Business

SGBN In N37bn Comeback Bid

Published

16 years ago

June 8, 2010

Societe Generale Bank Nigeria (SGBN) plans to return to operations before the end of this year, with N37 billion fresh capital injection.

It was gathered at the weekend that the Nigerian company, North Eastern Capital (NEC), which purchased the bank from its former owners, and its foreign partners, SPOT V.I Holding of Italy are fully set to recapitalise the bank and return it to the market.

A Federal High Court sitting in Abuja had in 2008 voided the revocation of the bank’s operational licence by the Central Bank of Nigeria (CBN), in 2005.

Sources close to the promoters of the bank said SPOT has arranged to invest about $250million (about N37.5 billion) in a mix of equity and redeemable/convertible debt. Francesco Piconi, the President and Managing Director of SPOT V.I Holding who was in Nigeria was said to have signed the agreement while the Managing Director of NEC, Mr. Chukwuma Nwachukwu, signed for the new SGBN.

SPOT Holding is a company registered in Italy with head office in Rome. It is a holding company with interest in radio and television stations. The company reportedly owns five television stations among others.

The Italian company through its subsidiary, Golden Coal Limited is at present funding many projects in Nigeria including the seven star Marriots in Abuja, the Twin Tower also in Abuja, three container carrying vessels and an FPSO (floating petroleum storing vessel).

It was gathered that NEC and SGBN signed a purchase agreement in August 2008. The agreement was that NEC would recapitalise the bank and allot 20 per cent of the new bank to existing shareholders which include customers whose deposits were converted to shares or equity as part of the restructuring.

Between 2008 and now, NEC said there has been an on-going restructuring of the bank resulting in the conversion of deposits into equity; obtaining of debt forbearances from the CBN as well as verification and tagging of deposits and depositors carried out by KPMG.

A source which confirmed the imminent return of SGBN to the market at the weekend said: “The process of capital inflow will commence at the end of June 2010. The inflow process is expected to be concluded within three months. The Central Bank of Nigeria’s verification process should take about two weeks; so in all, everything should be concluded within three months while CBN should take one month”.

The new SGBN Board, according to the source is likely to be led by Gen. Ike Nwachukwu (Rtd.) as chairman and Chukwuma Nwachukwu (not a relation of the Chairman) as Managing Director. Ike Nwachukwu held the position of military governor of Imo State; minister for employment, labour and productivity. He also served two terms as minister of foreign affairs, from 1987 to 1989, and again from 1990 to 1993.

Chukwuma Nwachukwu, who is the Managing Director of NEC, is an experienced banker. He holds a Bachelor of Science degree from the University of Nigeria, Nsukka and Masters of Finance from the University of Calabar. With advanced education and managerial competences; and experiences of over 18 years in all areas of accountancy, banking and financial services. Chukwuma Nwachukwu was a General Manager at both Equitorial Trust Bank Limited and the defunct Devcom Bank – General Manager.

Transport

Automated Points Concession : FAAN Workers Gave 72hrs To Revise Decisions In PH

Published

22 hours ago

March 2, 2026

The Tide

The trapatriate Unions conprising the National Union of Air Transport Employees (NUATE), and the Air Transport Service Senior Staff Association of Nigeria, (ATSSSAN), has given 72 hours Ultimatum to Federal Airport Authority of Nigeria FAAN, Omagwa Airport, Portharcourt to revise its recent decision on the concession of Tollgates and Parks to private hands.

The chairman of the Trapatriate Union, Comrade Felix Ohwoefe gave the Ultimatum yesterday immediately after the joint Unions meeting held at the Airport office of the union, Omagwa, Portharcourt.

Comrade Ohwoefe who double as the chairman of the National Union of NUATE said the two Unions have agreed to take drastic actions if the Authority of the Airport declined to step down it’s decision of concessioning the major revenue points to private hands.

According to the Union chairman, the two union was not aware of the concession plans, and that there were no due process to the procedures.

Comrade Ohwoefe said any attempt for the Airport Management to decline it’s demands towards the concession will result to barricading all entrance and access points of the Airport.

Expressing the the challenges associated to the concession, the Union Chairman said the gesture might resulted to massive sack of workers in the Airport.

The chairman also expressed foul play on the part of either individuals or government in the terms and conditions so given to the concessionaires, demanding the reasons of contracting the automated points to private hands for only 14 millions, when the FAAN is presently generating over 28 million naira monthly, even when the tariff was not reviewed upwards.

He describes the process to the procedures as fraud with intention to increase unemployment in the state.

“We are not against the concession of the Automated points, but due process must be followed. If government is concessioning the place, we are asking what will happen to our workers in the existing units.

“Secondly, if the concessionaires is taken over, they must pay higher than what the FAAN is generating presently, we are generating to the Management over 28 Millions monthly, but we had that the private company is required to pay only 14 Millions monthly, which is far below 5 percents of what we are generating presently, even when the tariff is increased, which means there is a foul play.

“The process is fraud either on the part of individual in the Government, or Government itself.

” The unions is saying no to the Concession until we come to a terms of understanding ourselves., we are afraid of loosing workers, we don’t want to loose any workers if due process is not followed in this hard of economy, we even demanding for employment of more workers in FAAN.” Comrade Ohwoefe said.

The Union used the opportunity to called on the minister of aviation, and the President of the Country, Bola Tinubu to intervene.

When contacting the Management of the Airport Authority through the head of Corporate Affairs, Dr Ngozi V. Onyeanwuna-Nwosu, she said the management has not given her the approval to say something.

Transport

FAAN Announces Pick-Up Points for Go-Cashless Cards

Published

23 hours ago

March 2, 2026

The Tide

The Federal Airports Authority of Nigeria (FAAN) has announced designated pick-up points for individuals wishing to obtain their Go-Cashless cards ahead of the March 1, 2026 deadline.

This was announced in a statement signed by the Director Public Affairs and Consumer protection, Henry Agbebire and made available to the Tide last Friday in Portharcourt.

According to the statement, Go-Cashless cards is at all FAAN commercial offices and access gates of Airports in the country .

The release further stated that cards will also be available at designated branches of Fidelity Bank Plc from March 16, 2026.

FAAN in the statement said the cashless policy followed the Federal Government directive mandating all Ministries, Departments and Agencies (MDAs) to transition to a cashless system to enhance transparency and reduce revenue leakages as well improve transaction traceability in the Aviation sector.

FAAN reiterated its commitment to full compliance with the directive, appealing to the public for their understanding and cooperation during the transition period.

FAAN also inform that the Go-Cashless cards can still be obtained at the designated points after the March 1, deadline.

The Authority assures airport users that the initiative will promote faster, safer, and more convenient transactions across its airports nationwide.

By: Enoch Epelle

Business

Fidelity Bank To Empower Women With Sustainable Entrepreneurship Skills, HAP2.0

Published

4 days ago

February 27, 2026

The Tide

Leading financial institution, Fidelity Bank Plc, has announced the launch of the second edition of its flagship women-empowerment initiative, the HerFidelity Apprenticeship Programme 2.0 (HAP 2.0).

According to the report, the programme is designed to equip women with practical, income?generating skills and structured pathways to entrepreneurship.

Accordingly, the HAP 2.0 will build on the success of its inaugural edition held in 2023.

During media chat with journalists to herald the launch of HAP 2.0, the Divisional Head, Product Development, Fidelity Bank Plc, Osita Ede, explained that the initiative has been enhanced to deliver greater impact.

He said HerFidelity Apprenticeship Programme 2.0 reflects their commitment to continuous improvement, having evaluated feedback from the first edition, they have returned with stronger partnerships and deeper mentorship programmes to ensure that women acquire not just skills, but sustainable economic opportunities.

Mr Ede, who said the programme is guided with real?world learning, also said that participants will undergo intensive apprenticeship training under reputable institutions and industry experts across selected fields such as hair styling, shoe making, auto mechatronics, and interior decoration.

Additionally, he said HerFidelity Apprenticeship Programme 2.0 goes beyond skills acquisition by offering participants a wide range of business advisory services.

These include business and financial literacy training, mentorship support throughout the apprenticeship journey, access to Fidelity Bank’s women?focused and SME financial solutions, as well as guidance on business formalisation and growth strategies.

Emphasizing the bank’s vision further, Ede said: “By integrating structured mentorship with entrepreneurial development, Fidelity Bank is positioning women not just as trainees, but as future employers, innovators, and economic contributors within their communities.

This aligns with our mandate to help individuals grow, businesses thrive, and economies prosper”.

It is noteworthy that interested participants are encouraged to indicate their interest by visiting https://bit.ly/Apprenticeshipbyherfidelity.

It is important to note that Fidelity Bank Plc is ranked among the best banks in Nigeria, with a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, with 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

It is reported that the Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards, the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

By: Nkpemenyie mcdominic, Lagos