Category: Business

A total of 77 customers won millions of naira in Fidelity Bank’s Get Alert in Millions Savings Season 3 promo which ended recently in the country.  It said  many others also won consolation prizes of refrigerators, generators and television sets. A statement said the winners emerged from different geo-political zones of the country, adding that during the last promo, 13 winners emerged while a winner won the grand prize of N10m. Fidelity Bank’s Executive Director Shared Services and Products, Chijioke Ugochukwu said, the bank had been able to make positive…

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Union Bank of Nigeria Plc has sustained an impressive performance with profit before tax of N5.4 billion despite the challenging operating environment that pervaded the first quarter (Q1) of 2019. The unaudited results showed that Union Bank ended the Q1 with gross earnings of N37.7 billion, indicating a decline of five per cent from N39.5 billion in 2018. Non-interest income rose 39 per cent from N7.8 billion to N10.8 billion, an outcome of ongoing debt recovery efforts, improved fees and commission income and dividends from investments. Profit before tax stood…

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Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mr. Nnamdi Okonkwo, has disclosed that the bank will deploy artificial intelligence and robotic automation as well as other innovations to enhance service delivery. The Fidelity Bank boss stated this in his statement at the bank’s 31st Annual General Meeting (AGM), held in Lagos recently. “The introduction of the artificial intelligence and robotic process automation like Chatbots in our internal processes and service delivery channels will be used to drive growth in all sectors we are currently servicing,” he stated. Okonkwo, said with…

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Manufacturers of codeine-based cough syrup who had their products withdrawn from circulation in the wake of the 2018  BBC documentary about the nationwide abuse of the drug, are set to be compensated by the Federal Government. The Director General, National Agency for Food and Drug Administration and Control, Prof. Moji Adeyeye, disclosed this in Lagos on Monday during an interactive session with journalists. Following the BBC documentary the Federal Government banned codeine products. Adeyeye said the agency had been directed to compile a list of manufacturing firms to be reimbursed, adding that over N1bn…

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This year’s Food and Drink Festival organised by Guaranty Trust Bank (Gtbank), showcasing 300 food entrepreneurs is set to kick off tomorrow and will run for four days this year. Managing Director of the bank, Segun Agbaje, disclosed this yesterday at a press conference held in Lagos. Launched in 2016, the initiative has become a premier culinary event in Africa, bringing together thousands of people from across the continent and beyond, to support and celebrate Nigeria’s vibrant and burgeoning small businesses in the food retail sector. Over the last three years, the festival…

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Mr. Emmanuel Ikazoboh, the Chairman of Ecobank Transnational Incorporated (ETI), parent company of all Ecobank subsidiaries, has assured stakeholders that efforts are being intensified to sustain the positive performance recorded by the financial institution going forward. Ikazoboh stated this while presenting the bank’s 2018 financial report at the 31st annual general meeting (AGM) held in Lome, Togo. After posting a loss in 2016, ETI bounced back into profit in 2017 and consolidated on that performance in 2018 by growing its profit after tax by 46 per cent to N136 billion.…

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Tony Elumelu, Chairman and founder of Heirs Holdings has revealed that the average Nigerian business pays 48 taxes. The UBA Chairman who decried the plight of the average Nigerian entrepreneur, saying that an average business was a local government authority providing his own electricity, water and waste disposal method, called for a far-reaching tax reforms and an urgent need to pass the executive tax bill. Tony Elumelu who revealed that the average Nigerian business pays 48 taxes while delivering a keynote address at the 21st annual tax conference of the…

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Mrs Ibukun Awosika, Chairman of First Bank Plc, on Wednesday, advocated for the general overhaul of Nigeria’s education system to meet with modern realities and stressed the need for Universities across the country to be the solution-centred and not certificate-centred. Awosika who stated this in Ilara-mokin, Ifedore Local Government Area of Ondo state, while delivering the 3rd convocation lecture at Elizade University, Ilara-mokin, titled: “The Nigerian University System and the challenge of internationalization.” Awosika noted that most institutions in the country are producing graduates with academic degrees that are not…

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Guaranty Trust Bank plc has released its unaudited Financial Results for the quarter ended March 31, 2019 to the Nigerian and London Stock Exchanges. The Bank recorded positive performance across all financial metrics with gross earnings for the period growing by 1.2% to ₦110.3billion from ₦109.0billion posted in March 2018. Profit before tax improved to ₦57.0billion from ₦52.6billion recorded in the corresponding period of March 2018, representing a growth of 8.3%. Customers’ deposits also rose by 6.0% to ₦2.410trillion in March 2019 from ₦2.274trillion in December 2018, whilst the Bank’s…

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The recently announced line-up for The GTBank Food and Drink Festival Masterclass comprises of an A-list Food blogger and a Burger King from London, a Sushi Ace from Japan and a Food connoisseur from Ghana. It is not only culinary diverse, it cuts across three continents! More facilitators will be announced as the countdown to the Biggest food exhibition and sales event in Africa continues. The fourth edition of the GTBank Food and Drink Festival is set to hold on Sunday, 28th April, to Wednesday 1st May 2019 at the…

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