BUSINESS
Banking Industry In Nigeria Experiencing Extensive Credit Crisis.
Published
8 years agoon
By
Reporter![](https://fab.ng/wp-content/uploads/2016/10/bank.jpeg)
Nigeria’s banking industry is experiencing a “full-blown financial crisis” as failed fiscal and monetary policies lead to a credit crunch, according to Arqaam Capital.
Unity Bank Plc and Skye Bank Plc are close to being insolvent, while lenders FBN Holdings Plc and Sterling Bank Plc “will need a dilutive capital hike,” Jaap Meijer and Tarek Sleiman, analysts at the Dubai-based investment bank and brokerage, said in an e-mailed note on Monday. Capital ratios are set to worsen because of currency depreciation and souring loans, they said. Calls to Unity weren’t immediately returned and Skye didn’t reply to questions.
The central bank in July replaced the management of Skye after the lender breached liquidity thresholds, spurring concerns about the health of small- and medium-sized lenders, and reviving memories of bank rescues by the government after the financial crisis in 2009. Nigerian banks are grappling with a devaluation of the naira, rising bad loans and an oil-dependent economy that’s set to record its first annual contraction in more than two decades.
“Our acid test reveals seven under-capitalized banks” with a deficit of as much as 1 trillion naira ($3.2 billion) in the financial system, Meijer and Sleiman said. A stress test identified FBN as the most under capitalized lender with Unity, Diamond Bank Plc, Skye, FCMB Group Plc, Sterling and Fidelity Bank Plc also showing deficits if they were to fully provide for non-performing loans, according to Arqaam.
“Our bank is strong,” Ikechukwu Mike Omeife, a spokesman for Diamond Bank, said by phone from Lagos. “Our capital-adequacy ratio and non-performing loans are within the statutory requirements.”
Common Challenges
Moody’s Investors Service said on Monday that Nigeria’s five biggest banks share common credit challenges related to the economic slowdown. Moody’s expects non-performing loans to increase to about 12 percent over the next 12 months. The ratio of non-performing loans to total credit rose to 11.7 percent at the end of June from 5.3 percent at the end of 2015, the Abuja-based Central Bank of Nigeria, which requires banks keep the measure below 5 percent, said in a report on its website.
The five largest lenders, which together hold 57 percent of the country’s banking assets, “are able to absorb all losses under our severe stress scenario,” Moody’s said. Guaranty Trust Bank Plc showed “the greatest resilience” and the other four banks were Zenith Bank Plc, Access Bank Plc, United Bank for Africa Plc and First Bank of Nigeria Ltd., the ratings company said.
To create a capital buffer, Sterling Bank is planning to issue a 27 billion-naira bond and “if the interest rate looks better, we will do it this year,” Abubakar Suleiman, the lender’s chief financial officer, said by phone. “We will do it if the rate goes down to around 15 percent or 16 percent. We don’t want to raise it at a very high rate. If we do it, it will take our capital adequacy ratio to over 15 percent.”
Some Buys
Arqaam rates FBN, Skye, Sterling, Stanbic IBTC Holdings Plc, Unity and Ecobank Transnational Inc. as sell, according to the analysts’ report. Zenith, Access and United Bank are rated buy.
Central Bank of Nigeria’s spokesman Isaac Okorafor didn’t immediately answer his phone or respond to text messages. Diamond, Unity and Fidelity didn’t answer calls. Moses Obajemu, a Lagos-based spokesman for Skye, didn’t immediately reply to questions sent to him by text message, as per his request.
Diamond, Fidelity, Wema Bank Plc, FCMB Group Plc, United Bank and Skye recorded declines in Lagos, with Zenith ranking as the most traded stock among the 171 securities on the Nigerian Stock Exchange All Share Index. Diamond Bank fell 5.5 percent, Fidelity dropped 4.3 percent, Skye Bank slid 4.6 percent and Unity slipped 4.1 percent. Union Bank Nigeria Plc, which is part owned by London-based Atlas Mara Ltd., was the second-biggest gainer, rising 5 percent.
Source: Bloomberg
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BUSINESS
Why Is Diversity And Inclusion In The Workplace Important?
Published
6 days agoon
September 1, 2024![Why Diversity And Inclusion In The Workplace Is Important | fab.ng](https://fab.ng/wp-content/uploads/2024/08/Diversity-And-Inclusion-fab.ng_.jpg)
Diversity and inclusion in the workplace are essential. More than just policies or headcounts, equitable employers gain a competitive edge by respecting the unique needs, perspectives, and potential of their diverse workforce. As a result, these workplaces earn deeper trust and stronger commitment from their employees.
What’s the Difference Between Diversity and Inclusion?
Diversity and inclusion are interconnected but distinct concepts. Diversity is about representation, focusing on the makeup of a group. Inclusion is about valuing and integrating the contributions and perspectives of different groups into the environment.
A workplace may be diverse with various genders, races, nationalities, and sexual orientations present. However, if only certain groups’ perspectives are valued or hold influence, the environment is not inclusive.
What Is Diversity and Inclusion in the Workplace?
A diverse and inclusive workplace ensures that everyone, regardless of their role or background, feels equally involved and supported in all areas. This inclusiveness must permeate every part of the workplace.
For instance, do you have diversity in recruiting, within departments, and in leadership? Or do you have a diverse workforce where women make up 50% of employees but hold 0% of managerial positions? Are employees of colour well-represented, but only within a single department?
These questions reveal the true extent of diversity and inclusion within a workplace.
Why Is Diversity and Inclusion Important in the Workplace?
Research highlights numerous benefits of a diverse and inclusive workplace, such as higher revenue growth, greater readiness to innovate, and increased ability to recruit a diverse talent pool. Additionally, inclusive workplaces experience 5.4 times higher employee retention rates.
Inclusion is a key factor in employee retention. When employees feel that their ideas, presence, or contributions are undervalued or ignored, they will eventually leave. Our research shows that employees who trust they will be treated fairly, regardless of race, gender, sexual orientation, or age, are:
– 9.8 times more likely to look forward to work.
– 6.3 times more likely to feel pride in their work.
– 5.4 times more likely to stay at their company long-term.
An inclusive workplace culture not only attracts diverse talent but also helps retain it.
1. Diverse organizations spark innovation.
Innovation thrives when people from different backgrounds contribute unique perspectives. Diverse teams approach problems from various angles, leading to creative solutions that homogeneous groups might overlook.
2. Diverse leadership expands an organization’s customer base.
Leaders from varied backgrounds understand and relate to a wider range of customers. They identify untapped markets and create products or services that appeal to diverse consumer groups, ultimately growing the organization’s reach.
3. Diverse teams get better answers.
Team members with different experiences and knowledge bases challenge each other’s assumptions. This questioning leads to more thorough analysis and often results in superior solutions to complex problems.
4. Diverse project teams collaborate more effectively.
People from varied backgrounds bring complementary skills to projects. They leverage each other’s strengths, compensate for weaknesses, and find innovative ways to work together, enhancing overall team productivity.
5. Diversity improves team performance.
Diverse teams often outperform homogeneous ones. The combination of different skill sets, perspectives, and problem-solving approaches leads to higher-quality outputs and more efficient work processes.
6. Diverse teams make better decisions.
Teams with varied backgrounds consider a wider range of options when making choices. They evaluate decisions from multiple viewpoints, reducing blind spots and biases that can lead to poor judgment.
In essence, diversity and inclusion are crucial to a strong employee retention strategy.
What Is an Inclusive Workplace?
Diversity without genuine inclusion is often seen as “tokenism.” A truly inclusive workplace does more than simply present a diverse group of people. It involves, develops, empowers, and trusts these individuals, ensuring that diversity efforts extend beyond superficial gestures.
What’s the Difference Between Diversity, Inclusion, and Belonging?
Diversity refers to the representation of different people within an organization. Inclusion ensures that everyone has an equal opportunity to contribute and influence all levels of the workplace. Belonging ensures that everyone feels safe and can bring their full, unique selves to work.
These concepts can be confusing, and many companies make simple mistakes in their diversity or inclusion efforts. Thankfully, these mistakes can be corrected if workplaces are aware of them.
Unfortunately, many organizations fail to recognize what’s right and wrong in their diversity and inclusion strategies unless they actively seek to understand them.
Why is it important to achieve diversity and inclusion in the workplace?
Equitable employers prioritize creating a workplace that values and respects the unique needs, perspectives, and potential of their diverse workforce. This approach goes beyond implementing policies, and programs, or simply focusing on headcounts. By fostering a culture of inclusivity, equitable employers gain a significant advantage over their competitors.
As a result of their commitment to diversity and inclusion, these employers earn deeper trust and loyalty from their employees. When employees feel valued, respected, and empowered, they are more likely to be committed to their work and the organization.
For more articles like this, visit here.
![Business Plan: How to Create a Winning Business Plan | fab.ng](https://fab.ng/wp-content/uploads/2024/08/Business-Plan-fab.ng_.webp)
A well-crafted business plan is essential for any entrepreneur looking to start or grow a successful business. It serves as a roadmap for your company, outlining your goals, strategies, and financial projections.
A winning business plan helps you clarify your vision and attracts potential investors and partners. This article will guide you through the key elements of creating a compelling business plan that sets your business up for success.
Executive Summary
The executive summary is the first section of your business plan, but it’s often best to write it last. This section concisely overviews your entire business plan, highlighting the most important points. It should capture the reader’s attention and make them want to learn more about your business.
Include a brief description of your company, products or services, target market, competitive advantage, and financial projections. Keep it clear and compelling, as this may be the only section some readers review in depth.
Company Description
In this section, provide a detailed overview of your company. Explain what your business does, its mission and vision, and its legal structure. Describe your industry and any relevant trends that may impact your business.
Include information about your company’s history if it’s already established, or your background and expertise if it’s a new venture. This section should give readers a clear understanding of your company’s purpose and position in the market.
Products or Services
Describe your products or services in detail. You must explain what makes them unique and valuable to your target customers. Discuss any patents, copyrights, or proprietary technology that give you a competitive edge.
If you’re still in the development stage, outline your research and development plans. Include information about your production process, suppliers, and any other relevant operational details.
This section should demonstrate that you have a deep understanding of your offerings and their place in the market.
Market Analysis
A thorough market analysis is crucial for a winning business plan. Research your industry, target market, and competitors. Identify your ideal customer and describe their demographics, psychographics, and buying behaviours. Analyze market trends, size, and growth potential. Conduct a competitive analysis to understand your rivals’ strengths and weaknesses.
Use this information to explain how your business will fit into the market and why customers will choose your products or services over those of your competitors.
Marketing and Sales Strategy
Outline your plan for reaching and attracting customers. Describe your marketing and advertising strategies, including both traditional and digital methods. Explain your pricing strategy and how it aligns with your target market and competitive landscape. Detail your sales process and any partnerships or distribution channels you plan to use.
This section should demonstrate that you have a clear plan for getting your products or services in front of your target customers and converting them into paying clients.
Organization and Management
Describe your company’s organizational structure and introduce key team members. Include brief biographies highlighting relevant experience and skills. If you have a board of directors or advisors, mention them and explain how they contribute to your business.
This section should instil confidence in your leadership team’s ability to execute the business plan successfully. If you’re a solo entrepreneur, be honest about your strengths and weaknesses, and explain how you plan to address any gaps in expertise.
Financial Projections
Your financial projections are critical for demonstrating the viability and potential of your business. Include detailed financial statements, including income statements, balance sheets, and cash flow statements for at least the next three to five years.
Be realistic and base your projections on solid research and assumptions. Explain the reasoning behind your numbers and any key metrics you use to measure success.
If you’re seeking funding, clearly state how much you need, how you plan to use it, and how investors will benefit. This section should show that you have a solid understanding of your financial needs and potential returns.
Funding Request
If you’re using your business plan to seek funding, include a clear and detailed funding request. Specify the amount of money you need, how you plan to use it, and the type of funding you’re seeking (e.g., equity investment, loan).
Explain how the funding will help you achieve your business goals and provide a timeline for when you expect to achieve profitability. Be prepared to discuss different funding scenarios and how they might impact your business.
Appendix
Use the appendix to include any additional information that supports your business plan but doesn’t fit neatly into the main sections. This might include market research data, product specifications, legal documents, resumes of key team members, or any other relevant materials.
The appendix allows you to keep your main business plan concise while still providing access to important supporting information.
Creating a winning business plan takes time and effort, but it is required in building a successful business. Be thorough in your research, realistic in your projections, and clear in your communication.
Remember that your business plan is a living document that should be regularly reviewed and updated as your business grows and evolves.
With a well-crafted business plan in hand, you’ll be better prepared to navigate the challenges of entrepreneurship and seize opportunities for growth and success.
Visit here for more business tips.
BUSINESS
Why Adopting A Remote Work Policy Is Extremely Beneficial
Published
4 weeks agoon
August 10, 2024![Remote Work Policy: Why It Is Beneficial | fab.ng](https://fab.ng/wp-content/uploads/2024/08/Remote-Work-Policy-fab.ng_.webp)
In recent years, remote work has become increasingly popular among businesses of all sizes. This trend has been further accelerated by global events that have forced many companies to reconsider their traditional office-based work models. Adopting a remote work policy can offer numerous benefits to both employers and employees.
This article explores the advantages of implementing a remote work policy and how it can positively impact various aspects of a business.
Increased Productivity and Efficiency
One of the most significant benefits of adopting a remote work policy is the potential for increased productivity and efficiency. When employees work from home or other remote locations, they often experience fewer distractions compared to a busy office environment. This can lead to improved focus and concentration on the tasks at hand.
Additionally, remote workers have the flexibility to create a work environment that suits their individual needs and preferences, which can further enhance their productivity. Many remote employees report feeling more motivated and energized when working from a comfortable space of their choosing.
The absence of a daily commute also means that employees can start their workday earlier and fresher, potentially leading to higher output and better quality work. Moreover, remote work often encourages a results-oriented approach, where performance is measured by outcomes rather than time spent at a desk, which can drive overall efficiency within the organization.
Cost Savings for Employers and Employees
Implementing a remote work policy can result in significant cost savings for both companies and their staff. For employers, the most obvious benefit is the reduction in overhead costs associated with maintaining a physical office space. This includes expenses such as rent, utilities, office supplies, and maintenance.
With fewer employees working on-site, companies can downsize their office space or eliminate it entirely, leading to substantial savings. Additionally, businesses may see a decrease in other operational costs, such as reduced need for office equipment and lower electricity bills.
On the employee side, remote work can lead to considerable personal savings. Workers no longer need to spend money on daily commutes, work attire, or eating out for lunch. These savings can add up quickly, potentially improving employees’ financial well-being and job satisfaction.
The cost benefits of remote work can be particularly advantageous for small businesses and startups looking to minimize expenses while maximizing productivity.
Improved Work-Life Balance
Remote work policies can significantly contribute to a better work-life balance for employees. The flexibility offered by remote work allows individuals to better manage their personal and professional responsibilities.
Employees can structure their workday around their most productive hours, attend to personal matters when needed, and avoid the stress of rush-hour commutes. This increased control over their schedule can lead to reduced stress levels and improved overall well-being.
Parents and caregivers especially benefit from the ability to be more present for their families while still maintaining their professional commitments.
The improved work-life balance often results in happier, more satisfied employees who are likely to be more loyal to their employer and less prone to burnout. This, in turn, can lead to lower turnover rates and reduced recruitment costs for companies.
Access to a Wider Talent Pool
Adopting a remote work policy opens up new possibilities for talent acquisition. When geographical constraints are removed, companies can access a much wider pool of potential employees. This is particularly beneficial for businesses located in areas with limited local talent or those seeking specialized skills that may be scarce in their region.
Remote work allows companies to hire the best candidates regardless of their location, potentially leading to a more skilled workforce. This expanded talent pool can bring fresh perspectives and ideas to the organization, fostering innovation and creativity.
Additionally, the ability to offer remote work options can make a company more attractive to potential employees, giving them an edge in competitive job markets. It can be especially appealing to younger generations who value flexibility and work-life balance in their career choices.
Environmental Benefits
The environmental impact of adopting a remote work policy should not be overlooked. With fewer employees commuting to work daily, there is a significant reduction in carbon emissions from transportation. This can contribute to a company’s sustainability goals and improve its environmental footprint.
Remote work also leads to reduced energy consumption in office buildings, further decreasing the overall environmental impact of business operations. Additionally, the decrease in paper usage and other office supplies can contribute to conservation efforts.
Companies that prioritize environmental responsibility may find that a remote work policy aligns well with their sustainability initiatives, potentially enhancing their reputation among environmentally conscious consumers and employees.
Enhanced Business Continuity and Resilience
Remote work policies can significantly improve a company’s ability to maintain operations during unexpected events or crises. When employees are already set up to work remotely, businesses can continue functioning even in situations that might otherwise disrupt normal operations.
This includes natural disasters, public health emergencies, or other unforeseen circumstances. This enhanced business continuity can be crucial for maintaining productivity and customer service during challenging times.
Remote work infrastructure also provides companies with more flexibility to scale their operations up or down as needed, adapting quickly to changing market conditions or business needs. This resilience can be a key factor in a company’s long-term success and stability in an increasingly unpredictable business environment.
In conclusion, adopting a remote work policy offers numerous benefits that can positively impact both employers and employees. From increased productivity and cost savings to improved work-life balance and environmental benefits, remote work has the potential to transform the way businesses operate.
While implementing a remote work strategy may require some initial adjustments and investment in technology, the long-term advantages can far outweigh the challenges.
As more companies embrace remote work, they are likely to gain a competitive edge. They would attract talent, reduce costs, and build a more resilient and flexible organization.
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