Ecobank Nets N79bn Profit in 9 Months as EPS, Assets, Deposits Drop

By Adedapo Adesanya Neo-bank, PayDay, may get a new owner as its founders, which include Mr Favour Ori, are considering a sale in the coming months, per sources who spoke exclusively with TechCabal. According to the report, the company is in the process of being sold, with some developments that followed the exit of its co-founder and Chief Operating Officer (COO), Mrs Yvonne Ogechi Obike. In March, the company raised $3 million to expand its footprint into the United Kingdom and Canada. This round was led by Moniepoint Inc. and saw contributions from HoaQ, DFS Lab’s Stellar Africa Fund, and

By Aduragbemi Omiyale The board of United Bank for Africa (UBA) Plc has raised the bar in the interim dividend payout for the first half of 2023, increasing it to 50 Kobo from 20 Kobo in the same period of 2023. This was after the bank recorded triple-digit growth in the bottom line, as the profit before tax (PBT) jumped by 371 per cent to N404 billion from the N85.75 billion recorded in the first half of 2022, translating to an annualised Return on Average Equity of 57.7 per cent as against 17.1 per cent a year earlier, as the

By Aduragbemi Omiyale Despite the harsh operating environment and the unexpected policies of the government that affected businesses in Nigeria, Unity Bank Plc showed resilience in the first six months of 2023. In its half-year unaudited financial statements filed to the Nigerian Exchange (NGX) Limited over the weekend, the bank marginally improved its gross earnings by 0.37 per cent to N27.5 billion from N27.4 billion in the first half of last year. It was observed that 10 per cent growth in the fees and income commission to N3.5 billion from N3.2 billion helped the lender jerk up its income in

By Bliss Okperan The Managing Director and chief executive of First Bank of Nigeria Limited, Mr Adesola Adeduntan, has disclosed that financial institutions in the country have the balance sheet to support big-ticket transactions, particularly from offshore investors. President Bola Tinubu travelled to the United States last week for the United Nations General Assembly (UNGA) and went with some businessmen and bank executives, including Mr Adeduntan. The Nigerian leader used the occasion to urge foreign investors to bring their funds into the country because he would create a business-friendly environment to make their investments grow. Nigeria, which is the largest

By Modupe Gbadeyanka The Chairman of Surulere local government council, Mr Tajudeen Ajide, has been asked to return to his office after the suspension placed on him was lifted. On May 4, 2021, the Lagos State House of Assembly suspended the council chairman along with two others; Mr Ogidan Mukandasi Olaitan of the Lekki LCDA and Mr Suleiman Jelili of the Alimosho local government area. Their temporary removal from office followed a motion moved by a lawmaker representing Alimosho Constituency 01 at the state assembly, Mr Bisi Yusuff, against the three council leaders. They were accused of going against the

By Adedapo Adesanya Top audit company, KPMG Nigeria, in its 2019 Nigeria Banking Industry Customer Experience Survey released in Lagos some days ago, ranked GTBank as the best retail banking institution in Nigeria. The bank scored 74.2 percent, dethroning Zenith Bank, which held the top spot previously. Zenith Bank came second with 73.4 percent. The report stated that the top two performers had remained on the top spots for the fourth consecutive year. The biggest mover was Sterling Bank, which came in third. The lender was one of the biggest movers in the banking industry since 2017, scoring 72.1 percent,

By Dipo Olowookere Toshiba Corporation last week broke ground on a new Hydrogen Application Centre at its Fuchu Complex in western Tokyo. Scheduled to start operation in April 2017, the centre will be built around a newly designed H2One™ hydrogen power system that will use renewable energy to produce hydrogen and supply it to fuel-cell powered forklifts operating in Fuchu Complex. Fuel cells can be quickly refuelled and are available 24 hours a day, a clear advantage over batteries. Mr Hiroyuki Ota, Project Manager of Toshiba’s Energy Systems and Solutions Company noted: “The Hydrogen Application Centre is a stepping stone

By Adedapo Adesanya Nigeria is expected to get 70 million Johnson and Johnson (J&J) single-shot COVID-19 vaccines, following the African Union deal with the drugmaker for 400 million vaccine doses. This was disclosed by the head of the National Primary Health Care Development Agency (NPHCDA), Dr Faisal Shuaib, in an interview with Reuters, noting that the vaccines will come in batches with an initial 30 million J&J vaccines to be delivered in July. “We’re hoping that we’ll be able to get up to 70 million doses of the Johnson & Johnson this year. This is yet to be finalised but

By Adedapo Adesanya The Lagos State Government said it will increase fish production by at least 60,000 metric tonnes next year to bridge the huge deficit in the sector and meet the state’s demand for fish. The state Commissioner for Agriculture, Ms Abisola Olusanya, said this at a news conference on Thursday in Lagos to unveil the forthcoming Lagos Seafood Festival scheduled for December 13 at Muri Okunola Park, Lagos. Ms Olusanya said that the state was currently producing about 174,000 metric tonnes of fish annually, while the current demand stood at over 400,000 metric tonnes, hence the need to

By Adedapo Adesanya   Governor of Lagos State, Mr Babajide Sanwo-Olu, on Wednesday, January 29 signed documents for the issuance of N100.33 billion bond, which was raised from capital market to fund infrastructure and ongoing projects in the state. The signing ceremony which took place at the State House in Alausa, featured investors and issuing parties present when the governor signed the over-subscribed Series III Bond Issuance of N100 billion, which was issued and raised by the state under its N500 billion bond Programme approved four years ago. Speaking at the event, the governor said the financial intervention was important

By Adedapo Adesanya President Muhammadu Buhari has approved the nomination of Akinwumi Adesina for a second term as the president of African Development Bank (AfDB) ahead of the bank’s election scheduled to hold in 2020. Mr Adesina disclosed this on Sunday while receiving the Emeka Anyaoku lifetime achievement award presented to him by the Hallmark of Labour Foundation. During his acceptance speech, he said, “When asked by former President Goodluck Jonathan to serve as Minister of Agriculture, it was duty calling me to the land of my birth.” “I served Nigeria to the very best of my ability. I thank

By Modupe Gbadeyanka The vice chairman and chief executive officer of Max Air, Mr Bashir Mangal, is dead. The businessman, according to a statement, died in the early hours of Friday, December 23, 2022, after a brief illness. However, the nature of the illness was not disclosed in the statement issued by the media consultant to Max Air. “Inna lillahi wa inna Ilaihi rajiun, this is to announce the death of our beloved brother Alhaji Bashir Barau Mangal Vice Chairman/ CEO Max Air in the early hours of today, Friday 23rd December 2022. May Allah grant him Jannatul Firdaus,” the