Nigerian Breweries Rewards Bar Outlets With ₦6m In Cash Prizes

 

 

Mohammed Shosanya

 

 

Through Bar Men’s Loyalty Scheme Nigerian Breweries, Nigeria’s brewing company,celebrates the winners of its Bar Man Loyalty Scheme, a nationwide initiative recognizing the dedication and hard work of bar outlets across the country.

 

 

Launched in August 2024, the eight-week competition rewarded top-performing bars across six regions, with winning outlets taking home a share of over ₦6 million in cash prizes.

 

 

The Bar Man Loyalty Scheme was designed to honor the essential role that bar outlets and their staff play in shaping the consumer experience.

 

 

From making recommendations to serving with a smile, bar men and women are at the heart of consumers engagement, ensuring Nigerian Breweries’ products reach consumers with the care and enthusiasm they deserve.

 

 

 

“Our bar outlets are the front line of our customer and consumer connection,” said National Trade Marketing Manager, Mfon Bassey. “They introduce our products, create memorable experiences, and build lasting connections with our consumers. This scheme allowed us to recognize their hard work and the invaluable role they play in the success of our brands”

 

 

 

The top three outlets in each region were celebrated for their outstanding performance, with cash prizes awarded to acknowledge their dedication and collective achievements.

 

 

 

The scheme also included weekly bonuses, allowing outlets to earn additional rewards for their exceptional customer service and commitment to promoting Nigerian Breweries’ products.

 

 

 

 

Access Bank Clinches Digital Jurist Awards

 

Mohammed Shosanya

 

Access Bank Plc has been named the 2024 Best Digital Award Winner in the Commercial Banks Category at the Digital Jurist Awards, organized by Phillips Consulting (pcl.).

 

 

 

The bank also secured the Best Website Award, achieving an impressive score of 201 points for its engaging and user-friendly digital experience.

 

 

 

 

Access Bank’s cumulative score of 380 points reflects its excellence across digital touchpoints, including its website, web portal, mobile app, and social media.

 

 

 

Speaking on the recognition,Amaechi Okobi, Chief Communications Officer of Access Holdings Plc, said:“We are honoured to receive the Best Digital and Best Website Awards at this year’s Digital Jurist Awards. At Access, our focus on digital innovation is driven by our commitment to deliver seamless, secure, and customer-centric solutions across all touchpoints.

 

 

 

“This recognition validates our ongoing efforts to enhance our digital platforms, making financial services more accessible and efficient for our customers. We thank Phillips Consulting for recognising our efforts and will continue to raise the bar in digital excellence.”

 

 

 

Phillips Consulting has long served as a development partner to Nigerian financial institutions and other organisations with an online presence.

 

 

 

Leveraging its proprietary Digital Jurist platform, the firm has conducted assessments of digital touchpoints in various sectors, from financial services and insurance to telecommunications and government agencies, over the past 17 years.

 

 

 

Originally established as Web Jurist®, the platform was reimagined as Digital Jurist to assess new and diversified digital channels in the evolving digital economy.

 

 

 

Digital Jurist’s evaluation framework examines a range of factors, including user experience, accessibility, performance, functionality, security, customer service, support, marketing, and content engagement across digital platforms.

 

 

 

These awards reinforce Access Bank’s leadership in digital banking, adding to recent accolades including 2024 Best Digital Bank and Best Mobile Banking App by World Finance, Best Mobile Banking App and Best Digital Bank by The Digital Banker Awards, and Best Digital Banking Initiative at the Global Retail Banking Innovation Awards 2024.

 

 

 

Access Holdings’ Revenue Hits ₦3.4trn

 

Mohammed Shosanya

 

 

Access Holdings Plc, one of Africa’s financial institutions,has announced its unaudited results for the third quarter ended September 30, 2024.

 

 

 

Its gross revenue for the nine-month period rose by 114.5% year-on-year, climbing from ₦1.6 trillion in 2023 to ₦3.4 trillion in 2024,the bank said in a statement on Sunday.

 

 

Interest income,represented 70% of gross revenue at ₦2.4 trillion,while non-interest income contributed ₦1.0 trillion, marking an 87.2% increase due to higher transaction volumes on digital channels and other alternative platforms.

 

 

 

According to the statement,despite inflationary pressures, the cost-to-income ratio remained stable at 60.8%, while profit before tax saw an 89.6% rise to ₦558.2 billion, and profit after tax rose 82.8% to ₦457.7 billion.

 

 

 

This robust performance translated to an annualised return on equity of 22.2%, with earnings per share up to ₦12.40.

 

 

 

It reported significant gains in Q3 2024, driven by strong performance across its banking and non-banking subsidiaries, including Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers.

 

 

 

The group’s total assets surged to ₦41.1 trillion, up by 54.0% year-to-date, while shareholders’ equity grew by 51.0% to ₦3.3 trillion. Customer deposits saw an impressive rise of 45.4%, increasing from ₦15.3 trillion in December 2023 to ₦22.3 trillion by Q3 2024, while gross loans and advances grew 56.2%, reaching ₦13.9 trillion.

 

 

 

Access Bank continued its strong performance, with both interest and non-interest income contributing significantly to gross earnings. Subsidiaries in the UK and across Africa performed particularly well, delivering 54.8% of the Banking Group’s profit before tax, an increase of 185.8% year-on-year.

 

 

 

The group remains committed to expanding its footprint by offering tailored banking solutions in each region, enhancing customer experience, and advancing cross-border banking capabilities.

 

 

The non-banking subsidiaries of Access Holdings also delivered consistent growth. Access ARM Pensions, following a merger with ARM Pensions, now oversees ₦3.1trillion in assets under management. Hydrogen Payments processed ₦27.5 trillion in transactions, growing its operating profit by 516% year-on-year to ₦5.7 billion.

 

 

Access Insurance Brokers, still in its first year of operations, posted a gross written premium of ₦8.3 billion and a profit before tax of ₦641 million. New entrant, Oxygen X Finance, the group’s digital lending subsidiary, reported ₦2.1 billion in operating income and a profit before tax of ₦412 million.

 

 

Access Holdings remains focused on enhancing profitability through diversified revenue streams across all markets.

 

 

The group is committed to advancing sustainability,embedding environmental, social, and governance principles into its operations to foster positive community impact.

 

 

Through ongoing investments in employee development, Access Holdings is building a culture of innovation and excellence, further positioning the group as a driver of long-term value for its shareholders.

Sahara Group Foundation Drives Indigenous Innovation With MADAA

      Mohammed Shosanya

The Sahara Group Foundation,the social impact vehicle of energy conglomerate, Sahara Group, has officially flagged off its Making A Difference Around Africa (MADAA) initiative aimed at giving weight to the aspirations of African entrepreneurs.

At the unveiling of MADAA in Lagos,Chidilim Menakaya, Head of Programs at Sahara Group Foundation, said the initiative was in line with the company’s overarching transformative Extrapreneurship model.

It also promises sustainable economic opportunities to its target demography, which are budding entrepreneurs with remarkable business ideas,she said.

She added:“MADAA is a strategic platform developed by Sahara Group Foundation to identify entrepreneurs and social innovators who are on the cusp of greatness and provides the much-needed impetus to scale their novel ideas, as well as their small businesses, to great heights.”

She explained that the launch of the MADAA initiative underscores Sahara Group Foundation’s unwavering commitment to “building sustainable communities through Extrapreneurship,” and represents the first project amongst an array of curated social interventions designed to promote sustainable development in Africa “by growing and scaling the base of entrepreneurs who have exceptional ideas that can transform the continent’s economic fortunes.”

Open till the end of November 2024, application to MADAA is now underway, with beneficiaries expected to ultimately leverage the platform to assume leadership and influential roles in their various business niches,according to her.

“We are actively on the lookout for the extraordinary,the unusual, those whose business ideas can be nursed to fruition sustainably, particularly with the deployment of locally occurring resources.Entrepreneurs desirous of moving their craft to the next level need to head to :www.saharagroupfoundation.org to apply for MADDAA right away”, Menakaya emphasized.

Shortlisting of candidates commences in December ahead of the final selection of beneficiaries to feature on the actual program which starts in Q1 of 2025.

Besides,MADAA beneficiaries will have access to a robust suite of resources, including financial and investment support worth 100 million USD and mentorship from seasoned industry experts.

MADAA’s launch comes amid Sahara Group Foundation’s drive for inclusiveness and progressive partnerships that promote expansion, business advisory, and capacity development in the Medium Small and Micro Enterprises (MSMEs) sector across the continent.

“MADAA seeks to support African home-grown innovations and businesses to succeed, scale and thrive sustainably, thereby establishing an integrated ecosystem of collaborators actively contributing toward transforming economic development in Africa,”she added.

ECOWAS,Ecobank Empower Nigerian Women Traders

          Mohammed Shosanya

The ECOWAS – Ecobank Women Traders Empowerment Programme has been launched in Abuja.

The development marks a significant step forward in empowering Nigerian women entrepreneurs with the tools and support they need to grow their businesses and access regional and continental markets.

The  initiative,which is currently being piloted in Nigeria, aims to foster women-led businesses through business training, mentoring, and financial access, along with the introduction of platforms such as Ecobank’s ELLEVATE programme and the Single Market Trade Hub, designed to prepare participants for cross-border trade under AfCFTA, the ECOWAS said .

Running for six months, the programme offers mentorship, coaching, and funding opportunities, reflecting ECOWAS’s commitment to economic inclusion and sustainable development.

Supported by business associations and public-private partnerships, the initiative seeks to unlock the potential of women-led businesses, foster regional prosperity, and strengthen market integration.

Insolvency:NAICOM Sacks Board Of African Alliance Insurance

 

 

 

           Mohammed Shosanya

 

 

The National Insurance Commission (NAICOM has sacked the Board and Management of African Alliance Insurance Plc, one of Nigeria’s oldest life assurance companies,on account of years of insolvency and failure to meet the obligations of annuitants and policyholders.

 

 

 

 

 

The commission takes  over the board and management of the insurance company,effective today, 30th October, 2024 in exercise of its power as the regulator of the country’s insurance sector.

 

 

 

 

This decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company,a statement said on Wednesday.

 

 

 

 

The Commission has  appointed an Interim Management Board to manage the affairs of African Alliance Insurance Plc.

 

 

 

The composition of the Interim Board is as follows:

 

Dr. Haruna Mustapha – Chairman; Mr. Jacob Erhabor – MD/CEO; Mr. Wasiu Amao – Executive Director, Technical; Ms. Oremeyi Longe – Executive Director, Finance .

 

 

 

Others are Mr. Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.

 

 

 

According to the statement from NAICOM,the Interim Management Board will oversee the company’s operations,ensure compliance with regulatory requirements, and implement necessary reforms.

 

 

 

 

The Commission assured that it will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimize disruption and ensure continuity.

 

 

 

 

The objective of the takeover,the Commission noted,is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry,while ensuring the company’s return to stability and compliance.

 

 

 

 

 

The statement added:”The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants,policyholders and public interest.”

 

 

 

 

CBN,IFC Seal Deal To Boost Local Currency Financing In Nigeria  

            Mohammed Shosanya
International Finance Corporation (IFC),a member of the World Bank Group and the Central Bank of Nigeria (CBN) have sealed partnership deal to boost local currency financing in Nigeria
In a statement on Monday, the CBN noted that the partnership will allow IFC to manage currency risks and increase its investment in Nigerian naira across priority sectors of the economy, including agriculture, housing, infrastructure, energy, small and medium enterprises and the creative and youth economy.
IFC aims to significantly scale up its financing of critical sectors in Nigeria, with a goal of providing more than $1 billion in the coming years.
Many of these sectors require local currency financing, and IFC’s partnership with the CBN is a key tool in expanding access.
 “This pioneering initiative between the IFC and CBN will unlock much-needed long-term local currency financing for private businesses in Nigeria at economically viable rates,” stated Governor Yemi Cardoso of the Central Bank of Nigeria.
“This collaboration marks significant progress in the CBN’s commitment to delivering innovative development initiatives through reputable third-party service providers, moving beyond traditional intervention programs. It will serve as a catalyst for economic growth and advance the Federal Government’s agenda for economic diversification.”
“Expanding  access  to  affordable  local  currency  financing  for  small  businesses  in  Nigeria  is essential for IFC to address the increasing demand for diverse funding options and to better manage  currency risk,”  said Makhtar  Diop, IFC Managing Director.
 “Our partnership with the Central Bank of Nigeria will enhance lending in Nigerian naira, fostering economic growth and creating jobs across the country.”
With an active portfolio of investments in Nigeria of up to $2.13 billion—the second highest in Africa—local currency financing  is a key priority for IFC.
IFC will continue to leverage innovative financial instruments and strengthen partnerships to meet the growing demand for more local currency financing in emerging markets.
CBN serves as the country’s sole monetary authority, tasked with regulating and overseeing Nigeria’s monetary and financial systems.
Established by an Act of Parliament,  the  CBN’s  mandate  includes  ensuring  monetary  and  price  stability,  issuing  legal tender, maintaining external reserves to protect the international value of the naira, promoting a sound financial system, and acting as banker and economic advisor to the Federal Government of Nigeria.
Q3:Kebbi Customs Command Rakes In N36.2m,Renews Crusade Against Smuggling

      Mohammed Shosanya

The Nigeria Customs Service Area Command, Birnin-Kebbi, Kebbi State, has generated the sum of N36.2million in the third quarter of 2024.

It also seized Illicit goods with Duty Paid Value (DPV) of over N323m,according to a  press statement made available to Premium News by the Customs  Area Controller, Kebbi Command,Comptroller Ernest Iheanacho Ojike.

Ojike,who said that his Command has been working assiduously to up the yearly revenue target of the Command has been holding series of meetings with stakeholders including educating them on the Customs procedures in relation to import and export aimed at stemming the tide of smuggling and to increase revenue generation.

He said:”In particular,we assemble all our trading communities on board in a deliberate and conscious effort to forge a common ground. In all the meetings we held, we stressed the need for compliance and avoidance of importing goods that would be injurious to the health of Nigerians and destroy the economy.”

He noted that the Command under the leadership of Comptroller General of Customs Bashir Adewale Adeniyi,has been actively involved in the process of reopening of Tsamiya-Sebgana border, which proposed a one-stop border post. A one-stop border cuts off all irrelevancies in documentations and non-tariff procedures preceding trade facilitation.

He regretted that a lot of challenges have affected the Command’s revenue generation which he attributed to low volume of imports through the only official border, Kamba.

The Command,according to him,was still able to generate the sum of thirty six million, two hundred and twenty three thousand, five hundred and fifty four naira fifty kobo (₦36, 223, 554.50K) within the period under review even as he envisaged that with the efforts his command has put in place, the result would continue to translate to positive outcome, noting that his Command was hoping to record steady rise in the Command’s revenue in the coming months.

 According to the statement,Ojike highlighted the activities of the operation Whirlwind team saying  “at this point, I will want to talk about ‘whirlwind Team’, which is a special team created by the CGC and tasked with the sole responsibility of curbing the menace of petroleum products smuggling. Of course, we all know the implications of smuggling our petroleum products outside the shores of the country. Scarcity of these product is created here when these miscreant have their way.”

“But this special team, whirlwind, has since swung into action and has successfully within the short period of their stay here reduced the menace of petroleum product smuggling in the state. They are a team that thrives on intelligence, and the results of their efforts speak for them”,he said.

 “Here,we showcase some of their seizures of Premium Motor Spirit (PMS) they have made. And they are working very hard to ensure that incidences of scarcity of the products are not experienced in the state.

“Our Comptroller General of Customs (CGC) and of course the federal Government are very passionate in seeing that our petroleum products are well utilized within our stores.We are all well aware what inconveniences and distress we experience during fuel scarcity, and the spiraling effect it has on costs of other items. Hence, the need to root out the menace”

On anti smuggling,he said a lot of successes has been achieved through a concerted efforts of the officers and men of the Command who are striving hard to root out smuggling activities within Kebbi.

He hinted that five suspects have been arrested in connection with the seizures above and  that they have been granted administrative bail in compliance with the provision of the constitution pending further investigation and proper trial of their case.

On the amount of the seized items, he said, “The Duty Paid Value of the seized items is three hundred and twenty three million, sixty five thousand five and sixty seven naira (₦323, 065, 567).”

“The above seizures were possible with the combined efforts of the outfield officers, our intelligence Unit, Patrol team leaders, other relevant units, sister agencies and well-meaning Nigerians who provided intelligence.”

He reiterated the resolve of  his command  to continue to act   within the policy thrust of Comptroller General of Customs Bashir Adewale Adeniyi which anchors on consolidation, innovation and collaboration,adding that the Command would shortly hand over one hundred and eighty (180) pieces of donkey skin and seventy four (74) cartons of different medicaments to Nigeria Agricultural Quarantine Services (NAQS) and National Agency for Food and Drug Administration and Control (NAFDAC) respectively.

He warned smugglers and their syndicates that his officers and men were well positioned and equipped to scuttle all their activities, urging  them to abstain from their nefarious act as Kebbi State must be free from any smuggling activities.

Kogi Gets FG’s Nod To Build International Airport

       Mohammed Shosanya
The Federal Ministry of Aviation and Aerospace Development has approved the bid by the Kogi State Government to build an International Airport in Zariagi.
Commissioner for Information and Communications, Mr Kingsley Fanwo, disclosed that the approval was conveyed in a letter by the Federal Ministry of Aviation and Aerospace Development, dated 9th October, 2024.
He said the administration of Alhaji Ahmed Usman Ododo is committed to the timely completion of the project with strict adherence to regulatory standards, saying an airport in Kogi State would serve 10 other states and reduce traffic on the Lokoja -Abuja road. It will also decongest the traffic on the International Airport in Abuja.
“The Ododo’s administration has considered it a top priority for Kogi State to have an International Airport and join the league of the aviation hub. The strategic location of the state is no doubt, an invaluable advantage in harnessing the aviation service market as the centre of the nation.
“The project will not only boost the economy of the State, it will also create jobs and bring the potentials of the state to the global scene.
“The Governor is determined to hire the best hands in the industry to make the project a huge success. As you are aware, aviation is an industry of trust and standards.
“We thank President Bola Ahmed Tinubu, GCFR and the Aviation Minister for the historic approval that will help to further develop Kogi State. We want to also say that the Airport will also have capacity for Cargo as that is one of our key focuses in the project,” the Commissioner stated.
He assured the people of Kogi State that the Administration of Alh. Usman Ododo would continue to execute laudable projects to consolidate the gains of the last eight years in Kogi State.
He also said Zariagi is a very strategic community that already boasts of an airstrip,adding that  team from the Ministry of Aviation and Aerospace Development was satisfied with the location and the plans of the Kogi State Government on the project.
No Deadline On Circulation Of Old Naira Banknotes,CBN Insists

                 Mohammed Shosanya
The Central Bank of Nigeria (CBN) has declared that there is no deadline for use of the old bank notes.
The clarification is contained in a statement signed by Mrs. Sidi Ali, Hakama, the apex bank’s Acting Director, Corporate Communications, which was made available to newsmen in Abuja on Thursday.
The apex bank described as false claims suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024, declaring it calculated plans to disrupt the country’s payment system.
The statement said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to discussions at different fora suggesting that the old series of the N200, N500, and N1,000 banknotes shall cease to be legal tender on December 31, 2024.
“We wish to state categorically that such claims are false and calculated to disrupt the country’s payment system.
“For the avoidance of doubt, the order of the Supreme Court of Nigeria on Wednesday, November 29, 2023, granting the prayer of the Attorney-General of the Federation and Minister of Justice to extend the use of old Naira banknotes ad infinitum, subsists.
“Similarly, the CBN’s directive to all its branches to continue to issue and accept all denominations of Nigerian banknotes, old and re-designed, to and from deposit money banks (DMBs) remains in force.
“It will be recalled that the Supreme Court ordered that the old series of N200, N500, and $41,000 banknotes shall continue to be legal tender alongside the redesigned versions.
“Accordingly, all banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely.
“We, therefore, advise members of the public to disregard suggestions that the said series of banknotes will cease to be legal tender on December 31, 2024.
“We urge Nigerians to continue to accept all Naira banknotes (old or redesigned) for their day-to-day transactions and handle them with the utmost care to safeguard and protect their lifecycle.
“Furthermore, the general public is encouraged to embrace alternative modes of payment, echannels, in order to reduce pressure on the use of physical cash”.