Connect with us

Business

Jaiz Bank unveils strategy to transform, attain vision

Published

on

Jaiz Bank

Jaiz Bank

Jaiz Bank, a non-interest (Islamic) financial institution, has introduced a five-year strategic plan to transform the bank and attain its set mission and vision.

Mr Hassan Usman, the Chief Executive Officer of the bank, said this in a statement in Abuja on Wednesday.

Usman said the plan would reposition the bank to make life better for its customers through ethical finance and for it to become the leader in ethical baking in sub-Saharan Africa.

He said the bank recently inaugurated a modern training centre in Zaria to train its staff on non-interest (Islamic) banking and finance.

The bank chief executive said the new strategy was aimed at positioning the bank to become a lead player non-interest banking by 2022.

He said in line with this, a set of strategic objectives had also been defined with various projects identified and ongoing targeted at enabling the bank to achieve its goals.

He said the changes were intended to bring about efficiency and effectiveness, while building the desired trust with customers.

Usman listed some of the projects to include a new internet banking which would be rolled out to customers soon and the reopening of Jaiz MasterCard to customers intending to carry out foreign transactions.

Others are the upgrade of the bank’s IT infrastructure, banking application, to the latest IMAL Version 14 and deployment of a robust credit facility solution.

He said the credit facility would facilitate a seamless, automated and swift process for both the retail and corporate customers.

“Others that the bank is currently working on are the introduction of agency banking model, aggressive drive of financial inclusion programmes and the MSME models.

“The bank is working with its strategy consultants to ensure that the overall strategy is properly mapped to the various functions and with relevant initiatives to achieve the desired success.

“We are sure that with the execution of the above, we will be well positioned to deliver quality service, while giving our esteemed customers the deserved excellent experience,” he said.

Facebook Comments
Continue Reading
Click to comment

Business

Global Trade Firm Says Removal of Trade Barriers, Panacea to Africa’s Economic Gloom

Published

on


By Eric Ojo, Abuja

DP World, a leading enabler of global trade and an integral part of the supply chain has said that the key to African economic emergence lies in removal of barriers, increased connectivity between nations and infrastructure development.

The company which operate multiple yet related businesses ranging from marine and inland terminals, maritime services, logistics and ancillary services to technology-driven trade solutions, noted that economic emergence of the continent is dependent on increasing inter African trade.

Chairman and Chief Executive Officer (CEO) of DP World, Sultan Ahmed Bin Sulayem, who made the observation while addressing African leaders and top executives at the Africa Emergence Conference 2019 in Dakar, Senegal, noted that the removal of trade barriers is very important in Africa.

“The Removal of trade barriers is very important. In Africa tariffs are 50 percent higher in than in Latin America and Asia. Intra regional trade in Africa is only 12 percent while in Europe, Asia and Latin America is over 50 percent, we need to improve this to prosper,” he said.

He added that his company which currently has a portfolio of 78 operating marine and inland terminals supported by over 50 related businesses in over 40 countries across six continents with a significant presence in both high-growth and mature markets, believes in the viability of investing in Africa..

“We be believe in the viability of Africa, we believe in investing in the continent during our investment in Senegal we improved efficiency and volumes 135 percent in 10 years”, he added.

Speaking on how private institutions can help support emergence in Africa in a panel session attended by the President Macky Sall of Senegal and Prime Minister Mahatir Mohammed of Malaysia, Bin Sulayan, noted that DP World is poised to support Africa in actualizing its economic goals.

He stated that as a smart trade enabler, DP World has the extensive expertise and know-how that can help African countries realise their trade and infrastructure goals, while assisting countries to address national ports and logistics infrastructure challenges.

He also reiterated the company’s commitment to supporting the economic growth of Senegal and developing Dakar into a major logistics hub and gateway for West Africa.

The DP World’s CEO also highlighted the importance of developing a logistics infrastructure reflecting DP World’s activities in Rwanda and Mali.

“We believe in connecting landlocked nations to the world and international markets. Our logistics park in Rwanda will reduce costs across the country and region. The Price of container moving from Shanghai to an East African port is anywhere between $500 to $1000, the price of same container from the port to Kigali is $5000,” he further explained.

Also in his address at the occasion, President Macky Sall of Senegal acknowledged that DP World has helped in the development of Senegal.

“What the CEO said is the truth, in Senegal we have experienced a change because DP World was present before I became President with a concession of 25 years at the Port of Dakar,” he said.

President Sall also disclosed that the government, has a consolidation of DP World’s presence and are working together finalise new port investments by the company in Senegal.

He further harped on the need to promote the culture of stability in terms of formulating policies that will attract foreign investments and enable the private sector to that participate more in the development of the country.

“Country stability is essential but also the stability of the contracts between the a state and the private sector to develop foreign investment. It is evident that the public investment cannot satisfy the basic needs of the population so we need to work with private sector,” he noted.

DP World has operations in Senegal, Egypt, Mozambique, Somaliland, Rwanda and Algeria and has recently signed an agreement with the Republic Mali to develop a logistics platform and the Democratic Republic of Congo (DRC) for the countries first deep-sea port.

Facebook Comments
Continue Reading

Business

Dangote targets foreign markets in sales push

Published

on

Alhaji Aliko Dangote

Alhaji Aliko Dangote


Africa’s richest man, Aliko Dangote, said on Monday he expected to step up exports of cement and other commodities from Nigeria from this year as he focuses on foreign markets to boost sales and generate much-needed hard currency.

Dangote told Reuters he expected to have 8 million tonnes of cement to start exporting from July and was commissioning a 650,000 barrel per day (bpd) refinery near Lagos – set to be Africa’s biggest – next year.

The export drive would expand further from 2020.

“By next year we will start exporting more than 2 million tonnes of ammonia out of our 3 million tonnes’ capacity and we will export more than 35 percent of petroleum products and about 30 million tonnes of cement,” he said.

He did not identify which foreign markets he was targeting.

Availability of hard currency in Nigeria would not be an issue provided oil prices stayed relatively buoyant.

“If the price of oil stabilizes at $60, I don’t think we would have any problem,” said Dangote, who according to Forbes is currently worth $10.5 billion.

OPEC member Nigeria suffered severe dollar shortages after prices of crude, its top export and main source of foreign exchange, plunged in late 2014, prompting the introduction of capital controls in 2015.

It now has multiple exchange rates against the U.S. currency and has been selling the dollar on the interbank market to boost liquidity after floating the local naira currency for investors.

“We are looking forward and making sure that we supply more forex in the domestic market,” Dangote said.

Nigeria used to spend around $2.5 billion a year to import cement but with increased investment it has become a net exporter. Dangote said his firm, Dangote Cement, could earn about $600 to $700 million annually from cement export.

It has been expanding across the continent in recent years and already operates in 10 African countries, it has about 45 percent market share in sub-Sahara Africa with an annual production capacity of around 45 million tonnes.

Dangote Cement has been seeking to double that capacity. (Reuters)

Facebook Comments
Continue Reading

Business

Zenith Bank board approves 2018 audited result

Published

on


Zenith Bank International Plc on Monday notified the Nigerian Stock Exchange (NSE) of the approval of its financial results for the financial year ended Dec. 31, 2018 just as trading ended on a negative trend.

The bank in a letter by Mr Michael Otu, its Company Secretary-General and Counsel, said that the result was approved on Jan. 18.

Otu said that the board of directors of the bank at its meeting of Jan. 18 approved among other things, the audited account for the year ended Dec. 31, 2018.

“Consequent upon the approval, the said audited accounts will be forwarded to the Central Bank of Nigeria (CBN) for approval in line with regulatory requirements after which the bank will notify the exchange of the results,’’ Otu said.

Meanwhile, trading resumed on the exchange with a loss of 0.88 per cent due to profit taking after about one week steady growth.

The All-Share Index shed 272.45 points or 0.88 per cent to close at 30,732.72 compared to 31,005.17 posted on Friday.

Also, the market capitalisation which opened at N11.562 trillion lost N102 billion or 0.88 per cent to close at N11.460 trillion.

Seplat topped the losers’ chart, dropping by N46 to close at N530 per share.

Mobil Oil trailed with a loss of N8 to close at N180, while Dangote Cement was down by N4.90 to close at N190 per share.

Lafarge Africa dipped 40k to close at N12.40, while Etranzact depreciated by 31k to close at N3.25 per share.

Conversely, Cement Company of Northern Nigeria led the gainers’ table during the day, appreciating by N1.80 to close at N26.90 per share.

NEM Insurance followed with a gain of 12k to close at N2.60, while FCMB Group appreciated by 7k to close at N1.83 per share.

Linkage Assurance added 5k to close at 61k, while United Bank for Africa grew by 5k to close at N7.35 per share.

Breakdown of the activity chart shows that Diamond Bank was the most active stock, exchanging 239.36 million shares worth N497.89 million.

Guaranty Trust Bank followed with an account of 119.35 million shares valued at N3.79 billion, while Zenith International Bank sold 26.11million shares worth N563.19 million.

NEM Insurance traded 21.16 million shares valued at N57.46 million, while FBN Holdings transacted 15.97 million shares worth N115.64 million.

In all, investors bought and sold 499.21 million shares valued at N5.53 billion in 3,874 deals.

This was against the 300.80 million shares worth N3.76 billion exchanged in 3,317 deals on Friday. (NAN)

Facebook Comments
Continue Reading
Ad

Latest News

NYSC NYSC
News5 mins ago

What we’ll do to corps members involved in election malpractice – NYSC

The Director-General of the National Youth Service Corps (NYSC), Maj.-Gen. Suleiman Kazaure, has warned corps members to avoid any form...

Doctor Doctor
News7 mins ago

Workers bundle MD out of Enugu Federal Neuropsychiatric Hospital

There is mild drama at the Federal Neuropsychiatic Hospital Enugu, as the embattled Medical Director, Dr. Jojo Onwukwe has been...

Lere Olayinka Lere Olayinka
Politics9 mins ago

2019 election: Why Fayemi, Osinbajo couldn’t take Trader Moni to Ekiti main markets – PDP

The Peoples Democratic Party, PDP, in Ekiti State has described as laughable, the decision of the State Governor, Kayode Fayemi...

Chairman Code of Conduct Tribunal (CCT), Justice Danladi Umar Chairman Code of Conduct Tribunal (CCT), Justice Danladi Umar
News13 mins ago

CCT rejects court orders stopping CJN Onnoghen’s trial

The Code of Conduct Tribunal (CCT) has rejected High Court orders and request by the Chief Justice of Nigeria (CJN),...

Kola Ologbondiyan Director, Media & Publicity PDP Presidential Campaign Organization Kola Ologbondiyan Director, Media & Publicity PDP Presidential Campaign Organization
Cover37 mins ago

PDP reject APC’s mulling of interim government

…Insists Atiku Will Win Presidential Poll The Peoples Democratic Party (PDP) rejects in its entirety the idea of an Interim...

Cover2 hours ago

Saraki, Jonathan, Obasanjo, others attend council of state meeting

The National Council of State meeting is underway in Abuja with President Muhammadu Buhari is presiding. It is the third...

News3 hours ago

Yoruba youths apologise to Nigerians over Obasanjo’s recent outbursts, caution ex-president

As reactions continue to trail the recent statement by former President Olusegun Obasanjo on the state of the nation, the...

Business7 hours ago

Global Trade Firm Says Removal of Trade Barriers, Panacea to Africa’s Economic Gloom

By Eric Ojo, Abuja DP World, a leading enabler of global trade and an integral part of the supply chain...

Entertainment8 hours ago

Usuman Dam Picnic

Explore your coming weekend with WATER ADVENTURES. Usuma Dam Picnic is for everyone but dedicated to all January Celebrants and...

Sport8 hours ago

NFF charges Lobi Stars, Rangers to do more on the continent

The Nigeria Football Federation (NFF), has praised Nigeria’s two representatives in this season’s African club continental competitions, Lobi Stars of...

Alhaji Aliko Dangote Alhaji Aliko Dangote
Business9 hours ago

Dangote targets foreign markets in sales push

Africa’s richest man, Aliko Dangote, said on Monday he expected to step up exports of cement and other commodities from...

Cover9 hours ago

Red alert as opposition plans to scuttle elections – Lai Mohammed

The Federal Government has alerted Nigerians the plans by some unscrupulous opposition elements to scuttle the 2019 general elections by...

Peter Obi Peter Obi
Opinion9 hours ago

War with The Church, As Obi Insulted Catholic Bishops

…Says they Lack Political Relevance The recent media war between the former governor of Anambra state, Mr Peter Obi and...

Sport9 hours ago

NFF expresses shock, mourns Ayodeji Alabi

The Nigeria Football Federation at the weekend said it was still in rude shock over the death of the Chairman...

Cover9 hours ago

Boko Haram, ISWA Planning To Disrupt Nigeria’s 2019 Polls

The Islamic insurgents, Boko Haram and iswa are planning to ensure the Nigeria 2019 general elections do not hold as...

Follow Us On Twitter

Metro Daily Nigeria
@MetroDailyNG

  • PDP reject APC’s mulling of interim government https://t.co/tRy4AJ4IK2 https://t.co/ae6vBNXtcW
    about 31 mins ago
  • New post: PDP reject APC’s mulling of interim government https://t.co/xIUiBEcUhK
    about 37 mins ago
  • Saraki, Jonathan, Obasanjo, others attend council of state meeting https://t.co/x9iHfFuOyw https://t.co/ob3ObLQvxQ
    about 2 hours ago

Facebook

Advertisement

Trending

You're currently offline

var infolinks_pid = 3151764; var infolinks_wsid = 0;
%d bloggers like this: