FBN, GTB, Zenith, Access, UBA Among Top 500 Global Banks Obinna Chima
Five Nigerian banks – First Bank of Nigeria Limited, Zenith Bank Plc, Guaranty Trust Bank Plc (GTBank), United Bank for Africa (UBA) Plc and Access Bank Plc – have been named among the top 500 global banking brands. The Banker magazine of the Financial Times and Brand
Finance, London, said this in a statement yesterday. FirstBank was named as the most valuable banking brand in Nigeria in the report. According to the country representative of The Banker magazine, Mr. Kunle Ogedengbe, FirstBank led four other Nigerian banks in the global ranking. With a $301 million brand
value, FirstBank ranked 357, followed by GTBank, which was ranked 395 with a brand value of $258 million. Zenith Bank was ranked 414 with a brand value of $247 million, Access Bank was in 476th place with a brand value of $182 million while UBA with a brand value of $172 million ranked 487 in the world. According to the chief
executive of Brand Finance, David Haigh, the brand value is the amount a third party will need to pay in using the brand name. Explaining the methodology for the ranking, the editor of The Banker, Brian Caplen said: “Brand Finance employs a discounted cashflow technique to discount estimated future royalties at an appropriate
rate to arrive at a net present value of a bank’s trademark and associated intellectual property - its brand value.” Caplen stressed that the process involved five steps of obtaining brand-specific financial and revenue data; modeling the market to identify market demand and the position of individual banks in the context of all
other market competitors; establishing the royalty rate for each bank; calculating the discounted rate specific to each bank, taking account of its size, geographical presence, reputation, gearing and brand rating; and discounting future royalty stream (explicit forecast and perpetuity periods) to a Continued on page 10
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Buhari Extends Medical Leave Indefinitely, Nigerians React He’s not in a London hospital, says presidency
Tobi Soniyi, Omololu Ogunmade in Abuja and Chiemelie Ezeobi in Lagos The social media went into overdrive yesterday once got word got out that President Muhammadu Buhari had written yet another letter to the National Assembly notifying it that he was extending his leave in the United Kingdom in order to complete and get the results of the medical tests recommended by his
physicians. From his well wishers and “prayer warriors” to the downright wacky commentators and conspiracy theorists, the satirists and his critics, several Nigerians had something to say about the extension of Buhari’s vacation in the UK. A statement yesterday from the president’s spokesman Mr. Femi Adesina confirmed the extension of Buhari’s leave and Continued on page 10
…Uncertainty as Justice Onnoghen’s Tenure Lapses, All Eyes on Osinbajo Davidson Iriekpen Following President Muhammadu Buhari’s decision to extend his medical vacation indefinitely in the United Kingdom, an air of uncertainty has fallen over the judiciary and the country at large over the fate of the acting Chief Justice of Nigeria (CJN), Justice Walter Onnoghen, whose tenure in an acting capacity will expire on Friday. Despite the recommendation
of the National Judicial Commission (NJC) to the president that he be appointed the substantive CJN after Justice Mahmoud Mohammed’s retirement in last November, his position as the most senior justice of the Supreme Court and by convention next in line, Buhari ignored the recommendation and appointed Justice Onnoghen as the acting CJN Continued on page 10
150TH ANNIVERSARY CELEBRATIONS KICK OFF FOR CATHEDRAL CHURCH OF CHRIST, MARINA... Grand Patron of the Cathedral Church of Christ, Marina, Lagos, Chief Subomi Balogun, represented by his sons, Jide (left), Bolaji (second right) and Ladi (right), at the launch of the church's 150th anniversary logo in Lagos… yesterday