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SunTrust Bank Appoints MR. JIBRIL J. AKU Its Board Chairman

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The Board of SunTrust Bank Nigeria Limited (SunTrust Bank) has appointed Mr. Jibril J. Aku its Board Chairman, succeeding Chief Charles Onyema Ugboko who retired from the Board upon attaining the retirement age in compliance with the Bank’s Articles of Association.

“The Board and Management of SunTrust Bank most sincerely thank Chief Charles Ugboko for his astute leadership and contributions to the Bank. Under his guidance, the Bank defined its strategic direction and made significant strides in executing its Fintech vision. We wish Chief Ugboko well in all his future endeavours” says Muhammad Jibrin, Chief Executive Officer of SunTrust Bank.

The outgoing Chairman, Ugboko, commenting on his successor expressed delight at the appointment of Aku as Chairman saying: ‘Jibril Aku is a seasoned banker who has also had significant Board experience in the banking and financial industry generally. A combination that will significantly benefit both management and the Board.” He added, ‘I worked with him at Afribank and I have no doubt that as Chairman of the Board of SunTrust he will ensure that the Bank continues to execute and actualise the defined strategic initiatives which we began.”

Mr. Aku has over 34 years banking experience with 24 years spent in senior management levels. Prior to joining the board of SunTrust Bank, he served as Group Head, Strategy at Ecobank Transnational Incorporated, in Lome, Togo and, was also Managing Director/CEO of Ecobank Nigeria Limited from 2010-2015. He is on the board of FMDQ OTC PLC as Vice Chairman.

Prior to joining the Ecobank Group, he was the Executive Director Operations and Information Technology at Former Afribank Nigeria Plc. Before joining the former Afribank, he was at Citibank Nigeria where he served in various capacities and departments and attained the position of Vice President and Country/ Regional Treasurer.

Mr. Aku graduated from Ahmadu Bello University, Zaria, with a Second class (Upper) bachelor’s degree in Business Administration. He is a holder of MBA degree from the University of Benin. He is a Fellow of the Chartered Institute of Bankers and various professional bodies. He was awarded Doctor of Science in Business Administration (D.Sc.) Honoris Causa by Achievers University, Ondo State.

He is married with children and holds the traditional title of OLIOKO of Uzanu in Edo State.

SunTrust Bank, inspired by the future, is a privately held Commercial Bank licensed by the Central Bank of Nigeria under the BOFIA.

SunTrust Bank is poised to create value for its customers by leveraging on our competencies and a team of highly motivated staff, we work tirelessly to develop & provide a broad range of unique financial services and products to consumers, small business, corporations, governments and institutions with that will positively impact their business.

We strive to create the best outcomes for our clients and customers with financial ingenuity that leads to solutions that are simple, creative and responsible. The Bank focuses its lending activities on SME Finance, Retail/Consumer Banking, medium to large Corporate Finance and explores other specialized Development/infrastructure financing activities.

SunTrust Bank is committed to meeting the financial service needs of the communities it serves in a friendly, professional manner, while improving shareholder value. We strive to earn a superior return while maintaining an uncompromising commitment to the principles of honesty and integrity. Our commitments to our shareholders, customers and employees will enable the Company maintain a level of profitability necessary to remain independent for the benefit of the communities we serve.

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Tiamin Rice Disburses $13.4m to Boost Production Capacity

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As part of boosting the production capacity of rice in the economy, Tiamin Rice Mill Limited has invested a total of $13,370,500 to boost its production capacity from the current 320 tonnes to 1,520 tonnes per day.

The Managing Director of the company, Aminu Ahmed, disclosed this when he led the management of the company to pay a courtesy call on the Indian High Commissioner to Nigeria, Abhay Thakur, in his office in Abuja.

He said the policy of the present administration, especially the ban on smuggling and the interventions by the Central Bank of Nigeria have helped immensely in boosting local production of rice.

Ahmed revealed that the company was established in 2016 in Kano and started production of rice in 2018 with 320 tonnes per day.

He disclosed that the existing production line in Kano would be expanded from 320 tonnes to 920 tonnes next year, just as a new production line would start production of 600 tonnes per day in Bauchi by May 2020.

“We are now investing $13,370,500 to boost our production capacity to 1,520 tonnes per day. Already we have placed orders for all the machinery needed, and all arrangements are on top gear to meet the deadline we set.

“By next year, we plan to become the biggest rice producers not only in Kano but in the whole country.

“Our watch word is quality and affordability. We produce one of the finest brands in Nigeria that can compete with foreign rice brands in terms of quality,” Ahmed said.

Ahmed, therefore appreciated the relative quality and durability of Indian machines, which he said are the secret behind the quality of Tiamin Rice.

The Managing Director thanked the Indian High Commission for support and sought further cooperation in the areas of easing trade relations between his company and Indian partners.

The High Commissioner thanked Tiamin Rice for the courtesy call, expressing delight and appreciation for patronizing Indian machines.

Thakur, said the High Commission hopes that the policy of boosting local production would be sustained beyond the present administration so that local industries in the country would grow.

Briefing journalists after the visit, the Managing Director of the rice mill thanked the federal government for supporting local rice production and the state governments for giving them enabling environments.

“We thank the federal government for giving us all the needed support to operate and sustain our production. We thank Kano State and Bauchi State Governments for their support in the allocation of the area of land.

“In line with Kano State Government’s policy of allocating free land to genuine investors towards reviving the industrial glory of the state, Kano State governor has particularly allocated land to us for our expansion project.

“It is heart-warming that during the governor’s visit to our company on 23rd May, 2018, he expressed desire to support and woo local investors with allocations of land.

“We urge other state governments to follow suit in order to boost local production and provide employment opportunities for youth in their states,” Ahmed added.

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Nigeria-China Unveils Trade Value that Nails $8.6 Billion

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In its bid to invest in trade and boost its value, the Trade between Nigeria and China has reached $8.6 billion in the first half of 2019, which was disclosed by Chinese Consul-General, Chu Maoming in Lagos. He also said the ties between the two countries was waxing stronger daily.

Maoming, while speaking at the occasion of China Shandong Export Commodities Special Day at the just ended 33rd Lagos International Trade Fair, said Chinese companies were willing to invest in Nigeria as part of the recent bilateral agreements between the two countries. While, Shandong is one of 33 provinces in the People’s Republic of China.

The Consul- General said the Chinese private sector investors have concluded plans to increase the volume of trade with Lagos to the tune of billions of dollars, adding that the investment would result in job creation and knowledge transfer among other things.

He said with a contribution of 33 per cent to the world economy, China has become a strong actor in the global economy, and it was the outcome of commitment of the people and leadership of the People’s Republic of China.

President of Lagos Chamber of Commerce and Industry (LCCI), Babatunde Paul Ruwase, who acknowledged the burgeoning relationship between Nigeria and China said the ties was beginning to yield positive results, which has been attested by the $3.9 billion contract the Federal Government signed in October , 2019 with the China Railway Construction Corporation Limited for the construction of a new Abuja-Itakpe-Lokoja rail line.

Similar ongoing projects such as Mambilla Power Project, Lagos-Calabar coastal railway line and Zengeru Hydropower Plant are outcome of the growing bilateral corporation between Nigeria and the People’s Republic of China.

Ruwase also cited the recently sign $629 million facility by the Lagos State Government with China Development Bank (CDB) for the completion of Lekki Deep Seaport Project.

He said the China has become a key player in the global economy, adding that her contributions should not be taken lightly.

“Permit me to say that the Chinese economy has shown resilience and great potential amid the twist and turn of economic globalisation, ” he said, adding, with a population of about 1.4 million.” Ruwase added.

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Consolidated Hallmark Insurance Profit hit by 56% to N659m in Nine Months

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An efficient general business insurance company Consolidated Hallmark Insurance (CHI) Plc has announced an impressive recorded result for the nine months and is getting ready to raise additional N6.618 billion to further enhance its operations going forward.

According to the unaudited report for the nine months ended September 30, 2019, showed gross written premium of N6.687 billion, up by 23 per cent compared with N5.405 billion in the corresponding of 2018.Net premium income stood at N3.857 billion as against N3.369 billion, while net underwriting income ended at N4.306 billion, up from N3.656 billion.

Meanwhile, the Profit before tax jumped by 56 per cent from N422 million to N659 million, just as profit after tax (PAT) rose from N355 million to N519.6 million.

The shareholders of the CHI Plc will on November 21, authorise the board to raise about N1.117 billion through a rights issue. The shareholders will also approve that the board raise another N4.5 billion.

Particularly, the directors are asking that they be authorized to raise, whether by way of private/public, special offering, rights issue or a combination or any other method(s) they deem fit, additional capital of up to N4.5 billion or its equivalent whether locally or internationally or a combination of both, through the issuance of shares, long term debt, preference shares (redeemable or irredeemable), convertible and non-convertible securities or depository receipts or any other instrument(s), whether as a standalone transaction, or a combination.”

However, in order to accommodate the new shares to be issued, the company will also increase its authorised share capital from N7,500,000,000 divided into 15,000,000,000 Ordinary shares of 50 kobo each to N10,000,000,000 divided into 20,000,000,000 Ordinary shares of 50 kobo each with the creation of additional 5,000,000,000 Ordinary shares of 50 kobo each.

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