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Sterling Bank Partners FG to Address Desertification

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Sterling Bank

Sterling Bank Plc says it has concluded plans to carry out tree planting exercises in three states in the northern part of the country.

The lender said the move was part of its corporate social responsibility focus on the environment and in support of the Federal Government’s plan to sustain the environment while reducing desertification.

The lender, in a statement on Monday, said, “Nigeria is faced with rapid desert encroachment affecting 15 northern states, with varying levels of severity.

“As such, this initiative became imperative as one of the solutions to cushion the effects of desertification. This is also in line with the United Nation’s Sustainable Developmental Goals for environmental preservation, and a way of challenging other private institutions to support the initiative.”

Experts have described desertification as the degradation of dry lands. It involves the loss of biological or economic productivity and complexity in croplands, pastures, and woodlands. It is due mainly to climate variability and unsustainable human activities.

The most commonly cited forms of unsustainable land use are over-cultivation, overgrazing, deforestation, and poor irrigation practices.

Sterling Bank said the governors of the three states, Plateau, Bauchi and Gombe, had confirmed their participation at the events scheduled to hold on Tuesday (today).

The Group Head, Strategy and Communications, Sterling Bank, Mr. Shina Atilola, emphasised the need for the private sector to support the government at all levels to checkmate the challenges posed by desertification in the country.

According to him, statistics have shown that a quarter of the earth’s surface is threatened by desertification.

He added that extensive cultivation, deforestation, overgrazing, cultivation of marginal land and bush burning were the major causes of desertification.

He also spoke on the effects of desertification.

Atilola added, “Desertification has done a lot of damage to the local communities as it has made farming impossible in the affected areas leading to food shortage and rising cost of food items. Without food and water, it becomes harder for people to thrive.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

FCMB Reports 16.4 Percent Increase in Profit After Tax in Q3 2020

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FCMB

FCMB Group Plc, one of the leading financial institutions in Nigeria, reported a 16.4 percent increase in profit after tax for the third quarter of the year.

In the unaudited financial statements released through the Nigerian Stock Exchange (NSE), the lender’s profit before tax grew by 10.2 percent year-on-year to N4.8 billion while profit after tax increased by 16.4 percent to N4.2 billion.

FCBMB Group Plc expanded gross earnings by 4.8 percent to N48.3 billion during the period under review. Similarly, the bank’s net interest income rose by 30.03 percent year-on-year to N22.7 billion.

The strong performance continued across the board as net fee and commission income increased by 0.29 percent to N5.2 billion. Net trading income rose by 39.4 percent year-on-year to N1.82 billion.

Personnel expenses dropped by 7.9 percent to N6.9 billion during the quarter while general and administrative expenses declined by 7.52 percent year-on-year to N7.6 billion. Largely due to the COVID-19 lockdown.

Loans and advances to customers rose by 10.8 percent to N793.14 billion between December 2019 and September 2020. Total desposits from customers during the same period grew by 26.7 percent to N1.2 trillion.

The bank’s total assets increased by 22.12 percent to N2.04 trillion.

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Stanbic IBTC Obtains Approvals, License to Establish Life Insurance Subsidiary

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stanbic IBTC Insurance

Stanbic IBTC Holdings Plc on Friday announced that it has obtained all required Regulatory Approvals and a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary, Stanbic IBTC Insurance Limited (SIIL).

In a statement signed by Chidi Okezi, Company Secretary, Stanbic IBTC and released on Friday, the bank said “The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.

“Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.

“Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”

 

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World Bank to Discuss New $1.5 Billion Loan Request From Nigeria

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Zainab Ahmed

The Finance Minister, Budget and National Planning, Mrs. Zainab Ahmed, on Friday said the Federal Government has met all the conditions for a fresh loan of $1.5 billion from the World Bank.

The minister disclosed this on Bloomberg TV.

She said the multilateral financial institution is in the final stage of approving the loan. The minister explained that the loan will be discussed in the bank’s next meeting and possibly be approved in the same meeting.

In June, the Senate approved the borrowing plans but the World Bank pushed back demanding Nigeria fulfill the conditions attached to the $3.4 billion loan received from the International Monetary Fund (IMF) in May.

Some of the conditions were to increase revenue generation by upping VAT, the introduction of tariff reflective electricity bill, the removal of subsidy and the unification of the nation’s foreign exchange.

Most of which the Federal Government has done despite protests from most Nigerians who called the new policies anti-people given their current situation.

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