Ecobank Transnational Corporation (ETI) has deposited about N45 billion for Ecobank Nigeria Plc proposed rights issue.
Ecobank Nigeria confirmed receipt of the money at weekend.
The Nigerian bank in which ETI holds 71.30 per cent equity is planning to do rights issue later this year.
ETI had last year floated the first regional share offer with the aim to some N300 million to finance its expansion programme subsidiary among others.
But at the close of the offer, it was only N47 billion subscribed.
In a related development Ecobank Nigeria has recorded 30.86 per cent growth in gross earnings during the first quarter ended March 31, 2009.
The unaudited result of the company showed gross earnings of N14.8 billion as against N11.4 billion in the comparable of 30.86 per cent.
Profit after tax rose marginally by 5.29 per cent, from N1.75 billion in 2008 to N1.84 billion in 2009.
Dr John Odeyemi chairman of the bank said recently that the bank has migrated from the Globus Banking Software to the Flexcube Universal Banking System (FCUBS) in order to improve its service delivery by providing a more robust platform for banking transactions, adding that the company intends to further grow its capital base this year to enhance the expansion drive and fund other strategic business initiatives and developments.
Odeyemi noted that the company would continue with its growth plan by attaining its strategic objectives to build scale, consolidate on the enhancement of its information technology platform and build capacity amongst others.
He said that despite challenges at the banking sector, the company remains committed to achieving its mission of transforming into a world class African banking group
Odeyemi noted that the bank renewed its growth plan with the opening of new branches and purchase and assumption of branches of Hallmark Bank in Liquidation which increased the branch network to 197 in 2007 as against 131 in the previous year.
He said that in consistent with the bank’s commitment to investing in the youth in area of corporate social investment, the bank continued its expansion of youth friendly centres across the nation’s compuses.
Odeyemi explained that the centres, a collaborative initiative between Ecobank and National Action Committee on Acids (NACA) provide HIV/AIDS screening facilities and information through leaflets posters, booklets internet among others on HIV/AIDS education adding that guidance and counseling for the youths as well as recreational and educational facilities such as cyber café’ and library are also provided.
He noted that through community partnership, the bank is constructing a building for the Science Secondary school Ojapo-Okpokwu Local Government, Benue State, which according to him the building when completed is expected to provide decent and modern learning facilities for the community.
Odeyemi noted that the project would be replicated in more communities in order parts of the country, adding that the bank’s foundation, a corporate philanthropic arm of the Ecobank group had also continued to touch lives of the people and communities in Nigeria and across West, Central and East Africa.
He attributed the bank’s performance to more efficient operations and processes resulting in increased customer base, a more robust loan portfolio and a resounding commitment by all stakeholders, which according to him shareholders fund increased to N35 billion from N26.7 billion achieved at the close of the consolidation programme in 2005.
The bank recorded a significant growth in 2007 as its gross earnings appreciated by 90 per cent.
The bank’s gross earnings rose from N17 billion in 2006 to N33 billion in 2007, representing an increase of 90 per cent while profit after tax increased by 109 per cent, from N3.6 billion in 2006 to N7.4 billion for the year-ending 31 December 2007.
Non interest revenue improved significantly to N14 billion in 2007 representing 123 per cent growth over the 2006 figures of N6 billion.
Eradiri Faults NDDC Leadership Structure Wants Agric As Top Priority
The Special Adviser to the Sole Administrator of the Niger Delta Development Commission (NDDC) on Youths, Udens Eradiri, has faulted the leadership structure of the commission, saying it has not helped the cause of the Niger Delta in the last 25 years.
Describing the leadership structure of the NDDC as faulty, he said that the faulty leadership structure was the reason why President Muhammadu Buhari ordered for a forensic audit in the commission.
Eradiri who is the former president of the Ijaw Youths Council (IYC)
disclosed this while speaking to aviation correspondents, last Friday, shortly on arrival at the Port Harcourt International Airport, Omagwa, from Abuja.
He said the outcome of the forensic audit would be used to do a wholistic reorganisation of the organogram of the commission.
According to him, the wholistic review of the organogram of the NDDC will help in putting the leadership structure in order, and enable things to function properly.
“The leadership structure of NDDC in the past years had been faulty, and that was why the President said there should be forensic audit, which would be used to do a wholistic review of the organogram of NDDC, so that it can function properly.
“The new board is coming soon, but the whole process will pass through the National Assembly to be cleared”, Eradiri said.
On the achievement of the present NDDC management, the special adviser said that the Effiong Akwa led administration had recorded some landmark achievements compared to the last 25 years.
He said that the present interim management within two years completed and commissioned the headquarters of the NDDC, which had been left for over 25 years.
He also said that the completion of the East-West road project had intensified under the present management, adding that NDDC has also supported states on sanitation through donation of trucks.
Eradiri, however, admitted that the present interim management had not taken a firm stand on agricultural development even though it has been working with the Central Bank of Nigeria on the Anchor Borrowers Scheme.
“I believe that the only tool to use and get ourselves out of the quagmire we find ourselves is agriculture, and I think that the NDDC can design its own scheme on how to grow agriculture as a deliberate policy.
“This will bring change that will grow the region’s economy. We must talk about agricultural processing, and we can put palm oil into sachet, and even students can be buying them,” he said.
By: Corlins Walter
Nigeria Lost N851bn To Oil Theft, Sabotage – NEITI
Nigeria lost N851.84bn ($2.78bn) to oil theft and pipeline sabotage in 2019, the Nigerian Extractive Industry Transparency Initiative (NEITI) has said.
NEITI said this in its latest oil and gas industry audit report.
NEITI stated that it arrived at the estimate after using an average price of $65.61 per barrel and an average exchange rate of N306.42/$ .
It, however, noted that there was a significant reduction of 21 per cent from the previous year, where 53.28 million barrels were lost.
Losses such as these are recorded by companies whose crude volumes are carried through pipelines easily compromised by saboteurs.
The report also stated that some oil terminals recorded no production. These included Aja operated by Bayelsa Oil, whose license was revoked by the government.
Others were Asaramatoru and Oyo managed by Prime and Allied/CAMAC who were reportedly inactive for the year.
Nigeria earned a total of N10.49tn ($34.22bn) from crude oil and gas sales. This was a marginal 4.88 per cent increase from 2018 revenues of N9.99tn ($32.63bn).
The total crude oil production recorded was 735.24 million barrels, a 4.87per cent increase from 701.10 million barrels reported in 2018.
A total of N2.145tn ($7.011bn) was the domestic sales proceeds in 2019 from 107.24 million barrels of crude oil. This was 0.36 per cent lower than the domestic crude sales of 107.63 million barrels in 2018.
Residents Task New Council Chairmen On Dev, Agric Policies
Some residents in the 23 local government areas of Rivers State have urged the newly sworn-in council chairmen in the state to come up with good agricultural and developmental policies that will transform the grassroots.
They also urged the council boss to take pragmatic steps and actions towards tackling security challenges to encourage business activities thrive in their domains.
Some of the residents who spoke with The Tide at the weekend, noted that the local government administration in the state had not faired well in terms of real development in recent times, and urged the new council helmsmen to change the narratives.
A resident of Emohua Local Government Area, Mr Charles Amadi, noted that no real development had taken place in the area, lamenting the dearth of companies and small scale industries in the area.
He, therefore, called on the new chairman, Dr. Chidi Lyoid, not to solely depend on the monthly allocation, but to go all out to attract small scale companies to the area so as to create employment opportunities as well as generate revenue for the council.
He also urged the new chairman to invest in agriculture, especially farming and fishing.
On his part, Mr Ebenezer Otamiri who lives in Etche, urged the Etche council boss, Obinna Ayanwu, to consolidate on the achievements recorded in his first tenure, especially by building more markets for the people, as well as initiate good agricultural policy to drive the economy of the area.
He also urged the council boss to tackle the issue of electricity and security in the area, saying electricity and security are key to the development of the area.
In his own charge, Mr Mene Geoffrey Dekaa who hails from Bori in Khana Local Government Area of the state, called on his new council chairman, Bariere Thomas, to show capacity and competence in the area of security.
He noted that the issue of security has left native imprint in the development of the area, saying many investors have left Bori, the headquarters of the council, for other places.
“Because of security challenges, many people have left Bori to build houses and invest in Nonwa- Tai, and Eleme.
“Areas like Kono-Boweeh communities are no go areas, as people there can hardly sleep. So if the chairman can work with government recognised traditional rulers and security agents, security issues will be tackled, and people’s confidence will be restored, and business activities will move on”, he said.
By: Residents Task New Council Chairmen On Dev, Agric Policies
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