Wednesday, February 24, 2021
Zenith Bank Shows Resilience as Profit Hits N231bn
Zenith Bank Plc yesterday released its audited results for the year ended December 31, 2020, showing earnings growth despite the challenging operating environment. The bank’s net interest stood at N299.682 billion, up from N267.031 billion in 2019, while net fee and commission income was N79.332 billion as against N100.106 billion in 2019. Read more
Stanbic IBTC Offers Low-Interest Agric Loans
Stanbic IBTC Bank Plc has reaffirmed its commitment to the growth of Nigeria’s agriculture sector by supporting farmers and other players in the agricultural value chain. As the demands on agribusinesses change seasonally, the financial institution provides financing solutions for agricultural enterprises to suit their requirements. Read more
FMDQ Exchange Admits Parthian Partners’ N20bn Commercial Paper
FMDQ Securities Exchange has registered the Parthian Partners Limited N20 billion Commercial Paper (CP) Programme to its platform as part of its efforts to assist corporates access funds from the debt capital market (DCM). The DCM has continued to witness significant activity among corporates seeking a viable avenue to raise capital to meet their financing needs. Read more
STI Settles N13.3bn Claims in Five Years
Sovereign Trust Insurance (STI) Plc said it has in the past five years paid a total of N13.3 billion to its policyholders. The company, in a statement said the claims were paid out between 2016 and 2020, adding that the payments underscored its strong financial ability and undeterred commitment to guarantee peace of mind to all its customers as they go about their businesses without fear on a daily basis. Read more
Diesel price soars to N250/litre, businesses groan
The price of Automotive Gas Oil, also known as diesel, has risen to a high of N250 per litre, with businesses taking a beating on the back of rising energy costs. Our correspondent observed that some filling stations in Lagos had increased the price of the product to N250 per litre, while many others sold it at between N220-N245. Read more
Dangote refinery’ll strengthen naira, save economy – National Assembly
The National Assembly has said the oil refinery being built by Dangote Group will strengthen the Nigerian currency and prevent economic doom when it comes on stream. The legislature said this on Tuesday during an inspection visit to the site of the Dangote refinery, petrochemicals complex, fertiliser plant and subsea gas pupeline projects in Ibeju Lekki, Lagos. Read more
AM Best affirms credit ratings of AXA Mansard
AXA Mansard Insurance Plc has said that its rating outlook by the global insurance rating agency, A.M. Best as stable and its Financial Strength Rating of “B+” (Good) and “bbb-” (Good) for the Issuer Credit Rating has been affirmed. It said this in a statement on Tuesday titled ‘AM Best affirms credit ratings of AXA Mansard Insurance’. Read more
Senate says deregulation inevitable, reiterates plans to pass PIB by Q1
As the dilemma on fuel pricing and subsidy lingers, the National Assembly has stated that full deregulation of the oil and gas industry is inevitable going by events in the global economy as well as the need to make the sector competitive. Read more
‘Infrastructure, forex undermining real sector interventions’
Improvement in local manufacturers’ confidence in the economy as well as sectoral recovery, remains challenged by parlous state of infrastructure and poor implementation of policies, especially those related to the palliative given to the manufacturing sector in the form of reduced interest rate, operators have said. Read more
