Fitch Ratings has affirmed Ecobank Nigeria Limited’s (ENG) Long-Term Issuer Default Rating (IDR) at ‘B-‘ with a Stable Outlook. Fitch has simultaneously upgraded the bank’s National Short-Term Rating to ‘F2(nga)’ from ‘F3(nga)’. According to Fitch, the IDRs of Ecobank Nigeria are driven by its standalone creditworthiness, as expressed by its Viability Rating (VR) of ‘b-‘, stating that the bank has a moderate market shares of Nigeria’s banking-sector assets but its franchise benefits from being a subsidiary of Ecobank Transnational Incorporated, a large pan-African banking group with operations spanning 33 countries across sub-Saharan Africa (SSA).
The rating agency reported that Ecobank’s loans have declined in recent years, stressing that it does not see a high risk of the largest Stage 2 loans, which are concentrated within the oil and gas sector, of becoming impaired. It noted that its asset-quality assessment is positively influenced by a substantial amount of non-loan assets, largely comprising government securities and cash reserves at the Central Bank of Nigeria (CBN). Fitch expects profitability to improve moderately with receding asset-quality pressures and lower LICs.
Fitch observed that “ENG’s total capital adequacy ratio (CAR) of 19.6% at end the first quarter of 2021 maintains a comfortable buffer above the 10% regulatory requirement for a bank with a national licence and the bank’s tangible leverage ratio of 10.7% at the end of first quarter of 2021 which compares favourably with that of peers. Impaired loans net of specific loan loss allowances represented a significant 46% of Fitch Core Capital at end of first quarter of last year but risks to capital are mitigated by strong collateral coverage and recovery expectations of the two large upstream impaired loans.” “ENG’s low gross loans/customer deposits ratio of 67% at the end of 2021 largely reflects a small loan book. Large cash reserves at the CBN, net interbank placements and unpledged central-government securities represented 33% of total assets and 50% of customer deposits at end the first quarter of 2021 providing healthy liquidity coverage. Our funding and liquidity assessment also considers the benefits of ordinary liquidity support from ETI.” The report stated.
Fitch’s view of support for Ecobank Nigeria considered the high propensity of ETI to provide support, given the former’s importance to the parent’s pan-African strategy as its largest subsidiary and it is operating in sub–Saharan Africa’s largest economy. It also considers the material reputational damage to ETI that would accompany ENG’s default, the 100% ownership, a high degree of management and operational integration and a record of capital support.
Why I Am Creating More Millionaires Through HOMEWIN Sujimoto boss, Sijibomi Ogundele, On His New Project
The likes of Sijibomi Ogundele,CEO,GMD, Sujimoto Group of Companies seldom come easy in Nigeria’s highly unpredictable Real Estate terrain. This is because Suji…as fondly called by friends, not only dreams big, whatever he touches also turns gold.Ask even the big names in Nigeria’s Real Estate sector and they’ll readily tell you the guy is completely in a world of his own. Say what you like,there are those with the narrative that Sujimoto leads,others simply follow. Recently,the suave entrepreneur took to the streets of Lagos for the Launch of his new initiative ,HOMEWIN and he chose Oke-Arin,the epicenter of Nigeria’s biggest Retail market as a strategic location, using it’s commercial environs as a bedrock to declare war on poverty and raise the common man. Ogundele says HOMEWIN can be regarded as the ‘stock market ‘of the common man. Sujimoto”s newest project has been adjudged to be Nigeria’s biggest giveaway promo.With just N500,you can win amazing prizes ranging from a home worth N50 million.Other prizes include 2 brand new cars, salary4life (💯 k for 10 years)to immense daily cash prizes.A total sum of 100million will be won in 100 days. HOMEWIN is expected to produce over 11,000 winners in a hundred days. In this interview with Celebrityplusnonline, Ogundele talks about HOMEWIN , presently adjudged as the fastest cashout route for many.He also touched on the idea behind his much-hyped Luxury living projects and his will to make more Nigerians Millionaires within a hundred days…Enjoy it
Q1: Promos here and there with almost the same template, honestly, Nigerians want something new…what makes HOMEWIN different from the pack?
Homewin is more than a promo, it is a strategic empowerment initiative, powered by Sujimoto, to get over 11,000 Nigerians out of Poverty – the biggest intervention ever!
Homewin is very personal to me because in December 2020 while distributing Christmas Hampers on the streets of Lagos, I bumped into a pregnant lady hawking her wares around Maryland bus stop with a very big stomach. The total value of her merchandise should be below N3000 and I thought no matter how much profit she made, it would never get her out of poverty, I decided to support her and give her child a lifetime scholarship, however and very unfortunately, she lost the child. This inspired me to create an avenue to impact the lives of every Nigerian and give them an equal opportunity to be part of a promo that can get them out of poverty with as little as N500. This was how HOMEWIN was born.The idea is to give every Nigerian the opportunity to move out of the cycle of poverty by converting their N500 into a home worth 50 million naira and win lots of cash prizes daily within a 100 days. It is not profit driven, but an avenue to drive our generosity movement and touch more lives.
Q2: Who can play?
Anyone can play. HOMEWIN cuts across all strata and classes,Bankers, Street Hawkers, Businessmen, Market women, Lawyers, Doctors, Mechanics, Housewives, Vulcanizer, students, everyone is playing and winning already.
Q3: You had the Launch recently in the heart of Lagos Island, Oke-Arin,why did you choose such location and what has been the reaction of People to HOMEWIN?
It was very important for me to launch HOMEWIN in the marketplace where I grew up and the place I call home. I was super excited to see that the first lady that gave us her space to use for HOMEWIN was the first person to win 50,000 at the launch. That for me was a success.Nigerians love HOMEWIN and the reception has been mind-blowing as more people are playing, exceeding our expectations, to the point where we had to increase our daily wins at different times to accommodate more winners.
Q4: How swift do winners redeem their cash out?
We don’t joke with payment.In less than 24 hours, as soon as the daily draw is concluded, all Winners are notified via SMS of their winnings and credited immediately.
Q5: How can someone interested in being an Agent of HOMEWIN go about it?
Becoming an agent on the HOMEWIN platform is another way to make steady income and earn millions monthly. As an agent with HOMEWIN, you decide what you want to earn weekly and monthly.If you want to go home with a million naira every month, it is up to you. The more people that play with you, the more you earn in commission and there are no limit when it comes to how much you can earn. Visit https://agents.playhomewin.com/ to learn how to become an Agent.
Q6: Why are you being generous?
For us as a brand, generosity is not a CSR initiative or a competition, it is a lifestyle. I believe that when your neighbour is hungry, your chicken is not safe and this is one of the reasons we started the generosity movement through HOMEWIN, to be able to empower a lot of Nigerians within the space of a 100 days.
Q7: Can anyone interested in co-investing in HOMEWIN come in?
Why not? Anyone who has 1 Billion naira or more to invest can come on board.
Q8: What do you expect this project to do for the SUJIMOTO brand?
For us at Sujimoto,giving back to the society is imprinted in our DNA and it is fundamental to the brand’s philosophy. You can’t be a customer-centric brand and not be generous, neither can you create record breaking projects like the *Giuliano* , *Lucrezia* and the *Leonardo* without focusing on the comfort of your clients.
HOMEWIN is a Sujimoto CSR initiative. It is one way Sujimoto is empowering Nigerians and transforming their lives financially. At the end of 100 days, we want Nigerians to be able to say, because of Sujimoto, I am now a millionaire and can now live my best life.
Q9 Can you shed light on all the Luxury projects by SUJIMOTO ongoing right now and how investors/buyers can tap in.?
Top on the list is the *LuceziaBySujimoto* . This is not your regular tower; it is customized to reflect the personal taste and lifestyle of the *Lucrezia* *de* *Medici* , the 16th century sophisticated royalty who embodied an exclusive and glamorous lifestyle. It is located in Africa’s richest neighborhood, Banana Island and the 15-floor tower is unarguably the most sophisticated residential building in Africa. Currently at the finishing stages, the *Lucrezia* , a product of delicate engineering, masterfully designed with premium and unrivalled amenities, is a building of so many FIRSTS in Africa! First building in Nigeria with a Glass Reinforced Concrete (GRC) facade, home to Africa’s 1st interactive lobby, first Virtual Golf Bar with over 2500 courses; first building with an International SPA for the residents; first building with Zaha Hadid sanitary wares and Kohler Kitchen, first building with an IMAX cinema for an immersive experience; first building with Electric Car Charging Stations and now the first building with a Crestron Automation where you can easily command, monitor and adjust your lights, shades, thermostats, door locks, entertainment and even your pool and spa from just one App.
The next is the *LeonardoBySujimoto* , a Waterfront high-rise development inspired by the exceptional works and genius of one of the world’s most iconic minds of the 16th century – *Leonardo* *Da* *Vinci* . The *Leonardo* will come with unrivalled features and top of the range facilities such as IMAX Cinema, Indoor Virtual Golf where you can play on over 2500 golf courses in the world, Crèche for children – first of its kind, Award Winning Zaha Hadid Bathroom, designer Kitchen by Kohler, Interactive Lobby, Full Home Automation, Indoor salon, Club House, Mini-Mart, Restaurant, Tennis Court, State of the Art Techno gym, Infinity Swimming Pool, Squash, Badminton and many more exclusive features, making it compete beyond the shores of Africa.
We also have the *Sujimoto* *twin* *tower* , a 44 storey building in Victoria Island, The *Jumeriah* , a 33 storey building in Central Business District, Abuja, *Mr* . *Meat* , *Suji* *Water* and many other projects.
Ex -Banker, Victor Adoji wins Kogi East Senatorial Seat Primaries
Dr. Victor Alewo Adoji has emerged the winner of the Kogi East Senatorial Primaries held at Idah last Monday.
Adoji,a former banker scored 177 votes to beat his closest rivals, Aminu Abubakar 54, Elder Ubolo Okpanachi 42 while ex-Chief of Air Staff, Isaac Alfa scored a consolatory 20 votes.
News9 months ago
PLEASE HELP SAVE LITTLE AISHA’S LIFE
News1 year ago
GTBank Out With 2020 Full Year Audited Results…Reports PBT of ₦238.1 Billion
News5 months ago
“Save Our Souls From Bandit Sponsors, Land Grabbers in Police Uniform”- Oreki Villagers To IGP
News3 months ago
SSANU Honours Kogi Politician, Abubakar Ibrahim
Politics1 year ago
The Truth About Bello’s “Presidency” | By Shadrach Emmanue
Interviews2 months ago
Meet Yemi Lapite,The Brain Behind Lagos’ Hottest Photography Studio, TIMMA_S.O.S
EVENT4 years ago
WHAT MANY DONT KNOW ABOUT PASTOR TB JOSHUA”S WIFE”EVELYN By Wole Alakija
Sports11 months ago
Egbe rallies support for Pinnick