HY Earnings: Unity Bank Profit Declines by N257.6m

By Modupe Gbadeyanka A Nigerian lender, Fidelity Bank Plc, has agreed to adopt the single framework for a sustainable banking industry developed through collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI). Called the UN Principles for Responsible Banking (PRB), the initiative is a structure for ensuring that banks’ strategy and practices align with the vision society has set out for its future in the UN Sustainable Development Goals and the Paris Climate Agreement. Banks which have signed the principles commit to being ambitious in their sustainability strategies, working to mainstream and embed sustainability into

By Modupe Gbadeyanka Like a golden fish, which has no hiding place, Stanbic IBTC Capital, the investment banking subsidiary of Stanbic IBTC Holdings, was the cynosure of all eyes at the recently concluded Association of Issuing Houses of Nigeria (AIHN) Investment Banking Dinner and Awards ceremony. At the event held in Lagos, the company went home with five awards, named as the Best Investment Bank in Nigeria, the Equity Deal of 2022, the Best Equity House of 2022, the Best Corporate Bond House 2022 and the M&A Deal of the Year 2022. The recognitions spread across Stanbic IBTC Capital’s Advisory,

By Aduragbemi Omiyale Zenith Bank Plc has taken a huge step to establish a subsidiary in France, and to make this a reality, it has sealed a Memorandum of Understanding (MoU) with the French government. The Chairman of the company, Mr Jim Ovia, confirmed that the lender may commence operations in the European nation next year, though it is working hard to secure a banking licence. This will add to other countries Zenith Bank has presence in, including Ghana, Sierra Leone, The Gambia, and a Representative Office in China. Speaking at a signing ceremony on Friday, November 24, 2023, Mr

By Modupe Gbadeyanka A call for a comprehensive policy action to dismantle the structures that enable gender-based violence in Nigeria has been made by the Managing Director of Unity Bank Plc, Mrs Tomi Somefun. “I urge policymakers to enact stringent laws against gender-based violence, ensuring swift and severe consequences for perpetrators. Our homes and various organisations must also be a catalyst for change, inspiring others to follow suit,” the banker said at the premiere of a new movie, BECKMA, in Lagos. Mrs Somefun, represented at the event by Unity Bank’s Group Head of Compliance, Mrs Patricia Ahunanya, citing a recent

By Ebitonye Akpodigha One Uduak Etim Thompson, leader of a notorious militant group called Bakasi Strike Force in Calabar, Cross River State, has been apprehended by the Nigerian Navy. The Nigerian Navy disclosed in a statement that Mr Thompson was arrested on Wednesday night along with other Niger Delta criminals. Among crimes said to be perpetrated by the militants are attack on market women and other traders, siphoning of crude oil and destruction of pipelines. A statement signed by Commodore Christian Ezekobe, Director of Navy Public Relations said, “As part of efforts to eliminate unwholesome activities perpetuated by criminals in

By Dipo Olowookere Over N140 billion has been recovered by the Senate from indicted banks and firms as a result of an investigation into the alleged loss of N30 trillion from Nigeria’s import and export value chain. In a report submitted on Wednesday by Chairman of the Senate Joint Committee on Customs, Excise and Tariffs; and Marine Transport, Mr Samuel Anyanwu, it was said that while the indicted banks returned N128 billion to the Central Bank of Nigeria (CBN), the affected companies paid N12 billion into government’s purse. The Senate had set up the committee after a lawmaker moved a

By Adedapo Adesanya Crude prices continued to trade higher with the Brent gaining 61 cents or 1.39 per cent to sell for $44.36 per barrel at the market on Wednesday. The rise in the value of the commodity was supported by a smaller-than-expected increase in the United States crude stockpiles last week, which also pushed the price of the West Texas Intermediate (WTI) crude higher by 36 cents or 0.87 per cent yesterday to $41.73 per barrel. At the midweek trading session, the Energy Information Administration (EIA) reported a moderate 800,000 barrels increase in crude oil inventories for the week

By Adedapo Adesanya The local currency continues to face pressure at the foreign exchange market and on Monday, it further depreciated against the US Dollar. At the black market yesterday, the local currency lost N2 against the greenback to sell N472/$1 in contrast to the previous session’s rate of N470/$1. However, it traded flat against the Pound at the parallel market at N575/£1 and shed N5 against the Euro to close at N525/€1 in contrast to N520/€1 it previously traded. At the Bureau De Change (BDC) segment, the domestic gained N1 on the Dollar in Lagos to trade at N468/$1

By Adedapo Adesanya Oil futures slipped on Friday as rising COVID-19 cases in the United States and Europe heightened worries about demand for crude. The Brent crude went down by 35 cents or 0.81 per cent to $42.81 per barrel while the West Texas Intermediate (WTI) crude fell by 8 cents or 0.2 per cent to close at $40.88 per barrel. However, despite this outcome, prices of the commodity recorded a weekly gain, partly due to assurances from the Organisation of the Petroleum Exporting Countries and its allies, OPEC+ that it remains committed to production cuts. Months after authorities flattened

By Aduragbemi Omiyale The Central Bank of Nigeria (CBN) has expressed satisfaction with the power tussle between Mr Femi Otedola and Mr Taiwo Hassan Odukale, over who owns the single largest shareholding in First Bank of Nigeria, also known as FGN Holdings Plc. The duo recently became a news item over the issue after it was announced that Mr Otedola was now the single largest shareholder in the financial institution. The company later released a statement, stating that Mr Odukale was the largest shareholder. On Tuesday, after the last Monetary Policy Committee (MPC) meeting for 2021, the Governor of the

By Modupe Gbadeyanka Minister of Labour and Employment, Mr Chris Ngige, has expressed shock over media reports credited to the National Chairman of the National Association of Joint Health Sector Unions (JOHESU), Comrade Biobeleye Joy Josiah, that the Federal Government should be blamed for the union’s on-going strike, accusing the Labour Minister of travelling the day he was supposed to meet with the union. Mr Ngige, while speaking on Tuesday at the conciliation meeting with JOHESU, which also had the Minister of Health, Prof Isaac Adewole, as well as relevant government agencies in attendance, confronted Comrade Biobeleye over the alleged

By Bliss Okperan The parent company of Facebook and Instagram, Meta, has announced the introduction of subscription fees for its listed platforms. The company, in a statement, said that the pricing would range from €9.99/month (about N8,300) on the web or €12.99/month (about N10,800) on iOS and Android. However, this would start with users in Europe from March 1, 2024. “People in these countries will be able to subscribe for a fee to use our products without ads. Depending on where you purchase it will cost €9.99/month on the web or €12.99/month on iOS and Android,” a statement obtained by