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FCMB Confirms Yemisi Edun As MD, Drops Adam Nuru After Sex Scandal

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FCMB Confirms Yemisi Edun As MD, Drops Adam Nuru After Sex Scandal

The First City Monument Bank, FCMB Limited has confirmed the appointment of Yemisi Edun as the substantive managing director of the bank.

Her appointment followed the end of service of the bank’s former Managing Director, Adam Nuru.

In a statement, the board said it reviewed media allegations bordering on a sex scandal made in late 2020 against Nuru.

However, it said it did not establish any contravention of its policies.

The Board of Directors of FCMB thanked Mr Nuru for his years of dedicated service and wished him all the best in his future endeavours.

Edun was first appointed in January to hold forte for Adam Nuru.

READ ALSO: How Nigeria’s Unemployment Rate Inspired Me To Create Jobs – CEO, Temnnys Foods

Edun was the former Executive Director and Chief Financial Officer of the bank.

She began her career with Akintola Williams Deloitte (member firm of Deloitte Touché Tohmatsu) in 1987, with main focus on corporate.

She was also involved in audit of banks and other financial institutions.

Edun joined FCMB in 2000 as Divisional Head of Internal Audit and Control before assuming the role of Chief Financial Officer of the bank.

She holds a bachelor’s degree in chemistry from the University of Ife, Ile-Ife and a master’s degree in international accounting and finance from the University of Liverpool, United Kingdom.

She is a Fellow of the Institute of Chartered Accountants of Nigeria and a Certified Financial Analyst, CFA Charter holder.

Edun is also an Associate Member of the Chartered Institute of Stockbrokers; an Associate Member of the Institute of Taxation of Nigeria; a Member of Information Systems Audit and Control, U.S.A; and a Certified Information Systems Auditor.

 

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Transcorp Increases Revenue In 2021 Half Year Result

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Transcor Increases  Revenue  In 2021 Half Year Result

Transcorp Hotels Plc has announced its unaudited financial statements for the half year ended June 30, 2021. The results published on the Nigerian Exchange Group showed that revenue rose by 84% to N8.4bn from N4.5bn in June 2020, while total assets rose by 5.27% to N119bn from N113bn during the period under review. Shareholders’ funds stood at N61bn, maintaining its year-end 2020 level.

The company’s results are a testament to its resilience, recording a 97% improvement year-on-year, with a loss before tax of N102 million in HY 2021, compared to N3.5 billion in HY 2020.

Our performance reflects the capacity of our business to run sustainably and improve revenue significantly, even in tough economic conditions,” said Mrs. Dupe Olusola, Managing Director/Chief Executive    Officer of Transcorp Hotels Plc.

“We saw demand improve at impressive levels during the first half of the year, with occupancy nearing the pre-pandemic levels at some points. For example, occupancy was 67.2 percent in June, growing from 44.8 percent in January,” she said.

Commenting further, Mrs Olusola stated: “We are encouraged by the signs of complete recovery in our corporate and group bookings, as companies begin to return to full operations and more physical meetings are held. In the meantime, we remain diligent in the execution of other initiatives for the year, leveraging technology and the expertise of our people to deliver best-in-class guest experience across all our assets, property and touchpoints. The leading hospitality brand had recently launched Aura, an online platform for booking accommodation, staycations, great food and memorable lifestyle experiences. Mrs. Olusola said Aura will help Transcorp Hotels to further redefine hospitality, grow domestic tourism and contribute to Nigeria’s economic growth, in line with thecCompany’s purpose of improving lives and transforming Nigeria.

READ ALSO: How To Lift Your Income Above Your Financial Goals

On Trranscorp Hotel’s remarkable performance, the Chief Finance Officer, Oluwatobiloba Ojediran, said, “We have seen an upward trend in our quarterly performance with a revenue of N4 billion in Q1 2021 to N4.8 billion in Q2 2021, resulting in a total revenue performance of N8.8 billion. This is an impressive performance as it represents 94% of the N9.3 billion revenue that was recorded in the pre-COVID H1 2019.”

The MD/CEO, Mrs. Olusola reaffirmed Transcorp Hotel’s commitment to efficiency, excellence and execution, which she said, “will help us deliver even stronger returns to our esteemed shareholders in the second half of 2021 and beyond, as we reinforce our position as leaders in the hospitality sector delivering excellent service, innovation and excellent standards to all our stakeholders”.

Transcorp Hotels Plc. is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African. The company’s hotels include Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also recently launched Aura, an online platform for booking accommodation, food and memorable lifestyle experiences.

 

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We’re In Business Despite CBN’s Ban On Dollar Supply – BDC Operators

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The Association of Bureaux De Change Operators of Nigeria has said that Bureaux De Change operators are still providing foreign exchange services.

ABCON said while the dollar sale from the Central Bank of Nigeria had helped in enhancing supply, the fact remained that BDCs were empowered to source forex from other sources and also to provide various services to members of the public.

ABCON President Aminu Gwadabe said this in a statement on Thursday, adding that the recent pronouncement of the CBN did not stop BDCs from providing forex services as allowed by their operating licences.

He said the association would engage with the CBN to address and resolve all the issues that led to the stoppage of foreign exchange sales to BDC operators.

READ ALSO: CBN Warns Banks Of Sanctions For Failure To Sell Forex To Customers

“BDCs are licensed to provide retail FX services, including buying from the public and also selling to end-users for allowable transactions, namely personal travel allowance, business travel allowance, payment of medical and school fees,” Gwadabe said.

The ABCON president said, “While the CBN has stopped dollar sale to BDCs, it has not cancelled their operating licences or banned them from providing FX services to members of the public.

“At ABCON, we urge our members to see the CBN pronouncement as a wakeup call and opportunity to widen their customer base and deepen their business.

“ABCON has always worked with the CBN to ensure proper working of the FX market and in line with this principle, we will engage with the apex bank to address and resolve all the issues that led to the recent action, including identification and sanctioning of earring BDCs, where necessary.“

READ ALSO: How To Lift Your Income Above Your Financial Goals

In addition to this, and in view of the fact that BDCs have been very effective in ensuring stable exchange rate, ABCON will work with relevant stakeholders including law enforcement agencies to develop a National BDC Policy with the aim of enhancing the contribution of the BDC subsector to the nation’s economy.”

He said ABCON had called for a zonal nationwide meeting of members to discuss the action of the CBN and obtain contribution for the National BDC Policy.

 

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How To Lift Your Income Above Your Financial Goals

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How To Lift Your Income Above Your Financial Goals

By
Grace Agada

Almost everyone in life started out in their career with income that is bigger than their bills. Over time they amass so many bills that their bills overtook their income. From this point forward only 15% of working professionals will reverse the equation. And among this 15%, only 4% reach the point where their income becomes not only bigger than their bills but also bigger than their financial goals.

Moving your income above your bills and being able to maintain financial stability without salary is the first level of financial success you must achieve. And this success is called financial independence. However, lifting your income above not just your bills but over your current and future financial needs is the highest level of financial success. And this success is called financial freedom.

This means that financial independence is all about achieving today’s success and comfort while financial freedom ensures that you maintain that level of success throughout life. Unfortunately, only a few people will ever earn income at this level or invest the income earned for financial freedom. Yet to achieve financial success, you must raise your income above your financial goals. And you must take care of your needs today as well as your security tomorrow.

So how do you achieve financial freedom or make your income bigger than your goals?
The answer is simple.
But first, I must show you the price that you must pay. Every prize has a price and so is your next level of success.

There are three prices people pay and three prices to choose from. The first is the price of growth and discipline. For you to move from your current level to the next level you need growth in skills and the discipline to take action. This price has a worthy purpose, and it is a price that you should pay. This is also the cheapest price you would ever pay for success.

READ ALSO: How To Climb The Wealth Pyramid With Speed

The second price is the price of procrastination. This is where you delay taking action until you have only a little time left. To achieve the same goal, you must then take extreme action that results in deeper pain. Also, chances are high that you may not achieve all that you set out to achieve.

The third price is the price of regret. This is where you delay taking action until you run out of time and can no longer avert the consequence.  The only thing left when you enter this stage is to endure the consequences of your inaction. And the regret price is the most painful price to pay.

So now that you know the price there is to pay let’s look at how you can lift your income.

To Lift your income above your financial goals, there are only two things to do.

The first is to know the source of income and focus on earning from the source. And the second is to develop the tools that produce high income. Below let’s look at each of them in detail.

The source of income
All income comes from one source and that source is skills.  Skills are the source of all income and without skills, you cannot earn income. Today you earn income because you apply certain skills to solve problems for your employer. This means that if you focus on developing high-income skills, you will grow your income with speed. And accelerate your investing effort. Focusing on investing first is a slow way to grow income because active income is still the most potent income in the world. And only a strong active income can produce strong passive income. Thus, to grow your income fast you must first focus on developing high-income skills.  Yet, having skills alone will not produce the desired income. To lift your income above your goals, you need three other components. The first is time, the second is relationships and the third is income earning platforms. Skills without the time to apply them will generate no income.

Skills with time but without relationships will produce no income. And the skill with time and relationships but without a platform to earn income will still lead to no income. Thus, the only way to truly earn an income is to have skills, time, relationships, and platforms working for you. The good news is your job has all four components. First, you have the skills to help your employer make money, that’s why you were employed. Next, you also invest your time to offer this skill. And then you offer this skill within an income-generating relationship. And then you earn income through a job platform.

Now if you have skills, time, relationship, and a job platform why are you not yet earning the income of your dreams?
The answer is simple, and it leads to the second point.

READ ALSO: The Three Skills That Will Increase Your Financial Success

Tools that produce high income
There are four tools that produce high income and these include skills, time, relationship, and platform. Yet these four tools combine to produce three different types of income. The first is the low income, the second is middle income and the third is the high income. Low income is any income that is lower than your bills. If your bills are ahead of your income, you earn a low income regardless of how much you earn. Low income is produced by low-income skills.

And examples of low-income skills include theory-based skills (fresh graduates). Routine-based skills that can be done by anyone or machine. And skills that have no direct relationship to the company’s bottom line. This means that a low income is produced when you combine low-income skills that require plenty of time and focused on serving one employer through a single job platform.

The second is middle-income skills. Middle-income skill is any skill that can earn income that is above bills. That is earned income is enough to pay bills and also creates a financial safety net. Thus, people with middle incomes are able to maintain financial stability for months without a salary. Examples of middle-income skills include low-income skills that have been refined overtime and through many years of experience or some job-based specialized skills.

This means that most middle-income earners have many years of experience. Yet middle-income skills are still job-based skills. Out there in society and all by yourself, you may not be able to use these skills to earn income at the same level. Also, most middle-income earners serve one employer at a time and leverage one job platform. This means that their income is still limited. To earn middle income, you must be ready to invest years behind your income.

The third is high-income skills. High-income skills are skills that can produce income that is above your present and future financial goals. High income skills can produce income within a short time and can buy you financial freedom. To earn high income, you need high income skills. Examples of high-income skills include creativity and innovation, productivity and time management, rich relationship building and influential marketing.

All high-income skills are evergreen skills. This means that you can apply them in any industry on any platform and at any stage in your life. High-income skills also require less time to generate income and they are the most profitable skills to have. If you want to lift your income above your life goals, you must invest in developing high- income skills.

READ ALSO: How To Grow Rich With The Power Of Profitable Relationships

If you need help developing high- income skills send an email to info@createsolidwealth.com.

Bio
When Agada lost both parents before age 9, she was told that her place was at the bottom of the table where there is lack and scarcity. But rather than shrink to the bottom, Agada decided to create her own wealth table. Today Grace O. Agada is the most sought-after financial planning expert. She is a renowned author and keynote speaker and popularly known as the Middle Class to Upper Class Mentor. Agada is the author of three books and possibly the most widely read financial articles. Her articles are spread across seven national newspapers and four of the most popular Nigerian blogs. Agada is also the Founder of the University of Wealth MBA programme and is on a mission to shrink the middle class and populate the upper class. Agada has been featured on BBC Africa, Business Day TV, Inspiration FM. and inside Naijatv. And she consults for numerous top organizations, company directors, CEOs, senior executives, and high-income professionals.

 

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