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STAKEHOLDERS IDENTIFY NON-OIL EXPORTS AS PANACEA FOR ECONOMIC REJUVENATION AT ZENITH BANK INTERNATIONAL TRADE SEMINAR
Stakeholders unanimously called for support of Nigeria’s Non-Oil Export Sector at the 7th Annual Edition of the Zenith Bank International Trade Seminar themed “Unlocking Opportunities in Nigeria’s Non-Oil Export Business”, which was held on Wednesday, July 20, 2022, at the Civic Centre, Victoria Island, Lagos and virtually.In his Goodwill Message Presentation, the Founder and Chairman of Zenith Bank Plc, Mr. Jim Ovia, CON, called for a concerted effort towards diversifying Nigeria’s export base through the promotion of non-oil exports. Highlighting the importance of non-oil export to the nation’s economy, Ovia pointed out that Nigeria exported cocoa and several other non-oil products for years before oil was discovered. He cited the example of the 25-storey Cocoa House in Ibadan, which was built with proceeds from cocoa exports. He pointed out that many countries in the world, such as Japan and China been successful because they are doing a great deal of innovation, production and manufacturing of goods and services. According to him, we should also look at promoting the nation’s non-oil export sector through technology to create technological giants like Apple, Tesla, and Google. And we already have technology companies in this mould in Nigeria, such as Flutterwave, which has a valuation of $3 billion, making it more valuable than some banks in Nigeria. Speaking further on the enormous potential in Nigeria’s non-oil sector, Ovia highlighted the phenomenal growth of Nigeria’s emerging financial technology (Fintech) companies such as Flutherwave, OPay, Interswitch, Kuda and Paystack, with market valuations of $3 billion, $2 billion, $1 billion, $500 million, $200 million, respectively. According to him, this underscores the enormous opportunity in the Fintech space. He also noted that the most capitalized companies in the world, such as Apple, Microsoft, Alphabet (Google), Amazon, Tesla, Visa, etc., are not oil companies but are in the technological innovation space.In his welcome address, the Group Managing Director/CEO of Zenith Bank, Mr. Ebenezer Onyeagwu, said that the annual Zenith Bank Trade Seminar has served as a veritable platform to deepen the conversation on promoting non-oil export in Nigeria, bringing together non-oil export practitioners and relevant government agencies to interact and explore the opportunities and proffer solutions to the challenges of non-oil export in the country. Speaking on the origin of the Zenith Bank Annual International Trade Seminar, Onyeagwu said that the commodity price slump of 2014-2016 was a watershed moment. According to him, “when crude oil prices plummeted from $114.55 per barrel in June 2014 to $28.76 in January 2016, with an attendant effect on the availability of foreign exchange, it was time to look towards the non-oil export sector for a more sustainable source of foreign exchange that is not susceptible to external shocks and price volatility. Highlighting some of the salient outcomes of the past six Zenith Bank Annual International Trade Seminar editions, Onyeagwu noted that previous editions’ outcomes have found expression and influenced policy initiatives. For instance, the extension of the period of repatriation of Non-Oil Export proceeds from 90 days to 180 days and the policy mandating shippers not to carry export without a Nigeria Export Proceeds (NXP) Form Number were recommendations from previous seminars. Also, the need to incentivize exporters to repatriate their export proceeds through the official channels and the recommendation to create export terminals across various export hubs in the country were also from past seminars. Also, previous editions recommended having Export Desks in commercial banks, which has now been instituted. He also stated that Zenith Bank has trained over 100 exporters through its Zero to Hero programmes which provide a platform for grooming and exposing beginners to become strong exporters by providing training on documentation, product sourcing, access to market and financing. He noted that Zenith Bank will continue the advocacy of promoting non-oil export.Delivering his goodwill message, the Central Bank of Nigeria Governor, Mr. Godwin Emefiele, CON, commended Zenith Bank and its leadership led by the Founder and Chairman of the Board, Jim Ovia, for its laudable initiative in organizing an annual export seminar to explore opportunities in Nigeria’s non-oil export with a view to increasing the nation’s non-oil export base and ultimately increasing its share as a percentage of total export. In his words: “This is why the theme of this year’s seminar “Unlocking Opportunities in Nigeria’s Non-Oil Export Business” is timely and appropriate. This is because the global economy and structure are changing rapidly before our eyes. The previous world economic order underpinned by globalization and seamless trade possibilities seems to be suffering major disruptions lately. We believe Nigeria has a lot of potentials, and we can harness this for the good of our people and country.” He pointed out that the CBN has undertaken several initiatives to promote the non-oil export sector because of its firm belief that the non-oil export sector holds enormous potential to contribute to employment generation, wealth creation and economic growth of the country.In his keynote address, the President & Chief Executive of Dangote Group, Alhaji Aliko Dangote, GCON, said that “Nigeria’s non-oil export is quite low compared to other African top oil producers. This exposes the economy to oil price/production risks. There is much room for growth, and the CBN is helping drive this through the RT200 programme”. According to him, the CBN RT200 FX programme, which aims to achieve $200 billion in foreign exchange earnings from non-oil proceeds over the next 3-5 years, has very laudable objectives, including enhancing foreign exchange inflow, diversifying the source of FX inflow, increasing the level of contribution from non-oil export, and ensuring stability and sustainability of FX flows.In his Goodwill Message, His Excellency, Wamkele Mene, Secretary General, African Continental Free Trade Area (AfCFTA) Secretariat, enumerated the progress and achievements of the African Continental Free Trade Area and the efforts to improve intra-Africa trade. Also, in his Goodwill Message, Professor Benedict Oramah, President / Chairman of African Export-Import Bank (Afreximbank), highlighted the efforts of Afreximbank to enhance intra-Africa trade through the implementation of the Pan-African Payment and Settlement System (PAPSS). According to him, the Pan-African Payment and Settlement System will make it easy and seamless for Africans to trade amongst themselves and receive payment for goods and services in their local currencies, eliminating currency conversion challenges.Zenith Bank remains committed to promoting the non-oil export sector in Nigeria by identifying emerging opportunities which help stimulate non-oil exports and develop robust financial products and incentives for operators in the sector. The bank launched the Non-Oil Export Seminar in 2017 as an initiative to deepen the discourse on promoting the non-oil export business in Nigeria.
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Fidelity Bank, Humanitarian Affairs Ministry Support Vulnerable Households in Abuja
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Leading financial institution, Fidelity Bank Plc, has partnered with the Federal Ministry of Humanitarian Affairs and Poverty Alleviation to provide support to vulnerable households in Abuja through its Food Bank programme.
Launched in April 2023, the Fidelity Food Bank is one of the bank’s flagship Corporate Social Responsibility (CSR) initiatives. The programme seeks to combat hunger and malnutrition by supporting communities affected by food insecurity. Since its introduction, more than 300,000 food packs have been distributed to beneficiaries across Nigeria’s six geopolitical zones.
Speaking at an event held recently in Abuja to commemorate the 2026 International Day for the Eradication of Poverty, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Nneka Onyeali-Ikpe, represented by the bank’s Divisional Head of Public Sector, Richard Madiebo, said the bank’s interventions extended beyond food distribution to entrepreneurship support and other empowerment programmes designed to help individuals and families achieve economic independence.
According to Onyeali-Ikpe, Fidelity Bank’s commitment to community development spans approximately three decades, reflecting its longstanding dedication to improving the wellbeing of its host communities.
“Fidelity Bank has always aligned its CSR programmes with the needs of its host communities. We understand the importance of private sector participation in addressing poverty and promoting inclusive development.
“We have delivered 2,000 food packs to residents of Abuja. There are several other initiatives that the ministry and the bank are discussing, and we will allow the ministry to provide further details at the appropriate time,” she said.
Also speaking at the event, the Minister of Humanitarian Affairs and Poverty Reduction, Bernard M. Doro, commended Fidelity Bank for contributing to efforts to improve the welfare of vulnerable Nigerians. He also called for stronger collaboration between the government and the private sector to address multidimensional poverty.
According to Doro, with 63 per cent of Nigeria’s population living in multidimensional poverty, a significant proportion of citizens remains excluded from economic activity, limiting businesses’ access to potential customers and employees.
“When 63 per cent of the population lives in multidimensional poverty, a substantial number of people are excluded from economic participation. This also means that businesses are unable to reach a large segment of their potential customers.
“Our responsibility as a ministry is to unlock partnerships with the private sector. Such collaboration is critical to expanding economic opportunities and bringing more people into productive economic activities. We are pleased that Fidelity Bank is fully committed to this effort,” Doro stated.
The minister urged stakeholders to move beyond declarations and ensure that poverty reduction initiatives deliver measurable and sustainable improvements in the lives of vulnerable households.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook; and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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FIDELITY BANK PLC REDEEMS US$400 MILLION EUROBOND AT MATURITY
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LAGOS, NIGERIA – Fidelity Bank Plc has successfully redeemed its 5-Year US$400 million Senior Unsecured Notes at maturity, reaffirming its commitment to meeting its obligations to investors and reinforcing its track record in the international debt capital markets.
Issued on 28 October 2021, the 5-year Eurobond matured on 28 October 2026 and carried an annual coupon of 7.625 per cent, payable semi-annually. Fidelity Bank met all scheduled coupon payments throughout the life of the instrument and has now fulfilled its final repayment obligation in full, covering both principal and accrued interest.
The redemption was funded from internally generated liquidity as part of the Bank’s forward-looking liquidity management strategy. Through a dedicated sinking fund, Fidelity Bank progressively provided for the maturing obligation, enabling the Bank to meet its commitment while maintaining business-as-usual operations and compliance with applicable regulatory liquidity requirements.
Commenting on the development, the Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr/Mrs Nneka Onyeali-Ikpe, said the successful redemption reflected the Bank’s disciplined approach to financial management and its commitment to delivering on its obligations.
“This successful redemption demonstrates the strength of our franchise, the discipline of our balance sheet management and our commitment to honouring our obligations to investors and other stakeholders. We anticipated this maturity from the outset and planned accordingly, which reflects our commitment to responsible financial management,” Onyeali-Ikpe said.
The redemption further strengthens Fidelity Bank’s record in the international debt capital markets. The 2021 issuance marked the Bank’s third Eurobond transaction, following earlier issuances in 2013 and 2017, wherein the Bank raised $300 million and $400 million respectively. The 2021 offer attracted investor orders exceeding US$700 million, reflecting strong demand for the Bank’s international debt offering.
The successful Eurobond redemption follows the completion of Fidelity Bank’s recapitalisation programme ahead of the regulatory deadline. The Bank’s capital-raising efforts increased its eligible regulatory capital to approximately ₦533 billion, exceeding the ₦500 billion minimum capital requirement for banks with international authorisation.
The completion of these milestones underscores Fidelity Bank’s strong capital position, prudent liquidity management and disciplined approach to financial execution. It also reinforces the Bank’s capacity to meet its financial obligations while pursuing its strategic growth objectives across domestic and international markets.
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GTCO Brings Google Pay to Both Sides of the Checkout As Google Pay launches in Nigeria
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…….GTBank customers can now pay with it and businesses on HabariPay’s Squad gateway can now accept it.
Guaranty Trust Holding Company Plc (“GTCO” or “the Group“) today announced that two of its subsidiaries are live with Google Pay on the day it launches in Nigeria. Customers of Guaranty Trust Bank Limited (“GTBank”) can add their GTBank debit cards to Google Wallet and pay with Google Pay online, in Nigeria and internationally. Businesses that use Squad, the payment gateway run by the Group’s payments subsidiary HabariPay, can now offer Google Pay to their customers at checkout.
The Group is therefore present at both ends of the same transaction: with the person paying and with the business being paid.
For GTBank customers, the change is simple. They add their GTBank debit card to Google Wallet once. After that, they choose Google Pay at checkout, pick the card and confirm, without typing a card number, expiry date or CVV again. Google Pay replaces the card number with a secure digital token, so the merchant does not receive the actual card details. The card can be used wherever Google Pay is accepted online, including for subscriptions, travel bookings, food delivery, bills and digital services.
For businesses on Squad, “Pay with Google Pay” now sits at the top of the Squad checkout, alongside card, bank transfer, USSD, bank payments and Squad’s buy-now-pay-later options. A customer with a card in Google Wallet selects Google Pay, chooses the card, confirms, and is returned to the merchant’s site once the payment is verified. Google Pay is switched on by default for every business on Squad, and a merchant can choose to turn it off. Merchants set up for international payments can accept Google Pay from customers anywhere in the world, which opens Nigerian businesses to buyers abroad, including the diaspora. Fewer fields mean fewer points at which a customer can abandon a purchase, which matters most to the small and growing businesses that make up much of Squad’s merchant base.
Commenting on the launch, the Group Chief Executive Officer of GTCO, Mr Segun Agbaje, said: “Most failed online payments are not refused, they are abandoned. Somewhere along the way the customer gives up, and the business never learns about the sale it lost. As a customer centric Financial Services Group, we are committed to ensuring that we continue to deliver payment solutions that make transacting safe and simple for our various customer Groups. With Google Pay, what matters to us is that we are ready on both sides from the first day: a GTBank customer can pay with it, and a business on Squad can accept it.”
He added: “This is what a group structure is for. Our Bank and our Payments Business were built to do different jobs, and today they meet at the same checkout. We will keep putting the full weight of the Group behind those small moments where people decide whether paying digitally is worth the effort. When it is, everyone in the transaction wins: the customer, the merchant and the wider economy that depends on both.”
The Managing Director of HabariPay, Mr Eduofon Japhet, said: “For a merchant, every extra field at checkout is a reason for a customer to leave. Squad businesses now get Google Pay inside the checkout they already use, so their customers can pay in a few taps with a card they have already saved. A merchant set up for international payments can now be paid with Google Pay by a customer anywhere in the world, with nothing new to integrate.”
Availability. GTBank customers can add an eligible GTBank debit card through the Google Wallet app on Android or through their Google Account. From today, Google Pay is on by default for all businesses on the Squad payment gateway, and merchants can choose to turn it off. Squad merchants set up for international payments can accept Google Pay from anywhere in the world. More information is available at www.gtbank.com and www.squadco.com.
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