Category: Business

Leading financial institution, Fidelity Bank Plc, has released its 2023 full year Audited Financial Statements, reporting a 131.5% growth in Profit Before Tax to N 124,26 billion. According to the results, which was issued to the Nigerian Exchange (NGX) today, the bank grew Gross Earnings by 64.9% YoY to N555.83 billion, driven by 81.6% growth in Net interest income which increased from N152.7billion to N277.37 billion. This led to a Profit After Tax of N99.45 billion representing a 112.9% annual growth. Commenting on the Bank’s commendable performance, Dr. Nneka Onyeali-Ikpe,OON,…

Read More

Dr. Adaora Umeoji has been announced as Zenith Bank’s new Group Managing Director and Chief Executive Officer. This appointment was disclosed on Tuesday, in a statement signed by the company secretary, Michael Otu, which was filed with the Nigerian Exchange Limited. Umeoji’s appointment will take effect from June 1, 2024, following the expiration of office of the current GMD, Dr. Ebenezer Onyeagwu, on May 31, 2024. “Dame (Dr) Adaora Umeoji is the first female GMDCEO since the inception of the bank, and her appointment is consistent with the bank’s executive…

Read More

The Manufacturers Association of Nigeria has said that 767 manufacturers shut down operations while 335 became distressed in 2023. This came against the backdrop of exchange rate volatility, rising inflation and other economic challenges that have worsened the investment climate. MAN stated this in a statement in which it condemned the recently introduced Expatriate Employment Levy by the Federal Government. The association said it was struck with disbelief, seeing that the levy runs contrary to President Bola Tinubu’s Renewed Hope Agenda and the kernel of his Fiscal Policy and Tax…

Read More

In a strategic move aimed at furthering its mission to empower African traders with the necessary payment solutions for thriving in the digital era, Squad, a fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), offering comprehensive payment and e-commerce solutions for businesses, has entered a partnership with OmniPay, a subsidiary of OmniRetail Inc. This collaboration has currently benefited more than 65,000 stakeholders, which include retailers, distributors, and manufacturers through improved payment and collection methods using Squad’s Virtual Bank Account without incurring any charges. Additionally, they have gained more accessible…

Read More

The Association of Master Bakers and Caterers of Nigeria announced on February 14 that it is poised to begin a nationwide strike on February 27 unless the Federal Government honours the agreement made with the association in 2020. It also called for the temporary suspension of all types of taxation on the bakery industry at the federal, state, and local government levels. In a statement announcing the strike, the National President of AMBCON, Mansur Umar, said, “The Association of Master Bakers and Caterers of Nigeria have critically accessed the state…

Read More