Shareholders of Fidelity Bank on Friday unanimously approved the payment of a total dividend of N3.19 billion declared by the Board of Directors for the financial year ended December 31, 2018.The News Agency of Nigeria reports that the shareholders gave the approval at the bank’s 31st Annual General Meeting held in Lagos.The dividend translated to 11k per ordinary share of 50k held by investors at the close of business on April 12, 2019.Speaking at the meeting, Patrick Ajudua, National Chairman, New Dimension Shareholders Association, commended the board and management for maintaining dividend policy.
Ajudua, however, expressed the need for payment of higher dividend by the bank in the years ahead.He also urged the board to adopt strategies that would enable them to sustain growth and profitability in the industry.Chief Timothy Adesiyan, President of the Nigerian Shareholders’ Solidarity Association, said the bank had maintained steady growth in spite of challenging environment.Adesiyan also commended the bank’s effort in ensuring aggressive loans recovery which impacted positively on its non-performing loan.
“We have a solid bank handled by professionals and our bank is in good hands,” he said.Nnamdi Okonkwo, the bank’s Chief Executive Officer, assured shareholders of consistent and enhanced dividend in future.Okonkwo said the bank had paid consistent dividend in the last 12 years, noting that the trend would be maintained.He noted that investment was for future.He said the current dividend policy was to prepare for rainy days.“We want the bank to be here tomorrow as going concern and we need capital to continue to be strong,” Okonkwo said.
He stated that that bank would continue to invest heavily in technology in order to enhance activities through digital channels.Okonkwo assured shareholders that the management would continue to review staff remunerations to be within industry level.He added that the bank would continue to grow savings deposit, noting that savings deposits doubled in the last five years.Commenting on the bank’s performance, he said: “Our 2018 audited financial statement shows a strong double-digit growth in earning assets, customer deposits and revenues.”He explained that the bank was able to sustain cost discipline with growth in total operating expenses remaining below average headline inflation in 2018.
He said gross earnings increased by 4.8 per cent to close at N188.9 billion primarily driven by 22.7 per cent growth in earning assets, which led to 4.2 per cent increase in interest income to N153.7 billion and 9.2 per cent rise in net fee and commission income to N31.8 billion.Okonkwo said digital banking gained attraction during the year with almost 40 per cent of customers now enrolled on mobile/ internet banking products and 81 per cent of total transactions now done on digital platform.
Also speaking, Ernest Ebi, the bank’s Chairman, assured the shareholders that the board and management focus was to build a very strong bank that they would proud of.Ebi said the bank would remain committed to corporate governance, risk management and strong capital in line with its five year strategic plan aimed at delivering returns to all stakeholders.
On 11k dividend declared, he told the shareholders that the bank needed to provide buffers for economic headwinds to ensure sustainability.The chairman said the bank would some day start payment of interim dividend.
First Bank Enhances The Educational Sector, Supports Schools With Over 10 Billion Naira Loan
Nigeria’s premier and leading financial services provider, First Bank of Nigeria Limited, has announced that within the last year, it has supported educational institutions in the country with loans in the sum of over 10 billion naira.
The Bank’s support is carried out through its FirstEdu product, an educational solution created to enhance the educational facilities in schools with a view to improving the quality of education across the country.
FirstEdu loan is targeted at private Nursery, Primary and Secondary schools to assist the schools in achieving their desired growth in the medium and long-term. The product provides funding to replace old furniture and equipment, pay staff salaries, purchase brand new or fairly-used buses as well as refurbish dilapidated buildings and classroom blocks. With this product, school owners/proprietors can stay ahead to make learning easy and conducive for students.
The product enables the schools to access facilities with no tangible collateral, apart from domiciliation of school fees account with the Bank.
On the other hand, FirstEdu portal is a modular and robust web-based enterprise portal that enables Tertiary educational institutions manage academic, administrative, professional, logistics and payment challenges.
The product features and benefits include; e-Learning, virtual library and facilitation of exchange programmes with foreign educational institutions; academic & student events/time-table/calendar management; school fees payment via the internet; online information and result checking; interactive community forum between students and teachers. It also affords applicants the opportunity of enrolling from the comfort of their homes or any location around the world; no licensing, installation and maintenance cost and plugs avenues for revenue leakages amongst others.
According to Chuma Ezirim, Group Executive, e-Business & Retail Products, First Bank of Nigeria Limited, “With FirstEdu, private schools across the various tiers of education in Nigeria; elementary, secondary and tertiary, have the right tool to boost their business to the level they desire. We are pleased to have already disbursed over N10 billion loans to schools in one year and we would continue to support growth in this key sector of our economy.”
“At FirstBank, we identify with the impact of the educational sector on the socio-economic activities of the country and importantly the lives of everyone. We remain committed to supporting schools as education is the core and root factor at enabling growth of our economy” he concluded.
In need of the right educational solutions to give your school a boost, visit the FirstBank branch nearest to you or contact us on our social media channels; @firstbanknigeria on Instagram; @firstbankngr on twitter and FirstBankofNigeriaLimited on Facebook.
Mouka Re-strategizes in War against Malaria; Rewards Customers with Insecticide-treated Net on Purchase of Comfy Mattress
In a renewed effort to fight malaria, Mouka, the leading mattress manufacturing company in Nigeria is set to give insecticide-treated nets to customers on every single purchase of selected sizes of its Comfy mattresses.
This was disclosed at the weekend by the company’s Head of marketing, Tolu Olanipekun.
According to her, the effort is a measure geared towards checking malaria in a country with a record of 100 million malaria cases and over 300,000 deaths annually.
“In line with the essence of the brand; adding comfort to life, Mouka seeks to provide protection for its consumers who are most vulnerable to malaria. Consumers will receive free insecticide-treated nets when they purchase selected sizes of Comfy which is one of our most affordable mattress propositions”, Olanipekun said.
According to Malaria Fact Sheet, Malaria is a major public health problem in Nigeria where it accounts for more cases and deaths than any other country in the world.
The gesture also signals a promo aimed at securing quite a rewarding market share for the Mouka Comfy brand which is targeted at those seeking a low cost yet good quality mattress.
Keystone Bank: Promoting workplace culture, engagement, productivity
By Ezra Adeniyi
The greatest assets of any burgeoning organization should be its workforce and inter-relationship between the employee and the employer. That explains why most corporate bodies must place maximum premium on workplace culture and employee engagement.
Its impact cannot be overemphasized as far as staff productivity is concerned. Unfortunately, this has remained a constant challenge for most organizations as staff attrition rate continues to skyrocket due to several reasons. The feeling of not being recognized or appreciated, non-collaborative work culture, non-accessibility to senior or executive management are the immediate attributes.
Bank, however, is placing a premium on improving workplace culture towards
making her employees happy and
productive. In the past one year the bank has launched several internal initiatives to enhance staff welfare to keep staff engaged together with an open-door approach to have every voice heard.
One of such noble initiatives launched late 2019 was the Keystone Bank Interdivisional games, designed to foster team collaboration and relieve workplace stress. The event which was held on Saturday November 23rd, 2019 was a huge success that witnessed a turnout of staff along with friends and family members who were treated to a whole day of fun, laughter and bonding.
The initiative is part of the lender’s commitment to promoting fitness, healthy living, fostering effective and healthy workplace collaboration amongst its staff and their family members.
More excitingly, beyond the financial rewards that were given to the winners at the games, executive management hosted the staff winners to an exquisite dinner out on Wednesday, December 11th, 2019 to celebrate with them. All members of executive management of Keystone Bank were present at the dinner to congratulate with the winners, chat, commend and to spur the staff participants to keep being involved in such activities which impact on the overall well-being of the organization. The staff winners in attendance were elated about the gesture from the management which indeed boosted their morale to do more.
In a brief chat with the executive director, Adeyemi Odusanya, he said, “We place a huge premium on our staff at Keystone Bank, we understand that employees are the engine room required in making any organization work and if they are not treated right it’s to the disadvantage of all. Our customers also deserve the best, hence we believe that when our employees are treated right, they will always be in their best shape to keep delivering a superior customer experience.
“Time-out with employees, dinner out with management amongst others is fast becoming our culture at Keystone Bank and we will keep exploring other programmes to the advantage of our employees,”.
– Adeniyi, a financial analyst, wrote from Lagos, Nigeria.
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