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Daily Business News Brief – May 4th, 2023

4
May

Access Bank gets regulator’s approval to acquire Angolan firm – Punch
Access Bank, the flagship subsidiary of Access Holdings Plc has received the approval of the Central Bank of Angola, Banco Nacional de Angola for the acquisition of majority equity stake in Finibanco Angola S.A.
This was disclosed in a corporate notice filed on the Nigerian Exchange Limited on Wednesday.
Access Holdings had earlier announced the deal on October 4, 2022 and had received the approval of the Central Bank of Nigeria…….. .. ………. …………. ……………..……..Read More

NGXGroup earns N412m in Q1 through cost-saving strategy, innovations – Guardian
For the period ended March 31, 2023, the Nigerian Exchange Group Plc (NGX Group) has achieved a Profit Before income Tax (PBT) of ₦412.2 million against ₦339.2 million recorded in the corresponding period in 2022.
Specifically, the Group’s unaudited result for the first quarter (Q1) showed 21.5 per cent rise in PBT from ₦339.2 million to ₦412.2 million while Profit After Tax (PAT) also rose from ₦148.3 million to ₦310 million, representing an increase of 109 per cent… ……… .. .. ….. .. ….. …….. …………….……..Read More

BUA Foods explains drivers of revenue growth in first quarter 2023 – Nairametrics
Nigeria’s leading consumer goods company and currently the most profitable business in the food manufacturing division has explained how it was able to generate 71% revenue growth in its Sugar division.
Nairametrics earlier reported, BUA Foods, Sugar division contributes about 64.6% to revenue and is by far its largest business segment. During the quarter, revenue from this segment surged by 71.7% to N93.2 billion in the first quarter of 2023 alone… ………. …………. . ….. . … …………….……..Read More

Wema Bank aims for tier-1 status – Punch
The Managing Director of Wema Bank, Moruf Oseni, has said that his goal for the bank is to get it into the tier-1 category of banks in Nigeria.
Oseni said this on Tuesday at the bank’s head office in Marina Lagos, during a celebration to mark the 78th anniversary of the bank.
“That is all I ask for. I can’t do it alone. There is no leadership without followership. You (staff members) must work with me on this journey. So please, let’s walk that journey together.”.. .. .,……. .. …… . ….. . … …………….……..Read More

Lasaco Assurance grows premium to N13.91bn – Punch
Lasaco Assurance Plc’s gross premium income rose from N10.96bn in 2020 to N13.91bn in 2022.
A statement said the company had continued to demonstrate a trend of steady growth over the past three years.
It said, “This positive development is reflected in the company’s gross premium income, which surged from N10.96bn in 2020 to N13.91bn in 2022, signifying an increased ability to attract a larger customer base and generate more revenue,” it stated…,…. .,……. .. …… . ….. . … …………….……..Read More
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