Category: Business

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The deliberate and proactive desire of the Senator Ben Ayade’s led administration in Cross River to make the state economically viable and transform the standard of living of Cross Riverians has received a huge boost with the federal Government granting of exploration license for limestone and quarry ton the state.

Cross River Governor, Senator Ben Ayade who formally received the licenses during the State Executive Council meeting held at the Executive Council Chamber, Governor’s Office, Calabar, Friday, mentioned the licenses to include quarry lease for granite, exploration license for limestone, clay, shale and reconnaissance permit.

He thanked the Federal government for granting the state the aforementioned licenses, asserting that “Today, we thank the federal government for understanding that states should have the liberty to exploit their natural resources”, he expressed happiness that with the licenses at the state’s disposal and the availability of lime stones and other solid minerals in commercial quantity in Cross River, the next proactive move is to secure the financial ability to push ahead with exploration of the minerals to give the state a sound economic muscles.

With an unshakable confidence, Ayade maintained that, “we are rather inspired by the challenges of our circumstances and so we dream and act big. Whatever you conceive within the ambits of the fear of God to improve the livelihood of the people, God will surely lead the way. We have a deep understanding of the natural resources of this state, if federal government can show this generosity and extend same, and have a liberal attitude to gas and oil, we will also in the same vein, start our own refinery as a state”.

Governor Ayade called on the people of the state to continue to have faith on the commitment and sincerity of his administration’s desire to make a difference in their lives and the state economy as he stressed, “have faith in us, be patient for we will surely deliver,” adding that, “for a sluggish, tall world economy like Nigeria, infrastructure will be a key business in the next 100 years.”

Ayade commended the Commissioner for solid mineral resources, Hon. George O’ben-Etchi, for the level of commitment he has exhibited which has culminated in the procurement of the licenses, and promised to carry out work on the eleven kilometres camp two Mbobui road, Ikot Effangha, as requested by the commissioner for his people as magnanimously by the governor to make a request.

Presenting the licenses to the governor, the commissioner for Solid mineral Resources, George Oben-Etchi, said that the creation of the ministry of solid mineral resources early in this administration long before the nation came to terms with the importance of sold mineral sector was a clear demonstration of the depth of vision and the immensity of the intellectual capacity of Senator Ayade, making Cross River the first state to create the ministry of sold mineral.

Oben-Etchi explained that as part of the commitment of Governor Ayade toward transforming this sector, “Even with lean resources in the state, you, the governor, gave us funds from your pocket to aid in our drive. We are prepared to do business and hope that our detractors can look at our books and know that the quarry industries cannot belong to one person, but the state”, and thanked the governor for his magnanimity.

The Commissioner expressed optimism that the creation of solid mineral ministry will “transform the economy of the state, create employment, change the lifestyle of the citizenry and boost business activities in the area”, and called on Cross Riverians to pull their total support in the direction of Ayade’s administration for the good of all.

Governor Ben Ayade and Investors

The conducive and investors’ friendly environment made possible by the dogged business acumen, pragmatic /proactive leadership style of Governor Ben Ayade of Cross River ably supported by the hospitable disposition of the people of the state have continue to attract reputable investors to the state.

The recent addition to these list of investors/companies scrambling for a space to invest in the state fertile investment soil is Buoshishi International limited, which is totally committed to investing millions of dollars in the building of power transmission lines stretching over 300 kilometers from the southern part of the state to the northern part of Cross River, with an eye to equally invest on the deep seaport if given the approval by the state government.

Speaking while receiving the Executive Chairman and Chief Executive Officer (CEO) of Buoshishi International Limited, Amb. Yahaya Abdullahi Mohammed in his private resident in Calabar, Saturday, the governor of Cross River, Senator Ben Ayade, commended the Chairman and CEO of the company and his team for the kind words spoken about his administration and the state.

He said that there is a robust investment climate in Cross River and that the company should equally invest in the mouthwatering aspect of power generation making use of the current technology in hydro power to generate electricity as Cross River has 126km of Atlantic coast stretching over 21,000 square kilometer of land, besides transmission and the interest it has shown in the deep seaport.

Ayade said that as government carries out its development initiatives, generating and obtaining power from hydroelectricity is important to the state and will do everything to encourage it’s development, hence the company has no business operating elsewhere as according to the governor, this will be the first transmission lines going from the Atlantic ocean to northern Nigeria.

“You have no business going outside Cross River State because the state has the right environment, it has the right character, it has the right people, and it has the governor who come from a business environment. As a state we actually have 182kva transmission station from Odukpani to the northern part of the state,… however the transmission route are going through the new super high way, 261km super highway and our concept that the whole of Cross River is shifting gradually into the super highway because that is where all the factory, new cities are being built, so what you will do is to build this transmission lines knowing that most companies are planning to relocate to Cross River.

In those days when you told me to be a politician, I will tell you never but today am a politician, and my politics is with ethics, so I don’t fall in that category of a traditional politician, because for me, politics is to add value to my people and to mankind. Before my tenure expires, and say this with inspiration from God to make a difference in Cross River State, it is a commitment I swore with the almighty God that I will rather go back to the senate than to be a governor without making the different in the lives of my people,. I took an oath with God that i will move Cross River from a third world to a first world within my eight years in office. And so from day one I had a clear vision of what I want to achieve

The ambition is bigger than the carrying capacity of me financially but I know that funding is just a very small aspect of the scope of any intelligent man who had the weaponry of childhood poverty and the armoury of God. I came from that background of childhood poverty that has given me the energy, dexterity and the capacity to do so much business without money. Some years back, when I conceived the deep seaport, it look like it was impossible when I conceived a six lane super highway it look impossible, but today I have more and more investor coming for those projects just waiting for the final approvals”, from the relevant Federal government authorities to commence .

“Indeed we have a big dredging company from China that is fully ready to start dredging work”, armed with 88 million dollar to put into the work and get their dredgers ready to commence work as soon as the approval is secured, adding, Ayade informed the Chairman of Buoshishi International Limited that the company can participate in the operational phase of the work, the construction phase or the dredging, while assuring them that their transmission lines will have more than enough people to hook on to.

The Governor stated further that “great dream, great vision, and for every great vision and dream, God has made a provision for its actualization. God has given us a team that is fitting into the super highway, the deep seaport, the Calasvegas city, the rice city, garment factory”, among others.

Ayade who said that the company was not unaware of the law guiding the transmission of power in Nigeria, that at the end of the day the lines belong to the Federal Government as the Federal government will pay off the company because power transmission in Nigeria is still monopolistic, further disclosed, “our business with you is to create a synergy that can enable you to evacuate power from Odukpani to the northern part of the state”, however that the national power plan transmitting power to northern part of Cross River State from Abakiliki have been dysfunctional with most of the conductors weak and poor, substations not working, resulting in huge loss of power across the transmission circuits, and so the people of northern part of the state have for the past 7 years not have light.

“That is why when you go to Obudu now, we have a diesel turbines generating electricity for the LGA moving up to Ogoja, Yala Ikom Ugep and Akpet. Now as we do this our true focus is to actually source our power from hydro because the Odukpani power plant which is about 540mw would have been enough to carry Cross River because the state will carry just about 180mw, if we have a generation of about 120-180mw, it will be enough. However, under the inverted supply system, once you are going above that 120mw you have to subscribe to the national grid, so the Odukpani power plant takes power from Oshogbo and it is from Oshogbo that you now have the distribution. Though we have the ownership of the power plant, it will definitely be evacuated to the Federal corridor that pose a challenge”.

Senator Ayade explained that, “as a state we have been fighting that at least a 100mw should be retained for the state. Option two is that we have 126km of Atlantic coast stretching over 21,000sqauer kilometer of land, so we will focus on hydro electricity generation. We just have to have some 4 or 5 mw embedded on the subsoil, sub waters and you have the underwater current generating your electricity effortlessly, thereby using your gas for Nano technology, petro-chemical and focus on hydro.

My take is that while you focus on transmission lines, and because you have shown robustness with the document that I have seen from the bank of Scotland that I have very high respect for, having 500million dollars and 5 billion dollars gives me the confidence that you can move from transmission line to generating plant. Technology today has become so easy that you can generate your electricity even from salty water that we have in Atlantic Ocean. The hydroelectricity has high investment cost but zero operational cost and so on the long run it is always better to go hydro. My take is that while my commissioner is focusing with you on transmission, I will be dealing with you directly on generation.

The governor further disclosed that the state tariff system is investment/investors friendly, recognizing the fact that we are building a deep seaport in Calabar with an evacuation corridor to northern Nigeria, adding that, “we have received letters from Niger Republic and Chad republic, aggressively begging that they want to invest in our deep seaport, while another company in China want to set up 200 major manufacturing companies in Bakassi deep seaport.

Speaking earlier, the Chairman, and Chief Executive Officer (CEO), Buoshishi International Limited, Amb. Yahaya Abdullahi Mohammed, disclosed that his company is attracted to Cross River as a result of the investors’ friendly environment, near zero crime rate provided by the administration of Senator Ben Ayade, coupled with his astute, visionary and pragmatic leadership he has so far exhibited, thereby motivating the company to reach an understanding to build transmission lines spanning about 300kms from the south to the north part of the state.

“We are to provide the required technical knowhow and funding. We will prioritize our recruitment of both skilled and unskilled to favour Cross River indigenes. Again, we came up with MoU which we wanted you to go rough to give us the encouragement and impetus on the partnership. Not only did we want partnership with you on power, but we are intending to fill the gap in developing the deep seaport under a “build, operate and transfer” and as such negotiation will come in the aftermath of this ceremony.

If you permit us that discussion can kick start after we have got off this one. We are optimistic and serious and to demonstrate our seriousness and to show you that we have absolute confident in your state, we are here with 500 million dollar and another 5 billion dollar from the Bank of Scotland to assure you of our budget capacity, our outreach our pedigree and our integrity”, stressing further that they are committed to the partnership and that they are willing to work with the state and bring development to the door steps of the people of Cross River.

The contract staffs of the Cross River State Water Board Limited on Wednesday 19th October, 2016 shut down water production and burned car tires in front of the main entrance gate over Non-payment of Salaries for over 6 months now.

When Calabar Reporters got to the scene, the angry workers had already left with traces of the car tires they burnt still intact as some staffs (may be the main Water Board staffs) were fetching water to quench the burning tires. But we were able to mingle with some of the angry Contract Staffs who were about leaving the premises, where they lamented angrily to our correspondent concerning the matter.

One of the staff who refused to give us his name said; “We have been working for several months now without payment of salaries and the Manager is doing nothing about it, instead he keeps posting us like kids while keeping our salaries. For me, I have worked for more than 6 months without salary – I was only paid April salaries and since then till date, I have not received any salary,” He said.

The other who also did not state his name lamented that, while them the contract staffs are being owed, the state government staffs are being paid regularly meanwhile they do the same job or even more. His word, “Everyday, the Manager will keep lying to us that he’ll pay us on this or that days and keep luring us to work while he’ll be boasting around the radio and TV stations saying Water is now standby and there’s constant water supply – but we (the contract staffs) producing and distributing the water have not seen any payment since April. As am talking to you, they are some contract staffs who have not been paid since February and are still coming to work with the hope of promised payment. We’ll lock and shut down any production until our salaries are being paid,” he added.

A close source had told Calabar Reporters before now that the Managing Director (MD) of Cross River State Water Board Limited (CRSWBL), Dr Godwin Oju Igile have been laundering money through his son whom he made the Head of Maintenance where he gave him more than 8million Naira to service only a generator. Meanwhile, they are workers who do the same job before now.

Few days back, Dr Igile had told CRBC radio that Governor Ben Ayade, who promised regular water supply few months ago, has put a lot to the State Water Board to ensure he keeps his promise which in turn is yielding constant water supply to public. He also urged the general public to pay their bills to avoid disconnections.

Before now, the MD has had a meeting with all the Contract Staffs of CRSWBL across the state in Calabar main headquarters where Calabar Reporters also attended. In the meeting, Dr Igile stated that, Governor Ayade has loaned the state up to 10billion Naira in 3 months to pay workers’ salaries from his own pocket, while he too, Dr Igile had loaned the Water Board many times to buy diesel and chemicals and others so that the money meant for new water projects in Ikom, Ogoja, Obubra, Oban, Obudu, Ugep and Itigidi should not be the money to be used for chemicals in treating water in Calabar. In that meeting, the MD also promised to pay the contract staffs salaries from the beginning till date. The meeting was held in September, 2016.

If the Governor had released money to pay workers’ salaries for 3 months, what happened to the contract staffs who works day and night to ensure regular water supply across the state?

And by the way, estimation shows that, the population of Cross River State alone is more than 3 million while that of Calabar is about a million. So, if in Calabar alone, an average person uses water that amounts to N1,000 in a month and at least 500,000 people relies on public water supply – by multiplying 1000 x 500000, the Company should generate at least 500 million Naira monthly which is enough to pay workers’ salaries, expenses and even add up to the state treasury. So, where is the problem coming from? Is it that corruption has eaten the sector or the state in whole…?

Lagos, Nigeria – October, 2016

Guaranty Trust Bank plc has released its unaudited financial results for the 3rd quarter ended September 30, 2016, to the Nigerian and London Stock Exchanges.

A review of the 3rd quarter performance shows positive growth across all key financial metrics and improved strategic positioning of the brand. Gross earnings for the period grew by 44% to N329.3billion from N229.4billion reported in the corresponding period of September 2015; driven by growth in fee & commission income as well as foreign exchange income. Profit before tax stood at N140.84billion, representing a growth of 53% from N92.06billion recorded in the corresponding period of September 2015.The Bank’s loan book grew by 19.6% from N1.372trillion recorded in December 2015 to N1.640trillion in September 2016.

The Bank closed the third quarter ended September 2016 with Total Assets of N3.093trillion and Shareholders’ Funds of N483.4billion. The Bank’s non-performing loans remained low at 4.13%. On the backdrop of this result, Return on Equity (ROE) and Return on Assets (ROA) stood at 35.31% and 5.69% respectively.

Commenting on the Bank’s financial results, Segun Agbaje, the Managing Director/CEO said that “The Bank’s strong performance is a reflection of the continued support of our customers, hard work of our Staff and the commitment of the Management and Board to manage the Bank for long term sustainable returns. Recognizing that we operate in challenging business environments, we set high goals, benchmark ourselves against global standards and aggressively pursue our key objectives for the year, which are focused mainly on adding value to all stakeholders and improving the customer journey.

He further stated that “As a Bank, we will continue to leverage collaborations and technology to drive customer engagement, improve the overall customer experience and grow our business for long term sustainable returns.”

Guaranty Trust Bank has continued to report the best financial ratios for a Financial Institution in the industry with a return on equity (ROE) of 35.31% and a cost to income ratio of 36.20% evidencing the efficient management of the banks’ assets. Overall, the Bank has enshrined its position as a clear leader in the industry. In due recognition of the Bank’s leading role in Africa’s banking industry, owing to its bias for world class corporate governance standards and excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the course of the year. They include Best Banking Group from World Finance Magazine, Most Innovative African Bank from African Banker Magazine, Best Bank in Nigeria and Best Digital Bank in Africa from Euromoney Magazine.

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As part of the build up towards GTBank Fashion weekend, Caroline Rush, British Fashion Council CEO has been confirmed. 

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The concept of Corporate Social Responsibility (CSR) developed alongside the emergence of corporations more than a century ago and is now practiced by most companies and institutions around world. While corporations may vary in their level of commitment to CSR, their practice is largely focused on corporate philanthropy such as donating to charities, supporting causes or sponsoring individuals, groups and programmes. However, some companies, intent on making their CSR impact more effective, are rethinking this approach. Among these companies is Guaranty Trust Bank (GTBank) plc, a leading African financial institution headquartered in Nigeria and spread across sub-Saharan Africa and the United Kingdom.

GTBank has always been heavy on CSR. The bank maintains a clearly defined Corporate Social Responsibility (CSR) strategy with targeted focus on Education, Community Development, the Environment and Arts. Among its landmark CSR programmes are the GTBank Adopt-a-School programme through which the Bank has taken over the provision of facilities to some public schools across Nigeria’s six geopolitical zones. The Bank also sponsors three annual secondary school football tournaments—The Lagos State Principals Cup, the Ogun State Principals Cup and the Masters Cup—all of which have become major grass-roots football competitions in the country. The bank’s backed Orange Ribbon Initiative is the foremost Autism-focused initiative in the country providing support and raising awareness for people living with Autism Spectrum Disorders.

Not resting on its CSR feats, GTBank is innovating how it gives back to its communities by going beyond traditional corporate philanthropies to intervene in key economic sectors to strengthen small businesses through non-profit consumer focused fairs and capacity building initiatives that serve to boost their expertise, exposure and business growth. The first big example of this new approach was the Food and Drink Fair which the bank organized in May. Although the event had all the flavours of Food festivals, with world-class chefs such as Marcus Samuelson and Raphael Duntoye serenading cooking masterclasses, its raison d’étre was to boost the enterprise of indigenous SMEs in the food sector. In that front it succeeded quite remarkably with over 25,000 guests attending the fair and the over 100 SMEs seeing record sales of their products.

GTBank is now looking to repeat what it achieved with the Food and Drink Fair in the Fashion sector. “We are thrilled to be the first in the Nigerian financial sector to pioneer an initiative that will assist in unlocking growth opportunities for businesses in the fashion industry,” said the Bank’s MD, Segun Agbaje, in a Press Release announcing the GTBank Fashion Weekend set to take place in November. “We are committed to growing SMEs in a sustainable manner that is not driven by profits but focused on empowering our customers and growing our economy collectively.” The Weekend, it is understood, will have all the glitz and glamour of fashion events but at its core will be the theme of Promoting Enterprise, which will be achieved through the Fashion MasterClasses for entrepreneurs and designers as well as retail exhibitions to boost the sales of local SMEs.

While in the process of organizing the Fashion Weekend, GTBank also announced the launch of its virtual arts gallery which the bank said will serve as a free platform for local artists to exhibit their artworks and achieve greater market exposure. “At GTBank we see art as an avenue for unlocking people’s creative potential and by creating ART635 we aim to expand the opportunities for art education as well as broaden the reach and viewership of the works of indigenous artists,” said Mr Segun Agbaje in a statement announcing the gallery’s launch. “Although African art goes back several centuries, the art industry in the continent is still young and largely untapped and we hope that with ART635 we can drive its evolution into a lucrative and vibrant economic sector,” he added.

Given the depressed economic situation in Nigeria, and indeed across sub-Saharan Africa, GTBank’s new approach to CSR is an apt response from a company keen on boosting the general economic fortunes of its community. Small businesses, on which the economic growth and development of most African states depend, need not just financial empowerment but also capacity building and access to market, aspects that GTBank’s CSR-tweak does address. The company’s new approach to CSR also shows that far from just innovating for business growth, companies and organizations must always evolve how they give back to their communities to ensure that their CSR programmes continually make its desired impact.