Guaranty Trust Holding Company Plc, commonly referred to as GTCO, has just unveiled its Unaudited Consolidated and Separate Financial Statements for the period that concluded on September 30, 2023. The financial results were released to both the Nigerian Exchange Group (NGX) and the London Stock Exchange (LSE). This is a significant disclosure that sheds light on the company’s financial performance and demonstrates its commitment to transparency. One of the standout achievements in these financial statements is the Group’s remarkable profit before tax of ₦433.2 billion. This figure represents an astonishing increase of 155.2% compared to the ₦169.7 billion recorded in…
Author: Temitope Nlewemchi
The Nigerian Postal Service (NIPOST) is actively pursuing a collaborative partnership with the Federal Ministry of Interior, aiming to utilize the ministry’s facilities for the secure delivery of international passports and other crucial documents. This strategic initiative marks a significant development in the effort to enhance the operational capabilities of NIPOST and underscores the importance of inter-agency collaboration. Miss. Tola Odeyemi, the Postmaster General of the Federation and CEO of NIPOST, shared this intent during her courtesy visit to the Ministry of Interior’s headquarters in Abuja, where she met with Rt. Honourable Olubunmi Tunji-Ojo, the Minister of Interior. In an…
Nestle, Unilever, the Mahindra Group, and Volvo Cars, among a coalition of 131 corporations with a collective global annual revenue nearing $1 trillion, have united in a call to action directed at political leaders ahead of the upcoming United Nations climate summit. These corporate giants are urging a decisive commitment to phasing out fossil fuels, and their united voice resonates with a resounding call for global change. This joint initiative seeks to establish a clear and comprehensive timeline for the gradual elimination of fossil fuels, addressing not only the needs of more affluent economies but also focusing on providing essential…
The soaring cost of essential food items has become a pressing concern, with significant price hikes observed in numerous markets across Lagos State. Nigeria is currently grappling with a sharp increase in the prices of goods and services, impacting the lives of its citizens in various ways. For instance, the price of a 12.5kg cylinder of gas has surged by 44% in October 2023, with an average cost of N13,750 per cylinder. This marks a substantial rise in the expense of cooking gas and adds to the financial strain on households. Additionally, the price of a 50kg bag of foreign…
The court hearing pertaining to the lawsuit filed by Nigeria’s former Minister of Petroleum Resources, Diezani Alison-Madueke, against the Economic and Financial Crimes Commission (EFCC) for the final forfeiture of her seized assets has faced a postponement, with the new date set for December 7, 2023. Initially slated for October 23, 2023, the delay arises due to the absence of the presiding judge, Justice Inyang Ekwo. This legal case, formally identified as FHC/ABJ/CS/21/23, holds a significant role in the ongoing legal proceedings concerning Diezani Alison-Madueke’s assets. The delay comes after prior preparations in which both Alison-Madueke’s legal representative, Mr. Benson…
The Federal Executive Council (FEC) took a momentous step on Monday by giving its full endorsement to the establishment of a substantial $5 billion annual trust fund dedicated exclusively to humanitarian and poverty alleviation initiatives. This significant decision was announced during the weekly FEC meeting, which was presided over by President Bola Tinubu at the State House. The approval, communicated by President Tinubu to the cabinet members in attendance, signifies a resolute commitment to addressing critical social and economic issues in Nigeria. The move was received with optimism and enthusiasm, as it represents a substantial investment in the betterment of…
Seven months have passed since Azman Air suspended its flight operations, and as of today, the airline has not yet resumed its services. This unexpected suspension took place in March of this year and was attributed to a shortage of operational aircraft. The airline stated that all four of its planes were undergoing maintenance abroad, leaving them unable to continue regular flight operations. Furthermore, on August 3, 2023, Azman Air placed its staff on “leave without pay.” Despite the airline’s initial promise to return to full operations in the near future, nearly three months have elapsed, and there are still…
DLM Trust Company Takes on the Role of Escrow Trustee for Patricia Technologies Limited’s Customer Deposit Repayment Plan In a noteworthy development, Patricia Technologies Limited has appointed DLM Trust Company as the Escrow Trustee responsible for managing and disbursing customer deposit repayments. This partnership is geared towards ensuring a seamless and secure process for returning deposits to Patricia Technologies Limited’s valued customers. Commencing from November 20th, 2023, DLM Trust will initiate the first batch of repayments to Patricia Technologies Limited’s customers. This collaborative endeavor underscores the commitment of both entities to uphold trust, transparency, and financial responsibility, while safeguarding the…
The Federal Executive Council, during its recent meeting in Abuja, gave the green light for a substantial loan application of $3.45 billion. This allocation of funds will be dedicated to the advancement of the power and renewable energy sector and the extension of the Adolescent Girls Initiative for Learning and Empowerment (AGILE) project. Mr. Wale Edun, who serves as both the Minister of Finance and the Coordinating Minister of the Economy, unveiled this significant development. The financing, which spans five different projects, is characterized by a long-term commitment, with a 40-year tenure, and a generous 10-year moratorium period. These loans…
Efforts by the Nigerian cryptocurrency trading firm, Patricia Technologies, to transform its clientele’s assets into equity stakes within the organization have been met with resistance. Several customers who were contacted by Infostride News revealed that they received an offer letter, signed by Patricia’s founder, Hanu Fejiro. However, they expressed reluctance to endorse the agreement, as they perceived it as an act of relinquishing control over their funds. These customers are determined to have their converted crypto assets returned to them in the form of Patricia Coin, without the need for their explicit consent. Their stance is rooted in suspicions of…
In the October 2023 edition of the “Imperative of Cutting Methane from Fossil Fuels” report published by the International Energy Agency (IEA), it was revealed that Nigeria is taking bold steps to address the critical issues of gas flaring and methane emissions. The nation has set ambitious targets to bring about a significant reduction in these harmful environmental practices. This initiative aligns with the global transition towards cleaner energy sources and the urgent need to reduce fossil fuel consumption and associated emissions, all while ensuring the availability of consistent energy services. The IEA’s report highlights Nigeria’s commitment to mitigating the…
McKinsey and Company, a renowned global management consulting firm, has recently released its October 2023 Global Energy Perspectives report, which sheds light on significant trends and projections in the energy sector. In this report, McKinsey anticipates that the demand for fossil fuels, particularly oil and gas, will reach its peak before the year 2030. This revelation has far-reaching implications for the future of the energy industry on a global scale. The report underscores that, in all conceivable scenarios, total demand for fossil fuels is set to peak within the next decade. While the demand for coal is expected to undergo…
Johnvents Industries Limited, a homegrown agribusiness and manufacturing conglomerate, takes great pleasure in announcing the successful redemption of its obligation related to the N5.5 billion Series 1 commercial paper notes, which were originally issued in December 2022. The journey of Johnvents since its inception in 2016 has been nothing short of remarkable. It has witnessed exceptional growth, with its revenue skyrocketing from N2.8 billion in 2019 to a staggering N59 billion in 2022. This meteoric rise is not just limited to the financial aspect; the company has also significantly expanded its scope of services. It has evolved from a modest…
Lagos and Kano have emerged as the top two states with the highest number of beneficiaries slated for selection in the ongoing applications for the Federal Government’s 3 Million Technical Talent (3MTT) program. This groundbreaking initiative, designed to harness and nurture technical talent across Nigeria, has already generated substantial interest, with applications pouring in from all corners of the country. Information made available by the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, in the program’s implementation plan indicates that in the first phase aimed at training 30,000 individuals, Lagos will see 2,040 trainees selected, while Kano State…
Dangote Industries Limited (DIL) and its subsidiaries are gearing up for a significant event, the Sustainability Week, set to take place from Monday, October 23rd, to Friday, October 27th, 2023. The theme for this year’s Sustainability Week is “Sustainable Production and Consumption – The Dangote Way.” The Sustainability Week is a meticulously planned, week-long event aimed at providing DIL and its subsidiaries’ employees with the opportunity to volunteer their skills and competencies for community impact initiatives. What makes this initiative unique is that the employees will be volunteering their time, which will be paid for by the organization, emphasizing the…
Ms. Olu Verheijen, the Special Adviser on Energy to President Bola Ahed Tinubu, has underscored the administration’s commitment to prioritizing security and Niger Delta development investments in its efforts to enhance oil production within the country. These critical insights were shared during her recent interview with CNBC Africa, conducted on the sidelines of the Africa Oil Week conference, held earlier this month. In the course of the interview, Ms. Verheijen emphasized that the government is keenly aware of the imperative to address security concerns, particularly the rampant issue of crude oil theft, in the Niger Delta region. Simultaneously, it recognizes…
Unilever Nigeria Plc, a renowned multinational consumer goods corporation, has reported impressive financial results for the nine-month period ending on September 30, 2023. According to the latest financial report submitted to the Nigeria Exchange Limited, Unilever Nigeria achieved a remarkable revenue of N81.57 billion. This figure signifies a substantial increase of 25.95% when compared to the N64.76 billion it generated in the corresponding period of the previous year. These financial indicators paint a promising picture of the company’s performance and financial health. Profit Resurgence One of the most striking aspects of Unilever Nigeria’s financial performance during this period is its…
United Capital Plc has recently released its third-quarter results for the year 2023, demonstrating a noteworthy performance in various key financial indicators. These results underscore the company’s strong position and resilience in the market. In the third quarter of 2023, United Capital reported a pre-tax profit of N4.175 billion, representing a substantial year-on-year growth of 7.57%. This impressive performance has propelled the company’s nine-month pre-tax profits to N9.718 billion, compared to N9.124 billion during the same period the previous year. Let’s delve into the key highlights of United Capital’s Q3 2023 performance compared to the same quarter in 2022: **Gross…
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has achieved a significant milestone by becoming a member of the prestigious Partnership for Carbon Accounting Financials (PCAF). This recognition places UBA as the sole financial institution representing West Africa among the 14 members of the global core team, which encompasses various regions. The selection process for this coveted position was highly competitive, drawing the participation of more than 50 well-qualified candidates from the PCAF signatory community. UBA’s successful admission underscores the bank’s unwavering commitment to sustainable finance. As a core team member, UBA will actively contribute to the development of…
United Bank for Africa (UBA) Plc, widely regarded as Africa’s Global Bank, has achieved a significant milestone by securing membership in the esteemed Partnership for Carbon Accounting Financials (PCAF). This recognition marks UBA as the exclusive financial institution from West Africa to join the ranks of the 14 global core team members representing various regions. The selection process for this prestigious membership was highly competitive, attracting applications from over 50 distinguished candidates within the PCAF signatory community. UBA’s exceptional commitment and leadership in sustainable finance made it stand out, and as a core team member, the bank will actively contribute…