From Our Business Partners

Nigerian banks are taking major steps to expand their operations, provide better services to customers and make more profit. Four of the banks – Polaris, Zenith, Access and Unity – announced some of their projects and programmes on PREMIUM TIMES last week.

They were some of the firms that advertised their products on this platform. Others include players in the telecommunications, oil & gas, and mobile industries.

See some of the announcements below.

BANKING

Polaris Bank has won Nigeria’s ‘Best Digital Bank of the Year’ award for the third consecutive year at the BusinessDay’s Banks And Other Financial Institutions (BAFI) Awards. Their digital banking platform, VULTe, offers a wide range of services, including account opening, loan requests, lifestyle trends, and social events. The platform has expanded its capabilities to serve SMEs, high-net-worth individuals, and retail customers, offering collateral-free loans of up to N20 million within minutes. Polaris Bank was also recognized as the ‘Best MSME Bank of the Year’ for its substantial impact on MSME operators in Nigeria.

Zenith Bank Plc reported outstanding financial results for Q3 2023, with a triple-digit growth of 114 per cent in total income, amounting to N1.33 trillion, despite a challenging macroeconomic environment. The bank also achieved a 149 per cent year-on-year increase in profit before tax, totalling N505 billion. The growth in both interest and non-interest income contributed to this performance. Zenith Bank’s total assets grew by 48 per cent, driven by a 49 per cent increase in customers’ deposits and a 48 per cent growth in gross loans. The bank remains optimistic about finishing the year strong, focusing on sustainable growth across all business segments.

Access Bank PLC has partnered with the African Export-Import Bank (Afreximbank) to finance trade-enabling projects in Lagos State worth $1.352 billion. The agreement was signed on the sidelines of the 2023 AfriCaribbean Trade and Investment Forum in Georgetown, Guyana. The projects include the Fourth Mainland Bridge, Blue Line Rail’s second phase, Omu Creek Project, Lekki-Epe International Airport, and the Lagos Food Systems and Logistics Hub in Epe. This collaboration aims to promote intra-African trade and investment, stimulate economic growth in Lagos, and improve food sufficiency and revenue generation.

Unity Bank Plc has reported gross earnings of N38 billion in the nine months ending on 30 September. Customer deposits increased by 5 per cent to N344.4 billion during this period, indicating business growth and customer confidence. The bank’s total loans and advances reached N222.8 billion, with interest and similar income at N33 billion. Despite challenges from recent FX regulations, the bank remains focused on recapitalization, asset creation, and digital banking innovation to reverse negative financial positions and achieve sustainable growth. The bank aims to deepen its presence in the retail market and expand its services.

OIL & GAS

The Nigerian Content Development and Monitoring Board (NCDMB) Executive Secretary, Simbi Kesiye Wabote, commissioned MG VOWGAS’ new facilities, including a 200-ton heat treatment furnace and a state-of-the-art dish head forming machine in Port Harcourt, Rivers State. He praised the company’s remarkable local content performance and technological capability. The facilities will enhance the company’s ability to fabricate various steel structures and equipment, contributing to Nigeria’s local content development efforts in the oil and gas sector. MG VOWGAS has a strong track record of delivering challenging projects and maintaining excellent safety standards, with 2 million man-hours without a lost time incident.

The Executive Secretary has also commissioned the corporate head office and training academy of Genesis Group Limited, a leading provider of catering services for major oil and gas companies in Nigeria. The Genesis Group has helped raise in-country value and reduce the dominance of foreign companies in industrial catering and hospitality, in line with the Nigerian Oil and Gas Industry Content Development Act. The NCDMB boss commended the company for creating over 2,500 jobs and providing world-class services.

Chevron Brands International LLC and Tethys Ltd have agreed to exclusively manufacture, market, and sell Texaco-branded lubricants in Nigeria. This collaboration will offer Nigerian motorists a wide range of Texaco-branded premium automotive and industrial lubricants. Texaco, Havoline®, and Delo® brands will be available, including engine oils, transmission fluids, gear oils, greases, and hydraulic fluids. The partnership aims to meet the changing needs of Nigerian consumers by delivering quality lubricants.

MOBILE TELEPHONY

Xiaomi is offering a special year-end promotion in Nigeria, “Time To Treat Yourself,” from 30 October to 31 December. Customers who purchase Xiaomi smartphones have a chance to win 6,000,000 naira cash, Xiaomi TVs, luggage, and instant gifts. The promotion features exceptional products like the Redmi Note 12 Series, Redmi 12, and Redmi 12C, offering powerful features and affordability. Shoppers can also enjoy up to 20 per cent discounts during the promotion, spreading the festive cheer of the Ember season.

TECNO is launching an exciting Black Friday promo throughout November 2023. Customers purchasing from the PHANTOM or CAMON series will receive daily scratch cards offering various prizes, including cashback, instant gifts, and a chance to win a 1 million Naira shopping spree. Additionally, TECNO and Google will offer discounts on popular series every Friday in November. Don’t miss out on this thrilling shopping event!

TELECOMMUNICATIONS

The Executive Vice Chairman and CEO of the Nigeria Communications Commission (NCC), Aminu Maida, highlighted the critical role of the fintech industry in deepening financial inclusion in underserved and unserved communities in Nigeria. He emphasised how fintech, through its digital financial services, is revolutionising the country’s financial ecosystem, enabling innovation, job creation, and economic growth. Mr Maida also discussed the NCC’s efforts to support the fintech industry and enhance telecommunications infrastructure to facilitate the provision of financial services in rural areas.

Three companies, Solaris GreenTech Hub, Knownow Africa Limited, and Specxs Care Limited, emerged as winners of the Nigerian Communication Commission’s technology innovation talent hunt competition, sharing a total prize of N30 million. The competition focused on themes like blockchain-enabled data protection, assistive technology for the elderly and people with disabilities, and technology solutions for renewable energy in rural areas. The NCC aims to support and nurture innovative solutions beyond the competition’s grand prize, promoting innovation and addressing real-world challenges.

FINTECH

Zest, the fintech subsidiary of Stanbic IBTC Holdings PLC, is launching a multi-railed platform that connects businesses and lifestyles to payments. Zest aims to serve consumers, businesses, application developers, and other financial service providers by offering e-commerce capabilities, value-added services, and custom payment solutions. The platform allows businesses to collect payments through various methods – facilitating online sales – and provides comprehensive tools for store performance management.

OTHERS

News updates in Nigeria serve as a vital bridge connecting urban and rural populations, promoting social change by highlighting critical issues, and playing a pivotal role in shaping the country’s economic landscape. They empower citizens with information, inspire action, and foster cultural understanding, contributing to progress, unity, and cultural richness in Nigeria.

The new government in Nigeria faces critical challenges that require immediate resolution. These include addressing currency depreciation and devaluation, addressing issues with the Central Bank’s focus and influence, resolving conflicts between banks and telecom companies, tackling fintech fraud, addressing media industry asphyxiation, improving security, regulating excessive bank charges, enhancing primary healthcare, improving federal road infrastructure, and diversifying the economy to reduce dependence on oil revenue. These challenges are crucial for the government to stabilise the economy and improve the well-being of its citizens.

The Kaduna State Government has commended Arla Foods Nigeria for its substantial investment in the Arla Farm project, which aims to enhance milk and dairy production in Nigeria. Government officials praised the project’s progress and its potential to boost local milk production, create jobs, and contribute to self-sufficiency in milk production in the country. Arla Foods Nigeria expressed its commitment to sustainable dairy farming and developing the local dairy industry. The project showcases advanced dairy farming practices and technology, aiming to increase milk production and promote lasting solutions to farmer/herder conflicts.