Business Archives

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

Apr 20, 2023Apr 22, 2026 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, 2023Apr 22, 2026 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 ₦1.89trillion in…

FG stops online banks from accessing customers’ photos, contacts

Apr 10, 2023Apr 22, 2026 topnews

From May 31, 2023, loan apps on Play Store will lose their ability to access their users’ contacts or photos. This came as the Federal Government said it would enforce the latest policy by Google, saying the action was consistent with the Nigerian authorities’ move to curtail the invasion of customers’ privacy by loan app firms. The Federal Government had in recent time taken major decisions aimed at tackling the violation of customers’ privacy by loan apps. Notably, the Federal Competition and Consumer Protection Commission,FCCPC had recently registered 170 loan…

Union Bank and CIG Motors Announce Partnership

Mar 31, 2023Apr 22, 2026 topnews

Union Bank of Nigeria has signed a commercial partnership agreement with Choice International Group (CIG) Motors Limited, a member of CIG Group of Companies, to provide auto financing services to the Bank’s customers on purchase of GAC range of cars, through its asset finance loan scheme. The deal, which was recently signed at Stallion Plaza, Union Bank’s head office in Marina, Lagos, will allow customers to purchase brand new GAC vehicles with as low as 0% interest and N242,000 monthly instalment. In addition, subscribers to the Union Bank asset finance…

FG seeks another Chinese bank after China-Exim bank rejects US$22b loan request

Mar 29, 2023Apr 22, 2026 topnews

China-Exim Bank has rejected Nigeria’s $22,798,446,773 loan request earlier approved by the National Assembly. This has made the House of Representatives, to approve the request by the Federal Government to borrow $973,474,971.38 from China Development Bank after the rejection by China-Exim bank. The Chairman of the House Committee on Rules and Business, Abubakar Fulata, moved a motion for the legislative chamber to amend its resolution granting approval for the failed loan deal. The motion was titled ‘Rescission of the 2016–2018 Federal Government External Borrowing (Rolling) Plan.’ Moving the motion, Fulata…

GTCO FOOD & DRINK FESTIVAL 2023… A CELEBRATION OF FOOD!

Mar 20, 2023Apr 22, 2026 topnews

The annual GTCO Food & Drink Festival is back again for its 6th Edition, and food lovers across Africa and the world are in for a feast like never before! The event is slated to hold from Saturday April 29th till Monday May 1st 2023, at GTCentre, Plot 1 Water Corporation Drive, Oniru, Victoria Island, Lagos, providing a 3-day weekend of food and endless celebration. The GTCO Food & Drink Festival brings together the greatest minds on the global culinary stage, the most industrious Nigerian small food business owners, a…

Lagos market fire: Gov. Sanwo-Olu compensates Akere traders with N100m

Mar 16, 2023Apr 22, 2026 topnews

Governor of Lagos State, Mr. Babajide Sanwo-Olu, yesterday, announced the donation of N100 million compensation to traders of the burnt Akere Motor Parts and Allied Dealers Association (AMPADA) in Ajegunle, Ajeromi-Ifelodun Local Council, stressing that there is no room for politics to divide the residents. Sanwo-Olu made the donation at the foundation laying ceremony for reconstruction of the market that got burnt last week Thursday. The governor said the compensation for the traders is aimed at cushioning the loss they suffered, disclosing that the new market would be a storey-building…

Equity vs Equality: Union Bank Celebrates International Women’s Day 2023

Mar 10, 2023May 2, 2026 topnews

Leading financial services institution, Union Bank of Nigeria, has reaffirmed its commitment to a just and equitable society in honour of International Women’s Day 2023 by promoting equity, justice, and the continuous inclusion of women in all fields of human endeavour, particularly in technology. This was highlighted at a virtual event recently hosted by the bank’s internal women’s network, WeHub (Women Empowerment Hub). In line with this year’s global campaign theme, ‘Embrace Equity’, the event had activities and discussions focused on topical issues. As an organisation committed to leading the…

IMPORTANT NOTICE ON SPURIOUS SOCIAL MEDIA POST

Mar 1, 2023May 2, 2026 topnews

The attention of Guaranty Trust Bank Ltd (the “Bank”) has been drawn to a spurious post on Twitter by @ifygold21 alleging that the Bank gave the new Naira notes in the total sum of ₦500 million to one of the leading presidential candidates in the ongoing General Elections on the eve of the elections and at the order of a high-ranking Government official. The Bank wishes to refute this claim in its entirety and state categorically that it is completely false and is designed to bring the image of the…

Buhari Signs Nigerian Tourism Development Authority (NTDA) Act, 2022 Into Law

Feb 20, 2023May 14, 2026 topnews

President Muhammadu Buhari has signed the Nigerian Tourism Development Authority Act, 2022 into law. The Act he explained, repealed the Nigerian Tourism Development Corporation Act, Cap. N137 Laws of the Federation of Nigeria 2004 and enacted the Nigerian Tourism Development Authority Act, 2022 to develop and promote Nigeria as a travel and tourism destination. The act will Encourage Collaboration/ Partnership with state governments, private sector/stakeholders, government agencies and international bodies. The Authority will jointly regulate the industry with the State Governments. The Tourism Alliance will create platforms for partner Stakeholders…