Business Briefs
By Solomon Ibharuneafe
Monday, November 14, 2005
Ready for a Leading Role
By Solomon Ibharuneafe
Union Bank of Nigeria PLC, has sought Central Bank of Nigeria's approval-in-principle to formalise its consolidation with three other banks. The banks are Broad Bank Limited, Universal Trust Bank PLC, UTB, and Hallmark Bank PLC.
This followed the conclusion of due diligence on the banks by a team of consultants appointed by Union Bank as well as the consideration and adoption of the reports by its board of management.
A statement by Gabriel Edem, senior manager, corporate affairs, said Union Bank has signed a memoranda of understanding with UTB and Broad Bank in April 2005, while Hallmark signed its own in July. At the conclusion of the consolidation, Union Bank expectedly would remain the undisputed leader in the country.
Godwin Oboh, the group managing director/chief executive had said at the last annual general meeting of Union Bank that it was taking advantage of the on-going banking reform to advance its growth strategy.
He said the Mega bank's post-consolidation shareholders' fund would be about N150 billion and would have 500 strategically located branches from its present level of 308. "Furthermore, this level of capitalisation would enable the bank to play the leading role as a truly regional bank in the sub-Saharan Africa," Oboh said.
Reward for a Good Job
By Cecilia Edicha
The Institute of Direct Marketing of Nigeria, IDMN, has declared Adgozo Limited, an advertising firm as the best professionally managed outdoor advertising company of the year.
Fidelis Nwankwo, registrar of the institute said the company won the award based on its high level of professionalism in the erection of billboards, monitoring and maintenance of sites. This, he said make its client to always get the best value for their money.
Chike Anyaonu, managing director/chief executive of Adgozo Limited thanked the institute for the award. He dedicated the award to the management and staff of the company for their relentless efforts in ensuring strict professional practice of outdoor advertising in Nigeria. This standard, he said makes Adgozo to remain the cutting edge company in outdoor advertising.
Adgozo Limited is based in Onitsha, Anambra State and is reputed to own a number of strategically located billboard sites in the South-East. It currently has a long list of clientele, including MTN, British American Tobacco, Virgin Atlantic and United Bank of Africa, UBA.
Awards to Outstanding Youths
By Anthony Akaeze
Ten outstanding young Nigerians were honoured at this year's annual Nigerian Youth Leadership Awards which held at the Agip Recital Hall, Muson Centre, Onikan, Lagos, November 10 at 4.00 p.m. This years event is the second edition of the programme which began last year. It is the brainchild of Leap Africa, a non-governmental organisation in the forefront of sensitising young people on the need to improve on their skills to enable them rise to the top of their careers.
Halimat Idenyi, LEAP programme co-ordinator, said the 2005 award is meant to recognise young Nigerians who have initiated and supported development initiatives in the HIV/AIDS field, an epidemic which continues to kill young people, robbing Africa of a generation of potential leaders. She said that the winners will receive up to sixty-eight thousand naira to aid their work in their local communities.
|
