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No plans to phase out redesigned Naira notes – CBN

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The Central Bank of Nigeria (CBN) says no plans to phase out the redesigned Naira notes from circulation. CBN’s Acting Director, Corporate Communications Department, Isa AbdulMumin, made this known in a statement in Abuja on Sunday. The statement was a reaction to a viral news on social media that the apex bank was contemplating the withdrawal of the recently redesigned N1,000 N500 and N200 currency banknotes from circulation. “We wish to emphatically state that such speculation is unfounded and a ploy by some interests to cause panic among members of the public. “The new and old currency notes have been circulating side by side. “The CBN has been taking delivery of a good quantity of the redesigned banknotes from the Nigeria Security Printing and Minting Company Limited,” he said. Abdulmumin said that the apex bank was committed to supplying the “approved indent” for the smooth running of the economy. “We, therefore, urge members of the public to disregard any report suggesting a phas
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Fidelity Bank Records 112 Percent Increase In Profit

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For the 2022 financial period, Fidelity Bank has revealed that it recorded a profit before tax of N53.7 billion, representing 112.9 per cent annual growth. It said this in a statement on Thursday in its 2022 audited financial statements. According to the bank, its gross earnings rose by 34.4 per cent Year-on-Year to N337.1 billion in the 2022 financial period, driven by 45.2 per cent growth in interest and similar income to N295.6 billion. Commenting on the bank’s performance, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nneka Onyeali-Ikpe, said, “We are happy to report another year of impressive double-digit growth across key income and balance sheet lines. “This validates our growth strategy and capacity to deliver superior returns to shareholders.” Further review showed that net interest income increased by 60.9 per cent YoY to N152.7 billion.
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MTN Nigeria Plc Records N568 Billion Reveue

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MTN Nigeria Plc has generated a 20.6% increase in total revenue to N568.136 billion for the first three months of operation this year, from the N470.984 billion it recorded in the corresponding period of 2022. The company made this known in its unaudited report filed to the NGX on Thursday. it also announced a profit after tax of N101.303 billion for the period under review, representing an 8.5 per cent increase over the N96.819 billion attained last year. While its expenses rose by 24.2% to N265.49 billion from N213.85 billion in 2022, the cost of sales rises by 15.6% from N79.569 billion in 2022 to N91.987 billion this year. Also, Mobile subscribers increased by 9.4% to 76.7 million, adding 1.1 million subscribers in Q1 2023. Commenting, MTN Nigeria CEO, Karl Toriola, said the company experienced headwinds in its operating environment in the first quarter of 2023.
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Transcorp Corporation Plc Rakes In N135 Trillion

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As of the end of the 2022 financial period,  Transnational Corporation Plc has said its revenue rose to N135 trillion. According to a statement on Wednesday, this was disclosed at its 17th Annual General Meeting which was held virtually. The Group Chairman, Tony Elumelu, noted that the Group recorded significant improvements across all key financial and non-financial parameters in 2022. ‘The Group’s gross earnings increased to N134.7bn and profit before tax to N30.2 billion,” Elumelu said. The conglomerate also declared a dividend of 5k per share, a 150 per cent increase over the previous year’s dividend. It stated that Transcorp continued to achieve its growth strategy, with a seven per cent increase in the Group’s total assets, growing to N442.7bn in 2022. The company’s power business increased its available and generated capacity from 598MW and 373MW, to 720MW and 426MW, respectively, following significant investment and rehabilitation of its generating assets. Similarly, the Transc
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AfDB, Japan Sign $350 Million Loan Agreement To Support Africa’s Private Sector

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 The African Development Bank (AfDB) and the Japan International Cooperation Agency (JICA)have signed a JPY 44,100,000,000 (350 million dollars) loan to finance the Bank’s support for private sector operations in Africa. According to a statement from the bank on Thursday in Abuja, the loan is under the Enhanced Private Sector Assistance (EPSA) initiative, a component of Japan’s Official Development Assistance to Africa. In August 2022, at the Eight Tokyo International Conference on African Development (TICAD 8) in Tunis, signed the fifth version of EPSA four billion dollars. The signing ceremony for the private sector concessional loan occurred at JICA’s headquarters in Tokyo, between JICA President Dr Tanaka Akihiko and AfDB’s President, Dr Akinwumi Adesina. According to the News Agency of Nigeria (NAN),   Adesina is in Japan to discuss investment opportunities in Africa with senior government officials, large Japanese companies, development partners, parliamentarians and the African
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SIFAX Group Appoints New Company Secretary

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The appointment of Jesuyemisi Odeyemi has been announced by SIFAX Group has as the new group head, legal services/company secretary. This was made known in a statement by the Group Head of Corporate Communications, SIFAX Group, Muyiwa Akande. According to the group, Odeyemi would be responsible for all legal matters within the group and would serve as the company secretary for all the subsidiaries. Commenting on the appointment, the Chairman of the group, Dr Taiwo Afolabi, said the appointment reflected the company’s commitment to its vision of driving business growth and delivering excellent services. “Odeyemi is an astute legal and finance executive, with a strong background in corporate governance, strategic management, and customer experience,” the statement noted. SIFAX Group is a group of companies with investment in Maritime, Aviation, Oil and Gas, Haulage & Logistics, Financial Services and Hospitality. The company has built a reputation of excellent service delivery anchor
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Nigerian Breweries Get New Sales Director

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  Nigerian Breweries Plc has announced the appointment of Ayodele Lawal as sales director and a member of the management team. Lawal’s appointment follows the retirement of Uche Unigwe from the company on attaining the mandatory retirement age. In a notice signed by the company’s secretary, Uaboi Agbebaku, it was announced that the appointment would become effective on May 1. Lawal brings with him over 30 years of experience in brewing and sales functions, the company says, noting that he has held several senior sales roles in the company and the parent company – Heineken. He started his career with the company in 1991 as a brewer and thereafter made a cross-functional move to sales as a field sales manager, rising through the ranks to the position of regional business manager in Central, West, Lagos, and Port Harcourt regions. In 2017, he was seconded to Heineken Vietnam and later in the same year, he was appointed national sales manager, BRANA (Heineken OpCo in Haiti) before becoming
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