Sterling Bank Q3 Results Rises By 39% To N5.9 Billion

Sterling Bank Q3 Results Rises By 39% To N5.9 Billion

Sterling Bank Plc has recorded robust top-line and bottom-line growth for the nine months ended September 30, 2018. According to the unaudited report and accounts of Sterling Bank, the commercial bank posted 21 per cent and 39 per cent growths in gross earnings and profit after tax respectively. Gross earnings rose by 21.1 per cent to N114.6 billion in 2018 compared with N94.6 billion recorded in comparable period of 2017. The top-line performance was driven by growths in both interest and non-interest incomes. Non-interest income rose by 31.2 per cent…

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IATA Partner UBA On Improved Payment Systems For Airlines

IATA Partner UBA On Improved Payment Systems For Airlines

The International Air Transport Association and the United Bank for Africa Plc are collaborating on a new financial settlement system for airlines and travel agencies. The new system, the New Generation of IATA Settlement Systems, according to the Area Manager, IATA South-West Africa, Dr Samson Fatokun, is an improvement on the current billing settlement plan and a programme to deliver faster, safer and more cost-effective financial settlement services and solutions to airlines and travel agents that rely on the IATA Settlement Systems. The NewGen ISS, he stated, would also facilitate…

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Microfinance Banks License Increased To N200 Million

Microfinance Banks License Increased To N200 Million

The Central Bank of Nigeria has increased the capital requirements for microfinance banks in the country in a bid to tackle the challenge of inadequate capital base in the sub-sector. The CBN announced the upward review of the minimum capital requirement in a circular dated October 22, 2018 to all microfinance banks in the country. The minimum capital requirement for unit and state microfinance banks was raised by 900 per cent each to N200m and N1bn, respectively from N20m and N100m, while that of national microfinance banks increased by 150…

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Q3 Consumer Confidence Index Drops

Q3 Consumer Confidence Index Drops

The Consumer Confidence Index (CCI) report released by the NOIPolls for the third quarter (Q3) 2018 has revealed a 6.2 points decline in the CCI to 60-points in the period under review, down from the 66.95 points recorded in Q2, 2018. The NOIPolls CCI measures how optimistic or pessimistic consumers are regarding their present and future economic prospects. The drop in the CCI suggests that the spending pattern of Nigerian households declined in Q3, 2018. According to the report released yesterday, the two variables that made up the CCI -the…

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Diesel Sells For N250 Per Litre

Diesel Sells For N250 Per Litre

The price of Automotive Gas Oil, also known as diesel, has risen to a high of N250 per litre, with businesses taking a beating on the back of rising energy costs. Many businesses in the country rely heavily on diesel-powered generators for electricity as power supply from the national grid remains poor. Our correspondent observed on Monday that some filling stations in Lagos had increased the pump price of diesel to N250, while many others sold it at around N230-N245. The average price paid by consumers for diesel increased by…

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Five Firms To Emerge From NIPOST – Shittu

Five Firms To Emerge From NIPOST – Shittu

The Federal Government is set to carve out five companies from the Nigerian Postal Service, the Minister of Communications, Mr Adebayo Shittu, has said. Shittu, who stated this in an exclusive interview with our correspondent on Monday, disclosed that the move was part of efforts to reform the postal service and put it on the path of profitability. Prominent among the new businesses are insurance and banking, transport and logistics as well as property and e-commerce. The five companies to be carved out of NIPOST are expected to ride on…

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Capital Oil, Tinapa Resort Among AMCON’s N906 Billion Bad Debtors

Capital Oil, Tinapa Resort Among AMCON’s N906 Billion Bad Debtors

The Asset Management Corporation of Nigeria has released the list of what it calls delinquent debtor firms who allegedly owe it N906,109,840,662.99 in total. In an advertorial published on Monday, the bad debt manager said the list contained the top 105 delinquent debtors and that the publication was pursuant to its statutory mandate and in compliance with the circular issued by the Central Bank of Nigeria in April 2015. “This has become necessary as all avenues provided by the corporation for the debtors to propose acceptable resolution terms have failed….

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Cybercrime Index On The Rise – NITDA

Cybercrime Index On The Rise – NITDA

Cybercriminals are using a variety of ways, including swapping of mobile phone SIM cards, to defraud Nigerians of their hard earned money, the National Information Technology Development Agency has said. In a statement made available to our correspondent in Abuja on Tuesday, the Director General, NITDA,  Dr Isa Ibrahim, said given the increasing incidences of fraud through the cyberspace, it had become imperative to enlighten Nigerians on how the criminals were operating. He listed a number of ways through which the criminals obtain information from their potential victims, including swapping…

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Akure Airport Passenger Traffic On The Rise

Akure Airport Passenger Traffic On The Rise

The Akure Airport Manager, Mrs Cecilia Oguama, says passengers’ traffic at the airport has been growing steadily in the past one year. She stated that before now, the airport recorded low traffic of about 20 passengers monthly, adding that passenger traffic had grown to thousands. “Passenger traffic has increased tremendously. There was a time we had 10 people, 20 people; but right now, we have passengers in thousands, and 4,500 people per month,” she said. The manager attributed the growth to the commencement of flights by Air Peace following a…

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AfDB Launches $500m Insurance Lifeline For Africa

AfDB Launches $500m Insurance Lifeline For Africa

The African Development Bank and African Trade Insurance Agency have announced the successful completion of a $500m credit insurance deal structured to cover a portion of the bank’s portfolio of non-sovereign operations in Africa. This transaction, according to a statement, is expected to have an important demonstration effect to encourage similar institutions to invest more on the continent in the future. While ATI will be the direct insurer facing the AfDB, the transaction involves the participation of a number of Lloyd’s & Company private reinsurers who will share the risk…

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