Business

UT Financials Services Holds Seminar on Investing for the Future, Proffers Saving Solutions

Published

8 years ago

April 22, 2018

Eric

By Eric Elezuo

The prestigious ambiance of the Raddison Blu Anchorage Hotel, located in the highbrow Victoria Island, Lagos, played host to the launch of exquisite financial products from number one financial house, UT Financial Services Limited.

The CEO, Mr. Ade Adebajo

The event, which tends to educate Nigerians on the need to inculcate the culture of savings as a first step to profitable investment, presented diverse areas where investors can advantage of, and secure their financial future.

Mr. Kofi Amoabeng, President, UT Financials

Tagged Investing to Secure the Future, the occasion showcased speakers from notable financial institutions, who took quality time to dissect the problems associated with savings and investing as well as proffered solutions to the savings and investment scourge.

Mr. Michael Olaiya, UT Financials Head of Projects

Kick starting the avalanche of seasoned lectures was the Chief Executive Officer of the host company, Mr. Ade Adebajo. In his address, he noted that it is become worrisome that most Nigerians have not imbibed the culture investing their extra cash, which automatically guarantees future financial security.

Ade Ababajo, Eric Elezuo and Michael Olaiya

“How can you reap when you have not invested? Most people who had done well in the past are poor today because they were not exposed to the culture of investing. Either nobody told them why they must invest, or they felt it doesn’t matter. Today, regret has become the middle name. This is an opportunity as we are faced with the stark reality. UT provides all the opportunities as regards where and how to invest,” he said.

Segun Akintunde, delivering his lecture

Following his speech, the President of the organization, Mr. Kofi Amoabeng, who operates from the Ghana head office, went down memory lane and brought to the present the story of how the organization started many years ago, and how nine years ago, they decided to take entrepreneurial risk and established a branch in Nigeria. He noted that the biggest problem of an investor is the decision to start, and that is why many people have remained ‘would-be investor’. He further stressed that UT has all it takes to make any entrepreneur that investor he wishes to be.

Mr. Gary Whitehill, Genevieve Alatise and UT managerial staff

“Saving reduces the stress of going to bank for loan” Amoabeng said, adding that the SMEs are the livewire of any economy as it improves the economy of any country.

In his lecture, Mr. Segun Akintunde of Skye Bank, speaking on ‘The Need to Save’ noted that Nigerians ranked among countries with the least saving culture, which in effect is affecting the growth of the SMEs.

A cross section of participants

“Nigerians have been ranked among people that have the lowest saving culture. It is the amount of saving that you have that will form the amount of investment you will have. This is the reason the SMEs are suffering because Nigerians are not saving enough for them to have an investment,” he lamented.

He continued: “There is need to improve saving culture among Nigerians. We need to save for security purpose, to enhance our standard of living, to acquire assets, raise more capital and invest.”

Guests

According to him some of the challenges preventing people from saving are procrastination, lack of budget, impatience, discipline and goals.

Mrs. Genevieve Alatise, who came in from Ghana, echoed the voices of the previous speakers as she presented the financial products available at UT, stressing that the company is even empowered to plan school fees payment for its customers.

Mrs. Genevieve Alatise

The occasion was also an opportunity present a subsidiary of the UT Group, which is UT Homes. The honour of the presentation was given to the Head of Projects, Mr. Michael Olaiya.

Lending credence to the authenticity of UT Homes, the CEO, Ade Adebajo added:

“UT Homes is another associate company of UT Financials. It is the arm that deals with property. We sell property to low medium income owners. We manage property for people who engage us. That’s basically what UT Homes is all about. The reach for now is that we want to help meet the housing demand of people, especially in Lagos state and others. We are involved in building affordable homes anybody can buy.”

Cross section of UT Financial Services staff

With the Strategic Alliances skills presented by the Managing Director, First Ally Investment Limited, Mr. Felix Johnson, a prolific finance guru, Mr. Abraham Amkpa took centre stage for the proper launch of the UT products. This was a task he handled with the professionalism of one who had spent time in the industry.

The Master Compere

Rounding off, Mr. Gary Whitehill, a financial and investment motivational speaker, made the audience understand that the time for making excuses was in the past. ‘The time for action is now, contact UT Financial Services for that specialized investment needs of yours’, he advised.

Business

FirstBank, Subsidiary of FirstHoldCo, Meets ₦500bn Regulatory Capital Requirement

Published

5 days ago

January 6, 2026

Eric

First HoldCo Plc (“FirstHoldCo” or “the Group”) has announced that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of ₦500 billion. This milestone was achieved following the completion of a series of strategic capital initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary.

This successful capitalisation underscores strong market confidence in FirstHoldCo Group’s business model, long-term strategy, and growth prospects. With a fortified capital base, FirstBank is positioned to accelerate its support for the real sector, enhance financial inclusion, and deliver innovative, digitally driven customer experiences.

The recapitalisation strengthens the Group’s overall financial resilience, providing a robust platform for earnings growth through business expansion, technological innovation, and the pursuit of new opportunities.

In March 2024, the CBN directed commercial banks to raise their capital base to a minimum of ₦500 billion within a 24-month period to bolster the Nigerian banking sector’s stability and capacity. FirstBank has now fulfilled this requirement well ahead of the regulatory deadline.

In a related development, FirstHoldCo have expressed its desire to raise fresh funding and inject additional capital into the Group’s existing subsidiaries and new business adjacencies in 2026. This forward-looking commitment is aimed at further enhancing service offerings and facilitating strategic expansion.

Commenting on the achievement, Mr. Femi Otedola, CON, Chairman of First HoldCo Plc, said: “On behalf of the Board, I extend our profound gratitude to our shareholders for their trust and unwavering support throughout this capitalisation programme. From the oversubscribed Rights Issue to the seamless Private Placement, investors have demonstrated resounding confidence in our strategic direction. Securing FirstBank’s capital base ahead of schedule is a testament to our collective commitment and positions us firmly for our next growth phase. We also appreciate the professional guidance of the CBN and SEC throughout this process.”

Mr. Wale Oyedeji, Group Managing Director of First HoldCo Plc, added: “This successful capital raise is a pivotal milestone for FirstHoldCo. It provides us with the financial strength to execute our core strategic priorities: driving innovation, delivering superior customer value, and enhancing sustainable profitability. With this solid foundation, we are focused on accelerating performance, improving competitive returns, and delivering lasting value to all our stakeholders.”

Business

Heirs Energies Executes $750m Afreximbank Financing to Drive Long-Term Growth

Published

3 weeks ago

December 22, 2025

Eric

Heirs Energies Limited, Nigeria’s leading indigenous integrated energy company, has executed a USD 750 million financing with the African Export–Import Bank (Afreximbank).

The transaction was concluded at a signing ceremony in Abuja on Saturday 20th December 2025, attended by Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, and Dr. George Elombi, President and Chairman of Afreximbank.

The transaction represents one of the largest financings secured by an indigenous African energy company and demonstrates lender confidence in Heirs Energies’ operating performance, governance standards, proprietary brownfield excellence capability, and long-term growth trajectory.

Since assuming operatorship of OML 17, Heirs Energies has delivered a disciplined transformation programme, focused on restoring production, strengthening asset integrity, and improving operational efficiency. Through targeted brownfield interventions and infrastructure optimisation, the Company has successfully transitioned from acquisition-led financing to a capital structure aligned with the long-term development profile of its reserves.

Oil and gas production has doubled, from an acquisition production level of 25,000 barrels of oil per day (bopd) and 50 million standard cubic feet of gas per day (mmscf/d). Today, OML-17 produces over 50,000 bopd and 120 mmscf/d. All the gas production goes into the Nigerian domestic gas market and has been catalytic for power generation in Nigeria. Community relations have been transformed and the highest standards of health and safety implemented.

The Afreximbank facility will accelerate field development, optimise production, and allow Heirs Energies to pursue value-accretive growth opportunities, while maintaining disciplined capital management.

Speaking at the signing, Mr. Tony O. Elumelu, CFR, Chairman of Heirs Energies, said:

“This transaction is a powerful affirmation of what African enterprise can achieve when backed by disciplined execution and long-term African capital. It reflects the successful journey Heirs Energies has taken – from turnaround to growth – and reinforces our belief in African capital working for African businesses. This is Africa financing Africa’s future.”

Dr. George Elombi, President and Chairman of Afreximbank, stated:

“Afreximbank is proud to support Heirs Energies at this pivotal stage of its growth. This financing reflects our confidence in the Company’s leadership, governance, and asset base, and aligns with our mandate to support African champions that are driving sustainable economic transformation across the continent.”

The transaction further reinforces Afreximbank’s role in enabling indigenous operators with the scale and capability to deliver sustainable energy development, energy security, and long-term economic value across Africa.

With this milestone achieved, Heirs Energies is firmly positioned to advance into its next phase of growth, focused on operational excellence, responsible resource development, and enduring value creation for stakeholders.

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs, while aligning with global sustainability goals.  Having a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contribute to a more prosperous Africa.

The African Export-Import Bank is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. The Bank plays a critical role in supporting Africa’s industrialisation, trade expansion, and economic transformation.

Picture: Chairman, Heirs Energies, Mr. Tony O. Elumelu CFR and President and Chairman of the African Export-Import Bank (Afreximbank), Dr. George Elombi, during the signing ceremony to mark the execution of a USD 750 million Financing Transaction between Heirs Energies and the Afreximbank in Abuja on Saturday

Business

NNPCL Slashes Fuel Price by N80

Published

3 weeks ago

December 19, 2025

Eric

The Nigerian National Petroleum Company Limited (NNPCL) has effected another reduction in the pump price of petrol, marking the third cut this December.

A survey of filling stations in Abuja on Thursday showed that the state-owned oil company lowered the price to N835 per litre from N915, reflecting a N80 reduction.

The latest adjustment follows similar moves by independent marketers, including MRS, BOVAS and AA Rano, which recently reviewed their pump prices to between N739 and N865 per litre across the Federal Capital Territory.

Findings indicate that the downward review by NNPCL and other marketers was triggered by a drop in ex-depot prices, after Dangote Refinery and depot owners reduced rates to between N699 and N800 per litre.

NNPCL and several filling stations had earlier reduced fuel prices on December 4 and December 10, 2025, as competition and supply dynamics continued to influence pricing in the downstream sector.