Business Archives

IT’S FIRSTBANK’S FINEST HOUR Dazzles stakeholders with growth across key metrics

Jun 9, 2023Apr 4, 2026 topnews

Rising from a lower profit margin of N10.2billion and a debilitating Non-Performing Loan portfolio of 45 per cent in 2015, to an impressive profit of N147billion and a significantly lowered NPL rate of 5.6 per cent in 2022, FirstBank has proven that its back-to-back profit-making is far beyond recoveries made, but rather it’s a reinforcement of a well-articulated growth trajectory driven by a committed, competent and experienced Board and management team, writes Festus Akanbi There seems to be a consensus among watchers of the Nigerian banking sector that these days,…

Nigeria’s economic growth too slow to reduce poverty -World Bank

Jun 7, 2023 topnews

In the Global Development Prospect report for June 2023, the World Bank warned that Nigeria’s economic growth is too slow to address the challenge of extreme poverty in the country. The bank has retained its economic growth (Gross Domestic Product, GDP) forecast of 2.8% for Nigeria in 2023, citing challenges of high inflation, foreign exchange shortages, and shortages of banknotes caused by currency redesign. Among other things, the bank downgraded its economic growth forecast for Sub Saharan Africa to 3.2% for 2023, from 3.4% projected in its April World Economic…

Union Bank’s αlpher Partners with Chrystallis Conversations to Promote Women Empowerment

Jun 6, 2023 topnews

In line with its commitment to sustainable development and enabling success for women, Union Bank of Nigeria, through its women-focused proposition αlpher, partnered with Chrystallis to host the inaugural live edition of Chrystallis Conversations – a platform focused on empowering women and promoting gender equality. The event tagged Fear-Less! Pursuing Your Best Life with Courage and Conviction held on Thursday, June 1, 2023, in Victoria Island, Lagos. It was an intimate night of insightful conversations and networking. The event kicked off with a heartfelt musical performance by Funmi Bucknor, followed by…

Dangote’s $18.5b refinery commissioned, to release first products in August

May 23, 2023 topnews

The long-awaited Dangote Refinery was commissioned yesterday, Monday, May 23, 2023 by President Muhammadu Buhari amidst fanfare. With an investment of $18.5 billion, the refinery is expected to revolutionise Nigeria’s economy and alter the course of history. The refinery, which is located in Lekki, Lagos state, can process 650,000 barrels of crude oil per day and produce a range of refined petroleum products, including gasoline, diesel, aviation fuel, and liquefied petroleum gas. This will significantly reduce Nigeria’s dependence on imported fuel products and save the country billions of dollars in…

FCMB founder, Subomi Balogun dies in London at 89

May 20, 2023 topnews

Pioneer of investment banking in Nigeria, and founder of FCMB, Otunba Michael Olasubomi Balogun, is dead. According to reports, Balogun reportedly died in London Friday morning at the age of 89. He was Otunba Tunwase of Ijebuland before his death. As a ranking Ijebu Chief, his death will, however, only be officially announced in line with tradition. Share on: WhatsApp

GTCO Shareholders Endorse N91.24bn Total Dividend Payout for 2022

May 15, 2023 topnews

Shareholders of Guaranty Trust Holding Company (GTCO) Plc, have endorsed the payment of a total dividend of N91.236 billion, representing N3.10 per share for the financial year ended December 31, 2022. This endorsement was made at the holding company’s second annual general meeting held on Thursday, virtually. The Group proposed a final dividend of N2.80 per unit of ordinary share held by shareholders in addition to the interim dividend of 30 kobo interim dividend paid in June, bringing the total dividend for the 2022 financial year to N3.10 per unit…

How Tony Elumelu Betrayed Me – Femi Otedola

May 9, 2023 topnews

Billionaire businessman, Femi Otedola, has opened up on his business relationship with Tony Elumelu, Transcorp Plc Chairman, alleging that the founder of Tony Elumelu Foundation betrayed him on different occasions. Otedola made the revelation while speaking on his move to buy Transcorp, a conglomerate whose 5.5 per cent shares he recently acquired. Days after Otedola’s acquisition, Elumelu increased his own shares in the same company from 2.07 to over 25 per cent. Otedola said he had wanted to buy the company with a view to unlocking its full potential and…

GTCO Plc Releases 2023 Q1 Unaudited Results …Reports Profit Before Tax of ₦74.1billion

May 4, 2023 topnews

Guaranty Trust Holding Company Plc (GTCO or the Group) has released its Unaudited Consolidated and Separate Financial Statements for the period ended March 31, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦74.1billion, representing an increase of 36.5% over ₦54.3billion recorded in the corresponding period ended March 2022. The Group’s loan book (net) dipped by 1.5% from ₦1.88trillion recorded as at December 2022 to ₦1.86trillion in March 2023, while deposit liabilities increased by 9.9% from ₦4.61trillion in December 2022…

Union Bank of releases Group Audited Financial Statements for December 31, 2022

Apr 20, 2023 topnews

Union Bank has announced the release of its audited financial statements for the year ended 31st December 2022, which reflects strong financial performance despite macroeconomic headwinds. Union Bank maintained consistent success due to the disciplined execution of its go-to-market strategy focused on deepening its core business while exploring new areas of opportunity to acquire, engage, and retain customers. Bank Financial Highlights: ● Gross Earnings: up 19% to ₦208.2 billion (₦175.0 billion in 2021), driven by strong growth in Net Interest Income. ● Net Interest Income: up 33% to ₦59.1 billion…

Full year(2022) Audited Results: GTCO Plc reports Profit Before Tax of ₦214.2billion and FY Dividend of ₦3.10

Apr 16, 2023 topnews

Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2022, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE). The Group reported profit before tax of ₦214.2billion, representing 3.3% dip from ₦221.5billion posted in the corresponding year ended December 2021 on the back of ₦35.6bn impairment recognised on Ghanaian sovereign securities. The Group’s loan book (net) increased by 4.6% from ₦1.80trillion as at December 2021 to…