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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...

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.

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.

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 Tr...

 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 an...

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...

  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 beco...

Fidelity Bank Plc has launched a corporate social responsibility (CSR) scheme tagged the Fidelity Food Bank. Through the initiative, the bank would partner with selected charity organizations across the country to provide food items to members of the society monthly. At an event held to officially launch the project at the Our Lady of Perpetual Help Catholic Church, Victoria Island, Lagos, the MD/CEO, Fidelity Bank Plc, Nneka Onyeali-Ikpe said, “According to the Global Hunger Index, an estimated 2.4 billion people, which represents more than 30 per cent of the world’s population, faced severe food insecurity in 2022. “In Nigeria, data published by the National Bureau of Statistics in 2022, stated that over 133 million Nigerians are multidimensionally poor and the major issue is hunger. “We recognise that one of the ways we can continue to touch lives and give back to the communities we serve is by the introduction of The Fidelity Food Bank initiative.” The launch had in attendance cler...

For the 2022 financial year, Veritas Kapital Assurance Plc has reported 46 per cent increase in its Profit After Tax (PAT) from N570.4 million in 2021 to N833.6 million. Kenneth Egbara, the insurance company’s Managing Director, made this in a statement made available on Tuesday in Lagos. Veritas Kapital Assurance is a Nigerian insurance company which offers non-life insurance products and services including Marine Insurance, Aviation , Engineering, Oil and Gas, Auto and Home Insurance to individuals and institutions across Nigeria According to Egbera, the insurer increased its profit before tax by 169 per cent year -on- year, from N344.43 million in 2021 to N825.9 million in 2022. It also increased its underwriting profit by N169.23 million, from N1.28 billion in 2021 to N1.45 billion in 2022. He disclosed that the underwriting firm’s gross premium written declined by 26 per cent year- on -year, while its net premium income increased by N60.9 million to N3.0 billion from N2.94 billio...

According to the National Bureau of Statistics (NBS), the average retail price of a litre of petrol has increased from N185.30 in March 2022 to N264.29 in March 2023. This was made known in its Petrol Price Watch for March 2023 released in Abuja on Monday. It stated that the March 2023 price of N264.29 represented a 42.63 per cent increase over the price of N185.30 recorded in March 2022. “Comparing the average price value with the previous month of February 2023, the average retail price increased by 0.20 per cent from N263.76. “On states profiles analysis, Imo paid the highest average retail price of N332.67 per litre, followed by Taraba at N330.00 and Borno at N324.55. “Conversely, Benue paid the lowest average retail price of N195.00, followed by Plateau at N196.79 and Nasarawa at N197.50, ” it stated. Analysis by zone showed that the South-East recorded the highest average retail price in March 2023 at N306.00 per litre, while the North-Central recorded the lowest at N205.10 per l...

Airtel Nigeria has partnered with AXA Mansard to launch a digital health insurance scheme to provide access to basic health care consultation for customers on the telco’s network. According to Airtel, the health bundle will give its customers the opportunity to approach low-cost health care consolation and treatment for minor illnesses. It stated that the bundle plan will provide three forms of healthcare services, including telemedicine, pharmacy, and hospitalisation reimbursement, and customers can subscribe by dialling *141*44# to select the service. According to a statement, the Chief Commercial Officer of Airtel Nigeria, Femi Oshinlaja, said, “In line with Airtel’s core value, which is to deliver solutions that enrich the lives of our customers, we are pleased to partner with AXA Mansard, to launch a cutting-edge health bundle that will add value to our customers. "This partnership aims to provide easy and pocket-friendly health insurance access to Airtel users, through mobil...

 The Lilypond Export Command of the Nigeria Customs Service says it has processed export goods worth N86bn with a free on board value of $205 million between January and March 2023. Babandede Mohammed, the Customs Area Controller in charge of the command made this known in a statement. The statement listed items processed as agricultural produce which include cocoa beans, cashew nuts, sesame seeds, hibiscus flower, soya beans and ginger. “Other items exported are mineral resources such as lithium ore, manganese ore, and zircon sand to mention but a few. Manufactured goods exported are instant noodles, cosmetics, cigarettes and beverages,” it added. He also said that within the period under review, the command processed non-oil export with a total tonnage of 118,184.96. He said that despite being a new command, Lilypond export command has recorded some achievements such as, “Drastically reducing delay in export processing. It makes the business of export effective and efficient sinc...

  The Management of Kano Electricity Distribution Company (KEDCO) has tendered an unreserved apology to its esteemed customers over epileptic power supply being experienced in Kano, Katsina and Jigawa States. The apology is contained in a statement issued by the company’s Head of Corporate Communications, Mr Sani Bala Sani, on Friday in Kano. Sani said the management deeply regret the situation due to low allocation of megawatts to KEDCO for distribution from the National Control Centre (NCC). KEDCO cited a situation where it now get an allocation of 140MW against the initial 280MW, a shortfall of 140MW, which is grossly inadequate to go round all its customers sufficiently in the three affected states.  “Management of Kano Electricity Distribution Plc (KEDCO) hereby apologise to its esteemed customers across its entire franchise states of Kano, Katsina and Jigawa for recent shortage in electricity supply. “This is largely due to low allocation of megawatts to KEDCO, for dis...

The Nigeria Deposit Insurance Corporation (NDIC) has called on depositors of the defunct Peak Merchant Bank to come for verification for the payment of their insured deposits. The NDIC in a document posted on its official Twitter handle by the Claims Resolution Department of the Corporation, said the verification would commence between April 26 and May 6. The Corporation listed the locations for the exercise to include Eket, Akure, Bonny, and Warri. NDIC said that depositors can also visit the claim’s page on the Corporation’s website on www.ndic.gov.ng for their verification. According to the News Agency of Nigeria (NAN), the purpose of the deposit insurance system was to protect depositors and guarantee the settlement of insured funds when a deposit-taking financial institution could no longer repay their deposits.he Corporation said that depositors can also send email to its designated email address claimscomplaints@ndic.gov.ng. NDIC guarantees the payment of deposits up to the maxi...

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 ...

  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 wh...

  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, N...

  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...

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...

  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 compone...