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Daily Business News Brief – October 25th, 2022


UBA’s Q3 gross earnings hit N608bn – Punch
Africa’s Global Bank, United Bank for Africa Plc has disclosed that its gross earnings rose to N608bn as of the end of September 2022 from N493bn in September 2021.  A statement on its unaudited financial results for the third quarter ended September 30, 2022, showed it recorded impressive growth across all its major indices, replicating the performance it achieved in the first two quarters of the current fiscal year.…………Read More

Bank directors seek end to regulation affecting profit – Punch
Bank Directors Association of Nigeria has said payment of deposit insurance premium on the funds sterilised at the Central Bank of Nigeria as Cash Reserve Ratio is impacting on the profitability of the banks.  They spoke at BDAN’s annual summit in Lagos.  They said the continued payment of deposit insurance levy by banks to the Asset Management Corporation of Nigeria, the Nigeria Deposit Insurance Corporation, and some other regulations were threats to the industry……...Read More

Nigeria to Experience Food Shortages in Q1 2023 AFAN Predicts – Thisday
The All Farmers Association of Nigeria (AFAN) has predicted that Nigeria would experience difficulties in its food supply between the end of 2022 and March 2023.  The AFAN also called on the federal government to provide incentives that would enable farmers to cultivate their farms all-round the year to avert future food crisis……….Read More

Naira has declined by 33.7% since the CBN banned sale of dollars to BDCs – Nairametrics
The exchange rate between the naira and dollar at the black market has depreciated by about 33.7% and counting since the Central Bank of Nigeria (CBN) banned the sale of dollars to bureau de change (BDC) operators.   When the CBN announced the ban on dollar sales to BDC operators in July 2021, the naira was trading around N500/$ on the black market. But now it is trading at an average of N755/$1. This is a 33.7% depreciation of the exchange rate on the black market………..Read More

Union Bank gets notification for mandatory takeover by Titan Trust Bank – Nairametrics
Union Bank of Nigeria Plc has notified its shareholders and the Nigerian Exchange Limited that it has received a Mandatory Takeover Offer (MTO) from Titan Trust Bank Limited.  A corporate disclosure by Union Bank, seen by Nairametrics, explained that the mandatory takeover offer is for Titan Trust to take over ownership of 1,927,532,558 (one billion, nine hundred and twenty-seven million, five hundred and thirty-two thousand, five hundred and fifty-eight) ordinary shares from Union Bank………..Read More
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