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Customers Gear Up POLARIS BANK N26M Promo Grand Finale Offer

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Polaris Bank savings customers are gearing up for the grand finale of the ongoing nationwide ‘  Save & Win’ promo, which is scheduled to hold in April 2021. At the end of the ‘Save & Win’ Millionaire promo, a total of N26,000,000 would have been won by 188 Polaris Bank customers nationwide. The promo has so far recorded two draws in February and March with the Grande-finale scheduled for April 2021.

The grand finale draw will see Six millionaires emerge from the six geo-political zones of Nigeria and 60 other customers will go home with a consolation sum of N100,000 each. All winners will emerge through a transparent, electronically-generated process that regulatory institutions will supervise.

The ‘Save & Win’ promo aims to make millionaires of Nigerians by encouraging current and new customers to save a minimum of N10,000 monthly. The ‘Save & Win’ promo was launched in November 2020, and so far, two millionaires: Lucky Okunzuwa, a customer of Akpakpava branch in Benin City, Edo State and Ikechukwu Bartholomew Obiefuna, a customer of Okeke Street Branch, Awka, Anambra State, have emerged. In addition, 120 customers have also walked away with N100,000 each across the previous two draws which took place on the 9th of February and 9th of March, bringing the total amount won to N14,000,000 so far.

Commenting on their win, both the first and second millionaire, Lucky and Ikechukwu expressed immense appreciation to the Bank and had positive things to say on the Save & Win promo cash prize.

‘‘I am very delighted about winning one million Naira in the Polaris Bank Save & Win Promo. It was like a dream when I was told but this is a reality. The money will go a long way in supporting my small business to grow. I also commit to continue to save more. I sincerely thank Polaris Bank for this novel initiative,’’ lucky remarked.

Representatives from relevant regulatory bodies have also attested to the free, fair and transparent process of the draw used in selecting the winners. They also commended the Bank for keeping its promise to the winners.

Giving a background to what informed the Promo, Polaris Bank’s Acting Managing Director/CEO, Mr. Innocent C. Ike, said, “it is a reward for our customers, who despite the challenging times, can put aside some money as savings. He reiterated that in not-so-pleasant economic times, there is a compelling need to save – not only to win a prize – but also to plan for the rainy day. He disclosed that “both existing and new savings account customers of the Bank are eligible to participate in the promo.”

Savings Account accessibility is swift and straightforward in Polaris Bank. Prospective customers can dial *833*0# on their phones to follow the prompt to create or reactivate their savings account from their devices by visiting https://accounts.polarisbanklimited.com/opening/ or any of the Bank’s branches across the country.

Polaris Bank is a future-determining bank committed to delivering industry-defining products and services across all sectors of the Nigerian economy.

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Half-Year Performance: Transcorp Plc Shows Powerful Growth as Profit Leaps by 713%

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Transcorp Hotels

Transnational Corporation of Nigeria Plc (Transcorp) has released its unaudited results for the half-year ended June 2021, recording significant improvement across its major income lines.

The Conglomerate with strategic investments in the Power, Hospitality, and Energy sectors, recorded a profit after tax of N6.5bn, rising by 713% up from N0.8bn recorded in June of the previous year. Other key highlights of the result include the following:

  • Revenue rose by 53%, from N35.0bn in June 2020 to N53.3bn in the period under consideration.
  • Gross profit grew by 60%, from N14.7bn in June 2020 to N23.5bn in June 2021.
  • Profit before tax rose by 689% from N0.9bn in June 2020 to N7.1b in June 2021.

Commenting on the performance, Transcorp’s President/Group CEO, Mrs. Owen Omogiafo, reiterated the Conglomerate’s commitment towards producing long-term value and sustainable impact. “We are pleased to see the sustained growth in our group performance, which was achieved as a result of the improved performance across all the sectors we operate in. The revenue achieved in our power business grew by 48%, as a result of improved gas supply and increased generation capacity”, she stated.

Commenting on the hospitality sector, Omogiafo stated that the company’s strategic actions have resulted in a growth in revenue of up to 84%, despite the ongoing impact of the COVID-19 epidemic on the Nigerian and global hospitality industries. She expressed confidence in the company’s recovery strategies, citing the recent official launch of Aura, the company’s digital hospitality platform, as a testament to that confidence.

On the Group’s capacity to sustain its performance, Omogiafo said, “We do not plan to rest on our oars. We will continue to sweat our existing assets and explore new frontiers, as we continue to deliver on our purpose of Improving Lives and Transforming Nigeria.”

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Rethinking safe-haven assets and building resilient portfolios with Xend Finance

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As with most things in life, feeling overwhelmed as a newbie is simple, and this is especially true in such a volatile market as the world of cryptocurrencies. Regardless of the uncertainty and worries, the world of cryptocurrency has the potential to have a unique and substantial impact on anyone’s financial stability.

Government Bonds, treasury bills, and other forms of fixed income investments are undeniably considered as safe haven investments due to their low risk, but with inflation on the increase, the question arises how safe is money locked up for a specific period of time?

It is therefore important to build a resilient portfolio able to minimize risks and mitigate volatility, diversity into multiple unrelated investments, deliver steady returns and also able to recognize changing market conditions, new opportunities and respond accordingly.
Enter the world of Stablecoins. A less volatile cryptocurrency asset pegged to a cryptocurrency, fiat money, or to exchange-traded commodities (such as precious metals or industrial metals).

Compare to other forms of cryptocurrency assets like bitcoin, or altcoins the advantages of stablecoins are stabilized by assets that fluctuate outside of the cryptocurrency space that is prices are pinned to real-world assets.
Most stablecoins are pegged to the US Dollar as they are an easy way to get exposure to the crypto space without having to worry about volatility.

You can build a resilient portfolio with stable coins by having a good foundation on which you can build and protect your investment portfolio. This is necessary to provide a buffer when the markets are volatile or things go south.

These stablecoins also provide diversification as Investor Phillips Hodges mentioned in an interview emphasized the importance of balancing factors affecting the returns you can get across the different than the classes themselves. Stable coins also provide the extra diversification a portfolio needs to stay afloat in a stormy market, minimize losses due to their low volatility.

Be rest assured as an investor that your portfolio can only said to be strong when you have investments that can stand the test of time. Inflations and rickety market conditions.
If you’re a fund manager looking to get exposure to the crypto space through stable coins, send an email to [email protected] and someone would be in touch with you.

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Market formation framework, driver to optimally develop solid mineral sector- Ifie Sekibo 

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Ifie Sekibo

MD/CEO of Heritage Bank Plc, Ifie Sekibo has said that the market formation framework is the key to optimally exploit Nigeria’s precious metal and solid minerals endowments. He disclosed this during a webinar organized by the Securities and Exchange Commission (SEC) in collaboration with the Federal Ministry of Mines and Steel Development with the theme, “Financing the Solid Minerals Sector through the Capital Market and the Critical Role of Commodity Exchanges.”  

Sekibo explained that a fully established market formation process that would lead to having a Corporation as an integrated solid mineral institution like NNPC which allows the collateralization of assets those banks can rely on for alternative funding options.

According to him, this will guarantee other creative ways of raising funds for financing commercial activities relating to solid minerals and viable projects along its value chain.

Sekibo who was represented by the Divisional Head, Strategy and Business Solutions, of the Bank, Olusegun Akanji, said for the sector to be viable, it requires lots of converged government interventions because for any development focused sector to kick-off around the world, it needs government intervention to lay the foundation for the private sector and funders to step-in and pool their resources.

“Once, we can collateralize these assets, whether they are under the ground or being determined, you use different instruments to bring liquidity into them. Then investors will follow up once we have established there is enough they can explore.” the MD stated.

He further suggested that finance sector regulators need to expand their Prudential Guidelines to accommodate the instruments such that precious metal-backed or solid minerals-backed assets could qualify as part of the computation of liquidity ratios.

“Once banks start injecting their resources, customers would certainly follow that trend. You can start arranging for sophisticated solutions like bonds, bullion-backed assets and pension notes. Again, banks will have to be poised to hold the funding that comes from this sector; that way, they can open new transactional frontiers either locally or internationally.

“At the base of this, are the issues of pricing and integrity of the market. Once banks play in that sector and we have a government institution like the NNPC type to hold all this documentation, it would be very easy to establish price discovery on an ongoing basis. This will in turn attract international funders, hedge funds and retail investors. Today, we have retail bonds in the same way; we can have gold-backed or any of the solid mineral assets where retail investors can put in the funds,” Sekibo explained.

Meanwhile, it would be recalled that Heritage Bank Plc has said its involvement in the private sector collaboration with Dukia Gold & Precious Metals Refining Co. Limited is set to unlock the over N344 trillion market worth of gold investible instruments in the solid minerals sector.

However, he reiterated that a consistent packaged framework, which could only be held by an established government institution, as part of the layers of the framework, would help to tackle major challenges in trying to support Dukia Gold’s clients.

“With a consistent packaged framework, it will be easier for Dukia Gold and help in less spending. If Dukia Gold should speak of their challenges, they will speak about tonnes of documents they have to produce. But with a unified source of documentation, it makes the process easier and improves cost management. These are some of the challenges we have experienced in trying to support a few clients we worked with,” Sekibo stated.

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