E-Financial
Wema Alat Extends Support to SociaLiga League for Third Consecutive Year
Nigeria’s first fully digital bank, ALAT by Wema Bank has renewed its sponsorship of the SociaLiga football league for the third consecutive year.
The semi-professional football league which is in its fifth season kicked off at Digital Bridge Institute, former Nitel Training School, Cappa, Lagos on Saturday, May 22, 2021, with representatives from Wema Bank in attendance.
SociaLiga football league is an annual tournament created in 2014 and endorsed by the Lagos State Football Association (LSFA).
The league is aimed at providing a platform for young Nigerians to cultivate and satisfy their sporting interests while networking with others and participating in fun activities.
In its six years of existence, SociaLiga has recorded an attendance of over 37,000 individuals who use the exciting activities and colourful atmosphere during the games for social engagement purposes.
Due to the COVID-19 pandemic, the league was postponed in 2020. However, for this year’s edition, precautionary measures have been put in place to ensure strict compliance with the anti-COVID-19 guidelines and procedures in order to safeguard the wellbeing of players and attendees at the event.
The six-month tournament will field over 200 football players across 14 teams of which four of these teams are exclusively female. The inclusion of more female teams in this edition was part of the league’s advocacy for increased female participation and representation in the Nigerian football community.
Speaking on the league and ALAT’s renewed sponsorship, Fumilayo Falola, head, marketing, Corporate Communications and Investor Relations, Wema Bank said, “for the past three years, we have embarked on the journey of passion and excitement with SociaLiga because we are aligned in our vision to give young Nigerians a space that encourages expression, networking and community-building.
“As a socially responsible financial institution, we are committed to building and nurturing a value-driven relationship and in doing so, we are collaborating with SociaLiga to support football and provide a platform for young players to achieve their goals and aspirations.”
Olaniyan Caxton-Martins, managing director of SociaLiga while unveiling the participating teams for this year’s edition acknowledged the impact of ALAT’s three-year sponsorship, “we have received tremendous support from partners like ALAT by Wema Bank, who have been consistent in their sponsorship since they came on board as one of the major partners of this league.
“We sincerely appreciate their support in accelerating SociaLiga’s vision of being the preferred outfit for sporting, lifestyle and entertainment in Africa.”
Since its inception in 2017, ALAT by Wema Bank has actively participated in several youth-friendly initiatives like the GameOn Turf Football Competition, Social Media Week, Moremi Hall Week at the University of Lagos, Akoka, Yaba, amongst others.
ALAT has also won numerous awards such as the Best Digital Bank and Best Mobile App in Nigeria at the 2017 World Finance Awards; Best Digital Bank in Africa at the 2018 Asian Banker Awards, and many others for its innovation in the banking space.
E-Financial
UBA Appoints Henrietta Ugboh as Independent Non-Executive Director
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced the appointment of Henrietta Ugboh as an Independent Non-Executive Director.
The appointment has been approved by the relevant regulatory bodies, including the Central Bank of Nigeria.
UBA’s Group Chairman, Tony Elumelu, CFR commenting on the appointment, said, “Henrietta Ugboh brings a track record of professional success, integrity and leadership, which will further strengthen the UBA Group Board, underlining once again the Group’s commitment to robust corporate governance.”
Ugboh holds a degree in Economics and Statistics from the University of Benin, an MBA from ESUT Business School, and is an alumnus of the Harvard Business School’s Executive Management Program. She has over 30 years experience in banking with Citibank and is an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria and a Fellow of the Institute of Credit Administration (FICA).
Elumelu added that with her considerable experience and expertise, which includes commercial banking, credit, and risk management, the UBA Board is delighted to welcome Mrs Ugboh to the Group Board, “We look forward to her invaluable contribution to the Group, as we continue to execute our unique growth strategy across Africa and globally.”
The Board also announced the retirement of Mrs. Owanari Duke, an Independent Non-Executive Director, who joined the UBA Group Board in October 2012.
During her tenure, Mrs. Duke provided distinguished leadership, serving on Committees of the Bank including the Board Governance Committee, Board Audit, Governance, Nomination & Remuneration Committee, Board Credit Committee, Finance & General Purpose Committee and Statutory Audit Committee.
On behalf of the board, Mr. Elumelu expressed UBA’s deep appreciation to Mrs. Duke for her dedication and significant contributions to the Group, wishing her the best in her future endeavour.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries.
With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and related banking services
E-Financial
NDIC Begins Auction of Defunct Heritage Bank’s Landed Assets
Nigeria Deposit Insurance Corporation (NDIC) has commenced process for the sale of landed properties and chattels of failed Heritage Bank, in a bid to ensure timely declaration of liquidation dividends to uninsured depositors.
The exercise is pursuant to the corporation’s statutory powers as liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023. It also comes after the exercise for the sales of physical assets of the defunct bank at its leased locations nationwide
According to a statement that was issued by NDIC, the sale of landed assets is by competitive bidding and will take place at the 36 affected locations of the bank across the country, from Wednesday, December 4, 2024.
The statement said buyers who wish to participate in the auction are expected to follow laid down guidelines aimed at ensuring transparency, fair competition, equity and accountability to enable recovery of commensurate values from the exercise. This is vital for the payment of liquidation dividends to eligible claimants.
In order to allow the continuation of provision of financial services to the Nigerian public at the locations of the closed bank towards bolstering financial inclusion, preference shall be given to financial institutions who are willing to buy any of the properties at the highest auctioned prices along with all the physical assets at wholesale value.
However, corporate bodies and private individuals willing to compete are equally eligible to compete in the process without prejudice, as the auction shall be open and competitive to all bidders.
Furthermore, bidders will be given opportunity to inspect the properties and chattels across all locations prior to disposal.
All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the various centres of the Corporation.
Interested bidders are advised to submit their bids at any of the designated NDIC offices in Abuja, Lagos, Bauchi, Kano, Enugu and Port Harcourt.
E-Financial
Nigeria CPI, USD and Oil in focus
By Lukman Otunuga, Senior Market Analyst at FXTM
With the US election done and dusted, the focus shifts back to key data from across the globe.
It will be a week packed with inflation figures from major economies, including the United States, China and Germany among many others.
But the spotlight shines on Africa’s 4th largest economy – Nigeria.
Inflationary pressures have been cooling in recent months but the latest figure for October is expected to have jumped 33.4%, from 32.7% in September. This may be the result of fuel hikes and floods in the northern part of the country affecting the harvest season.
The CBN has been on a mission to support the Naira and attract investments using aggressive monetary policy. Interest rates were raised by 50 basis points to 27.25% in September – marking its fifth consecutive hike in 2024. Should the Naira show signs of stabilizing, annual inflation could peak in the final quarter of this year.
Dollar set for volatile week?
Outside of Nigeria, our attention falls on the US Dollar Index (DXY) which could be rattled by key US data and Fed speeches including Jerome Powell.
Besides, it would be a crime to overlook the index after its aggressively bullish reaction to Trump’s US election win. Prices jumped almost 2% last week Wednesday on the “Trump trade” before giving back post-election gains as the Pound and Yen gained.
Note: The DXY tracks the dollar’s performance against a basket of six different G10 currencies, including the Euro, British Pound, Japanese Yen, and Canadian dollar.
With all the above said, the DXY could see more price swings.
* US October CPI report
The October US Consumer Price Index (CPI) report to be published on Wednesday 13th November could impact Fed cut expectations around lower US interest rates in December and beyond.
Markets are forecasting:
- CPI year-on-year (October 2024 vs. October 2023) to rise 6% from 2.4%in the prior month
- Core CPI year-on-year to remain unchanged at 3%
- CPI month-on-month (October 2024 vs September 2024) to remain unchanged at 2%
- Core CPI month-on-month to remain unchanged at 3%.
Headline and core CPI inflation is expected to remain unchanged at 0.2% and 0.3% MoM in October, but the year-over-year headline number is expected to rise 2.6% from 2.4%.
Further evidence of cooling price pressures may support the case for another rate cut in December.
Traders are currently pricing in a 65% probability of another 25-basis point rate cut by the end of 2024.
A softer-than-expected US CPI report has the potential to drag the DXY lower. Should the CPI report beat market forecasts, the DXY could push higher.
Oil hit by China demand woes
Oil tumbled last Friday after Chinese stimulus measures disappointed investor expectations.
Brent shed roughly 1.6% last week as renewed concerns about demand in China and uncertainty over the impacts of Trump’s presidency weighed on the global commodity.
Last week, we discussed how Trump’s victory may pressure oil – possibly hitting oil producing nations like Nigeria. His return to the White House could result in higher domestic oil production while potential tariffs on China may impact global demand. This combination of rising supply and falling demand could enforce fresh pressures on oil which is down 4% since the start of 2024. Should oil prices continue to weaken, this could be a threat to countries who acquire a chunk of their revenues from oil sales.
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