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Tag: Rukayat Adeyemi

  • Stock market: investors lose N49bn on sell pressure 

    Loss
    By Rukayat Adeyemi
    Lagos, June 19, 2024 (NAN) The stock market, resuming from the Sallah break on Wednesday, closed on a negative note with indices dropping by 0.08 per cent, amid sell pressure.

     

    Sell pressure in the stocks of MTN Nigeria, alongside Tier-one banks, namely: FBN Holdings, United Bank For Africa (UBA), as well as Nigerian Breweries, SUNU Assurances, among other declined equities drove the market’s weak performance.

     

    Specifically, the market capitalisation, which opened at N56.527 trillion, lost N49 billion or 0.08 per cent  billion to close at N56.478 trillion.

     

    The All-Share Index also declined by 0.08 per cent or  84.43 points to settle at 99,840.95, as against 99,925.38 recorded on Friday.

     

    As a result, the Year-To-Date (YTD) return slipped to 33.52 per cent.

     

    However, market breadth closed positive with 41 gainers and 15 losers on the floor of the Exchange.

     

    On the gainers log,  UPL led by 10 per cent to close at N2.75, Guinness Nigeria followed by 9.96 per cent to close at N66.25 per share.

     

    Champion rose by 9.83 per cent  to close at N3.24, Honeywell Flour gained 9.52 per cent to close at N3.45, and Veritas Kapital advanced by 9.46 per cent to close at 81k per share.

     

    On the other side, Caverton led the losers’ log by 9.62 per cent to close at N1.41, ABC Transport trailed by 9.52 per cent to close at 57k per share.

     

    Nigerian Breweries lost 8.37 per cent to close at N29, Wapic Insurance declined by 5.71 per cent to close at 66k, while AXA Mansard came down by 4.37 per cent to close at N5.25 per share.

     

    Also, analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions rising by 233.02 per cent.

     

    A total of 1.38 billion shares valued at N16.48 billion were exchanged in 9,899 deals, in contrast to 318.10 million shares valued at N4.95 billion traded in 7,302 deals posted in the previous session.

     

    Fidelity Bank led the activity log in volume and value with 1.05 billion shares worth N11.32 billion, AIICO Insurance followed by 60.67 million shares valued at N58.90 million.

     

    Veritas Kapital sold 55.73 million shares valued at N44.31 million, UBA transacted 21.64 million shares worth N480.50 million, and Zenith Bank traded 15.27 million shares worth N545.48 million.

     

    Meanwhile, analysts at Cowry Asset Management, predicted a mixed trend trading, driven by profit-taking activities for the week.

     

    They stated that sector rotation and portfolio rebalancing on the exchange are expected to continue.

     

    According to the analysts, this is in anticipation of the second half of the year’s window dressing activities and the release of the May, 2024 consumer price inflation report.(NAN)(www.nannews.ng)

    RUKY/AWA
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    Edited by Olawunmi Ashafa

  • Veritas Kapital records N5.67bn post-tax profit in first quarter

    Profit
    By Rukayat Adeyemi
    Dr Adaobi Nwakuche, MD/CEO, Veritas Kapital Assurance Plc
    Lagos, June 19, 2024 (NAN) Veritas Kapital Assurance Plc has recorded a post-tax profit of N5.67 billion for the first quarter of the year.
    This indicated an increase of N5.29 billion year-on-year, from N376.18 million posted in the same period of 2023.

    The report was contained in the company’s unaudited financial statement sent to the Nigerian Exchange Ltd.(NGX) on Wednesday in Lagos.

    The insurance company’s gross written premium also rose by 280 per cent, from N1.68 billion in the first quarter of 2023 to N6.37 billion in the quarter of the year under review.

    Veritas Kapital’s underwriting profit also witnessed a surge of 716 per cent, from N260.42 million posted in the first quarter of 2023 to N2.13 billion made in the first quarter of the year.

    The net insurance and investment results of the underwriter grew by 1,001 per cent to N6.96 billion in the first quarter of the year under review, from N631.61 million in the corresponding period of the previous year.

    Veritas Kapital expanded its total asset by 33 per cent to N32.77 billion in the first quarter of the year from N24.64 billion recorded same period of 2023.

    The insurer’s shareholders funds also increased by 35 per cent to N22.04 billion in the first quarter of the year under review from N16.37 billion in the first quarter of 2023.

    Commenting, Dr Adaobi Nwakuche, Managing Director/CEO of Veritas Kapital Assurance, attributed the exceptional performance of the insurance company to strategic leadership, innovative insurance solutions and a dedicated workforce.

    Nwakuche said: “Our outstanding first quarter 2024 results underscores the success of our strategic initiatives and the hard work of our team.

    “We have made significant strides in enhancing our service delivery and expanding our market presence, and these results are a testament to our commitment to excellence.

    The managing director noted that the remarkable growth in the firm’s insurance revenue and profitability highlights its ability to adapt to market demands and deliver innovative insurance solutions that meet the evolving needs of its clients.

    She said that the company’s focus on customer satisfaction, risk management, and investment strategies had played a pivotal role in achieving the milestones.

    “The substantial growth in total assets and shareholders’ funds reflects the company’s robust financial health and its ability to generate value for shareholders.

    “By maintaining a strong balance sheet and investing in growth opportunities, Veritas Kapital continues to strengthen its position as a market leader in the insurance industry.

    “With a solid foundation and a clear vision for the future, Veritas Kapital Assurance is poised for continued success and remain committed to leveraging its strengths, exploring new growth avenues, and delivering exceptional value to its stakeholders,” Nwakuche added.(NAN)(www.nannews.ng)

    RUKY/AWA
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    Edited by Olawunmi Ashafa

  • Veritas Kapital workers voluntarily donate blood to save lives

    Staff of Veritas Kapital donating blood to commemorate the World Blood Donor Day of Friday in Lagos
    Blood
    By Rukayat Adeyemi
    Lagos, June 14, 2024 (NAN) In commemoration of the World Blood Donor Day, staff of Veritas Kapital Assurance Plc, on Friday donated blood to the nation’s blood bank to save lives, and as service to humanity.
    The blood donation drive was through a partnership with the Lagos State Blood Transfusion Service(LSBTS) and the National Blood Service Commission(NBSC) in Abuja.
    The News Agency of Nigeria(NAN) reports that the World Blood Donor Day is held annually on June 14  to appreciate voluntary, unpaid blood donors for their life-saving gifts of blood and to raise awareness of the need.
    The 2024 World Blood Donor Day, which marks the 20th year anniversary of celebrating blood donors,  is with the theme: “20 years of celebrating giving: Thank you, blood donors!”.
    Commenting, Mr Sunkanmi Adekeye, Executive Director, Operations of Veritas Kapital Plc, said that the blood donation was done simultaneously in the insurance company’s Lagos and Abuja offices.
    Adekeye said this was part of the insurance company’s Corporate Social Responsibility(CSR) to the public and to also support the government’s campaign on voluntary donation into the country’s blood bank.
    Adekeye explained that Veritas Kapital had keyed into the blood donation programmes since year 2022 when it partnered the NBSC in Abuja for its staff to donate blood.
    The Executive Director noted that the insurance company extended the mandate to staff of its Lagos office through the LSBTS this year, as a commitment to reach more Nigerians who need blood.
    “As a corporate entity, we are committed to saving lives and giving more people opportunities to live; service to humanity is the best gift of life.
    “We are fully aware of the importance of blood for survival, and as a dutiful insurance firm, we are committed to support government’s campaign and effort to ensure sufficient blood supply in the nation’s blood bank.
    “We need all Nigerians to live in good health and sound mind, as it is a living being that can be insured; hence our effort to also contribute and champion the course of blood donation.
    Reacting, Mrs Temitope Balogun, Lead Team, LSBTS Voluntary Blood Donation Drive at Veritas Kapital, lauded the underwriting firm for partnering with LSBTS and championing the mission for sufficient blood supply in the country.
    Balogun said that Veritas Kapital through its partnership with the blood donating services has joined the league of companies with life saving culture in the country.
    “Veritas Kapital is now on the list of partnering companies with the LSBTS and saving lives of Nigerians,”she said.
    According to Balogun,voluntary blood donation increases the availability of blood in blood bank for those who need blood urgently to survive.
    She listed patients in need of blood to include: sickle cell and cancer patients, children that are anemic and need blood transfusion, accident victims, a woman who delivered of a baby with complications or bleeding, among others.
    According to her, blood donation is beneficial to donors, as it helps them to shed excess iron in the heart, ascertain their blood pressure and hemoglobin level, as well as check their prostrates and weights.
    Balogun advised male Nigerians to donate blood every three months and for women, every four months.
    This, she said, would help in maintaining appropriate well-being  as well as contribute to saving the life of others.
    NAN also reports that Veritas Kapital Assurance Plc is a leading insurance company in Nigeria licensed to cover all classes of non-life insurance products and services.(NAN)(www.nannews.ng)
    RUKY/VIV
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    Edited by Vivian Ihechu

  • Wemabod Ltd. appoints Oladunni as MD

    Appointment
    By Rukayat Adeyemi
    Board of Directors, Wemabod Ltd., at the firm’s 50th AGM on Friday in Lagos

    Lagos, June 14, 2024 (NAN) Wemabod Ltd. has appointed Mr Bashir Oladunni as its new Managing Director effective Dec. 19, following the retirement of Mr Oluyemi Ejidiran, the outgoing MD.

     

    Mr Efuntayo Ibukun, the Chairman of the Board of Directors at Wemabod, announced this at the 50th Annual General Meeting (AGM) of the real estate firm in Lagos.

     

    Ibukun, also an Estate Surveyor, stated that Oladunni’s appointment was approved after a meticulous and comprehensive review process facilitated by Deloitte Professional Services.

     

    The chairman commended the smooth leadership transition and expressed optimism that under Oladunni’s leadership, Wemabod would experience accelerated growth and social impact for future generations.

     

    He commended the outgoing MD, Ejidiran, for his dedicated and distinguished service over the past six years, during which the firm experienced significant growth and profitability.

     

    “We announce the retirement of a managing director who has played a pivotal role in Wemabod’s transformation into a world-class conglomerate.

     

    “On behalf of the Board of Directors, I extend our sincere gratitude to Ejidiran for his exceptional leadership, vision, courage, and professionalism.

     

    “We also congratulate Oladunni on his appointment. I am confident that our new MD will elevate Wemabod to new heights, building on the solid foundation laid over the past years,” Ibukun said.

     

    Reflecting on his tenure, Ejidiran expressed appreciation to the company’s board for the opportunity to serve and add value to the firm.

     

    He expressed satisfaction with the progress made in the firm’s portfolio rebalancing and asset optimisation in key real estate sectors.

     

    “I am confident that these successes will be further accelerated under the capable leadership of Oladunni and the talented team we have cultivated with the board’s support,” Ejidiran said.

     

    In his acceptance speech, Oladunni thanked the Board of Directors for their trust and belief in his abilities to lead the firm into its next chapter of growth and success.

     

    He assured his commitment to upholding the values and principles that have guided the company to its current standing.

     

    “I am deeply committed to fostering a culture of collaboration, transparency and integrity within our organisation.

     

    “Our success is not measured solely by financial metrics but by the positive impact we make on our employees, customers, and communities.

     

    “Therefore, I pledge to lead with empathy, fairness, and a relentless pursuit of excellence in everything we do,” Oladunni said.

     

    Oladunni brings over 22 years of real estate industry expertise to his new role.

     

    Before his appointment, he was the Controller of Estates, managing over N34 billion in real estate assets for Wemabod.

     

    He holds a Master of Science in Housing Development and Management from the University of Ibadan and a Higher National Diploma (HND) in Estate Management from the Polytechnic Ibadan.

     

    He also earned a Postgraduate Diploma in Estate Management from the Federal University of Technology Akure and an M.Tech in Estate Management from Bells University of Technology, Otta.

     

    Oladunni is a Fellow of the Nigerian Institute of Estate Surveyors and Valuers and a Registered Member of Nigeria’s Estate Surveyors and Valuers Registration Board.

     

    He is also a PMI Certified Project Management Professional, a Chartered Arbitrator, and a faculty member at Reals Academy and the Association of Investment and Portfolio Managers, among other qualifications and portfolios earned. (NAN) (www.nannews.ng)

    RUKY/AWA

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    Edited by Olawunmi Ashafa

     

  • SEC warns Nigerians against investing in $Davido Meme Coins 

     

    Coins

    By Rukayat Adeyemi

    Lagos, June 14, 2024 (NAN) The Securities and Exchange Commission, Nigeria (SEC) on Friday warned Nigerians against investing in Meme Coins, known as “$Davido”, allegedly linked to popular Nigerian singer David Adeleke, known as Davido.

     

    In a statement on its website, SEC said that it does not recognise $Davido as an investment product or investable asset class under its regulatory purview.

     

    The regulator noted that, consequently, individuals who invest in it do so at their own risk.

     

    “Generally, meme coins are cryptocurrencies inspired by memes and internet jokes.

    “They are often envisaged as a fun, light-hearted cryptocurrencies promoted through a social media community and sometimes through celebrity endorsements,” it said.

    According to SEC, meme coins are not intended to serve as a medium of exchange accepted by the public as payment for goods and services or as digital representation of capital market products.

    The commission listed such capital market products as: shares, debentures, units of collective investment schemes, derivatives contracts, commodities or other kinds of financial instruments or investments.

    The regulator said: “The general public is hereby advised that meme coins lack fundamental value and are purely speculative.

    “The general public is further warned that investing in meme coins, including $Davido, is highly risky and should be done with a full understanding of the associated risk.

    “Capital market operators are by this notice warned not to associate with instruments that fall outside the SEC’s regulatory purview.

    “Such instruments should not in any manner be distributed or monitored through any capital market mechanism.

    SEC stated it would continue to monitor developments within the ecosystem and would not hesitate to deploy its regulatory powers as needed. (NAN)(www.nannews.ng)

     

    RUKY/AWA

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    Edited by Olawunmi Ashafa

  • Recapitalisation: Wema Bank gets regulatory approvals for N40bn rights issue

    Mr Moruf Oseni,  MD/CEO of Wema Bank

    Approval

    By Rukayat Adeyemi
    Lagos, June 14, 2024 (NAN) Wema Bank says it has successfully concluded the first tranche of its recapitalisation exercise having secured all relevant regulatory approvals for the allotment of its N40 billion rights issue.

    Its Managing Director, Mr Moruf Oseni, disclosed this in a statement made available on Friday in Lagos.

    Oseni said as a forward-thinking and pioneering bank, the financial institution in December 2023 launched N40 billion rights issue which had been approved by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

    The News Agency of Nigeria (NAN) reports that CBN, in March, launched a recapitalisation programme requiring commercial banks to raise fresh capital.

    This is in alignment with the minimum requirement for their respective banking licenses within a 24-month timeline spanning April 1 to March 31, 2026.

    The goal of recapitalisation is to simultaneously boost the Nigerian economy and strengthen its financial services industry.

    Oseni said: “With this remarkable development, Wema Bank has now successfully raised the first tranche of its plan in the minimum requirement laid down by the CBN.

    “The bank’s resolve in retaining its commercial banking license with National authorisation and the N40 billion rights issue is a step in that direction.

    “Our move to commence our capital raise programme very early demonstrates our push for excellence, and with a strong emphasis on our digital play, we are set to amass more successes in the coming months,” he said.

    The managing director expressed satisfaction with the vote of confidence given by the bank’s shareholders during its first rights issue exercise, noting that its shares were fully subscribed.

    Oseni stated that the bank also obtained the approval of its shareholders at its 2023 annual general meeting to raise an additional N150 billion to meet the capitalisation threshold set by the CBN.

    He hinted that the process was expected to be completed within 12-18 months.

    Oseni said: “We are committed to providing optimum returns for every stakeholder and the successful conclusion of this N40 billion rights issue is a bold step in the right direction.

    “In addition to the upward trend in the bank’s financial performance and the success recorded so far in its recapitalisation exercise, Wema Bank’s corporate rating was recently upgraded to BBB+ by Pan African credit rating agency, Agusto and Co.

    “The bank was also retained at BBB by international rating agency, Fitch.”

    According to him, over the medium to long term, Wema Bank is positioned to not only dominate the digital banking space but also the Nigerian financial services industry at large as it translates its industry leadership to significant market share. (NAN)(www.nannews.ng)

    RUKY/KOLE/AWA
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    Edited by Remi Koleoso/ Olawunmi Ashafa

  • TotalEnergies shareholders get N8.39bn dividend for 2023 financial year

    Dividend
    By Rukayat Adeyemi
    Board of Directors of TotalEnergies Marketing Nigeria Plc at the 46th AGM of the company on Friday in Lagos
    Lagos, June 14, 2024 (NAN) Shareholders of TotalEnergies Marketing Nigeria Plc on Friday unanimously approved a total of N8.49 billion final dividend proposed by the company’s Board of Directors for the financial year ended Dec. 31, 2023.
    The shareholders gave their approval at the 46th Annual General Meeting(AGM) of the energy firm held in Lagos.
    In his address, Mr Jean-Phillipe Torres, Chairman, Board of Directors, TotalEnergies Marketing Nigeria, said that the sum represented N25.00 per
    share, subject to the deduction of appropriate withholding taxes at the time of payment.
    On the company’s financial performance, Torres stated that in spite of the difficult terrain, TotalEnergies Marketing increased its turnover by 32 per cent from N482.47 billion in 2022 to N635.95 billion in year 2023.
    He noted that this was possible as a result of patronage by its loyal customers, commitment from its shareholders, board, management and staff of the firm in the face of such adversity.
    According to him, the firm’s Profit After Tax(PAT), however, decreased by 20 per cent from N16.12 billion in year 2022 to N12.91 billion in year 2023.
    “2023 was a year like no other. It was an extremely complicated and difficult year for your company,” he said.
    According to him, the effects of security challenge in the country, the Naira redesign policy, removal of fuel subsidy and floating of the Naira, inflation, among other economic policies affected the overall operations and turnover of companies.
    The chairman revealed that in the year 2023, due to unavailability of foreign exchange, TotalEnergies like other marketers did not import PMS.
    Torres explained that NNPC maintained the role of sole importer of PMS and TotalEnergies and other marketers purchased PMS and AGO from NNPC.
    “During the year, there were several outages of PMS which slowed activities in our stations across the country.
    “AGO and Jet A1 remain fully deregulated but access to foreign exchange by marketers continues to be a challenge, inhibiting imports.
    “The price of AGO opened the year at N850 per litre and closed as high as N1,200 per litre,” he said.
    On the company’s future outlook, Torres assured that TotalEnergies remained hopeful and would continue to invest and deliver top tier services.
    The board chairman emphasised the company’s 67-year legacy of providing high-quality products and services, guided by strong ethical standards.

    Responding, a shareholder, Mr William Adebayo, commended the board and management for paying dividends amid harsh economic conditions and for improving turnover.

    He advised the board to work on reducing administrative expenses and suggested separating figures of technical fees paid to the parent company from management fees in future reports.

     

    Adebayo also urged further empowerment of general managers to boost profitability.

     

    TotalEnergies Marketing Nigeria Plc is a marketing and services subsidiary of TotalEnergies, a multinational energy company operating in over 130 countries, committed to providing sustainable products and services for its customers. (NAN)(www.nannews.ng)

    RUKY/AWA
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    Edited by Olawunmi Ashafa

  • Stock market rebounds with N114bn gain

    Stock
    By Rukayat Adeyemi

    Lagos, June 13, 2024 (NAN) The Nigerian equity market capitalisation rebounded by 0.20 per cent as investors’ appetite for Tier-one banking stocks increased.

     

    Notably, investors gained N114 billion or 0.20 per cent, with market capitalisation rising from N56.359 trillion to N56.473 trillion.

     

    The All-Share Index also closed 0.20 per cent or 202 points higher, settling at 99,832.25, compared to 99,630.51 recorded on Tuesday.

     

    As a result, the Year-To-Date (YTD) return rose to 33.51 per cent.

     

    Gains in Guaranty Trust Holding Company (GTCO), Zenith Bank, and United Bank of Africa (UBA) were the primary drivers of the market recovery.

     

    Meanwhile, market breadth closed positive with 30 gainers and 17 losers on the floor of the Exchange.

     

    On the gainers’ chart, Nigerian Breweries led by 10 per cent to close at N31.90, Unity Bank trailed closely by 9.91 per cent to close at N1.22 and NEM Insurance gained 9.77 per cent to close at N9.55 per share.
    Thomas Wyatt appreciated by 9.43 per cent to close at N1.74 and UACN advanced by 8.65 per cent to close at N14.45 per share.
    Conversely, Eco Bank Transnational(ETI) led the losers’ chart by 9.92 per cent to close at N21.35, Daar Communications followed by 8.77 per cent to close at 52k per share.
    C&I Leasing also shed 7.14 per cent to close at N2.60, RT Briscoe and Custodian Insurance lost 5.08 per cent each to close at 56k and N9.35 per share respectively.
    However, analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 47.72 per cent.
    A total of 502.60 million shares valued at N8.65 billion were exchanged in 9,686 deals, as against 848.97 million shares valued at N16.55 billion traded in 8,064 deals posted on Tuesday.
    Zenith Bank led the volume and value chart with 71.22 million shares worth N2.52 billion, followed by AIICO Insurance with 67.30 million shares valued at N65.94 million.
    Access Corporation sold 58.53 million shares valued at N1.13 billion while GTCO transacted 46.86 million shares worth N1.96 million.
    Also, UBA traded 23.17 million shares worth N520.57 million. (NAN)(www.nannews.ng)
    RUKY/AWA
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    Edited by Olawunmi Ashafa

  • GTCO notifies SEC of proposed offering to raise N500bn proceed 

     

    Notice

    By Rukayat Adeyemi

    Lagos, June 13, 2024(NAN) Guaranty Trust Holding Company Plc (GTCO) has filed a preliminary “red herring” prospectus with the Securities and Exchange Commission (SEC) to raise a proposed offering of N500 billion gross proceed.

    This was disclosed in a notice sent by the holdings to SEC on Thursday in Lagos.

    The notice said the prospectus filed to the regulator was in connection with a proposed offering for subscription of ordinary shares of 50 kobo each in its share capital, to raise gross proceeds of up to N500 billion.

    It stated that the number of ordinary shares to be offered and the price range for the proposed offering had not yet been determined.

    The notice was issued in reliance on Rule 283 of the Rules and Regulations of SEC.

    The notice read: “This notice does not constitute an offer to sell or the solicitation of an offer to buy any securities.

    “Any offer, solicitation or offer to buy, or any sale of securities will be made only by a prospectus duly registered by SEC.

    “In accordance with the provisions of the Investments and Securities Act, No. 29, 2007 (the Act) and the rules and regulations of the SEC made pursuant to the Act (the SEC Rules).

    According to the notice, the net proceeds of the proposed offering will be used for the growth and expansion of the GTCO Plc Group’s businesses.

    It said such planned growth and expansion would be effected through investments in technology infrastructure to fortify existing operations.

    The notice stated that the proceeds would also be used for the establishment of new subsidiaries, selective acquisitions of non-banking businesses and the recapitalisation of Guaranty Trust Bank Ltd.

    According to the notice, the proposed offering is structured as an institutional offering, targeted at eligible investors and a retail offering within Nigeria.

     

    It added it is a private placing to persons reasonably believed to be qualified institutional buyers outside Nigeria, noting that the proposed offering is anticipated to open by July.

     

    “The filing of the Red Herring Prospectus was undertaken with a concurrent filing of a preliminary universal shelf registration.

    “The universal shelf registration will permit GTCO Plc to establish a multi-currency securities issuance programme to issue various types of securities, or any combination of such securities, in one or more offerings, from time to time.

    “This is to raise proceeds in an aggregate amount of up to 750 million US dollars (or equivalent amount in Nigerian Naira) in the Nigerian/international capital markets during the validity period of the programme.

    “The proposed offering is expected to be the first issuance under the programme.

    “For a caveat,this notice does not constitute an offer of securities for sale in the United States or to U.S. persons (“U.S. persons”).

    “As such term is defined in Regulations promulgated under the United States Securities Act of 1933, as amended, (the U.S. Securities Act),”the notice said.

    According to the notice, the ordinary shares being offered have not been, nor will be, registered under the U.S. Securities Act or any state securities laws.

    The notice also noted that the shares may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from such registration requirements.(NAN)(www.nannews.ng)

    RUKY/AWA

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    Edited by Olawunmi Ashafa

  • First Bank partners IWS to empower 250 widows

    Empowerment
    By Rukayat Adeyemi
    Cross section of widows at the IWS 2024 Widows Feast And Empowerment Programme on Tuesday in Lagos

    Empowerment
    By Rukayat Adeyemi

    Lagos, June 12, 2024 (NAN) First Bank of Nigeria has partnered with the International Women Society (IWS) to empower over 250 widows, in commemoration of the 2024 International Widows’ Day.

    The News Agency of Nigeria (NAN) reports that beneficiaries at the event, tagged “IWS Widows Feast and Empowerment Programme”, received various essential tools, equipment and grants on Wednesday in Lagos.

    The items distributed were sewing machines, freezers, coolers, hair dryers, cake mixers, industrial cooking gas, generators, and freezers to help the widows establish and sustain their businesses.

    Ms Lande Atere, Chief Customer Experience Officer of First Bank, said that the financial institution had been partnering with IWS for over a decade.

    According to her, the bank has been empowering women-owned Small and Medium Enterprises (SMEs) with funding and skills acquisition.

    “As an organisation that strategically prioritises financial inclusion, we will continue to support IWS in creating entrepreneurial opportunities and promoting self-reliance and vocational skills among women,” Atere stated.

    Mrs Adebanke Adeola, Chairperson of the International Women’s Society (IWS) Widows Trust Fund (WTF), appreciated First Bank for supporting the society in empowering and feasting with the widows.

    Adeola mentioned that the bank provided Point of Sale (PoS) machines to improve the benefiting widows’ access to financial services and income generation opportunities.

    Also, some beneficiaries would receive extra working capital through the generosity of the financial institution and other sponsors.

    “This partnership, along with generous sponsorships from other companies and individuals, enables us to continue our mission and expand our impact.

    “The programme, organised yearly, aims to help widows achieve financial independence and self-sufficiency,” Adeola said.

    RUKY/AWA

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    Edited by Olawunmi Ashafa