Sahara Power Group Emphasizes Sustainability Milestones In Gree’n’lectric E-Zine

Mohammed Shosanya

Sahara Power Group (SPG), has released the second edition of Gree’n’lectric, an e-zine dedicated to promoting clean energy and environmental responsibility in the continent’s power sector.

SPG, a Sahara Group company comprising Egbin Power, First Independent Power Limited (FIPL), and Ikeja Electric, has been at the forefront of driving sustainable practices in the energy industry. Gree’n’lectric e-zine is an extension of this commitment, showcasing the group’s continuous dedication to implementing green initiatives that pave the way for a cleaner and greener future,”according to Ejiro Gray, Director, Governance and Sustainability at Sahara Group.

Gray said in the pursuit of reducing its carbon footprint, FIPL, designed a remarkable journey manager app. “The app’s goal is to digitally track movements that require the use of company vehicles, thereby reducing unnecessary vehicle usage and promoting more efficient transportation practices,” she added.

The Gree’n’lectric e-zine also features Egbin Power’s, nature conservation project in collaboration with the Nigerian Conservation Fund (NCF). “Covering an expanse of at least 10 hectares, the project aims to foster regeneration, recovery, and remediation for enhanced carbon absorption and sustainable ecological balance,” Gray stated.

The current edition also highlights Ikeja Electric’s “Trash to Treasure Initiative”, a proactive focus on recycling waste items as an Extended Consumer Responsibility (ECR), converting waste into valuable materials and promoting responsible practices aligned with SDG13 – climate action.

Gray said the e-zine also features in-depth insights into recent sustainability projects across SPG’s entities, technological advancements, and collaborative efforts with stakeholders, all aimed at creating a positive and lasting impact on the environment.

Speaking on the publication, Egbin Power CEO, Mokhtar Bounour said: “Gree’n’lectric e-zine serves as reference point for us to continuously stimulate sustainable initiatives in our operations, because the Sahara family is a forward-thinking group of organizations that align with global agenda for sustainability. At Egbin, we think globally and act locally. That is why our sustainability roadmap is well-defined, while we complement it with deliberate action plans.”

According to Folake Soetan, CEO, Ikeja Electric, the leading distribution company will continue to champion the campaign on clean and sustainable energy geared towards improving the quality of lives and businesses in line with Sahara Group’s commitment to bringing energy to life responsibly.

She said,:“ Our creative product offering like the Bilateral power agreement model is running well in over 16 estates across Ikeja Electric’s network under which we are able to guarantee a minimum of 20hrs power supply. This alone has resulted in steep decline in the use of generators that usually would run on fossil fuel and also contribute harmful fumes to the atmosphere.

“We believe in what would drive clean and sustainable energy in the future, hence adopted technologies in our daily operations which has helped automate manual processes. Ikeja Electric introduced the electronic billing system which was the first in the history of the Nigerian power sector . This eliminated the use of paper in our billing cycle and the impact is huge, she said.

FIPL CEO, Dr. Kenechukwu Nwangwu said, “ We are proud to be part of Sahara Power Group’s continued efforts to drive sustainability in Africa. Our remarkable programs and innovations showcase our dedication to implementing green initiatives within our operations and we believe that through such technological advancements and collaborative projects, we can make a positive and lasting impact on the environment while contributing to the global efforts towards net zero emission and green energy.”

Subsidy: Oyo Govt.Constitutes Palliative Committee

Mohammed Shosanya

The Governor of Oyo State, Engr. Seyi Makinde has constituted a committee on Sustainable Action For Economic Recovery (SAfER).

The Commissioner of Information and Orientation, Prince Dotun Oyelade, explained that the committee is in accordance with the governor’s promise made during a statewide address to the people of Oyo state.

He said in a statement that the Committee is saddled with the implementation of various palliatives for the citizens of Oyo State, in the light of the hardship caused by the subsidy removal.

The 15-man committee is headed by the Chief of Staff, Hon. Segun Ogunwuyi, while the Secretary is the Commissioner for Budget and Economic Planning, Prof. Musibau Babatunde.

Other members include the Commissioner of Finance, Mr Akinola Ojo; Commissioner of Agriculture and Rural Development, Bar. Olasunkanmi Olaleye; Commissioner for Local Government and Chieftaincy matters, Mr Segun Olayiwola.

Also in the Committee are the Commissioner of Information and Orientation, Prince Dotun Oyelade; the Special Adviser, Labour Matters, Comrade Bayo Titilola-Sodo; Senior Executive Assistant, General Duties, Chief Bayo Lawal; the Executive Assistant, Finance, Budget Economic planning, Alh. Kolawole Gafar.

Other members of the committee are Commissioner of Police, Sunday Odukoya (rtd); Senior Special Assistant, Special Duties, Miss Ololade Ajibola.

The Christian Association of Nigeria (CAN) and Muslim community are represented by Bishop Daniel Oluwajimade and Alh. Muniru Ogundipe.

The Chairman, Nigeria Union of Journalists, Mr. Ademola Babalola represents the union, while Mr. Jide Bamgbose represents Civil Society Organizations.

The governor advised the committee to let the sufferings of the masses propel their loyalty and admonished them to move with speed and efficiency.

Nigeria Needs Stringent Reforms To Ramp Up Tax Revenues —  Muhammad Nami

Mohammed Shosanya

Executive Chairman,Federal Inland Revenue Service,FIRS,Muhammad NAMI,says for Nigeria to attain optimum tax revenue collection capacity across the Federal, States and Local Government tax authorities, the country must make hard but necessary reforms that would yield long term benefits.

He spoke at the 153rd meeting of the Board which held on Monday in Abuja with the theme: “Harmonization and codification of taxes at the National and Sub-national levels: Key to achieving a tax friendly environment in Nigeria.”

Mr. Nami,while delivering his address to the Board stated that for progress to be made in taxation, tax authorities must continue to explore and adopt measures and innovative initiatives that will lead to the optimisation of tax revenue for all levels of government.

“As the new administrations attempt to address the many socioeconomic challenges facing the nation on many fronts, it becomes imperative for all the levers of State to shake-off any lethargic antecedents and focus on the goal of a national resurgence.

“The unique and privileged offices we occupy as drivers of the nation’s tax administration processes presents us with a rare opportunity to take hard, but necessary decisions that are expected to yield long term benefits and add immense value to our collective prosperity as a nation.

“In recent years, especially since the dawn of our current democratic dispensation, the importance of taxation has continued to be reiterated and reinforced by all, and the critical role that tax-revenue plays in funding government and governance cannot be over-emphasized.

“However, as we continue to make progress in our unique model of taxation, it is appropriate that we continue to explore and adopt measures and innovative initiatives that will lead to the optimization of tax revenue for all the levels of government, in more efficient, more effective, more inclusive, and more sustainable ways.

“It is only by achieving this, that our efforts as tax administrators can trigger the manner of activity required in the productive sectors of our economy, towards achieving the immense economic potentials that we are capable of,” Mr. Nami said.

Nami,who is also the Chairman of the Joint Tax Board further assured Executive Chairmen of State Revenue Authorities present that given the thrust of the current administration’s tax policy direction, the country was on the pathway to eradicating multiplicity of taxes as a core of its overall economic regeneration objectives.

Mr. Taiwo Oyedele, Chairman, Presidential Fiscal Policy & Tax Reforms Committee,while delivering a presentation on the theme of the meeting highlighted that multiple taxation was causing low tax morale in the country, as well as discouraging investments, while creating room for corruption and making doing business difficult.

The Presidential Fiscal Policy and Tax Reforms Committee Chairman further noted that the solution to the country’s revenue challenges is not to introduce more taxes, but to focus on the few taxes that are high yielding, noting that with these, tax authorities would be able to collect far more than is currently being collected.

He stated that for the government to raise more revenue, it needed to get to a point where the total number of taxes collected at the Federal, State and Local government levels would be at a single digit.

“We also need to clarify on taxing rights. We need to integrate tax collection functions—that is, all revenues that are to be collected must be collected by a single revenue agency. Government must also do well to fund our tax agencies well. We also need to harmonise revenue administration and simplify our approach to tax compliance,” Mr. Taiwo stated.

He advocated the need for the country’s tax authorities to use more technology, review the country’s constitution and tax laws, as well revisit Nigeria’s concept of fiscal federalism.

Enugu Govt.Bans Collection Of Levies On Highways

Mohammed Shosanya

The Enugu Government has banned the collection of levies and tolls on highways and roads in the State under any guise.

The secretary to the state government, Professor Chidiebere Onyia,disclosed this in a statement on Monday.

He said,the government views with displeasure the activities of those who constitute nuisance on our roads and deploy all manner of crude tactics to extort monies from vehicles transporting goods, farm produce and livestock in our state, in the name of collection of levies and tolls on behalf of government.

He also said such anti-business activities of syndicates operating on our highways and roads are contrary to the current government’s determination to dismantle obstacles to the ease of doing business in the state.

According to him,the current administration will not pay lip service to its stated commitment to expand the Enugu economy sevenfold by promoting economic activities, enabling private sector investments, offering incentives to boost the productive sectors such as agricultural and agro-allied activities in the state.

He said,those willing to engage in lawful economic and business activities in our state shall be encouraged to do so as they are beneficial to the state.

He added:”Government is also taking steps to eliminate multiple and illegal taxation in the state, including collection of taxes and revenues by individuals via cash payments, manual issuance of receipts, and paper tickets. Government is convinced that tax and revenue collection must be convenient and friendly via technology while addressing leakages.

“In view of the foregoing, the Enugu State Government hereby bans the collection of levies and tolls along highways and roads in the state by individuals or groups of individuals purportedly acting on behalf of government. They have been, by this announcement, put on notice to quit all highways and roads within the state as failure to comply will attract severe consequences.

“The ban takes effect immediately. A taskforce has been constituted to enforce the ban. Henceforth, anyone caught in the illegal act shall be prosecuted”.

Super Falcons, D’Tigress African Champion Worthy Ambassadors -Peter Obi

Mohammed Shosanya

The presidential candidate of the Labour Party (LP) in the 2023 election, Mr Peter Obi,has commended Nigeria’s Senior National female football team, the Super Falcons on their outstanding performance in the female World Cup competition despite their defeat at the knockout stage on Monday by England.

Obi,in a statement on Monday, called the members of the female national team and their handlers worthy ambassadors of Nigeria and gallant losers.

He observed that the fact that the girls were edged out on penalty shootouts “showed that you were formidable and as good as the England National Female team that won the match on penalty kicks.

He added:”You have demonstrated the indomitable and fighting spirit for which Nigerians are known all over the world. You were worthy ambassadors of Nigeria as your conduct, on and off pitch, throughout your stay in the competition was decent and exemplary.

“A typical Nigerian is not known for drug deals and thuggery but diligence and integrity which all of you displayed throughout your stay in Australia, hosts of the competition.The fact that this is the best performance of the Super Falcons in their World Cup outings so far means you did not come back empty-handed.

” I congratulate all of you and urge you to keep your fighting spirit as we are confident that the Nigeria of your dream would soon be realized”, Obi stated.

The female national team was defeated by England through penalty shootouts on Monday after their game at full-time and extra time ended in a draw.

He also congratulated our female National Basketball team, the D’Tigress who emerged as champions of Africa for the fourth consecutive time in the 2023 FIBA Women’s Afrobasket championship.

He added:”We are proud of what they have accomplished and happy with the victory they brought to our nation.

“I appreciate them for their sacrifices and years of training which pushed them to victory. And to their coach, Rena Wakama, who just etched her name in the books of history as the first female coach to win the competition since its inception in 1966, I celebrate her.

“D’Tigress and the Super Falcon have proven again that Nigerian youths are highly talented, and can compete favorably on the global stage, with the right training and opportunities. We will make it happen because the best is POssible for our nation”

NLNG Restates Commitment To Empowerment Of Nigerian Journalists

Mohammed Shosanya

The Nigeria Liquefied Natural Gas Limited,has restated its commitment to empowering journalists with the tools and skills needed to effectively convey stories that resonate with the Nigerian populace in the current digital age.

Mr Andy Odeh, NLNG’s General Manager of External Relations and Sustainable Development,disclosed this at the completion of the second edition of the company’s 2023 #NLNGChangeYourStory workshop in Abuja.

Mr Odeh reiterated NLNG’s belief in fostering symbiotic relationships with its stakeholders, recognising their indispensable role in the company’s current and future success.

“The growth and triumph of NLNG’s stakeholders are inextricably tied to the company’s growth, and thus, capacity building remains a cornerstone of NLNG’s commitment to collective progress. NLNG’s dedication to capacity building is not mere rhetoric but a tangible commitment that bolsters the growth and success of both stakeholders and the nation. It is also in line with our vision of being a globally competitive LNG company helping to build a better Nigeria,” he said.

He added that NLNG’s quest for sustainability led to the recognition of digital communication and social media as the future of the media. He stated that the workshop was initiated in 2015 when eight journalists participated in the first #NLNGChangeYourStory workshop.

The workshop, delivered by seasoned journalist Mr Dan Mason in collaboration with The Journalism Clinic, led by Mr Taiwo Obe, proved to be a transformative experience for the participating journalists. Leveraging their wealth of knowledge and experience, these experts adeptly guided participants through the nuances of digital communication and social media, empowering them to take control of their narratives and shape the nation’s stories.

From 1st August to 3rd August 2023, the annual capacity-building workshop brought together a diverse group of more than 25 journalists from various editorial sections in Abuja.

The event, fully sponsored by NLNG, focused on mobile and multimedia journalism, offering participants a comprehensive learning experience.

#NLNGChangeYourStory workshop has benefited over 90 journalists since 2015, reinforcing their digital communication and social media competencies. The workshop is an inspiring testament to the transformative power of state-of-the-art training. Journalists emerge equipped with the confidence and skills to embrace digital communication and social media.

Osun: Amotekun Nabs Ex-convict Over Attempt To Abduct Eight-Year-Old Girl

Mohammed Shosanya

The Osun Commander of Amotekun Corps, Retired Brig.-Gen. Bashir Adewinmbi,has arrested an ex-convict while allegedly attempting to kidnap an eight-year-old girl.

Adewinmbi,in a statement on Monday,said that the suspect, a resident of Lawole Compound Iresi town, was arrested on Saturday at about 2:30p.m, after he was discovered by residents trying to forcefully drag the girl away.

“The suspect,he said, tried to lure the girl with N50 who was sent on an errand by her mother, but later forcefully grabbed her and tried to take her away when the girl refused to collect the money from him.

“It was at the point of trying to drag the girl away that the girl raised the alarm, attracting residents to what he was doing.

“Residents later chased after him, arrested him and called in Amotekun officers from Olorunda Local Government to take him away.

“During interrogation, the suspect confessed to the crime and added that he planned to use the girl for money ritual, if he had succeeded,” the commander said.

According to him, the suspect upon interrogation allegedly said had the girl collected the N50, “she would have disappeared and reappeared at his herbalist’s place in Ejigbo, where the ritual is expected to take place”.

Hei added that the suspect said he had been convicted before for robbery but now works as a block moulder.

The commander,who said the suspect had been handed over to the police for further investigation,advised parents to be careful about the movement of their underage children and not allow them wander around without supervision.

NAF Air Strikes Destroy Boats Conveying Stolen Crude Oil

Mohammed Shosanya

The Nigerian Air Force (NAF) air strikes have destroyed boats carrying stolen crude oil in Rivers State

The operations occurred on Saturday 5 August 2023 at about 4 Nautical Miles South-East of Bille, a riverine area located west of Bonny Island and South of Port Harcourt, in Rivers State,according to a press statement made available to journalists on Monday by
Edward Gabkwet, Air Commodore
Director of Public Relations and Information, Nigerian Air Force.

It noted that the air strikes became necessary after three boats were sighted tapping crude oil from a pipeline. Consequently, the boats were engaged and destroyed by the aircraft. Flying towards Port Harcourt.

The statement said the crew also observed an active illegal refining site with tanks and reservoirs loaded with suspected illegal refined products, about 4 miles South-east of Idama in Rivers State.

The site was subsequently attacked and destroyed,it said.

“Air strikes against these economic saboteurs will be sustained until they desist from their acts of thievery and economic sabotage.

“The Chief of the Air Staff, Air Marshal Hasan Abubakar, has since directed all air component commanders nationwide to ensure they team up with other security agencies as they sustain air strikes on all criminal elements in the country. According to him, “The days of treating criminal elements in our country with kids’ gloves is over. We must continue on this trajectory until we bring all of them to their knees,”the statement

FCC Chairman,Dankaka Instructed Me To Collect N75m Bribe From Job Seekers-Former Official

Mohammed Shosanya

Mr Haruna Kolo, the former Integrated payroll and Personnel information system (IPPIS) desk officer, Federal Character Commission,who was accused of collecting monies from people to offer them jobs,Monday admitted to have collected monies totalling over 75 million from persons on the directives of Farida Dankaka, FCC Chairman.

Kolo disclosed that Mrs Farida Dankaka was the the one that instructed him to collect the monies to his personal bank account number which is Eco bank, and pay to her in cash which he did at several meetings at her house, where they meet.

He revealed this at the ongoing investigative hearing by the House of Representative ad-Hoc committee investigating federal ministries, department and agencies, parastatals and tertiary institutions on mismanagement of the Integrated payroll and Personnel information system (IPPIS).

According to him,he resigned from FCC on the 2nd of November 2022 to begin work at Asset Management Cooperation of Nigeria but salary was still paid to his account from FCC on two occasion which he said he reported to the FCC Human Resource officer but was told it was not an issue and that it would be handled carefully.

He explained that when Farida Dankaka came to Federal Character as the executive Chairman, Dankaka appointed him as a protocol officer which he carried out his duty diligently.

On the allegations of job racketeering,he said the FCC Chairman instructed him to liaise with one Mr Shehu who is a personal driver and PA to the Taraba state commissioner. As a desk officer, and Mr Kolo admitted that he was responsible taking whoever that was employed to IPPIS for capturing, no one had access going there without a letter from the Chairman or Human Resource officer of FCC.

He added: “When she came, she wrote a letter to the Accountant General instructing that no letter from FCC should be honored except she signs the letter. So when ever there were new employment, she signs, give to me and I take to the Accountant General’s office for capturing.

“Shehu is the one that brought those who paid monies to my account for job, some paid 1million others 1.5 million all to my personal account, my Eco bank account. She asked me to give cash to her which I did through POS so there is not evidence of transfer or anything.

“On the allegation of working at 7 places, I was never at anytime involved in 7jobs, they are making the allegation based on assumption.

“The second allegation on my subsequent employment to AMCOM, that was as a result of her personal favour to me, we were 4 in number, she gave the appointment letter to myself Kadijah, Olushola, we all proceeded for interview at AMCON headquarters Abuja after which we were called upon for training on the 16th January 2023, after the training, I and Olushola were called to lagos. Unfortunately, Kadijah who is the Chairman’s biological sister was rejected, The Chairman accused me of been responsible for her rejection.

“I see no reason why the Chairperson will make allegations of such magnitude to my humble self. I have been threatened even at gun point and had to leave Abuja”.

He said: “Mr Chairman, I want this committee to know that after this sitting if anything happens to me the FCC chairperson should be held responsible.I have received threats so many times, even at gun point, to an extent I ran away, out of Abuja inorder to be safe”

Responding to various submissions by Haruna Kolo and the Chairperson FCC, the chairman of the committee, Yusuf Gagdi said the committee will leave no stone unturned to get the truth out for Nigerians to See, and for Kolo’s safety, it’s guaranteed.

“This committee will not sit down and watch taxpayers money being embezzled but this committee too will be very careful in indicting futures of people just as Osun was talking. I said in the speech I read I didn’t see relationship between selling this and selling that. I was very clear. I know why we were asking Kolo to give us evidence and we know why we were deferring this sitting for other witnesses that are alleged to have had financial dealings with Federal Character.

“Federal Character thank you for coming, Kolo appear here tomorrow. We are calling the other witnesses. We will allow you to do your work. Whosever that is found wanting will answer his father’s name, including Kolo Haruna.

“See Haruna Kolo, I am not saying anything will happen to you but by law you are not supposed to leave here without being arrested. For a civil servants that has thirty something million in his account that admitted publicly that you are serving as a front to aid corruption. So I am quiet, I think and I don’t want to take you up on that because we don’t want to be seen to be sentimental. We want to as much possible protect you to get evidence against you and against others.

“God will save you and God will save us all. Nothing will happen to you because anybody that wants to harm you knows that if they harm you we have suspect. So nothing is going to harm you.

Hon. Gagdi thanked the Federal Character, and begged that nothing should happen to Kolo, that Kolo is the committee’s ruling.

Nigerian Banks Wither Storm,Record Growth In Six Months

Nigerian banking sector recorded growth in the last six months,despite the challenges in the economic environment.

First City Monument BankGroup recorded a 148 percent growth in profit before tax to N38.2 billion for the half year ended June 30th, H1’23 from N15.4 billion in the corresponding period of 2022, H1’22,according to figures obtained from the Nigerian Exchange Limited (NGX),

The results showed that various divisions achieved robust earnings growth as follows: Banking Group 185.5%, Consumer Finance 10.3%, Investment Management 53.3%, and Investment Banking 54.3%.

Besides,FCMB Group’s gross revenue grew by 88.7% to N238.2 billion for June 2023, as against N126.2 billion for the same period in the previous year. The growth was driven by a 51.9% increase in interest income and a 216.9% increase in non-interest income.

Customer confidence in FCMB Group remained strong, as deposits rose by 45.3% year-on-year to N2.38 trillion at the end of June, up from N1.64 trillion in the corresponding period of 2022, whilst Loans and advances also grew by 37.4% to N1.54 trillion, compared to N1.12 trillion in the previous period.

The Group’s Assets Under Management (AUM) recorded an increase of 23.6% year-on-year to N910.3 billion at the end of June 2023, up from N736.4 billion at the end of June 2022.

Mr Ladi Balogun,the Group Chief Executive of FCMB Group, said: “We continue to leverage our unique Group structure to build a technology-driven ecosystem that fosters inclusive and sustainable growth in the communities we serve. This strategy enables us to deliver robust performance despite the challenging domestic and global environment. Barring unforeseen circumstances, this trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitization.”

FBN Holdings Plc also announced N206.3 billion profit before tax (PBT) in its unaudited half-year (H1) that ended June 30, 2023, which was a new record high for the oldest financial institution in Nigeria.

The profit before tax recorded stood at 213.8 percent higher, against the N65.7 billion declared by the parent company of First Bank in the first half of 2022.

FBN Holdings in 2022 full year result and accounts declared N157.7billion PBT and in 2021, it announced N166.7billion PBT.

Some factors that contributed to the outstanding increase in the FBN Holdings PBT and profit after tax figures included: N656.5billion gross earnings reported in H1 2023, an increase of 83 percent from N359.2billion reported in H1 2022, and N257.9billion non-interest income in H1 2023, a growth of about 113.8 percent from N120.6billion in H1 2022.

Its balance sheet position improved significantly, as total assets crossed the N14 trillion mark as of June 30, 2023.

FBN Holdings declared N14.18 trillion in total assets as of June 30, 2023, an increase of 34 percent, from the N10.58 trillion reported in the 2022 full year.

The increase in total assets was driven by N5.26 trillion customer loans and advances (Net) as of June 30, 2023, an increase of 39 percent from N3.79trillion and N9.04 trillion customer deposits as of June 30, 2023, a growth of about 27 percent from N7.21trillion reported in 2022FY.

Group Managing Director, FBN Holdings, Mr. Nnamdi Okonkwo, said in a statement, “FBN Holdings has continued to deliver a strong financial performance despite the complex operating environment, thanks to our reinforced foundations, deep market understanding, strong risk management, and execution capabilities.

“On the back of this and in line with our focus of driving further improvement in revenue generation and profitability, the group delivered strong growth in gross earnings and profit before tax, resulting in N656.6 billion and N206.3 billion, respectively, for the first half of 2023 financial year.”

He added:“Across our businesses, we continue to focus on customer-centric innovations with strong transactional and digital capabilities supported by sound risk management practices to anticipate and creatively deliver products and services that delight the different customer segments that we serve. Furthermore, we are committed to leveraging technology via digital platforms to enhance operational efficiency.

“Although the current operating environment remains challenging, we are confident of successfully navigating the terrain in our transformation journey to deliver sustainable value to our stakeholders.”

First Bank of Nigeria Limited,declared a profit before tax of N188.8 billion in H1 2023, up 214.6 percent from N60billion reported in H1 2022, while profit after tax hit N174.9 billion in H1 2023, an increase of 228.3 percent from N53.3 billion in H1 2022.

Chief Executive Officer of First Bank, Dr. Adesola Adeduntan, in a statement, said, “In the first half of 2023, First Bank Group delivered the strongest financial performance in the almost 130 years of the Bank’s history; with solid business momentum, increased revenue, and excellent returns. The result reflects the continued positive impact of our strategy and the tremendous progress that we have made in growing and transforming the Group. The result also highlights the resilience of our business model, customer relationships, and institutional capabilities.

“While the uncertainties in the macroeconomic and operating environment persist, I am confident that our purpose-driven strategy remains the right one and that our strong financial performance, alongside our business model and resilient portfolios, positions the Group well to continue to provide the required support to our customers as well as create robust and sustainable value to our shareholders.

“Given our extensive and diversified customer base of over 42 million customer accounts, our digital technology-enabled processing capabilities that ensure we process over 12 percent of the industry’s payment volume, our future-proof and cutting-edge digital banking platforms with over 22 million users that enable us to process more than 95 percent of customer-induced transactions on digital channels, the robustness of our balance sheet, and our institutionalised risk management culture and capabilities, we see a resilient franchise today and into the future.”

Besides,Wema Bank has achieved improved performance in its unaudited results for the half year ended 30th June 2023.

The improved performance includes gross earnings of 89.09bn, a y/y increase of 49 percent (H1 2022: 59.59bn),a statement said.

Interest Income also increased to 53 percent y/y to 76.11bn (H1 2022:49.75bn); Non-Interest Income up 32 percent y/y to 12.98bn (H1 2022: 9.85bn); Profit before Tax (PBT) was 12.05bn a y/y increase of 97 percent over the 6.13bn reported in H1 2022 and Profit after Tax (PAT) increased y/y by 97 percent to 10.48bn (5.30bn in H1 2022).

The bank grew its deposit year to date by 19 percent as of H1 2023 to 1,392.85bn from 1,165.93bn reported in FY 2022. Loans and Advances also grew by 20 percent to 627.01bn in H1 2023 from 521.43bn in FY, 2022.

Mr. Moruf Oseni, the Managing Director/Chief Executive Officer of the bank, said: “Our H1 2023 results saw significant upsides with profit before and after tax growing strongly by about 97 percent. The management team at Wema Bank is focused on driving the execution of our current corporate strategy. Our embrace of technology is helping us deliver seamless best-in-class services while offering compelling value propositions to customers. Hence, we are seeing record-breaking returns across the board. Finally, we continue to see improvements in our corporate, commercial, and retail businesses as evidenced by our strong loan growth.”

He said with the improved stability in the operating environment, the bank’s earlier approved rights issuance will be commencing this 3rd quarter of 2023.

“It has been a good half-year performance for Wema Bank with gross earnings growing by 49 percent year on year and earnings per share at 163.0 kobo. In addition, our cost-to-income ratio at 72.71 percent has witnessed significant improvement from the previous period. We have also succeeded in making Wema Bank an integral part of the Fintech ecosystem in Nigeria with our ubiquitous Fintech infrastructure support play,” Oseni added.

Ecobank Group 2023 second-quarter results show a 63% increase in pre-tax profits to N92.52 billion. The increase in second-quarter profits helped its half-year profit before tax to rise by 38% to N150.31 billion compared to N108.96 billion same period last year.

In the highlights from the Q2 Earnings: Interest Income for the quarter was N238.67 billion compared to N161.09 billion in the corresponding quarter of 2022. Fees and Commission Income gained 25% to N71.01 billion from N56.73 billion recorded in the same period last year.
Other Operating Income increased significantly by 262% to N13.07 billion from N3.61 billion reported last year. Pre-tax profit for the quarter increased to N92.52 billion from N56.89 billion profit in Q2 2022.

Impairment charges on loans and advances declined by 34% to N17.93 billion from N27.02 billion. Loans and advances to customers increased by 58% to N8.03 trillion.

Deposits from customers for the half year ended 30th June 2023 increased to N14.71 trillion as against N9.60 trillion recorded as of 31st December 2022. Earnings Per Share increased to N3.19 from N2.20 .

Commenting on the half-year financial statement, Jeremy Awori the CEO of Ecobank Group, said: “Our results for the first six months of 2023 demonstrate the benefits of our diversified business model, resilient balance sheet and our commitment to serving our customers”.

“Profit before tax increased by 18% to $308 million and by 67% if you exclude foreign currency translation effects. Net revenues were up 14% to $1,037 million, or 38% in constant currency, and we delivered a return on tangible equity of 27%.

“We achieved these results despite continued challenging macroeconomic conditions in the second quarter, with significant weaknesses in African currencies, high consumer prices, and tepid economic growth.

“We have made meaningful progress in formulating our strategic roadmap, which will provide the blueprint for our Growth, Transformation and Returns agenda. Over the last few months, as I engaged with our customers, colleague Ecobankers, and other stakeholders, my confidence in our growth opportunities has been reaffirmed.

“We see opportunities to build stronger and better customer relationships in our businesses, forge strategic partnerships and be the go-to Payments bank, leveraging our superior platforms. In addition, we will take forward our transformation and growth agenda for our corporate, commercial and consumer banking businesses. Notably, achieving our goals will require even more discipline in execution, proactive risk management, and focus on delivering for our customers.”

“The prudent management of our balance sheet and capital remains a priority. We will also continue investing in our best-in-class technology, retaining and attracting talent while reinforcing the right culture”

“Finally, I am proud of Ecobank’s contributions across the African communities in which we operate, and equally proud of the good work Ecobankers do for our customers daily,” Awori added.