Category: Industry

Q1’25: Fidelity Bank Grows PBT By 167.8% To N105.8bn

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Fidelity Bank Plc, one of Nigeria’s leading Tier-1 financial institutions, has announced a remarkable financial performance for the first quarter of 2025, recording a Profit Before Tax (PBT) of N105.8 billion, representing an impressive growth of 167.8 per cent compared to N39.5 billion in Q1’24. The bank’s unaudited financial statements, released on the Nigerian Exchange (NGX) on April 30, 2025, highlight a substantial increase in Gross Earnings, which rose to N315.4 billion, marking a year-on-year growth of 64.2 per cent from N192.1 billion in the same period last year. Growth…

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AIO Strengthens Ties With Nigerian Insurers, Pledges Better Return For Members

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The African Insurers Organisation (AIO) has moved to strengthen collaboration with the Nigerian insurance market while pledging more value in return for insurance companies of its member countries.     The Secretary General of the AIO, Mr. Jean Baptiste, said this during an official visit to the Nigerian Insurance Market in company of the AIO’s Communication and Public Relations Officer, Mr Charles Moki, hosted by the Nigerian Insurers Association (NIA) in Lagos.     The visit of the AIO officials to Nigeria began with a meeting with the NIA Chairman,…

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IMF: Nigeria Taking Significant Steps To Stabilise Economy

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  Following series of reforms embarked upon by the Federal Government, a team of experts from the International Monetary Fund (IMF) has confirmed that Nigeria is currently on the right path to stabilising the economy. In an End of Mission statement signifying that the IMF staff have completed the 2025 Article IV Mission to Nigeria, the mission chief for Nigeria, Mr. Axel Schimmelpfennig, issued a statement confirming Federal Government’s positive journey to stabilising the economy. The team visited Lagos and Abuja on April 2–15 to hold discussions for the 2025…

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Third Party Motor Insurance: Checkmating The Police Advantage

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  The issuance of a licence to the Nigeria Police Force to own and operate insurance business appears to have distabilised the conventional operators as the deed becomes a cutting edge for the law enforcement officers to corner a number of the policies to themselves through sheer intimidation, especially the most rewarding Third Party Motor Insurance cover, Sunday Ojeme reports   Over the last couple of years, the Nigerian insurance sector has struggled against so many odds. Fuelled by both internal and external misadventures, the sector has basically struggled endlessly…

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Adeyanju: How We Arrived At N200, 000 Minimum Wage For Our Workers

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The Peesident-General, Maritime Workers Union of Nigeria (MWUN), Comrade Adewale Adeyanju, in this interview with Sunday Ojeme, speaks on challenges in the shipping sector and steps taken to improve workers’ welfare. How has government policies been affecting the mariritme sector of recent? It’s affecting us severely. The vessel traffic has gone below the global standard. Vessels that used to come with 500 containers now come with just 100 containers and that has impact on the workers in such a company. The economic impact is coming to the workers because the…

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NLC Loses Track Of Ajaero’s Whereabouts after DSS Arrest

JUSTINA EMMANUEL OKPARA

…Holds Emergency Meeting   Officials and members of the Nigeria Labour Congress (NLC) are currently apprehensive over the whereabouts of their President, Joe Ajaero, after his arrest by the DSS earlier today. A statement issued by the Head of Information and Public Affairs, NLC, Comrade Benson Upiah, said the Congress was yet to ascertain his whereabouts or his state of health as all efforts made to get in touch with him have proved abortive. According to the statement, “this morning, the President of the Nigeria Labour Congress (NLC), Comrade Joe…

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Capital Formation: Coronation Registrars Charts Path To Sustainable Wealth

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  With most Nigerians finding it difficult to save for the future due to several factors, the management of Coronation Registrars has identified the role investment in securities could play in capital formation. In a webinar themed, “The Role of Capital Formation and Dividend in Building Sustainable Wealth,” organised by the firm, the President and Chairman of Council, Institute of Capital Market Registrars, Oluseyi Owoturo, gave a direction on building sustainable wealth. Speaking on the importance of reinvesting dividends, he said dividends could be a good source of capital formation…

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Q1’24: Fidelity Bank Records 120.1% Growth In PBT To N39.5bn

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In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 120.1 per cent growth in Profit Before Tax from N17.9 billion at the end of Q1’23 to N39.5 billion for Q1’24. This was made known in the bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, April 30, 2024. According to the statement, Gross Earnings increased by 89.9 per cent yoy to N192.1 billion from N101.1 billion in Q1’23. The increase was led by a combination…

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Q1’24: Zenith Bank Posts 189% Growth In Earnings

JUSTINA EMMANUEL OKPARA

Zenith Bank Plc has posted an impressive triple-digit growth of 189 per cent in Gross Earnings, from N270 billion reported in Q1’23 to N781 billion in Q1’24, its unaudited results for the first quarter ended March 31, 2024 have shown. This is despite the challenging operating environment and tightening monetary policy stance. From the unaudited statement of account submitted to the Nigerian Exchange (NGX) on Friday, May 3, 2024, this impressive growth in the topline also enhanced the bottom line, as profit before tax (PBT) rose to N320 billion in…

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ASR Africa Begins Construction Of N250m Sports Complex In UniJos

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The Abdul Samad Rabiu Africa Initiative (ASR Africa), the philanthropic initiative of the Chairman of BUA Group, Abdul Samad Rabiu (CFR, CON), has kicked off the construction of the N250 million sports complex for the University of Jos. The sporting facility, which is situated at the Naraguta campus of the university, is set to consolidate the preparedness of the university in hosting the Nigerian Universities Games Association (NUGA). The facility will feature a 300-seater spectator stand, changing rooms, a lawn tennis court, and a basketball court. Speaking at the event,…

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