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Unity Bank, Lagos Food Bank partner to donate food items to community

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In a massive collaborative initiative to support and promote interventions targetted to addressing hunger and malnutrition in communities, Agric lender, Unity Bank Plc and Lagos Food Bank have donated food items worth millions of Naira to Ogundimu Ilaje, a riverine community in the suburb of Lagos.

A statement from the Bank adds that the intervention is part of the Bank’s strategic Corporate Social Responsibility aimed at sustaining improvement of health and social welbeing of communities where we operate, whilst identifying with the goals and objectives of the Lagos Food Bank Initiative, a non-profit organization committed to providing welfare programme to indegent people has helped the Bank to reach direct beneficiaries.

No fewer than 150 cartons of food items, tagged: ‘Unity Box of Hope’ was distributed to hundreds of households in the underserved community.

The gesture, according to the Bank, comes on the heels of the worsening economic situation in the country, especially with the soaring food inflation at 23.12 per cent as of August 2022, which has resulted in the alleviate hunger in many households.

Addressing the beneficiaries at the venue of food distribution, Mr. Hillary Oguebo, Unity Bank’s Head, Corporate Resources, said the Bank, as an agric-focused financial institution, is fulfilling its core mandate in line with Bank’s drive for food security, adding that the Bank is pleased to donate the food items to the community to help ameliorate the impact of the rising cost of food on them.

He said, “Unity Bank has a financing business model that is principally anchored, amongst others, on boosting agricultural production and it is also meaningful for those who have not benefitted from the Bank’s Agric financing package to receive direct food intervention as it is being done today.

“Due to a lot of factors, especially growing insecurity, food production has been impacted severely, leading to historical food inflation. That has left many households struggling and battling hunger. So, this is a thoughtful gesture that we hope to sustain to reach as many Nigerians who really deserve this form of intervention at this critical period.”

With a score of 28.3, the Global Hunger Index ranks Nigeria 103rd out of 116 and classifies the country’s hunger level as serious. This is a result of the country’s growing food insecurity, which has risen to more than 80 per cent from less than 20 per cent about three decades ago.

Unity Bank has led some of the most important critical interventions in the agric sector in Nigeria in the recent past and boasts significant investment in the Agric sector over the past six years and a track record of financing smallholder farmers that spur food production through the Anchor Borrowers’ Programme of the Central Bank of Nigeria.

Through a Corporate Social Responsibility initiative that feeds households in underserved communities, the Bank is redefining CSR through strategic interventions that align perfectly with its business model.

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Stanbic IBTC to seek shareholders’ approval for N400bn debt issuance

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The Board Stanbic IBTC Plc will seek shareholders’ approval to establish a Debt Issuance Programme of up to N400 billion to issue diverse debt securities through various methods and terms, subject to the grant of all required approvals from the relevant regulatory authorities.

This was contained in the group’s notice of the Annual General Meeting seen by Nigerian NewsDirect.

According to the notice, the company will also request that the directors are authorised to execute all necessary agreements and engage professional parties for the Company’s N400 billion Programme, including compliance with regulatory directives.

Additionally, to seek endorsement for ordinary resolution granting the Directors authority, contingent upon regulatory approval and Clause Seven of the Company’s Memorandum of Association, to raise additional equity capital of up to N150 billion via a Rights Issue or offer for subscription, with terms to be determined by the Directors.

The statement reads, “That subject to receipt of any required regulatory approvals and pursuant to Article One of the Company’s Articles of Association, the Directors be and are hereby authorised to establish a Debt Issuance Programme (the “Programme”) in an amount of up to N400,000,000,000 (four hundred billion naira) or such foreign currency equivalent thereof as the Directors may consider appropriate, for the purpose of issuing debt securities (to include senior unsecured or secured, subordinated, convertible, preferred, equity linked or such other forms of debt obligations) by way of public offering, private placement, additional tier one or tier two capital raising, investments, book building process or any other method, in tranches of such amounts and at such dates, coupon or interest rates and upon such terms and conditions as may be determined by the Directors, subject to the grant of all required approvals from the relevant regulatory authorities

“That the Directors be and are hereby authorised to enter into and execute all such agreements, deeds, notices and documents as may be necessary for or incidental to the Company’s N400 billion Programme and the Directors are also authorised to appoint all such professional parties necessary for or incidental to, the actualisation of the Programme, including, without limitation, complying with the directives of any regulatory authority.

“To consider and if thought fit pass the following sub-joined resolutions as an ordinary resolution: 9.1 ‘That subject to receipt of any required regulatory approvals and pursuant to Clause Seven of the Company’s Memorandum of Association: a. The Directors be and are hereby authorised to raise additional equity capital of up to N150,000,000,000 (One Hundred and Fifty Billion Naira) by way of a Rights Issue or offer for subscription on such terms, tranches, conditions and dates as may be determined by the Directors.

“In the event of an under-subscription to any Rights Issue or Offer for Subscription, the Directors are authorised to offer the unsubscribed shares first to interested existing shareholders; and where following such offer, any portion of the shares, remain unsubscribed, then the Directors are hereby authorised to offer such unsubscribed shares that may be outstanding, to interested investors on similar terms to the Rights Issue or Offer for subscription.

“Other resolutions to be passed: At the upcoming AGM, the shareholders will also have the opportunity to consider and pass the following special resolutions:

“That in accordance with Article Six of the Company’s Articles of Association, the Board of Directors (‘the Board’) be and unconditionally authorised to exercise the power conferred on them by Article Six of the Company’s Articles of Association as may from time to time be varied so that, to the extent and in the manner determined by the Directors, the holders of ordinary shares in the Company may be permitted to elect to receive new ordinary shares in the Company, credited as fully paid, instead of the whole or any part of any cash dividends (including interim dividends) paid by the Directors or declared by the Company in general meeting (as the case may be) from the date this resolution is passed until the earlier of five years from the date of the passing of this resolution and the date on which the annual general meeting of the Company to be held in 2029 occurs.

“Directors be and are hereby authorised to issue such new Ordinary Shares and/or make such allotments of shares or approve any allotment proposals as may be deemed necessary and expedient to give effect to the above resolution, subject to obtaining the approvals of the relevant regulatory authorities.

“That Directors be authorised to enter into any agreement and/or execute any document necessary to give effect to the above resolutions;

“That Directors be and are hereby authorised to appoint such professional parties and advisers and to perform all such other acts and do all such other things as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority.

“That following the completion of the additional equity capital raise as contemplated in Clause 9 above, the Issued and Paid Up Share Capital of the Company be increased from N6,478,498,581.50 (six billion, four hundred and seventy eight million, four hundred and ninety eight thousand, five hundred and eighty one Naira, fifty kobo) divided into 12,956,997,163 ordinary shares of 50 Kobo each to a maximum of up to N8,250,000,000.00 (Eight billion, two hundred and fifty million Naira) by the creation of up to 3,543,002,837 (Three Billion, five hundred and forty three million, two thousand eight hundred and thirty seven) Ordinary shares of 50 Kobo each; such new shares to rank pari passu in all respects with the existing ordinary shares in the capital of the Company, among others.”

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FirstBank garners top honours at 2024 Global Finance Awards

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First Bank of Nigeria Ltd. has won ‘Best Private Bank in Nigeria’ and ‘Best Private Bank for Sustainable Investment in Africa’ at the 2024 Global Finance annual awards.

This was disclosed in a statement on Wednesday by Group Head, Marketing and Corporate Communications, First Bank of Nigeria Ltd, Folake Ani-Mumuney.

Ani-Mumuney said the ninth annual World’s Best Private Banks Awards for 2024 held at the Harvard Club of New York on March 21.

Receiving the awards, Idowu Thompson, Group Executive, Private Banking and Wealth Management, FirstBank, said the institution was honoured for being Best Private Bank in Nigeria and Best Private Bank for Sustainable Investment in Africa.

Thompson said both awards revealed FirstBank’s enduring commitment to continuously creating value by strengthening financial awareness and driving inclusiveness in “customers journeys from wealth creation, growth, preservation and its orderly transfer”.

“We are delighted with the impact we have made in putting our customers first as this has played a very vital role in enabling their successes and contributing to national development.

“These awards are dedicated to our esteemed customers. We reaffirm our continued dedication to continuing to improve and delivering excellence in banking,” he said.

Founder and Editorial Director of Global Finance, Joseph Giarraputo, praised FirstBank’s experience and excellence.

“Private banking is an art as well as a science in which knowledge of economic and financial trends are paired with a deep understanding of client needs.

“Global Finance’s Private Bank Awards highlight institutions that deliver both,” he said.

He said that Global Finance Private Bank Awards honoured financial institutions that best served the specialised needs of high-net-worth individuals as they seek to enhance, preserve, and pass on their wealth.

Previous awards won by FirstBank include: Best CSR Bank in Nigeria 2024 by Global Banking and Finance; Most Innovative Digital Bank, 2024- Nigeria by Digital Banker Africa.

Others are the Most Innovative Banking Brand in Nigeria 2023 by Global Brands Awards; Financial Institution of the Year 2023 by Afrexim Bank; and Best Corporate Bank in Nigeria 2023 by Euromoney Awards for Excellence.

The FirstBank Private Banking business model was revamped in January 2023 on the back of a stellar performance in 2022.

This was to consolidate its position and maintain its pride of place as the leading Private Bank in Nigeria with distinct product offerings covering investment advisory, wealth management, asset management and lifestyle solutions.

The bank has remained consistent in reinventing itself, enabling success through the years of its existence for the last 130 years, responding to diverse changes and seizing global opportunities.

Amidst a rapidly evolving global landscape, First Bank of Nigeria Ltd. has demonstrated exceptional leadership in integrating sustainable practices into its banking operations.

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Oyebanji hails Alebiosu’s appointment as acting MD/CEO First Bank

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Gov. Biodun Oyebanji has congratulated Mr Olusegun Alebiosu on his elevation as the Acting Managing Director/ CEO of First Bank Plc by the bank’s board.

Alebiosu, who was until the appointment, the Executive Director, Chief Risk Officer and Executive Compliance Officer of the Bank, takes over from Dr Adesola Adeduntan.

Oyebanji, in a statement by his Special Adviser on Media, Mr Yinka Oyebode, congratulated Alebiosu, describing the new position as a befitting cap to his illustrious career and meritorious service to the financial institution.

The governor described the Omuo-Ekiti born banker as a thoroughbred professional who rose to the peak of his career through hard work and commitment to excellence and innovation.

Oyebanji said he was convinced that the new Acting Managing Director possesses the track record, experience and expertise to successfully drive the bank’s development agenda.

In wishing Alebiosu a successful tenure, Governor Oyebanji prayed that God would grant him wisdom and speed needed to take the bank to a new level of greatness.

“I convey the best wishes of the Government and good people of Ekiti State to one of our stars, Mr Olusegun Alebiosu on his appointment as the Acting managing Director of First Bank plc.

“This, no doubt, is a recognition of his capacity and competence.

“We wish him a successful tenure that would be characterised by irreversible progress for the bank,” he said.

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