Connect with us

Business News

Mrs Adewuyi Emerges as New President of ICAN

Published

on

Share

By Tony Obiechina, Abuja 


The Institute of Chartered Accountants of Nigeria (ICAN) has elected new officers to run its affairs for the next one year with Dame (Mrs.) Onome Joy Adewuyi emerging as the 56th President. 


Her investiture took place after an election on Tuesday, at the Institute’s Secretariat in Victoria Island, Lagos.

 


In her acceptance speech and inaugural address, Mrs.

Adewuyi promised to partner with the government to redefine national values, economic priorities and resource utilization strategies such that the mass of the citizenry can be lifted out of avoidable poverty. 


According to her, ICAN would leverage its professional expertise to support players in the informal sector, whose unsung value-creating activities will define the position of the nation on the ladder of sustainable development.

 
She lamented the paradox of poverty in the midst of plenty being experienced by Nigeria, adding that the nation is at a point in its economic development where all hands must be on deck to address the ugly situation.


“According to the 2019 World Bank Human Development Report, 53.5% of Nigerians live below poverty line of US$1.9 a day. I am inclined, like many analysts, to believe that the situation is even worse considering the high rate of crime and criminality all over the country. 


“The situation is better imagined if we take cognizance of the possible effect of COVID-19 in the near term,” she stated.
On refocusing ICAN capacity building initiatives, Mrs. Adewuyi explained that this Presidential year, the Institute would formalize its online trainings and incorporate them into the annual training brochure. 


She added that the Members’ Education and Training would be bolstered with cut-edge virtual training programmes.
“These would run together with the established traditional model of delivering trainings. Also, the ICAN faculties would be equipped to become centres of excellence for virtual training in the seven specialist areas of Accounting,” she expatiated.


The ICAN President said the lesson of the COVID-19 pandemic has challenged the organisation to redefine the values it shares, the way it relates and account for its actions and inactions.


“Evidently, the proactive deployment and proficiency in the use of technology will continue to define corporate and individual success. 


“This emerging paradigm has implications for how we relate and bond as professionals who share a common vision of working together to build a great nation with a sustainable economy driven by strong institutions.”


Mrs. Adewuyi explained that with the drastic changing dynamics in the market, ICAN would expand its collaborative horizons to bring on board non-traditional partners, especially the Tech companies that would work with the Institute on the gradual incorporation of emerging technologies, such as Machine Learning, Data Analytics, Robotics and Artificial Intelligence.


She assured that as the Institute would strive to hold leaders at all levels accountable, it would also enforce compliance to the professional code of ethics and sanction all proven cases of misdemeanor by members without fear or favour. 


She posited that the task of nation building is a collective responsibility, adding that ICAN as a critical stakeholder could not continue to watch askance for the nation to be going down the hilltop through formulation and implementation of strategic policies.


She also disclosed that ICAN would make efforts to take its Accounting Technician Scheme West Africa (ATSWA) examinations to other African countries which need the middle level Accountancy support, adding that ICAN would maintain excellent working relationships with regulatory authorities like Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Company (NDIC), Securities Exchange Commission (SEC), the Nigerian Stock Exchange (NSE), Corporate Affairs Commission (CAC), Federal Inland Revenue Service (FIRS), Nigerian Extractive Industries Transparency International (NEITI), National Insurance Commission of Nigeria (NAICOM) and the National Pension Commission (PENCOM). 


Mrs. Onome Joy Adewuyi graduated with a BSc degree (Second Class Honours Upper Division) in Accounting from the University of Benin in 1982 and MSc in Banking & Finance from the University of Lagos in 1993. 


She is an Alumnus of the Harvard Business School, Boston Massachusetts USA; the Wharton Business School of Pennsylvania, USA and the Kellogg Business School, Chicago USA. 


She is also an Alumnus of the International Banking Summer School, USA and the Lagos Business School.


She began her career with Texaco Nigeria Plc. as the Treasury and Investment Accountant. 
She later joined the Nigerian Intercontinental Merchant Bank Limited where she started her banking career. 
She worked in Fidelity Bank Plc. for close to two decades where she rose to the position of the Executive Director, Risk Management. 


She has over 3 decades of experience in banking and financial management.
Mrs. Adewuyi, in conjunction with Deloitte of South Africa, was responsible for the implementation of Fidelity Bank Plc. Enterprise Risk Management System in 2008. 


This culminated in the setup of distinct Credit Risk, Market Risk and Operational Risk Division of the Bank which is still in use at Fidelity Bank Plc. 


She is a faculty member of the Financial Institution Training Centre and other private training institutions on Risk Management (Credit and Operational Risks).
She is a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN). 


She represents ICAN on the Governing Council of the Financial Reporting Council of Nigeria (FRCN) and has been Honorary Treasurer of ICAN for three times consecutively: 2011-2012; 2013-2014 and 2014-2015. She was a past President of the Society for Women Accountants of Nigeria (SWAN). 


She is a member of the Institute of Directors (IoD) and currently serves on the Boards of Law Union & Rock Insurance Plc. and Dominion Trust Limited as Non-Executive Director.
Mrs. Adewuyi is currently the Executive Director, Finance & Admin of Cynergy Platforms Limited. 

Business News

Adaora Umeoji Showcases Zenith Bank’s Strong Financial Performance, Targets  Over  N1 Trillion Profit In 2024

Published

on

Share

Zenith Bank Plc, Nigeria’s leading financial institution, held its Capital Markets Day last week to showcase the bank’s inherent values as it embarks on its recapitalisation journey. The event, which brought together key market players, focused on the bank’s growth trajectory, strategic objectives, market performance, and consistent, robust dividend payout over the years.

It also provided an opportunity for the bank to inform capital market stakeholders about its robust risk management culture, adherence to regulations, capital adequacy, and maintenance of low non-performing loan levels.

Addressing capital market stakeholders, investors, and analysts at the event in Lagos, the Group Managing Director/Chief Executive Officer, Dame Dr Adaora Umeoji, highlighted the financial institution’s tier-1 capital of N1.

8 trillion, shareholders’ funds of N2.3 trillion, market capitalisation of N1.3 trillion, a profit before tax of N796 billion, and a dividend of N4 per share for the year ended December 2023.

Providing guidance for 2024, she noted that, given the trend of the bank’s performance and having achieved a profit before tax of N796 billion in 2023 and N320 billion in the first quarter of 2024, the bank is on track to deliver over N1 trillion in profit before tax in 2024. She expressed confidence that, with the quality of the board and management and a strong corporate culture, the bank is well-positioned to deliver superior value to investors and other stakeholders and to navigate the recapitalisation process successfully. She also disclosed some of the bank’s future plans, which include driving financial inclusion, expanding corporate and retail banking through technology and other state-of-the-art digital platforms, and establishing a fintech subsidiary, ZenPay, to drive profitability. Additionally, the bank intends to expand to France and other Francophone African countries.

Dr Umeoji explained, “For us at Zenith, we won’t be left out. We are planning to go to the market to raise capital, and as it stands, Zenith Bank has the least amount of capital to raise. We are looking to raise N230 billion because we are already at N270.7 billion. That is the least capital to raise among our peers. We believe that Zenith Bank has what it takes. We have the capacity, the network, the balance sheet, the human capital, and the track record to achieve that. We are planning for the future, and the technology we have now is the best in the entire industry. It will help us to have a seamless process and integrate.”

Also speaking, the Chief Financial Officer/General Manager, Dr Mukhtar Adam, pointed out that in the last five years, the bank’s Compound Annual Growth Rate (CAGR) in revenue has grown by over 27 per cent. “This continues to grow year-on-year. Within this period, at some point, Nigeria went into recession, but we forged ahead, worked very hard, and continued to deliver growth. Within the last five years, our profit before tax has also grown cumulatively by about 28 per cent. This is a market where, at some point, government instruments – treasury bills – were paying one per cent, two per cent, three per cent. But we forged ahead to grow the numbers and provide stable returns of at least 28 per cent.”

Zenith Bank recently emerged as the Best Commercial Bank, Nigeria, in the World Finance Banking Awards 2024, retaining the award for the fourth consecutive year. The bank was also named Best Corporate Governance, Nigeria, for the third year running in the World Finance Corporate Governance Awards 2024. The awards, published in the Summer 2024 issue of World Finance Magazine, recognise the bank’s robust financial performance, superior customer service, sustainability initiatives, and corporate governance practices.

Commenting on the dual honours, Dr. Umeoji said, “These awards highlight our steadfast dedication to excellence, adherence to global best practices, and our persistent effort to deliver superior value to all stakeholders through innovative products and services. Receiving these awards consecutively for multiple years signifies the commitment of our staff, the loyalty of our customers, and the support of our shareholders. We remain devoted to setting industry benchmarks and driving excellence across all aspects of our operations.”

Dr. Umeoji also expressed delight at the recognition and dedicated the awards to the Founder and Chairman, Dr. Jim Ovia, CFR, for his impactful leadership in establishing a robust and flourishing institution. She also expressed gratitude to the board for their vision and insight, the staff for their unwavering dedication, and the bank’s customers for choosing Zenith as their preferred bank. World Finance is a leading international magazine providing comprehensive coverage and analysis of the financial industry, international business, and the global economy.

In its audited results for the year ended December 31, 2023, Zenith Bank achieved a remarkable triple-digit growth of 125 per cent in gross earnings, from N945.6 billion reported in 2022 to N2.132 trillion in 2023. The impressive growth in gross earnings resulted in a year-on-year increase of 180 per cent in profit before tax (PBT), from N284.7 billion in 2022 to N796 billion in 2023, while profit after tax (PAT) also recorded triple-digit growth of 202 per cent, from N223.9 billion to N676.9 billion for the period ended December 31, 2023.

The increase in gross earnings was primarily due to growth in interest and non-interest income. Specifically, its interest income increased by 112 per cent, from N540 billion in 2022 to N1.1 trillion in 2023, while non-interest income grew by 141 per cent, from N381 billion to N918.9 billion in the same period. The rise in interest income was attributed to the growth in the size of risk assets and their effective repricing, alongside the increase in yield of other interest-bearing instruments over the year. Growth in non-interest income was driven by significant trading gains and an increase in gains from the revaluation of foreign currencies.

Zenith Bank’s cost of funds also grew from 1.9 per cent in 2022 to three per cent in 2023 due to the high interest rate environment, while interest expense increased by 135 per cent, from N173.5 billion in 2022 to N408.5 billion in 2023. Notwithstanding the 32 per cent growth in operating expenses in 2023, the Group’s cost-to-income ratio improved significantly from 54.4 per cent in 2022 to 36.1 per cent in 2023 due to improved top-line performance. Return on Average Equity (ROAE) increased by 118 per cent, from 16.8 per cent in 2022 to 36.6 per cent in 2023, underpinned by improved gross earnings, as the Group sought to deliver better shareholder returns. Return on Average Assets (ROAA) also grew by 95 per cent, from 2.1 per cent to 4.1 per cent in the same period.

Zenith Bank was established in May 1990 and commenced operations in July of the same year as a commercial bank. The bank became a public limited company on June 17, 2004, and was listed on the Nigerian Stock Exchange (NSE) on October 21, 2004, following a highly successful Initial Public Offering (IPO). In 2013, the bank listed $850 million worth of its shares at $6.80 each on the London Stock Exchange (LSE). Headquartered in Lagos, Nigeria, Zenith Bank Plc has more than 400 branches and business offices in prime commercial centres across all states of the federation and the Federal Capital Territory (FCT).

Zenith Bank Plc, founded by Jim Ovia, CFR, in 1990, has since grown to become one of the leading financial institutions in Africa. The underlying philosophy is for the bank to remain a customer-centric institution with a clear understanding of its market and environment. Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards. These latest accolades follow several recognitions, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the 14th consecutive year in the 2023 Top 1000 World Banks Ranking, published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria, in the International Banker 2024 Banking Awards, among several others.

Zenith Bank Plc has blazed the trail in digital banking in Nigeria, achieving several firsts in the deployment of Information and Communication Technology (ICT) infrastructure to create innovative products that meet the needs of its customers. The bank is a leader in the deployment of various channels of banking technology, and the Zenith brand has become synonymous with state-of-the-art technologies in banking. Driven by a culture of excellence and strict adherence to global best practices, the bank has combined vision, skilful banking expertise, and cutting-edge technology to create products and services that anticipate and meet customers’ expectations, enable businesses to thrive, and grow wealth for customers.

Continue Reading

Business News

AMCON Records Over N108bn in 2023 Financial Year

Published

on

Share

By Tony Obiechina, Abuja 

Amidst challenging macroeconomic conditions coupled with economic headwinds, Asset Management Corporation of Nigeria (AMCON) achieved a remarkable triple-digit growth of 202% from NGN34.730 billion in the previous year to NGN108.433 billion in 2023.

 

This was contained in the a statement made available by Jude Nwauzor, Head of Corporate Affairs Department in Abuja on Wednesday.

 

A breakdown of this impressive achievement showed that AMCON, which is currently led by Gbenga Alade as Managing Director/Chief Executive Officer achieved a Year-on-Year (YoY) growth in profit of 212% from N34.730 billion in the financial year, which ended on December 31, 2022, to N108.

433 billion in the period ended December 31, 2023.

The report disclosed that fair valuation gains on Eligible Bank Assets (EBAs) increased to N40.9 billion in 2023 from a loss of N187.9 billion in 2022. Equity portfolio recorded 82% growth in 2023 amounting to N43 billion as compared with N7.9 billion in 2022. The significant trading gains is as result of an improved performance in the stock market.

The Corporation achieved a favourable reduction in total liabilities, from N6.282 trillion in 2022 to N5.739 trillion in 2023, primarily due to repayments of the N500 billion Central Bank of Nigeria (CBN) loan. It also recorded 89% achievement of its revenue budget in 2023 as the total recovery in 2023 stood at N125.2 billion.

A breakdown of the recovery showed that AMCON achieved N81.65 billion in collections from various obligors, N17.8 billion from share sales, N15.5billion reinvestment income, N6 billion as proceed from sale of properties, N3.8 billion dividend income and N0.5 billion from rental income despite the country’s challenging economic environment, occasioned by the removal of subsidy and floatation of the naira.

The executive management said AMCON is strategically positioned to continue with the positive trajectory achieved in the year 2023, with special emphasis on improved recoveries and efficient realization of value from disposal of forfeited assets in furtherance of the Corporation’s mandate.

 The summary of the AMCON’s Financial highlight is presented below:

*Profit for the year Dec 31, 2022 – N34,730bn

*Profit for the year Dec 31, 2023 – N108,433bn

*Total comprehensive income for the year, net of tax – (2023) N106,385bn

N30,963bn (2022)

Total Assets

N1,076,144bn (2023)

N1,513,304bn (2022).

Continue Reading

Business News

Published

on

dailyasset-greetings
Share

Recapitalization ‘ll Create Stronger, more Resilient Banks – Cardoso 

By Tony Obiechina, Abuja 

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that the Bank will continue to collaborate with relevant financial institutions, the fiscal authorities and the National Assembly to ensure a successful recapitalisation exercise, including providing adequate protection of property rights and interests of minority shareholders.

Mr. Cardoso made the pledge in London on  while speaking to stakeholders on “The Impact of the Recapitalization of Nigerian Banks” at the UK-Nigerian Chamber of Commerce.

 

The Governor, represented by the Bank’s Deputy Governor, Financial Systems Stability, Mr. Phillip Ikeazor, emphasised the event’s significance and restated the CBN’s commitment to fostering stronger, healthier, and more resilient banks capable of withstanding economic shocks and supporting the Government’s goal of achieving a GDP of US$1 trillion by 2030.

According to him, the anticipated impact of the recapitalisation programme will include an increase in banks’ lending capacity, a boost in the volume of foreign direct investment (FDI), and an increase in foreign exchange liquidity.

He said the exercise would also contribute to GDP growth, better risk management, improved credit ratings, a diversified ownership base, better governance and strategic decisions, and increased market volume and value, leading to a more vibrant equity market.

“With the recapitalisation programme, our goal is to trigger the emergence of stronger, healthier and more resilient banks,” he added.

He noted that several factors influenced the new minimum capital requirements, including macroeconomic conditions, stress test outcomes, and the need for improved risk management.  

“We will rigorously enforce our “fit and proper criteria” for prospective new shareholders, senior management, and board members of banks, and proactively monitor the integrity of financial statements, adequacy of financial resources, and fair valuation of banks’ post-merger balance sheets,” Cardoso assured.

He noted the significant opportunity it presents to engage investors, policymakers, and technocrats on the critical issue of bank recapitalisation in Nigeria. 

Mr Cardoso explained that since assuming of office in October 2023, his priorities at the CBN have included achieving monetary and price stability, maintaining a stable exchange rate, controlling inflation, and creating an enabling environment for businesses. 

He explained that the recapitalisation directive excluded retained earnings from the minimum capital requirement to simplify capital calculations and enhance transparency. He explained that the decision, rooted in the BOFIA Act 2020, aligns with international standards like Basel III and emphasises core capital elements to improve financial stability.

Reflecting on the successful 2004/5 Banking Sector Reforms, which consolidated the industry, increased capital bases, and boosted resilience against the global financial crisis, the Governor assured that the current recapitalisation initiative aims to build on these achievements. 

Continue Reading

Read Our ePaper

Top Stories

NEWS6 hours ago

NDA Commandant Decorates Ombugadu, Others as Fellows of Solar Energy Society of Nigeria

ShareFrom Abel Zwànke, Lafia The 2023 gubernatorial candidate of the People’s Democratic Party (PDP) in Nasarawa State, His Excellency Rt....

NEWS19 hours ago

Yuletide: Bode George Urges Tinubu to Reduce Petrol Price

ShareChief Bode George, a former Deputy National Chairman of the Peoples Democratic Party (PDP), has urged President Bola Tinubu to...

NEWS19 hours ago

Tinubu Set for Groundbreaking of Renewed Hope City in Lagos 

Share President Bola Tinubu, is set to perform the  groundbreaking of 2,000 housing units of the Renewed Hope City in...

NEWS19 hours ago

Gov. Alia Presents N550.1bn as 2025 Budget Estimate to Benue Assembly 

ShareGov. Hyacinth Alia on Wednesday presented the sum of N550.1bn as the 2025 appropriation bill to the Benue State House...

NEWS19 hours ago

Tax Bills: NASS will not Betray the Trust of Nigerians, says Akpabio

Share The President of the Senate, Sen. Godswill Akpabio, says the National Assembly will prioritise the interest of all Nigerians...

NEWS19 hours ago

Alia Has Demonstrated Capacity, Courage to Entrench Good Governance—Speaker 

Share The Speaker, Benue Assembly, Mr Hyacinth Dajo, has said that Gov. Hyacinth Alia has so far demonstrated capacity, courage,...

Economy19 hours ago

Investors Gain N183bn on NGX

Share The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion. Accordingly, the market capitalisation, which...

NEWS19 hours ago

Energy, Solid Minerals Top Priority, Tinubu Tells German Businessmen

Share President Bola Tinubu, on Wednesday, assured the German government and businessmen of Nigeria’s preparedness to expand frontiers for investors...

NEWS19 hours ago

Nigerian Who Wrote WASSCE 17 Times Bags Distinction from London School 

Share Dr Emmanuel Ahmadu, a Nigerian who wrote the West Africa School Senior Certificate Education 17 times, has earned a...

POLITICS20 hours ago

INEC Staff Welfare Association Warns Members Against Manipulating Election Results

Share The Abia Chapter of the INEC Staff Welfare Association (ISWA) has warned its members to uphold the integrity of...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc