Category: Business & Economy

Zenith Insurance and FBNInsurance have emerged winners of the World Finance Global Insurance Awards 2017 in Nigeria.

Zenith Insurance and FBNInsurance emerged winners in the general insurance and life insurance categories respectively.

World Finance publishes its yearly line-up of the best companies in global insurance, recognising those that continue to grow and expand, even in spite of an ever-changing landscape and modern-day risks.

The World Finance Global Insurance Awards 2017 celebrate those that are staying ahead of these developments and driving ahead with innovative solutions. Each year, the World Finance in-house judging panel compiles the list of winners after consulting key business metrics and talking with a number of industry experts.

Continue reading Zenith Insurance & FBNInsurance Win World Finance Global Insurance Awards 2017

President and Chief Executive of Dangote Industries Limited, Aliko Dangote, for the 7th year running has been adjudged as the richest man in Africa with a net worth that Forbes pegged at $12.2 billion – an increase of $100 million from a year ago.

Number two on the list of African richest people is diamond mining heir Nicky Oppenheimer of South Africa, with a net worth of $7.7 billion, up $700 million from last year. Oppenheimer is one of eight South Africans on the list, making it the African country with the most billionaires. Nigeria has just three.

Aliko Dangote was also recently the only African selected among Bloomberg’s world 50 best persons in the year 2017. Globacom chairman, Mike Adenuga, with a net worth of $5.3 billion was adjudged the 5th richest man in Africa and Folorunsho Alakija, also a Nigerian, whose estimated $1.6 billion fortune lies in oil exploration firm was adjudged as the 15th richest person in Africa.

Forbes further stated that:

“Dangote is looking beyond cement – his most valuable asset – and has been investing in a fertilizer production company and a large oil refinery. Dangote Fertilizer is expected to start operations in the second quarter this year.”

Bill Gates maintained his position as the richest man in the world with a net worth of $86 billion, while Warren Buffet and Jeff Bezos were second and third consecutively with a net worth of $75.6 billion and $72.8 billion.

Zimbabwe gets its first billionaire this year: telecom magnate Strive Masiyiwa, who chairs the Econet Group. Shares of Zimbabwe-listed mobile phone network Econet Wireless Zimbabwe have surged in value over the past year. Masiyiwa owns more than half of that company. He also has a majority stake in fiber optic firm Liquid Telecom, which raised $700 million in a bond offering in July 2017. Forbes estimates Masiyiwa’s net worth at $1.7 billion.

Diamond bank has been appointed a forum member adviser of the World Economic Forum (WEF). The appointment marks the first time a Nigerian company will be appointed.

Diamond bank is the second African company to become a WEF forum adviser. Membership of the forum is on an invitation only basis.

Commenting on the appointment and his attendance at the World Economic Forum’s Annual Meeting, Diamond Bank’s CEO Uzoma Dozie said:

“I am delighted that Diamond Bank was invited to join as a Forum Member Adviser of the World Economic Forum, as it is testament to our status as one of Nigeria’s leading innovators. I am also thrilled to be attending this year’s Annual Meeting in Davos, where I will be presenting my views on the three key areas of financial inclusion, Nigeria’s positive outlook and the future of banking.

In particular, I will be sharing Diamond Bank’s experience in the financial inclusion space where our Beta Proposition and Diamond Yello Account have made significant inroads in bringing previously under banked people into the financial system. It will also be an opportunity to highlight the transformative role of technology and data in enhancing financial inclusion in a country of 180 million people where nearly half do not have a bank account.

I will also be passionately championing the success of increasing numbers of technology-enabled entrepreneurs and the culture of innovation that is taking hold in Nigeria, particularly Lagos. This innovation is leading to a new wave of business leaders that are shaping the Nigeria of tomorrow, as well as helping fuel economic growth today.

Despite historic challenges, I will also use the World Economic Forum Annual Meeting as a platform to promote Nigeria’s excellent fundamentals and its recent progress.”

Diamond is the only Nigerian bank selected to partner with UK’s Department for International Development on their financial inclusion programme. Diamond also has a partnership with Women’s World Banking – backed by the Bill & Melinda Gates Foundation – with Mr Dozie on its board.

The Diamond Y’ello Account has over 8.6 million users, making it a market leader in the Nigerian financial inclusion space.

Founded in 1971, the mission of the World Economic Forum (WEF) is to improve the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas.

Winners have emerged at the 2017 Nigeria Electronic Fraud Forum (NeFF) Awards organized and supervised by Central Bank of Nigeria (CBN) in conjunction with Nigeria Inter-Bank Settlement System Plc (NIBBS).

The CBN Nigeria Electronic Fraud Forum (NeFF) award, which is in recognition of efforts of the banking industry in the fight against electronic fraud is presented to the institution “with the most efficient and robust system for tracking all forms of electronic fraud and arresting perpetrators for prosecution”.

For its belief in Nigeria and significant investments in football and community development in the last one year, BusinessDay’s board of editors is pleased to name Aiteo Group as BusinessDay’s ‘Company of the Year 2017’.

Continue reading Aiteo Group Emerges BusinessDay’s ‘Company of the Year 2017′

Farmties, Taeillo and Greymate Care have emerged winners of the 2017 She Leads Africa (SLA) Demo Day.

The Demo Day signalled the closing ceremony to the three-month She Leads Africa Accelerator entrepreneurship development program.

The first place winner of ₦2 million was Farmties, represented by Dara Adekunle of the OCP Agribusiness Cohort. Farmties works closely with farmers in sourcing and aggregating farm products whilst investing in the right technology to reach out to customers, taking advantage of the growing agriculture industry in Nigeria and providing a platform to trade agriculture commodities.

The second place winner of ₦1 million was Taeillo, represented by Jumoke Dada of the Lagos Creative Cohort. Taeillo is a furniture and lifestyle brand that designs and manufactures furniture by harnessing traditional local resources with both local and modern technology to create premium urban African pieces.

The third place winner of ₦500,000 was Greymate Care, represented by Chika Madubuko of the Intel technology cohort. Chika created an online platform that connects the elderly and vulnerable adults to a highly trained and insured caregiver thus, taking the stress of care off busy professionals.

The other two companies that pitched their businesses to the room full of investors and business stakeholders were CEO Consultancy & Translation Services and Food-i-Like.

She Leads Africa (SLA) is a community that helps young African women achieve their professional dreams. With development events and engaging online content, SLA has become a leading platform for ambitious young women in Africa.

Supported by the Work in Progress! Alliance (VC4Africa and Oxfam), OCP, Guaranty Trust Bank, and Intel Corp, the SLA Accelerator worked with 20 promising companies looking to grow and scale their businesses. However, at demo day, five of the top companies were able to pitch their businesses in front of esteemed business leaders to win cash prizes.

Afua Osei, Co-Founder of SLA said:

“Since August, it has been truly impressive to see the growth and development of these women entrepreneurs.”

The Nigerian Stock Exchange CEO Awards has produced winners, who were unveiled on December 13, 2017, at the Stock Exchange House, Lagos.

Dangote Cement Plc was named the Most Compliant Listed Company for 2017, having demonstrated the highest degree of compliance with the rules and regulations regarding disclosure obligations of listed companies on the Exchange in 2017.

The award for the Best Dealing Member firm went to Stanbic IBTC Stockbrokers Limited, for a high performance culture. It was the firm’s sixth consecutive win in the NSE CEO Awards. Stanbic IBTC Stockbrokers Limited accounted for the highest value of trades on the Exchange in 2017.

Pilot Securities Limited won the award for the Most Compliant Dealing Member firm of the year 2017, for demonstrating the best level of compliance with the NSE Rules and Regulations. The firm was honoured for its compliance with the Minimum Operating Standards of the Exchange, adequate and timely rendition of statutory and regulatory returns.

Chief Executive Officer of NSE, Mr. Oscar Onyema stated:

“I would like to congratulate all the 2017 award winners who are all deserving of recognition. The awards are given solely on merit and are awarded to commend listed companies and dealing members for their excellent and exceptional performance, compliance to NSE rules and regulation, high ethical standards and impressive customer service that leave no room for any penalties.

The awards offer winners a year-round marketing opportunity and a big morale-booster for companies who have made extraordinary contributions to the Nigerian capital market and exemplify the highest standards.”

The Nigerian Stock Exchange CEO Awards was initiated in 2012 to motivate listed companies and dealing members to a higher level of corporate governance and compliance to reinforce investor confidence in the Nigerian capital market.