  • Investors lose N49bn as stock market continues downward trend

    Market

     

    By Rukayat Adeyemi

     

    Lagos, June 25, 2024 (NAN) The domestic bourse continued its downward trend on Tuesday as investors sold off banking, consumer and industrial stocks.

     

    Consequently, Nigeria Exchange Ltd. (NGX) market capitalisation shed N49 billion or 0.09 per cent to close at N56.126 trillion, having opened at N56.175 trillion.

     

    The All-Share Index also dropped 0.09 per cent or 87 points to close at 99,217.60, compared to 99,304.12 recorded on Monday.

     

    As a result, the Year-To-Date (YTD) slipped to 32.69 per cent.

     

    Sell pressures in Zenith Bank, United Bank For Africa (UBA), Access Corporation, Dangote Sugar, Honeywell Flour and Nigerian Breweries were the primary drivers of the market’s decline.

     

    However, market breadth closed positive with 27 gainers and 23 losers on the floor of the Exchange.

     

    On the gainers’ chart, Okomu Oil led with a 10 per cent gain to close at N291.50 per share.

     

    John Holt trailed with a 9.79 per cent increase to close at N3.14, and Consolidated Hallmark Holdings gained 9.43 per cent to close at N1.74 per share.

     

    Secure Electronic Technology Plc rose by 9.09 per cent to close at 60k, and Regency Alliance Insurance added 7.14 per cent to close at 45k per share.

     

    Conversely, Oando led the losers’ chart, dropping 9.75 per cent to close at N12.50.

     

    UPL followed with a 9.09 per cent decline to close at N2.50, and Academy lost 8 per cent to close at N1.84 per share.

     

    Honeywell Flour declined by 7.94 per cent to close at N3.13, and UPDC Real Estate Investment Trust went down by 7.86 per cent to close at N1.29 per share.

     

    Analysis of market activity showed that trade turnover settled 68.09 per cent lower than the previous session.

     

    Investors traded 361.57 million shares valued at N6.16 billion in 8,511 transactions, compared to 973.62 million shares worth N19.32 billion in 9,941 deals posted in the previous session.

     

    Transnational Corporation led the activity chart by volume with 47.51 million shares. GTCO followed with 37.85 million shares valued at N1.65 billion to lead the chart by value.

     

    Veritas Kapital sold 34.95 million shares worth N31.38 million, FBN Holdings traded 27.40 million shares worth N548.26 million, and Access Corporation transacted 26.98 million shares worth N504.36 million. (NAN)(www.nannews.ng)

    RUKY/AWA
    ==========
    Edited by Olawunmi Ashafa

  • FCMB-TLG Private Debt Fund Series 1 opens, to raise N10bn

    Fund

    By Rukayat Adeyemi

    Lagos, June 24, 2024 (NAN) FCMB Asset Management Ltd. (FCMBAM) has opened the FCMB-TLG Private Debt Fund’s Series 1 Offer for subscription, to raise N10 billion of its N100 billion programme size.

    The News Agency of Nigeria(NAN) reports that fund is opened for subscription to Qualified Institutional Investors (QIIs) and High Networth Individuals (HNIs), effective Monday, June 24 to July 31.

    Mr James Ilori, the company’s Chief Executive Officer(CEO), said this in a statement made available on Monday in Lagos.

    Ilori stated that the fund, which is Nigeria’s first Naira-denominated private debt fund, had been approved by the Securities and Exchange Commission(SEC) following the fulfilment of all regulatory requirements.

    He explained that the fund is sponsored and managed by FCMBAM as the fund manager, with technical support from TLG Capital Investments Ltd.(TLG Capital) in the United Kingdom.

    “The FCMB-TLG Private Debt Fund will focus on investing in commercially viable and impact-oriented activities in sectors of the Nigerian economy aligned with the United Nations (UN) Sustainable Development Goals (SDG).

    “While providing investors with an opportunity to earn a competitive risk-adjusted return on investment.

    “It will invest in the debt components of the capital structure of organisations and Special Purpose Vehicles (SPVs) in sectors crucial to Nigeria’s economic growth and development.

    “This includes Agriculture, Healthcare, Education, Clean Energy, Transportation/Logistics, and IT/Technology.

    According to him, the FCMB-TLG Private Debt Fund opens a new avenue for professional investors to participate in the growth of key sectors of the Nigerian economy.

    Ilori noted that it also provides essential capital to organisations driving sustainable economic growth and development in Nigeria.

    He stated that the Fund is structured as a Closed-Ended Unit Trust Scheme with Series 1 tenor of 10 years.

    According to the CEO, the Fund is also expected to provide investors with periodic streams of income through regular payment of distribution, while prioritising the preservation of invested capital.

    FCMBAM is the asset management arm of FCMB Group Plc, incorporated in 1997, to provide portfolio management and investment advisory services to individual and institutional clients globally.

    It has over N322 billion in assets under management. (NAN)(www.nannews.ng)

    RUKY/AWA

    =============

    Edited by Olawunmi Ashafa

  • NGX stock market opens 0.44% down

    Market

    By Rukayat Adeyemi

    Lagos, June 24, 2024 (NAN) The Nigerian stock market on Monday opened on a negative note, with performance indices dropping by 0.44 per cent.

    Specifically, investors lost N248 billion or 0.44 per cent, as the market capitalisation, which opened at N56.423 trillion, closed at 56.175 trillion.

    The All-Share Index also declined by 0.44 per cent or 439 points to close at 99,304.12, as against 99,743.05 posted on Friday.

    Losses in Guaranty Trust Holding Company(GTCO), Zenith Bank,  FBN Holdings,  International Breweries, Oando Plc, Dangote Sugar, among other declined equities propelled the weakness in the market.

    Market breadth closed negative with 26 losers and 20 gainers on the floor of the Exchange.

    On the losers’ chart, International Breweries led by 44k to close at N3.96, Deap Capital Management and Trust Plc and Daar Communications followed by 5k each to close at 51k and 52k per share respectively.

    Beta Glass lost five Naira to close at N53, while Oando declined by N1.10 to close at N13.85 per share.

    On the other side, Secure Electronic Technology Plc led the gainers’ chart by 5k to close at 56k, while VDF Group trailed by four Naira to close at N44.60 per share.

    John Holt gained 25k to close at N2.86, Thomas Wyatt rose by 20k to close at N2.30 and Transcorp Hotel added N8.40 to close at N98.40 per share.

    Analysis of the market activity showed that trade turnover settled 70.24 per cent higher than the previous session.

    A total of 973.62 million shares valued at N19.32 billion in 9,941 deals were transacted, compared to 617.22 million shares valued at N11.35 billion in 9,273 deals recorded in the previous session.

    Meanwhile, FBN Holdings led the activity chart in volume and value with 627.64 million shares worth N13.45 billion, Beta Glass followed by 34.70 million shares valued at N1.9 billion.

    Veritas Kapital Assurance sold 35.34 million shares worth N33.47 million, Chams traded 62.15 million shares valued at N60.3 million and AIICO Insurance transacted 24.30 million shares worth N23.24 million.

    In a reaction, analysts at Cowry Asset Management Ltd., predicted ahead of the week that the local bourse will trade in mixed sentiment.

    They said this would ride on the back of low valuation and portfolio repositioning for value stocks as investors continue to exhibit a wait-and-see approach.

    The analysts advised market players and investors to trade in stocks of companies with sound fundamentals as trading volume patterns continue to
    fluctuate.

    According to them, the present market outlook suggests buying interest in some sectors and profit-taking in others, amid a wait-and-see attitude. (NAN)(www.nannews.ng)

    RUKY/AWA
    ============

    Edited by Olawunmi Ashafa

     

  • NGX Weekly: Investors lose N103bn as insurance, banking stocks decline

    Market
    By Rukayat Adeyemi

    Lagos, June 22, 2024 (NAN) The NGX Insurance Index led the losers during the Sallah holiday-shortened week, falling by 1.32 per cent week-on-week.

     

    This contributed to a 0.18 per cent decline in the broader market indices.

     

    The NGX 30 Index followed with a 0.16 per cent decline, and the NGX Banking Index fell by 0.04 per cent week-on-week.

     

    Conversely, the NGX Oil and Gas Index led the gainers, rising by 0.35 per cent week-on-week, followed by the NGX Consumer Goods Index, which increased by 0.29 per cent.

     

    Also, the NGX Pension Index rose by 0.20 per cent and the NGX Industrial Goods Index advanced by 0.10 per cent week-on-week.
    Specifically, sell pressure witnessed in the declined sectors led to negative price movements in the stocks of VFD Group, AIICO, Insurance and AXA Mansard.
    It also include FBN Holdings, Fidelity Bank,  Zenith Bank, MTN Nigeria, Transcorp Hotel, among others.
    Consequently, NGX All-Share Index and market capitalisation depreciated by 0.18 per cent to close the week at 99,743.05 and N56.424 trillion each compared to 99,925.38 and N56.527 trillion respectively recorded in the previous week.
    As a result, investors lost N103 billion week-on-week.
    Meanwhile, 53 equities appreciated in price during the week higher than 51 equities in the previous week.
    25 equities depreciated in price higher than 24 in the previous week, while 76 equities remained unchanged, lower than 79 recorded in the previous week.
    A total turnover of 3.301 billion shares worth N53.157 billion in 27,536 deals was traded this week by investors on the floor of the Exchange, in contrast to 2.633 billion shares valued at N43.652 billion that exchanged hands last week in 33,709 deals.
    Trading in the top three equities namely: Fidelity Bank Plc, FBN Holdings Plc and Veritas Kapital Assurance Plc measured by volume accounted for 2.469 billion shares worth N37.405 billion in 3,006 deals.
    This contributed 74.80 and 70.37 per cent to the total equity turnover
    volume and value respectively.
    Additionally, NGX30Z4 and NGX
    PENSIONZ4 Futures Contracts were listed on the NGX on Wednesday at N3,905 and N3,885 respectively and would expire on Dec. 20.
    Fidelity Bank Plc’s rights issue of
    3.2 billion ordinary shares of 50 kobo each at N9.25 per share on the basis of one new ordinary share for every existing 10 ordinary shares held as at the close of business on Jan.5 also opened on Thursday and would close on July 29.
    Meanwhile, looking ahead to the next week, analysts at Cowry Asset Management Ltd. have predicted that the local bourse will trade in mixed sentiment.
    They said this would ride on the back of low valuation and portfolio repositioning for value stocks as investors continue to exhibit a wait and see approach.
    The analysts advised market players and investors to trade in stocks of companies with sound fundamentals as trading volume patterns continue to
    fluctuate.
    According to them, the present market outlook suggests buying interest in some sectors and profit-taking in others, amid a wait-and-see attitude.(NAN)(www.nannews.ng)
    RUKY/AWA
    ==========
    Edited by Olawunmi Ashafa

  • NGX sheds N56bn as investors sell off banking stocks

    Loss

    By Rukayat Adeyemi

    Lagos, June 21, 2024 (NAN) Losses in Teir-one banking stocks on Friday pushed the market indices into a negative terrain, making investors to lose N56 billion.
    Specifically, sell-offs in the stocks of Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holdings, Fidelity Bank,  Wema Bank, as well as Nestle and African Prudential, among other declined equities, brought the market performance down.
    Accordingly, the market capitalisation which opened at N56.479 trillion, lost N56 billion or 0.10 per cent to close at N56.423 trillion.
    Consequently, the All-Share Index lost 0.10 per cent or 100 points, to settle at 99,743.05, compared to 99,842.94 recorded in the previous session.
    Market breadth also closed negative with 26 laggards and 23 leaders on the floor of the Exchange.
    On the gainers’ log, International Breweries led by 10 per cent to close at N4.40, Thomas Wyatt followed by 9.95 per cent to close at N2.10, Chams gained 9.86 per cent to close at N2.34 per share.
    Champion also rose by 9.83 per cent to close at N3.91, while John Holt advanced by 9.66 per cent to close at N2.61 per share.
    Conversely, Multiverse led the losers’ log by 9.68 per cent to close at N11.20, RT Briscoe trailed by 7.46 per cent to close at 62k per share.
    Sunu Assurances shed 6.25 per cent to close at N1.20, NEM Insurance declined by 5.95 per cent to close at N7.90 and Fidelity Bank dropped 4.81 per cent to close at N9.90 per share.
    Meanwhile, analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 55.20 per cent.
    Investors traded 617.22 million shares valued at N11.35 billion in 9,273 deals, as against 1.3 million shares valued at N25.33 billion in 8,364 deals that exchanged hands on Thursday.
    FBN Holdings led the activity log in volume and value with 207.91 million shares worth N4.57 billion, GTCO followed by 58.55 million shares valued at N2.6 billion.
    Veritas Kapital sold 57.59 million shares worth N55.20 million, AIICO Insurance traded 46.83 million shares valued at N45.17 million and Fidelity Bank transacted 38.44 million shares worth N392.17 million.(NAN)(www.nannews.ng)
    RUKY/AWA
    ==========
    Edited by Olawunmi Ashafa

  • Coronation Merchant Bank grows gross earnings by 62% in 2023

    Earnings
    By Rukayat Adeyemi
    L-R: Olukayode Akindele, non-executive director, Ms Olubunmi Fayokun, independent non-executive director, Mr Paul Abiagam, deputy managing director, Mr Banjo Adegbohunbe, managing director, Mr Babatunde Folawiyo, Chairman, Mr Stanley Ubani, Company Secretary, Mr Larry Ettah, non-executive director, all of Coronation Merchant Bank Ltd, at the 9th Annual General Meeting of the Bank in Lagos
    Lagos, June 21, 2022 (NAN) Coronation Merchant Bank Ltd. on Friday said that its gross earnings grew to N61.6 billion for the year ended Dec. 31, 2023.
    The figure represents 62 per cent growth when compared to N37.9 billion recorded in 2022.
    Mr Babatunde Folawiyo, Chairman, Coronation Merchant Bank, said this at the ninth Annual General Meeting (AGM) of the financial institution held in Lagos.
    Folawiyo stated that the bank reported a robust financial performance and recovery for the year under review and showcased significant growth in its key metrics despite a challenging economic environment.
    He highlighted that the bank’s profit before tax also increased by 58.1 per cent to N3.47 billion in year 2023, marking a significant recovery from a loss of N8.28 billion in 2022.
    According to him, the bank’s shareholders’ funds rose by 16.5 per cent to N37.33 billion in the year under review, compared to N31.99 billion posted in 2022 financial year.
    The chairman said the financial institution’s Return on Equity for year 2023 also went up to nine per cent from a loss of 26 per cent recorded in year 2022.
    “Earnings per share of the bank advanced to N51.56, as against a negative of 173k posted in 2022, Capital Adequacy Ratio improved to 12.6 per cent from 10.2 per cent recorded in 2022.
    “Also, the bank’s Loan to Funding Ratio remained steady at 79 per cent, its Non-Performing Loan (NPL) Ratio maintained zero per cent, while its Liquidity ratio stood at 64.4 per cent, in contrast to 55.6 per cent posted in year 2022,” he said.
    According to him,  2023 presented significant challenges due to macroeconomic headwinds that impacted on the bank’s financial performance.
    He, however, said that in spite of the challenges, the institution remained steadfast in its conviction that the invaluable lessons from the past two years would enhance its performance and returns for stakeholders.
    Folawiyo noted that the bank’s initiatives in 2023 yielded positive outcomes, demonstrating its  unwavering resolve and commitment to continuous value creation.
    He added that the confidence of
    its clients was the vital force propelling the enterprise, and it remained fiercely committed to nurturing it.
    The chairman expressed optimistm on the future trajectory of the bank and assures of commitment to delivering value to its customers.
    “In 2023, Coronation Merchant Bank continued to cement its position as a leading financial institution in Nigeria.
    “Our significant milestones achieved in 2023 include 27 per cent increase in investment banking, affirming our leadership in the sector.
    “We have also retained our position as the first and only Nigerian Merchant Bank with an international risk rating,” Folawiyo added.
    Commenting, Mr Banjo Adegbohungbe, Managing Director, Coronation Merchant Bank, said that the bank’s financial performance in 2023 underscored its resilience and strategic vision and the dedication of its  team.
    Adegbohungbe stated that despite formidable headwinds, the financial institution achieved a remarkable recovery from its previous year’s loss.
    He explained that the performance highlighted the bank’s commitment to sustainable growth and value creation for its stakeholders.
    Also, Mr Paul Abiagam, Deputy Managing Director, Coronation Merchant Bank, said that the bank’s recognition from World Finance and sustained top 10 ranking on the FMDQ Treasury league table for the sixth consecutive year.
    Looking ahead, Abiagam hinted that the bank anticipated a period of modest GDP growth, persistent inflationary pressures and improved foreign exchange liquidity, driven by ongoing reforms and increased foreign
    investments.
    “We are ready to chart new paths of progress in 2024 by identifying and pursuing emerging opportunities,
    maintaining exceptional customer service, and leveraging our robust and diversified business model.
    “We are confident in our ability to sustain our trajectory of earnings growth and deliver superior returns to our shareholders.
    “Coronation Merchant Bank’s dedication to excellence continues to set it apart in the African merchant banking subsector,” he said.
    Coronation Merchant Bank was established in 2015 and offers corporate, as well as investment banking, private banking and wealth management, global markets and treasury services to its niche clientele. (NAN)(www.nannews.ng)
    RUKY/AWA
    ===========
    Edited by Olawunmi Ashafa

  • Capital Raise: Fidelity Bank shares drop N14.4bn in market value

    By Rukayat Adeyemi

    Lagos, June 20, 2024 (NAN) The share market value of Fidelity Bank Plc on the Nigerian Exchange Ltd. (NGX) dropped by N14.4 billion on Thursday, amid the opening of N127.1 billion rights issue and public offer.

     

    At the close of trading, the bank’s stock, which opened at N10.85, lost 45k or 4.15 per cent to close at N10.40 per share, following sell pressure from investors.

     

    The News Agency of Nigeria (NAN) reports that Fidelity Bank earlier opened its shares offer for a rights issue and public offer by way of combined subscription, worth N127.1 billion, to meet the Central Bank of Nigeria’s (CBN) recapitalisation directive.

     

    The acceptance and application lists for the rights issue and public offer, which opened on June 20, will close on July 29.

     

    Under the rights issue, 3.2 billion ordinary shares of 50 kobo each were offered in the ratio of one new ordinary share for every 10 ordinary shares held as of Jan. 5, 2024, at N9.25 per share, totaling N29.6 billion.

     

    For the Public Offer, 10 billion ordinary shares of 50 kobo each were offered to the general investing public at N9.75 per share, to a total of N97.5 billion.

     

    However, Fidelity Bank sold 162.1 million shares worth N1.73 billion, compared to 1.1 billion shares valued at N11.3 billion traded in the previous session, making its total market capitalisation on the Exchange to stand at N332.93 billion.

     

    Meanwhile, on the overall trading, the NGX stock market closed flat, as the market capitalisation, which opened at N56.478 trillion, gained 0.002 per cent or one billion Naira to close at N56.479 trillion.

     

    The All-Share Index also advanced slightly by 0.002 per cent or two points to settle at 99,842.94, compared to 99,840.95 recorded on Wednesday.

     

    As a result, the Year-To-Date (YTD) return rose to 33.53 per cent.

     

    Gains in Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), Unilever Nigeria, Guinness, Julius Berger, Transnational Corporation, and other advanced equities dragged the market performance up.

     

    Market breadth also closed positive with 35 gainers and 17 losers.

     

    On the gainers’ table, Champion Breweries led 34 other advanced equities with a 9.88 per cent increase to close at N3.56 per share.

     

    Transcorp Hotel led 16 other declined equities on the losers’ table with a 10 per cent decrease to close at N90 per share.

     

    Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 53.64 per cent.

     

    A total of 1.3 million shares valued at N25.33 billion were exchanged in 8,364 deals, compared to 1.38 billion shares valued at N16.48 billion traded in 9,899 deals posted previously.

     

    FBN Holdings led the activity table in volume and value with 871.08 million shares worth N19.12 billion. (NAN)(www.nannews.ng)

    RUKY/ AWA

    ===========

    Edited by Olawunmi Ashafa

  • Fidelity Bank opens N127.1bn combined rights, public offer 

    Capital
    By Rukayat Adeyemi
    Board/Management team of Fidelity Bank and NGX at the Bank’s Facts Behind The Combined Offers presented to capital market stakeholders on Tuesday in Lagos.
    Lagos, June 20,2024 (NAN) Fidelity Bank Plc, on Thursday, opened application list for its rights issue and public offer by way of combined subscription, totaling N127.1 billion, to meet the Central Bank of Nigeria’s (CBN’s) recapilisation directive.
    Dr Nneka Onyeali-Ikpe, rhe Managing Director of Fidelity Bank, announced this at the Bank’s Facts Behind The Combined Offers, presented to capital market stakeholders on Tuesday in Lagos.
    Onyeali-Ikpe said that the acceptance and application lists for the rights issue and public offer, which opened on June 20, would close on July 29.
    She explained that under the rights issue, 3.2 billion ordinary shares of 50 kobo each was offered in the ratio of one new ordinary share for every 10 ordinary shares held as of Jan. 5, 2024, at N9.25 per share, totalling N29.6 billion.
    For the public offer, the managing director stated that 10 billion ordinary shares of 50 kobo each was offered to the general investing public at N9.75 per share, totalling N97.5 billion.
    “Fidelity is the first to launch this offer out of the many, following the recapitalisation announcement by the CBN in march.
    “The bank has already started the process of raising additional capital ahead of the CBN’s directive, requiring banks to raise minimum capital base of N200 billion for national banks.
    “Also, N500 billion for banks with international operation like ours, amongst other capital requirements.
    “This did not come as a surprise to us. Our capital raising process was practically initiated after obtaining approval from our shareholders in August 2023.
    “The exercise is part of our strategic growth plan to raise additional capital to meet our growth needs,” she added.
    The managing director lauded the CBN recapitalisation directive, adding that it presented a significant opportunity for a stronger and more resilient banking industry.
    Onyeali-Ikpe said that the proceeds from the capital raise would be instrumental in achieving the bank’s strategic growth plan.
    According to her, the proceed will  expand the bank’s s footprints within and outside Nigeria to serve as a product customer base and  unlock new market opportunities.
    She said that the financial institution was also committed to leveraging proprietary technology to improve operational efficiency and deliver exceptional customer service.
    By investing in IT infrastructure and product distribution channels, Onyeali-Ikpe said that the bank aims to diversify its earnings base through digitalisation and business expansion.
    “The offer will increase our capacity to support our customers and their businesses.
    “In summary, this capital raise will help our customers to grow their businesses to thrive, and the economy to prosper.
    “We appreciate the NGX for their continued support and for providing us a platform to raise capital to achieve our goals,” she said.
    Commenting, Mr Ahonsi Unuigbe, Chairman, NGX, lauded the bank’s board and management on the capital raise initiative, saying it underscores its dedication in enhancing its operational efficiency and market presence.
    Unuigbe said that the combined offer was a testament to Fidelity Bank’s unwavering commitment to strengthening its own capital base and ensuring sustainable growth.
    He added that NGX, as a business enabler, is committed to providing platform that supports issuers and market participants in achieving their business objectives.
    In his address, Mr Jude Chiemeka, Acting Chief Executive Officer, NGX, commended the bank for choosing the platform to communicate its financial performance, operational developments and strategic plans to undertake the capital raise.
    Chiemeka stated that such accurate, accessible and timely information was essential to stimulate market activity and underscored the bank’s dedication to providing relevant information to the market.(NAN)(www.nannews.ng)
    RUKY/AWA
    ============
    Edited by Olawunmi Ashafa
    ===

  • Leadway partners Octamile to provide “PayCover” for motor insurance 

    PayCover
    By Rukayat Adeyemi
    Lagos, June 20, 2024 (NAN) Leadway Assurance has partnered with Octamile to offer “PayCover” solution that allows customers to split their motor insurance premium payments into manageable installments.
    Mr Gboyega Lesi, Managing Director, Leadway Assurance, announced this in a statement made available to newsmen on Thursday in Lagos.
    Lesi said that the PayCover innovative of Buy Now Pay Later (BNPL) solution aims to revolutionise motor insurance payments by offering unmatched flexibility and ease.
    According to him, PayCover is designed to seamlessly integrate with Leadway’s digital and offline payment channels, allowing customers to split their premium payments into manageable instalments.
    “Critical features of PayCover include flexible payment options, premium financing through short-term credit facilities, real-time processing of insurance certificates, automated payment reminders, and top-notch transaction security.
    “These features ensure customers can immediately obtain motor insurance coverage while spreading the cost over time, making it more accessible and affordable.
    “Leadway continuously seeks innovative ways to provide value to its customers.
    “And the strategic alliance with Octamile for the PayCover solution aligns perfectly with the insurer’s commitment to deepen motor insurance.
    “This is to ensure that customers get a flexible and convenient payment that fits their cash management plans,” he said.
    Lesi explained that with PayCover’s flexible options and premium financing, the underwriter addressed a significant pain point for customers who found it challenging to pay full premiums upfront.
    “We have no doubt that PayCover will revolutionise motor insurance in Nigeria for its seamless and convenient premium payment provision, especially in these trying economic times.
    “This initiative affirms our dedication to customer-centric solutions and making insurance uptake seamless and convenient for all,” he added.
    Also in the statement, Mr Gbenro Dara,  the Chief Executive Officer of Octamile, expressed excitement to collaborate with Leadway to bring PayCover to a broader audience.
    Dara, also the founder of the company, said that the goal of the collaboration is to make insurance more accessible and affordable for all Nigerians.
    He said by integrating Octamile’s solution with Leadway’s extensive network and reputable brand, PayCover could significantly enhance the customer experience and drive higher adoption rates for motor insurance.
    “This partnership reflects our shared vision of leveraging innovative technology to simplify financial services and improve lives.
    “We look forward to seeing how our solution, with its flexible payment options and secure transaction processes will positively impact existing and new Leadway customers.
    “This solution enhances customers satisfaction by simplifying the payment process and improves insurers’ cash flow management,” the said.
    According to him, with PayCover, Leadway customers can enjoy a smoother, hassle-free experience when purchasing motor insurance.
    The News Agency of Nigeria (NAN) reports that Leadway Assurance is one of Nigeria’s insurance service companies, while Octamile is an insurtech company with access to insurance for Africans.
    (NAN) (www.nannews.ng)
    RUKY/AYO/AWA
    ===============
    Edited by Ayodeji Alabi/Olawunmi Ashafa

  • First Bank confirms appointment of Alebiosu as MD

    First Bank confirms appointment of Alebiosu as MD
    Confirmation
    By Rukayat Adeyemi
    Lagos, June 19, 2024 (NAN) FBN Holdings Plc has confirmed the appointment of Mr Olusegun Alebiosu as substantive Managing Director/Chief Executive Officer of First Bank of Nigeria Ltd, (FirstBank), one of its flagship subsidiary.
    Mr Adewale Arogundade, Acting Company Secretary of the Holdings, announced this in a disclosure sent to the Nigerian Exchange Ltd.(NGX), on Wednesday in Lagos.
    Arogundade said that the approval of  the substantive appointment of Alebiosu by the Bank’s Board of Directors was subject to the approval of the Central Bank of Nigeria(CBN)
    The News Agency of Nigeria(NAN) reports that the Board of FBN Holdings on April 21 appointed Alebiosu as the acting managing director/CEO of First Bank.

    His appointment followed a sudden resignation of Dr Adesola Adeduntan, the former managing director/CEO of the bank, effective  April 20, ahead of his official retirement.

    Additionally, Arogundade said that the Bank’s Board also approved the appointment of Mr Ini Ebong as the Deputy Managing Director of FirstBank, subject to the approval of the CBN.
    The company secretary stated that First Bank further approved the appointment of Mr Alao Olatunde-Olaifa as Non-Executive Director of FirstBank, subject to the approval of the CBN.
    Before his appointment, Alebiosu was previously Executive Director, Chief Risk Officer and Executive Compliance Officer of the bank, from January 2022 until April 20.
    He was, before then, the Group Executive/ Chief Risk Officer of the bank since 2016.
    Alebiosu brings to the executive management of First Bank over 28 years’ experience in the banking and financial services industry with cross-functional exposure to credit risk management, financial planning and control.
    He also has experience in credit and marketing, trade, corporate and commercial banking, agriculture financing, oil and gas, transportation, including Aviation and Shipping and Project financing.
    Prior to joining First Bank in 2016, Alebiosu served as Chief Risk Officer at Coronation Merchant Bank Ltd., Chief Credit Risk Officer at African Development Bank Group and Group Head, Credit Policy, and Deputy Chief Credit Risk Officer at United Bank For Africa Plc.
    Alebiosu is an alumnus of Harvard Business School and Harvard School of Government.
    He holds a Bachelor’s degree in Industrial Relations and Personnel Management, and also a Master’s degree in International Law and Diplomacy from the University of Lagos.
    Alebiosu obtained a master’s degree in Development Studies from the London School of Economics and Political Science, and completed Advanced Management Program (AMP) at Harvard Business School.
    He is a member of various professional bodies namely: Fellow, Institute of Chartered Accountants (FCA), Associate, Nigeria Institute of Management (ANIM), Chartered Institute of Bankers of Nigeria (CIBN) and Member, Nigeria Institute of International Affairs.
    On his part, Ebong, prior to his appointment, was the Executive Director, Treasury and International Banking of First Bank, since January 2022.
    He was previously the Group Executive, Treasury and International Banking, a position he held since 2016 after serving as the Bank’s Treasurer from year 2011 to 2016.
    Ebong brings to FirstBank over 20 years’ extensive banking experience, working through a wide variety of trading roles across most Treasury products, Asset and Liability management, Treasury sales and marketing, as well as Treasury risk management.
    Before joining FirstBank, he was the Head of African Fixed Income and Local Markets Trading, Renaissance Securities Nigeria Ltd., the Nigerian registered subsidiary of Renaissance Capital.
    He also worked with Citigroup for 14 years as Country Treasurer and Sales and Business Head, and has passion for market development.
    Also, Alao-Olaifa has extensive experience cutting across the corporate Finance spectrum, including Capital Raising, Deal Structuring, Debt Restructuring, Acquisition Planning, Project Financing and Asset Management.
    He is currently the Group Chief Financial Officer/Strategy and Principal Investment at Leadway Holdings with responsibilities covering strategy, corporate finance and principal investment across the group and geographies.
    He also sits on the Boards of C&I Leasing Plc and Leadway Pensure PFA.
    Alao-Olaifa had previously worked with Lionstone Group as an Associate, Investment Banking and Fidelity Bank Plc as an Assistant Manager in the Corporate Banking division, where he managed blue chip clients.(NAN)(www.nannews.ng)
    RUKY/ETS
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