The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has said the Nigerian National Petroleum Company (NNPC) Limited has commenced the repayment of $6 billion debt owed to suppliers.

Edun made this announcement during a meeting with investors in the U.S. capital on the sidelines of the 2024 annual meetings of the International Monetary Fund (IMF) and the World Bank.

The revelation came amidst growing concerns about the NNPC’s financial stability and its capacity to sustain petrol supply to the domestic market.

The company had previously acknowledged owing suppliers of premium motor spirit (PMS).

Addressing the issue of ongoing foreign exchange subsidies, Minister Edun clarified that “In terms of NNPC and their situation, the reality is that, although the subsidy on May 29, 2023, was removed and was no longer on the balance sheet of the government, it did rear its head, not in terms of petrol subsidy, but foreign exchange subsidy, which was borne elsewhere, and borne mainly by NNPC,” the minister said.

Mr Edun also expressed optimism about the company’s future.

“I think what I can say about their own situation is with where they are now, they have a route to paying down their payables and I’m sure that in no time at all, they will start.

“From what I understand, they have even commenced the process of paying down their payables,”he said.

The NNPC had some months ago acknowledged that it was owing the money, but admitted it was remitting money into the purse of the country.

“But NNPC Ltd., through its subsidiary, NNPC Trading, has many open trade credit lines from several traders.

“The company is paying its obligations of related invoices on a first-in-first-out (FIFO) basis,” he said.

“It is not correct to say that NNPC Ltd. has not remitted any money to the Federation Account since January. NNPC Ltd. and all its subsidiaries remit their taxes to the Federal Inland Revenue Service (FIRS) regularly.

“This is in addition to payments of CIT to road contractors under the Road Investment Tax Credit Scheme. In all, NNPC Ltd. is the largest contributor to the tax revenue shared every month at the Federation Account Allocation Committee (FAAC),” the NNPC had said in a statement in August.

Union Bank has set a new standard in Nigeria’s financial sector by offering unparalleled comprehensive maternity leave to support working mothers and an on-site crèche facility to support working parents, both male and female full-time employees.

The new initiative includes an industry-leading five months of fully paid maternity leave, exclusive of the applicable annual leave, and an on-site crèche facility.

According to Section 54 of the Labour Act in Nigeria, new mothers are legally entitled to 12 weeks of maternity leave. However, Union Bank is leading the way with this groundbreaking comprehensive package, which is a significant step ahead of industry norms.

This extended leave, coupled with the ability to take annual leave, gives new mothers more time to recover and bond with their newborns, aligning with SDG 3: Good Health and Well-being. Additionally, returning mothers will benefit from a one-hour late resumption for the first month, easing the transition back into work and ensuring a smoother work-life integration.

Union Bank will also be adding an onsite crèche facility to further support working parents, with a pilot programme at the Head Office set to launch in December 2024. The crèche will provide lactation rooms and family-friendly amenities, offering a convenient childcare solution, particularly for working mothers.

This initiative supports SDG 5: Gender Equality by enabling women to balance their professional responsibilities with childcare needs, helping to retain top female talent and fostering an inclusive work environment.

By promoting gender diversity, Union Bank is contributing to broader economic growth; research shows that achieving gender parity in the workforce could increase global GDP by 26%. With these innovative policies, Union Bank is taking significant steps to strengthen its position as a forward-thinking employer in the financial sector.

According to Omayuli Wale-Ajayi, Chief Talent Officer of Union Bank “At Union Bank, we are proud to set a new standard in the banking sector with comprehensive maternity leave for working mothers and crèche facilities for the babies of both male and female full-time employees. We are committed to creating a workplace where women can thrive, and these initiatives are crucial in supporting working mothers as they balance their careers and personal lives. By providing five months of fully paid maternity leave and convenient childcare solutions, we aim to retain and empower top talent, ensuring all employees can contribute to the bank’s success.”

These progressive policies enhance work-life balance and position Union Bank as a leader in workplace inclusivity and sustainability.

By prioritising gender diversity and employee well-being, Union Bank is committed to creating a supportive, inclusive workplace that aligns with global sustainability goals.

United Bank for Africa, Nigeria’s leading financial institution with operations across the African continent, on Monday reported a 169.9% jump in interest income from N666.291 billion recorded in the first nine months of 2023 to N1.799 trillion in the nine months through September 2024.

In the financial statement obtained by Investors King, the lender’s interest expense inched slightly higher to N695.571 billion, 211.6% from N223.209 billion filed in the corresponding period of 2023.

Growth was broad-based as net interest income rose by 149% from N443.082 billion in 2023 to N1.103 trillion in 2024 while net fee and commission income stood at N233.853 billion, up 105% from N114.286 billion in 2023.

The bank’s total non-interest income moderated slightly to N435.840 billion. However, operating income improved by 51.25% from N1.017 trillion to N1.539 trillion.

Similarly, net operating income after impairment loss on loans and receivables appreciated 62.16% to N1.416 trillion.

Profit before tax rose by N101.392 billion to N603.483 billion in September 2024.

Speaking on the strong performance of the company in the first half (H1) of the year, Oliver Alawuba, the Group Managing Director/CEO said as of H1 2024, which constitutes the majority of the current performance, the economic environment remained challenging across the regions where we operate.

High inflation, rising debt levels, increasing interest rates, and tighter monetary policies have created significant pressure on economies globally. Despite these headwinds, our Bank has demonstrated resilience.

In H1 2024, UBA Group delivered strong double-digit growth across high-quality and sustainable revenue streams. This performance reflects our disciplined execution of strategic goals, focusing on balance sheet expansion, transaction banking, and digital banking businesses across our markets.

• Profit before Tax: We achieved a robust Profit Before Tax of N401.6 billion, reflecting our ability to manage risks effectively amidst macroeconomic volatility.
• Customer Deposits: Our deposits grew by 34%, from N17.4 trillion at year-end 2023 to 2 trillion in H1 2024, demonstrating the trust and loyalty of our customers.
• Total Assets: We saw a 37% growth in total assets, reaching N28.3 trillion, up from N20.7 trillion at FYE 2023. This growth was driven by strong customer relationships and our ability to capitalize on opportunities across geographies.
• Net Interest Income: Our intermediation business posted impressive growth, with net interest income expanding by 143% year-on-year to N675 billion, further underlining the strength of our core banking operations.
• Digital Banking & Payments: Digital Banking income surged by 107.8% YoY to N106 billion, while funds transfer and remittance fees rose 188.7% and 228%, respectively. We continue to lead in digital banking and payment solutions, helping drive financial inclusion across Africa.
• Trade Facilitation: Income from trade transactions grew 83% to N18 billion as we strengthened our role in facilitating intra-regional and international trade.

Our strategy of investing in technology, innovation, and data analytics continues to yield significant returns, positioning us as a leader in digital transformation.