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ACCESS BANK GROSSES N91BN PROFIT IN NINE MONTHS

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Access Bank Plc has reported a significantly improved performance for the nine months ended September 30, 2019, reflecting the positive impact of its merger with former Diamond Bank Plc.

The bank posted a growth of 44 per cent in profit after tax (PAT) to N90.7 billion in 2019, up from N62.9 billion in the corresponding period of 2018.

The breakdown of the performance showed that Access Bank Plc ended the period with net interest income of N210 billion, compared with N123 billion in 2018, while non-fee income rose from N37 billion to N56 billion. Impairment charges stood at N10.611 billion, compared with N8.353 billion in 2018.

Personal expenses went up from N41.4 billion to N54.6 billion, while other operating expenses increased from N82 billion to N121 billion in 2019. Despite the high costs recorded, Access Bank Plc posted a profit before tax of N103 billion in 2019, up from N70.2 billion in 2018, while PAT rose by 44 per cent to N90.7 billion, from N62.9 billion in 2018.

A further analysis of results showed that its merger with defunct Diamond Bank is yielding fruits as deposits soared from N2.56 trillion to N4.24 trillion, while loans and advances improved from N1.993 trillion. Total assets jumped from N4.942 trillion to N6.58 trillion.

Assessing the results, analysts at FBN Quest said: Access Bank’s PAT implies return on average equity (ROAE) of 23 per cent, much higher than management’s guidance of 20 per cent.

“Pre-provision profits grew by 60 per cent to N105.7 billion, thanks to strong double-digit growth on both revenue lines. Although funding income grew by 46 per cent, growth on the non-interest income line was even stronger at 77 per cent.

“The solid growth on this line contrasts starkly with the lacklustre performance on the line in second quarter (Q2) 2019. The strong growth on the line was underpinned by a 150 per cent growth in fee and commission income and forex trading gains which were up by around 474 per cent. Substantial recoveries of around N8.9 billion made during the quarter (vs. N1.4 billion Q3 2018) were also supportive,” they said.

When Access Bank Plc posted similarly impressive performance in half year ended June, the Group Managing Director/CEO, Mr. Herbert Wigwe had their focus on retail market gained momentum and would be maintained going forward.

“The strong retail contribution demonstrates the effectiveness of our continued drive around low-cost deposits, on the back of an innovative digital platform. Asset quality improved as guided, to 6.4 per cent on the bank of a robust risk management approach. This is expected to trend into the future as we strive to hit and surpass the standard we had built in the industry prior to the merger. Similarly, liquidity ratio improved year on year to 49.7 per cent, reflecting deliberate steps to optimise our balance sheet in order to ensure the group’s liquidity position remains robust,” Wigwe said.

The Executive Director, Risk Management, Access Bank, Dr. Greg Jobome, had said the management and board of the bank were confident that there was value to be nurtured in the merger.

This, he said was why due diligence was done to ensure that it offer value accretion for shareholders and stakeholders.

“What we are seeing now is just the beginning because there is still so much to be reaped from that merger. If we are already showing this kind of numbers, I think there is so much to come in terms of the future and how the growth trajectory is going to go. In the short-term, we would be doing all the cleaning up that we need to do.

“We have to get the work culture, people and customer base optimised and if we are showing this kind of number, then the future is bright,” he added.

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WHY MATHEMATICS IS CRUCIAL TO ECONOMIC DEVELOPMENT – PROMASIDOR MD

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Mathematics education is the very foundation of society and the pillar of science and technology without which a nation can never become prosperous and economically independent.
This was the submission of Managing Director of Promasidor Nigeria Limited, Mr. Anders Einarsson while speaking last weekend in Lagos, at the finals of season 5 of the Cowbellpedia Secondary Schools Mathematics Television Quiz Show sponsored by Cowbell Milk, the flagship brand of his company.
Einarsson further explained in a chat with newsmen that the importance of Mathematics in the life of individuals and nations cannot be over emphasised, adding that he was very impressed that the Cowbellpedia initiative has achieved its objective going by the record number of 56,073 participants that took the qualifying examination this year.
This according to him, is a huge testament to the Cowbellpedia initiative and the interest that Nigerians have in Mathematics. “I am convinced that with the arrays of talents displayed by these young Nigerians here today, Nigeria can rule the world. I advise the youth to continue to sustain their interest in Mathematics because the future is theirs,” he said.
He maintained that Promasidor has found a correlation between the development of cognitive ability that Cowbell Our Milk, gives, and its passion for Nigeria.
Also speaking at the event, Mr. Stephen Adebunmi, who represented the Acting Registrar of the NECO, Mr Abubakar Gana, explained that since Mathematics is very central to human and nation’s capacity, the subject deserves all the support from public and private organisations.
The NECO boss commended Promasidor for providing “an excellent platform” to showcase these young Nigerian Mathematicians and future inventors.
Meanwhile, in a thrilling Cowellpedia Mathematics competition final encounter last weekend, Michael Enehizena of The Scholars Universal Secondary School, Ota, Ogun State and Oghenero Ologe of Zionfield Pinnacle School, Ikorodu, Lagos State won the crown in the Junior and Senior category respectively.
Also in the Junior category, Abdul-Quayum Alli, of Ota Total Academy, Ota, Ogun State, and David Charles of Graceland International Secondary, School, Port Harcourt, Rivers State, came second and third respectively.

Akinyemi Dabira of The Ambassadors College, Ota, Ogun State and Hezekiah Olabisi of Bibo Oluwa Academy, Ilesha, Osun emerged as first and second runner-up respectively in the Senior category.
The two champions got N2 million each and an all-expense paid education excursion outside the country.
The first and second runners-up in each category received N1.5 million and N1 million respectively, while the teachers of the top prize winners were awarded N500, 000. Those of the first and second runners-up received N400, 000 and N300, 000 respectively.
– Ends –
Promasidor was founded in 1979 by Robert Rose, who left the United Kingdom in 1957 for Zimbabwe to pursue his African dream. It has since grown with presence in 25 African countries. Promasidor Nigeria has achieved tremendous growth since it commenced operations in 1993 with 6 product brands in the market.

Promasidor produce, distribute and market quality range of products such as Cowbell, Loya, & Miksi milk, Top Tea, Onga seasoning across the country bringing joy to millions of consumers. Its Milk powders, culinary and beverage products are affordable, delicious and good for all.

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NAFDAC says it will reduce substandard and falsified drugs to five per cent prevalence by 2025

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Professor Moji Adeyeye, NAFDAC boss

National Agency for Food and Drug Administration and Control (NAFDAC) says it will reduce substandard and falsified medicines to five per cent prevalence by 2025 in the country.

The Director-General, Prof. Mojisola Adeyeye, said this at a news conference on Monday in Abuja.

Adeyeye said that one of the strategic plans of NAFDAC was to reduce substandard and falsified medicines to “not more than five per cent prevalence” in Nigeria by the year 2025.

She said that “the last data we have on the prevalence of substandard and falsified medicines in Nigeria is 16.7 per cent.”

She, however, added that the 16.7 per cent prevalence was 14 years ago, noting that it was time the agency did another survey to determine the present percentage of prevalence of substandard and falsified medicines in the country.

Adeyeye explained that NAFDAC had been proactive and vigilant toward curbing substandard and falsified medicines in the country, stressing that the move became necessary to safeguard the health of the populace.

She said that the agency would make it mandatory to identify and test the active pharmaceutical ingredient in all imported and locally manufactured drugs in the country from January 2020.

This, according to her, is to ensure compliance with international standards.

The director-general noted that besides safeguarding the health of the people, the regulatory control would also build confidence in Nigerians about the medicines available in the country.

Adeyeye, who said that substandard drugs could come through importation, explained that NAFDAC started enforcing regulations and control of active pharmaceutical ingredients of all drugs imported or manufactured locally in 2019.

He added that the agency had been requesting for the drug master file that had the history of processing and safety of the drugs.

She said that in 2018, the agency started a country-wide inspection of 165 companies, using the international standard to ascertain Good Manufacturing Practices (GMP) compliance.

Adeyeye added that part of the GMP was the use of appropriate manufacturing equipment and facilities by manufacturers to ensure adequate control.

She said that measures were also put in place for the production of quality products.

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TOP EDUCATIONAL CONSULTANT, ADEDEJI MICHAEL RECEIVES THE ENTREPRENEUR AFRICA PRIZE FOR EDUCATION

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ADEDEJI MICHAEL receiving the award

Top educational services consultant, Mr. Adedeji Michael was again honoured and celebrated penultimate Saturday, 2nd November, 2019 when he received The Entrepreneur Africa Prize for Education, organised by The Entrepreneur Africa Award 2019. The glamorous event took place at Terra Kulture Arena, Victoria Island, Lagos.

The Entrepreneur Africa is a media entrepreneurship lifestyle company,
with primary focus on African businesses and the people behind them, celebrating economic freedom, and reward enterprise and innovation.”

It would be recalled that
The amiable Michael is an eminent professional, educationist .
Adedeji Michael has gained a prominent position in society due to the exemplary work he has done in his career in the education sector. His raise to prominence in such a short span can be attributed to his strong will power, caliber, conviction, dedication and leadership quality.

He was a big player and core contributor to Nigerian Schools Cultural Festival in 2008 and 2009 respectively organized at Lagos State Council for Arts & Culture where he delivered lecture on literacy in literature in the 21stcentury academics.
Adedeji Michael Ademola has attended so many professional courses/seminars & conferences in Nigeria and abroad to expand his horizon and gain more experience in what he enjoys doing.

• NISCUFEST: Nigerian Schools Cultural Festival in 2008 & 2009 – Ikeja, Lagos Nigeria.
• AACE: Association for the Advancement of Computing in Education in 2014 – Jacksonville, Florida, United States.
• EUROMONEY CONFERENCES: The Nigeria Banking and capital markets conference in 2014. Eko Hotel & Suites. Lagos Nigeria.
• AKWAABA AFRICAN TRAVEL MARKET Nov 2016: Convention center, Eko Hotel & Suites. Victoria Island, Lagos Nigeria.
• NLP (Neuro – Linguistic Programming) SEMINAR –INNOCENTMINDS EDUCATION AND TRAINING. LAGOS – FEB 19TH- 25TH, 2018
• International Education Fair 2019 – Sheraton Hotel Ikeja Lagos.

Adedeji michael has made a distinct contribution to modernizing and revitalizing the existing education system that had lost its vigor and become rusted over time. Born out of the need to infuse into the existing educational system, an outstanding program that will greatly benefit students in secondary school of learning came (DSELF) Digital School Education Literature Film from the parent company which Michael is the brain behind this great initiative.
The DSELF is an educative, informative and entertaining film show project for secondary schools that do not have opportunity to watch literature texts that is been thought in their various schools.
Recommended English literature text movies that is currently in WAEC, NECO &GCE syllabus is being digitally displayed on big screen with multi-dimensional sound effects, creating a general fun-filled atmosphere to learn.
Having established presence in over 4,500 secondary schools in Lagos region and beyond.

It would be recalled that he was honoured July 28, 2019 in Lagos when he received 2019 Prestige Excellence Award as Outstanding and Innovative Educational Service Provider of the.

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