By Business A.M. 

By Onome Amuge

The global cybertech sector  recorded a significant decline in March 2023 compared to March 2022 as investment raised by cybertech companies globally  reached a combined $293 million in March 2023, a 81 per cent drop from March 2022, according to cybertech investment stats published by FinTech Global.

The world’s leading provider of  financial technology (Fintech) information services, also noted that deal activities in the cybertech space saw a 44 per cent  decline to 53 transactions year-on-year.

The USA was ranked the most active cybertech country in March 2023 with 25 deals announced, and 50 per cent share of global cybertech deals during the month under review. Israel was  ranked the second most active cybertech country with four deals, recording an eight per cent share, while the UK was ranked third with three deals.

Meanwhile, OneTrust, which helps companies manage privacy, security, and governance requirements, was the largest cybertech deal in March 2023, raising $50 million  in its latest funding round according to SEC filing from Guido Torrini, CFO.

Business A.M gathered that this will be the largest funding round the Atlanta based privacy and security software provider has carried out since it laid off 25 per cent of its workforce in July 2022.

Commenting on the company’s cybertech deal, Blake Brannon, chief product and strategy officer at OneTrust, said the company took a bold step to deliver the world’s first Trust Intelligence platform that enables customers to operationalise privacy management and data ethics, remain resilient with robust governance and third-party risk management, drive a speak-up culture rooted in ethical practices, and demonstrate progress against ESG and sustainability commitments.

On the company’s new enhancements to its intelligence platform, Brannon said; “Trust is quickly becoming a top priority for business leaders, and they are looking for a whole new level of automation to scale their programmes.”

By Onome Amuge

NOVA Merchant Bank Limited ,delivered an outstanding 108 per cent  year-on-year growth in profit before tax (PBT) which rose to N3.50 billion,and the group year-on-year profit before tax of 98.2 per cent to N3.34 billion, as both funded and non-funded income grew significantly on the back of innovative offerings and exceptional customer service.

The financial services solutions firm, in its audited full year 2022 financial results, showed a continuous gain in market share buoyed by steady penetration across key growth sectors, as reflected in the 30 per cent growth in customer deposits.

Asset quality also reflected a strong performance, with a non-performing loan ratio of 0.2 per cent, underscoring the best-in-class governance and management discipline in creating quality assets and ensuring effective risk management.

A breakdown of the company’s financials showed that gross earnings appreciated 37.01 per cent in the year ended December 2022, , compared to N17.03 billion in 2021 FY.

Notably, the bank posted a profit after tax (PAT) of  N3.21 billion, representing 102.9 per cent year-on-year  growth against N1.58 billion in  the corresponding period of 2021. On its part, the group recorded a profit after tax of N3.11 billion, indicating a 93.7 per cent increase compared to N1.61 billion in 2021 full year of 2021.

The bank’s balance sheet showed that total assets grew  14.6 per cent to N279.9 billion, compared to N244.2 billion as at 2021 FY.

Meanwhile, bank deposits for the period under review rose 30 per cent year-on-year to stand at N152.01 billion from N116.9 billion in 2021 FY, while shareholders’ funds appreciated 13.1 per cent to N26.77 billion, reflecting strong internal capital generation.

According to the bank’s financials, capital adequacy ratio stood at 23.24 per cent, twice the minimum regulatory requirement, reinforcing the strength of the balance sheet and headroom for sustainable growth.

Fees and other income rose 34.9 per cent to N6.70 billion, compared to N4.97 billion in 2021 FY, while  cost of risk sustained its modest rate at 0.14 per cent, reinforcing outstanding asset quality.

Commenting on the results and broader achievements of the group,Phillips Oduoza, chairman of the board, noted that it is exciting that the group continues to sustain its remarkable growth trajectory since inception, leveraging on innovative offerings and customer service excellence in deepening market penetration and continuously gaining market share across all segments of the business.

“I am particularly pleased with the sound governance practice and diligence of the Management in upholding the asset quality of the Bank, a feat which has become a benchmark in the industry,” he said.

Oduoza also noted that despite the challenging economic environment, the bank continues to demonstrate commitment to customers’ financing objectives and supporting their overall business growth.

“In reciprocal, we continue to gain a larger share of our customers’ wallets and win new clients, as reflected in the 37% growth in gross earnings, buoyed by stellar performance of both funded and non-funded income. The strength of our balance sheet, our exceptional service, bespoke financing solutions and new thinking are uncommon qualities that continue to distinguish our Bank,” he added.

The board chairman expressed optimism on the Nigerian economy and more importantly the company’s business, while reiterating the company’s commitment to invest in sustainable strategies that ensure the resilience of operations to varying economic cycles.

Oduoza also maintained that the bank is dedicated to the success of its customers and would continue to support its HNI clients through their financial life cycle, including through its wealth management offerings and advisory services.

“We would remain trusted partners to our corporate clients, supporting them through our tailored offerings that optimize their financial outcomes. It is our commitment to continuously lead new thinking and unlock new opportunities for the mutual prosperity of customers and our business,”he concluded.

Also speaking on the results, Nath Ude, the managing director/chief executive officer of Nova Merchant Bank stated that the bank, in keeping to its pledge of supporting clients’ growth, has continually created novel financing structures to meet dynamic needs of its customers across key growth sectors.

Ude noted that the strong capitalization and liquidity ratios reinforce the bank’s capacity to underwrite quality transactions, in addition to leveraging its expanded scope of offerings in delivering unique customer experience.

“I am pleased that the loyalty of our clients does not only spur our business growth; it also reinforces our earnings growth and sustainability. We achieved a 107.9% growth in profit before tax and recorded notable growth across all balance sheet lines, reflecting the success of our strategy and the execution capacity of our team,” he said.

Ude emphasised that the bank continues to invest in new technologies, including its robust digital platform, to create exceptional service experience for customers.

According to the MD, Nova Merchant Bank is a positive disruptor and would continue to lead innovation and investments in technology and risk management practices that revolutionize financial services in Nigeria, as it remains focused on unlocking new opportunities for its esteemed clients. He also assured that the bank would sustainably deliver exceptional service to its customers, while  creating superior value for all stakeholders.

By Cynthia Ezekwe 

The Nigerian Exchange (NGX) closed negative on Monday  as  market capitalisation declined by  N417 billion to close at  N27,850 trillion.

The All-share Index (ASI) depreciated by 1.47 per cent  to close at 51,127.38 points.

Meanwhile,  a total of 226.5 million units of shares were traded in  4,373 deals, valued at N1.56 billion.

The  market breadth closed negative as IKEJAHOTEL led 16 gainers, and 18 equities that lost their share prices topped by CHAMPION.

IKEJAHOTEL led the gainers chart as it appreciated 9.48 per cent  to close at N1.27; INTENEGINS was up 9.47 per cent  to close at N 1.85; CHIPLC increased by 8.77 per cent to close at N 0.62; NGXGROUP gained 8.16 per cent to close at N26.50; while JAIZBANK was up 5.68 per cent  to close at N0.93.

On the contrary, CHAMPION topped the losers chart as it lost 9.94 per cent  to close at N4.44;  INTENEGINS was down  6.98 per cent  to close at N1.20; MTNN  shed 6.67 per cent  to close at N224.00; TRANSCOHOT depreciated 5.80 per cent  to close at N6.50; while AFRIPRUD declined by  5.45 per cent  to close at N5.20

At the end of trading activities on Monday, Year-to-Date (YtD) returns settled at 0.90 per cent, while the stock market has advanced by 468.28 basis points since the start of the year.

By Cynthia Ezekwe 

With Nigeria’s population growth continuing to outpace poverty reduction and persistently high inflation, the number of Nigerians living below the national poverty line is expected to rise by 13 million between 2019 and 2025.

The World Bank made the projection in its latest report tagged “Macro Poverty Outlook for Nigeria: April 2023.

The international financial institution noted that Nigeria is in a more fragile position than before the late 2021 global oil price boom, adding that growth and poverty reduction have further been affected by cash scarcity in the context of the naira redesign.

According to the report, the deteriorating economic environment in the country had pushed millions of Nigerians into poverty, while stating that  risks are tilted to the downside given the lack of macro-fiscal reforms, the naira demonetization, and an uncertain external outlook.”

It also pointed out that the cash scarcity created by the Central Bank of Nigeria (CBN) naira redesign policy hampered the country’s economic growth and poverty reduction efforts, adding that about 13 million Nigerians would become poor between 2019 and 2025.

The World Bank further stated that the economy is projected to grow by an average of 2.9 per cent per year between 2023 and 2025, only slightly above the population growth rate of 2.4 per cent. It added that growth will be driven by services, trade, and manufacturing.

Commenting on the country’s deteriorating fiscal position,the report stated that the Nigerian government spent 96.3 per cent  of its revenue on debt servicing in 2022 with the constant fiscal deficit worsening the country’s public debt stock.

”In  2022, the cost of the petrol subsidy increased from 0.7 per cent to 2.3 per cent GDP. Low non-oil revenues and high-interest payments compounded fiscal pressures. The fiscal deficit was estimated at 5.0 per cent of GDP in 2022, breaching the stipulated limit for federal fiscal deficit of three per cent. This has kept the public debt stock at over 38 per cent of GDP and pushed the debt service to revenue ratio from 83.2 per cent in 2021 to 96.3 per cent in 2022,’’  the report said.

It further explained that oil price booms which have previously supported the Nigerian economy have been on the contrary side since 2021, while noting that macroeconomic stability has weakened amidst declining oil production, costly fuel subsidies, exchange rate distortions, and monetization of the fiscal deficit.

The Washington-based bank also noted that macroeconomic stability has weakened considerably due to multiple foreign exchange rates (FX),  high and increasing inflation, rising fiscal pressures, and declining forex reserves.

 “Persistent structural economic issues (volatile growth, low private investment, low and inefficient public spending, due to low revenue collection, and low social development outcomes leading to low productivity) have prevented any meaningful acceleration of growth. Insecurity remains widespread, with more violent conflict events occurring across the country, adversely impacting private investment and growth,’’ the report added.

By Cynthia Ezekwe

Kudy Financials Limited, a global digital asset management firm, has been issued a   fund/portfolio manager’s licence by the Securities and Exchange Commission (SEC), Nigeria’s apex capital markets regulatory body,  effective  from the 11th of April, 2023.

This was disclosed in a letter of conveyance issued by the regulatory body to the company, which made it known that the fund/portfolio manager licence enables the Nigerian subsidiary to operate as a full-fledged fund/portfolio management company, one which is focused on the Nigerian market.

The licence  also  emboldens Kudy’s vision to be a financial sanctuary to millions of Africans, assisting them in their quest to invest for the future and achieve financial freedom.

 Manasseh Egedegbe, the company’s managing director, while expressing his delight over the licence, disclosed that the company started the journey as a process in 2020, while stating that the company is eager to show Nigerians what financial sanctuary and freedom mean,” he continued, as the Nigerian subsidiary prepares to roll out a series of products targeted at the Nigerian market.

Egedegbe said the company’s  investment philosophy is centred around the control of risk through diversification and specialisation, adding that  the focus in the interim would be institutional investors and high net worth individuals, as they have the capacity for the risks associated with the Nigerian financial markets and Kudy’s tactical investment style.

“Once we have gained the confidence of this segment of the market, we will begin building out products that cater to the needs of the other sections of the pyramid,”Egedegbe stated.

Also commenting, Femi Oladunjoye, the company’s chief operating officer, said, “This licence opens a new chapter for the Kudy Group. It is the first iteration in our quest to have footprints across the globe, offering first-class financial solutions to our clientele.”

Kudy Financials SARL is a global fund manager licensed with Luxembourg’s capital markets regulator, Commission de Surveillance du Sector Financier (CSSF). Kudy began as an investment idea for friends and family in 2017 and has since grown to be an alternative investment manager of choice across the globe for many.

By Olivia Nnorom

The National Agency for Food and Drug Administration and Control (NAFDAC) has approved the R21 malaria vaccine manufactured by the Serum Institute of India., which  makes Nigeria the second country after Ghana  to approve the new malaria vaccine developed at the University of Oxford.

Mojisola Adeyeye, the director general of NAFDAC, disclosed this on Monday at a press briefing in Abuja, where she said the vaccine is indicated for the prevention of clinical malaria in children from five months to 36 months of age.

“NAFDAC in exercising its mandate as stipulated by its enabling law, NAFDAC Act CapN1, LFN 2004 is granting registration approval for R21 Malaria Vaccine (Recombinant, Adjuvanted) manufactured by Serum Institute of India Pvt. Ltd.”  Adeyeye said.

According to Adeyeye, Nigeria expects to get at least 100,000 doses of the vaccine in donations soon before the market authorisation will start making other arrangements with the National Primary Health Care Development Agency.

Speaking on the vaccine qualitative and quantitative makeup, the NAFDAC DG said that the R21 Malaria vaccine with storage temperature of 2-8 °C, is an adjuvanted protein vaccine presented as a sterile solution. A dose which is 0.5ml is composed of R21 Malaria antigen 5µg and Matrix-M1 50µg as an adjuvant filled in a vial as a ready-to-use liquid formulation for intramuscular injection.

She also noted that the dossier of the vaccine was subjected to independent review at two levels;  review by NAFDAC’s vaccine advisory committee independently using standards of the World Health Organisation across relevant domains; review by the International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human use guidelines, European Medicines Agency guidelines, scientific rigour on the vaccine and the context of malaria and specifically to Nigeria and best research and manufacturing governance.

“NEVAC members reviewed all sections independently using best review practices and met physically in plenary to assess and debate the reviews by sections, raised queries, and made recommendations accordingly.” Adeyeye said.

Speaking on NAFDAC’s review, she said the Committee has always been guided by the same international standards and best practices with the same modality of an independent review by members followed by long hours of plenary where a rigorous assessment of each review took place. Also, the Committee independently scored the assessment as satisfactory and forwarded it to the Director General.

Adeyeye confirmed that the R21 malaria vaccine dossier compiled substantially with the best international standards with which the dossier was benched-marked, and noted that the Joint Review Committee concluded that the data on the R21 Malaria vaccine were robust and met the criteria for efficacy, safety, and quality.

Also, the joint review committee confirmed that the vaccine’s known and potential benefits outweigh its known and potential risks, thereby supporting the manufacturer’s recommended use.

Tevfik Arif shares how to be your own boss

In this article, founder and former CEO Tevfik Arif invites us to hear his take on becoming your own boss. From a vast background in international real estate investing, he serves as a mentor to many aspiring self-employers. Running a business can be simple yet highly advantageous. In this article, Arif will guide you through his journey and how to start building your own business and independence.

Tevfik Arif says that building a business can give you more freedom of choice and access to creative initiatives that other jobs don’t necessarily offer. Becoming your own boss could be the next step in exercising your most innovative ideas while impacting the communities you care about.

Three tips on running your own business

Some key elements are required to run a business and become your own boss. Tevfik Arif understood these elements through his array of projects in real estate. Read on to find his top tips on officially starting the journey to becoming your own boss.

Find the right industry

To keep up with a business, you must first break into an industry that fits the current market’s needs. Arif recommends discovering a market that can use your expertise or product idea long-term. It may be an industry you are already passionate about or another area you can learn more about. Hiring a team and recruiting partners is also wise if you plan to establish multiple businesses or large-scale deals.

After you find the right industry, you’ll start exploring your target audience and their specific psychological needs. This way, any product or solution you offer will be necessary for the demographic and easily noticeable to them. Becoming your own boss starts with finding the right market solution, introducing it to a target audience, and continuing to innovate and scale the product based on the audience’s needs.

Brush up on skills and trends

After you find the right industry, ensure you keep up with the latest trends in your field. This will be essential in growing your current audience, attracting interest, and implementing new solutions based on market relevancy.

Skills you can implement could be anything from sharpening your goal setting to learning the various business model options. Today, there are millions of resources to use and improve your skills. Conferences, for example, are a great opportunity to network, brush up on skills and trends, and hear from experts in your field.

You may already have skills from university or other work experience that you can use to your advantage. Review your education and work history to map out creative avenues to implement your existing skillset. Based on that, find new opportunities to gain deeper knowledge and combine the two for a higher likelihood of succeeding in your new business.

Hold yourself accountable

Accountability is a key indicator of whether your business will flourish or crash. As a regular employee, tasks and hours may be obvious and easy to uphold. However, becoming your own boss and business owner takes scheduling and accountability to a new level.

Arif suggests scheduling your workdays in an hourly calendar and noting other necessities like family time or health management. Following a schedule, setting up routines, and understanding when you perform best will all be essential to this process.

Moreover, pay attention to your business spending habits, as these will be crucial to hold yourself accountable on the financial level. Matching business goals with financial goals is essential to keep a company thriving. So, be sure to stay on top of aligning your impact goals with finances before starting.

Always consider the current state of your industry and the economy overall. This way, you can more easily manage potential crises or shifts in your business while staying in line with your audience’s and market’s needs. According to Arif, you can always come prepared for a dilemma by researching and listening to your audience.

Tevfik Arif’s jumpstart in finding his passion

Tevfik Arif grew his empire coming from a modest background. He was raised in Soviet Kazakhstan, a tense and controlled environment. Nevertheless, Arif made the most of this period’s economic and political situation. He pursued higher education and a career in government. Government jobs in Soviet Kazakhstan were highly praised, as it was one of the top career paths of the time and region.

Through his government roles, especially as deputy head of the Hotel Management Department, Arif found his love for real estate investment and development. Once he left his 17-year chapter in government, he moved into the private sector to initiate influential and successful real estate ventures in hospitality. Some of his famous work includes the Trump SoHo luxury hotel in New York and the Labada Hotel in Turkey.

Falcon Aerospace Limited,a Nigerian business aviation firm, has unveiled business units designed to ease business jet booking and make access to the service more inclusive for its growing customers.

The firm introduced the products at a recent event held  in Lagos, Nigeria, where it unveiled its operational business units.

Chukwuerika Achum, CEO Falcon Aerospace Limited while speaking on the newly introduced  innovative platforms disclosed  that  the  business model derives from the increased demand for business aviation by more Africans doing business across and outside Africa, and non-Africans flying into the continent for business and tourism.

“We are proud of our African origin and are deeply committed to the continent’s development. As an organisation with deep African roots and values, we possess a significant understanding of the business terrain in Africa,” Achum said.

Also speaking, Tejumade Salami, head of business excellence, noted that the company is heralding a new future of possibilities in the African business aviation market, and explained that Falcon Aero aims to make  business aviation accessible and affordable to more people.

Chris Najomo,  director of Air transport regulation at Nigeria’s National Civil Aviation Authority (NCAA),commended Falcon Aero for introducing innovations into the business aviation market, while stressing the importance of regulation.

Meanwhile, Falcon Aerospace’s business units unveiled at the event are Vivajets, CharterXE and FlyPJX.

According to the company,Vivajets is a full business aviation company providing a wide range of services including charter brokerage, fractional ownership, aircraft management, sales and leasing, consulting and training. Vivajets is the company’s operational brand and will relate with regulators and other critical industry stakeholders to get the necessary permits, certifications and licences for the group to operate.

CharterXE is an automated private jet booking platform that provides access to the company’s charter brokerage services through digital devices. Available as a mobile app and also via web, CharterXE leverages cutting edge technological innovation to cut through all the physical hassles involved in booking a private jet.

Similarly, FlyPJX is a charter per seat booking platform designed to provide access to all the luxury of private jet service without needing to book the entire aircraft. It provides important information and flight schedules that enable the user to select preferences.

The company also  plans to extend its operations to other African countries with West and East Africa being focus regions. The firm also operates both local and international routes.