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.”
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.
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.
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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