by admin | Apr 16, 2025 | business, investing, investing company news, news, technology
At the margins of GITEX Africa, TAMWILCOM declared a strategic alliance with Flat6Labs, a key figure in accelerating startups within the MENA area. Following their cooperation initiated in December 2023 with the International Finance Corporation (IFC) intended to support emerging firms in Morocco, this move comes as another step forward for TAMWILCOM.
The collaborative initiative aims at supporting startups active in promising fields like AgriTech, FinTech, CleanTech, Healthcare, and Artificial Intelligence. This program will provide organized backing and financial aid, aiming explicitly to ease their path towards obtaining venture capital funding.
This initiative represents a significant advancement in our backing of technology firms in Morocco,” emphasizes Hicham Zanati Serghini, CEO of TAMWILCOM. “The experience provided by Flat6Labs will help these startup companies become more organized so they can effectively draw in potential investors.
For David Tinel, who represents IFC in the Maghreb region, this initiative showcases the World Bank Group’s dedication to fostering sustainable development led by the private sector.
Flat6Labs will manage the development and execution of this initiative, aiming to enhance startup preparedness for raising funds. “Supporting impactful ventures as they expand domestically and globally is inherent to what we do,” asserts Yehia Houry, Chief Programs Officer at Flat6Labs.
This collaboration reflects a mutual aspiration to create a robust and competitive startup environment in Morocco, which aligns with the nation’s goals for fostering innovation.
by admin | Apr 1, 2025 | business, finance news, financial markets, investing, money
Following its robust financial performance in 2024, the bank has suggested a dividend of N1.00 per share.
Wema Bank has reported a profit before tax of N102.51 billion, indicating a rise of 135 percent from the N43.59 billion noted in the previous year.
The bank
has suggested a dividend of N1.00 per share following its robust financial performance in 2024.
As stated by the bank on Sunday, its balance sheet continues to be well-structured, varied, and robust, with total assets increasing by 60 percent to reach N3.585 billion in 2024.
The total assets were at N2.240 billion in 2023. Additionally, the bank increased its deposit base year-over-year by 36 percent to reach N2.523 billion from N1.860 billion.
Loans and advances rose by 50 percent, totaling N1.201 billion in 2024 from N801.10 billion in 2023. The non-performing loans ratio was at 3.86 percent by the end of the year.
The bank reported enhanced yearly performance, showing a 92 percent increase in gross earnings to N432.34 billion from N225.75 billion in the previous year.
The interest income surged by 92 percent year-over-year to N353.54 billion from N184.48 billion, whereas the non-interest income saw an increase of 91 percent to reach N78.80 billion.
The bank announced a Return on Equity of 43.60 percent, a Return onAssets of 2.96 percent, and maintained a Capital Adequacy Ratio of 19.67percent.
The cost-to-income ratio was at 56.23 percent, underscoring the commercial bank’s robustness and fiscal stability.
The robust performance in 2024 was credited to effective strategy implementation in areas such as risk control, client engagement, and online banking services by Managing Director Moruf Oseni.
“We continue to be dedicated to assisting Nigerian businesses and individuals through our cutting-edge banking products and services,” he stated.
He pointed out ALAT, the leading digital platform of the bank, as being at the forefront of digital banking usage amongst Nigeria’s youth demographic.
Mr. Oseni mentioned one instance as ALAT XPlore, which is Nigeria’s premier authorized banking application tailored for teens between the ages of 13 and 17, aimed at fostering financial acumen and accountability.
Despite facing a difficult operational landscape, the bank keeps expanding across all financial metrics, highlighting the team’s strength and proficiency.
“The most impressive result is from Profit Before Tax, which jumped by 135 percent,” he noted.
Mr. Oseni pointed out that the 92 percent increase in gross revenue, along with a 60 percent expansion in total assets and an earning of 483.20 kobo per share, significantly bolstered the balance sheet strength.
“The cost-to-income ratio of 56.23 percent has notably enhanced compared to the prior period,” he mentioned.
He further declared that the financial institution’s Capital Raise Initiative was scheduled to commence in April 2025 through a N150 billion rights offering.
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by admin | Mar 30, 2025 | education, education reform, investing, leadership, politics
At the weekend, Senator Opeyemi Bamidele, who leads the Senate, urged governments at every level, corporations, and philanthropists to make more significant investments in education with the aim of nurturing future global tycoons and renowned companies.
Bamidele, who represents Ekiti Central, emphasized how both established and developing countries across Asia, Europe, and North America utilized education as a powerful means for social and economic change to achieve their national goals.
Following the conferment of an honorary Doctor of Laws degree upon him during the 29th convocation ceremony of Ekiti State University, which took place over the weekend on the university’s main campus in Ado Ekiti, he proceeded to make those calls.
Yesterday, Bamidele was honored along with the Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, and the Chairperson of the Governing Board at the Bank of Industry, Dr. Mansur Muhtar. This brings the total number of honorary doctorates awarded to him between January 2003 and March 2025 to three.
During his speech at the convocation, Bamidele highlighted the importance of education for the socioeconomic advancement of countries globally. He believes this approach has been utilized to achieve developmental objectives and overcome severe obstacles.
He explicitly stated: “By quality education, I refer to an educational experience that frees the mind; one that significantly reshapes entire generations and provides access to boundless prospects in every field.”
In this light, education serves as an essential instrument that both developed and rising nations across the globe have utilized to reach their current status. We, as a society, also possess this same tool in our quest for national ambitions.
Bamidele pointed out that achieving substantial socio-economic progress in every sector necessitates “not just fostering a conducive atmosphere, but also ensuring a fiercely competitive landscape so our country can remain globally competitive.”
It also requires intentional public investment in our youth, and we must take action immediately. Undoubtedly, this necessitates consistent and strategic backing from various private sector entities that generate global brands and billionaires.
This is the reliable blueprint that gave rise to Elon Musk, CEO of SpaceX and Tesla; Jeff Bezos, founder of Amazon Inc.; Mark Zuckerberg, co-founder of Facebook and Instagram; Larry Page, CEO of Google; Warren Buffett, the esteemed owner of Berkshire Hathaway Inc., and numerous others.
It’s now time for each of us to utilize the power of high-quality education to create our homegrown global billionaires and iconic brands. However, this can’t be left to luck or happenstance; instead, it requires careful strategy and proactive execution of these plans.
“We might fail to reach our goals unless we reassess our national priorities and genuinely invest in individuals. Fundamentally, education that frees the mind is the sole solution to achieving our aspirations. The sooner we begin investing more effectively in our citizens, the better off we will be as a union,” he stated.
As such, Bamidele urged both public and private sectors to revisit their approaches; contemplate this message and pledge anew to invest more substantially in individuals. This sentiment ought to be a crucial aspect of the key lessons we derive from this momentous assembly.
During his speech, University Vice-Chancellor Professor Ayodele Joseph listed several initiatives spearheaded by Bamidele for the institution, including the building of dormitories for medical students—both male and female—as well as a small sports complex and an FM radio station.
Ayodele also highlighted several significant contributions made by university alumni over the past year via targeted connections and interventions. He provided examples of various initiatives that the senate leader helped facilitate for the benefit of the university community.
He expanded Bamidele’s contributions to encompass facilitating the building of separate male and female dormitories for medical students, constructing a small sports complex within the campus, and setting up an FM radio station, all of which were to be gifted by Senator Bamidele.
The vice chancellor further observed that the prosperity of the institution was associated with an increase in the monthly subsidy provided to the university, which had risen from ₦260 million to ₦410 million per month.
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by admin | Mar 30, 2025 | business, educational systems, investing, technology, youth
ABUJA
– A learning area spanning 25 square meters, fitted with cutting-edge digital equipment, has been inaugurated.
As part of the BeMINT_Nigeria initiative, hands-on IT training and entrepreneurial skill development are provided to high school graduates in Lagos. This 12-week comprehensive program emphasizes female involvement and aims to create economic opportunities for 400 young people (ages 18 to 24) from underprivileged backgrounds.
BeMINT (where MINT stands for STEM in German: Mathematics, Information Technology, Science, and Technology) receives support from the German Federal Ministry for Economic Cooperation and Development (BMZ) and is executed by the globally active foundation Siemens Stiftung along with the Nigerian non-governmental organization Empowering Africans through Education Initiative (EAE).
This three-year program combines training and internships to provide school leavers with essential practical and digital skills needed for success in the 21st-century world marked by rapid technological progress and digitization.
“The digital revolution has reshaped societies and economies but has also exacerbated gender and social disparities. According to the United Nations, women make up just 22% of roles in science, technology, engineering, and math fields. BeMINT_Nigeria aims to address this imbalance by promoting female involvement and improving access to digital education for young people from underprivileged areas. This participant-focused initiative promotes equitable economic engagement and equips Nigeria’s future leaders with essential 21st-century competencies,” explains Dr. Nina Smidt, who serves as the CEO and spokesperson for Siemens Stiftung.
The core of this initiative revolves around the newly established makerspace, which serves as a central location for educational growth and community involvement. This space grants participants convenient access to 3D technology, tools, and materials, enabling them to bring their preliminary concepts and models to life. Moreover, individuals have complimentary use of “Siemens Hours of Engineering,” a cloud-based platform provided by Siemens Digital Industries. This tool offers an accessible entry into computer-aided design and fosters problem-solving skills.
During the launch event, the German Consul General in Lagos, Mr. Weert Börner stated, “InVESTMENTS IN DIGITAL EDUCATION ARE CRUCIAL FOR ECONOMIC TRANSFORMATION. By developing digital infrastructure AND enhancing educational opportunities THAT WIDEN THE CAREER PATHS available to young Nigerians—particularly young women—we can foster more robust collaboration between Nigeria and Germany. Given that 70 percent OF THE COUNTRY’S POPULATION IS UNDER 35 YEARS OLD, this demographic offers an unparalleled foundation upon which TO GROW NIGERIA’S DIGITAL SECTOR.”
In the coming few years, nine groups with 45 participants each will be exposed to three key areas: Information Technology, career guidance, and business startup skills.
Every participant gets extensive interdisciplinary training, obtaining hands-on experience with digital platforms as well as acquiring knowledge about AI tools to boost their competitive edge in the job market.
We are expanding upon the achievements of the project’s initial stage, which commenced in 2022. This phase has cultivated graduates who are both skilled and assured, many of whom are currently employed at prestigious international firms such as Google and Microsoft, alongside various small and medium-sized enterprises in Nigeria.
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by admin | Mar 28, 2025 | business, economics, investing, investing business news, money
MANILA, Philippines – The net income of JG Summit Holdings Inc., led by the Gokongwei family, climbed by 10% to reach PHP 22 billion in 2024 due to profits from selling their bank subsidiary, compensating for challenges faced by its aviation division.
Core net income, encompassing one-time profits, jumped by 29 percent to reach P24.9 billion.
On Thursday, in an official paperwork submission, the large corporation reported that their earnings concluded at PHP 379.7 billion, marking an increase of 11%.
Based on information from JG Summit, their earnings were boosted by a P7.9 billion profit resulting from the merger between Robinsons Bank and Ayala Corporation-controlled Bank of the Philippine Islands (BPI), which became the surviving entity post-merger. Shareholders of Robinsons Bank still maintain a 6% ownership interest in BPI.
READ:
Philippine competition authority approves BPI-Robinsons Bank merger
“Despite having varied outcomes from our various divisions and ventures, we managed to steer through 2024 successfully,” stated Lance Gokongwei, President and CEO of JG Summit, in an official statement.
Despite an increase in passenger numbers, Cebu Pacific concluded 2024 with a 32 percent decrease in net income due to expenses associated with expanding their aircraft fleet.
As stated separately, the airline disclosed that its net profit dropped to P5.4 billion in the previous year from P7.9 billion recorded in 2023.
The top line increased by 16 percent to reach ₱104.9 billion, with passenger revenue alone rising by 14 percent to hit ₱71.3 billion.
Additional businesses contributed P28 billion, an increase of 16 percent. In contrast, cargo revenues jumped 39 percent to reach P5.6 billion.
Regarding passenger traffic, the volume increased by 18 percent to reach 24.5 million.
The low-cost carrier dominated most of the domestic network with a 54.1 percent share. In terms of the international market, it claimed a 20.6 percent stake.
However, with the launch of new routes, Cebu Pacific was compelled to acquire extra airplanes and backup engines, which put pressure on their profits. The company currently operates 98 aircraft following the addition of 17 planes in the previous year.
The leasing of aircraft and engines totaled P900 million. Charges related to airports, including landing and takeoff fees, along with ground handling costs, added up to P11.37 billion.
Gokongwei was hoping that 2025 would tell a different tale.
“As we enter 2025, our main focus will be to boost the total revenue growth across all our business units due to the anticipated upturn in consumer confidence with the decline in inflation,” he noted.
At snack manufacturer Universal Robina Corp., earnings climbed to P161.9 billion, marking a 3% increase thanks to improvements in their overseas operations.
The real estate sector of Robinsons Land Corporation showed a 3% growth in revenue, reaching ₱40.1 billion. Meanwhile, JG Summit Olefins Corp., which operates in the petrochemical industry, experienced a significant surge of 33%, with revenues climbing to ₱50.4 billion.
by admin | Mar 27, 2025 | business, economics, investing, money, wealth
The renowned real estate mogul Lee Shau Kee, often referred to as Hong Kong’s second wealthiest individual, offered advice to younger generations, urging them to select their careers wisely, put in diligent effort, invest capital to generate more wealth, and delay marriage.
In his 2018 address at Fudan University upon receiving an honorary doctorate, Lee offered four key tips for accumulating wealth, as reported.
Sohu
.
One of these principles was not to get married until building a stable career. Lee joined the real estate sector when he turned 30 and swiftly established a robust reputation, attaining success in his professional life.
He married his wife, the beauty queen Lau Wai Kuen.
A year later, once he believed that both his professional journey and personal relationships had stabilized, they got married. The ceremony took place at the luxurious Majestic Hotel located in Hong Kong’s Central District.
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Lee Shau-kee, Chairman of Henderson Land Development, participates in a meeting in Hong Kong, China on September 10, 2013. The photograph was taken by Imaginechina through AFP.
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During his address, the businessman stated that selecting the appropriate profession could simplify achieving success, echoing a well-known Chinese proverb: “A man’s biggest worry is setting up shop in an unsuitable field, whereas a woman’s primary concern is picking the incorrect spouse.”
A key piece of wisdom from Lee emphasizes that dedication and effort pave the way to achievement. His memoir released in 2010 featured this insight when he was an 82-year-old business magnate from Hong Kong who declared his plans never to retire. To him, the inability to be productive represented significant suffering. Throughout his life, he stayed committed to his professional endeavors.
until the age of 91 when he retired
to relish his latter years.
The fourth piece of advice from the billionaire is to leverage your funds to generate more income. As mentioned in his autobiography, Lee stated: “Commencing with modest savings is wise since the initial investment holds significant importance. This foundational step paves the way for greater achievements.”
Such prosperity should stem from hard work and thriftiness. The notion of ‘abundance bestowed by destiny’ isn’t about surrendering to chance, but rather about seizing opportunities appropriately without exerting undue pressure.
He added: “Once someone asked me, ‘Would you be willing to exchange half of your fortune for three decades of youthful vigor?’ Upon hearing this query, I burst out laughing and responded, ‘I’d readily swap 99% of my wealth for thirty more years of youth without giving it a second thought.'”
In the next three decades, I am confident that I might attain an even more remarkable level of success, potentially exceeding the 99% of wealth I currently possess.
Lee died on March 17.
At the age of 97. He was born in Guangdong, China, and developed his career and thrived in Hong Kong.
Commonly known as “the stock deity of Asia” or “Hong Kong’s equivalent of Warren Buffett,” he founded Henderson Land Development, which stands out as one of the biggest property conglomerates in the region.
