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AfDB Achieved Highest Annual Disbursement in 2017 – Adesina

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Dr Akinwumi Adesina, President of African Development Bank (AfDB), said that the Bank, 2017, achieved its highest annual disbursement ever of 7.67 billion dollars on supports.

Adesina said this in a statement on Thursday in Abuja.

He said that the Bank would continue to support African countries in ensuring stronger macroeconomic policies.

“The Bank achieved its highest annual disbursement ever in its history, at 7.67 billion dollars.

“Our investment in the energy sector in 2017 covered 31 operations in 23 countries and totaled 1.39 billion dollars, representing a 30 per cent increase over 2016.

” In 2017, the Bank maintained its AAA rating with stable outlook by all four global rating agencies.

“The Bank’s AAA stable outlook rating is underpinned by sound financial and risk management policies, excellent liquidity and strong shareholder support,” Adesina said.

He said that the Bank was working hard to be more efficient and become impact driven organisation; one that accelerated Africa’s development, holding itself to a higher standard of performance.

The president said that it was only when the Bank became performance driven that it could meet Africa’s expectations.

Adesina assured that the Bank intended to score a lot more development goals for Africa, adding that there was need for greater alignment, performance and accountability for results.

He said that the Bank launched its largest bond transaction with 2.5 billion dollars three-year global benchmark followed by its largest ever five-year global benchmark for 2 billion dollars.

According to him, the Bank continues to grow its income solidly, reversing its declining income when he started two years ago.

He said that the net operating income of the Bank had declined from 589.3 million dollars in 2014 to 492.7 million dollars in 2015, when he took over, adding that ever since there had been a rapid turnaround.

“In 2016, the net operating income rose to 556.6 million dollars and shot up to 855 million dollars in 2017, an increase of almost 54 per cent over 2016.

” To put things in context, this is also a 73 per cent increase over where we were in 2015.

“The Bank is mobilising more resources for Africa. In 2017, we mobilised 9.73 billion dollars from the capital markets for African countries including 300 million dollars from the enhanced private sector facility for Africa.

“I am delighted that in 2017, the Bank helped leverage 6 billion dollars for the landmark Japan-Africa Energy Financing Facility.

“This will help accelerate efforts to light up and power Africa,” Adesina said.

He said that the Bank was doing a lot on “Light Up and Power Africa agenda”, adding that in 2017 it invested 1.39 billion dollars.

He added that the aim was to improve access to electricity to help generate an additional 1,400 MW of power and connect 3.8 million persons to electricity.

On renewable engergy, the president said that the Bank was leading, adding that when he assumed office, the share of renewable energy in the Bank total power portfolio was just 14 per cent.

“However, we increased that to 74 per cent in 2016 and in 2017; we achieved a record-breaking 100 per cent of our new lending in renewable energy.

He said that with access to more funding, “we hope to provide electricity to an unprecedented 29.3 million Africans between 2018-2020”.

The president said that the Bank was spearheading the development of the desert to power initiative to harness electricity from the sun all across the Sahel.

He said that “our goal is to support the generation of 10,000 MW of power, connect 250 million persons to electricity, of which 75 million people will be through off-grid systems.

“Africa needs to promote green growth. We are extremely conscious of our climate and environmental responsibilities and leadership role.

Adesina said that the Bank would be tripling its climate finance to 40 per cent of its portfolio by 2020.

On agriculture, he said that the Bank in 2017, invested 1.16 billion dollars in the sector – the highest ever in the Bank’s history.

It also launched Technologies for African Agricultural Transformation (TAAT), a one-billion dollar initiative to take agriculture technologies to scale for millions of farmers.

Adesina said that with adequate resources, between 2018-2020, the Bank expected to provide 29.2 million Africans with access to electricity.

He added that the bank’s Integrate Africa High 5 would provide 50 million Africans with improved access to transport.

Likewise, the Bank’s High 5 on Industrialising Africa would enable seven million people to benefit from investment projects.

He added that High 5, on improving the quality of life would also provide 36.8 million persons with improved access to water and sanitation.

Adesina said that the support of all shareholders was crucial for the general capital increase of the Bank.

He said that the Bank would do more for Africa and “we are working extremely hard to revamp the Bank and put it in a much stronger position, with more highly capable staff and institutional capacity to deliver more, better and faster support.

” Our ability to deliver in the past and now is a good indication that you can depend on us to deliver more in the future.

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E-Financial

UBA Customers Win N30m in Wise Savers Promo, N90m Still Up for Grabs

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Group Executive, Digital & Consumer Banking, United Bank for Africa (UBA) Plc, Anant Rao; Officer, Consumer Protection Council (CPC), Abideen Onifade; Executive Director, UBA Plc, Liadi Ayoku; Regional Head Lagos, UBA Plc, Aminat Tunji-Akinwande; Head, Retail Liabilities, UBA Plc, Tomiwa Sotiloye; and Marketing Monitoring and Enforcement Officer, National Lottery Regulatory Commission, Nwanneka Ezeani, at the First Quarter Draw of UBA Wise Savers Promo where 20 Savings Account Holders won N1.5m each, in Lagos on Tuesday

United Bank for Africa (UBA) Plc, Pan-African financial institution, has rewarded 20 loyal customers with N1,500,000 each, in the first edition of its quarterly draw for the ongoing UBA Wise Savers Promo, which was held at the bank’s headquarters in Lagos on Tuesday.

 

At the event, a total of N30,000,000 was won by 20 lucky customers who were selected following a draw that was witnessed by key regulatory officials including representatives of the National Lottery Regulatory Commission, (NLRC); Lagos State Lottery, Board, (LSLB) Consumer Protection Council (CPC) as well as members of the media.

 

To qualify for the draws, new and existing customers of the bank are expected to save at least N10,000 each month for three consecutive months, or N30,000 for 90 days in the  promo, which will run for the rest of the year. Apart from the N30 million won by 20 customers on Tuesday,  another N90 million is still expected to be won by 60 more loyal customers in the remaining three quarters of the year.

 

The winners, who cut across all regions of the country, are: Nnadumije, Ebube Dawn; Onwochei Christiana Okwukwe; Eze Mathias Nnaji; Christian N Orie; Uka, Okwudiri; Okata Stephen Uche; Okafor Onyinye Esther; Nwanekezi Chimezie Jude; Ayomide V Yahaya and Olanegan, Oyetunde Keji.

 

Others are Emmanuel Onu Chidozie; Mohammed Fatima; Aminu, Mustapha; James Nanre; Pahinti Albert; Emmanuel O Adeniji; Jaki Movihinze Mercy; Saminu Muritala Mohammed; Ezeh Raphael Uballa; Uchenna Iheji.

 

When contacted on the phone, one of the 20 lucky winners; Nnadumije, Ebube Dawn, excitedly  expressed gratitude to the bank and said he was happy to be a customer of the bank. He thanked the bank, and said the move was thoughtful and will help to enrich customers especially during these trying economic times.

 

Mr. Anant Rao, Group Executive, Digital and Consumer Banking who addressed participants at the event, said the promo was launched as part of the bank’s initiatives towards prioritising customers.

 

He added that customers who save consistently would be rewarded in order to promote the financial inclusion initiatives of the bank.

 

‘We believe it is time we rewarded our customers who have been very loyal over the years. Without them, we would not have made the giant strides attained thus far’ .

 

According to Rao, “Because our customers are invaluable to all that we do, we listen and give them nothing short of the best that they deserve’

 

“We remain committed to consistently improving customer service and rewarding our loyal customers. The Wise Savers Promo seeks to compliment current initiatives aimed at growing savings,” he noted.

 

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CBN, SEC Grant Approval in Principle to Access, Diamond banks’ Merger

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Access Bank and Diamond Bank Plc have obtained approval in principle from the Central Bank of Nigeria and the Securities and Exchange Commission on their proposed merger plans.

Mr. Victor Etuokwu, Access Bank Executive Director, Personal Banking,  said in Lagos that CBN and SEC had granted both banks approval in principle for the merger process.

Etuokwu said that the banks were awaiting the final approval which would be granted after convening shareholders meeting.

“So far, we have gotten approvals up to approval in principle. There are three approvals that we need for this process.

“The first one is the pre-order approval which is like the first approval, the next approval is the approval in principle.

“The final approval comes after approval in principle and it will come after you have convened your shareholders meetings,’’ Etuokwu said.

He said that the banks would convene shareholders meetings in February, noting that the approval would be taken to court once approved by the shareholders.

Etuokwu said all the processes including final approval would be completed in the next 60 days.

He said that the new bank would remain committed to retail and corporate banking to drive financial inclusion for desired growth and development.

“We need to invest in retail market to drive economic growth, this is what the new bank will do, a strong corporate and a strong retail bank,’’ he said.

On staff retrenchment, Etuokwu said that members of staff would be retrained for different roles in case of overlapping.

“Staff will be retrained for new roles where there are overlaps, one of the branches can be converted to an e-branch or Automated Teller Machine gallery,’’ he added.

Mr Robert Giles, in charge of Retail, Diamond Bank said that integration of both banks had commenced for seamless service delivery.

 

Giles said that ATMs of both banks could be used by customers at no cost, noting that they were committed at taking costs away from customers.

Access Chief Executive Officer, Mr. Herbert Wigwe, at a joint news conference recently said it had already finalised terms and obtained regulatory approvals for a Tier II capital issuance to raise $250m available for draw down in January 2019.

He said that the bank had also obtained “No Objection’’ from the CBN to undertake a Rights Issue to raise up to N75bn or $207m in the first half of 2019.

Wigwe said that shareholder approvals and other regulatory approvals to that effect would be obtained before the offer opens.

He noted that the fund raising exercise would accelerate the capital management plan to support retail growth previously set out in the bank’s five-year strategy.

Wigwe said that the bigger entity was ready to absorb the staff of Diamond Bank at the completion of the deal by end of Jun, without any disengagement.

 

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E-Financial

Zenith Bank Excites Customers with Account Blocking Code

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Zenith Bank has introduced Account Blocking code 966911#, which now allows customers who suspect their accounts have been compromised, or who lost/misplaced their debit (ATM) cards to dial the Block Account Code on the phone numbers registered with the account to secure their funds.

 

This has become necessary as the bank plays deeper into the retail end of the banking industry, using its top notch technology and array of innovative products as it works to deepen financial inclusion in conjunction with regulators of the nation’s financial system regulators.

 

Other codes as part of the Eazy Way banking offered by Zenith Bank include the 966# to ease account opening process by potential customers; while checking account balance has never been easier than dialing *96600#.

 

Customers who desire to reset their Personal Identification Number (PIN), or Password, the bank continued, can do so from the comfort of their homes with 96660#.

 

To update Bank Verification Number (BVN), the statement said customers can dial 966BVN#; and dial 966AmountMobileNo.# to buy airtime. By dialing 966AmountAccountNo.# for funds transfers.

 

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