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Cadbury Nigeria records 182% increase in profit in Q1

Cadbury Nigeria Plc has announced a profit of N5.98billion for the first quarter of 2025, following the approval of the unaudited financial statements of the Company by its Board of Directors. This represents an increase of 182 percent, reversing the loss of N7.32billion that the Company recorded for the same period in 2024.

The Company also recorded 182 percent increase in profit before tax of N8.54billion in the period under review, reversing the loss of N10.45billion that it had reported for the first quarter of 2024. Cadbury Nigeria’s gross profit further improved by 143 percent from N4.99billion to N12.15billion, in the same period.

A statement from the Company said Cadbury Nigeria’s turnover grew by 57 percent from N23.69billion in the first quarter of 2024, to N37.22billion in the first quarter of 2025, while its total equity rose from N4.38billion to N10.35billion, representing an increase of 137 percent.

The statement added that the Company’s basic earnings per share (EPS) increased by 182 percent to 262 kobo, reversing a loss of 321 kobo recorded for the period ended 31 March 2024, while its net assets per share, rose from 192 kobo to 454 kobo, representing an increase of 137 percent, in the period under review.

According to Oyeyimika Adeboye, Managing Director, Cadbury Nigeria, the Company’s sterling performance in the first quarter of this year, reflects its resilience and agility in the face of a challenging business environment. She added that the Company’s strong focus on cost management and efficient use of resources are yielding fruit.

“I must commend my colleagues at Cadbury Nigeria and our Board of Directors for their commitment in ensuring that we successfully navigated the stormy waters. I must also specially thank Mondelez International, our parent company, for its unwavering support during this difficult period.”

The statement issued by Frederick Mordi, the Company’s Head of Corporate Communications and Government Affairs, noted that Cadbury Nigeria, which turned 60 on 9 January 2025, was earlier this year, rated Number Two Top Employer in Nigeria and Regional Top Employer in Africa, by the Amsterdam-based Top Employers Institute, for the fourth consecutive year.

by Online Poster — May 17, 2025 in Capital Market 0

Chartered Institute Of Directors Nigeria Lauds NDIC’s Commitment To Advancing Corporate Governance, Ethical Leadership

The Nigeria Deposit Insurance Corporation’s (NDIC) excellence in operational standards, consistent implementation of its mandate, and unwavering commitment to ethical leadership and sound corporate governance especially in banking supervision and depositor protection, have been critical factor in the Corporation’s success in promoting the stability of the banking sector and the nation’s financial system.

The President and Chairman of Council of the Chartered Institute of Directors (CIoD) Nigeria, Alhaji Tijjani Borodo, made these remarks during a courtesy visit by the CIoD Governing Council to the Management of the Nigeria Deposit Insurance Corporation (NDIC) at the Corporation’s Head Office in Abuja. While commending the NDIC for its notable achievements in bank liquidation and resolution, he noted that poor corporate governance has been a major contributing factor to bank failures. He stated that as the apex professional body for directors in Nigeria, the CIoD has instituted mechanisms and procedures to sanction erring directors found culpable of unethical conduct. He reaffirmed the Institute’s strong commitment to promoting high standards of governance and leadership across all sectors, including the banking industry.

Alh. Tijjani Borodo described the visit of the Governing Council of the CIoD opportunity to strengthen and sustain the partnership between the Institute and the NDIC, particularly in the area of capacity building through board induction programmes, executive leadership development, and governance training tailored to the specific needs of directors in both the public and private sectors.

In response, the NDIC MD/CE, Mr. Bello Hassan, expressed appreciation to the CIoD leadership in promoting professionalism and corporate accountability. He emphasized the NDIC’s commitment to depositor protection and financial system stability, stressing that corporate governance is central to the Corporation’s operational mandate and critical in strengthening the integrity and resilience of banks as well as instilling public confidence in the financial system.

Mr. Hassan further reiterated the Corporation’s readiness to sustain its partnership with the Institute in advancing a strong culture of corporate governance among the NDIC’s executive staff and across the broader financial industry.

by Online Poster — May 17, 2025 in Insurance and Pension 0

FIRS Gets RMAFC Credit For Nigeria’s Fiscal Stability

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has described the Federal Inland Revenue Service (FIRS) as the cash cow responsible for the fiscal sustainability of the three tiers of government.

RMAFC member, Bimbo Kolade, who doubles as the commission’s Inland Revenue Monitoring Committee (IRMC), said this in Abuja on Thursday during the inauguration of a joint FIRS-RMAFC Technical Committee at the FIRS headquarters.

A statement by Sikiru Akinola, Technical Assistant on Media to the FIRS chairman said the federal, quoted Kolade as stating that federal, state and local governments are able to make projections and execute projects because of the assurance of steady revenue which comes mainly from tax revenue collected by FIRS and shared monthly at the Federation Allocation Account Committee meeting.

In 2024, FIRS tax revenue accounted for about 65 per cent of the total money shared by the three tiers of government, thus making tax as the pivotal source of revenue instead of crude oil sales by the Nigerian National Petroleum Corporation (NNPC).

Commending the FIRS chairman, Kolade explained that “if not for the wonderful job Dr Zacch Adedeji has been doing since September 2023 at the Service, Nigerians may have been crying a little more with what we have passed through.

“With your dedication, commitment and stellar performance, we can see that the country has been the better for it. I also want to congratulate Dr Adedeji on the success of the Tax Reform Bills.

“We could see the initial misunderstanding that came with the Bills— even the little between RMAFC and FIRS on the issue of VAT allocation and the rest of them. But then, because of the kind of person the FIRS chairman is, he called our chairman, and it was resolved.”

Speaking on the function of IRMC, Kolade explained that it was saddled with the responsibility of monitoring all accruals that come into the federation accounts.

“At RMAFC, we have various committees that oversee various parts of government organisations that we need to monitor. One of the federal agencies is FIRS. This IRMC was put in place to monitor tax revenue by ensuring that all taxes such as Value-Added Tax (VAT), Companies Income Tax (CIT) and the rest are properly collected and remitted into the federation accounts.

Speaking at the event, the FIRS boss who inaugurated the joint committee, said the visit of the RMAFC team was not only a gesture of goodwill but also a testament to the long-standing and strategic relationship between the two institutions.

He explained that the two agencies are linked by shared responsibilities in Nigeria’s fiscal architecture.

“While we at FIRS are charged with the collection of revenue, particularly non-oil taxes, RMAFC plays a vital role in ensuring that the revenues generated are monitored, properly accounted for, and equitably distributed in line with constitutional provisions.

“Our collaboration over the years has been built on mutual respect, professionalism, and a common objective: to enhance the fiscal sustainability of the Nigerian state. RMAFC’s work in monitoring revenue and advising on fiscal allocation directly supports our efforts to build a more robust and transparent tax system.

Adedeji said that the visit RMAFC’s visit was significant as it presented an opportunity for both institutions “to reflect on our shared progress, identify areas for improvement, and chart a forward-looking path toward even more impactful collaboration.”

“As Nigeria seeks to diversify its revenue sources and reduce its dependence on oil, the roles of FIRS and RMAFC become even more critical. It is against this backdrop that we welcome this engagement—not just as a courtesy, but as a strategic dialogue aimed at strengthening our institutional partnership.”

Revealing that the cooperation between the two agencies have yielded several positive outcomes, Adedeji said that “through information sharing, data verification exercises, and joint revenue monitoring initiatives, we have contributed meaningfully to improved revenue accountability at the federal level.

“RMAFC’s insights have helped shape policy decisions, while our work at FIRS in improving tax administration has directly supported the Commission’s monitoring and allocation functions. The synergy has also led to better forecasting and fiscal planning at the national level.

“However, we know there is still much to be done. Going forward, we must explore ways to institutionalise our collaboration through a more structured framework that addresses the issue of functional overlaps such as duplication of effort, conflicting priorities or objectives, communication breakdowns and role confusion.

“This framework will be one that includes regular inter-agency strategy meetings, joint research and analytics, and technology-driven data integration.

“It should also define clear roles, set common goals and monitor progress. The benefits will be improved collaboration, increased efficiency and enhanced innovation,” Adedeji said.

by Online Poster — May 17, 2025 in News 0

LSETF Partners With MAA To Drive Marketing Tech Conference

The Lagos State Employment Trust Fund (LSETF) has partnered Marketing Analytics Africa (MAA) to host the 2025 African Marketing Technology &Ecommerce Conference (AMTEC).

The conference which is themed; ‘Marketing in the new economy: Data driven success in challenging times’ is scheduled to be held on Saturday, May 24^th, 2025 at Landmark Event Centre in Lagos with high-profile speakers and panelists.

In a statement made available to the media, the organisers of AMTEC said, “LSETF is committed to creating an enabling environment for entrepreneurs and job opportunities for Lagos residents to create wealth. They have partnered with Marketing Analytics Africa Limited for AMTEC 2025.”

LSETF was established by The Lagos State Employment Trust Fund Law 2016 to provide financial support to residents of Lagos State, to tackle unemployment through job and wealth creation.

The Fund operates with an initial capital of N25 billion contributed over four years by the Lagos State Government, but has also raised additional funding from various sources including donor partners, development agencies, corporate organizations and individuals.

In a show of strong industry collaboration, brands like Colgate, Nutrify, Addmie, Indomie, Ladycare, DStv Nigeria, Dochase, Legit.ng, Cybertron, Accret Experience, among others, have joined MAA as official partners for #AMTEC2025.

These partnerships further cement the event’s credibility and impact as Africa’s leading martech and e-commerce knowledge hub.

The high-profile speakers expected to speak at the conference include Chief Executive of Advertising Regulatory Council of Nigeria (ARCON), Dr. Olalekan Fadolapo, Managing Partner at Open Squares Africa, Feyi Olubodun, Chief Marketing Officer at Sterling Bank Plc, Maurice Igugu, Colgate’s Head of Marketing, Tomisin Adetola and Head of Sponsorship and Events at First Bank, Chinwe Bode-Akinwande.

According to Victor Ojeakhena, the Co-Founder/CEO of Marketing Analytics Africa, the Africa Marketing Technology and E-commerce Conference (AMTEC) is an annual marketing event that brings together thought leaders, executives, marketing innovators, and data strategists from across Africa to explore the latest trends, tools and tactics in martech, e-commerce, data intelligence, and customer experience optimisation, all essential for thriving in today’s economic landscape.

Speaking on the importance of the conference, Ojeakhena hinted that the event has a focus on transformation, insights, and inclusion, thereby aiming to: empower brands and marketers with cutting-edge digital marketing strategies, showcase the role of data and emerging technologies in achieving scalable growth, provide a networking platform for professionals, entrepreneurs, and investors, and drive partnerships and collaborations for sustainable innovation across Africa.

AMTEC 2025 is scheduled to take place on the 24th day of May, 2025, at Landmark Events & Conference Centre, Victoria Island, Lagos, by 9:00 AM prompt.

by Online Poster — May 16, 2025 in News 0

Nestlé Professional Trains 300 ‘My Own Business’ Operators In Lagos

Nestlé Professional has reaffirmed its commitment to accelerating youth entrepreneurship, with a workshop in Lagos to upskill over 300 operators and attendants within its My Own Business (MYOWBU) program.

MYOWBU is designed to empower young people across Central and West Africa by helping them establish sustainable careers in street vending. More than a vending initiative providing affordable beverage solutions such as NESCAFÉ and MILO enjoyed by millions of Nigerians every day, it is a sustainable means of livelihood for many young people seeking dignified work, financial independence, and a chance to build a better future.

“We are excited to host this MYOWBU workshop in Lagos, bringing together hundreds of committed operators and attendants,” said Mrs. Funmi Osineye, Business Manager for Nestlé Professional. “At the heart of this initiative is a belief in the power of entrepreneurship to transform lives. This workshop is not just about technical skills, it’s about building confidence, nurturing ambition, and strengthening the community of young business leaders who represent our brands with pride and purpose.”

With the goal of advancing operational excellence and sustainable growth, the workshop delivered focused training in business management, hygiene, food safety, waste management and customer service. Sessions were led by industry experts including Sulaimon Abolore, Assistant Director at the Lagos State Ministry of Commerce, Cooperative, Trade and Investment, and Dr. Ajibabi Awosika from Nestlé Nigeria.

Mr. Abolore, Assistant Director Ministry of Commerce, Cooperative, Trade and investment, Lagos State Government stated, “We are pleased to see this notable program organized by Nestle, especially as it focuses on generating employment for youth, taking them off the streets. This aligns with our efforts at the state government to ensure job creation and provide opportunities for those willing to work. We commend the positive impact that the My Own Business initiative has on the economy and applaud Nestlé for this investment.”

The stories shared during the event were testaments to the program’s real-life impact. Adeosun Michael, recognized as the longest-serving MYOWBU operator after 20 years, shared: “MYOWBU transformed my life. I was able to leave the streets, build a home, and provide for my family. This journey has taught me that consistency and hard work pay off”.

Joseph Abraham, now a Nestlé distributor, reflected: “I started as a pushcart operator. Today, I’m running my own Nestlé distribution business thanks to the foundation Nestlé helped me build. Dreams do come true.”

During the workshop, e Nestlé introduced the Clean with MYOWBU initiative, geared towards mobilizing more than 132 attendants in Lagos to collect and recycle used NESCAFÉ and MILO wrappers, reinforcing Nestlé’s broader commitment to environmental stewardship and circularity across its value chain. The program recovered 175.27kg of post use packaging waste.

As the MYOWBU community grows stronger, so does its positive impact. What began with a few young poeple has evolved into a powerful model for sustainable entrepreneurship, and shared value creation. The program has created over 1,500 employment opportunities across Nigeria, equipping youth with fully branded pushcarts, shoulder kits, and essential start-up resources from Nestlé Professional.

Nestlé Professional remains deeply invested in supporting the entrepreneurs, offering not just assets, but access, skills, mentorship, and a path to ownership.

-end-

About Nestle Professional

Nestlé Professional is the Out-of-Home arm of Nestle and it focuses on providing innovative, high-quality food and beverage solutions to the out-of-home, or foodservice, industry in Nigeria. This division caters to a wide range of customers, including restaurants, hotels, cafes, offices, catering companies, coffee shops and other food service providers.

Our Vision is “To be the trusted partner of choice in Out-of-Home, by providing Affordable & Nutritious Food and Beverage Solutions that help our customers win.

About Nestlé Nigeria

Nestlé Nigeria is one of the largest food and beverage companies in Africa. The Company’s purpose is to unlock the power of food to enhance quality of life for everyone today and for generations to come. For over 62 years of its operation in Nigeria, Nestlé has delighted consumers around Nigeria by consistently delivering high quality nutritious food and beverages under its iconic brands: MAGGI, MILO, GOLDEN MORN, NESTLÉ PURELIFE, CERELAC, NESCAFÉ and NIDO.

With 3 manufacturing sites, 7 branch offices and a head office located in Lagos, Nestlé Nigeria is a force for good, helping to improve the wellbeing and livelihood of individuals and families to build thriving communities while taking action to protect the planet.

by Online Poster — May 16, 2025 in News 0

emPLE Partners LASPARK For Tree Planting Initiative Supporting Lagos State’s Sustainability Goals

L-R: Group COO and Executive Director, Technical, emPLE Life Assurance, Jolaolu Fakoya; Chief Marketing Officer, emPLE Group, Labisi Adesokan ; General Manager, Lagos State Parks and Gardens Agency (LASPARK), Mrs. Adetoun Ibilola Popoola; Managing Director, emPLE General Insurance, Oyinlade Olalekan; Executive Director, Technical, emPLE General Insurance, Titilayo Akinsiku; and Chief Risk and Sustainability Officer, emPLE Life Assurance, Kunle Odetola-Odeleye, at the emPLE Tree Planting Initiative on Wednesday, 14th of May, at Iganmu, Lagos.

emPLE, one of Nigeria’s leading insurance provider, has officially flagged off Green emPLE, its company-wide sustainability initiative, with a tree-planting exercise held in partnership with the Lagos State Parks and Gardens Agency (LASPARK) at the National Theatre, Iganmu, Lagos.

As part of the launch, emPLE planted 65 trees across strategic locations in Lagos. The carefully selected tree species were chosen for their environmental benefits such as improving air quality, reducing urban heat, and enhancing the city’s ecological balance.

Speaking at the event, Oyinlade Olalekan, Managing Director of emPLE General Insurance Limited, remarked,

“At emPLE, we’re deeply committed to empowering lives—not just through our financial offerings but by actively contributing to a more sustainable world. The launch of Green emPLE and today’s tree-planting activity are key steps in that journey. Sustainability is one of our core values, and we’re proud to be playing our part in building a cleaner, greener Lagos.”

He added,

“We see Green emPLE as a platform for driving real impact, one initiative at a time. This partnership with LASPARK is only the beginning. We look forward to rolling out more activities that reinforce our mission and encourage others to join us in protecting the planet.”

Mrs. Adetoun Popoola, General Manager of LASPARK, also commended the initiative, saying:

“Our mandate at LASPARK is to promote a greener Lagos through tree planting and urban beautification. It’s always encouraging to see private sector organisations like emPLE step forward in support of this mission. Collaborations like this help us get more done and inspire residents and businesses alike to take sustainability seriously. We are excited about what Green emPLE represents and we look forward to more impactful partnerships.”

To acknowledge emPLE’s contribution, LASPARK presented the company with a Tree Planting Certificate, recognising its role in environmental preservation and its ongoing support for climate resilience and green urban development.

Green emPLE is emPLE’s long-term commitment to promoting sustainable practices that support a healthier planet and empower future generations. The initiative reflects the company’s belief that true empowerment goes beyond financial products it includes taking responsibility for the environment and driving long-term positive change.

About emPLE

emPLE is a leading financial services company dedicated to providing insurance and investment solutions to retail and corporate clients across Africa. At emPLE, our purpose is to empower Africans by providing innovative financial solutions that enhance their freedom, security, and prosperity. We believe that true empowerment comes from providing not just access to financial products but also the knowledge and tools necessary for our customers to make informed decisions and achieve financial independence.

For more information about emPLE, visit: www.emple.group

by Online Poster — May 15, 2025 in News 0

Airtel Introduces Full Shopping Experience Within My Airtel App

Airtel Nigeria has upgraded its My Airtel App with a fully integrated eShop feature, transforming the platform into a complete digital shopping destination.

With this update, customers can now enjoy a full retail experience directly within the existing subscriber app—beyond simply buying airtime or data.

The eShop feature offers a wide selection of products ranging from Airtel-branded items such as Home Broadband (HBB) devices and everyday retail items such as electronics, home appliances, fashion, and beauty products.

Speaking on the new feature, Director of Marketing at Airtel Nigeria, Ismail Adeshina, emphasized the brand’s ongoing focus on innovation and customer-centricity.

“At Airtel, we understand that today’s customers value convenience above all else. This update is part of our broader mission to simplify digital experiences and make everyday transactions easier and faster. By integrating the eShop directly into the My Airtel App, we’re eliminating unnecessary steps and giving users the freedom to do more within a single platform,” he said.

The update enhances the app’s functionality by allowing customers to access the eShop directly from the home screen, eliminating the need for external redirection to web browsers or third-party platforms.

“We’re moving beyond basic connectivity towards building a digital ecosystem that supports the lifestyle needs of our customers. Whether it’s purchasing a device, recharging, or shopping for everyday items, we’re putting more power and choice in the hands of our users,” Adeshina added.

The My Airtel App continues to serve as a key platform for Airtel subscribers, offering self-service options, quick access to bundles, account management tools, and now, a more robust digital shopping channel.

by Online Poster — May 15, 2025 in News 0

JAMB Admits Mistake, Candidates In 157 Centers To Retake Exams

The Joint Admissions and Matriculation Board (JAMB) has admitted errors in the results of some candidates who took the 2025 Unified Tertiary Matriculation Examinations (UTME).

On Tuesday, the board commenced the review of the candidates’ results with some stakeholders after widespread complaints of low scores by candidates who have a track record of better performance.

Speaking on the outcome of the review on Wednesday, JAMB Registrar Is-haq Oloyede, a professor, apologised to the candidates and admitted some errors.

Mr Oloyede said the board has decided that all candidates affected in 157 out of 882 centres will be contacted to retake their examinations starting Friday, 16 May.

A total of 379,997 candidates across the 157 centres in Lagos and the South-east would retake their examinations.

“So, I appeal to the candidates and those affected by the error of our system to accept this explanation as the truth of the matter without embellishment, Please. I apologise and take full responsibility, not just in words,” he said.

Mr Oloyede said affected candidates would be contacted by JAMB through text messages sent to their registered phone numbers, email addresses, profiles, and phone calls.

He directed them to reprint their examination slips for the rescheduled examination dates.

He said the board has contacted the West African Examinations Council (WAEC), which is currently holding its West African Senior School Certificate Examinations (WASSCE), to allow JAMB some slots for candidates to take the exams, and WAEC has agreed.

“Any candidate with a clash of timetable, particularly for Agricultural Science on Friday, would be rescheduled,” Mr Oloyede said.

“However, we have endeavoured to ensure that no such exist. Most, if not all, such candidates are scheduled for Saturday. Fortunately, the prescribed texts for SSCE are also the prescribed texts for UTME, apart from the reading text of the UTME, which carries just 10 marks in our Use of English test.”

Magnitude of error
Mr Oloyede explained that the errors happened in 157 centres – 65 centres in the Lagos zone and 92 centres in the Owerri zone.

Lagos zone comprises only Lagos State but Owerri zone comprises the five South-east states: Abia, Enugu, Imo, Ebonyi and Anambra.

While 206,610 candidates were affected in the 65 centres in Lagos zone, 173,387 candidates were affected in 92 centres in Owerri zone.

He said the reviewers examined samples from across the country, but no sign of any abnormality has been detected in any centre other than the ones mentioned.

He added that the exercise continues.

How the error occurred
Mr Oloyede explained that JAMB groups the 36 states and the Federal Capital Territory (FCT) into ‘KAD vehicle’ and ‘LAG vehicle’ to manage operations efficiently and in a balanced way.

KAD vehicle comprises all South-south states and most Northern states except Kano, Katsina, Jigawa, Niger, Kogi, and Abuja.

LAG vehicle comprises all states in the South-west and South-east as well as Kano, Katsina, Jigawa, Niger, Kogi, and Abuja.

He explained that the mixed grouping is deliberate and is meant to prevent any regional bias in how the examinations are organised across regions.

What went wrong
Mr Oloyede noted that after the mock exams, the board noticed that the exam questions were not properly shuffled in the LAG category. The board shuffles questions so candidates have different questions, which makes it harder to copy or cheat.

The board corrected this problem and tested the fix ahead of the actual UTME.

“However, on Friday 25 April, the second day of the actual UTME, JAMB found that there were omissions in the LAG category.”

Mr Oloyede said corrections were made instantly and tested on Saturday, Sunday and Monday before they were applied after 12 a.m. on Tuesday.

“That was why all the examinations from Tuesday till the end of UTME had no problem,” he said.

The correction that never worked
The JAMB Registrar said to correct and re-upload the results from LAG for the glitch from Thursday to Monday, the service providers concerned with the ‘LAG vehicle’ were deployed to effect the patch.

He said, unfortunately, the errors were still found in two locations –Lagos zone and Owerri Zone–, resulting in errors in the candidates’ results.

“In clear terms, in the process of rectifying the issue, the technical personnel deployed by the Service Provider for LAG (Lagos and South-east zones) inadvertently failed to update some of the delivery servers,” he explained.

“Regrettably, this oversight went undetected prior to the release of the results.”

Source: Premium Times

by Online Poster — May 15, 2025 in Education 0

#NoNoiseJustSigns: Access Bank Unveils DiamondXtra Season 17, To Reward Customers With Over N200m.

L–R: Echezona Ezeuko, Regional Sales Manager, Festac Region, Access Bank PLC; Emmanuel Augustine, Winner, DiamondXtra Promo; Adaeze Ume, Unit Head, Consumer Banking, Access Bank PLC; Pastor Alex Onyeamachi Nwachukwu, Winner, DiamondXtra Promo; and Olukemi Olayinka, Regional Sales Director, Lagos 3 Directorate, Access Bank PLC — during the launch of DiamondXtra Season 17 in Alaba, Lagos.

Rewards 165 Customers In Onsite Draws

Access Bank has officially unveiled Season 17 of its flagship loyalty reward scheme, DiamondXtra, with a renewed promise to transform lives and deepen financial inclusion across Nigeria.

To mark the launch, the bank rewarded 165 lucky customers with cash prizes ranging from N5,000 to N100,000 in onsite draws held at the Lagos Trade Fair Complex in Lagos.

DiamondXtra is a hybrid account that merges the benefits of both savings and current accounts. It allows customers to earn interest on deposits while maintaining full transactional functionality.

However, what sets the account apart is its unique reward mechanism—customers automatically qualify for periodic draws that offer life-changing prizes.

One of the major highlights of the new season is the return of the ‘Salary for Life’ initiative, a beloved feature of past seasons. Under this offer, selected winners will receive N200,000 every month for 15 years, amounting to a total benefit of N36 million per winner.

Speaking at the launch event, Adaeze Umeh, Unit Head, Consumer Banking at Access Bank, said: “We are excited to bring back ‘Salary for Life’ in response to customer demand. Winners will receive N200,000 monthly for the next fifteen years. In addition, this year we are introducing digital cluster draws through the Access More app. Customers can generate a referral code and share it with family and friends. Once a group of 50 qualifies, they’ll stand a chance to win N100,000 as a group.”

Umeh also revealed that of the 150 digital clusters planned for the season, 30 will be dedicated exclusively to women—a deliberate move to support the bank’s growing ‘W’ community, which focuses on empowering women through access to finance and opportunities.

Customer feedback played a pivotal role in shaping this year’s prize offerings.

According to Umeh, Access Bank routinely polls customers to determine the rewards they prefer.

“The last time they asked for ‘Salary for Life’ was in 2019. Last year, they opted for cars, and we gave out cars. This year, about 40 percent of customers voted for ‘Salary for Life’, and we listened.”

She further explained that three winners will be selected for the salary reward each quarter.

“So far, 131 customers have won ‘Salary for Life’ in previous seasons. These new winners will be joining that exclusive community. We are significantly expanding the scope of rewards this season—from 4,000 winners in Season 16 to a target of 12,000 winners this year with a total sum of N228.7m. That’s three times the number, and it reflects our commitment to mass-market inclusion and social impact.”

The bank has reported that DiamondXtra now boasts over five million account holders, and the bank aims to onboard at least one million more by the end of 2025.

“Our target is not just numbers,” Umeh said. “We want every new and existing customer to experience excellent service, whether in person or digitally. With DiamondXtra, they enjoy interest, convenient banking, and life-changing rewards.”

Also speaking at the event was Olukemi Olayinka, Regional Sales Director at Access Bank, who emphasized the far-reaching impact of the initiative.

“We are thrilled that 165 customers walked away with rewards today, including five individuals who won N100,000 each. Over 33,000 families have benefitted from DiamondXtra since inception. This is about making a difference.”

“Beyond individual rewards, DiamondXtra is also helping entrepreneurs. The scheme now extends support to small and medium-scale enterprises (SMEs) through business training, mentoring, and collateral-free loans.

“It’s more than just savings,” Olayinka noted. “We provide up to ₦10 million in loans based on turnover, without requiring collateral. We guide customers through business challenges, offering the kind of support that ensures sustainability.”

She added that the bank’s continuous reward programme also plays a role in driving financial inclusion.

“Many people are joining the formal banking system for the first time because of DiamondXtra. We’ve acquired thousands of new accounts through this initiative, while also keeping our existing customers actively engaged. To join the winning train and stand a chance to win our mouth-watering cash prizes this season, simply dial *901*5# or walk into any of our branches nationwide to open a DiamondXtra account with a minimum of N5,000. Remember, the more you save, the more chances of you winning in the monthly, quarterly or cluster draws”. Olayinka concluded.

DiamondXtra continues to be rolled out across key regions in Nigeria, including Lagos, Abuja, the South-West, and North-Central, making it one of the country’s most far-reaching financial reward programmes.

As Access Bank continues to innovate around financial products with social impact, DiamondXtra stands out as a blueprint for combining banking with purpose, reinforcing the institution’s overarching goal of improving lives and communities across Africa.

by Online Poster — May 14, 2025 in brands and Marketing 0

Fidelity Bank Reclaims Trillion-Naira Market Cap As Stock Rises To ₦21

Leading financial institution, Fidelity Bank Plc, has reentered the trillion-naira market capitalisation club, after its share price rose by 5.3%, climbing from ₦19.95 to ₦21.00 on May 13, 2025, according to data from the Nigerian Exchange Limited (NGX). This latest development also brings the total number of Nigerian companies with a trillion-naira market capitalisation to 19.

According to a report published on Techcabal website, the bank had previously dropped below the threshold on May 12, marking another fluctuation in its valuation. Earlier in the year, Fidelity Bank Plc first reached the trillion-naira milestone on April 4, 2025, joining tier-1 banks such as Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Holdings, First HoldCo, and United Bank for Africa (UBA). However, it fell below the mark on April 7 before reclaiming its position on April 23.

With 50.2 billion outstanding shares, the valuation reflects renewed investor confidence and signals Fidelity’s potential transition to tier-1 status. Analysts believe the bank is well-positioned to meet the Central Bank’s ₦500 billion ($311.9 million) minimum capital requirement through equity.

“The strong Q1 results suggest continued upward momentum in its stock,” said Nabila Mohammed, an analyst at Chapel Hill Denham. “This could boost investor confidence and help sustain its valuation.”

The stock has surged 141% in the past year, up from ₦8.70 in May 2024. Meksley Nwagboh, Head of Brand and Communications, attributed the rally to a 189% rise in 2024 after-tax profit—the highest among Nigeria’s top 10 banks.

That momentum carried into 2025, with Q1 after-tax profit soaring 190% to ₦91 billion ($56.8 million), driven by higher interest income, forex gains, and cost efficiencies.

“Lower credit losses helped boost net interest income,” said Olamide, a Lagos-based banking analyst. “Combined with solid full-year results and dividend expectations, the bank’s fundamentals are attracting investors.”

A report from Proshare noted the NGX Banking Index gained 6.96% in Q1 2025, driven by recapitalisation efforts that injected ₦2.4 trillion into the sector. Fidelity was the NGX’s third most-traded stock between February and May.

According to Mohammed, Fidelity’s high net interest margin and low-cost deposit base enhance its appeal. On February 8, it completed the first phase of its capital raise with 237% oversubscription. CEO Nneka Onyeali-Ikpe confirmed plans to conclude the next phase before H2 2025.

The bank’s Vision 2025 agenda includes expanding internationally—starting with its 2023 acquisition of Union Bank UK—and securing tier-1 status.

Afrinvest projects continued growth, with gross earnings and pre-tax profit forecasted to rise 46% and 49.4% respectively in 2025, reaching ₦1.5 trillion and ₦415.4 billion. The firm maintains a 12-month target price of ₦21.60 for the stock.

With robust earnings, a solid recapitalisation strategy, and growing investor interest, Fidelity is positioning itself as a strong contender in Nigeria’s top banking tier.

by Online Poster — May 14, 2025 in Capital Market 0