Money market
Heritage Bank partners Silverbird to empower 5 young creative Nigerians
Heritage Bank Plc, Nigeria’s most innovative banking service provider has joined forces with Silverbird Group to empower and deepen its support to young entrepreneurs in the Nigeria creative and entertainment industry.
This, the bank said, is in line with its culture as timeless wealth partners, which would impact positively on the nation’s socio-economic development, as the graduates are empowered with job and mentorship opportunities at the Silverbird Group.
During the first batch of the Ynspyre Project, Heritage Bank and Silverbird graduated five young talented minds in a three (3) months rigorously internship training programme to equip them with the necessary skills for their future engagements.
Over 3000 people sent their entries but only five were picked and trained in their different field of choice. Amongst the lucky interns are: Derrick Ugwugbu–Reporter/Anchor; Deborah Johnson–Radio Presenter; Oluwasegun Emmanuel Ikoya–Disk Jockey (DJ); Ayomide Solaja–News Presenter and Abayomi Bello–Cinematographer.
Speaking during the handover of certificate of completion, Divisional Head, Corporate Communications of Heritage Bank, Fela Ibidapo, said as a forward looking financial institution its strength lays in the ability to spot and mould talents into great professionals.
He noted that the Ynspyre Project was established to train, nurture and arm young employees with the right skills needed to fast-track development and enable talents to flourish.
He urged prospective interns who have interest in participating in the Ynsprye Project to dial *745# to open a savings account with the chance to be amongst the next set of interns, whilst staying tune to Heritage Bank’s platform and Silverbird Television.
Meanwhile, Ibidapo explained that the aim of Heritage Bank being at the forefront of youth empowerment is to emancipate the latent entrepreneurial spirit in the teeming youths to unleash their support to the growth of the economy.
Ibidapo stated that being at the forefront of investing in human capital development for critical economy recovery, “we will continue to up our game to empower Nigerian youths who is one of the bedrock of any vibrant economy,” he added.
He disclosed that one of the channels churned out in partnering the youths to leverage their talents and contribute their quota to the growth of the economy, was the use of financial inclusion strategy which would be adopted to boost entrepreneurship development, as this is critical to Heritage Bank’s mission to create, preserve and transfer wealth across generations.
Head, Producct Development, Heritage Bank, Uchenna Mike Olisa who admonished the trained entertainers to make good use of their acquired skills, affirmed that platform would enable young creative minds to be more imbued with the requisite talents.
Head, Silverbird Television, Mike Nwadike, hinted that lots of resources have gone into the training with series of creative sessions, strategy sessions, brainstorming meetings and re-evaluation, with the aim of ensuring that the participants are grounded in their respective skills.
Head of Programmes, Radio, Iyke Chinke commended Heritage Bank for their continued efforts to empower youths in the country. According to him, “it is hard to find banks out there to give young people the opportunity but Heritage Bank has been championing it.”
Demand deposits have jumped by 206.83 percent from N9.67 trillion in May 2019 to N29.67 trillion this year’s May, according to data from the Central Bank of Nigeria’s website.
The data showed that the country’s demand deposits grew by 9.31 percent between May 2019 and May 2020 to N10.57 trillion, despite global economic uncertainties caused by the COVID-19 pandemic.
The growth continued into 2021 and beyond, surpassing N20 trillion in early 2023.
Factors contributing to the growth include increased economic activities, government stimulus measures, and enhanced liquidity in the banking system.
An economist at Lotus Beta Analytics, Shedrach Israel, in a conversation with our correspondent on Friday, noted that the surge in demand deposits signified robust consumer confidence and liquidity in Nigeria’s financial system.
“It reflects heightened economic activities, investments, and savings mobilisation within the country, supporting lending activities and stimulating economic growth,” he added.
However, the rising trend in demand deposits also raises considerations for monetary policymakers, necessitating vigilant monitoring to ensure financial stability, manage inflationary pressures, and sustain long-term economic growth.
Experts noted that while the growth in demand deposits reflected a resilient financial sector, it also required careful management to mitigate potential risks and ensure sustainable economic development.
An analyst at Phemmy Gracey Limited, Olorunfemi Idris, noted that the increase in demand deposits had important implications for the economy, providing banks with more funds to lend and potentially boosting credit availability and economic growth.
However, he also raised concerns about inflation and the potential surge in money supply, which could lead to economic instability if not managed properly.
…Extends probe panel’s deadline by two months
The Senate has approved an additional two months for the Ad-hoc Committee investigating the N30 trillion Ways and Means facilities granted to the Federal Government by the Central Bank of Nigeria (CBN) between 2014 and 2023.
The Committee, chaired by Senator Isah Jibrin, APC, Kogi East, had requested more time to receive vital information from relevant agencies involved in the spending of the monetary facilities.
Senator Jibrin stated, “Most of the relevant agencies have been contacted, and their documents are being thoroughly scrutinised as regards spending of the disbursement gotten from the ways and means.”
He added, “Being a very sensitive national assignment, the committee is carrying out a very thorough investigation devoid of rushing into conclusion.”
The Committee has intensified its efforts to ensure a thorough investigation, and the additional time frame will enable them to submit a comprehensive report in September. Senator Jibrin warned that the Committee may summon heads of agencies that fail to respond to vital information requests.
The investigation into the N30 trillion Ways and Means facilities was initiated by the Senate in March, with a six-week deadline. The Committee’s report will shed light on how the funds were disbursed, for what purposes, and whether they were expended efficiently.
The Committee that is probing the humongous N30 trillion ‘Ways and Means’, which was released as loan to the Federal Government during the former President Muhammadu Buhari administration which is chaired by Senator Jibrin Isah, APC, Kogi East, has Senators Asuquo Ekpenyong, APC, Cross River South; Mohammed Tahir Monguno, APC, Borno North; Victor Umeh, LP, Anambra Central and Olamilekan Adeola, APC, Ogun West as members.
Others are Senators Sani Musa, APC, Niger East; Aliyu Wadada, SDP, Nasarawa; Abdul Ningi, PDP, Bauchi Central and Ipalibo Banigo Harry, PDP, Rivers West.
The ‘Ways and Means’ is an overdraft taken directly from the Central Bank of Nigeria to solve contingency needs of the nation following approval and directive of the executive arm of government which would have to be ratified by the parliament.
The financing of government deficits through Ways and Means facilities often leads to macroeconomic instability, causing inflation and high exchange rates due to excess liquidity in the economy.
Although the CBN law restricts Ways and Means advances to 5% of the previous year’s revenue, this limit has been frequently exceeded in past years.
In an effort to address this issue, CBN Governor Olayemi Cardoso announced in February that the bank will no longer provide Ways and Means advances to the government until all outstanding debts are repaid.
Access Bank, Africa’s leading full-service commercial bank, has partnered with the British Council for the seventh edition of the British Council Recognition and Outstanding Cambridge Learner Awards (BROCLA).
The partnership is in line with Access Bank’s commitment to supporting the educational sector and recognizing students who have excelled on national and global stages in the May/June 2023 and Oct/Nov 2023 Cambridge International Examinations.
The well-attended event which took place last week at the Civic Centre in Victoria Island, Lagos, testifies to Access Bank’s brand positioning and its strategic alliances with reputable partners.
Access Bank said the partnership offers it a unique blend of global prestige, strategic networking opportunities, enhanced brand visibility, alignment with corporate social responsibility (CSR) goals, and positive public relations.
Speaking at the British Council Recognition and Outstanding Cambridge Learner Awards, Chioma Kema Ogwo, Head, Emerging Businesses Team at Access Bank said the importance of education cannot be overstated, noting that it is a sector Access Bank is heavily investing in.
She stated that it partnered with the British Council in the 7th edition of the British Council Recognitions and Outstanding Cambridge Learner Awards (BROCLA) because of Access Bank’s value for education.
Ogwo said that in addition to the awards presented at the event, Access Bank will be giving the successful students some financial support as they begin this new phase in their lives.
“We at Access Bank are big on education and we have several offerings for the education value chain, from the parents – including access to finance for the school fees of their wards, access to exclusive offerings while transiting to visit their wards abroad, supplementary cards that can be used by their wards abroad and so much more.
“The schools are also not left out as we have access to affordable finance options for the schools for working capital, asset finance, and school expansion projects. We have a special school account for schools that recognizes their unique term cycles and offers a wide range of non-financial offerings,” Ogwo said.
Earlier in his address, Senior Manager, Sub-Saharan Africa, Cambridge International Education, Der Riet commended the 48 recipients of the high achievement awards and eight students who have excelled across multiple subjects to earn the best awards, describing their dedication to studies and ability to excel across a diverse range of subjects as truly commendable.
He acknowledged Access Bank for partnering with the British Council for the Recognition and Outstanding Cambridge Learner Awards 2024 saying that it is a vindication of the Bank’s commitment to promoting education in Nigeria.
“I also want to acknowledge Access Bank. Access Bank is also playing a big role here and is going to additionally recognise the awardees who are present in the room with awards. We want to thank the bank for this support and partnership; it’s a testament to the bank’s commitment to promoting education,” he said.
Regional Director, Sub-Saharan Africa, Cambridge International Education, Juan Visser said of all the outstanding learner events across the world, Nigeria is by far the most glamorous, and acknowledged all the successful students for their brilliance, ambition, strength, and for simply being outstanding.
“We are here to celebrate 95 Cambridge learners coming from 37 Cambridge schools, or international schools accredited to offer Cambridge, with a total of 134 awards. Cambridge has an important role to play together with the British Council in Nigeria in providing quality education to our schools and learners worldwide,” he said.
Visser who averred that quality education is the greatest driver to transforming societies and lives, said that the students gathered for the event are a testament to that adding “I know this is a big day for you all and you have worked so hard for this moment. Even with the disruption of a global pandemic, you continue to study hard and achieve excellence. People often forget that the cohort of learners here today was highly impacted by the pandemic and had to work through that.”
The Outstanding Cambridge Learner Awards are a group of awards that recognise exceptional learner achievement in Cambridge examinations around the world. Awards results are generated electronically using Cambridge’s awards data generation system.
Cambridge awards are based on overall standard marks rather than percentage marks or grades. The learner with the highest overall standard mark in the world or the country/territory will receive the award for that particular subject.
The 2024 British Council Recognition and Outstanding Cambridge Learner Awards event was witnessed by students from various schools, parents, teachers, British Council Nigeria officials, and other distinguished guests including Hon. Jamiu Tolani Alli-Balogun, Lagos State Commissioner for Basic and Secondary Education.
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