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Unity Bank Posts N33.9Bn Gross Earnings In Nine Months

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Unity Bank Plc has declared gross earnings of N33.90 billion for the nine months period ended Sept. 30, as against N31.25 billion recorded in the same period in 2019.

Mrs Tomi Somefun, the bank’s Managing Director and Chief Executive Officer disclosed in its unaudited results representing Q3 sent to the Nigerian Stock Exchange in Lagos.

The increase in gross earnings represents an eight per cent growth from the corresponding period last year.

Also, the bank’s total assets rose significantly to N420.87 billion in the nine-month period ended Sept. 30, from N293.05 billion in the corresponding period of 2019.

This represents a 44 per cent asset growth.

The bank also grew its bottom-line by six per cent as profit before tax rose to N1.71 billion from N1.61 billion in 2019.

Profit after tax equally grew by six per cent to N1.57 billion, compared to N1.48 billion recorded in the same period in 2019.

The bank substantially grew its customers deposit portfolio to N332.36 billion, from N257.69 billion for the same period in 2019, creating a 29 per cent increase.

Unity Bank had, earlier, rolled out massive customer-centric products to the public, especially in the retail space, which accelerated the banking patronage during the period.

Somefun welcomed the steady growth of the balance sheet, especially from both assets and liability side of the business and across key performance indices.

She said that this had sustained impact on the bottom-line, even as the bank continued to innovate in its e-business product bouquet to target and support value chain business with robust technology and thus diversify its earnings base.

“One of the areas that will define our strategic direction going forward is investment in alternative channels leveraging further deployment of resources in technology.

“COVID-19 gave us a chance to test the integrity and scalability of our technology, the IT infrastructure, and the electronic banking channels.

“This provided us an opportunity to see where we needed to improve and strengthen, knowing that the future of sustainable banking business is in alternative channels.

“The results can also be attributable to the bank’s growing brand profile and leadership in agribusiness, especially having provided loans and financing to over one million smallholder farmers, especially those in primary production and other value chain businesses in the agricultural sector,” she said.

According to her, during the period under review, the bank enhanced and deepened its collaboration and partnership with major commodity associations.

These include the Rice Farmers Association of Nigeria, Maize Farmers Association of Nigeria and the National Cotton Association of Nigeria.

The partnership is to finance over 400 smallholder farmers’ crop production with the overall strategic intent of fostering food security, employment generation and aggregate economic welfare of citizens across the value chains.

The bank also worked with processors and members of Millers Association of Nigeria to provide working capital through the CBN’s various intervention funds, while providing credit facilities to large number of input suppliers and vendors through the Anchor Borrower’s Programme.

Somefun said that the bank would continue to focus on agriculture, while deepening business in various new markets that had been developed alongside to pull more resources and enhance multiple streams of income.

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Business Edge | Nigeria, UAE Signs MOU, Eskom Faces R5 Million Over Kendal Power Station Pollution

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The Nigerian Government has signed a Memorandum of Understanding with the United Arab Emirates (UAE), which provides a platform for both countries to establish a Joint Commission between the two friendly countries, seeking to enhance cooperation and coordination between both countries in all fields.

Also, Eskom could face fines of up to R5-million under South Africa’s air quality legislation for supplying blatantly false and misleading information about its toxic pollution at the Kendal coal-fired power station to authorities.
On 28 January 2021, the state-owned energy utility will appear in the Emalahleni regional court on four counts of environmental transgressions.

Tolulope Adeleru-Balogun and Mukhtar Mohammed, CEO Asher Dynamic Solutions, discussed these on Business Edge.

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Nigeria’s Federal Government Approves N117 Billion for Road Rehabilitation

The Ministry of Works and Housing presented three memoranda, two relating to roads, and one relating to a banking application.

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The Federal Executive Council (FEC) on Wednesday approved N117.6 billion for the rehabilitation of some major roads across Nigeria.

This was disclosed to journalists by the Minister of Works and Housing, Babatunde Fashola, after the meeting chaired by President Muhammadu Buhari.

The Ministry of Works and Housing presented three memoranda, two relating to roads, and one relating to a banking application.

Read also: Full Text Of Nigeria’s President Buhari Budget Proposal Speech

“The first set of roads is for a total sum of N18,923,846,198.47, and it is with respect to roads and bridges as follows: rehabilitation of 26 km road linking Kano, Jigawa and the Katsina States, N8.767 billion; Omo-Umulokpa road in Anambra and the Enugu States, N1.712 billion; rehabilitation of Oye-Oranta road in Anambra, N2.504 billion; Okpoko bridge along Benue-Cross River road, N1.057 billion; the bridge at km 22.7 along Bida-Zungeru road in Niger State, N1.022 billion; Nkumi bridge linking Abia and Enugu States, N1.0.72 billion, and Challawa-Nunku road in Kombotso, Kano State, N2.787 billion.

“The other memorandum relating to roads is also for the total sum of N98,073,840, 842.81. The roads are Rijiya-Gusau road in Zamfara State, N7.799 billion; Jegga-Kwana-Sanagi-Gumi road in Kebbi State, N31.539 billion; Koko-Mahuta road in Kebbi, N19.713 billion; Kuka Babbangida-Ganagara road in Katsina State, N11.731 billion; Ihiala-Olu-Umudu road, N16.750 billion; Oye-Ama-Etite-Umuawulu road in Anambra, N2.155 billion and Bichi road in Kano State, N8.384 billion,” Fashola said.

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Arik Air Workers Ground Operations

They alleged that several members of staff had been furloughed, adding that pensions were being owed.

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Operations of Arik Air, one of Nigeria’s carriers have been grounded by the National Union of Air Transport Employees over poor working conditions.

The workers on Thursday blocked the entrance of the airline’s headquarters in Lagos, the country’s commercial capital in the South West, carrying placards with different inscriptions.

Some of the inscriptions read, “End Arik brutality”, and “Sign our condition of service and recall all staff.”

They alleged that several members of staff had been furloughed, and that pensions were being owed.

The Lagos state Secretary of NUATE, Ijeh Anthony, said the issue had lingered for long, vowing to continue the strike till all demands are met.

He said, “The contentious issue is the signing of the Conditions of Service which we have been negotiating for the past three years.

Read also: Unions Shut Down Nigeria’s Arik Air Operations Over Anti-Labour Practices

“But the only aspect remaining in the CoS is the issue of the severance package. We have sought interventions from the Ministry of Aviation, the Nigerian Civil Aviation Authority.

“However, in most discussions, Arik Air Management will always renege.”

At the Murtala Muhmmed Airport 2 terminal, several passengers booked for 8 am flights were stranded.

Some of the passengers were distraught after waiting for several hours.

Officials from the airline were seen trying to manage the situation.

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