Connect with us

Business

Global Money Week: Polaris Bank CEO harps on early savings culture by youngsters

Published

on

Polaris Bank M.D Innocent C. Ike

 

Polaris Bank CEO, Mr. Innocent C. Ike, has highlighted the need for young people in Nigeria to imbibe the culture of saving money early in life to enable them secure their future. Mr. Ike gave this advice in a virtual presentation while addressing students of Adeleke University High School, Ede, Osun state last Thursday, March 25 to mark this year’s Global Money Week event hosted by Polaris Bank Limited. The school was adopted by Polaris Bank to mark this year’s Global Money Week. 

This year’s event was aimed at raising awareness of the importance of saving and the need for young ones to become financially aware at an early age.

The top Banker expressed concern and warned on the consequences of poor savings culture on young people with no savings or financial investment, even as he assured that Polaris Bank would continue to sustain efforts aimed at promoting financial literacy among youths in particular and Nigerians in general.

According to Mr. Ike, “We need to learn, save and earn money. You do not save after spending but rather, you save first before spending. The idea is to “catch them young” by educating them on finance and financial investment so that in future, their personal and financial lives can be guaranteed. To achieve this, we need to imbibe the culture of saving, no matter how small”.

Mr. Ike further explained that the financial sensitization campaign is part of the activities of the Global Money Week, an annual program organized in conjunction with the Central Bank of Nigeria (CBN) in partnership with an NGO, Junior Achievement Nigeria (JAN) to help raise awareness and sensitize students on the need to be financially independent.

The Polaris Bank Acting Managing Director said: “Although it is an annual event, for us at Polaris Bank, we will continue to engage schools, parents and teachers, because we believe that by being financially literate, students and indeed, the young ones, will be able to build their capacity for future business endeavors, thereby securing their future from poverty and other financial challenges”.

He stated confidently that Polaris Bank, the CBN and the entire players in the banking sector, are ready to carry out enlightenment on a continuous basis; educating and teaching students on how to manage money that comes into their hands.

After the presentation, a brief Question and Answer Session followed where an obviously elated Principal of the School, Dr. Adetayo Timothy while responding after the over 2 hours, 30 minutes’ session, said knowledge is power and applauded the presentation by Polaris Bank MD which he believes “has undoubtedly, empowered these young students on the fundamentals of saving, earning and investment.”

“You would not realize the quantum of financial knowledge Polaris Bank has shared with these students this morning until they put to practice everything they have been exposed to and see the impact in their lives in the days ahead. We cannot thank Polaris Bank enough; your coming to our school today has created an image within this community and beyond that you are truly, a bank that does not shy away from its Corporate Social Responsibilities”.

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

Business

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

Published

on

By

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.”

Continue Reading

Opinion

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

Published

on

By

 

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.

Continue Reading

Trending News

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

Published

on

By

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.

Continue Reading

Trending News