Thursday 12th May 2016

Page 31

T H I S D AY •THURSDAY, MAY 12, 2016

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BUSINESSWORLD

NEWS

Wema Bank Restates Transcorp Assures Shareholders Higher Returns Commitment to Innovative share in Nigeria’s burgeoning of the total power generated projects include the Transcorp Goddy Egene Banking Services in Nigeria. Currently, chal- Hilton Ikoyi, where pilling economy. Goddy Egene Wema Bank Plc has restated its commitment to innovative services with renewed focus on its strategic aspiration of becoming one of the leading retail bank in Nigeria. Speaking at the bank’s annual general meeting (AGM) last week, the Managing Director/ Chief Executive Officer of Wema Bank, Mr. Segun Olekotuyi, said given the challenging outlook for 2016, the bank has started the year with a renewed focus on its strategic aspiration of becoming a leading retail bank in Nigeria. “The continued implementation of Project L.E.A.P- (the bank’s growth strategy), narrowed our focus and channeled our efforts towards specific opportunities with great potential and symbiotic relationships. This strategy, in its final phase, will continue to guide the Bank’s allocation of resources in 2016,” he said. Speaking on the results of the bank for the year ended December 31, 2015, the MD said the bank delivered a 9.5 per cent growth in gross earnings driven by improved deposit liabilities. This, according to him, was achieved through a wellstructured risk management framework as demonstrated by non-performing loan (NPL) ratio of 2.67 per cent and cost of risk below 1.0 per cent. He commended the support of the shareholders and also highlighted some major achievements of the bank during the year. “We appreciate the unique position of our shareholders and must confess that the bank’s 2015 performance has demonstrated its resilience and

commitment to continuously deliver value to the stakeholders even in the face of obvious challenges,” he said. He explained that the 2015 financial year was a particularly challenging one for the banking sector and economy as a whole. “This was due to the impact of reduced Government spending, policy changes in foreign exchange administration, a depressed energy sector, declining manufacturing outputs and elements of insecurity, which have continued to take a toll on consumer spending and economic activities,” he said He noted that despite these challenges the bank was able to sustain its transformation drive with total deposits for the period growing about 10 per cent over the prior year to N284.9 billion, gross earnings improving to N46.0 billion from N42.19 billion recorded in 2014, and closed the year with profit before tax remaining stable at N3.05 billion compared to N3.09bn in 2014. Oloketuyi added that the bank also achieved several significant milestones during the financial year. “Top of the list was the grant of a National banking license by the Central Bank of Nigeria, authorizing physical presence across the country. The bank celebrated its 70th anniversary with a brand repositioning exercise which saw it change some core brand elements, giving way to a more vibrant and dynamic look with an increased focus on service excellence. The bank was also awarded critical certifications of ISO 20000 and ISO 27001 and launched the Card control security feature on its mobile app - a first in the industry,” he said.

ARM Securities Introduces Online Trading Portal Eromosele Abiodun ARM Securities has introduced ARM Stocktrade, a self-service online trading portal that enables clients execute trades, real-time, on the Nigerian Stock Exchange (NSE). The company said in a statement that the portal is also enabled to provide access to stock broking accounts and gainful insight from quality research resources enabling clients to make informed stock trade decisions. According to the company, clients who log on to the portal will enjoy the ease and convenience of placing trade orders online, backed by relevant reliable information and timely updates. Speaking on the development, a Director of ARM Securities, Mrs. Kemi Oluwashina, explained that the portal was born out of the company’s desire to continually add value to its clients, adding that’s why the live market feed and research pages on ARM Stocktrade portal were specially tailored to meet the growing need for relevant

information on the go. On his part, Head of Marketing and Corporate Communications at Asset & Resource Management Company Limited (ARM), Taiwo Adeleye, stated that one of the things ARM Stocktrade has going for it is its adaptability to any mobile device. “Clients will be able to place orders online from their phones and receive contract notes on the same day. He mentioned that this is one of the ways ARM keeps its promise of empowering its clients to realise their ambitions. Existing clients of ARM Securities Limited can log into the system immediately while new clients need only complete the simple online account opening form. ARM Securities Limited is an independent subsidiary of the traditional asset management arm of ARM – one of the leading, reputable asset management firms with a very successful track record of protecting and growing investments for private investors and institutions for over two decades,” he said.

The President/Chief Executive Officer of the Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Emmanuel Nnorom has assured shareholders of the company of better performance and higher returns in the years ahead. Speaking on the operations of the conglomerate in Lagos at the weekend, Nnorom said as part of its strategic thrust for brand building and extension, Transcorp Plc, has resolved to continue to improve operational and cost effectiveness as well as explore opportunities to expand product offerings and service delivery. He said with interests from hotels, agriculture, power generation and oil exploration, Transcorp, is providing shareholders a uniquely diversified opportunity to

“Following major acquisitions in power and agribusiness, new initiatives in its hotel and tourism business and the on-going exploratory activities from its existing oil block. Transcorp shareholders are already reaping rewards and this will continue in the years ahead,” he said. According to Nnorom, Transcorp has made several important business decisions which will have significant impact on its fortunes. Some of the strategic initiatives, according to him, include additional turbines for power generation, increase in the output of the plant from 160megawatts to 650 megawatts in 2015 and being on track to deliver 850 megawatts of available capacity in 2016. “Our target is to be responsible for at least 25 per cent

lenges to the actualisation of these goals include but not limited to supply of good quality gas, transmission losses and inadequate evacuation infrastructure and payment of owed debts to Transcorp Power Limited. Despite these challenges, Transcorp Power Limited is determined to forge ahead in the discharge of its primary objectives and in the creation of lasting value for Nigerians at large,” he said. Speaking on the Transcorp Hotels Plc, Nnorom said the hospitality arm of the business, successfully closed Tranches 1 and 2 of its N30 billion bond issuance programme, which is intended to fund the upgrade of Transcorp Hilton Abuja and the development of a multipurpose banquet centre. “Other major ongoing

is expected to be completed by May 2016. Transcorp Hilton Port Harcourt has gotten the necessary planning approvals from the Rivers State Government and we are currently revising our design to optimise the use of the expanded site. Transcorp Hilton’s Abuja will be upgrading 670 rooms in the next 18 months. The current focus is on the installation of new elevators and procurement of fittings for guest and meeting rooms. In addition, external works on construction of a new access way, warehouse and car park have commenced,” he said. According to the CEO regarding the oil block OPL281, it is being prepared for drilling, ensuring adequate measures are put in place for seamless production.

PROMOTING FREE BASIC INTERNET SERVICES

L-R: CEO, Airtel Nigeria, Segun Ogunsanya; Head of Policy for Facebook in Africa, Ebele Okobi; Global Director Product Partnerships, Facebook, Ime Archibong and Global Director, Operator Partnerships, Markku Makelainen, also of Facebook, at the launch of Free Basic Services by Airtel Nigeria in partnership with Facebook, held in Lagos...recently

New Project to Build Cassava Seed System in Nigeria Crusoe Osagie A four-year project to develop a commercially sustainable cassava seed value chain in Nigeria, has been launched at a public event at the headquarters of the International Institute of Tropical Agriculture (IITA) in Ibadan, Nigeria. Titled: ‘Building a Sustainable, Integrated Seed System for Cassava in Nigeria’ (BASICS), the $USD11.6 million project is funded by the Bill & Melinda Gates Foundation and led by the CGIAR Research Program on Roots, Tubers and Bananas (RTB). Despite being the largest cassava producer in Africa, Nigeria’s average yields of 14 tons per hectare are less than half of what may be realistically attainable. The project aims at helping Nigerian producers reach their potential through developing a

commercially sustainable cassava seed value chain based on the purchase of quality seed by farmers provided by vibrant and profitable village seed entrepreneurs and basic seed production linked to cassava processors. These seed businesses will provide healthy seed of more productive cassava varieties leading to adoption of new varieties to improve productivity and food security, increase incomes of cassava growers and village seed entrepreneurs and enhance gender equity. Kicking off the public launch, IITA Director General, Dr. Nteranya Sanginga, explained that the key to industrialising cassava is to increase productivity, and this means addressing the problem with weeds, improving agronomy and providing quality seed. RTB Program Director, gave the project overview:

“Our vision is that by 2019 smallholder cassava growers are buying high quality stems of their preferred varieties and planting them with improved agronomic practices. As a result yields have jumped by at least 40% and farmers have more secure markets for expanded production… Novel rapid multiplication technologies have lowered the cost of producing seed and accelerated the introduction of new varieties. Vibrant new businesses have been created all along the cassava seed value chain creating employment especially for women and youth.” A representative of Minister, Federal Ministry of Agriculture and Rural Development, Mrs. Doyin Awe noted that exciting new opportunities were opening for cassava, but planting materials for cassava present special challenges as they are bulky and perishable. She

committed the full support of the Ministry to the new project and thanked the Bill & Melinda Gates Foundation for providing the funding. Executive Director, National Root Crops and Research Institute (NRCRI), Dr. Julius Okonkwo noted that Nigeria’s cassava seed system was informal, and that NRCRI was very pleased to form part of the project in developing a modern seed system for cassava. On his part, the Executive Director of the Forum for Agricultural Research in Africa (FARA), Dr. Yemi Akinbamijo, said: “I am excited to get back to BASICS so that we could move forward for a food secure Nigeria.” He underscored the need to work on the entire innovation to impact pathway, and stressed that today history is being made, and that he was very proud to see such a great initiative unveiled.


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Thursday 12th May 2016 by THISDAY Newspapers Ltd - Issuu