Stanbic IBTC Bank Nigeria PMI hits 18-month high in July, amid strong demand conditions

Nigeria’s private sector began the second half of the year on a positive footing as they continued the run of expansion that began in July 2020. Quicker upticks in output, new orders, purchases and employment supported growth. Despite this, firms were able to keep backlogs at bay, though sentiment did moderate to the weakest since last September. On the price front, higher raw material, wage and transportation prices were linked to another robust rate of overall input price inflation. Output prices also rose sharply. The headline figure derived from the…

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Appeal Court upholds N61.4m judgment sum against First Bank

Efforts by First Bank Plc to upturn the N61. 436, 548.90 million judgment sum awarded against it by a Lagos High Court, has met a brick wall, as a Lagos division of Court of Appeal, dismissed its appeal against the judgment, for lacking in merit. Apart from dismissing the appeal, the three man-panel presided over by Justice Theresa Ngolika Orji-Abadua, also awarded a cost of N200, 000, 00 against First Bank Plc in favour of Musical Copyright Society of Nigeria (MCSN), the respondent in the appeal marked CA/LAG/CV/653/2019. MCSN had sometimes…

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Zenith Bank GMD, Onyeagwu calls for increased impact investment for Africa’s development

The group managing director/chief executive of Zenith Bank, Mr. Ebenezer Onyeagwu, has called for increased impact investing in Africa for the continent to attain its full potential. He made the call during his keynote address at the Africa Investment Risk & Compliance Summit 2021 organised by the Emerging Business Intelligence & Innovation (EBII) Group which held at the prestigious University of Oxford, United Kingdom, on Friday, July 30, 2021. Mr Onyeagwu delivered his keynote address after the special keynote address by His Excellency, Nana Addo Dankwa Akufo-Addo, President of the…

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Transcorp Plc records 713% profit growth in half year performance

Transnational Corporation of Nigeria Plc (Transcorp) has released its unaudited results for the half-year ended June 2021, recording significant improvement across its major income lines.  The Conglomerate with strategic investments in the Power, Hospitality, and Energy sectors, recorded a profit after tax of N6.5bn, rising by 713percent up from N0.8bn recorded in June of the previous year. Other key highlights of the result include the following: Revenue rose by 53percent, from N35.0bn in June 2020 to N53.3bn in the period under consideration. Gross profit grew by 60 percent, from N14.7bn in…

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Stanbic IBTC provides guidance on investing in uncertain times

As part of efforts to continually enlighten the investing public about the available safe and transparent investment options, Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings PLC, recently organised a webinar themed ‘Investing in Uncertain Times’ via Instagram, as part of the Stanbic IBTC #BlueTalks series. The session featured Fadekemi Obasanya, head Investment Management and Ekene Nwaokoro, Fund Analyst, both of Stanbic IBTC Asset Management. The discussion centred around educating the public on the fundamentals of investing and viable investment options, especially in an uncertain economic terrain.  Fadekemi…

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Olam targets increased support for smallholder farmers to accelerate Post-COVID-19 recovery in Africa

As the world continues to grapple with the impacts of the global coronavirus pandemic, Olam, a leading food and agribusiness, is deploying its expansive global capability to strengthen the livelihoods resilience of smallholder farmers in Africa. According to a survey conducted by Olam to evaluate the impact of the outbreak on the African farming communities, smallholder farmers on the continent showed vulnerabilities to the shocks and aftereffects of the global disruptions on agricultural value chains. The survey report which was presented recently, during a webinar themed ‘The Impact of COVID-19…

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Stanbic IBTC Bank identifies opportunities for SME growth in Nigeria

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, recently hosted a webinar where it reiterated its zeal and commitment to assisting the Small and Medium Enterprises (SMEs) ecosystem in Nigeria. The webinar with the theme “Scaling Your Business in Challenging Economic Times”, was well attended by enthusiastic entrepreneurs looking to overcome the economic challenges currently faced by their businesses.  In his opening remarks, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, listed the COVID-19 pandemic, dearth of innovative solutions and lack of access to adequate business finance as…

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Zenith Bank named best Commercial Bank in Nigeria

Zenith Bank Plc has been named the Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021. The award, which was announced in the July 2021 edition of the World Finance Magazine, was based on individual banks’ ability to adapt to a continually evolving technological environment while maintaining top-class customer relations and bolstering their financial footing amidst the upheaval of the COVID-19 pandemic. Commenting on the award, the Group Managing Director/Chief Executive of Zenith Bank Plc, Mr. Ebenezer Onyeagwu said that: “This recognition reflects our resilience and ability…

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Court dismisses First Bank appeal to recover N556m liquidated Fund

Court dismisses First Bank appeal to recover N556m liquidated Fund The  Lagos Division of Court of Appeal has dismissed an appeal filed by First Bank of Nigeria Plc aimed at recovering the sum of N556, 493,034.16 million, owed by the defunct can. First bank of Nigeria Plc had approached Appeal court seeking to upturn the judgment of a Lagos Federal High Court, delivered by Justice Ibrahim Buba in suit numbered FHC/L/CS/1662/2016 instituted by the bank against the Nigeria Deposit Insurance Corporation (NDIC) the Liquidator of Lead Merchant Bank Plc. In…

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Crown Flour Mill flour fortification compliance efforts get global commendation

In recognition of its efforts and investments in food fortification and infrastructure, culminating in Nigeria’s first state-of-the-art vitamin premix facility, Crown Flour Mill Limited (CFM), the flour milling subsidiary of Olam Nigeria, an agribusiness conglomerate, has received widespread commendation for consistently delivering highly fortified, quality and affordable food staples that meet global standards and improve public health. This assertion was made at a Food Fortification webinar, organised by the Global Alliance for Improved Nutrition (GAIN), on Wednesday, June 30, 2021, the flour milling company has successfully ramped up its food…

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