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By Modupe Gbadeyanka
Some young Nigerian entrepreneurs recently pitched their business ideas to five judges for a chance to win a grant offered by a notable retail lender in the country, Keystone Bank Limited.
The financial institution partnered with Kleos Advisory to organise a specialised incubator programme known as the Keystone Start-up Advantage Programme (KSA) with offerings to address the needs of startup businesses.
The initiative started in January 2022 and gave 30 micro, small and medium enterprises (MSMEs) and startups the opportunity to go through a three-month investor readiness programme designed to have groups as well as one-on-one mentoring and coaching sessions.
At the end of the incubator period, three successful participants won a N3 million grant each to support their business operations.
The winners emerged at a ‘Demo Day’ held on Friday, August 5, 2022, at Keystone Bank’s head office in Lagos. The three successful SMEs/start-ups were XDC Manufacturing owned by Oluwatobi Oyetimein, Natal Cares owned by Uche Udekwe and Kahdsole Designs owned by Chioma Ukpabi.
Keystone Bank, which explained that this programme was in furtherance of its commitment to tackle unemployment and encourage entrepreneurs in Nigeria, noted that the platform created an opportunity for innovative SMEs and tech start-ups to connect with potential investors, tech thought leaders and hear their success stories first-hand, vis-a-vis the knowledge and skills needed to fast-track their businesses to the next growth phase.
The Divisional Head of Retail, SME and Value Chain at the bank, Mr Anayo Nwosu, said he was delighted that young Nigerian entrepreneurs were thinking outside the box to provide innovations and solutions to prevalent issues in the country.
He added that all the participants were winners as they all had innovative products and services for the market, disclosing further that the vision of the bank was to impact 200 startups annually and up to 1,000 startups in the next 5 years through the Keystone Start-up Advantage Programme.
“As you know, capacity building remains key for the growth and development of SMEs, because SMEs in every part of the world are the livewire of the economy.
“That is why as a bank, we shall continue to lend our support towards the growth of the sector,” he said.
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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN’s Richard Quest and Christiane Amanpour.
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By Dipo Olowookere
The mid-level financial institution, Fidelity Bank Plc, is looking to source fresh funds from investors, especially new ones, to possibly use to expand its operations in Nigeria and abroad.
Recall that recently, the lender announced the acquisition of Union Bank UK as part of its efforts to establish its footprint in the United Kingdom, where it believes it can penetrate.
The commercial bank also intends to move up the ladder and become a tier-one banking institution in Nigeria and rub shoulders with the big boys of the sector like GTCO, Zenith Bank, Access Holdings, FBN Holdings and UBA.
To achieve these goals, the company is seeking fresh capital from potential investors through the sale of some shares via a private placement.
A private placement is the sale of securities, including stocks, to investors directly and not through the open market like the stock exchange. The shares are usually sold at rates different from the market price and it is an avenue for raising funds.
In a notice to the Nigerian Exchange (NGX) Limited on Wednesday, Fidelity Bank disclosed that it would hold an Extraordinary General Meeting (EGM) on Thursday, September 29, 2022, at Four Points by Sheraton in Lagos by 10 am to seek approval of shareholders for the exercise.
The firm noted that it wants to sell via private placement the 3,037,414,308 unissued ordinary shares of 50 Kobo each in the share capital of the company to interested investors and needs the authorisation to do this.
It specifically said the meeting is to consider that “in furtherance of the provisions of Section 124 of the Companies and Allied Matters Act, 2020 and the Companies Regulations 2021, and pursuant to Paragraphs 9 and 10 of the Articles of Association of the company, the Board of Directors of the company be and is hereby authorised to issue, by way of a private placement, the 3,037,414,308 unissued ordinary shares of 50 Kobo each in the share capital of the company (being not more than 30% of the company’s existing issued shares and paid up capital) to potential investors” and would “rank pari-passu with the company’s existing issued shares.”
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By Modupe Gbadeyanka
An “A” rating has been affirmed on FBNQuest Merchant Bank by Agusto & Co because of its good financial standing and strong capacity to meet its obligations to clients.
In a statement, it was disclosed that the investment banking and asset management subsidiary of FBN Holdings Plc also got a stable outlook.
In the rating report released by the foremost rating agency in Nigeria, it was stressed that the Merchant Bank’s good brand equity, capitalisation ratios, acceptable asset quality and experienced management team influenced the rating.
The rating also reflects the bank’s franchise upheld by the affiliation with FBN Holdings Plc, one of Nigeria’s largest financial institutions with interests in commercial banking, capital markets, trusteeship and insurance brokerage.
In keeping with its commitment and performance as a leading corporate and investment banking house, delivering high-end financial products and services, the organisation has been deliberate to deliver strategic sustainable value that will cater to its clients by providing product offerings across a broad array of investment opportunities in targeted sectors of the economy, with a clear focus on building an enduring legacy for future generations.
“We are delighted to have been assigned an “A’’ rating from Agusto & Co. despite the current macroeconomic challenges,” the Managing Director of FBNQuest Merchant Bank, Mr Kayode Akinkugbe, commented.
“We remain focused on being a high-performance organisation whilst providing our clients with valuable and sustainable solution-oriented services,” he assured.
FBNQuest Merchant Bank provides innovative banking solutions for its diverse clients comprising governments, corporate organisations, financial institutions, high net-worth and affluent individuals.
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By Adedapo Adesanya
The Federal Government of Nigeria has concluded plans to commence the operation of the Regional Maritime Development Bank in the next three months (90 days).
This is part of a bid to increase the African Continental fleet and encourage intra-African trading.
Recall that the headquarters and headship of the Regional Maritime Bank has also been ceded to Nigeria.
The Minister of Transportation, Mr Mu’azu Sambo, while hosting the Secretary-General of the Maritime Organisation of West and Central Africa (MOWCA), Mr Paul Adalikwu, said at the Ministry was hopeful that the bank will start operations soon, noting that efforts are being made to make this a reality.
According to Mr Mu’azu, “When I resumed here, I realised immediately that the Regional Maritime Bank is one of the lowest hanging fruits that we can achieve within a very very short time. In fact, 90 days is too long”.
Mr Muazu explained that all efforts to get the Central Bank of Nigeria (CBN) to assist with office accommodation for the regional bank have not yielded any outcomes, so he will approach the Attorney-General of the Federation (AGF) to see if one of the forfeited properties can be allocated to the bank.
He also encouraged the Secretary-General to leverage MOWCA as a regional to push for Nigeria’s intent of becoming a member of Category C in the International Maritime Organization (IMO).
Speaking earlier, Mr Adalikwu stated that the idea of a Regional Maritime Development bank (RMDB) was conceived 11 years ago to facilitate single-digit interest loans to provide leeway to key players in the sector and enable them to compete favourably with their international counterparts.
According to Mr Adalikwu, “Eight countries have signed the Charter as required in the document establishing the bank. Two weeks ago, DRC Congo also signed making it 9 countries. One above the threshold required for the establishment of the Act”.
The MOWCA Scribe informed that the organogram of RMDB as adopted by council members had positions of President of the body, Company Secretary and a seat on the board ceded to Nigeria while Cameroun is to produce the Vice President 1, and Ivory Coast, Vice President 2, adding that other members countries are to provide board members for the Maritime bank.
Similarly, Permanent Secretary, Federal Ministry of Transportation, Mrs Magdalene Ajani, commended Mr Adalikwu, on the forthcoming regional meeting scheduled for Abuja in November 2022, where the Secretary General of IMO, Mr Kitlack Lim, will seek to prevail on the 25-member States to adopt the Suppression of Piracy and Other Maritime Offences (SPOMO) Act. This will enable the trial of piracy cases within the MOWCA sub-region irrespective of whichever sub-region the crime was committed.
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