…N90,000,000 cash prize disbursed over the season

Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has announced 124 winners in the Grand Finale of the third season of its reward initiative, the Wema Bank 5 for 5 Promo—bringing the winners for the season to a total of 1200. The Grand Finale held on May 31st, 2024, at the Wema Bank Head Office in Lagos.

Introduced in 2019, the Wema Bank 5 for 5 Promo is a revolutionary reward initiative established by Wema Bank with a set goal of rewarding the Bank’s active and loyal customers for their support of the brand and its products.

Designed to maintain transparency and objectivity, the Wema Bank 5 for 5 Promo is executed through monthly raffle draws supervised by Top Regulatory Bodies and exclusive to the Bank’s actively transacting customers based on the minimum requirements for each season.

The first two seasons of the Wema Bank 5 for 5 Promo saw a total of 1,177 Wema Bank customers receive a N63.3 million total cash prize and the just concluded Season 3 raised the bar exceptionally high.

Season 3 of the Wema Bank 5 for 5 Promo launched in July 2023 with a N90,000,000 cash prize for both Naira and Domiciliary (Dollar) Wema Bank Account holders across the country. Over a 10-month span, the 5 for 5 Promo Season 3 toured Lagos, Abuja, Ibadan, Uyo, UNILAG, Akure, Enugu, Benin, Osogbo and for the Grand Finale, Lagos.

Each monthly draw disbursed a N9,000,000 cash prize excluding the 6th draw in Akure which disbursed N8,000,000, leaving a N1,000,000 deficit that was carried forward to the Grand Finale, bringing the Grand Finale cash prize to N10,000,000; 2 winners of N1,000,000 each, 12 Domiciliary Account winners of N250,000 each, 30 winners of N100,000 each and 80 winners of N25,000 each.

L-R: Divisional Head, Brands, People and Culture, Wema Bank, Ololade Ogungbenro; Head of Lagos office, Federal Competition & Consumer Protection Commission, Susie Onwuka;
Senior Legal Officer, Lagos State Lottery and Gaming Authority, Oyinkan Williams; Assistant director, National Lottery Regulatory Commission Lagos Zonal Office, Olusola Ogunbode and Divisional Head, Retail and SME, Wema Bank, Ayodele Olojede at the Wema 5 for 5 Promo Season 3 grand finale held in Lagos.

In attendance at the Grand Finale of Wema Bank 5 for 5 Promo Season 3 were Representatives of the Federal Competition & Consumer Protection Commission (FCCPC), the Lagos State Lotteries Board and the National Lottery Regulatory Commission (NLRC), among other dignitaries.

Disclosing the Bank’s motivation for launching the Wema Bank 5 for 5 Promo, Tunde Mabawonku, Wema Bank’s Executive Director of Retail and Digital Business, referenced the Bank’s commitment to giving back to its customers and providing an exceptionally rewarding banking experience for them. “What you see today as an instrument of positive impact and transformation began with a vision set in 2019.

“Since becoming a National Bank, we had been on a success streak with the launch of Africa’s first fully digital bank, ALAT, our female-focused proposition, SARA by Wema, our USSD solution *945# and a host of others. What stood out for us is how receptive our customers have been through the years, supporting us, welcoming our solutions, and embracing each innovation with open arms.

“The success reflected in our numbers could not have been possible without the loyalty that we have enjoyed from our customers, so we set our sights on a greater vision—to go beyond the ‘usual’ in our promise of providing customers with a seamless and rewarding banking experience.

“This vision was brought to life when we launched the 5 for 5 Promo in 2019 and I take this moment to appreciate every person who has contributed to the success of the Wema Bank 5 for 5 Promo and joined us in bringing this vision to reality.”

Elucidating the profound impact generated by the 5 for 5 Promo, Ayodele Olojede, Wema Bank’s Divisional Head of Retail and SME, added, “I am honoured to have had the privilege of assuming office in the preliminary stages of Wema Bank 5 for 5 Promo Season 3, witnessing first-hand the impact that we created in many lives, families, businesses and even careers across our diverse customer base throughout the season.

“We’ve had winners who were NYSC Corps Members, Business Owners, Corporate Employees, Parents, Students, and several other demographics from all over Nigeria and honestly, being here today at the Grand Finale leaves a bittersweet feeling.

“While the Grand Finale attests to the impactful journey that we have traversed through the past 10 months, it also marks the end of the Season. I am beyond proud of the transformative impact we have generated over the course of the 5 for 5 Promo Season 3 and the Bank is honoured by the privilege that our customers have given us to serve them. I thank every one of our customers for choosing Wema Bank. The rewards never end with us so keep using your Wema Bank account for all transactions. You have nothing to lose but have EVERYTHING to gain with Wema Bank”.

The Wema Bank 5 for 5 Promo stands out for its inclusivity, diversity and positive impact, touching the lives of hundreds of Nigerians of different ages, social statuses, interests, qualifications and lifestyles. While the 3rd Season of the Wema Bank 5 for 5 Promo has officially come to a wrap, the footprints left by the remarkable initiative remain imprinted in the hearts and lives of all Wema Bank customers who have benefitted from the Wema Bank 5 for 5 Promo.

Wema Bank continues to offer a plethora of rewards for customers via its Deals & Discounts feature on the ALAT App, its social media platforms and a host of other avenues championed by the Bank.

Nigeria leading indigenous energy solutions provider, Oando Plc has bounced back with a major turnaround in its profitability as it recorded profit of N104.1 billion in 2023.

The interim report and accounts for the year ended December 31, 2023 released at the Nigerian Exchange (NGX) showed significant improvements in sales and profitability of the company.

Turnover rose by 71 per cent from N1.9 trillion in 2022 to N3.4 trillion in 2023. As against net loss of N81.2 billion in 2022, the company recorded net profit of N74.7 billion in 2023. Pre-tax profit stood at N104.1 billion in 2023, compared with pre-tax loss of N61.84 billion in 2022.

The report also highlighted a significant reduction of 23 per cent in the group’s upstream borrowings from $635.6 million in 2022 to $488.9 million in 2023.

The performance of the group was driven by considerable improvements in major business categories with trading operations rising by 50 per cent. Traded crude oil volumes rose to 32.8 million bbls in 2023 as against 21.8 million bbls in 2022. Traded refined petroleum products dropped by 15 per cent to 1.646 million MT in 2023 compared with 1.938 million MT in 2022.

The upstream saw an increase in production from 20,703 boepd in 2022 to 20,837 boepd in 2023, despite the challenges in the oil producing region. Oil production stood at 6,024bbls/day in 2023 as against 4,939bbls/day in 2022. Natural gas production stood at 14,572boe/day in 2023 compared with 15,292boe/day in 2022. NGL production was 241bbls/day in 2023 as against 472bbls/day in 2022.

The release of the 2023 results brings the company a step closer to being in line with regulatory requirements for all listed companies. It indicates that by the end of this year, Oando will be on track with its peers in reporting results thus giving confidence to shareholders and investors on the company’s current state and future.

2023 has seen Oando push forward with its growth agenda, recording positive highlights, including the signing of a Sale & Purchase Agreement (SPA) with Italian oil major, Eni to acquire one of its local subsidiaries, the Nigeria Agip Oil Company Limited (NAOC).

In addition, its clean energy arm, Oando Clean Energy Limited (OCEL) launched its electric mass transit buses in partnership with the Lagos State government, signaling that things are beginning to look up for the indigenous giant.

Group Chief Executive, Oando Plc, Mr. Wale Tinubu, said the results showed that the company has weathered the storm and on track to consolidate future growth.

According to him, despite the persistent pipeline vandalism across the Niger Delta, which continues to dampen crude production, the profit after tax of N 74.7 billion in 2023 was largely driven by increased trading volumes due to strategic global partnerships and net foreign exchange gains on the group’s foreign currency denominated assets as against losses on foreign currency denominated liabilities.

He noted that the milestone signing of the Sale and Purchase Agreement with Eni towards the acquisition of 100 per cent of the shares of NAOC Ltd, marked a pivotal moment for the company as it is poised to unlock substantial synergies in the near future.

“Our focus is now on completing the acquisition and seamlessly integrating operations to deliver exceptional value to our shareholders.

“Having weathered the storm of recent years, our latest results provide a foundation for us to consolidate and build for the future. With our planned acquisition of NAOC, we are positioned to take full operatorship and drive-up outputs, value and efficiencies.

“Moreover, our foray into and leadership in clean energy expands our footprint as a fit and proper integrated energy company with our feet firmly planted in today’s realities and the possibilities of the future,” Tinubu said.

The presidential committee on fiscal policy and tax reforms says it has asked the federal government to adopt an exchange rate of N800 per dollar for customs import duty.

Taiwo Oyedele, chairman of the committee, spoke on Thursday while engaging journalists on the activities of the tax panel in Lagos.

While presenting some recommendations of the committee, the tax expert expressed concern over the import duty rate which constantly changes due to the volatility of the foreign exchange (FX) market.

This, Oyedele said, does not allow for adequate planning by businesses.

“When we did the budget, we said naira to dollar will be N800, now it is 1,000 something. People need to plan,” he said.

”So now, we’re saying dear government can you please sign an order that says for the purpose of paying import duty, we shall use N800… for the rest of the year till December.

“So, we have proposed N800.”

In recent times, the import duty rate has witnessed incessant adjustments by The Nigerian Customs Service (NCS).

On May 27, the customs adjusted the FX rate for tariffs and duties to N1,480 per dollar.

Customs typically adopt FX rates recommended by the Central Bank of Nigeria (CBN) for import duties based on trading activities in the official FX market.

On May 16, Muda Yusuf, the director-general of the Centre for the Promotion of Private Enterprise (CPPE), said the customs should set a quarterly exchange rate between N800/$ and N1000/$ for import duties assessment.