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Due to the deposit of old naira notes to banks by the Central Bank Of Nigeria, the currency has increased in circulation by 71.41 percent. According to the report by the Central Bank of Nigeria, as of March 23, there is an increase in Naira circulation to N1.68 trillion. According to the professor of capital in Nassarawa state, Uche Uwaleke said the circulation of old naira notes is much more available in banks. Further, speak concerning the increase the old naira note is much more available than the new naira note then which was extended till December this year. Uche the professor of capital emphasized the increase of old naira notes deposited in the Central Bank. Speaking of the essence of currency, which has to do with the money in circulation which is outside the central bank. currency is useful in the hand of people in the country. Further speaking, the central bank of Nigeria as of March 24 this year directed people to move on with the spending of both notes to make the currency

9mobile Hits N70Billion On Network Moderation

According to the new report, Juergen Peschel the chief executive of 9mobile, had an investment of 9mobile Hit a 70billion in the network operation. Further, speak concerning the broadband services to bring about a good network and good quality to the customer also there are 600 new sites for good 4GLites to bring about a network among the user. He said concerning the theme, “Re-engage to Succeed”, which was held recently in Ikeja, Lagos, Peschel, said, “9mobile is on the path of resurgence. We are taking back lost territories in the market and forging ahead to reclaim our innovative position and industry leadership”. The chief executive of 9mobile was so much grateful to the business partners and also talk about the significance of the network. “Thank you very much for joining us on this special day. You have been with us through thick and thin; we are in this together, and I particularly thank you all for supporting 9mobile throughout the years. “The years ahead are promising when y

FEC Approves N3.4Billion For Aircraft Coming For Nigeria Customs

According to the new report, N3.4 billion was approved for the procurement of an aircraft by the Nigeria Customs Service, by the Federal Executive Council (FEC). According to the Minister of State for Budget and National Planning, Clement Agba stated this ; “The Ministry of Finance Budget and National Planning presented a couple of memos for which approvals were obtained. The first one was for the award of contract for the procurement of a Cessna Caravan aircraft by the Nigerian Customs in the sum of N3,447,442,710 inclusive of 7.5 percent VAT with a delivery period of 12 months,” he said. Further, speak concerning the help of aircraft which will be needful in all ways. “This aircraft is an addition to the current fleet in the Customs Service and it is aimed towards combating smuggling activities and enhancing intelligence gathering. It is also to provide aerial surveillance and reconnaissance for the customs across our borders,” Agba added. According to Agba, N45.9 billion was ap

Accelerex Bags Fintech Award

Accelerex, a fintech, has won the prestigious Excellence in Commerce Enablement Award at the Africa Fintech Summit 2023. The event was held at the Walter E. Washington Convention Center, Washington DC, United States. The firm stated that the award celebrates companies that have contributed to the growth and development of the fintech bausiness landscape in Africa. In a statement, the Managing Director of Accelerex, Mr Olukayode Ariyo, said, “The award is a testament to the hard work and creativity of the entire Accelerex team in the provision of world-class payment and innovative products to businesses across Africa. "We are in the vanguard of commerce enablement and simplified electronic payment solutions. We are also passionate about deepening financial inclusion and providing financial services to the underserved and underbanked.” According to the lead organiser of the summit, Mr Andrew Barden, the fintech emerged as the winner of the award after an extensive and in-depth “an

Union Bank Grows Gross Earnings By 19 Per Cent

For the 2022 financial period, Union Bank of Nigeria Plc has disclosed that its gross earnings rose up 19 per cent to N208.2 billion from N175.0 billion in the corresponding period of 2021. The bank made this known in its Group audited financial statements for the year ended December 31, 2022, adding that the growth was driven by strong growth in net interest income. The Group’s net interest income increased by 33 per cent to N59.1billion in 2022 from N44.3 billion in 2021, driven by growth in earning assets, while net operating income after impairments went up by 10 per cent to N110 billion from N99.7 billion in 2021, and profit before tax rose by 47 per cent to N30.2billion in 2022 from N20.5 billion in 2021 respectively. Commenting on the results, the Managing Director/Chief Executive Officer, Mudassir Amray, said, “Despite the macroeconomic headwinds of 2022, we recorded strong performance across key financial and operational indicators. “We were focused on our strategy of deepenin

Almost 20 Percent Increase In Tobacco Tax Product By FG

According to the new report, Federal Government decides to increase the tax on tobacco from 30 to 50 percent to control too much smoking, which make it 20 percent increase. Dr.Mangai Malau, the Federal Ministry of Health yesterday at Abuja made it known. Further, speak concerning the issue of tobacco that it is harmful to health and that control must strictly be done. The Federal Ministry of Health Dr.Malau, in the meeting, tabled a paper titled “Overview of Tobacco Control Funding/Budgeting in Nigeria." Further speaking concerning the formal tax on tobacco which was 30 percent, to be at the same level as the World Health Organisation FG decided to increase it to 50 percent. According to the Ministry of Health, the issue of tobacco tax is emphasized, and funding should be done rightly in the country to control it. Funding, a major component of tobacco control Malau said, “In effectively controlling tobacco and tobacco products in Nigeria, funding is a critical component. The W

Nigeria's Textile Import Bill Hit N365 Billion

According to the Data from the National Bureau of Statistics (NBS), the importation of textiles and textile articles hits N365.5 billion last year. Speaking to the report, despite the economy and effort, textile import in Nigeria is increasing. He said, “The CBN has not implemented what they planned to do three years ago because people are still importing even more than before. And with this surge in imports, how do we prepare to reap the benefits of the African Continental Free Trade Area agreement." Speaking on the CBN statement, an account of the importer wanted to be close for them to up with the idea of growing an investment here in their country. “But the country’s high cost of production, which is making us uncompetitive, discourages such investments.” Speaking to the report, out of the 24 textile industries just three are working with the help of those working with them. According to the report, employment was created for both skilled and unskilled labor, generating

AXA Mansard Records 15 Per Cent Increase In Gross Earnings

For the year ended December 31, 2022, AXA Mansard Insurance Plc, a member of the AXA Group and a global insurance and asset management firm has said its gross revenue rose by 15 per cent to N69 billion. According to a statement, the firm stated that property and casualty were down three per cent to N27 billion, life and savings rose by 49 per cent to N13.8 billion, while health rose by 22 per cent to N27.7 billllion during the period under review. Speaking on the results, Ngozi Ola-Israel, the Chief Financial Officer, AXA Mansard Insurance Plc, said, “Despite the macroeconomic challenges the business faced in the 2022 financial year, the insurer was able to deliver strong double-digit revenue growth of 15 per cent YoY from N60.2 billion to N69.0 billion and net premium income growth of 24 per cent YoY from N37.1 billion to N46.1 billion. According to her, the firm had remained focused on its growth plan across business lines by delivering 49 per cent and 22 per cent growth on its life

NOVA Merchant Bank Records N23 Billion Gross Earnings

For the financial year which ended December 31, 2022, NOVA Merchant Bank has recorded a 37.01 per cent increase in gross earnings to N23.34 billion from N17.03 billion in 2021. The bank made this known in a statement on Monday in its audited full year 2022 financial results. According to the statement, the bank’s profit before tax rose by 107.9 per cent to N3.50 billion. The bank’s profit after tax rose by 102.9 per cent YoY to N3.21bn in 2022 from N1.58bn in 2021 financial year, while the Group’s figure rose by 93.7 per cent YoY to N3.11bn from N1.61bn in 2021FY. Commenting on the results and broader achievements of the Group, the Chairman of the Board, Phillips Oduoza, said, “It is exciting that the Group continues to sustain its remarkable growth trajectory since inception, leveraging on innovative offerings and customer service excellence in deepening market penetration and continuously gaining market share across all segments of the business. Also speaking on the results, the Man

Stock Market Hits N3 Billion, 1.82Billion Shares

According to the new report, as at yesterday market trade hit 1.820 billion shares, and the stock market increased to N3 billion . Speaking on the record, as market capitalization increased to N27.853 trillion investors hit millions. The share index increased to the normal degree having 0.02 percent. According to the report, this company has increased in small and large capital stock, the Nigerian Breweries, Africa prudential, and others. According to GTI Securities Limited, “the Nigerian equity market gained marginally yesterday. However, Investors are cautious as the market remains uncertain and striving toward recovery. Companies Q1, 2023 performances could be a driver for a positive shift.” Further, speaking on the record of the market, each investor has their different shares, International Energy Insurance increased by 7.50 percent, R.T Briscoe has the second highest shares of 24kobo per share, and the highest is Transcorp limited had 9.73 percent. According to the report, Link

NBS Says Railway Corporation Generates N715.09Million Revenue From Passengers

T he National Bureau of Statistics (NBS) says The Nigerian Railway Corporation generated N715.09 million in revenue from passengers in Q3 of last year. According to the report, there is a decline in the revenue generated by 60.52 percent compared to the one received in at last two years. Further speak that, revenue collected from cargo, and goods decrease by 7.04 percent from the N109.56 million collected in at last two years. “Also, other receipts grew by 707.31 percent in Q3 2022 from the N14.61 million recorded in Q3 2021.” According to the report, as at last year quarter three, there is a decrease in the number of rail transport by 500,348. "This is lower than the 696,841 recorded in Q3 2021, representing a growth rate of -28.20 percent. ” According to the report shown, there is a higher increase in goods transported in quarter three of 2021 compared to the one transported last year. According to the report generated by the corporation, a 39.54 percent decrease in revenue a

Metered Electricity Consumers Rise To 5.13 Million

Speaking to the record shown by the National Bureau of Statistics, as of 2022, the rate of metered electricity customers rise to 5.13 million in the fourth quarter, which shows that there is an increase in the growth rate by 2 percent. Speaking on the data record on yearly basis as of 2021, in the fourth quarter there is an increase in percentage rent rate of 7.37%. According to the figure given, N232.32billion was generated from the 11 electricity distributed in the companies, which make it an increase from the 3 quarter. According to the NBS report, there is an increase in the total customer by 0.34 percent which makes it 5.93 million as of last year, also there is an increase every year of 3.34 percent. Further speak that, as at last year quarters 3 there is an increase in the percent by 1.20% from 10.81 increase to 10.94percent. There is a decrease in the total number of customers by 1.19 percent. According to the meter given out in quarter 3,2022 is 5.02 million which shows a

UBA Records 47 Per Cent Increase In Gross Earnings

The United Bank for Africa (UBA) Plc's gross earnings have increased by recorded 47.5 per cent from N183.9 billion in March 2022 to N271.2 billion in the first quarter of 2023. The is according to the bank's first quarter unaudited results released to the Nigerian Exchange Limited (NGX). The bank recorded remarkable growth across all its major income lines. Its Interest Income rose from N125.9bn as at March 2022 and grew by 53.4% to N191.9bn by March 2023. UBA’s Operating Income rose by 39.6% to N175.7bn from N125.9bn year on year. The group then recorded a rise in its Profit Before Tax (PBT) by 38.2% to N61.4bn in Q1 2023 from N44.5bn in Q1 2022. Its Profit After Tax (PAT) rose from N41.5bn to N53.6bn, a 29.1% growth rate. Commenting on the result, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, said despite the high inflationary and challenging global environment, UBA was able to leverage the uptick in interest rates and improved digital offerings am

BOI Records 32 Per Cent Increase In Total Asset

As of the end of 2022 financoal period, the Bank of Industry Group said its total asset rose by 39.2 per cent to N2.38tn as of the end of 2022 financial period. This was made known in a statement released by the group on Monday According to the group, the growth was achieved following the successful conclusion of three landmark capital raising transactions in the year, worth €1.85bn (about $2 billion) from the international financial markets. The bank stated that its gross earnings grew by 15.4 per cent to N212.96 billion in 2022 from N184.55 billion in 2021. The group’s interest income from both customer loans and investments improved by 21.1 per cent in 2022 to N212.96bn from N175.83bn in the previous year. Also, profit before tax rose by 15.6 per cent to N71.99 billion in the year, from N62.28 billion n in 2021 due to remarkable growth in interest income and other income lines; alongside the reduction in impairment charges. It also disclosed that total equity grew by 11.7 per cent

AMCON Takes-Over Glano Possession Over N2.4Billion Debt

The Glano Nigeria limited property was taken -over by the Asset Management Corporation of Nigeria (AMCON) over N2 billion debt. The head of the AMCOM department was the one the announce the collection of possession on Monday. According to Jude Nwauzor, he didn't take orders at hand but the support of an order of a justice of the Federal High Court. He further that, Glano's property in Port Harcourt was collected by Asset Management Corporation Of Nigeria(AMCON)this month on the 6th as the court directed. According to the statement, police, and securities were told to assist AMCON to secure the assets. Despite, AMCON's effort in settling the loan easily but no changes then the court took over the case. “In compliance with the enforcement order, AMCON on Thursday, April 6, 2023, took effective possession of Glano Nigeria Limited’s property located at no. 22 Woji Road Port Harcourt, the Rivers state capital, which had been under the management of Sterling Law Alliance sin

United Bank For African Profit Increase to N61.4Billion

Speaking on the new report, in the first three months of the year, United Bank for Africa (UBA) Plc has strong notes in the growth of profit as it increased to N61.4 billion. According to the first quarter report, as at the end of March this year, there is an increase in the gross earning with 47.5percent to N183.9billion, and also there is an increase in the interest income which stood at N125.9billion, and also many other increases in the companies. According to the Group Managing Director, of the United Bank for Africa (UBA), Mr. Oliver Alawuba, despite the high inflation and challenges in a global environment, UBA was able to increase interest rates and improved digital offerings, in growing funded and non-funded income. He further speaks concerning the increase in growth pre-tax which help to increase shareholders by 22.6 percent. “We have continued to record improved gains in our customer acquisition and retention strategies across our countries of presence, evident in the 10

Unilever Records 26 Per Cent Increase In Profit

For the year ended December 31, 2022, Unilever Nigeria Plc has recorded a turnover growth of 26 per cent. This is according to the company’s results released on the Nigerian Exchange Limited, which showed that turnover grew to N88.5 billion in the year under review compared to N70.5 billion recorded in the corresponding year of 2021. The company recorded a gross profit of N31.1 billion as against N20.3 billion reported for the same period last year. The report also revealed that the company recorded net profit of N4.4 billion from N3.4 billion (including profit from discontinued operations) Speaking on the results, the managing director of Unilever Nigeria, Carl Cruz, said: “Unilever Nigeria remains focused on the delivery of its 4G growth model of competitive, consistent, profitable, and responsible growth. “Unilever is pleased with its performance progress riding on the pillars of operational efficiency, cost optimization, purposeful brands and increasing market share across key cat

Dangote Cement Increase In Growth And Investment

According to the new report, there is a continual increase in excellent financial performance and growth in Dangote Cement Plc According to the report, there is an increase in the company growth by 11 percent for the past year, and also there is an increase in EBITDA growth by 16 percent. And also the company has helped the shareholder with their price and payment. According to the Chairman of Dangote Cement, Mr. Aliko assured the shareholder and other stakeholders of the company to keep the growth of the industry profitable in investment. He stated that “at Dangote Cement, we are unwavering in our commitment to building an inclusive and sustainable business for all stakeholders across the value chain.” This was said in the Annual General Meeting, at Lagos. if the industry will continue in producing good quality delivery to millions of citizens it will remain bright. He stated, “We will continue to make sure that we keep our shareholders happy, not only the shareholders but all our oth

Dangote Sugar Declares N18 Billion Dividend

For the year ended December 31, 2022, Dangote Sugar Refinery Plc (DSR) has said it will pay N18.22 billion as dividends to shareholders, while also targeting the production of over 170,000 tonnes of sugar next season. The dividend payout will translate to N1.50 kobo per share held by shareholders. Chairman of the Company, Aliko Dangote disclosed this at the 17th Annual General Meeting of the company held in Lagos at the weekend. “The shareholders are very happy with the way we have been running their company and also in re-investing the profit into the Backward Integration Programme (BIP) for the sugar industry. We are going to play our part in ensuring that Nigeria becomes self-sufficient in sugar within a very short period. We are not the only players, but we will surely play our part. We should be able to produce over 170,000 tonnes which are by far, in the history of Nigeria, the highest to be produced locally,” he said. According to him, the company recorded an impressive turnove

GTCO input decrease of N214.2 Billion In Pre-tax Profit