Category: Business

Guaranty Trust Bank plc has released its audited financial results for the half year ended June 30, 2017 to the Nigerian and London Stock Exchanges. A review of the half year performance, shows positive growth across all key financial metrics and improved strategic positioning of the brand. Gross earnings for the period grew by 2% to ₦214.1billion from ₦209.9billion reported in the June 2016; driven primarily by growth in investment securities income as well as income from risk assets. Profit before tax stood at ₦101.1billion, representing a growth of 18%…

Read More

Crude oil production by OPEC members increased slightly in July, including Saudi Arabia, which had championed efforts by the oil cartel and allies to extend an output freeze. Output from the 14 cartel members hit 32.87 million barrels per day (mbd) in July according to secondary sources, OPEC said in its monthly report on the oil market, up from 32.69 mbd in June. “Crude oil output increased mostly in Libya, Nigeria, and Saudi Arabia,” said the report. OPEC and a number of other producers including Russia agreed in May to…

Read More

In utmost recognition of its support for Micro Small Medium Enterprises (MSMEs) in Nigeria, Fidelity Bank PLC, one of the foremost financial institutions in the country, was recently bestowed with the award for “SME Friendly Bank of the Year 2017”. The accolade which was bestowed upon Fidelity Bank Plc at the 2017 Lagos Chamber of Commerce & Industry (LCCI) Awards, is a clear testament of the Bank’s resolve to raise a new generation of entrepreneurs. As part of its core mandate of trade promotion and business & policy advocacy, the…

Read More

Tantalizers Plc., Nigeria’s foremost fast food company and the only quoted QSR Company on the Nigeria Stock Exchange, has expressed business optimism regarding the efficiency of its on-going strategic initiatives aimed at reversing the recent declining profitability in the business. The initiatives which commenced in the last two years are designed to totally restructure the business, stem the declining performance and boost shareholders’ funds. Investigation shows that as a result of the positive results from some of the initiatives, the company’s total systems revenue (corporate and franchise) has grown in…

Read More

The Lagos State Government yesterday said it would not reverse it decision to relocate the Computer Village from its present location at Otigba, Ikeja. This, it stated, was in its commitment to achieve the objectives of the renewed Ikeja Model City Master Plan originally conceived to address infrastructure challenges in the city. A statement by the Commissioner for Information and Strategy, Steve Ayorinde, said that Governor Akinwunmi Ambode was desirous of making Ikeja a model city and would leave no stone unturned in actualising the relocation of the Computer Village…

Read More

Acclaimed largest financial institution in Nigeria, Firstbank says it has planned to support the general growth of the country’s economy by increasing the number of customer accounts from the 14.5 million to 30 million in the course of three to four years. According to the Managing Director and Chief Executive Officer of the bank, Dr Adesola Adeduntan, the planned is in tandem to move into the execution phase of its current business strategy, which is about financial inclusion and leveraging technology to pull more people into the banking segment. “We…

Read More

Diamond Bank Plc has set aside N600 million ‎to reward its loyal customers in the DiamondXtra Season 9 bonanza. Activities planned for the season include extra ordinary draws that will produce 3164 lucky winners throughout Q3 2017. According to information made available to the press, the Bank stated that in the months of July, August and September, N137 million will be given out to lucky customers that will emerge from the draws: 8 millionaires in July and September while 24 millionaires will emerge in August as N1 million will be won by…

Read More

At the parley between the Federal Government and Progressive Governors Forum, PGF, in Abuja, Finance Minister, Kemi Adeosun, said that more than half of Nigeria’s value added tax, VAT, comes from Lagos State alone. Adeosun said 87 percent of Nigeria’s VAT was derived from four states and the Federal Capital Territory, FCT. She noted also that only 13 percent of Nigeria’s VAT came from 32 other states in the federation. According to her, no country in the world with high tax compliance rate is poor, and no rich country has…

Read More

Heritage Bank Plc, has taken aggressive approach to support the Central Bank of Nigeria’s initiative to curb the unbanked Nigerians in the rural areas by 20 percent by 2020, thereby offering financial services to the nooks and crannies of Nigerian communities; providing access to underserved markets. The policy was sequel to a research conducted by an international agency, Enhancing Financial Innovation & Access (EFINA) in 2008 which showed that about 74 percent of Nigeria’s rural community was un-banked. Against this backdrop, the CBN therefore initiated the policy with the aim…

Read More

Foremost African financial institution, Guaranty Trust Bank plc, is celebrating the 10th anniversary of its listing on the London Stock Exchange whereby the Bank became the first Nigerian bank to be listed on the London Stock Exchange (LSE), the first to dual list on an international exchange and the first Nigerian company to raise international capital using listed Global Depositary Receipts. To mark the pioneering feat, the MD/ CEO of GTBank, Mr Segun Agbaje led the Market Open Ceremony at the LSE on Friday, July 28, 2017, accompanied by senior…

Read More