PremiumTrust Bank

Unveiling Tobi Amusan and Ese Brume

Tobi Amusan and Ese Brume are the Brand Ambassadors of PremiumTrust Bank. Our mantra is “speed of execution” and our brand ambassadors are embodiments of this as shown in their exploits in the sports world.

Tobi Amusan OON is the current world, commonwealth and African champion in the hundred meters hurdles and the world record holder. Ese Brume MON is the current commonwealth champion and a three-time African senior champion in the long jump. She currently holds the Commonwealth Games record, African Junior record and African record in the event.

We are proud to have them as our Ambassadors.

Focus on Africa’s Wealth Sector

In a recent report by Henley & Partners, 2022 Africa Wealth Report published in partnership with New World Wealth, it shows that the African continent holds USD 2.1 trillion (0.5% of the aggregate global wealth of 463.6 trillion) and is projected to grow by up to 38% within the next decade. According to Knight Frank’s Wealth Report, the number of multi-millionaires in Africa will grow at a faster rate than anywhere else in the world over the next 10 years. The negative impact that the COVID-19 pandemic had on private wealth and HNWI (High Net Worth Individual) wealth in Africa caused a drop in levels by up to 9% in 2020. African HNWIs are already on the path to recovery, total private wealth held in Africa is expected to hit USD 2.6 trillion by 2030. This will be on the back of rapid growth witnessed in the billionaire and centi-millionaires segments, particularly in the following fast growing economies; Ethiopia, Mauritius, Rwanda, Kenya and Uganda (AfrAsia Wealth report, 2021).

There are currently 136,000 high-net-worth individuals (HNWIs) with private wealth of USD 1 million or more living in Africa, along with 305 centi-millionaires worth USD 100 million or more, and 21 US dollar billionaires. Notably, out of the 54 countries on the continent, 50% of total continental wealth is concentrated in only 5 countries referred to as ‘The Big 5’. These countries are South Africa, Egypt, Nigeria, Morocco and Kenya, research and wealth reports show. However, Mauritius although not numbered with The Big 5, remains the wealthiest country in Africa, in terms of wealth per capita (average wealth per person) at USD 34,500 and not by number of HNIs or total aggregate wealth. The number of HNWIs in Mauritius is projected to exceed 8,000. Following Mauritius in the ranking by wealth per capita is South Africa at USD 10,970 and third is Namibia at USD 9,320. In Q3 2020, the World Bank officially classified Mauritius (a small island nation of 1.27 million people, cradled in the Indian Ocean approximately 2,000 km off the south east coast of Africa) as a high-income country. Mauritius is now referred to by wealth managers as the Indian Ocean Powerhouse.

Despite a tough past decade, South Africa is still home to over twice as many HNWIs as any other African country 39,300 with aggregate wealth of 651 billion USD, while Rwanda is 17th on the list with 700 HNWIs holding aggregate wealth of 11 billion USD. In a comment, the CEO of MyGrowthFund Venture Partners Vusi Thembakwayo speaking to the rising of new wealth economies and the disruption leading to the diversification into new sources of wealth-creation, reckoned it an exciting trend driving the creation and flow of capital across the continent and challenging the preexisting narratives. He also described Africa’s Wealth as having a polar domination, with the largest wealth centers in the most extreme south — South Africa — and the most extreme north — Egypt and Morocco. The rise of the Big 5 which can also be referred to as the new frontier economies is a trend to be observed.

The wealthiest cities in Africa according to the report by AfrAsia Bank, (2022) are Johannesburg, Cape Town, Cairo, Lagos and Durban. Johannesburg has a total private wealth of 239 billion USD, while Cape Town has total private wealth of 131 billion USD. Cairo with 128 billion, Lagos and Durban are in 4th and 5th positions with 97 billion USD and 60 billion USD respectively in private wealth.

South Africa is known as home to the biggest luxury market in Africa by revenue, followed by Kenya and Morocco. South Africa’s luxury sector’s annual revenue is approximately 2 billion USD making it by far, the largest on the continent, mostly from the sale of luxury foreign brands.

In 2021, Nigeria ranked as the largest economy in Africa with a total GDP of $440.78 billion, followed by South Africa and Egypt with GDP estimates of $419.9 billion and $404.1 billion respectively. However, despite being the largest economy on the continent with a huge population size of over 200 million, Nigeria ranked 17th in terms of per capita. The general interest and appeal for investment migration by affluent families is for the benefits they hold, ranging from domicile diversification to global mobility enhancement, to accessing world-class education and healthcare, to having a plan B in times of uncertainties and turmoil. Many sub-Saharan countries are doubly disadvantaged, being among the most vulnerable to climate change as well as having poor global mobility, with their passports ranking consistently low on the global mobility metric, passport index as stated by Chidinma Okebalama, a senior consultant at Henley & Partners, Nigeria. Irrespective of place of birth or current residence, HNWIs often pay focused attention to future proofing themselves, their families and their wealth.

Private Banking Insights

Private Banking Insights means investing in a way that reflects and upholds your personal philosophy and beliefs, this include focusing on certain investment opportunities that align with your world view and avoiding others that do not, mostly inclining towards those that have positive impact and best practices with respect to sustainability. Some refer to this type of investing also as SRI – Socially Responsible Investing, Impact Investing, Ethical Investing and even more recently, interests have steered towards what is called ESG Investing – Environment, Social and Governance Investing.

Over the past decade, investors and particularly millennials, have gotten serious about socially impactful and responsible investing, they and others are asking a serious question: What investments help me build wealth and have positive social impact, are environmentally responsible and uphold best governance practices?

In Africa, there are more opportunities to make a positive environmental and social impact than any other region of the world; the challenge isn’t getting more investors to embrace the concept of ‘responsible investing.’ The awareness is already growing with institutional investors; However, with individual investors, the same level of acceptability is yet to be achieved, particularly with ‘older’ investors. Environmental, social, and governance (ESG) factors have become key considerations in investing in sub-Saharan Africa, according to Fitch ratings, this consideration is in line with sustainable development benchmarks. The COVID-19 pandemic and all of the extensive aftershocks have put a spotlight on the importance of ESG issues, and now more than ever individual investors, as well as the financial advisors that oversee the portfolios for these investors, are focusing a lot more on ESG issues

In recent times, there has been an increased focus on ESG in various countries. Investors are increasingly recognising the link between ESG performance, wealth generation, and risk mitigation. In Nigeria, the Financial Reporting Council (FRC) issued the Nigerian Code of Corporate Governance (NCCG) in 2018, with Principle 26 aimed at improving sustainability. All organisations are required to duly pay attention to sustainability factors these include environmental, social, health and safety to ensure the long term future of the organization while contributing to the social and economic growth of the community where they conduct their business.

The interests for socially responsible investing is set to grow. According to research conducted by FactSet (2019) which still holds sway today, globally, almost 70% of investors surveyed intend to increase their allocation to ethical investments in the next five years. This trend is being driven by Generation X (those between 35 and 54 years of age). One quarter of investors in this age bracket anticipate a significant increase in the social credentials of their portfolio and a further 46% expect marginal increases. Millennials have taken this focus one step further. Ninety percent want to grow their allocations to responsible investments.

A major shift is seen in the relationship between investors and their wealth / financial advisors. Now more than ever, HNWIs are demanding greater insight into where and how their wealth is being invested and they are looking to their advisors to guide them in making investments that align with their values.

Lead Sponsor of the National Sports Festival

PremiumTrust Bank is the Lead Sponsor of the National Sports Festival holding in Asaba, Delta state. This is another giant stride in our support for youth and sports development, and we are committed to the growth of the sports industry in Nigeria.

The National sports festival which is the 21st edition would commence on the 28th of November, 2022 and end on the 10th of December, 2022.

Bayelsa FC Queens | CAF Women’s Champions League

We are passionate about women in sports and we are proud to be the sponsors of Bayelsa FC Queens to the CAF Women’s Champions League, Morocco 2022. The tournament would commence on the 30th of October 2022, and the final will be on the 13th of November 2022 at Stade Moulay Abdellah, Rabat.

The Bayelsa FC Queens, the current Nigerian Women Football League Premiership champions will play their knock-out matches at the Grand Stade De Marrakech on the 31st of October 2022, 3rd of November 2022, and 6TH OF November 2022.

PremiumTrust Bank Opens a Branch in Ado-Ekiti

We officially opened our doors to the people of Ado-Ekiti and its environs by commissioning our Ado-Ekiti Branch on the 27th of September, 2022.

Our Ado-Ekiti branch is the 7th branch to be launched since PremiumTrust Bank commenced operations in April 2022. The branch is located at Block VI, Plot 7, along Adeyinka Adebayo/Secretariat road, New Iyin road, Ado-Ekiti.

Happy Customer Service Week 2022

We officially opened our doors to the people of Ado-Ekiti and its environs by commissioning our Ado-Ekiti Branch on the 27th of September, 2022. Our Ado-Ekiti branch is the 7th branch to be launched since PremiumTrust Bank commenced operations in April 2022. The branch is located at Block VI, Plot 7, along Adeyinka Adebayo/Secretariat road, New Iyin road, Ado-Ekiti.

PremiumTrust Bank Opens Branch in Bayelsa

We officially opened our doors to the people of Ado-Ekiti and its environs by commissioning our Ado-Ekiti Branch on the 27th of September, 2022. Our Ado-Ekiti branch is the 7th branch to be launched since PremiumTrust Bank commenced operations in April 2022. The branch is located at Block VI, Plot 7, along Adeyinka Adebayo/Secretariat road, New Iyin road, Ado-Ekiti.