Business Archives - The Elites Nigeria

Microsoft 4Afrika Partners FirstBank To Spport SMEs

Posted on January 16, 2019 by The Elites

First Bank of Nigeria Limited, together with Microsoft 4Afrika, will host a free-to-attend event for SMEs in Nigeria, designed to promote technology adoption and skills development.

The event will serve as an official launch of the new partnership between Microsoft 4Afrika and FirstBank, following a memorandum of understanding signed earlier in June 2018. The partnership seeks to build the capacity of local SMEs and accelerate their digital transformation, by providing them with exclusive and tailored non-financial solutions. Participants will be exposed to skills development resources, access to business networks and an educational platform.

According to Taiwo Shonekan, Head Customer Experience and Value Management, First Bank of Nigeria Limited: “This partnership with Microsoft enables us to deliver a portfolio of non-financial solutions to our SME customers. We have over the last 125 years supported SMEs in building their business, whilst contributing to the national economy. This partnership is a landmark step in our quest to leverage the influence of technology in businesses, especially in today’s digital age.”

“With this partnership, FirstBank customers can buy Microsoft products at discounted rates in the local currency – the naira – as this seamlessly aids technology adoption, skills and capacity development among SMEs in Nigeria,” she adds.

Amrote Abdella, Regional Director of the Microsoft 4Afrika Initiative and the keynote speaker for the event says: “For SMEs, integrating technology into their operations is no longer an option, but a necessity for future growth and success. We’re looking forward to engaging in discussions that explore how technology can extend reach to new markets and improve productivity, which results in better customer service, more competitive offerings and the ability to act with agility.”

Across the continent, Microsoft 4Afrika is forging partnerships with several players in the SME ecosystem – from banks to telcos – to enhance SME offerings and reach a broader audience.

“Technology and the relevant digital skills today play such an integral role in business success. We’re working with organisations to extend this support to as many SMEs as possible, ensuring not only their success, but the growth and competiveness of our continent in an increasingly digital world.”

Stop Attacks Against BEDC, 46 CSOs Warn

Posted on January 16, 2019 by The Elites

Against the backdrop of incessant hostility mounted on its operation, electricity consumers in Edo State, especially those hiding under the cover of civil rights advocacy to foist unlawful conducts, and the Edo State Governor, Godwin Obaseki, have been urged to desist from doing so fortwith or face legal actions.

A group with 46 allied Civil Society Organisations (CSOs), Transparency Advocacy for Development Initiative (TADI), Abuja, made this declaration at a World Press Conference addressed by its National Convener, Comrade Solomon Adodo at Abia House, Abuja last Friday.

“We call on the Governor of Edo State to forthwith refrain from antagonizing BEDC Electricity Plc and instead follow relevant rules and guidelines governed by clearly cut contract terms. The issue of power distribution in Edo State should not be unnecessarily politicised,” TADI stated.

“It should be made clear that all DISCOs are firmly protected by the contract terms and conditions under, which they were issued licences and it is on record that BEDC has not in any way breached such conditions” TADI said further.

According to the group, “we shall resist this evil at all costs in the best interest of sustainable business practice in order not to ward of future investors and / or frustrate the gains made thus far in the power sector”.

On this note, we call on the Bureau of Public Enterprise (BPE), the Nigerian Electricity Regulatory Commission (NERC), the Nigeria Bulk Electricity Trading Company (NBET) and every concerned regulator to immediately come out and clear the air on the needless controversies being stirred to cripple the BEDC under its current management.

“If we do not get appropriate feedback within seven days of this notice, we shall be left with no other option but to embark on peaceful procession to these offices for the sake of sanity in our power sector”, the group stressed.

TADI said that as stakeholders, the federal government has representation on the board of respective DISCOs and it is totally at its discretion to appoint whoever she deems it fit to represent her interest in the DISCOs, saying further that “it is not the DISCOs that determine who federal government appoints as her representative contrary to what some naysayers would have us believe in the case of BEDC”.

“It is empirical to note that the respective DISCOs can only distribute the amount of power sold to them by NBET based on the Multi Year Tariff Order (MYTO) allocation allotted each DISCO. Thus contrary to wrong assertions, DISCOs are not allotted power based on what their respective states generate but as determined by NBET using the MYTO allocation system. It added.

TADI disclosed that it has identified with “patriotic disenchantment the consistent, brazen and expertly contrived attempts by certain unpatriotic elements to sabotage the dexterous efforts of BEDC to supply power to Edo, Delta, Ondo and Ekiti States.

These findings, according to TADI indicated that the entities have launched media and physical attacks on BEDC and primarily bent on destroying the corporate reputation of BEDC on one hand and discredit the federal government’s roadmap for power stability.

Tourism: Lagos Economy Records Over N50Bn Cash Transactions In December

Posted on January 14, 2019 by The Elites

For the second year in a row, the Lagos State economy received a major, unprecedented boost in the entertainment, hospitality and creative sectors in four weeks of the yuletide season, Commissioner for Tourism, Arts and Culture, Mr. Steve Ayorinde disclosed on Saturday.

Trends and reports monitored by the Lagos State Government over the four weeks in December, especially during Christmas and New Year festivities, captured an estimated spending well above N50bn in cash transactions, a record slightly higher than December 2017 which also recorded a good run in travel, entertainment and leisure-related spendings.

The monitored reports attributed the positive trend to the peak in entertainment activities; huge influx of people from neighboring states, neighboring countries and holiday makers from abroad who either chose Lagos as their primary destination or transit to other parts of Nigeria last December.

In a press statement he signed, Ayorinde said various reports, statistics and analyses monitored across immigration office, banks, aviation, hospitality and leisure parks; food, beverage and distribution businesses as well as event venues, shopping malls and cinema box office earnings captured an estimated direct spendings of over N50bn within the entertainment and tourism sector in Lagos State alone.

He said reports monitoring the prevailing December trends showed an unprecedented footfall influx of more than three million people entering Lagos in December alone with a multi-billion naira spendings in tow in hotel lodgings, local in-bound flights and taxi/chartered transportation, alcohol and beverage consumption; culinary business; visits to resorts, parks, clubs and lounges, live theatre and cinemas; concerts and clubs as well as ancillary businesses like fashion and clothing, kiddies’ games and toys, and private security guards, which are all now part of the tourism and entertainment ecosystem.

“Like in 2017, last December in Lagos was hugely creative economy- friendly, which again affirms the State’s preeminence not just as West Africa’s commercial hub but also its entertainment nerve-centre,” Ayorinde said, adding that the beauty of this assertion is that the surge in the creative enterprise over the yuletide period was felt by all and sundry; was statistically measurable and is now a subject of discussion among analysis.

The Commissioner said there was a slight correlation between the horrific gridlock in some parts of Lagos during the yuletide season and the huge trading by residents and visitors leading to seasonal job provision and economic gains.

According to him, the high volume of economic activity that were directly related to tourism-related visits, entertainment and leisure accounted for a significant chunk of the total value of transactions in the State of 21million residents whose estimated GDP of $136bn in 2018 is regarded as the fifth largest in Africa, after Nigeria, South Africa, Egypt and Algeria.

The statement attributed the State’s continued high performance in the creative economy to Governor Akinwunmi Ambode’s deliberate interest in and commitment to the development of infrastructure, security and ideas that impact positively on tourism, entertainment and shopping.

He cited the State’s “innovative Calendar of Arts and Culture events which was released in January 2018 specifically to assist both local and foreign visitors in planning their visit to and around Lagos with a detailed guide of festivals and art events available in each month.”

Ayorinde said: “December has always recorded the busiest footfall in Lagos from figure obtained from immigration and aviation authorities. Aside the One Lagos Fiesta which drew over two million visitors cumulatively across its five venues over eight days from December 24 to 31st, other big concerts like those by Davido, Whiz Kid, Burma Boy, Adekunle Gold, Rhythm Unplugged and Sound City Awards also attracted large crowd into Lagos and of course huge spending.

“Hotels were filled to capacity in most parts of the State and we are aware that Lagos and Calabar benefited from additional scheduled flights due to the huge attractions of Calabar Carnival, OLF and the A-list Concerts in Lagos.”

He added that virtually all the entertainment sub-sectors recorded huge spendings in billions over the yuletide period with 15 top foreign and local box office hit films released across the state hitting a record N3bn revenue in December alone; while parks, beaches and other resorts also recorded remarkable, sometimes unprecedented patronage from reports made available to the state government.

The statement added that the December 2018 high creative economy spending in the state corroborates the two key important global tourism industry indicators that were favourable to Lagos in 2018.

First was the British report in Daily Mail of London in April 2018 listing Lagos alongside Nairobi, Kenya as the top non-European destinations among British travelers planning for summer holiday. The second was the MasterCard Global Travel Index released in October 2018 ranking Lagos as the most visited city in sub-Saharan Africa in 2018.

The Commissioner said these remarkable global recognition and last December’s good business outlook in the creative sphere were in tandem with the vision of Governor Ambode to make Lagos the creative hub in Africa and “to assure corporate institutions and investors that the State security and social infrastructure can support the ever growing entertainment and creative landscape in Lagos.

“The night economy has fully returned and every part of the state duly felt the impact of a vibrant tourism, art and entertainment eco-system In December.”

Dangote Refinery Receives Major Component

Posted on January 14, 2019 by The Elites

As it prepares to roll out in 2019, Dangote Oil Refining Company (DORC), has taken delivery of one of the major components of its refinery equipment, the regenerator for the Residual Fluid Catalytic Cracker (RFCC).

Mr Rama Putta, the Head of Quality Assurance/Quality Compliance and Construction, DORC, stated this on Sunday in Lagos.

The Fluid Catalytic Cracking (FCC) is one of the most important conversion processes used in petroleum refineries.

It is widely used to convert the high-boiling, high-molecular weight hydrocarbon fractions of petroleum crude oils into more valuable gasoline, olefinic gases, and other products.

Putta said the sand filling of the site had been completed, adding that 60 per cent of the land was swampy.

“The refinery equipment are coming in semi-finished shape and we will finish the assembling here at the sight.

“ The remaining is being manufactured in various countries, including China, India, America, South Korea, Singapore and Malaysia,” he said.

Mr Devakumar Edwin, Executive Director, Dangote Group, said the 650,000 barrels per day refinery would stimulate economic development in Nigeria.

He said the refinery was designed to process a variety of light and medium grades of crude and produce extremely clean fuels that met Euro V specification.

He said usually, the sulphur in petroleum fuels results in vehicle exhaust emissions that have negative impact on health and environment, adding that the Dangote plant has invested in most advanced technology to produce Euro V fuel due to help Nigeria meet the European Standard of gasoline.

He said the project would provide thousands of direct and indirect jobs and add value to the Nigeria’s economic development, noting that the refinery will lead to significant skills transfer and technology acquisition opportunities in the country.

The company has commenced the installation of equipment for the 650,000 barrels-per-day crude oil refinery being built in the Lekki area of Lagos.

The refinery has continued to receive heavy equipment, through the Dangote jetty, located close to the refinery in the Lekki Free Trade Zone.

It would be recalled that the jetty, constructed by Dangote Oil Refinery received its first ship of 132 metres long, 9,755 tonnes general cargo ship, last year to deliver essential equipment for the ongoing construction.

The refinery is designed to accommodate multiple grades of domestic and foreign crude and process these into high-quality gasoline, diesel, kerosene, and aviation fuels that meet Euro V emissions specifications, plus polypropylene.

It will include a crude distillation unit, single-train residual fluid catalytic cracking unit, diesel hydro-treating unit, continuous catalyst regeneration unit, alkylation unit, and a polypropylene unit.

The refinery will also be able to adjust its production of different products to match market demands. (NAN)

Apple To Release Three New iphone Models In 2019

Posted on January 12, 2019January 12, 2019 by The Elites

Apple Inc. is planning to release three new iPhone models again this fall, including a successor to the struggling XR, the lower priced 2018 device with a liquid-crystal display that has fallen short of Apple’s sales expectations, people familiar with the matter said.

Apple plans to introduce some new camera features like a triple rear camera for the highest-end model and a double rear camera for the two other models, the people said.

Such cameras have multiple lenses that offer better-quality photos.

Source:

How FirstBank Is Making Customers Stay-Connected Through Its e-Channels

Posted on January 12, 2019 by The Elites

BY FUNKE OSAE-BROWN

Folarin is a smart entrepreneur who is in touch with technological advancement and the digital age. He has different apps on his mobile phone which he uses to organise both his business and private lives. He has a food app which he uses to order for his breakfast and lunch, he has another one that takes care of his love for music and another which he uses to manage his transactions online without stepping into a bank. He tells me, his bank is forward looking and futuristic enough to make banking easy for him and his clients.

“I have been banking with FirstBank since I was in school as an undergraduate, says Folarin. My mum opened the account for me. That was where she sent my monthly allowance. After school, I didn’t close the account I simply continued with the tradition.”

It was not difficult for Folarin to decide he would open his corporate account with FirstBank when he started his business a few years ago. He says the ease at which he gets his transactions done on FirstBank’s application, FirstMobile, endears him to the bank.

“I can do many transactions with FirstMobile. I can do bank transfers, check my balance, receive alerts on any transaction I do. There is also a beneficiary section that enables me save the account numbers of people close to me for future transactions.”

The FirstMobile App has over the years offered succour to FirstBank customers.

Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank says “FirstBank wanted a truly branchless experience for its customers and thus enhanced the app to deliver an instant, remote, self-enrolment feature. Hence, in 2015, onboarding process on FirstMobile was improved with self-service feature; empowering customers to remotely complete their onboarding process on the App without visiting a branch.”

In addition, Chuma Ezirim, Group Head, e-Business, First Bank of Nigeria Limited said the soft token was also launched to satisfy the needs of customers who did not want to carry the hard token about. “It serves the same purpose as the hard token but provides the advantage of convenience and mobility as it is installed in the customer’s mobile phone,” he noted.

Another interesting digital service platform by FirstBank is the FirstBillsPay, a biller aggregator platform. It aggregates various billers through a secured connection to the bank, to avail its customers a single payment point for all bills from their accounts.

“In addition to FirstMobile and FirstBillsPay is FirstCheckOut. This is an additional payment option that can be integrated to merchant website that will allow customers pay bills directly from their bank accounts as a substitute to cards. We also have the 894 USSD Quick Banking service as part ofour financial inclusion drive. The *894# USSD service makes banking services available across all GSM networks, on any type of device, anywhere and at any time; this gives it a unique selling point,” explained Ezirim.

There are also the Emerging Channels (USSD Collections, mCash, MVISA). These platforms are to ensure FirstBank gets its customers connected in a seamless way in the digital driven age.

“Our FirstBank mVisa is an innovative mobile payment solution that allows consumers to pay for goods and services via FirstMobile by scanning a QR code using a smart phone or by dialing a USSD number on a phone. Payment goes directly from the consumer’s account into the merchant’s account and both parties get real-time notification. The USSD Collections allow merchants to receive payments from customers simply by using 894 USSD string for FirstBank customers. The focus segments for USSD Collections are Manufacturing/FMCGs/ Value Chain Businesses, Petrol Stations, Network Marketing Companies, Transporting Companies, Churches, Schools and others,” says Ezirim.

Furthermore, FirstBank Agent banking was launched towards the end of 2017. The bank recruited Firstmonie Agents and empowered them to carry out basic financial services within their vicinity. Firstmonie Agents are literally human extensions of almost all the banking activities, they are strategically positioned within communities with large population of unbanked and underbanked individuals. With the large network of Firstmonie Agents spread across the length and breadth of the country, financial inclusion is significantly promoted by FirstBank.

Now, the new kid on the block for FirstBank is the chat banking on WhatsApp. With this, FirstBank’s customers can leverage on the real-time messaging capabilities of the WhatsApp Business solution to check their account balances as well as perform simple banking queries.

“Customers’ expectations are constantly changing and it’s our duty as a customer focused bank to ensure that our customers are provided with the means to carry out banking services through any channel they desire,” says Ezirim. “We are constantly seeking new ways and opportunities to meet customers at their preferred touch points and we understand our customers are actively engaged on WhatsApp.”

With FirstBank chatbanking on WhatsApp, it is not just about staying connected with friends and loved ones, but also keeping in touch with FirstBank anytime and anywhere you are.

Abdulsamad Rabiu Becomes Third Richest Nigerian On Forbes Africa’s Richest List

Posted on January 10, 2019 by The Elites

Becoming an entrepreneur extraordinaire is not mere lip service; it takes consistent effort and focus to grow from just being an entrepreneur with interest in a particular business to becoming a respected and renowned empire builder. Yes, cement mogul and chairman of BUA Group, Abdulsamad Rabiu, is one of the few blessed men who started from the scratch, kept their nose to the grindstone and turned seemingly insignificant ideas into behemoth industries.

Yes, Rabiu is a man that would be sent to Mars and still treat it as a stepping stone to Saturn – the quality of constant invention and self-improvement that has earned him worldwide acclaim and prosperity.

However, in a year that saw many billionaires lose chunks of their money due to plunging stock prices and weaker currencies, with the number of African billionaires shrinking to 20 from 23 last year, the extremely wealthy industrialist, Samad, returns to the Forbes Africa’s Richest List. He was off the list in 2015 but his return was facilitated largely, according to the influential American magazine, by the merger of his Kalambaina Cement firm with publicly traded Cement Company of Northern Nigeria, which he controlled. “Rabiu now owns 97% of Kalambaina, which operates a new cement production facility, and started selling cement in mid-2018. Separately, Rabiu’s OBU Cement recently expanded its operations, adding a new production line,” the magazine stated.

The President of the Dangote Group, Aliko Dangote, and the Chairman of Globacom, Dr Mike Adenuga, top Forbes’ Africa Billionaires List released on Wednesday. Dangote saw his wealth drop by $2bn from $12.2bn in January 2018 to $10bn in 2019. But Dangote retained his position as Africa’s richest man for the eighth consecutive time. Adenuga, with interests in oil exploration and real estate, moved up to be Africa’s second richest man, while Abdulsamad is the third richest Nigerian on the list. The American magazine said Adenuga’s net worth dramatically increased from $5.3bn to $9.2bn because he provided more detailed information about his assets.

Indeed, the BUA Group commissioned its $350 million Kalambaina Cement Plant in Sokoto State in July 2018 with an installed capacity of 1.5 metric tonnes per annum and is the largest single private sector-led investment in North West Nigeria.

Findings revealed that Samad is currently one of the very few economic giants and magnates enjoying the respect of several world leaders courtesy his enviable business culture. Rabiu simply focuses on his enterprise and applies himself to it conscientiously and with a towering sense of personal and professional business ethics.

From the ancient city of Kano, Samad, a silver spoon, is the son of Isyaku Rabiu, one of the richest and most influential businessmen in northern Nigeria in the 1970s and 80s. Apart from CCNN, BUA Cement Limited also owns a $2 billion cement factory at Okpella in Edo State in Nigeria, which has a production capacity of 6 million metric tonnes per annum. BUA Cement also owns Edo Cement Company and BUA Cement Port Harcourt, which continue to operate as private companies.

Abdulsamad Rabiu, one of Nigeria’s most successful businessmen, is the founder of BUA Group, a Nigerian conglomerate that has interests in sugar refining, real estate, edible oils, logistics and port operations. Rabiu, one of Nigeria’s largest private property owners, also owns homes in South Africa, the United Kingdom and the United States. Despite the shield and myth that money has created around him, Samad is reportedly a down-to-earth family man.

Divorce: Jeff Bezos Reportedly Dating TV Aanchor, Lauren Sanchez

Posted on January 10, 2019January 10, 2019 by The Elites

Lauren Sanchez while she’s still married to a high-powered Hollywood agent

Amazon CEO Jeff Bezos reportedly has a new romance in his life: former TV anchor Lauren Sanchez.

On Wednesday, the billionaire exec and his wife, MacKenzie Bezos, announced they were divorcing, saying in a joint statement: “We want to make people aware of a development in our lives. As our family and close friends know, after a long period of loving exploration and trial separation, we have decided to divorce and continue our shared lives as friends.”

The New York Post and the National Enquirer both reported that Jeff Bezos, 54, is romantically involved with 49-year-old Sanchez, a former “Good Day LA” news anchor with Fox who also works as a helicopter pilot and entrepreneur.

The TV host is still married to Patrick Whitesell, the co-CEO of prominent Hollywood talent agency WME. Whitesell counts Matt Damon, Christian Bale, and Hugh Jackman among his clients. According to the New York Post, Sanchez and Whitesell separated in the fall. It’s after this that Bezos reportedly “became closer” with Sanchez. Sanchez has three children – two from her marriage to Whitesell and one from a previous relationship.

The National Enquirer said it conducted a four-month investigation into Bezos and Sanchez’s alleged affair, and suggested that it was its impending report – due to be published in full later this week – that sparked the announcement from Bezos.

Bezos has an estimated net worth of about $137 billion, and news of his impending divorce has sparked fevered speculation as to what it will mean for his fortune. It’s not clear whether Jeff and MacKenzie Bezos signed a prenuptial agreement or formed another arrangement regarding what would happen if they split. The couple have been married for 25 years, and have four children.

An Amazon spokesperson did not immediately respond to Business Insider’s request for comment.

With FirstBank’s Array of Exciting Educational Solutions, Your School’s Financial Needs Is At Your Fingertips

Posted on January 8, 2019 by The Elites

In its usual custom, First Bank of Nigeria Limited is supporting schools with their business requirements to promote preparations for the school year. This, the Bank achieves through its array of educational based products and solutions targeted at enabling schools acquire their required educational facilities to boost the continued expansion of their schools whilst empowering parents and guardians to seamlessly send their wards back to school.

The Bank’s educational products and solutions include the FirstEdu Loan, Operational Vehicle Loan, Term Loans for constructing new sites and extension of existing sites, Personal Loan against Salary (PLAS) and Salary Overdraft (SODA) which enhances parents’ capacity to pay their children’s school fees.

The FirstEdu loan is targeted at private Nursery, Secondary and A-Levels schools. The product offers opportunity for private schools to access flexible funding to meet urgent cash flow needs, replace old furniture and equipment, as well as refurbish dilapidated buildings and classroom blocks. With this product, school owners/proprietors can stay ahead of competition in providing educational services and support to the target population by maintaining acceptable standard infrastructure at all times. This product allows the customer access up to N10 million with no tangible collateral required apart from the domiciliation of school account with the Bank. This reduces the cost of borrowing to the customer and eliminates the challenges posed by the provision of additional demanding collaterals.

The Operational Vehicle Loan is targeted at registered businesses. It allows the entrepreneur to acquire brand new vehicles for the day to day operation of the business. Organisations can take advantage of this facility to purchase school buses in the case of school proprietors and even upscale their staff welfare schemes through provision of staff buses. The product terms and conditions is competitive .

Personal Loan against Salary (PLAS) offers customers in paid employment access to cash to meet immediate financial needs such as payment of school fees, medical treatment, holiday expenses, etc. PLAS has a flexible repayment plan spread up to 48 months for our customers’ convenience. There is no equity contribution or collateral requirement. The Salary Overdraft Account (SODA) is also available to customers who want short tenured overdraft to meet immediate financial needs. SODA can be dispensed as a one-off overdraft for 30 days with up to 40% net salary and a revolving overdraft for 90 days with 25% of applicant’s average previous 3 months net salary. Only a salary account will qualify one to access PLAS and SODA if one works with any of FirstBank’s approved list of employers.

FirstBank’s educational facilities are offered without collaterals. So as the new school term resumes, the Bank has the right products just for you and is poised to constantly provide the platform to support the life styles of its teeming customers. Customers and stakeholders are enjoined to visit any FirstBank branch for further information about its school solutions.

Kennedy Uzoka To Customers: On behalf of over 15000 Staff I Thank You For Choosing UBA

Posted on January 5, 2019January 5, 2019 by The Elites

It is another year and a new year always brings new opportunities for us to show how much we appreciate you for being a part of the UBA family.

On behalf of the Executive Management and over 15,000 staff of the United Bank for Africa Group (UBA) in all our 23 Countries of operations, I’d like to thank you for giving us the opportunity to serve you throughout the years and 2018 in particular. Your patronage and support have been the reason for our Bank’s progress and success. We are honoured that you have selected us to be your financial partner over the period.

It is our desire to always meet your needs with our services and products which are developed from your standpoint as a valued customer, indeed, Our Employer. We promise to continually strive to make our products available to you, 24/7 and to seek innovative ways to enhance our service delivery in a manner that will always surpass your expectations.

We look forward to our continued partnership in 2019 and beyond, as we position ourselves to serve you even better.

We wish you a happy and prosperous 2019.

Sincerely yours,

KENNEDY UZOKA

GROUP MANAGING DIRECTOR/CEO