Category: Business & Economy

Dangote Group emerge winner of the African Company of the Year Award at the 2016 Africa CEO Forum

Team Apex from Nigeria has emerged as the winners of Unilever Africa Idea Trophy 2016

Four Nigerian banks namely – First Bank of Nigeria, Guaranty Trust Bank, Zenith Bank and United Bank for Africa, have been ranked among the 2016 Top 500 Banking brands.

First Bank of Nigeria Limited has retained its number one banking brand ranking in Nigeria for the fifth consecutive year in the global ranking of banks by The Banker magazine.

According to the 2016 Top 500 banking brands ranking published in the February edition of The Banker magazine of Financial Times Group in conjunction with Brand Finance, London, United Kingdom, First Bank moved up the scale in 16 places from 336th position in 2015 to 320th this year.

A press release from the Country Representative of The Banker magazine in Nigeria, Kunle Ogedengbe, added that three other Nigerian banks also made the ranking.

They are Guaranty Trust Bank, which moved to 389th in the world from 417th in 2015; Zenith Bank that dropped from 388th in 2015 to 392th in 2016; and United Bank for Africa that returned to the ranking in the 447th position. Access Bank that made the ranking at 496th position in 2015 dropped from the 2016 Top 500 Banking brands.

First Bank’s brand value, which is the licensing rate that a third-party would need to pay to use the bank’s brand increased to $322 million in 2016 from $300 million in 2015, while that of Guaranty Trust Bank also increased to $243 million from $213 million.

The 2016 brand value of Zenith Bank increased to $238 million from $235 in 2015, while United Bank for Africa that made a return to the ranking since 2012 has a brand value of $198 million. UBA’s brand value in 2012 was $121 million.

For the ranking’s methodology, Brand Finance obtained brand-specific financial and revenue data; modeled the market to identify market demand and the position of individual banks in the context of all other market competitors; established the royalty rate for each bank; calculated the discount rate specific to each bank, taking account of its size, geographical presence, reputation, gearing and brand rating and discounted future royalty stream (explicit forecast and perpetuity periods) to a net present value which is the brand value.

This approach was used for its being favoured by tax authorities and the courts because it calculates brand values by reference to documented third-party transactions, which can be arrived at through publicly available financial information.

Of the five countries in Africa that made the ranking, Nigeria has the highest brand value increase of $249 million. Egypt moved up by $239 million; Togo gained $134 million while South Africa and Morocco lost $878 million and $213 million respectively.

Globally, Wells Fargo of the United States of America retained the number one banking brand in the world for the fourth consecutive year and was followed by banks in China and United Kingdom in the first 10. Wells Fargo’s brand value for 2016 is $44.1 billion from $34.9 billion in 2015.

Latest IMF figures show Nigeria as world’s 22nd largest economy with GDP of $1.1trn

First Bank of Nigeria Limited (FBN) has again achieved ISO 10002 certification – an international certification on Complaints Management.

The certification was achieved on the bank’s drive to improve its management controls and processes that deal with handling customers’ complaints more effectively and efficiently.

Continue reading First Bank Of Nigeria Obtains ISO 10002 Certification [2015]

The Managing Broker from Centurion Realty and Estates, Mr. Ola Sanni, has emerged Realtor of the Year at the 5th Annual Awards Gala hosted by the United States (U.S) Congressman, Danny Davis.

Continue reading Ola Sanni Emerge MEATF Realtor of the Year [2015]

Junior Chamber International (JCI) celebrates 10 outstanding Young Nigerians at the 2015 The Outstanding Young Persons (TOYP) award ceremony.

The award is aimed at motivating and encouraging young Nigerians, by celebrating young business owners and social entrepreneurs from all over the country.

TOYP, a global initiative of the Junior Chamber International which is being replicated in Nigeria, concentrates on formally recognizing young persons who are making giant strides in their chosen fields and creating positive impact on other people, their community and the society at large.

This year’s Ten Outstanding Young Persons (TOYP) were: Adebola Olomo, Oresanwo Lolade, Odjenima Atinuke, Araba Steven Omogbolahan, Uyi-Aivinhenyo Patricia, Abdulkadir Mukhtar, Onitiju Ibukun, Akintayo Stephen, Steve Harris and Olawale Rotimi.

According to the organisers, out of 130 nominations received, 20 were selected. They were further screened by a panel. The public then voted for the final 10. The process was anchored by the JCI’s TOYP Team, panel and a team from the international auditing firm – KPMG.

TOYP Chairperson, Adetola Juyitan, said:

“This year’s TOYP is coming with an unprecedented class, which is reflected through the quality of shortlisted nominees, the quality of the judges, the audit process managed by KPMG, the organisation of the grand finale of the event, among other things.

Junior Chamber International, Nigeria has been participating at the international level over the years, and beyond hosting the edition, we will be taking advantage of the platform of this year’s programme to re-reinforce the presence of JCI in Nigeria.”