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Access Bank Wins Double Recognition

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Access Bank Plc has been named Bank of the Year in this year’s edition of the annual BusinessDay Banking Awards.

The Group Managing Director and Chief Executive Officer of the bank, Mr. Herbert Wigwe, was also voted as the Bank Chief Executive Officer of the Year.

The event, which started five years ago, was designed to recognise banking and finance institutions in the country.

The programme was held in partnership with Air France and Hennessy.

Wigwe, who dedicated the awards to the bank’s  customers, said they  would spur him to be more dedicated and seek greater heights.

He said, “So, I’ll like to thank God first. I’ll like to thank all Access Bank customers and I will like to thank all our employees. For me, the awards can only spur me to greater heights much more than I can ever imagine.

“As I used to say, you cannot do it alone. Anybody who thinks he is running a big institution that spans several countries and thinks he is the only one doing it must be joking. Honestly, for whatever I am, whatever I’ve achieved, I can, apart from God, only attribute it to the great people that I’m working with in Access Bank.”

Other awards included the Best Bank in Support of Agriculture, Best Bank in Corporate Social Responsibility, Best Bank in Small and Medium Enterprises, which were won by United Bank for Africa Plc, First Bank of Nigeria Limited, and Guaranty Trust Bank Plc respectively.

Lift Above Poverty Microfinance Bank Plc emerged the Microfinance Bank of the Year just as Union Bank Plc was awarded the Most Improved Bank in Retail Banking.

Diamond Bank Plc won the Most Innovative Product of the Year award.

Governor Akinwunmi Ambode of Lagos State, who was represented by a former Deputy Governor of the state, Mr. Femi Pedro, noted that the banking sector was critical to the growth of any modern society.

He added that the economic recession should produce the best corporate governance and ensure that the monetary policy of government achieve the desired goal.

The Publisher, Business Day, Mr. Frank Aigbogun, stated that although the country was in economic recession, the organisation would continue to promote and facilitate transparency in the industry to the investing public.

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

Despite COVID-19, FG Realised N1.53 Trillion from Value Added Tax in 2020

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Despite COVID-19, FG Realised N1.53 Trillion from Value Added Tax in 2020

The Federal Government of Nigeria has started seeing the positive effect of series of policy adjustments made to up the nation’s revenue and gradually move away from unstable oil revenue.

Nigeria generated N1.53 trillion from Value Added Tax (VAT) in 2020, an increase of 29.3 percent when compared to the N1.18 trillion posted in 2019, the National Bureau of Statistics (NBS) stated in its latest report.

According to NBS, VAT rose by 38.2 percent when compared to N1.11 trillion filed in 2018.

Breaking down the report, professional services contributed N162.32 billion during the period under review, This was followed by the manufacturing sectors with N154.15 billion.

Accordingly, non-import VAT realised expanded by 30.5 percent to N763.01 billion in 2020, against N584.6 billion in 2019.

Non-import foreign VAT grew by 17 percent from N359.5 billion in 2019 to N420.4 billion in 2020.

As expected, import VAT jumped by 44,6 percent from N240.5 billion filed in 2019 to N347.7 billion in 2020.

Despite lockdown and weak economic activities, the Federal Government through a 50 percent increment in VAT from 5 percent to 7.5 percent was able to up VAT revenue by 29.3 percent.

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Julius Berger Plc Pre-tax Profit Decline by 30.7 Percent in Q4, 2020

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Julius Berger Plc Pre-tax Profit Decline by 30.7 Percent in Q4, 2020

Julius Berger Plc posted a 30.65 percent decline in pre-tax profit to N5.12 billion for the final quarter of 2020.

In the financial statements released on Tuesday, the leading construction company, reported N74.04 billion in revenue in the fourth quarter, an increase of 2.43 percent when compared to N72.29 billion posted in the same period of 2019.

Julius Berger Key Financial Highlights Q4, 2020

  • Nigeria’s revenue expanded by 4.21 percent year-on-year to N72.30 billion.
  • While Europe & Asia revenue dipped by 40.07 percent year-on-year to N1.74 billion.
  • Similarly, revenue from building works depreciated by 56.37 percent to N10.72 billion.
  • However, revenue from civil works rose by 35.38 percent from the corresponding period to N55.8 billion.
  • Services added N7.54 billion revenue, representing an increase of 15.84 percent year-on-year.
  • Cost of sales grew by 13.19 percent year on year to N60.1 billion.
  • Julius Berger recorded other gains/losses of N83.89 million.
  • The construction company grew investment income to N142.79 million.
  • Finance costs jumped by a whopping 388.99 percent year-on-year to N1.79 billion.
  • Earnings Per Share rose by 19.76 percent year on year to N3.94.

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Board of UBA Approves Financial Statements, Dividend Payment for 2020

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Board of UBA Approves Financial Statements, Dividend Payment for 2020

The Board of United Bank for Africa Plc has approved the Group Audited Consolidated and Separate Financial Statements and final dividend for the year ended December 31, 2020.

The bank stated in a statement signed by Bili A. Odum, Group Company Secretary.

It said “Please refer to the announcement dated January 12, 2021 which notified the Nigerian Stock Exchange and the investing public of the Board Meeting of United Bank for Africa Plc.

“Please be informed that the Board of United Bank for Africa Plc at its meeting which held on Tuesday, January 26, 2021 considered and approved the Group Audited Consolidated & Separate Financial Statements for the year ended December 31, 2020 and payment of a final dividend, subject to the approval of the Central Bank of Nigeria.

“Further to the above, kindly be advised that the Nigerian Stock Exchange and the investing public would be immediately notified upon approval of the Group Audited Consolidated & Separate Financial Statements for the year ended December 31, 2020 by the Central Bank of Nigeria.”

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