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GTBank to Reward Mobile Banking Customers with 100k

 Foremost financial Institution; Guaranty Trust Bank (GTBank), has launched the #GTBankMobileWin100k competition to reward its mobile banking customers by availing them a chance to win N100,000 weekly in the mBank January rewards. The competition will run throughout the month of January 2016 and ten lucky customers will win N100,000 weekly during the period.

To participate in the competition, customers are required to perform two banking transactions weekly on the GTBank Mobile App, such transactions include funds transfers, airtime purchases, bills payments and purchases on the SME MarketHub. Multiple entries are allowed and winners will be notified by telephone or email.

The GTBank Mobile App is a versatile mobile application that merges the bank’s internet banking and mobile money service offerings to allow customers enjoy 24/7 flexibility in carrying out banking transactions without having to visit the Bank’s offices. Using the mobile app, customers can confirm transactions, transfer funds, pay bills and check balances from the comfort of their mobile devices.

The app also host other amazing features such as the SME MarketHub; an online e-commerce platform that allows businesses owners create online stores to sell and promote their offerings to millions of buyers online.

Commenting on the launch, Segun Agbaje, Managing Director / Chief Executive Officer of GTBank said: “Understanding that customers are always on the go; mobile banking puts us in the palm of our customers and provides a unique opportunity to offer quick and more efficient ways of providing banking services. As a Bank, we remain firm on our objective to deliver value adding services that are tailored to meet the diverse needs of our ever-growing customer base by leveraging technology to make banking more convenient for all our customers.”

GTBank has consistently played a leading role in Africa’s banking industry. The GTBank brand is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service quality and innovation.

Naira Maintains Free Fall, Drops To N300/$1

The naira maintained its plunge against the dollar at the parallel market on Wednesday, January 13, selling at N300 to the dollar.

The value of the currency had continued to crash shedding 6.5 per cent of its value from N277 to the dollar which it sold last weekend.

A BDC staff who  spoke with Leadership said she did not go the work as there was nothing happening at the office since the CBN refused to sell dollars to them.

The acting President of the Association of Bureau de Change Operators of Nigeria (ABCON) Aminu Gwadabe had noted that the move by the central bank is bound to put almost 12,000 individuals out of job.

Many of the BDC staff are waiting for Friday when their umbrella body will meet to know their fate. According to a BDC operator, “we don’t know yet if the CBN will allow us to buy from banks. We hope to find out at the meeting on Friday.”

Traders at the market said that they were concerned about the depreciating naira exchange rate in the black market. They, however, expressed optimism that the policy might impact positively on the market in the long run.

 

Oil Price Leaps For First Time In 8 Sessions On China, U.S. Stocks Draw

Oil prices soared on Wednesday, January 13, as positive Chinese trade data and an unexpected draw in weekly U.S. crude oil inventories gave investors reasons to buy crude futures.

Brent crude, the global benchmark, was up 63 cents at 31.49 dollars a barrel.

U.S. West Texas Intermediate crude (WTI) was up 69 cents at 31.13 dollars a barrel.

“The API inventory data triggered a profit-taking wave, that’s the main reason for this uptick,” said Hans van Cleef, senior energy economist at ABN Amro in Amsterdam.

“But the overall sentiment is still negative, meaning downside risk is still greater than upside potential.”

U.S. crude stocks fell unexpectedly last week, data from industry group, the American Petroleum Institute showed on Tuesday.

China reported exports dipped just 1.4 per cent in U.S. dollar terms in December, compared to forecasts of an eight per cent drop, positively surprising world markets.

The world’s second-biggest oil consumer has also been taking advantage of the oil price rout to stock reserves, increase exports of refined products, and may be set to overtake the United States as the world’s largest importer.

However, the bearish outlook for oil remains.

 

“Nigerian Economy To Grow By 4% In 2016” – PWC

Global audit firm, Pricewaterhousecooper in its recent forecast on the performance of the Nigerian economy in 2016, said it will struggle to grow at 4.0 per cent of Gross Domestic Product (GDP).

PWC said: “Our economists have developed three economic scenarios to help public and private sector organisations prepare for an uncertain environment in 2016. In these scenarios, we explored two types of shocks: an oil price shock and a political shock.”

“We expect that even under a benign economic scenario, the Nigerian economy will struggle to realise any growth much higher than 4.0 per cent.

“Nigeria’s economy has tended to suffer following an oil price crash, although its resilience has improved in more recent times. Getting the policy response right matters as falling economic growth imposes a real ‘human’ cost on the population,” PWC said in its recent 2015/2016 World Economic Outlook.

This is coming as the International Monetary Fund (IMF) recently cut Nigeria’s GDP growth forecast for 2016, to 4.0 per cent growth rate as the country continues to contend with the challenge of declining income from the drop in crude oil prices.

The latest growth forecast by the fund is 2.25 percentage points lower than its last year’s projection for Nigeria.

The multilateral donor agency stated this in its 208-page World Economic Outlook (WEO) titled: “Adjusting to Lower Commodity Prices,” released in Washington DC, recently.

 

Orange Acquires Airtel’s Operations in Burkina Faso, Sierra Leone

Orange Telecom and Bharti Airtel International (Netherlands) BV has sealed a pact leading to Orange’s acquisition of Airtel’s operations in Burkina Faso and Sierra Leone.

Orange, on Wednesday, January 13, stated that they will acquire 100 per cent of the two companies’ share capital.

This follows the slump in profitability for global mobile operators in Africa posing serious challenges to their investments. The consolidated revenue of the Burkina Faso and Sierra Leone subsidiaries is around 275 million euros. These acquisitions will be implemented in partnership with Orange’s subsidiaries in the Côte d’Ivoire and Senegal.

The outlay for Orange for these transactions will be based on the financials of Airtel’s two subsidiaries for the year ended March 31, 2016 and will represent the equivalent of 7.9 times Airtel’s EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) in these two countries at this time. The completion of these transactions remains subject to approval by the competent authorities.

These acquisitions provide a clear illustration of Orange’s international development strategy, which places a priority on accelerating growth in high-potential, emerging markets where the Group is not already present.

Through this deal, Orange will reinforce its presence in Africa with two additional countries, adding almost 5.5 million customers to its mobile customer base. This acquisition marks an important step forward in Orange’s dynamic growth strategy and will bring the Group’s African footprint up to 20 countries in 2016.

This is further to the initial agreement signed between Airtel and Orange in July 2015 regarding the potential acquisition of Airtel’s operations in Burkina Faso, Sierra Leone, Chad and Congo Brazzaville. The agreements regarding potential transactions in the remaining two countries have lapsed. Lazard and Société Générale were advisors to Orange for this transaction. Airtel was advised by Arma Partners LLP.

A new study by global technology research and consulting firm International Data Corporation (IDC) said Africa may well be the next frontier for growth and expansion for global telecom operators, but a number of major players have encountered serious challenges around the profitability of their investments in trying to establish a sustainable and economically viable footprint on the continent.

The move was spurred by the steadily declining revenues that Etisalat was pulling in from its international subsidiaries, with all of its West African operations (including Nigeria) contributing just seven per cent to its overall revenues in 2014. IDC also said Orange Telecom talks with Bharti Airtel to acquire subsidiaries in Francophone and Anglophone Africa is largely due to concerns around sustainability and profitability.

Paul Black, director of IDC’s telecoms program for the Middle East, Africa, and Turkey said “The poor level of infrastructure – particularly in relation to electricity supply – is one of the key challenges that telcos encounter when it comes to deploying and maintaining top-quality network operations in Africa.”

“This issue has consistently affected the profitability of telcos due to the increased levels of capital and operational expenditure they must undertake in building and maintaining a passive telecom infrastructure. Some global telcos have also failed to adapt and implement strategies that have succeeded in other regions. Indeed, the majority of global telcos have been unable to localize their global strategies to suit the unique operating environments of the African market.”

He said “The operational challenges facing telcos in Africa have driven growth in the continent’s third-party telecommunications infrastructure management business, and IDC expects the pressing need for telcos to reduce their costs and increase their levels of control to sustain growth in this space,” continues Black. “

IDC advises that in order to increase the likelihood of success, telcos wishing to pursue growth and expansion in the African market must focus on developing enterprise products and services that appeal directly to the wants and needs of the local market, and to small and medium-sized businesses in particular.

Bear Sentiment Holds Market to Ransom as Index Slides to New Low of 3.6%

The bear sentiment retained dominance on the floor of the Nigerian Stock Exchange, NSE, on Wednesday, January 11 following investors panic sell off.

The All Share Index (ASI)-the benchmark index slid to a new low at 25,103.05 points as against its opening index of 26,034.93 points, representing a drop of 3.6 per cent.

Aggregate market value of all quoted equities on the NSE slipped from N8.954 trillion to close at N8.633 trillion, indicating a loss of N321 billion.

Nestle Nigeria, Nigeria’s highest-priced stock, led the losers with a loss of N41 to close at N779. Dangote Cement followed with a loss of N7.65 to close at N145.45. Seven-Up Bottling Company dropped by N7 to close at N175. Nigerian Breweries declined by N4.84 to close at N97.18. Lafarge Africa lost N3.55 to close at N91.31 while Okomu Oil Palm dropped by N3.51 to close at N32.64 per share.

Total turnover stood at 369.23 million shares worth N1.69 billion in 2,893 deals. Diamond Bank was the most active stock with a turnover of 88.68 million shares worth N177.37 million in 32 deals. Unity Kapital Assurance followed with a turnover of 70 million shares valued at N35 million in a deal while Zenith Bank placed third on the activities chart with a turnover of 51.44 million shares worth N564.66 million in 536 deals.

The three contrarian advancers yesterday were Ashaka Cement, which rose by N2.26 to close at N26.50; Custodian and Allied, which added 14 kobo to close at N4.20 and NEM Insurance, which inched up by two kobo to close at 67 kobo per share.

Investors’ Panic Sell-off Costs Equities N321billion

The Southward movement at the Nigerian stock market on Wednesday, January 13, escalated to panic trading as investors scrambled for exit over concerns that the global decline in crude oil price could worsen Nigeria’s volatile foreign exchange management.

With more than 11 losers to every gainer, the market was in full sell mode yesterday.

The use of open market sell orders, which mandate brokers to sell at prevailing prices, turned the market into a complete buyers’ market, piling up losses on the divesting investors.

Aggregate market value of all quoted companies stood at N321 billion in the marked down that followed the flood of sell orders. There were 34 losers to three gainers, while several other stocks were stuck at their nominal value of 50 kobo each.

The mid-week steep decline worsened the negative eight-day average year-to-date return to -12.4 per cent.

In the past three trading sessions, the stock market has lost an average of 7.6 per cent in consecutive negative trading sessions.

 

 

CBN Positions Travelex To Replace Bureaux De Change Operators

The Central Bank of Nigeria, CBN, is said to be grooming Travelex, a global foreign exchange (forex) dealer, to replace Bureaux De Change operators (BDCs) to retail forex for end users, The Nation gathered.

Travelex is the world’s largest foreign exchange bureau specialized in international payments, bureaux de change and issuing prepaid credit cards for travelers.

In 2000, it bought Thomas Cook’s worldwide forex business for £440 million, expanding significantly its international operations.

Travelex has been opening retail shops at airports and in highbrow areas to enable it meet the rising forex demand, and fill the vacuum created by the CBN’s stoppage of dollar sales to BDCs.

Some of the outlets are in Lagos, Port Harcourt, Kano and Abuja, Travelex said in a statement last September.

The apex bank on Monday, January 11, suspended dollar sales to BDCs to conserve the foreign reserves and protect the naira. The move is also meant to enable the apex bank meet forex demand by domestic importers.

Aminu Gwadabe, Chief Executive Officer, SABIL Bureau De Change Limited, who confirmed the development, said CBN’s desperation to meet dollar demands from banks, government agencies and importers prompted it to give dollar import licence to Travelex.

Gwadabe, who doubles as the President, Association of Bureaux De Change Operators of Nigeria (ABCON) said Travelex has secured approval to open more offices across the country where dollar will be directly sold to banks, government and other end-users in a move to bridge the supply gap in the economy.

But CBN spokesman Ibrahim Mu’azu said Travelex will not take the place of BDCs. He, however, said the CBN’s stoppage of BDCs’ funding will create more room for Travelex to control the retail market space.

He said: “They (Travelex) have been in the market for a long time and will do more retail than before, going forward.”

Gwadabe insisted that although licensed as a wholesale supplier and forex importer into Nigeria, the intention of Travelex is to take over the retail segment of the forex market, where BDCs operate.

 

Pension Contributions Hit N5trillion

The National Pension Commission, PENCOM, on Wednesday, January 13, said that pension contributions under the Contributory Pension Scheme has leaped to about N5 trillion.

Director General of the Commission, Chinelo Anohu-Amazu who stated this at the 10th anniversary lecture of Trust Fund Pension Plc in Abuja, stated that there are plans by the commission to extend the contributory Pension scheme to the informal sector of the economy.

Represented by the Commissioner in charge of Inspectorate at the Commission, Mohammed Kaoje Abubakar, the Director General said the sustainability of the Contributory Pension scheme is very important, pointing out that the commission wants to free the scheme of the problems of defined benefit scheme which it replaced.

She said to ensure sustainability, the scheme must provide improved service delivery so that there can be internal efficiency, while the Pension Fund Administrators and the regulators must be open in their dealings.

She added there are plans to ensure that contributors can migrate from one PFA to the other if one is not performing to their expectations.

 

 

NNPC To Hold First Initial Public Offer by 2018

Nigeria National Petroleum Corporation, NNPC, has unveiled plans to make its first initial public offering of assets in 2018, Petroleum Resources Minister of State, Emmanuel Kachikwu said.

The NNPC GMD said “It’s inevitable,”on Tuesday in an interview in Abu Dhabi. “Part of the cleaning up process that we’re doing is to prepare for that.”

Nigeria plans to sell shares in its refining and distribution business and “select” exploration and production assets to the public, he said.

The NNPC manages Nigeria’s stakes in joint ventures with international oil companies that pump the country’s crude. It also operates refineries and a distribution network of depots and pipelines across the country of about 180 million people.

With reorganisation, the NNPC is expected to evolve into four efficient business units from more than a dozen that are mostly making losses, and return to profitability, according to the OPEC president.

 

Guinness Nigeria Secures Distribution Rights to USL’s Brand in Nigeria

One of the leading brewers n the country, Guinness Nigeria Plc has agreed to acquire the rights to distribute McDowell’s’, a mainstream spirits brand of United Spirits Limited (USL) in Nigeria.

The Corporate Relations Director of Guinness Nigeria, Sesan Sobowale in a release issued on Wednesday, January 13, said USL is an Indian mainstream spirits business which is also a subsidiary of Diageo Plc.

He said the transaction will become effective on February 1, 2016.

Industry analysts believe the move by Guinness Nigeria is part of strategic efforts to deepen its leadership in the Nigerian market especially in other category other than beer..

It will be recalled that Guinness Nigeria Plc recently acquired the exclusive distribution rights to Diageo plc’s International Premium Spirits (IPS) brands in Nigeria.

As part of the transaction, Guinness Nigeria will also take over various assets including the current inventory of Diageo Brands Nigeria Limited, the wholly-owned Diageo business which currently distributes and markets the IPS brands in Nigeria.

The consideration for the transaction was put at N2.35 billion with the transaction expected to be concluded by 31 December 2015 and the new distribution agreement for the IPS brands to become effective on 1 January 2016 subject to receiving all regulatory approvals.

The Managing Director/CEO of Guinness Nigeria Plc, Peter Ndegwa, was quoted as saying that “The transaction will facilitate the achievement of Guinness ambition to create the best performing, most trusted and respected consumer products company in Nigeria by leveraging the strength of our unparalleled portfolio of beer, adult premium non-alcoholic drinks (APNADs), ready to drink (RTDs) as well as spirits.

”The integration of the Diageo IPS brands with the Guinness Nigeria brand portfolio best fits our strategy of filling the gap in our total beverage alcohol portfolio, and allows us to compete across segments within the market.”

Government Parastatals’ Debt to DisCos Jumps to N45billion

The debts owed the Electricity Distribution Companies, DisCos,  by the military and ministries, departments and agencies (MDAs), has jumped from the N32 billion to N45 billion as at the end of 2015.

The Executive Director, Association of Nigerian Electricity Distributors (ANED), Sunday Oduntan, who spoke with the Nation, said that the distribution companies were going through several hitches especially in collection of payment for electricity supplied customers.

Oduntan said previously, the outstanding debt owed by MDAs was N32 billion, but has grown to N45 billion.

He said the DisCos have been discussing with the government on method of payment since the time debt was N32 billion because they need that money dearly to purchase equipment such as meters, among others, and also oil the operation to serve the customers satisfactorily.

 

Senate Orders Committee to Probe of $40million Loan to Aviation Sector

The Senate on Wednesday, January 13 asked its joint Committee on Aviation and Anti-Corruption to probe the disbursement and utilization of $40 million loan alleged to have been released by the Federal Government in 2011 for the rehabilitation and development of infrastructure in the aviation industry.

It also mandated the same committee to probe the release of N33.55 billion in the same year for the same purpose.

This followed the consideration and adoption of the report of the Senate ad-hoc committee on Aviation which investigated a motion on “The worrisome and unstable position of Nigerian Aviation industry.”

The report was presented by Senator Rabiu Musa Kwankwaso (Kano Central)

The Senate said the Chief Executives of Aviation agencies in the country should take steps to replace aging pilots in their system.

It said that the Nigerian Airspace Management Agency (NAMA) and Federal Aviation Authority of Nigeria (FAAN) should pay more emphasis on the provision of state of the art flying equipment to enhance air safety.

Other recommendations of the Committee adopted included that “Good leadership spirit should be inculcated by the Chief executive of aviation parastatals and other stakeholders to refurbish and maintain physical facility and equipment.

 

AVIATION JOBS | Arik Air Nigeria Fresh Job Recruitment (13 Positions)

Arik Air offers opportunities for employment in administrative, professional, technical and airline-specific disciplines, irrespective of the level or area of responsibility, each employee contributes to the growth and success of our airline. We believe that individuals score goals, but ultimately “the team wins the game”.

CLICK HERE TO VIEW JOB DETAILS AND APPLY

IT/TELECOMS JOBS | Etisalat Nigeria Fresh Job Recruitment (3 Positions)

Etisalat’s vision is a world where people’s reach is not limited by matter or distance; a world where people will effortlessly stay in touch with family and friends; a world where businesses of all sizes can reach new markets without the limitations of distance and travel.

We are recruiting to fill the following vacant positions below..

CLICK HERE TO VIEW JOB DETAILS AND APPLY

TOURISM & HOSPITALITY JOBS | Reputable Nigerian Tourism and Hospitality Company Job Vacancies (16 Positions)

A Nigerian Tourism and Hospitality Company which is currently expanding its operations within Nigeria and the African continent, is recruiting for the management and non-management positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

POWER & ENERGY JOBS | Communications Managers at the Ikeja Electricity Distribution Company (IKEDC)

Ikeja Electricity Distribution Plc, Nigeria’s largest power distribution network, came into existence on November 1st, 2013 following the handover of the defunct Power Holding Company Of Nigeria (PHCN) to NEDC/ KEPCO Consortium under the privatization scheme of the Federal Government.

The consortium has the Korean Electric Power Corporation (KEPCO) which generates about 84,000MW in capacity and has a global efficiency record of a maximum down time period of slightly above three minutes annually as technical partners.

This partnership has positioned IE to effectively drive its commitment to deliver efficient and sustainable power supply through investments in new technology, infrastructure upgrade and human capital development.

We are recruiting to fill the position of:

Job Title: Communications Manager

Location: Lagos
Reports To: Head Corporate Communication
Function: Corporate Communication

Role Purpose

  • To manage and oversee the company’s internal and external communication department, associated image and reputation, and work  closely with selected communications/public relations agencies
  • To increase Ikeja Electric’s visibility (all activities) and to position the Company as a trusted energy provider and opinion leader in the power industry.
  • To build and manage strategic relationships in order to leverage business, advocate Ikeja Electric’s added values to deliver full services offer to customers, support the business in attaining its commercial and market share objectives, and contribute to the development of growth platforms and key strategic projects.

Role Accountabilities
Internal Communication:

  • Drive the implementation of the overall internal communications strategy/programme for the Company to support communication strategies
  • Organize in-house events and develop in-house campaigns in agreement with Corporate Communications guidelines so as to further employees’ knowledge of the company strategic focus and projects.
  • Instil the company’s core values in the employees and deepen the feeling of pride in belonging to the Group.
  • Oversee the production of the company’s internal newsletter and develop local internal communications portals (Intranet etc.) as well as facilitate local in-house events (project launches, roadshows, townhall meetings etc.)
  • Work together with the head of communications and other team members to communicate messages internally, as required.
  • Optimize cross-functional support and effective communication within the organization.
  • Ensure regular market research studies across the power industry are carried out and information disseminated to appropriate internal stakeholders within the company.
  • Manage and update company website and all social media platforms.
  • Manage the Ikeja Electric’s brand & Change ambassadors (work closely with the brand manager)
  • Work with Sahara Group and Sahara Power Change Management & Internal Communications departments special projects.

Social Media:

  • Create and manage a social profile for Ikeja Electric on all platforms- Facebook, LinkedIn, Twitter, Instagram  and YouTube
  • Write editorial content, create and upload videos onto web pages
  • Enhance social media outlets and opportunities to maintain communication and build fan base.
  • Monitor the main activities of competitors on social media.
  • Design a social media strategy that’s in line with the brand identity, the company’s audience, and goals.
  • Plan and implement social media strategy and campaigns.

External Communication:

  • Ensure that key messages relating to the company and its products are duly delivered (Brand PR, press releases, etc.).
  • Ensure consistency in all communication (dissemination of messages)
  • Conduct regular assessments of the situation concerning external communication, the media and media’s expectations etc.
  • Ensure the availability of communication tools that are tailored to the various target audiences (journalists, energy thought leaders, general public). Examples: external publication, campaigns etc.
  • Ensure that key messages relating to the company are duly delivered (Brand PR, press releases, etc.)
  • Develop new and improve on existing employee publications and newsletters and recommend editorial policies and guidelines
  • Establish and maintain positive relationships with media personnel and houses within and outside Nigeria to ensure the image of the Company is well projected and protected positively at public engagements and forums.
  • Coordinate the preparation and placement of advertorials, articles, etc. in various print media, organize press conferences, and manage meetings/conference presentations for the company, etc.

Minimum Requirements
Qualifications & Years of Experience:

  • Relevant University Degree or its equivalent.
  • Relevant Post Graduate degree will be an added advantage.
  • Minimum of 10 years’ experience in a similar role with at least 8 years in a senior management role.
  • Knowledge and good understanding of effective Communications practice.
  • Broad knowledge and experience in the power sector will be an added advantage.

Skills & Competencies
Technical Competencies:

  • Strong knowledge of the communication industry
  • Effective presentation and communication skills, both written and verbal
  • Ability to create and maintain effective networks; building an effective relationships with key stakeholders, on all levels, both internally and externally
  • Maintain good working relationships with the media, communications consultants, the public, Government, Communities and all other relevant External parties
  • Proactive approach to communications &Critical thinking, Creativity, and Problem Sensitivity
  • Quick to analyse and take action without compromising on ethic and quality Service Orientation, Social Perceptiveness
  • Integrity, tenacity, adaptability in complex and often changing environment; able to handle pressure and commit to and respect deadlines.

Behavioural Competencies:

  • Pro-activeness in carrying out assigned tasks
  • Strong leadership and managerial skills
  • Good planning, organisation skills and ability to work effectively in transversal teams
  • Proven ability to delicately solve sensitive matters
  • Decision making skills, Commercial Insight & Problem Solving.

Application Closing Date
26th January, 2016.

How to Apply
Interested and qualified candidates should APPLY

Stanbic IBTC Asset Management Advises Investors to Diversify Portfolio for Better Returns

 

As investors streamline their investment portfolios to take advantage of expected opportunities in the market in 2016 and enhance their returns, Chief Executive Officer of Stanbic IBTC Asset Management Limited, Bunmi Dayo-Olagunju, has called on investors to take advantage of mutual funds to hedge their risks.

Dayo-Olagunju made the call in Lagos on Tuesday in her office. She said considering the volatility in the equities and commodity markets, it is imperative for investors to diversify their portfolios by investing in mutual funds and other investment vehicles.

According to her, the attractiveness of mutual funds or collective schemes is the number of advantages it offers over other investment vehicles, such as flexibility, which makes it possible to either invest a lump sum or make regular instalments every month; liquidity, which means the funds can be accessed at any time by the investor who may require money for a variety of purposes such as healthcare, education, vacation and housing. Others include steady returns, professional management, and risk reduction, among others.

“Mutual funds offer investors the advantages of portfolio diversification and professional management at low cost. These advantages are particularly important because diversification and professional management ensure steady returns when compared to other investment instruments. Mutual funds offer an opportunity for steady growth in assets while reducing the attendant risk associated with investing in individual securities,” said Dayo-Olagunju.

She said Stanbic IBTC Asset Management Limited is particularly committed to ensuring that investors are availed the opportunity of viable investment vehicles so that they can spread their risks, which is why the company continues to develop an array of products targeted at the needs of Nigerians.

“Stanbic IBTC Asset Management Limited remains totally committed to helping Nigerians build a portfolio of financial instruments from which they can meet their unique investment objectives. We must reiterate that there are numerous benefits in investing in mutual funds, especially the expertise that is brought to bear in maximizing returns to investors without compromising safety.”

Prominent mutual funds under management by Stanbic IBTC Asset Management Limited include the Stanbic IBTC Nigerian Equity Fund, Nigeria’s largest equity mutual fund; the Stanbic IBTC Ethical Fund, Nigeria’s first and largest socially responsible mutual fund; and Stanbic IBTC Money Market Fund, currently one of the fastest growing mutual fund in the country, which offers investors better bargaining power in the money market. In 2013, the Stanbic IBTC Imaan Fund, a mutual fund tailored to the needs of those seeking investments compliant with their religious principles and beliefs, was registered.

In recognition of its steady performance and track record, Stanbic IBTC Asset Management Limited was awarded the ‘Best Mutual Fund Provider Nigeria 2015’, ‘Best Asset Manager Nigeria 2015’ and ‘Best Non Pension Fund Manager Nigeria 2015’ at the 2015 Global Banking & Finance Review Awards, while the Stanbic IBTC Money Market Fund was assigned a fund rating of Aa(f) for the 4th consecutive year by Nigeria’s foremost credit rating agency, Agusto & Co.

Stanbic IBTC Asset Management Limited is a wholly-owned subsidiary of Stanbic IBTC Holdings PLC, which is part of the Standard Bank Group, Africa’s largest bank by assets and market capitalization. Standard Bank Group has been in operation for 153 years and has direct, on-the-ground representation in 20 African countries.  Stanbic IBTC Holdings PLC provides the full spectrum of financial services with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.

The United Nations Donates $31 Million to Nigeria, Lake Chad Region for Insurgency Victims

Boko Haram

Mr Stephen O’Brien, the United Nations Officer for the Coordination of Humanitarian Affairs (OCHA), , has allocated $31 million from the Central Emergency Response Fund (CERF) to support humanitarian partners in Nigeria and the Lake Chad Basin region.

This was contained in a statement issued by Mr Jens Laerke, from OCHA, in New York, United States, on Tuesday.
The allocation is to assist Nigeria in the humanitarian situation which is worsening due to violence perpetrated by Boko Haram.

He said, the CERF funding, would provide life-saving assistance to almost 1.7 million affected people in the four countries. Some $10 million,would bolster relief efforts in Nigeria.

It said that women and girls kidnapped by Boko Haram had been subjected to physical and psychological abuse, forced labour, forced marriage and sexual slavery.Boys, OCHA said, have been forcibly enrolled as combatants.
It added that the CERF funding for Nigeria would also be critical for providing emergency shelter, health care, safe drinking water and sanitation and nutrition for affected people currently living in overcrowded camps in the North East of the country.

The UN’s global humanitarian fund provides immediate funding for life-saving humanitarian action at the onset of emergencies and for neglected crises that have not attracted sufficient funding.
Since its inception in 2006, 125 UN Member States and Observers, private-sector donors and regional governments have supported the Fund.

To date, CERF has allocated almost 4.2 billion dollars in support of humanitarian operations in 94 countries and territories.

Eliminating Employment Gender Gaps Could Boost GDP by 5% – IMF Boss

World leaders have identified the greater participation of women in corporate leadership positions as key to unlocking the Nigeria’s economic future.

This was a call made by Christine Lagarde, president of the International Monetary Fund, who was on a visit to Nigeria recently when she said, “Empowering women is not just about fairness—it also has macroeconomic benefits. For example, eliminating employment gender gaps could boost GDP by 5 percent.”

While Nigeria struggles to overcome its economic issues, stakeholders are of the opinion that inadequate adoption of equal gender opportunities may be a factor hindering higher revenue growth and holistic operational processes in the nation’s corporate sector.

According to a report released by the African Development Bank (AfDB), a third of African companies in its study have boards without a single woman on them.

As experts around the world seek government interventions in making the business environment more female-inclusive, pundits state that the enactment of policies which ensure 20-40% participation of women at the executive levels of organizations holds the key to profitability.

Speaking on the need for a shift in corporate cultures, Hilda Ato, head of human resources at Jovago.com said, “I think women in the global market at large need to be given the opportunity to become bigger decision makers. At Jovago, we have come to find that once we focus on productivity, things like gender become insignificant and efficiency increases. If you look around we have more women than men working with us.”

A recent study by the University of Leeds revealed that higher stock market activities were recorded where there were larger proportions of women on senior management teams.

Another study found that businesses with a greater proportion of women on their boards outperformed rivals in terms of returns on invested capital (66% higher), returns on equity (53% higher) and sales (42% higher).

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