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Wema Bank Emerges ‘Best Overall Investor Relations’ Brand

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Wema Bank Plc has again been recognised for its commitment to the highest standards of disclosure, transparency, and fairness in disseminating information to investors and other stakeholders.

The bank was recently awarded the ‘Best Overall Investor Relations’ brand at the 8th edition of the prestigious BusinessDay Nigeria Investor Value Awards (NIVA) for its adherence to corporate governance ethics in driving its impressive performance on the Nigerian Exchange (NGX).

Funmilayo Falola, Head, Marketing Communications and Investor Relations, Wema Bank, while speaking on the award, commended the organisers of the award for the recognition, stating that it was an affirmation of Wema Bank’s transparency and commitment to corporate governance and best practices.

“We are grateful to the organisers for recognizing the impact of what we are doing, particularly entrenching firm corporate governance ethics in our corporate culture. This has strengthened healthy relationship across the bank’s stakeholder spectrum whilst instilling trust.

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“At Wema Bank, we believe in transparency, and timeliness in sharing relevant data with our stakeholders, including our earnings reports. We don’t sugar-coat things but are always upfront about the state of our business, even at the worst of times. This is why Wema Bank remains one of the most credible banks in the country,” she said.

According to the organisers, Wema Bank was selected for the award by the Awards Review Committee and BusinessDay’s Research & Intelligence Unit for its commitment to the highest standards of disclosure, transparency and fairness in disseminating information to stakeholders.

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The bank was also chosen for its impressive performance in the Nigerian Exchange despite a challenging macro-economic environment in the past year under review during which its profits grew by 93.72 per cent from N4.58 billion in 2020 to N8.87 billion in 2021, recording a profit margin of 9.71% in the same period.

The NIVA Awards is a survey conducted by BusinessDay’s Research & Intelligence Unit (BRIU), and the Awards Review Committee to evaluate more than one hundred and fifty companies listed on the Nigerian Exchange Group (NGX) in a thorough evaluation process.

The awards recognise leaders of public and private companies who have created sustainable alpha-generating value for their shareholders through their strategic priorities, operating efficiencies, organisational values, and market engagement activities.

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Benin pipeline dispute: Niger stops oil exports to China

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Benin pipeline dispute: Niger stops oil exports to China

Niger has stopped exporting oil to China through its pipeline to Benin’s coast.

Oil Minister, Mahamane Moustapha Bako, disclosed this on Thursday, escalating an ongoing standoff between the West African neighbours.

Also read:Oil earnings rise by N450bn in two months, says FG

At the Agadem oilfield in eastern Niger, Bako supervised the shutdown of a section of the 2,000-km (1,243-mile) pipeline, which was meant to transport oil to China as part of a $400 million agreement with China National Petroleum Corp, according to Africabriefing.

Relations between Niger and Benin have been tense since May when Benin blocked crude exports through its port, insisting that Niger’s junta reopen the border to Beninese goods and restore normal relations.

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Earlier in the month, Benin authorities detained five Niger nationals for allegedly entering the Seme-Kpodji pipeline terminal under false pretenses—a charge Niger rejected, stating the group was supervising crude loading per their agreement with Benin.

“We can’t just sit back while our oil is stolen by other people, because we’re not there where it’s loaded,” Minister Barke Bako told workers, justifying the halt in oil flows, according to a state television broadcast.

Tensions stem from a coup in Niger in July 2023, which prompted the regional bloc ECOWAS to impose strict sanctions for over six months. Although trade was expected to normalize after ECOWAS lifted the sanctions, Niger has continued to keep its borders closed to goods from Benin.

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Naira Falls to N1,476.24/$1 at Official Market

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The Naira performed badly against the United States Dollar in the in the Nigerian Autonomous Foreign Exchange Market (NAFEX) after resumption of trading activities following the Democracy Day holiday observed on Wednesday.

Yesterday, the value of the Naira weakened by 0.17 per cent or N2.58 to sell at N1,476.24/$1, in contrast to Tuesday’s closing price of N1,473.66/$1.

Also read: Dollar supply rises to $11bn, naira closes 1,572/$

However, the local currency appreciated against the Pound Sterling in the official market during the session by N7.23 to wrap the session at N1,876.39/£1 versus the preceding session’s N1,883.62/£1 and against the Euro, it gained N11.84 to trade at N1,580.19/€1 versus N1,592.03/€1.

The mixed trading outcome happened as FX supply to the spot market depreciated by 75.9 per cent or $239.23 million to $92.68 million from the $385.91 million recorded in the preceding session.

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In the black market, the domestic currency depreciated against the American currency during the trading day by N10 to settle at N1,490/$1, in contrast to the preceding session’s rate of N1,480/$1.

Meanwhile, in the cryptocurrency market, the benchmarked tokens recorded depreciation as the US Producer Price Index (PPI) print for May came in lower than expectations across the board, showing inflation to be losing steam. Technically a positive sign for risk assets and crypto, the latter offered a cool reaction to PPI.

Solana (SOL) slumped by 4.6 per cent to trade at $148.06, Cardano (ADA) dropped 3.5 per cent to close at $0.4226, Binance Coin (BNB) went south by 2.9 per cent to finish at $601.18, and Dogecoin (DOGE) recorded a value depreciation of 2.6 per cent to sell at $0.1419.

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In addition, Ethereum (ETH) slid by 2.4 per cent to finish at $3,481.39, Ripple (XRP) fell by 2.3 per cent to settle at $0.4794, and Bitcoin (BTC) recorded a 2.1 per cent loss to sell for $66,926.75.

However, Litecoin (LTC) recorded a 0.9 per cent rise to close at $79.23, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

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Oil mafia tried to stop our refinery, says Dangote

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The founder of Dangote Group, Aliko Dangote, has revealed that both local and international criminal organisations, which he described as “mafia”, made repeated attempts to sabotage his $19bn refinery project located in Lagos.

Speaking at the Afreximbank Annual Meetings, Dangote likened the oil cartels to a mafia stronger than the drug mafia hell-bent on maintaining their grip on the industry.

 

Also read: Dangote refinery gets valid operating licence soon – FG

 

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“Well, I knew that there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs. I can tell you that. Yes, it’s a fact,” he said.

Dangote, who described himself as a fighter, said they “tried all sorts” to stop him.

“But I’m a person that has been fighting all my life. You know, so I think it’s part of my life to fight,” he said.

He added, “As a matter of fact during the COVID period, some of the international banks really were looking forward to making sure that they push us into default of our loans so that the project will just be dead. And that didn’t happen with the help of banks like Afreximbank.”

Theheute reports that Dangote also revealed that he has paid off $2.4bn of the $5.5bn borrowed for the Lagos-based refinery.

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Dangote also unveiled plans to diversify into the steel sector, aiming to utilise solely Nigerian-produced steel and achieve self-sufficiency.

Dangote Refinery recently rescheduled the launch of its petrol sales to July 10-15, pushing back its initial June target due to “minor” logistical issues.

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