Business
2018 African Banker Awards Winners Emerge, East African Banks Top List
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Winners of the 2018 African Banker Awards have been announced at a prestigious Gala Dinner in Busan, South Korea. The Awards, held annually on the fringes of the Annual Meetings of the African Development Bank, celebrate excellence in banking and finance on the African continent.
East Africa dominated the awards this year. The CEO of Equity Group Holdings Plc in Kenya, James Mwangi, won Banker of the Year. His bank has seen impressive growth through a series of innovations and diversified investment channels away from consumer loans. Kenya’s Equity Group also beat off strong competition from four other shortlisted nominees to win the coveted ‘African Bank of the Year Award’. Tanzania’s Dr Benno Ndulu, former central bank governor who finished his second term last year won Central Bank Governor of the year for his work in pushing for financial inclusion as well as for sound macroeconomic management. CRDB, also from Tanzania was named the ‘Regional Bank in East Africa’.
South African banks dominated the investment banking and deals of the year categories. Standard Bank Group swooped three awards, including the one for ‘Investment Bank of the Year’. Standard Bank and Rand Merchant Bank in South Africa took the ‘Infrastructure Deal of the Year’ for the $5bn Nacala corridor rail and port project in Mozambique and Malawi, one of Africa’s largest private sector funded infrastructure projects. The project covers 912km of railway running from the Tete province in western Mozambique to Nacala port on the East coast through a section of Malawi. A deep sea port at Nacala also features in the project. Rand Merchant Bank in South Africa was also recognized for the listing of Steinhoff Africa Retail that took place last year. Veteran South African banker, Stephen Koseff, won the Lifetime Achievement Award. As the co-founder of Investec he has built a global leader in banking and asset management.
BGFI Bank in Gabon has won the award ‘Regional Bank of the Year’ in Central Africa.
The ‘Socially Responsible Bank of the Year’ title went to BMCE Bank of Africa, widely regarded as a leader in sustainable finance. Le Crédit Agricole du Maroc won the award for financial inclusion. Ecobank won two awards – one for Innovation in Banking and one for Retail Bank of the year – largely for the way it has integrated technology to considerably widen its products and reach.
Commenting on the impressive achievements of the banks shortlisted for the 2018 awards, Omar Ben Yedder, Publisher of African Banker said: “The winners of the African Banker Awards reflect the innovation and energy within Africa’s banking market. The categories that most catch my eye are the Deals of the year and the one on Innovation in Banking. They reflect the true energy and vigour of the banking sector. I cannot stress enough though the important role financial services have to play to drive the development of the continent.”
This is the first time the African Banker Awards take place in South Korea, more precisely in the port city of Busan. As a shareholder in the African Development Bank, the South Korean government offered to host this year’s Annual Meetings aiming to strengthen its long-standing relationship with Africa.
The 12th edition of the African Banker Awards, hosted by African Banker magazine and BusinessinAfricaEvents took place at the Paradise Hotel Busan. The awards which are held under the high patronage of the African Development Bank are sponsored by the African Guarantee Fund as Platinum Sponsor, the Bank of Industry as Gold Sponsor and Banco Nacional de Investimento, Mozambique as Silver Sponsor. Other sponsors include Afreximbank and Crédit Agricole du Maroc.
THE 2018 AFRICAN BANKER AWARD WINNERS
African Banker of the Year
James Mwangi, Equity Group Holdings Plc, Kenya
Lifetime Achievement Award
Stephen Koseff, co-founder Investec
African Bank of the Year
Equity Group Holdings Plc, Kenya
Best Retail Bank in Africa
Ecobank
Investment Bank of the Year
Standard Bank
Award for Financial Inclusion
Groupe Crédit Agricole (Morocco)
Socially Responsible Bank of the Year
BMCE Bank of Africa Group
Innovation in Banking
Ecobank
Deal of the Year – Equity
Steinhof Africa Retail Listing – Rand Merchant Bank (South Africa)
Deal of the Year – Debt
$300m Diaspora Bond, Nigeria
Standard Bank / FBNQuest Merchant Bank (Nigeria)
Business
Dangote Refinery Slashes Petrol Price to N890 Per Litre
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The Dangote Petroleum Refinery, on Saturday, announced a reduction in its ex-depot price of petrol from N950 to N890 per litre.
It said the price adjustment is in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.
A statement from Dangote Petroleum Refinery, issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, explained that the latest move follows a similar decision on January 19, when a modest price increase was implemented due to rising crude oil costs.
He aaid with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.
The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” the statement noted.
The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerians while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it added.
Business
Dangote Refinery Distances Self from Petrol Pump Price Hike
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Dangote Petroleum Refinery has distanced itself from allegations of arbitrarily increasing petrol pump prices.
The refinery attributed the recent adjustment in the ex-depot price of Premium Motor Spirit to fluctuations in global crude oil prices.
This was contained in a press release titled “Increase in Pump Price Not From Us”, issued on Sunday by Anthony Chiejina, Group Chief Branding and Communication Officer.
The statement read: “The recent adjustment in our ex-depot price of Premium Motor Spirit (Petrol) is directly related to the significant increase in global crude oil prices.
“As crude oil remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product.”
The refinery clarified that while its ex-depot price increased by 5%, from N899.50 to N950 per litre, the adjustment remains significantly lower than the 15% rise in global crude oil prices.
“Brent Crude rose from $70 to $82 in a matter of days, alongside the premium for Nigerian crude (approximately $3 per barrel). Despite this, we have kept our Single-Point Mooring (SPM) ex-vessel price steady at N895 per litre,” the statement added.
In a bid to shield consumers from the full impact of rising costs, Dangote Refinery disclosed it has absorbed approximately 50% of the cost increases caused by surging global crude oil prices.
The refinery’s partners, including Ardova, Heyden, and MRS Holdings, will retail petrol at a uniform price of N970 per litre across Nigeria.
“Without our intervention, the retail price of PMS could have risen to N1,150 or even N1,200 per litre in some locations. This demonstrates our unwavering commitment to affordability and quality, even in challenging times,” the statement explained.
To address concerns over price transparency, the company announced plans to publish its ex-depot, ex-vessel, and pump prices on a weekly basis.
“In the interest of transparency and good governance, consumers will now have access to accurate information to ensure they are not exploited,” the statement assured.
Additionally, the company expressed gratitude to President Bola Tinubu for introducing the Naira for Crude Initiative, describing it as “visionary.” Dangote Refinery noted that the initiative ensures consistent access to high-quality PMS for Nigerians while mitigating the effects of global oil market volatility.
The statement concluded with a reaffirmation of the company’s dedication to serving Nigerians.
“We sincerely appreciate the continued trust and support of Nigerians as we strive to deliver the best value for their money and contribute to the development of a self-sufficient economy that is resilient to international price fluctuations,” it said.
The Punch
Business
UBA Produces 60 Millionaires, Releases N200m Worth of Gifts As Legacy Promo Ends
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Africa’s Global Bank, United Bank for Africa (UBA) Plc has distributed over N41.8m in prizes to over 100 lucky customers in its just concluded UBA Legacy Promo series.
The promo which began last year, was specially designed by the bank to celebrate UBA’s rich legacy spanning over 75 years, as well as its long-standing commitment towards rewarding its loyal customers in a grand style.
The campaign, which was opened to several categories of Account holders including Bumper Account holders, Savings account, Kiddies & Teens Account holders as well as Nextgen account holders, also saw lucky customers winning other consolidation prizes including educational grants.
The winners were announced during the Grand Finale draw of the promo which held at the UBA Head-office, Marina, Lagos last Thursday and was witnessed by members journalists and representatives of relevant regulatory bodies including the National Lottery Regulatory Commission (NLRC), among other stakeholders.
In the Savings Account category, ten loyal customers walked away with N1,000,000 each. The lucky winners are: Olonade Funmilayo, Abdullahi Yunusa, Anibueze Augustine Chidozie, Ibironke Adedayo, Gilbert Godswill Pepple, Ekonmene Daniel Leghemo, Oligbo Francis Azuka, Liafeez Adebowale, Abiodun Bolanle Felicia, and Adamu Bappayo.
When contacted over the phone, one of the winners, Mr. Oligbo Francis Azuka, who won N1,000,000 in the savings account category expressed his surprise and excitement, stating that it was totally unexpected. He was however grateful to the bank for the gesture, adding: “I am deeply grateful and surprised by this reward from UBA. I honestly, didn’t expect this. I really appreciate the fact that UBA recognizes me. I am very grateful,” he stated.
The Bumper Category saw 10 people who emerged winners of N1,000,000 each. They are: Emem Christian Thompson, Lateefat Omotayo Waheed, Victoria Oluwaferanmi Adebusoye, Nkechinyere Agnes Okolo, Ibrahim Rabiu, Hammed Akande Idowu, Modester Chiadikobi Nwoke, Ajisafe Folashade Success, Thelma Ndubisi Enajiyerin, and Sunday Obaje.
20 lucky customers also received N500,000 each. They are: Ojo Goroye Banjo, Sandra Christopher Effiong, Femi Henry Idehen, Rashida Oiza Momohjimoh, Umar Usman, Joshua Chidera Nweke, Racheal Erhieyovwe, and Fatima Muhammed. Others include Ogbonna Edward, Eziuche Goodluck Chinyere, Lydia Bawa, Obiajulu Augustine Agwazia, Sale Barde, and Sikiru Morakinyo; Tajudeen Kareem Opeloyeru, Regina Queen Abeekaa, Isaac M. Ponfa, Mary Amos, Emmanuel Isa, and Amaechi Okoro.
Also in the bumper category another twenty customers got N250,000 each, while 10 lucky customers each won N100,000 each during the live draws.
In the NextGen category, Emmanuel Olakotan Oke, Sharon Oluwafunmilayo Ibitoye, Fortunate Izegboya Ijewemen, Anozie Janerose Chinelo, Maryam Zaharaddeen, Oluwakamikun Faidat Taiwo, Daniel Ayomikun Olawale, Ayomide Goodness Olowodara, Dennis Ogina Gbele, and Ofeoritse Jessica Waya each received N180,000 pocket money for a year.
The Kiddies and Teens category, also saw 20 young customers receiving N200,000 each in educational grants.
UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, who spoke at the event, emphasized the significance of the promotion in strengthening the relationship between the bank and its community.
He said, “UBA Legacy Promo is our way of saying thank you to our loyal customers who have trusted us over the years. As we celebrate 75 years of impact, we remain committed to deepening financial inclusion and providing innovative and customer-focused products and services. Our goal is to make banking more rewarding and life-changing, improving lives and building stronger communities.”
Over the past six months, from July till December 2024, UBA has through a series of draws; cluster, monthly, and quarterly draws, rewarded over 600 customers with prizes totaling more than ₦200 million. This remarkable initiative has created over 60 millionaires, highlighting the bank’s commitment to enriching the lives of its customers and promoting savings culture, as UBA continues to reaffirm its dedication to launching more impactful initiatives, ensuring customer satisfaction and financial well-being remain at the forefront of its operations.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
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