Wednesday’s equities trading at the Nigerian Exchange Limited closed on a bullish note with the All-Share Index rising by 0.78% to reach 71,808.64 points.

The market capitalization also experienced a gain of N472 billion, closing at N39.295 billion.

Trading volume saw a significant surge of 59.15%, reaching 690.011 million units compared to the previous day’s 433.568 million units. The trading value also increased to N12.1 billion from the previous day’s N11.1 billion.

The top gainers were THOMASWY, closing at N3.32 with a 9.92% increase, First Bank Nigeria Holding (FBNH) rising by 9.91% to close at N29.40, MULTIVERSE with a 9.90% increase to close at N0.70, ETI rising by 9.88% to close at N18.90, and INFINITY seeing a 9.70% increase to close at N1.47.

On the other hand, MANSARD saw a 9.69% decrease to close at N4.10, GUINEAINS fell by 9.68% to close at N0.28, OANDO experienced a 9.13% decrease to close at N10.45, OMATEK dropped by 8.14% to close at N0.79, and UNIVINSURE saw a 7.41% decrease to close at N0.25.

Regarding volume, GTCO led with 76.70 million units, followed by UBA with 74.57 million units, FIDELITYBK with 65.63 million units, ACCESSCORP with 64.18 million units, and UNIVINSURE closing at 47.13 million units with a decrease of 7.41%.

In terms of value, GTCO also led with N 3.04 billion, followed by UBA with N1.66 billion, ZENITHBANK with N1.37 billion, ACCESSCORP with N1.34 billion, and MTNN with N938.9 million.

The NGX ASI recorded a 0.78% gain in Wednesday’s equities trading.

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Luxembourg based Universal Green Energy Access Programme (UGEAP), and Union Bank of Nigeria have formalised the basis for a strategic partnership to catalyse the development of the renewable energy market in Nigeria.

This collaboration, marked initially by a Memorandum of Understanding (MoU), aims to drive sustainable energy access for households and small and medium businesses across Sub-Saharan Africa, primarily focusing on Nigeria.

UGEAP, a 15-year blended finance facility, is dedicated to supporting the transition to sustainable energy. The United Nations Green Climate Fund (GCF) has committed the anchor investment to UGEAP, with DWS Investment S.A. as the Investment Manager.

Union Bank of Nigeria is a venerable financial institution established in 1917. The bank brings its vast experience and a comprehensive portfolio of banking services to this partnership. With over 293 service centres and more than 937 ATMs spread across Nigeria, it is a trusted partner in the financial sector.

Recognising the critical need for energy in Nigeria and the shared ambition to increase the proportion of renewable energy in the energy mix, the Parties have identified key areas of focus, which include meeting the energy demands in Nigeria, reducing industry and corporate dependence on expensive electrical energy to align with climate targets for CO2 emissions reduction, promoting solar home solutions, mini-grids for first-time electrified communities, and both off-grid and on-grid renewable energy production for corporates and productive use of energy.
In line with this, Union Bank and UGEAP commit to cooperating on a joint initiative with the specific goal of mobilising and deploying USD 500 million in funding and technical assistance over the next five (5) years. This initiative aims to advance the renewable energy sector, benefit businesses and communities in Nigeria, and contribute to the broader sustainability goals in Sub-Saharan Africa.

Speaking about the partnership, Mudassir Amray, Managing Director and Chief Executive Officer of Union Bank, said:
“Union Bank of Nigeria is proud to align with UGEAP in this groundbreaking initiative. Our longstanding commitment to fostering growth in Nigeria and UGEAP’s expertise in renewable energy positions us to drive meaningful change. This collaboration marks a milestone in pursuing renewable energy development in Nigeria, promising a more sustainable and resilient future for our communities.”

Also commenting on the partnership, Michael Hoelter, Senior Investment Principal of the Sustainable Investments team at DWS, expressed:
Renewable energy technology is a highly flexible solution for local solutions to the global target to de-carbonise industry and the financial system. Be it pay-as-you-go or roof-top installations for corporates, customers do not have to wait for the national grid to be reinforced to obtain electrical energy reliably. Solar power beats the noise of generators and can also beat the cost. UGEAP aims to multiply its capital contribution with the strength of local partners with a strategic alignment to bring clean energy to households and industrial users. We are glad to welcome Union Bank to the already existing partners in this joint development path.

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Sterling Bank Limited, Nigeria’s leading financial institution, has again emerged as the 2022 Overall Best Workplace in Nigeria in the large corporate category awards organised by the Great Place to Work (GPTW).

Since 2020, the Bank has continued to win the overall best workplace award of the GPTW.

According to the organisers of the award, the bank emerged first Best Place to Work in the large corporate category, Best in Promoting People Leadership Practices in the large category and the Best in Promoting Corporate Social Responsibility Initiatives in the large category.

In a keynote address, Chairman of Sterling Bank, Mr. Asue Ighodalo said, “Now, more than ever in the life of our country, we must create an environment that enables an inclusive and consistent growth rate of over seven percent year-on-year to emerge from our present economic and social predicament.”

Describing himself as an apostle of and a firm believer in private sector-led growth, Mr. Ighodalo noted that creative, disciplined, innovative, and efficient organisations, manned by visionary, selfless, hardworking, satisfied and passionate people will catalyse the growth of the national economy.

“Rising at dawn and working till dusk each day, are the men and women who drive these organisations,” he said, adding that “for the organisations to thrive and sustain themselves, these men and women must be happy at work, passionate about their work, well trained, healthy, mentally balanced, fairly treated, motivated, appreciated, comparatively well rewarded and respected.”

He said employers have a duty to ensure that employees work in an environment and with people who enable outstanding performance. According to him, the world changed significantly in the last five years and the change has greatly affected employees’ attitude to work, their ways of working, the reasons they work, their organisational loyalty and where they work from.

He remarked that in order to retain the quality of talent they need to survive, grow, thrive and sustain themselves, organisations must adapt to the constant changes, volatility and unpredictability in the world because “we are at the edge of a new world economic order with indications that China will soon overtake the United States as the world’s biggest economy and the dollar’s importance in international trade, settlements and store of value will diminish.”

He said the global economy continues to face unprecedented challenges, noting that the greatest impact on how people work and their commitment to work has been the 2019 Covid pandemic with its lingering effects. He added that the war in Ukraine continues to further destabilise the global order, negatively affecting the cost of food and energy, disrupting supply chains and logistics certainty, and pushing many people into unemployment all over the world.

“Our enabling environment must improve and our organizations, which are the growth drivers, must become attractive work havens. So, with all of these challenging changes, volatility and unpredictability how do we create and sustain attractive and productive work havens?”

“Regardless the positive and efficiency enhancing impact of technology, science, robotics and digitalisation, I remain absolutely clear that each organisation is only as good as the people that work in there, driving and controlling its systems and technologies.

“People are the heartbeat of any organisation, driving it forward with their individual and collective efforts. They are not just assets; they are the essence of the company, making it vibrant and alive.

“Strategies, milestones, and overall financial performance may grab the headlines, but these only come together by the channelled efforts of the dedicated hands and minds of the people who call the company home—individuals who are comfortable enough to live their best livesand do their best work within their respective organisations,” Ighodalo said.

He enjoined organisations to commit to the wellness and stability of their employees, by offering a wide range of wellness programmes and initiatives, including mandatory annual physical check-ups, holistic maternity and paternity initiatives, employee assistance programmes to provide access to mental health support, and extensions to employees’ health plans that provide cover for older dependents.

He said companies should also take steps to promote work-life balance, and may, subject to the nature of the tasks, offer unconventional flexible work arrangements and paid health breaks among others.

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