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Daily Business News Brief- October 5th, 2022

5
Oct

For Second Time in 45 Years, NNPCL Declares Profit, Rakes in N674bn After Tax Revenues- Thisday
For the second time in its 45-year history, the Nigerian National Petroleum Company Limited (NNPCL) , formerly a corporation, yesterday declared a Profit After Tax (PAT) financial position, announcing that it raked in N674 billion for the 2021 financial year. The amount is 134.8 per cent or N387 billion higher than the N287 billion announced by the company in 2020…………Read More

Access Bank to Acquire 51% Majority Stake in Finibanco Angola S.A – Punch
Access Holdings Plc yesterday announced on the floor of the Nigerian Exchange Limited (NGX) that its wholly owned subsidiary, Access Bank has entered into a binding agreement with Montepio Holding SGPS S.A to acquire a 51 per cent majority shareholding in Finibanco Angola S.A.
Finibanco Angola S.A. is a profitable, well-capitalised full-service commercial bank with over 20 branches and around $300 million in total assets that has operated in Angola since 2008………….Read More

Banks’ Cost-to-income Spike as Inflationary Pressure Mounts – Punch
Following record inflation rate in Nigeria, deposit money banks (DMBs) in the country have consistently recorded hikes in cost-of-income ratio threatening earnings and profitability for 2022 full year results.   Cost-income is a ratio between the costs involved in running a business and the income the business produce. The ratio is important for determining the profitability of a bank and it gives a clear view of how efficiently the bank is being run- the lower the ratio, the more profitable the bank. …………Read More

Nigeria’s active mobile subscribers hit 210m – Punch  
The total number of active mobile subscribers reached 210 million in August 2022 from 208.6 million in July, with teledensity of 109.99 per cent. Internet subscribers also exceeded 152.2 million, with broadband penetration standing at 44.65 per cent.  The Executive Vice Chairman/Chief Executive Officer, Nigerian Communication Commission, Prof Umar Danbatta, who was represented by the Director, Consumer Affairs Bureau, Efosa Idehen, disclosed this at the NCC Day during the 17th Abuja International Trade Fair on Tuesday…………..Read More

Shareholders Approve Fidelity Bank’s N3.03bn Private Placement – Punch
Fidelity Bank Plc, has secured the approval of its shareholders to issue N3.03billion unsecured ordinary shares of 50kobo by way of private placement.  This was approved at the Bank’s Extra-Ordinary General Meeting (EGM) held in Lagos.  Addressing shareholders at the event which had the representatives of various regulators in attendance including the Central Bank of Nigeria (CBN), Nigeria Exchange Group NGX), Securities and Exchange Commission (SEC) and Corporate Affairs Commission (CAC), Chairman, Fidelity Bank, Mustafa Chike-Obi, said the EGM was called to ensure the Bank complies with Section 124 of the Companies and Allied Matters Act, 2020 (CAMA) and Regulation 13 of the Companies Regulations 2021 which require companies with unissued shares at the time of commencement of CAMA 2020 to issue such shares by December 31, 2022. ……….…..Read More
fake richard mille
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