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Wema Bank announces 196% profit before tax in 2023 financial reports

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Wema Bank announces 196% profit before tax in 2023 financial reports

The Wema Bank Plc has announced its full Year 2023 audited financial statement, recording profit before tax growth of 196 per cent from ₦14.75bn to N43.59 billion.

The bank also proposed a dividend per share of 50kobo; up from 30 kobo in 2022 and deposit growth of 60 per cent to ₦1,860.57bn from ₦1,165.93bn reported in FY 2022.

“Return on Equity (ROAE) of 39.28%, NPL of 4.31% and N40billion 1st tranche of Capital raise awaiting final regulatory approvals,” a statement from the bank said.

While commenting on the results, the MD/CEO, Mr. Moruf Oseni said, “2023 showcased a revitalised Wema Bank as evidenced by the considerable improvements in our numbers. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 196%.”

He noted that the growth of Gross Earnings by 72%, Total Assets by 56% and earnings per share at 279.5 kobo shows the core improvements to the bank’s balance sheet.

“In addition, our cost to income ratio at 64.37% has witnessed significant improvement from the previous period.

“We also completed our N40bn Capital raise exercise (results awaiting final verification by regulators). This exercise actively positioned us for the new capital licensing requirements of the Central Bank of Nigeria. Wema Bank will accelerate its capital management plans and ensure we embark on the journey to raise the required capital as quickly as possible.

“The Bank will be proposing a dividend per share of 50 kobo to its shareholders at the next Annual General Meeting; this is in line with the Bank’s capital conservation strategy and to ensure that it continues to provide returns to its shareholders in anticipation of additional capital raises scheduled for later this year.

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“We are satisfied with the bank’s performance in the first year of the new leadership team, as we move in a strong growth trajectory. Our target remains clear, we want to become a Top-Tier Bank in the industry powered by Digital excellence, we have carved a niche for ourselves with ALAT as a Retail platform, but we are now positioning the enterprise as the Intelligent platform for all financial services.

“We have partnered with the Federal Government on upskilling Two Million MSMEs, provided engagement platforms for all NYSC members and are now implementing partnerships in Health, Education, Women empowerment and in the green economy.

“In the months ahead, we would be developing platforms and supporting initiatives that prioritise the needs of our customers, leveraging technology in solving problems across all sectors.”

 

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Business

NAHCO targets N100 billion revenue in five years, plans investment diversification

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The Nigerian Aviation Handling Company Plc (NAHCO Aviance) says it aims to rake in N100 billion revenue over the next five years while focusing on diversifying its investment portfolio. NAHCO chairman, Dr Seinde Fadeni, said this on the sidelines of the company’s Annual General Meeting in Lagos.

According to Mr Fadeni, the company has concluded plans to diversify its investment portfolio to create new jobs and contribute significantly to resolving the country’s foreign exchange crisis.

He said that the company was convinced that the food export holds significant potential for foreign exchange earnings due to its impact on the livelihoods and prosperity of many Nigerians.

He said that although the company was navigating safely around challenges confronting the air transport space, he urged the government to improve airport infrastructure.

This, he noted, would help to keep pace with the future growth plan.

He said that industry stakeholders could look at implementing policies that support sustainable aviation fuel.

Mr Fadeni said that concrete targets should be set and steps taken to execute innovations that support the industry and the world’s net zero CO2 emission goals.

“NAHCO believes that the government at the centre should work towards reducing the financial burden for airlines and passengers by reviewing applicable taxes. This way, more payees would be brought into the tax net. Not too long ago, the International Air Transport Association declared that Nigerian airports charge foreign airlines about 27 levies.

“This makes Nigerian airports the most expensive in the world, discouraging airlines from flying into the country. This is not the kind of laurel Nigeria should be proud of. It is a disincentive to investment to both active and prospective investors. The government should address this situation and also heed the industry’s calls for the harmonisation of the regulatory environment, particularly at the ports, in a way that aligns with global best practices. The nation’s “Ease of Doing Business” mantra should be in practice and not in theory only,” Mr Fadeni said.

Supporting the federal government’s Renewed Hope Infrastructure Development Fund, the NAHCO boss said that it should have an overall industry impact.

He highlighted some of the challenges in 2023, including increased cost of handling an aircraft that required the approval of the Nigeria Civil Aviation Authority.

He said, “The very act of getting new rates approved has its challenges as well. It is therefore not uncommon to see ticket prices rising geometrically while ground handling rates charged by service providers to airlines remain solidly stagnant.”

Mr Fadeni spoke on plans to reinvest in its facilities to enable it to retain its position in the ground handling and warehousing business.

He said that the company’s ambition to be a global integrated logistics giant was beginning to take shape with the establishment of its subsidiaries.

Also, the company group managing director, Indranil Gupta, said the company intended to diversify investment into other sectors of the economy to grow.

Mr Gupta said that NAHCO would continue to invest in operational equipment to drive sustainable growth.

Source: Peoples Gazzetes

 

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Aviation

Ibom Air: 5 years of unprecedented operations in Nigeria

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Established on June 7, 2019 by its founder, former governor Udom Emmanuel for the Akwa Ibom State government, Ibom Air

Established on June 7, 2019 by its founder, former governor Udom Emmanuel for the Akwa Ibom State government, Ibom Air has become one of the strongest local airline brands and increasingly becoming known internationally.

Reacting to the feat, the immediate past governor of Akwa Ibom State, Emmanuel Udom said, “While I was in the flight now, I was putting on smile because of the work the airline has done so far.

“ The aircraft that brought us now from Lagos is the only Airbus A220 300 series of Airbus and of course, you know it’s efficient and you know, that’s the real modern technology in terms of aviation, and aircraft manufacturing. We have created something and that’s the whole concept of creativity and ideas. Coming up with some concept or ideas or creativity that people can be proud of like Ibom Air is something that I must give glory to God.”

He also said for local airlines to succeed and compete favourably with foreign counterparts, the government must provide certain concessions and preferences.

Udom stated this at the Nnamdi Azikiwe International Airport, Abuja on Thursday while reacting to Ibom Air’s five years operations.

According to him, “I keep saying this. Forget what the western world is trying to tell us. There is no country on planet earth that does not have a kind of subsidy for the citizens. I’m not calling for subsidy for airline business, but they should be given preference on certain things because we operate from this market. So whether you like it or not, the economy of any country cannot move or cannot grow if people cannot move from one point to another.

“I think there are some concessions that should be given to the local airlines and the aviation industry so that people can move from one point to another. I wouldn’t say more than that. “

 

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Business

Shareholders approve FCMB’s plan to raise additional N150bn capital

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Shareholders approve FCMB’s plan to raise additional N150bn

The Shareholders of FCMB Group Plc have authorised the company to raise additional capital of up to N150 billion through the issuance of securities comprising ordinary shares, preference shares, etc. subject to the regulators’ approvals.

The shareholders gave the approval yesterday, in Lagos, during the 11th Annual General Meeting (AGM) of the FCMB Group Plc.
The Group Chief Executive Officer of FCMB Group Plc, Mr. Ladi Balogun, said raising the additional capital would enable the group to secure a national banking licence as required by the Central Bank of Nigeria (CBN).
Balogun said: “Our first objective is to secure a national licence, which is what we will be doing by the capital raising” that have been approved by shareholders at this AGM.

He said that the group, “will now be proceeding to raise capital up to N150 billion initially that will take us substantially clear of the national licence and we hope to conclude that by the end of Q3 2024.
“Then we will commence the subsequent phases and the Phase Two will be to consolidate the bank’s franchise while the Phase Three will be starting sometime next year where we will close out the gap between Phase Two and Phase Three.

“We have very clear plans and we have a number of options and any combinations of the options that we have will get us there.”
He added: “One of the advantages that we have as a group is that we are much more than a bank. The value of our individual businesses within the group is far greater than our market capitalisation.

“So it gives us a lot of options and I am very confident that these options will gradually be falling in place and by next year when we come to the AGM for the 2024 financial year end, we should have certainly surpassed the requirement for national banking licence and be very advanced on meeting the international licence requirement.”

He added that the group’s aspiration is to raise enough capital to receive an international banking licence before the end of March 2026.
The Chairman of FCMB Group Plc, Mr. Oladipupo Jadesimi, said that the group’s strategy to raise the capital include “showcasing where it is now in terms of achievements and the tremendous value we believe the group will unlock. We are confident that we will be through.”

Jadesimi declared that for the full year that ended on December 31, 2023, that the group declared a profit after tax of N93 billion.
A review of the group’s FY 2023 results showed a strong performance across key financial indicators. FCMB Group’s post-tax profits were up 198.8 per cent to N93.0 billion from N31.1 billion recorded in December 2022.
This translated to a Return on Average Equity (ROAE) of 25.2 per cent and Earnings per Share (EPS) of N4.70 kobo for the year.

Source: This Day

 

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Aviation

Turkish Airlines to resume flight operations to Nigeria May 25

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Turkish Airlines to resume flight operations to Nigeria May 25

Turkish Airlines says it will resume flight operations to Nigeria on May 25 following the disruption of the company’s operations.

In a report by NAN on Friday, the airline said the decision came after discussions with officials from the Nigerian Civil Aviation Authority (NCAA) and the Federal Airports Authority of Nigeria (FAAN) during which they assessed its request.

“Due to actions at our counter at the Lagos Murtala Muhammed International Airport that jeopardised our flight safety and continued for four days, we had to cancel our scheduled flights to Lagos as of Tuesday, May 21,” Turkish Airlines said.

“Turkish Airlines, prioritising the safety and security of its passengers and crew, will resume flights to Nigeria on Saturday, May 25, as it has done since 2006.

“As long as the NCAA and FAAN authorities take the necessary precautions and maintain safety of flights, crew, Turkish Airlines Lagos personnel, and passengers at the airport, we will continue to operate with the same sensitivity.”

Turkish Airlines said the decision was also influenced by a joint press release from the NCAA and FAAN, which announced that additional security measures would be implemented to prevent similar incidents from happening again.

The airline said Olubunmi Kuku, FAAN general manager, provided a written statement, promising to implement unprecedented measures to ensure the safety of its operations.

“We want to thank the authorities for the assurance they provided, and we will like to emphasise that Turkish Airlines is the airline flying to more countries than any other in the world,” the airline said.

“We adhere fully to the laws and regulations of the countries we operate in and act in accordance with international business ethics principles.

“We have informed the relevant authorities that we will not be able to carry out the scheduled flights until our flight safety is guaranteed and requested assurances from them.”

On May 22, NCAA said it would not hesitate to impose severe penalties on Turkish Airlines for its alleged mistreatment of Nigerian passengers.

NCAA said over 300 passengers were affected by the discord involving the Turkish Airlines and aviation unions, as the carrier has cancelled flights in and out of Nigeria from May 21 until May 23.

The Nigeria Labour Congress (NLC), on May 21, picketed Turkish Airlines in Lagos over the dismissal of some of its members.

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Economy

Worst days over, Tinubu tells Nigerians

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On the invitation of the Prime Minister of the Kingdom of the Netherlands, Mark Rutte, President Bola Tinubu will on Tuesday, April 23,

President Bola Tinubu yesterday, told Nigerians that the worst days are over for the Nigerian economy, assuring that his administration would continue to take steps to deliver the dividends of democracy.

The President also accused State governors of being a clog in the wheel of development of the local government as the third tier of government.
Speaking when he received a delegation of the Yoruba Leaders of Thought at the State House, the President, according to a statement issued by his Media Adviser, Ajuri Ngelale, emphasised that governance must be transformative and must address the critical needs of citizens.

According to him, the past 12 months have been fulfilling for his administration despite the presence of some challenges being addressed frontally.
His words: “It has been challenging. It has been fulfilling as well. We took over, and we have stopped the bleeding. I can say categorically now that Nigeria is no longer bleeding. And it will not bleed to death, but rather will now move to prosperity. That is the promise that I made to you all, and it is also the charge that you gave to me.

“We are managing to swim through the pond. The current is not a good one. We will turn the tide. We are turning the bend. This I assure you. I am being very careful. The worst is over for Nigeria. We will prevail.
“I thank the team who have been working really hard. All I can promise is that we will do whatever it takes. We are determined and we will work so that all Nigerians can feel the impact of good governance.”
The President also called for more effective local government system that fosters community development and delivers the essentials of governance within a strengthened federal structure.

He said: “Local government administration is being suffocated. People are looking at the opportunity to ensure that they survive and become more purposeful through community development programmes. What I will not support is any effort to make the local government a unitary system by handing all core responsibilities to the federal government. That is criminal when there is a federal system.

“We have a federal system. There is state and federal administration. States must do whatever is in the best interest of their own process of administration. There is no one-size-fits-all. That is what we should do by looking at the revenue formula and we must be consistent with federalism; fiscal federalism. Those are the things you should expect from me, not the knee-jerk reactions ahead of elections.
“Our population is growing. It is getting larger. The geographical requirement is getting bigger, so we still want more space for housing. The population is growing. So that is the basis for flexibility at the local government level. We must grow and expand.”

Tinubu, also called for the deepening of governance and the reinforcement of leadership across all levels of government and institutions, adding that his administration was committed to encouraging fiscal federalism and strengthening the system to enhance inclusion and equity for all Nigerians.
“Healthcare upgradation is ongoing. Road rehabilitation and construction is ongoing. Education development is ongoing. I am charging you to look at what is going on in the States. Pay attention to your State governors. Tell them to take their responsibilities seriously and make the people the focus of their development plans. Once there is synergy, then I can assure you that Nigeria will be one of the best nations that you will see anywhere on earth.

Tinubu assured Nigerians that his administration would ensure they get value for every kobo spent, and that his government would leave a lasting legacy of prosperity to future generations, while removing the yoke of poor governance and expanding access to qualitative public goods.
“We will get value for our money, and it is not for ourselves, but for our children. Our children will not inherit the burden of bad governance. Yet, they will enjoy the prosperity of Nigeria as a blessed nation from our very hands; from our sweat. We will bequeath to them a nation full of pride and prosperity,” he further said.

While thanking the delegation of eminent Nigerians, the President urged continuous support for and faith in Nigeria, assuring them that his government would live up to expectations.
“I can tell you that Nigeria is no longer printing paper money and deceiving itself that it has a base for survival. Nigeria went through terrible labour pains, but we have seen the baby coming out alive,” the President stated.
Earlier in his remarks, the National Secretary of Yoruba Leaders of Thought, Hon. Bayo Aina, who spoke on behalf of the Convener, Mr. Tajudeen Oluyole Olusi, commended the President for his prioritisation of investment in infrastructure across various sectors.

“We salute your timely initiative to upgrade, construct and modernise the infrastructure of our nation in health, aviation, transportation, as well as the education sector. We commend you for your commitment to providing responsible, responsive, and accountable governance in this country.
“At this point, we state without equivocation our total commitment to the vision of greatness that you have articulated, which is the destiny of Nigeria, not only within Africa, but globally and among the comity of nations before the end of the 21st century,” the National Secretary of the group added.

Source: This day

 

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Aviation

Air Peace EXPOSED! How Nigeria airline operating with unserviceable hydraulic system

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Air Peace EXPOSED! How Nigeria airline operating with unserviceable hydraulic system

Nigerian Safety Investigation Bureau (NSIB) has released final reports on the Serious Incident involving an Embraer EMB-145LR belonging to Air Peace airline.

The aircraft with nationality and registration marks 5N-BVD operated by Air Peace was involved in the serious incident at Kaduna Airport, Kaduna on 14th January, 2021

The report which was produced by the NSIB revealed that the aircraft had 53 persons made up of 49 passengers and four crew with fuel endurance of three hours before the incident occurred.

In its findings, the investigative committee discovered that the aircraft, which had earlier operated three sectors, started having issues while preparing for the fourth sector on ground in Kaduna.

“The Electric Motor Driven Pump (EMDP) was used to power the Hydraulic System. During Taxi, the Lead Cabin Crew informed the flight crew that there was an unusual sound from the over-wing to the aft of the aircraft. The flight crew concluded that the sound emanated from the EMDP and continued with pre-flight activities.

“The aircraft lined up for take-off and as it accelerated towards 119 kt, the take-off was aborted, thus initiating a sequence of events that eventually led to the failure of Number 1 and Number 2 Wheel Assemblies and additional damage to the aircraft.

The incident occurred at 12:09:20 h, daytime in Visual Meteorological Conditions (VMC).”

The causal factor according to the findings blamed the incident on the airline for operating the aircraft with an unserviceable hydraulic system leading to a high speed rejected take-off.

Among the contributory factors included non -leakage of Hydraulic System 1 due to a loose coupling on the hydraulic line servicing the Brake Control Valve and the pilot’s non-adherence to Air Peace Limited guidelines on diagnosis and reporting of faults.

The NSIB also released the final report on the incident involving a ground collision between the Skypower Aviation Handling Company’s (SAHCO) Lavatory Service Truck with Max Air parked Boeing 737-300 aircraft number 9/5.

The incident which happened in 2021, indicated SAHCO as a company was lacking adequate workers in its operations department.

The final report also blamed the driver of the truck for failing to act professionally by not establishing communication between himself and the marshaller for the repositioning of the truck.

 

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