Fidelity Bank Plc has said that it’s partnership with Beloxxi, Industries, one of the largest biscuit makers in the country, has recorded huge success with the recent expansion of the company.
Managing Director of the bank, Nnamdi Okonkwo who disclosed this at the official commissioning of the second and third phases of Beloxxi Industries’ expansion project, said the bank supported the company when they needed it most.
Speaking further he said “I can say we are partners with Beloxxi. We’ve been supporting Beloxxi when they needed it most,” adding that the partnership has grown beyond just supporting them to sheer entrepreneurial spirit and passion for what one does.
Okonkwo said the management team headed by Obi Ezeude, CEO of Beloxxi’s Industries, has done a lot towards realising his dream, adding that Obi is such a visioner; we saw in him an example of the kind of aspirations spirit that we have at Fidelity Bank by supporting SMEs”.
“If you look at the brands at Beloxxi Biscuit, if you bring any international brand, he will complete. We’re very proud to be associated with this brand because what we’re here to do today is to witness the commissioning of its new plant and laying of foundation stone for another. Years ago when we started our journey with them they were not this big. So we’re very proud to have been part of this growth and success”, he added.
“We worked together when they needed it. Today they can’t even meet demand and their products are in such high demand. So we’re happy to be part of the growth”, Okonkwo added.
Highlighting some of the challenges faced by the company at initial stage, Obi said access to capital was a major challenge facing manufacturers in the country, adding that with cheap capital,manufacturers would help put up infrastructure that would benefit communities and the country.
“We need to localise the value chain in manufacturing. This has become very difficult for us as we have 71 local suppliers of raw materials”, he said.
Beloxxi Industries has a capacity of 40,000 metric tonnes (MT) perannum, amounting to 28 million cartons.
The biscuit firm in 2016 closed an $80 million deal with a consortium of 8 Miles (London), African Capital Alliance (Nigeria) and KFW DEG Bank (Germany). The investment is raising the company’s capacity from 40,000MT to 80,000MT while the staff strength is over 3,700.
CBN intervention in forex market strengthen local currency
The nation’s currency appreciated week on week against the dollar in the most foreign exchange market segment following the weekly injection by the Central Bank of Nigeria (CBN). The apex bank injected $ 210 million into the forex market of which $ 100 million was allocated to Wholesale (SMIS) , $55 million went to Small and Medium scale Enterprise and $ 55 million was sold for invisible.
The naira appreciated at the Bureaux De Change and parallel market (black market) segment, gaining 0.28 per cent to close at N359.00 and N362.00 to a dollar respectively while it stabilises against the Dollar at the Interbank forex market at N330 to a dollar in successful raised of $2.5 billion Euro Bond.
However, at the investors and Exporters Forex window (I&E FxW) segment the local currency depreciated by 0.09 per cent to close at N360.70 kobo. Meanwhile most dated forward contracts at the inter bank over the counter OTC segment depreciated. The one month, two months, three months and six months contracts depreciated by 0.13 per cent, 0.20 per cent, 0.31 per cent and 0.34 per cent to close at N364.82 kobo, N369.14 kobo, N373.60 kobo, and N389.04 kobo respectively. The spot rate was flat at N305.95 kobo. The forex traders said that they expect stability in the Maura this week as global crude oil prices retains it up beat which would result in further building up of foreign Reserve. The apex bank recently said that the continued intervention in the forex market were in line with the assurances the bank made to sustain market liquidity in order to boost production and trade and maintain stability in the forex market.
The CBN has last year said it is committed to ensuring that all the sectors continue to enjoy access to the foreign exchange required for the business concerns.
Access Bank wins ‘Euromoney’s Best Commercial Banking Capabilities Award’
Access Bank Plc has emerged winner of the best ‘Commercial Banking Capabilities’ award by Euromoney, a leading global financial publication.
The prestigious award was presented to the Group Managing Director/Chief Executive Officer of the Bank, Herbert Wigwe, at the Euromoney Private Banking Awards 2018, which held at the Landmark in Marylebone, London. The Awards are the most prestigious in the growing area of wealth management and cover over 60 countries each year, as well as global and regional awards.
Euromoney in its recently released results of the annual Private Banking and Wealth Management Survey noted that Access Bank’s Commercial Banking Capabilities showed significant improvement within the past year. The Award is given to honour firms that have proven to be leading providers of exceptional commercial banking services and have also shown outstanding contribution to the banking sector.
The annual Private Banking and Wealth Management Survey is the industry’s leading barometer of the world’s best service and product providers to the world’s wealthy. The survey provides a qualitative review of the best services in private banking, by region and by areas of service. It is an informative guide for high net-worth individuals on the range of professional wealth management service providers that are available.
The Commercial Banking category refers to the expertise the Bank has, to fulfil the business needs of clients and commitment to providing liquidity in all market conditions. Also, such firm would have shown leadership in developing and integrating technology into its sales and business operations.
Speaking at the presentation ceremony, Wigwe said, “This recognition highlights our commitment and dedication to serving our customers innovatively and putting them at the forefront of our business. We want to say a big thank you to our customers for entrusting us with their businesses and we look forward to our continued partnerships in years to come. We provide bespoke services tailored to meet the needs of this segment including building a socially responsible business portfolio. This award is in recognition of our regional expertise as we continue to work towards being Africa’s gateway to the world.”
Wigwe assured that the Bank will sustain this growth momentum while noting that the award is an honour for not just him but the entire workforce of Access Bank Plc and most especially, the commercial banking team. “This is just the beginning of greater things to come for our Bank,” he concluded.
Euromoney is a widely respected global financial media conglomerate that covers global banking, macroeconomics and capital markets, including debt and equity. It also runs a number of independent industry surveys that have become the benchmarks for excellence in various categories of banking and finance. Published every February, Euromoney’s Global Private Banking Survey provides a qualitative peer review of the best services in private banking, by region and by areas of service.
