- Zenith Bank Reports Profit After Tax of N193bn For 2018
Zenith Bank Plc grows Profit After Tax to N193 billion in 2018, up from N173 billion filed in 2017.
The full financial results filed to the Nigerian Stock Exchange showed the lender declared a final dividend of N2.50 per share.
A further breakdown of the result revealed that funding income rose by 19 per cent year-on-year. While Operating expenses and provisions declined by 17 per cent and 92 per cent, respectively.
On a yearly basis, funding income growth rose to N295.6 billion, partly due to the double-digit decline in funding expenses.
Non-interest income, however, dropped by 32 per cent due to derivative losses of N16.8 billion, compared with gains of N67.7 billion recorded in the 2017 financial year.
Also, gross earnings declined from N745 billion in 2017 to N630 billion in 2018.
Still, earnings per share climbed from N5.53 in 2017 to N6.15 in 2018. The bank shares have gained 8.2 percent so far this year.
Currently, the bank shares are trading at N24.75 as of Tuesday.
FG Asks Customs to Ground Private Jets over Failure to Pay Import Duties
The Federal Government of Nigeria has instructed the Nigerian Customs Service to ensure the grounding of 91 private jets, which are owned by some particularly rich Nigerians, over the payment of import duties.
The individuals in question have allegedly refused to pay their import duties, which are running up to about N30 billion. This has prompted the Federal Government to make the call to ground their private jets.
The Comptroller-General of the Nigerian Customs, Col. Hameed Ali (retd.) has since written a letter to the Nigerian Airspace Management Agency (NAMA), the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Civil Aviation Authority (NCAA) instructing the agencies to ground the concerned private jets with immediate effect.
The letter was dated November 2, 2021 and was addressed to the Director-General of the NCAA, Capt. Musa Nuhu. The same letter was also sent and addressed to the Managing Director of the FAAN, Capt. Rabiu Yadudu and the Managing Director of NAMA, Capt. Fola Akinkuotu.
In the letter, the three addressed agencies were instructed to ground the private jets by refusing them proper administrative and operational flight clearances until further notice.
The letter went ahead to state that the indefinite refusal of administrative and operational flight clearances will be lifted once the Nigerian Customs Service has issued an Aircraft Clearance Certificate, and the certificate is provided to the agencies as evidence of cooperation.
Nairaland’s findings report that some of the private jets which are victims of the grounding order are owned by senior pastors of some Pentecostal churches across the country, Chief Executive Officers of some earlier oil companies, the Chairmen of some Tier-1 banks in the country, as well as some Tier-1 banks themselves with one of said banks owning two upmarket jets themselves.
However, some of the owners of these jets have written letters of protest to the Customs Service, stating that they cannot pay import duties because the private jets in question are under lease payments.
Seplat Energy to Acquire ExxonMobil’s Nigerian Shallow Water Business
Seplat Energy Plc, Nigeria’s leading indigenous energy company, has confirmed that it is in the process of acquiring ExxonMobil’s Nigerian shallow water business.
ExxonMobil has been selling off its businesses in Europe, Africa, and Asia in recent years to focus on a few mega-projects at home and abroad.
The statement reads, “Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, notes the recent press speculation and confirms that Seplat Energy, together with a partner, is in competitive discussions to acquire ExxonMobil’s Nigerian shallow water business.”
According to Seplat, there is no certainty as to the outcome of the ongoing discussions.
“Deliberations are ongoing and accordingly, there can be no certainty as to the outcome. A further announcement will be made as and when appropriate, in line with regulatory requirements,” Seplat stated.
The announcement is coming a few days after Seplat Chairman, ABC Orjiako resigned from his position as the Chairman of the company following a debt scandal with Zenith Bank Plc.
Uber to Halt Services in Parts of Belgium
Uber will stop its ride-hailing service in most parts of Belgium tomorrow after a court ruling on Wednesday which extends an order given in 2015, banning its p2p (Peer to Peer) UberPop service to also cover professional drivers who provide its ride-hailing service.
Uber told TechCrunch that it is currently closely examining the details of the ruling, in order to arrive at a decision on whether or not to appeal the decision with the country’s Supreme Court.
This also follows a temporary decision to discontinue Uber’s service in Brussels, a decision which was referred to as “exceptional and unprecedented” by the tech giant. The company said that it was merely taking a step to complain about the lack of reform rules which forbid drivers from using smartphones.
After the ruling by the Brussels appeal court, private hire vehicle drivers have been obstructing a major tunnel in the capital of Belgium.
In a statement made concerning Friday’s impending shutdown, the chief of Uber in the country, Laurent Slitsagain criticized the government for not providing a reform which it has been soliciting for, stating that the decision was made depending on regulations which are now outdated as they were written before smartphones.
The company stated that the government has promised a reform but has failed to deliver said reforms for the last seven years.
According to Bloomberg, the shutdown will not be applicable to a small number of drivers who are licensed in the Flemish region of Belgium, and are therefore still permitted to use the application. Uber confirmed that the Appeal Court ruling only applies to drivers with Brussels licenses.
In another statement, Slits stated that the tech giant is hugely concerned about the 2,000 possessors of LVC licenses (rental car with driver licenses) who according to the country chief will lose their ability to generate earnings.
FirstBank Holds Non-Oil Export Webinar Series, Creates Awareness of The Bank’s Export Solutions
Npower Payment: NASIMS Talks Payment of October and November Stipends
Twitter Chief Executive Officer Jack Dorsey Steps Down, Agrawal Takes Over
Cryptocurrency3 weeks ago
Cryptocurrency Ban: Banks Close Accounts Link to Cryptocurrency Traders in Nigeria
Cryptocurrency2 weeks ago
Shiba Inu Update: Bricks Buster and AMC To Support SHIB Army
Cryptocurrency4 weeks ago
Shiba Inu Sheds 14.55 Percent in 24 Hours as Whale Moves $2.3 Billion Worth of Shiba
Banking Sector4 weeks ago
First Bank Unveils Fully Automated Branch
Finance3 weeks ago
Tony Elumelu Launches Gen-U Sahel Alongside Daughter, Oge Elumelu
Cryptocurrency4 weeks ago
Luno to Commence Naira Deposit and Withdrawal After Raising $700 Million at $10 Billion Valuation
Company News2 weeks ago
Xavier Rolet Resigns Amid Seplat Energy Debt Scandal
Banking Sector1 week ago
GTBank Raises International Spending Limit to $200 Per Month