Naira Reacts As CBN Injects Fresh $210m Into Forex Market

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Naira Reacts As CBN Injects Fresh $210m Into Forex Market

The Central Bank of Nigeria (CBN) On Tuesday, October 30, sustained its intervention in the foreign exchange (forex) market as authorised dealers in the wholesale segment received the sum of $100 million to meet the requests of their customers.

CBN: Forex Ban On Rice, Toothpicks, 39 Items Lifted Nigeria Out Of Recession

The apex bank also allocated the sum of $55million each to the small and medium scale enterprises (SMEs) segment and the invisibles segments, comprising requests for tuition fees, medical payments and Basic Travel Allowance (BTA), among others.

Confirming the figure, the Bank’s Director in charge of Corporate Communications, Isaac Okorafor, yesterday stressed that the CBN would continue to intervene in the country’s interbank foreign exchange market.

Africa Rise And Shine Book Launch In New York

According to him, the Bank’s management remained committed to ensuring stability in the market through liquidity.

The Bank had made interventions totaling over $547million within the last one month in the Wholesale and Retail Secondary Market Sales (SMIS).

Naira Steadies Against 3 Major Currencies As CBN Injects $337m, CNY53m Into Forex Market

Meanwhile, the naira, on yesterday exchanged at an average of N362/$1 in the BDC segment of the market.

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Africa Rise And Shine Book Launch In New York

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The Founder/Chairman of Zenith Bank Plc, Mr. Jim Ovia recently launched his book, Africa Rise and Shine in New York.

This prestigious event happened on the sidelines of the United Nations General Assembly and had foreign dignitaries and private sector captains of industry in attendance.

Earlier, Africa Rise and Shine was unveiled in Lagos at Eko Hotel and Suites on September 17, 2018.

The event had Nigeria’s Vice President, His Excellency, Prof. Yemi Osinbajo, GCON (SAN), other government functionaries, traditional rulers and private sector stakeholders present.

Africa Rise and Shine is available for pre-order online at Amazon and in-store at Laterna Books and Roving Heights.

See photo excerpts from the book launch in New York below:

Africa Rise And Shine: How A Nigerian Entrepreneur From Humble Beginnings Grew A Business To $16 Billion

The Author of Africa Rise and Shine, Mr. Jim Ovia with moderator, Zeinab Badawi on the podium at the Africa Rise and Shine book launch in New York. (Photo by Dia Dipasupil/Getty Images for Zenith Bank Chairman Jim Ovia)

The Author of Africa Rise and Shine, Mr. Jim Ovia speaking at the Africa Rise and Shine book launch in New York. (Photo by Dia Dipasupil/Getty Images for Zenith Bank Chairman Jim Ovia)

L-R: The GMD/CEO of Access Bank, Mr. Herbert Wigwe; The Publisher of Guardian Newspapers, Lady Maiden Alex Ibru and Chairman of Coronation Capital, Mr. Aigboje Aig-Imoukhuede during a meet-and-greet with the Author of Africa Rise and Shine, Mr. Jim Ovia at the Book Launch in New York. (Photo by Dia Dipasupil/Getty Images for Zenith Bank Chairman Jim Ovia)

The Founder/Chairman of Zenith Bank and Author of Africa Rise and Shine, Mr. Jim Ovia (Photo by Dia Dipasupil/Getty Images for Zenith Bank Chairman Jim Ovia)

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Jim Ovia Talks Africa Rise And Shine On CNBC Africa

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The Founder/Chairman of Zenith Bank Plc, Mr. Jim Ovia, in a recent sit-down discussion with CNBC Africa, speaks of his new book, Africa Rise and Shine and his lessons for business success.

This is coming a few days to the much-anticipated launch of the book slated for September 17, 2018.

Africa Rise and Shine is available on AmazonJumia and Konga
Africa Rise And Shine By Jim Ovia
Watch video excerpts of Jim Ovia talking about his book, Africa Rise and Shine below:

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Just Like Apple, Amazon Hits $1,000,000,000,000 In Value

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Just Like Apple, Amazon Hits $1,000,000,000,000 In Value

Amazon.com Inc yesterday joined Apple Inc in the $1 trillion club, becoming the second member of the group after its stock price doubled in 15 months – reflecting the online retailer’s striking transformation from a profitless bookseller into a disruptive force of commerce.

It is understood that the company’s shares rose as high as $2,050.50 on Tuesday morning, pushing it over $1 trillion in value, before immediately falling back and then ending the day at $2,039.51, below the $1 trillion threshold.

Apple Is Now Worth $1 Trillion

Investors have rewarded the Seattle-based company as it demonstrated better financial discipline in recent quarters, reporting record profits because of lucrative businesses such as cloud computing despite aggressively spending on industries from health care to grocery delivery.

“They’ve proven they can make it work,” said Michael Lippert, who manages the Baron Capital BCAP -98.00% Opportunity Fund that counts Amazon as its largest holding. “They’re spending a lot on all these things to build and enforce their competitive advantages.”

Just Like Apple, Amazon Hits $1,000,000,000,000 in Value

Just Like Apple, Amazon Hits $1,000,000,000,000 in Value

Amazon and Apple, which hit the trillion-dollar milestone on August 2, symbolize the growing influence of tech companies on markets and the economy. The industry is amassing wealth and power, creating a new order in business where the most valuable resource is no longer oil, but data.

While it took Apple almost 38 years as a public company to achieve the trillion dollar milestone, Amazon got there in 21 years. While Apple’s iPhone and other devices remain popular and its revenues are growing, it is not keeping up with Amazon’s blistering sales growth.

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Jim Ovia To Launch New Book, Africa Rise And Shine, September 17

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The Founder/Chairman of Zenith Bank Plc, Mr. Jim Ovia, will on September 17, 2018, in Lagos, present his much-awaited new book, Africa Rise and Shine: How a Nigerian Entrepreneur from Humble Beginnings Grew a Business to $16 billion.

The book, published by Forbes Books and with forward by Richard Branson of VIRGIN, Aliko Dangote of Dangote Group, David Applefield of Financial Times, Dominic Barton of McKinsey & Company and Matt Lilley of Prudential Africa, tells the story of Ovia’s business and banking success, and how he was able to create one of Africa’s largest banks.
Spanning decades of both world and Nigerian history, Africa Rise and Shine delves deep into the events that led to Ovia’s triumph.
Drawing upon his educational experiences and relentless determination, Ovia was able to overcome every hurdle that stood in the way of his bank becoming the national icon that it is today.
Africa Rise and Shine outlines the tough, yet necessary business decisions that were essential to Zenith’s prolonged success and is filled with valuable takeaways for every businessperson.
The book, according to Amazon, is a useful lesson tool for those who want to learn from one of the best in banking, what it takes to truly be successful.
Africa Rise And Shine By Jim Ovia

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Africa Rise And Shine By Jim Ovia, Now Available On Jumia And Konga

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The much-awaited book, Africa Rise and Shine by Jim Ovia, the Founder/Chairman of Zenith Bank Plc is now available on  Jumia and Konga.

Africa Rise and Shine is a positive narrative on Africa, which relays existing business opportunities in the continent, and the grit and glory to becoming a successful entrepreneur in Africa.
It is a personal compass into the business principles behind the establishment and growth of Zenith Bank Plc by Jim Ovia.

This is a business book for every entrepreneur that hopes to be successful in Africa, specifically Nigeria. You can now order your copy on Jumia and Konga
Africa Rise And Shine By Jim Ovia

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Jumia, HP to provide 15 Students with Educational Scholarships Worth 3.7million for School Resumption

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Jumia, Nigeria’s number 1 online shopping destination, has partnered with Hewlett-Packard (HP) to award N3,700,000 worth of educational scholarships to 15 students who are between Basic 4 and University level, and are residents and schooling in Nigeria.

To qualify for the scholarship, interested students are expected to shop any HP products above N10,500 on Jumia App between August 13th and September 16th, 2018. Students below 18 years must obtain consents in writing from their parents or legal guardians before participating.

“Winners will be announced via Jumia’s Facebook live session and contacted ahead of school resumption. There will also be 1 scholarship to be won via the treasure hunt item during the campaign,” said Olamide Amosu, Head of Engagement Marketing for Jumia.

This is part of the ongoing Jumia’s School Resumption campaign which will also see the launch of an Art Contest aimed at bringing out the artistic instincts in kids within ages 4-15. The participating kids are expected to recreate the existing Jumia logo, and the winning logo will be featured on Jumia.com.ng website for 24 hours. In addition, the winner will walk away with ₦90,000 worth of goody bags to be carted away respectively by the contest winner and the runner ups.

The logo entries will be assessed on artistic merit and creativity. Interested kids are expected to take note of the following details, in order to stand a chance of being shortlisted: (1) Send all entries to community@jumia.com.ng (2)The designs should be drawn using a physical drawing book (3) Voting will start August 27th (4) 10 of the best designs will be shortlisted and voting for the winners will be done on @jumianigeria  Facebook, Twitter, and Instagram (5) Follow and use the hashtag #JumiaArtContest on social media for all updates.

The Jumia School Resumption Campaign, which is described as Nigeria’s largest collection of school items at the best prices, is targeted at students and parents whose kids will be returning to school for the new session in September. The campaign provides parents and guardians with over 500,000 school items to choose from, and up to 65% discounts on selected items.

About Jumia

Jumia is building tomorrow’s African e-commerce infrastructure with online and mobile world-class marketplaces, providing affordable and convenient services to consumers and helping them fulfill their everyday needs. Jumia’s mission is to transform and improve people’s lives – thanks to technology.

Through its different platforms and services namely Jumia eCommerce, Jumia Travel, Jumia Food, Jumia House, Jumia Deals, Jumia Jobs, Jumia Pay, Jumia One and Jumia Services, the company is fostering the digital shift of the entire African economy. Jumia is supporting the growth of African companies and expanding their horizons. More than 50,000 local African companies and individuals do business on Jumia.

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Jim Ovia’s Book, Africa Rise And Shine And The Changing African Narrative

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Almost two decades ago, Africa was tagged the “Hopeless Continent” in the May 2000 issue of The Economist. Hitherto, the continent was portrayed as ravaged by wars and coups, poverty and famine. It was a general negative narrative of Africa in the media.

However, a decade later from this time, the paradigm began to change. The world began to see the bright future of Africa.

To this effect, The Economist went on to categorically reverse its position in a new cover story for its 2011 issue called “Africa Rising”. The story revealed that Africa had never been hopeless.

In a recent interview with Bloomberg TV, the Founder/Chairman of Zenith Bank Plc, Mr. Jim Ovia explained that this perception of Africa from a hopeless continent to a continent now rising inspired the title of his book, Africa Rise and Shine.

According to him, African economies are beginning to do extremely well. With democratically elected governments and thriving businesses, which was not obtainable 25 – 30 years ago, African economies are now rising and shining. Hence, his book, Africa Rise and Shine would further contribute to the positive narrative of the international community and media perception on Africa.

Africa Rise and Shine is now available on Amazon at Amazon.com

Watch and Listen to Jim Ovia in his interview with Bloomberg below:

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Naira Stable As CBN Boosts Forex Market With $210m

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Naira Stable As CBN Boosts Forex Market With $210m

In its quest to meet customers’ needs in the various segments of the foreign exchange market, the Central Bank of Nigeria (CBN) on Tuesday, July 31, injected $210million into various segments of the forex market.

How Naira Fared Against Dollar (July 30)

The apex bank offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got boosted with the sum of $55 million. 

Customers requesting foreign exchange for invisible such as tuition fees, medical payments and basic travel allowance (BTA), among others, were also allocated $55 million.

It will be recalled that the Bank last Friday, July 27, 2018 and following the earlier take-off of its intervention in the sale of foreign exchange in Chinese Yuan (CNY), injected the sum $340, 507, 376.51 into the interbank retail Secondary Market Intervention Sales. This was in addition to the sale of CNY 69,858,087.15 in the spot and short tenored forwards.   

Here’s How Naira Traded Against 3 Major Currencies (July 25)

Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N360/$1 in the BDC segment of the market on Tuesday, July 31, 2018.

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How Naira Fared Against Dollar (July 30)

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How Naira Fared Against Dollar (July 30)

The Nigeria’s currency Naira on Monday, July 30, weakened marginally against the United States Dollar at the parallel market.

 The News Agency of Nigeria (NAN) reports that the local currency exchanged at N358.3, weaker than N358 traded on Friday, while the Pound Sterling and the Euro closed at N480 and N420.

At the Bureau De Change window, the naira was sold at N360 to the dollar, while the Pound Sterling and the Euro closed at N480 and N420.

Trading at the investors’ window shows that the Naira closed at N361.78 to the dollar and a trading turnover of $106.26m; while the Naira closed at N305.90 to the dollar at the CBN window.

Meanwhile, the CBN has continued with its interventions at the foreign exchange market with the injection of $340.5m and $69.9m Chinese Yuan in the spot and short tenured forwards last Friday.

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Google Launches Google Station To Provide Free High Speed Wifi To Millions Of Nigerians

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Google today hosted its second Google for Nigeria event where it made a number of big announcements aimed at helping more people in Nigeria, and across Africa, benefit from the opportunities the web has to offer.

In a bid to make the internet more easily accessible to people in Nigeria, Google is launching Google Station for Nigeria: a program to provide high quality, high-speed Wi-Fi hotspots in partnership with 21st Century, one of the largest fibre network providers in Nigeria.

“Google Station will be rolling out in 200 locations in five cities across Nigeria by the end of 2019, bringing Wi-Fi to millions of people,” says Google Nigeria Country Director, Juliet Ehimuan-Chiazor. “Sites include markets, transport hubs, shopping malls, universities, and more. Nigeria is the fifth country to get Google Station, after India, Indonesia, Thailand and Mexico.”

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Google Nigeria Country Director, Juliet Ehimuan-Chiazor

Google is also making search more powerful for ordinary Africans. Job search launched in March in South Africa, Nigeria and Kenya, and is now rolling out in 29 new countries. In Nigeria, Google is launching a search experience that allows users to explore health conditions based on symptoms, as well as recipe search for anyone who needs a little food inspiration.

StreetView’s Discover Nigeria gallery has been expanded to include more of Nigeria’s wonders including the National Museum in Lagos, Olumo Rock in Abeokuta, Millenium Park in Abuja, and Lekki Conservation Centre.

Additionally, Google announced the update of several products from its “Go” initiative, which were launched in the past year. The Go product suite aims to give people with low bandwidth connections and low-RAM devices the best possible Google experience. These new features include:

  • Google Go: will soon read web pages out loud and highlight each word so users can follow along.

  • YouTube Go: users will be able to browse downloaded YouTube Go videos, saved as .yt files, right from the gallery on their phones.

  • Google Maps Go: will now provide users with turn-by-turn directions, whether they’re travelling by car, by bus or on foot.

  • Android Go: Launched in Nigeria and 29 other African countries earlier this year, the Go OS gives people coming online for the first time a powerful and reliable smartphone experience. Across Africa, Transsion, Nokia, Huawei, and Mobicel have launched various devices, starting at just over 17,000 Naira.

Over 2.5 million of the 10 million Africans Google promised to train by 2022 have been trained through the Digital Skills Programme. Google has trained a further 9,000 Africans in mobile app development and Google’s Launchpad Accelerator Africa initiative graduated 12 promising startups from across the continent in June.

Google-station-free-wifi-nigeria-03-360nobs

Vice President of Nigeria, Prof. Yemi Osinbajo during his keynote speech at Google for Nigeria 2018

The application process of the ongoing Google Impact Challenge, part of Google’s $20m Google.org commitment to Africa over the next five years, closed with over 5,500 entries. The process of selecting the 36 finalists has begun.

“We are offering new solutions to improve and expand access in Nigeria and across Africa; these launches demonstrate our commitment to Africa through products built to help people in Africa to make the most of the Internet,” concludes Ehimuan-Chiazor.

Google-station-free-wifi-nigeria-yemi-osinbajo-360nobs

Google Nigeria Country Director, Juliet Ehimuan-Chiazor and Vice President of Nigeria, Prof. Yemi Osinbajo during a demonstration at Goolge for Nigeria

For more information, visit our Google Africa G+ page or our Google Africa Blog: google-africa.blogspot.com. You can also follow Google’s Africa team on Twitter: twitter.com/googleafrica.

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Dr Tope Fasoranti (Executive Director, Zenith Bank Plc) To Deliver A Cogent Lecture At The 13th Convocation Lecture Of Covenant University, Ota

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Join Dr. Tope Fasoranti, (Executive Director, Zenith Bank Plc) at the 13th convocation lecture of the Covenant University, Ota.
He’ll be delivering a lecture on “Technological Disruption and Tertiary Education: Redefining Learning for the Future”.
Date: Thursday, July 19, 2018
Time: 9:00am – 12:30pm
Venue: University Chapel, Covenant University, Ota.
Dr Tope Fasoranti-convenant-university
Dr Tope Fasoranti (Executive Director, Zenith Bank Plc) To Deliver A Cogent Lecture At The 13th Convocation Lecture Of Covenant University, Ota

 

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How Naira Fared Against Dollar (July 11)

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How Naira Fared Against Dollar (July 11)

The Nigerian currency Naira on Wednesday, July 11, appreciated marginally against the United States’ Dollar at the parallel market in Lagos, exchanging at N358.50 to the dollar.

It is understood that the local currency was 10 kobo stronger than N358.60 to the dollar traded on Tuesday, July 10, while the Pound Sterling and the Euro closed at N478 and N417.5, respectively.

Nigerian Banks Suspend ATM Cash Withdrawal Abroad

At the Bureau De Change (BDC) window, the Naira closed at N360 to the dollar, while the Pound Sterling and the Euro closed at N478 and N417.5, respectively.

Trading at the investors’ window saw the Naira close at N361.87 with a daily turnover of 168.74 million dollars, while the naira closed at N305.75 at the CBN window.

The News Agency of Nigeria (NAN) reports that traders expressed optimism that the naira might appreciate further at the market as the CBN continues to boost liquidity.

Bear in mind that the country’s apex bank on Tuesday injected $210 million into the inter-bank Foreign Exchange market to meet customers’ requests in various segments of the market.

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James Hope College Scores 100% In The 2018 Cambridge Checkpoint Examinations

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James Hope College (JHC) has recorded an exceptional 100% grade summary in Maths, Science and English in the recently published 2018 Cambridge Checkpoint Examination results.

Of all 29 students that sat for the examinations, no candidate scored less than good with the highest scale pegged at 6.0.

Speaking on the brilliant performance of the students, the Founder/Chairman of James Hope College, Mr. Jim Ovia applauded the students for such excellent performance; adding that it was a worthy reward for the efforts both the students and the teachers put in for the examinations and a testimonial to what the College stands for.

It has been a great and rewarding session for JHC and we congratulate our high flyers and wish them greater successes and excellence in future feats.

James Hope College is a world-class private residential school in a beautiful and tranquil area of Agbor, Delta State, Nigeria, which offers a unique Nigerian/British style curriculum.

We offer holistic learning programmes to foster the future leaders of Nigeria. We also offer a unique scholarship programme supported by an endowment fund from the Jim Ovia Foundation.

james-hope-college

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Zenith Bank Joins Commonwealth Council as Strategic Partner

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Zenith Bank Plc, Nigeria’s largest bank by shareholders’ fund and customer deposits, was announced on Tuesday June 26, 2018 as a strategic partner of the Commonwealth Enterprise and Investment Council (CWEIC).

Speaking on the announcement, CWEIC Chairman, Lord Marland of Odstock said, “After Zenith Bank Plc’s engagement with the Commonwealth Business Forum in London, I am delighted to welcome them as Strategic Partner. We are excited to assist in the expansion of their Commonwealth network.”

The Founder/Chairman, Zenith Bank Plc, Mr. Jim Ovia, was particularly active during the Commonwealth Business Forum (CBF), organized in April in London by CWEIC. He sat on the Fintech and Innovation in Financial Services panel and in the Financial and Professional plenary sessions.

With the Bank’s refreshing approach to financial inclusion in Africa and the creation of digitized financial products supported by the necessary infrastructure, Mr. Ovia was able to impress the significance of financial inclusion especially for rural Africa.

While addressing the opportunities of being Strategic Partner on the CWEIC, Mr. Ovia stated that, “attending the Commonwealth Business Forum in London, 2018, had opened up another great opportunity for Zenith Bank Plc to build new connections and partnerships with other businesses within the Commonwealth. He further stated that CWEIC is perfectly placed to leverage its network to help businesses like us achieve our strategic goals.”

Established in 1990 by Mr. Jim Ovia, CON and headquartered in Lagos, Zenith Bank Plc has a huge domestic presence in Nigeria and is a leading financial services provider across the world, operating in The Gambia, Ghana, Sierra Leone, the UK, UAE, China and South Africa.

The Bank’s shares are publicly traded on both the Nigerian and London Stock Exchanges.

Photo excerpt below:

Lord Marland of Odstock, Zenith Bank Founder Chairman, Jim Ovia

L-R: CWEIC Chairman, Lord Marland of Odstock, Zenith Bank Founder/Chairman, Jim Ovia, CON and CWEIC Country Head for Nigeria, Obinna Anyanwu during the CBF in London

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Zenith Bank Joins Commonwealth Council as Strategic Partner

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Zenith Bank Plc, Nigeria’s largest bank by shareholders’ fund and customer deposits, was announced on Tuesday June 26, 2018 as a strategic partner of the Commonwealth Enterprise and Investment Council (CWEIC).

Speaking on the announcement, CWEIC Chairman, Lord Marland of Odstock said, “After Zenith Bank Plc’s engagement with the Commonwealth Business Forum in London, I am delighted to welcome them as Strategic Partner. We are excited to assist in the expansion of their Commonwealth network.”

The Founder/Chairman, Zenith Bank Plc, Mr. Jim Ovia, was particularly active during the Commonwealth Business Forum (CBF), organized in April in London by CWEIC. He sat on the Fintech and Innovation in Financial Services panel and in the Financial and Professional plenary sessions.

With the Bank’s refreshing approach to financial inclusion in Africa and the creation of digitized financial products supported by the necessary infrastructure, Mr. Ovia was able to impress the significance of financial inclusion especially for rural Africa.

While addressing the opportunities of being Strategic Partner on the CWEIC, Mr. Ovia stated that, “attending the Commonwealth Business Forum in London, 2018, had opened up another great opportunity for Zenith Bank Plc to build new connections and partnerships with other businesses within the Commonwealth. He further stated that CWEIC is perfectly placed to leverage its network to help businesses like us achieve our strategic goals.”

Established in 1990 by Mr. Jim Ovia, CON and headquartered in Lagos, Zenith Bank Plc has a huge domestic presence in Nigeria and is a leading financial services provider across the world, operating in The Gambia, Ghana, Sierra Leone, the UK, UAE, China and South Africa.

The Bank’s shares are publicly traded on both the Nigerian and London Stock Exchanges.

Photo excerpt below:

Lord Marland of Odstock, Zenith Bank Founder Chairman, Jim Ovia

L-R: CWEIC Chairman, Lord Marland of Odstock, Zenith Bank Founder/Chairman, Jim Ovia, CON and CWEIC Country Head for Nigeria, Obinna Anyanwu during the CBF in London

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360Spotlight: Have You Seen The GLO Commercial by SO&U Everyone is Talking About?

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A peculiar thing about us as Africans is our passion. It shows in literally everything we do; our dance, our talk, and of course our football. The beautiful thing is that we are not afraid or shy to express, indulge and enjoy our passion. Perhaps that is why the GLO ‘Indulge Your Passion’ ad hits home.

Set to connect with the world cup season, the ad shows us what we love most about our dance, our energetic moves and most of all our facial expression when we dance.

In our facial expression, you can almost see tales of our history, our joy and passion. Perhaps that is what makes African dance beautiful and interesting to watch. It’s always an all or nothing situation, you either pour it all out on the dance floor or you don’t. You either go big or you go home

Just when we think we’ve had enough, the ad by creative powerhouse, SO&U Limited, draws a connection between our dance and our football. It easily wins hearts.

The connection was well woven because like on the dance floor, when we are on the field, we pour it all out, we succumb to our fear and passion.

In spite of our loses, we don’t back out, perhaps because we don’t know how to. Though we have never won a world cup, we come out every season, and play with so much energy and passion.

It takes great insight to see and draw such a connection especially when we didn’t even think there was one, but to capture the heat, passion and energy that we are about takes hard work and dedication.

To see SO&U do this for GLO is an indication that they invest in finding creative solutions that resonate with target audiences.

Here are some screen clips from the GLO commercial

Glo-tvc-football Glo-tvc-football-2018 Glo-tvc-football-2018 glo-tvc-so-u-nigeria

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Photo News: Jim Ovia, Chairman, Zenith Bank plc at Commonwealth Heads of Government Meeting (CHGOM) 2018

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The founder & chairman of one of Nigeria’s largest and most successful banks Zenith Bank plc, Mr Jim Ovia was spotted at the just concluded Commonwealth Heads of Government Meeting (CHGOM) 2018 which took place in London, United Kingdom.

He was part of the plenary session Financial and Professional Services: Driving Growth in the Real Economy were he spoke on the future of banking in a digital world during the plenary session on Fintech and Innovation in Financial Services.  

Jim-Ovia

L-R: Senator Ian Gorst, Chief Minister, Jersey; Jim Ovia, Chairman, Zenith Bank Plc; Mark Napier, Director, Financial Services Deepening Africa, Kenya; Catherine McGuinness, Chairman, Policy and Resources Committee, City of London Corporation and Patrick Nolan, Vice Chairman, Banking, HSBC Bank UK during the plenary session on Financial and Professional Services: Driving Growth in the Real Economy at CHOGM/CBF 2018

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Jim Ovia, Chairman Zenith Bank Plc (far right), speaking on the future of banking in a digital world during the plenary session on Fintech and Innovation in Financial Services at CHOGM/CBF 2018 in London

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L-R: Jim Ovia, Chairman, Zenith Bank Plc; Lord Jonathan Marland, Baron Marland of Odstock and Chairman, CWEIC and The Rt. Hon. Alderman Charles Bowman, Lord Mayor of London during a meeting at the CHOGM 2018

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Jim Ovia, Chairman, Zenith Bank Plc and Lord Bowman, Lord Mayor of London exchanging a handshake at the CHOGM 2018

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World Bank Says ‘118 Million Nigerian Adults Don’t Have Bank Accounts’

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The World Bank has in a recent data it provided said that over 118 million Nigerian adults do not have bank accounts.

In a report released on Thursday at the ongoing Spring meetings of the International Monetary Fund and World Bank in Washington DC and made available in the latest Global Findex Database, the apex bank said only 40 percent of Nigerian adults have bank accounts.

It said Nigeria and six other countries are home to nearly half of the 1.7 billion people who do not have bank accounts.

“Globally, about 1.7 billion adults remain unbanked—without an account at a financial institution or through a mobile money provider. Indeed, nearly half live in just seven developing economies: Bangladesh, China, India, Indonesia, Mexico, Nigeria, and Pakistan,” the report read.

“The gap between men and women in developing economies remains unchanged since 2011, at 9 percentage points.”

Bear in mind that the National Population Commission (NPC) pegs Nigeria’s estimated population at 198 million, the seventh largest in the world.

TheCable further quoted the Bretton Wood institution as saying that most people in sub-Saharan African countries save for a business in contrast to adults in high-income economies who save for old age.

“Nearly half of adults in high-income economies reported saving for old age. In developing economies only 16 percent did. Saving for a business is more common in many Sub-Saharan African economies— reported by 29 percent or more of adults in Ethiopia, Kenya, and Nigeria, for example,” the report read.

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Jim Ovia: Fintech And The Future Of The Nigerian Banking Industry

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With the saturation of the mobile phone market in Nigeria and the advent of Financial Technology startups (FINTECH) in the financial services industry, the Nigerian polity has witnessed higher financial inclusion amongst the underbanked and unbanked. In a recent interview with BBC, the Founder/Chairman of Zenith Bank Plc, Mr. Jim Ovia expressed the role of FINTECH in local banking in Nigeria.

Mr. Ovia stated that with an operational FINTECH system in place, there would be more inclusiveness of all and sundry in the economy; transactions and payments will be done efficiently and transparently; one may not necessarily need a banking license to establish how payment systems are done – a rare opportunity to digitize the economy. He explained that contrary to popular assumptions, FINTECH is not a threat to the banking institutions but rather a strategic partnership to better serve the needs of customers.

In the face of a myriad of infrastructural deficits that flaws the impetus of FINTECH in the Nigerian context, Mr. Ovia singled out broadband provision as the major area yet to be fully explored and developed. To which, he called on the regulators to create and allocate more spectrum. He voiced his optimism at Nigeria’s achievement with the mobile market penetration at over 90% and added that broadband connectivity is next.

The economic potentials for FINTECH in Nigeria is vast. The Financial Inclusion Summit 2016 report revealed that the use of digital finance could boost annual GDP by $3.7 trillion by 2025 in emerging economies like Nigeria. According to the report, this avenue presents the opportunity to add 10% to 12% to the country’s GDP.

Watch the full interview below

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Jim Ovia Pledges ₦250 Million To The Lagos State Security Trust Fund

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The Founder/Chairman, Zenith Bank Plc, Mr. Jim Ovia, on Tuesday re-affirmed his support to the Lagos State Security Trust Fund by pledging an additional 150 percent of previous donations to the Trust Fund. He made the announcement on behalf of Zenith Bank Board of Directors during the recently-concluded parley with the Governor of Lagos State, His Excellency, Governor Akinwunmi Ambode on 6 March 2018 at the Lagos Means Business forum at Eko Hotels & Suites.

Mr. Ovia commended the Government of Lagos under Governor Ambode, for encouraging enabling environment for businesses in Lagos State, particularly pointing out the remarkable improvement in security across the state. According to Mr. Ovia, the Lagos State Security Trust Fund has become a model for other states across the federation. He thus encouraged other private sector stakeholders to increase their contribution in funding the security initiative.

While stating the nature of security in Lagos State, Mr. Ovia lauded the leadership style of Governor Ambode, likening the state to an incorporated enterprise being so efficiently run by its Chief Executive Officer, in this case, Executive Governor Ambode.

The Lagos State Security Trust Fund was established on 3 September 2007 by the Lagos State Government as a public-private partnership for the improvement of security in Lagos State. Since its inception, Zenith Bank Plc has made contributions amounting to cumulative total of ₦650 million to the Lagos State Security Trust Fund.

See video excerpts from the Lagos Means Businessdiscussion:

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Bezos Dethrones Bill Gates On Forbes World’s Rich List – Facebook’s Zuckerberg Holds 5th Position.

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Amazon chief Jeff Bezos is now the world’s richest person, having snatched the top spot from Microsoft founder Bill Gates who slips to second place, according to Forbes magazine’s annual billionaires list published Tuesday.

US President Donald Trump’s ranking on the list fell to 766th place from 544th in the last edition, his wealth now being estimated at $3.1 billion, $400 million less than a year ago.

Thanks to a 59-percent rise in Amazon shares over the past 12 months, Bezos almost doubled his fortune, taking it to $120 billion, way ahead of Gates’s $90 billion — the biggest gap ever between the number one and two spots, Forbes said.

Legendary investor Warren Buffett held on to his number three ranking, followed by French industrialist Bernard Arnault, who jumped to fourth-richest person from his previous number 11 spot, mostly thanks to euro strength against the dollar, the magazine said.

Facebook’s Mark Zuckerberg was fifth on the list.

Two Chinese billionaires rose to be among the 20 richest people in the world: Ma Huateng, CEO of Chinese internet giant Tencent who is the richest person in Asia and  number 17 in the world,  and Alibaba founder Jack Ma.

There are now a record 2,208 billionaires in the world, Forbes counted, and their combined worth is $9.1 trillion, up 18 percent from last year.

The US has the most billionaires (585), followed by mainland China (373).

Forbes’ list contains 259 newcomers, including the first-ever cryptocurrency billionaires.

Falling fortunes or political headwinds, meanwhile, pushed 121 people out of the illustrious list, including all 10 Saudi Arabians, the magazine said.

AFP

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Bezos Dethrones Bill Gates On Forbes World’s Rich List – Facebook’s Zuckerberg Holds 5th Position.

Featured Image

Amazon chief Jeff Bezos is now the world’s richest person, having snatched the top spot from Microsoft founder Bill Gates who slips to second place, according to Forbes magazine’s annual billionaires list published Tuesday.

US President Donald Trump’s ranking on the list fell to 766th place from 544th in the last edition, his wealth now being estimated at $3.1 billion, $400 million less than a year ago.

Thanks to a 59-percent rise in Amazon shares over the past 12 months, Bezos almost doubled his fortune, taking it to $120 billion, way ahead of Gates’s $90 billion — the biggest gap ever between the number one and two spots, Forbes said.

Legendary investor Warren Buffett held on to his number three ranking, followed by French industrialist Bernard Arnault, who jumped to fourth-richest person from his previous number 11 spot, mostly thanks to euro strength against the dollar, the magazine said.

Facebook’s Mark Zuckerberg was fifth on the list.

Two Chinese billionaires rose to be among the 20 richest people in the world: Ma Huateng, CEO of Chinese internet giant Tencent who is the richest person in Asia and  number 17 in the world,  and Alibaba founder Jack Ma.

There are now a record 2,208 billionaires in the world, Forbes counted, and their combined worth is $9.1 trillion, up 18 percent from last year.

The US has the most billionaires (585), followed by mainland China (373).

Forbes’ list contains 259 newcomers, including the first-ever cryptocurrency billionaires.

Falling fortunes or political headwinds, meanwhile, pushed 121 people out of the illustrious list, including all 10 Saudi Arabians, the magazine said.

AFP

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Zenith Bank Partners Facebook and Mastercard to Pioneer QR Payments on Facebook Messenger

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Foremost Nigerian Financial Institution, Zenith Bank Plc has confirmed that it is in a strategic partnership with Facebook and Twitter to launch a Masterpass QR bot for Facebook messenger, that will enable Nigerian businesses set up digital accounts and accept QR payments.

QR Payments (Quick Response Payments) will allow individuals and small business make and receive payments in real time via Facebook Messenger.

According to the MD/CEO of Zenith Bank Plc Mr. Peter Amangbo, ‘the Bank is partnering with Facebook and Mastercard to introduce Masterpass QR as a means of driving financial inclusion and creating a new payment ecosystem for MSMEs and consumers. This initiative will help us encourage financial inclusion within the country in line with the strategic thrust of the Central Bank of Nigeria (CBN). Buyers and sellers now meet and conclude transactions in-store, online and on social media, so we are ensuring payments can also be made on these platforms via QR codes, without having to log onto other solutions or even take a break from what you are doing on Facebook’

The Bank CEO further stated that Zenith Bank is focused on digital collaborations and innovations that will enable it’s audiences to fit banking into their lifestyles, make payments more seamless and promote business growth.

The Bank plans to roll out the new QR Payments offering to its customers in Nigeria and other African countries where it has business footprints.

 

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