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Tag: Stanbic IBTC

  • Stanbic-IBTC fined N120 million over failed transaction

    Stanbic-IBTC fined N120 million over failed transaction

    The Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja on Thursday imposed a fine of N120 million against  Stanbic-IBTC Bank over the bank’s failure to complete a transfer request for a customer.

    In a split decision of two to one, the tribunal convicted the bank for contravening the provisions of Section 130(1)(a) of the FCCP Act, 2018 and Section 5(2)(8) and (9) of the Central Bank of Nigeria Regulation on Instant Interbank Electronic Transfers.

    The tribunal said the fine was imposed due to the bank’s faliure  to comply with the 10 minutes or at most one hour mandatory timeline for failed transfers to be reversed as provided by Sections 154 and 155 of the FCCP Act, 2018.

    The lead judgement delivered by Hon. Sola Salako-Ajulo also ordered the bank to pay the claimant, Mr Clement Osuya, the sum of N1 million as cost of filing the action.

    “The tribunal holds that in as much as the defendant (IBTC) failed to comply with the two instructions of the claimant to transfer the sums of N500,000 to another account in Access Bank, as no transfer took place at both times, defines that the defendant breached the banker-customer contractual relationship between the two parties,” Ajulo said.

    The tribunal, however , refused to award the sum of N5 million to Osuya as compensation on the grounds that he failed to prove any injury he suffered as a result of the failure of service delivery by the bank.

    Hon. Ibrahim Yakubu concurred with the verdict of Salako-Ajulo while the presiding judge, Hon. Chuma Mbonu disagreed and gave a minority judgment.

    Mbonu in his minority judgment held that the tribunal lacked the jurisdiction to entertain the petition.

    According to him, the tribunal has the powers of appellate jurisdiction and not of original jurisdiction and he consequently struck the suit out for lacking in merit.

    Osuya had filed a petition against the bank  challenging the failure of the bank on two occasions to transfer the sum of N500,000 from his IBTC account to his Access bank account.

    He claimed that the money was for the payment of school fees for his children.

    He told the tribunal that on Sept. 8, 2022, he filled out a form under NIS Instant Payment option for a transfer of the sum of N500, 000 to his Access Bank account.

    He held that whereas the money, on both occasions left his IBTC account as the account was debited,  it never arrived his Access bank account because it was not credited.

    Osuya told the tribunal that reversal on the first transaction was done after 24 hours while that of the second transaction was reversed after 72 hours.

    He further alleged that this neglect of duty of care by the bank caused him trauma, embarrassment and a dent in his reputation as he was forced to collect a loan.

    The bank, through its counsel, Mr Marcel Osigbemhe had blamed the failure of the transaction on the third-party NIPS service.

    Osigbemhe,in a brief remark  expressed his displeasure over the judgment, saying he wondered how his client could be convicted when there were clearly no charges brought against it.

    Counsel to the claimant, Ms Deborah Solomon, for her part thanked the Tribunal for the well considered judgment.

    The fine is to be paid into the tribunal’s Remita account.

  • Wema Bank emerges best performing bank in half year 2022

    Wema Bank emerges best performing bank in half year 2022

    Nigeria’s most innovative bank, Wema Bank Plc, has emerged as the best-performing bank in the first half of the year 2022 financial year with a weighted average score of 2.83 points, beating 12 other banks.

    According to a special report on the Nigerian banking performance in the first half of 2022 prepared by Nairametrics, Wema Bank ranked first in one category, second in three categories and third in one category. Stanbic IBTC and First Bank came second and third respectively.

    The key metrics considered in the report are total asset growth, loan book growth, profit growth, cost-to-income ratio movement, and return on average equity.

    The 13’reviewed banks which are listed on the Nigerian Exchange posted a net profit of N1 trillion in 2021 from N887.1 billion recorded in 2020.

    The 13 reviewed banks are Wema Bank, First Bank of Nigeria, FCMB, GTB, Jaiz Bank, Access Bank, and Stanbic/IBTC. Others are UBA, Sterling Bank, Unity Bank, Union Bank, Zenith Bank, and Fidelity Bank.

    During the first six months of 2022, the thirteen banks posted an aggregate of N501.1 billion as profit after tax, representing an increase of 13.1% compared to N443.17 billion recorded in the corresponding period of 2021

    The banks grew their bottom line despite headwinds ravaging the global economy as the energy crisis triggered a significant surge in the operational costs of businesses operating in the country, while some banks were forced to ration their operating hours in a bid to manage the rise in the cost of operation.

    Wema Bank came first in the category of
    Leading bank’s by customer deposits growth . The bank recorded ±30.2 percent customer deposit growth during the review period, followed by Fidelity Bank and Access Bank with +13.1 percent and +12.8 percent respectively.

    Wema Bank came second in three other categories – total assets growth rate (+13%), loan book growth rate (+19.9%) and profit after tax growth rate {+47.8%}.

    Stanbic IBTC , the second place winner, ranked first in total asset growth rate and leading bank’s by cost to income ratio growth rate.

  • Stanbic IBTC supports FCT COVID-19 fight with 1056 test kits

    Stanbic IBTC supports FCT COVID-19 fight with 1056 test kits

    As parts of its Corporate Social Responsibility, Stanbic IBTC has donated 1056 COVID-19 test kits to assist the Federal Capital Territory Administration in the fight against the spread of COVID-19 pandemic in the territory.

    Presenting the items to FCT Minister of State, the bank’s Country Head Public Sector Group Nigeria, Mrs. Hauwa Bello, said the donation was aimed at flattening the curve in the nation’s capital.

    Bello, stressed that with the consistent surge in the number of Nigerians testing positive for COVID-19, it is imperative that all stakeholders play a role, adding that the donation would lessen the burden on federal government and the FCT Administration.

    In her words, “We at Stanbic IBTC bank, we fully believe Corporate Social Investment and it is very important. With the consistent surge in the number of Nigerians testing positive for COVID-19, it is imperative that all stakeholders play a role.

    “Consequently, we decided to support FCT Administration by donating 1056 COVID-19 test kits. We do hope that this donation in a small way can lessen the burden on the federal government and we like to thank you for the opportunity to collaborate with the government, and we pray that our beloved country Nigeria, will one day overcome this pandemic”.

    Receiving the items on behalf of the Administration, FCT Minister of State, Dr. Ramatu Tijjani Aliyu, commended the bank for the donation, stressing that with the rapid and community spread of COVID-19 in the territory, the test kits would go a long way to assist the FCT Administration in conducting more test.

    “I welcome you to my office on behalf of the administration. On the donation of your test kits, I must also say that it is one of the scarce commodities in the fight against COVID-19 pandemic, more especially in the Federal Capital Territory being the appendage of the presidency.

    “With rapid and community spread, this will go a long way to encourage the administration to conduct more test thereby reducing tension among health workers and residents who are seeking for test. Your bank has just sow a seed and being your landlord, we are partners in progress,” Aliyu affirmed.

  • Stanbic IBTC empowers youth on financial literacy

    In recognition of the importance of financial literacy in making informed financial decisions, Stanbic IBTC Holdings Plc, a member of Standard Bank Group, deployed its senior personnel to 31 schools across six selected states in the country in line with CBN’s financial literacy drive to educate students on the benefits of financial planning and a savings culture.

    The initiative was part of activities to commemorate the 2018 World Savings Day on October 31, 2018. Students of Ibadan Grammar School Oyo State were mentored by representatives of the leading financial institution which stated that the importance of acquiring relevant skills early in life is so they imbibe and inculcate financial disciple in the children so as to ensure they are capable to taking charge of their own financial future in a world that is constantly increasing in its complexity.

    The Chief Executive, Stanbic IBTC Holdings Plc, Mr. Yinka Sanni who was represented by Mr. Adekunle Akinbowale, Head, Personal and Business Banking Operations, Stanbic IBTC Bank Plc, stated that the importance of arming the students with the rudiments of financial literacy is key to personal and economic growth. “This is a project that is very dear to Stanbic IBTC Group. We clearly recognize the correlation between financial literacy and sound financial decision-making, on one hand, and the strategic role of qualitative education in stimulating socio-economic development, on the other,” Akinbowale stated.

    The sessions were held in an extremely interactive and fun learning atmosphere which ensured maximum impact and adoption. Stanbic IBTC aims to help the students gain the knowledge, skills and confidence to make informed financial decisions, particularly on how to start saving money for their future needs. Introducing the students to financial concepts that will be applicable throughout their lives, and applying them to the real scenarios which they face daily as well as scenarios they would face in the future them today and which they will face in the future was a major aspect of the sessions. They were taken through the basics of financial goal-setting, investing, saving, budgeting, managing debt, and understanding credit reports.

    Given that education is one of Stanbic IBTC Group’s major corporate investment focus-areas, Akinbowale pledged that Stanbic IBTC will continue to explore opportunities towards a sustainable development of the education sector in Nigeria, including facilitating a better future for Nigerian children through the provision of quality learning environments and tools.

    He enjoined the students to strive to achieve their potentials, noting that a comfortable future life is directly tied to proper planning, investing wisely and making regular savings. Embracing the tenets of savings very early in life, he emphasized, is instrumental to having future happiness, also in attendance were, the vice principals of the schools and BM’s from Stanbic IBTC Bank, Oyo State.

  • Lagos, Abuja, Port Harcourt host Stanbic IBTC annual charity walk

    Lagos, Abuja, Port Harcourt host Stanbic IBTC annual charity walk

    A full contingent of Stanbic IBTC staff as well as other well-meaning Nigerians will throng the streets of Lagos, Abuja and Port Harcourt on Saturday October 27, 2018, as the financial institution undertakes its annual charity walk to raise awareness on the need to support limbless and indigent children.
     
    Coming under its flagship corporate social investment (CSI) initiative, ‘Together 4 A Limb,’ this year’s walk will be a remarkable departure from previous editions as it will take place simultaneously and specifically focus on generating awareness for people living with limb loss as well as feature a song and dance to celebrate the 20 children who have been fitted with prosthesis since the initiative was launched in 2015.
     
    Chief Executive, Stanbic IBTC Holdings PLC, Yinka Sanni, said a cardinal objective of the walk is to raise awareness about the importance of supporting the vulnerable in society, especially indigents and underserved children. It is also expected to connect with other Nigerians who share the passion for impactful social causes. “We understand how challenging it must be for the parents and guardians of these children, especially considering the high cost of acquiring these prostheses (artificial limbs). Our ultimate objective is to help these children to lead very productive and fulfilling lives,” Sanni stated.
     
    Apart from raising awareness, through the ‘Together 4 A Limb,’ initiative, Stanbic IBTC also provides financial and educational support to beneficiaries through an educational trust fund of N1.5 million per person. Twenty children drawn from across the six geopolitical zones have benefitted so far from the initiative.
     
    The walk, which is approximately eight kilometres long, kicks off at 8am in each location, with adequate protection provided by security forces and traffic wardens. It is the signature CSI initiative of the Group, which is focused on three key areas of human life: health, education, and economic empowerment.
     
    “We are passionate about this initiative, which helps Stanbic IBTC to contribute meaningfully to the society. Through the provision of prostheses and education trusts to indigent children who have suffered limb losses, we are assisting young Nigerians to get on with their lives in a productive manner,” Sanni said. According to the helmsman, “The education trust will provide for the education of the beneficiaries for as far as they are willing and able to go and will enable them realize their God-given potential,” Sanni added.
     
     

  • Stanbic IBTC assists Dangote Cement with another benchmark

    Stanbic IBTC assists Dangote Cement with another benchmark

    Stanbic IBTC Capital and Stanbic IBTC Bank, subsidiaries of Stanbic IBTC Holdings PLC, have partnered with Dangote Cement PLC (“Dangote Cement” or the “Company”), Africa’s largest cement producer, to conclude yet another issuance of N50 billion Series 3 and 4 Notes, under the recently established Dangote Cement PLC’s N150 billion CP Programme. Issuance of the Series 3 and 4 Notes closed on Friday 17 August 2018.

    Stanbic IBTC Capital is Sole Arranger of the CP Programme, and acted as Joint Dealer for the Series 3 and 4 Notes, whilst Stanbic IBTC Bank is the

    Issuing, Calculation and Paying Agent for all Notes issued under Programme. The Series 3 and 4 Notes will be listed on Nigeria’s FMDQ OTC Securities Exchange.

    Reflective of Dangote Cement’s top-notch ratings (Aaa/AA+ by Moody’s/GCR), the Series 3 (180-day) and 4 (270-day) notes priced at thin spreads of 25 and 50 basis points over the chosen primary market Sovereign benchmark (OMO rate), to achieve discount rates of 12.40% and 12.65% respectively. The N50 billon offering was 158% subscribed, with a robust and high quality order book closing at N79 billion. The order book featured bids from a diversified pool of funds managed by Pension Fund Administrators, Asset Managers, Insurance Companies, Trustees, Registrars, Corporate Treasuries and Private Bank HNI clients. Thus, the level of oversubscription generated from a high quality and diverse order book, also validates DCP’s rich non-bank investor base, achieved through the Company’s strategic efforts to broaden and diversify its funding sources.

    Funds raised in the CP Programme are to be used the Company’s working capital and general corporate purposes.

    Speaking in relation to the highly successful offering, Kobby Bentsi-Enchill, the Executive Director and Head, Debt Capital Markets, Stanbic IBTC Capital, expressed delight that Dangote Cement was able to achieve yet another landmark CP issuance, within 6 weeks of its inaugural offering. According to Mr. Bentsi-Enchill, Stanbic IBTC Capital is committed, in line with the Stanbic IBTC Group’s value proposition and investment banking pedigree, to assist our clients with high quality advisory and arranging services that enhances their growth and expansion prospects by providing access to a diverse range of financing options within the domestic capital markets. “Stanbic IBTC Capital will continue to exploit opportunities that support our clients with access to critical funding, short and long term, for their needs. This, we expect, will help stimulate growth via the mobilisation of debt and equity capital market instruments,” Bentsi-Enchill said. “We will continue to leverage our excellent investment banking pedigree as well as the strength of our franchise in the Standard Bank Group, the largest financial institution in Africa, to consummate such big ticket deals that will not only help businesses grow but also help deepen our capital markets” Bentsi-Enchill added.

    The Group Chief Executive Officer, Dangote Cement PLC, Engineer Joseph Oyeyani Makoju, expressed the Company’s satisfaction with the choice of Stanbic IBTC as a preferred partner, considering the financial institution’s strong pedigree and expertise in investment banking. On the issuance, Makoju stated: “This landmark transaction, even more impressive than our first outing, remains still the largest-ever Commercial Paper issuance by a corporate issuer in Nigeria. In addition to helping us achieve our strategic objective of broadening our sources of funding, we have also made remarkable strides towards lowering our overall cost of borrowing.” Makoju added: “The success of this Programme reflects the high quality of our business and its strong cash generation capacity, made possible by our market leading positions in Nigeria and across Sub-Saharan Africa, where demand for cement is growing rapidly.”

    The establishment of the Dangote Cement PLC Commercial Paper Programme is another testament to Stanbic IBTC Capital’s industry leadership in investment banking, issuing house and financial advisory services. Stanbic IBTC has played a pivotal role in the resurgence of commercial paper in Nigeria following the release of guidelines on the issuance of the corporate debt financing solution by the Central Bank of Nigeria. Dangote Cement was advised by Stanbic IBTC Capital Limited as Sole Arranger for the CP Programme, and Joint Dealer in respect of the Series 3 and 4 Notes, whereas Stanbic IBTC Bank PLC acts as the Issuing Calculation and Paying Agent for all Notes issued under the Programme.

     

     

  • Experts unlock future work template at Stanbic IBTC Bank forum

    In a rapidly changing world, more so in the digital space, finding the right models to anchor human capital development will remain a paramount determinant of corporate success. This thinking underscores the Workplace Banking Seminar’ organized by Stanbic IBTC Bank PLC, a member of Stanbic IBTC Holdings PLC, in Lagos, recently.

    The seminar, with the theme, ‘The Future of Work and the Role of Human Capital’, attracted participants from both the public and private sectors, including Human Resources Managers , Financial Service Institutions, Insurers, Fintechs, Government Agencies, Regulators, Private Equity and Venture Capital firms, amongst other players from diverse fields.

    In his opening comments, Chief Executive, Stanbic IBTC Bank PLC, Dr. Demola Sogunle, said by settling for a theme that seeks to unravel the future of work, the organization aims to prepare and equip its clientele for future success. Employee experience, just like customer experience, is imperative to drive corporate success. Therefore, workers must be sufficiently motivated, engaged and empowered, he stated.

    This objective underlines the numerous stakeholder engagements organized by the Stanbic IBTC Group to provide a platform to connect with clients and avail them with information to make informed decisions. As an institution designed to meet the financial needs of customers at every phase in life, Dr. Sogunle said the group would continuously offer value propositions to move people and businesses forward.

    Guest speaker, Mr. Boye Ademola, noted that the whole essence of digital application is to create intrinsic value. Any technology that does not generate value is worthless. Besides, value cannot be created without commensurate talent.

    Mr. Ademola, who is Partner & Lead for Digital Transformation Technology at KPMG, stated that the future of work has three crucial dimensions: workforce, workspace and work culture. These three elements are critical to attract the millennials, who would constitute the bulk of the future workforce. Nigeria for instance, has over 90 million of its population under 30 years of age and as the population increases, they would naturally trigger change. Already, the average age of millennial CEOs is in the 30s. In meeting the demands of the future, there is the need for a paradigm shift from today’s work structure. Critical factors to drive this change include focus on value creation, agility, co-creation, co-option of millennials and appropriate operating models.

    The session also had a panel discussion that featured Usen Udoh, Group Chief, Human Resources, Dangote Group; Alero Onosode, General Manager, Human Resources, Seplat Petroleum Plc; Abudullahi Jubril Saba, Human Resources Director, IHS Towers; Country Head, Human Capital, Stanbic IBTC, Olufunke Amobi; and Boye Ademola. They highlighted other factors pivotal to the future of work as education, mining ecosystems, life-long learning, breaking of hierarchies and silos, challenging leadership and unrelenting value creation.

    Another highlight of the event was the question and answer session which was very interactive and engaging. Major talking points included creating an engaged workforce by fusing learning and talent management, using technology to leapfrog, ensuring inclusion, participation in activities and initiatives as well as using meritocracy as a yardstick for appraisal.

    The ‘Workplace Banking Seminar’, now in its fourth edition, comes on the heels of the Bank’s hugely successful financial planning sessions for Enterprises. The seminar hosts HR Heads drawn from various sectors and focuses on topical HR issues with a view to equipping the audience with vital skills and knowledge aimed at impacting Employee/Business efficiency, productivity, profitability, continuity, growth and sustainability.

    Head, Personal Banking, Stanbic IBTC Bank PLC, Nkolika Okoli, said the Bank is constantly trying to add value, which goes beyond providing banking services to its customers. By looking at the whole spectrum of financial literacy drawn from the Stanbic IBTC Group expertise, Ms. Okoli stated that Stanbic IBTC Personal Banking business aims to equip Individuals with the knowledge required to attain financial freedom before retirement.

    Executive Director, Personal & Business Banking, Stanbic IBTC Bank PLC, Mr. Babatunde Macaulay, who gave the vote of thanks, said as a member of the Standard Bank Group, Africa’s largest bank by assets and earnings, Stanbic IBTC will continue to leverage on the 155-year experience, expertise and strong financial clout of the mother brand to deliver superior sustainable shareholder value by meeting the needs of its clientele. “Our main goal is to continue to render best-in-class service to our customers who cut right across Nigeria’s socio-economic spectrum and play a leading role in supporting individuals, businesses and the Nigerian economy.”

  • Stanbic IBTC unveiled as major sponsor as varsity league kicks off

    Stanbic IBTC unveiled as major sponsor as varsity league kicks off

    Stanbic IBTC Group has announced its sponsorship of the Higher Institutions Football League (HIFL), which kicked off on Wednesday (1 August 2018).

    Stanbic IBTC said the sponsorship is in tandem with the company’s determination to help grow and develop a vibrant and productive youth population.

    According to Stanbic IBTC, their involvement is equally informed by the need to foster unity among the youth, the future leaders, and development of sports as well as the economy using the HIFL platform.

    “We are enthusiastic about our sponsorship of the university league. The sponsorship is in line with our objective to engage the youth in talent-moulding and character-building initiatives and our determination to contribute to the development of sports and by extension the economy,” Chief Executive, Stanbic IBTC Holdings PLC, Mr. Yinka Sanni, said.

    Organised by Green White Green (GWG) Sports, the maiden edition of the league will feature the top 16 universities from across the country. The teams will play a total of 30 games over a 14-week period to determine the winner. The draws for the league groupings were held recently. Explaining the rationale for HIFL at the draws ceremony in Lagos, CEO of the Green White Green, Alhaji Shuaibu Gara-Gombe, said the HIFL is conceived as a platform for students “to exhibit their talents to the world.”

    The participating universities are Obafemi Awolowo University, Delta State University, University of Benin, University of Lagos, University of Port-Harcourt, University of Agriculture Makurdi, University of Ibadan, University of Nigeria, Bayero University, University of Ilorin, University of Jos, University of Uyo, University of Maiduguri, Usman Dan Fodio University, Ahmadu Bello University, and Abubakar Tafawa Balewa University.

    The organisers of the league commended Stanbic IBTC for its boldness in sponsoring the HIFL. According to them, the sponsorship will be invaluable to the success of the varsity league, even as they promised to stage the best football spectacle that will “convince our sponsors and indeed Nigerians that collegiate sport is ripe in Nigeria.”

    This sponsorship is the latest in a long list of youth-centric development and empowerment initiatives by Stanbic IBTC. Earlier in the year, the company organised a Youth Leadership Series, targeted at igniting and encouraging an entrepreneurial spirit among the youth. It also recently launched an Innovation Hub to serve as incubator for young thinkers to actualise their ideas.

    Stanbic IBTC assured that it will continue to seek opportunities to support initiatives targeted at developing the youth.

     

  • Stanbic IBTC wins Best Investment Bank in Nigeria

    Stanbic IBTC wins Best Investment Bank in Nigeria

    Stanbic IBTC Capital Limited, a member of Stanbic IBTC Holdings PLC (“Stanbic IBTC”), reaffirmed its position as the leading investment banking institution in Nigeria by winning the Best Investment Bank in Nigeria award at the Euromoney Awards for Excellence 2018 held in London recently. Standard Bank, to which the Stanbic IBTC belongs, was also voted Africa’s Best Bank for Wealth Management. The award ceremony had almost 700 leading bankers from around the world, including from Stanbic IBTC and Standard Bank, in attendance.

    Chief Executive, Stanbic IBTC Holdings PLC, Mr Yinka Sanni, expressed delight with the recognition. According to Sanni, the award is a demonstration of the growing hunger and capacity of Stanbic IBTC, drawing on Standard Bank’s expertise, to provide game-changing financial and advisory solutions to clients across market segments. “We are delighted to be recognised as the foremost investment bank in Nigeria. The award speaks to our implacable commitment to deliver innovative investment banking solutions to clients across various sectors,” Mr Sanni said.

    Mr Sanni added that even though Stanbic IBTC has its roots in wealth management and investment banking hence its market pedigree and leadership in the space, the group has since grown competency across the entire financial solutions value chain as a leading end-to-end financial services provider and intends to sustain the legacy in the foreseeable future.

    Euromoney Awards for Excellence announced that the 2018 awards recognised banks in almost 100 countries, in all regions and in 20 global categories. Euromoney noted that “Stanbic IBTC, Nigeria’s best investment bank, closed 38 investment banking deals in 2017, despite macroeconomic conditions that while improving, remain challenging.”

    Chief Executive, Stanbic IBTC Capital Limited, Funso Akere, who represented Stanbic IBTC at the award ceremony, thanked Stanbic IBTC clients for the opportunity to advise them on complex M&A transactions, capital raisings and debt financings. He assured them that Stanbic IBTC will continue to deliver innovative and best-in-class solutions.

    Stanbic IBTC Capital last month advised Dangote Cement Plc on a N50 billion Series 1 and 2 commercial paper (“CP”) issuance, the largest ever CP issuance by a Nigerian company, which was oversubscribed. Stanbic IBTC Capital also advised on deals in the first half of 2018 for clients including Nigerian Breweries Plc, Flour Mills of Nigeria Plc, UAC of Nigeria Plc, Presco Plc, Nigeria Mortgage Refinance Company Plc, Dufil Prima Foods PLC, Sterling Bank Plc, Novare and Actis.

  • Stanbic IBTC wins 5 HC awards, reaffirmed as leading employer brand

    Stanbic IBTC’s status as a leading employer brand has again been reaffirmed as the financial institution won an unprecedented five of nine awards at the HR People Magazine Awards 2018 held recently in Lagos.

    The five awards won by Stanbic IBTC are: Best Training, Learning & Development Strategy 2017; Outstanding Employee Engagement Strategy 2017; Employer of Choice 2017 (large corporates category); HR Manager of the Year 2017; and HR Champion of the Year 2017 (awarded to the Group Chief Executive for outstanding commitment to growing people at the organization).

    HR People Magazine, organisers of the awards, is the foremost magazine dedicated to the human resources and people development profession in Nigeria and Africa at large. According to the organisers, the awards are evidence-based, and the criteria used to select winners include: a demonstrable and effective strategy to drive the HR touchpoints in all the award categories, ability to show consistent best practice implementation within the organization, evidence-based programs and the impact of these programs on the organization. Specific emphasis on; employee retention, client testimonials and organization’s reputation throughout the business and wider community, employee engagement and productivity levels; among other criteria. Performance was judged over the period covering January 2017 through to December 2017.

    Chief Executive, Stanbic IBTC Holdings PLC, Mr Yinka Sanni, stated that winning five awards is a testament to Stanbic IBTC’s strategy of growing a responsible, disciplined, and highly productive workforce. It also reinforces the company’s strong management, systems and its leadership in the financial services industry.

    According to Sanni, the awards are a testament to Stanbic IBTC’s continuous investments in its human capital and the establishment of people-friendly procedures and practices, as well as a professional but friendly work environment and a support structure that helps to motivate the employees to give their best while exhibiting their talents.

    “We are delighted to be recognised in five different categories out of nine for our strong human capital strategies and deliberate and consistent investments in our people. For us, a highly motivated workforce, one that can deliver better services, is a function of the level of investment in the human capital for professional and personal development that helps to create a productive workforce whilst fulfilling individual career aspirations,” Sanni said. “These awards will energise us to continue to fine-tune our strategies and provide our people with the right environment, the right tools and adequate incentives to win their commitment as well as grow our people,” Sanni added.

    Speaking on the rationale for the awards, Editor-in-Chief of HR People Magazine, Dapo Saheed, said the awards were instituted to celebrate individuals and organisations that have invested in their workforces and are committed to strategies that help to engender best practices in HR and efficient business outcomes. “These accolades were instituted to reward companies and HR managers who have strategies in place to engender a work-life harmony. They prioritise Human Capital as essential to delivering superior value to stakeholders and this is reflective in people-related investments, processes, policies and practices put in place.”

    Stanbic IBTC had similarly been recognised by the Chartered Institute of Personnel Management (CIPM), the principal HR body in Nigeria, for its exceptional people strategy. In 2016 and 2017, Stanbic IBTC won CIPM’s Overall Best HR Practices in Corporate Nigeria. Other awards won by Stanbic IBTC’s Human Capital team are: CIPM 2017 HR Optimization Award as the Best Employee Engagement & Internal Communication Initiative; CIPM 2017 HR Best Practice Awards (Banking & Finance Category); HealthMeetings.Org’s 2017 Special Award for Outstanding Investment in Employee Health; and HR People Magazine Award for Outstanding Talent Strategy 2016.

    Head, Human Capital, Stanbic IBTC, Mrs Funke Amobi, thanked HR People Magazine for the recognition, even as she assured that the organisation will not rest on its oars in ensuring a productive and motivated workforce.