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The ELITES Publisher, Kemi Akinyemi Releases New Book On Prophetess Funmilola Lucas

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Publisher of The ELITES, Kemi Akinyemi, has released a new coffee table book on the astonishing life of Prophetess Funmilola Lucas entitled Prophetess Funmilola Lucas: Favoured and Fabulous In God’s Vineyard”

Akinyemi, a seasoned journalist and former assistant editor of TheNews in her introduction, said the book is about a woman of God whose call by God was miraculous and magical, about a life that is not just the expression of God’s will but whose call to ministry is so unique and special that it makes her different from other men and women of God.

This, indeed, is what the 150-page coffee table book spiced up with beautiful pictures of the woman of God and the testimonials of those she has worked with and touched with her gift of friendship, humanity and love is all about.

Akinyemi wrote: “This book is about a woman of God whose call by God to ministry was so unique that it makes her different from other men and women of God. It is about a woman who initially studied catering and hotel management with the intention of becoming a caterer, but who God called to cater to the needs of women, children, and men across the globe. It is about a woman whose calling was not only prophesied but she became a prophet of God to fulfill that prophecy.”

The way Akinyemi gave a detailed account of how Prophetess Lucas’ call to ministry was prophesied by a mysterious old man and how she has gone on to fulfil that God-given mandate shows she has an insider and rare knowledge of her.

Prophetess Lucas’ uniqueness was also pointed out in the Foreword: “These days, it is rare to find an extroverted leader, a creative visionary, true counselor, a great evangelist bringing many souls to Christ, a warm and welcoming face to all who enter the sanctuary, a theologian, a teacher, and a good friend of everyone. So it is always a thing of joy when you meet a true woman of God whose works have genuinely touched lives beyond bounds. Prophetess Funmilola Lucas falls into this category.

“The book, “Prophetess Funmilola Lucas: Favoured and Fabulous In God’s Vineyard” is a recapitulation of how Prophetess Funmilola Lucas discovered her purpose in life, after following God’s plan for her life. The book tells the story of how she has become a testimonial of how one can work for and walk with God and enjoy a flourishing, favour-filled, and fabulous life.”

Akinyemi confirmed that the book, which is about Prophetess Lucas’ flourishing, favour-filled and fabulous life, was official unveiled during her birthday celebration which was held on Tuesday, October 31, 2023, in Lagos.

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Wema Bank Releases Q3 2024 Unaudited Results… Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth

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Wema Bank Nigeria (“Wema” or “the Bank”)) has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.

WEMA Bank

Wema Bank’s balance sheet remained well structured with total assets growing by 38% to ₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.

 

The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to

₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023:

₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).

 

Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.

 

The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.

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ZENITH BANK RECORDS REMARKABLE TRIPPLE-DIGIT TOPLINE GROWTH AS PBT HITS N1.0 TRILLION IN Q3 2024

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Zenith Bank

Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2024, recording a remarkable triple-digit growth of 118% from N1.33 trillion reported in Q3 2023 to N2.9 trillion in Q3 2024. This performance underscores the Group’s resilience and market leadership in spite of the challenging macroeconomic environment.

According to the Bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the topline also led to an increase in the bottom line, as the Group recorded a 99% Year on Year (YoY) increase in profit before tax, growing from N505 billion in Q3 2023 to N1.0 trillion in Q3 2024.  Profit after tax equally grew by 91% from N434.2 billion to N827 billion in the same period.

The growth in the topline was driven by the expansion of both interest income and non-interest income. Interest income saw a notable 190% rise to N1.95 trillion, attributed to the high-yield environment. Non-interest income rose by 41% to N856 billion, bolstered by substantial growth in fees and commissions, which highlights the strength of Zenith Bank’s retail growth and the robust performance of its digital channels during the reporting period. The robust increase in profitability reflects the Bank’s focus on operational efficiency and strong risk management practices. Earnings per share (EPS) nearly doubled, rising to N26.34 from N13.82 in Q3 2023, underscoring Zenith Bank’s strong value creation for shareholders.

The Bank’s balance sheet grew significantly, with total assets growing by 49% to N30.4 trillion, largely supported by customer deposits, which rose by 42% to N21.6 trillion. This growth in deposits was broad-based across corporate and retail segments, highlighting the Bank’s deepening reach and customer loyalty. Gross loans increased by 46% to N10.3 trillion, underscoring the commitment to supporting strategic sectors in the economy.

Capital adequacy ratio remained strong, improving to 21.9%, well above regulatory requirements. The return on average equity (ROAE) stood at 37.8%, up from 35.1%, while return on average assets (ROAA) also improved to 4.3% as Zenith Bank maximized its asset base. Cost of funds increased to 4.3%, reflecting the broader market trend of rising interest rates, while the cost of risk was maintained at 7.3%, underscoring the Bank’s proactive approach in provisioning for credit risk. The Bank’s cost-to-income ratio rose to 39.5%, reflecting the impact of strategic investments in technology and capacity building aimed at supporting long-term growth, even as it continues to strive for greater operational efficiency.

Zenith Bank’s asset quality remains a cornerstone of its strength, with a non-performing loan (NPL) ratio of 4.5%, within regulatory limits. A high coverage ratio of 198.4% underscores the Bank’s disciplined approach to risk management, positioning it for resilience in the face of market volatility while supporting stable loan growth.

Zenith Bank remains steadfast in its commitment to sustainable growth and value creation. The Bank launched a capital raise program on August 1, 2024, consisting of a combined Rights Issue and Public Offer. This capital raise was driven by the Central Bank of Nigeria (CBN)’s recapitalization directive for commercial banks issued in March 2024. While the Bank awaits final capital verification approvals from authorities, the fundraising exercise was successful, reflecting strong confidence in Zenith Bank’s brand.

The additional capital will enhance the Bank’s ability to expand its product offerings, deepen its penetration in strategic sectors, boost lending to the real sector and pursue its African and global expansion plan.  In furtherance of this, the Bank in September 2024 received regulatory approval for the establishment of a Zenith Bank branch in Paris, France, which is fully operational and will enhance the Bank’s product offerings in international markets.

With a strengthened capital base, Zenith Bank is well-positioned to navigate the evolving economic landscape, while putting best-practice sustainability standards at the heart of its business. The Bank will also continue to prioritize opportunities that enhance stakeholder value and a strong compliance and corporate governance culture, which will reinforce the its leadership position within Nigeria’s financial sector and drive long-term growth.

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Flutterwave powers the first-ever Hotel-On-PoS solution for the Hospitality Industry

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In a landmark partnership that is set to alter the future of hotel management systems across Africa, the fintech giant, Flutterwave has partnered 9jahotel.com Limited to power a smart hotel management solution that will significantly ease the pains of hotel owners and managers in Nigeria. The smart hotel management solution, Roomstatus is set to revolutionise both the cost and ease of managing hotels across Nigeria and Africa.

The partnership, the first of its type to directly benefit the hospitality industry will allow the award winning hotel management solution of 9jahotel.com Ltd to run very smoothly on smart POS terminals exclusively supplied by flutterwave.

Roomstatus which is already available in the Google Playstore and Appstore will enable hotel owners irrespective of their location across the world to seamlessly manage and monitor minute by minute happenings in their property. According to Ms Hafsat Siyaka, the project Marketing Manager, this technology partnership now enables each flutterwave Smart POS to be bundled with all the Digital Tools needed to run and manage all aspects of the hotel effortlessly and profitably from anywhere! The special POS terminals are already preloaded with the hotel management solution that seamlessly handles every core area of your hotel – from handling your guest reservations to managing the hotel’s Bar, Kitchen, laundry, Housekeeping, Accounts and other critical departments.

According to Ms Siyaka, the app enables Hotel owners and managers to set and change rates and prices at any time, compute staff payroll, and obtain all necessary financial reports to keep hotel owners and management abreast of business performance on a daily basis.

Hotel-On-PoS is an incredible innovation that frees hotel owners and management from the usual huge IT budgets and headaches. The solution allows the hotel to smartly serve guests at every turn, from efficient guest check-in process, to taking guest orders and receiving payments on the same pos ensuring minimal time loss in serving guests, furthering service efficiency, curbing frauds and revenue losses. The new application which is already running in some high profile hotels in Nigeria is set to totally change the face of service delivery within the hospitality sector in Nigeria.

According to Ms Siyaka, for the benefit of hotel owners and managers, each of the flutterwave-supplied Hotel-On-POS Terminals will come with ONE Year app licence and the app already integrated for immediate out-of-the-box use.

The new hotel management app represents a major technology leap for the entire hospitality industry. Flutterwave and the management of 9jahotel.com are happy to lead this course-changing application and to make the same available to small, medium and big hotels in Nigeria at almost no cost.

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