Connect with us

Published

on

 

 

For nine (9) consecutive month running, 1,079 beneficiaries of the Senator Tokunbo Abiru COVID-19 Financial Assistance received direct credit in their respective bank accounts today across 98 wards of the 16 Local Governments and the Local Council Development Areas, LCDAs in the Lagos East Senatorial District.

 

Those that benefitted this September belong to the Batch A category. Over a thousand beneficiaries in the category B will receive support next month.

 

 The COVID-19 support scheme which kicked off  January, 2021 in fulfilment of the promise made by the distinguished Senator during the electioneering to assist the poorest of the poor across the Lagos East Senatorial District.

 

Selected beneficiaries have been getting N5000 assistance bimonthly (i.e once in two months) since the beginning of the year and it will run through the year by way of direct credit to their bank accounts.

 

Beneficiaries include physically-challenged persons, aged, unemployed youth, widows and other vulnerable people in the senatorial district.

 

Senator Abiru, an accomplished banker has been breaking new frontiers in less than ten months in the saddle.

 

The Senator’s legislative agenda which is predicated on provision of good to the greater number of the people is already being felt across the socio-strata in the district.

 

Concerned about the plight of constituents and other road users plying Ikorodu/Sagamu Road and Ikorodu/Itoikin/Epe Epe Road, the distinguished Senator moved a motion calling on the Federal Government to urgently intervene on the two critical roads.

 

Following the motion, Contractors have since moved to site on Ikorodu Sagamu Road.

 

Under same period, Senator Tokunbo Abiru sponsored a bill titled, ‘The Copyright Act Repeal And Re-enactment Bill, 2021’ that will replace the extant Copyright Act Cap C28 LFN 2004.

 

The critical bill that will revolutionize the knowledge and intellectual property industry has scaled second reading on the floor of the Senate. Public hearing will be held on the bill in October.

 

The Distinguished Senator also facilitated a four blocks of 24 classrooms equipped with furniture and modern instruction materials, 16 toilets to Aga Primary School. The completed blocks of classrooms is completed and billed for commissioning soon.

 

In Epe, a mini stadium is currently under construction. A 40-bed Primary Health Centre is coming to Agboyi-Ketu LCDA..

 

In October, a whopping 600 brilliant tertiary institutions students in the Lagos East Senatorial District will benefit from the Senator’s Annual Bursary Scheme.

 

And in November, The Office of Senator Abiru in partnership with Fate Foundation, about 1, 000 Micro, Small and  Medium Enterprises in the District will be trained in a two-day MSME Clinic.

 

Enitan Olukotun

 

Special Adviser to Senator Tokunbo Abiru

(Media and Publicity)


Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

ZENITH BANK ENDS 2023 ON A HIGH WITH REMARKABLE TRIPLE-DIGIT TOPLINE AND BOTTOM-LINE GROWTH

Published

on

Zenith Bank Plc has announced its audited results for the year ended December 31, 2023, achieving a remarkable triple-digit growth of 125% in gross earnings from NGN945.6 billion reported in 2022 to NGN2.132 trillion in 2023. According to the audited financial results for the 2023 financial year presented to the Nigerian Exchange (NGX), this impressive triple-digit growth in gross earnings resulted in a Year-on-Year (YoY) increase of 180% in Profit Before Tax (PBT) from NGN284.7 billion in 2022 to NGN796 billion in 2023. Profit After Tax (PAT) also recorded triple-digit growth of 202% from NGN223.9 billion to NGN676.9 billion in the period ended December 31, 2023.

 

The increase in gross earnings is primarily due to growth in interest and non-interest income. Interest income increased by 112% from NGN540 billion in 2022 to NGN1.1 trillion in 2023. Non-interest income grew by 141% from NGN381 billion to NGN918.9 billion in the same period. The increase in interest income is attributed to the growth in the size of risk assets and their effective repricing, alongside the rise in the yield of other interest-bearing instruments over the year.

 

Growth in non-interest income was driven by significant trading gains and an increase in gains from the revaluation of foreign currencies.The cost of funds grew from 1.9% in 2022 to 3.0% in 2023 due to the high interest rate environment while interest expense increased by 135% from NGN173.5 billion in 2022 to NGN408.5 billion in 2023. Notwithstanding the 32% growth in operating expenses in 2023, the Group’s cost-to-income ratio improved significantly from 54.4% in 2022 to 36.1% in 2023 due to improved top-line performance. Return on Average Equity (ROAE) increased by 118% from 16.8% in 2022 to 36.6% in 2023, underpinned by improved gross earnings, as the Group sought to deliver better shareholder returns. Return on Average Assets (ROAA) also grew by 95% from 2.1% to 4.1% in the same period.

 

The Group has continued to deepen its market leadership in key corporate and retail deposit segments as customer deposits increased by 69% from NGN9.0 trillion to NGN15.2 trillion in 2023. Its retail drive continues to yield dividends as retail deposits now constitute 46% of total deposits (compared to 44% in 2022) and grew by 77% from NGN3.97 trillion in 2022 to NGN7.04 trillion in 2023, also reinforcing increased customer confidence in the Zenith brand.Total assets increased by 66% from NGN12.3 trillion in 2022 to NGN20.4 trillion in 2023, largely due to growth in total deposits and the revaluation of foreign currency deposits. Gross loans grew by 71% from NGN4.1 trillion in 2022 to NGN7.1 trillion in 2023 due to the revaluation of foreign currency loans and the growth in local currency risk assets. As a result of the disciplined and diligent approach to risk assets creation and management, the loan growth did not significantly impact the Non-Performing Loans (NPL) ratio, which increased marginally from 4.3% to 4.4% despite the heightened risk environment and challenging operating environment, an attestation to the Group’s resilience despite headwinds and a challenging macroeconomic environment. Also, the prudential ratios remain within regulatory thresholds, with the Capital Adequacy Ratio (CAR) and liquidity ratio at 21.7% and 71.0%, respectively, at the close of 2023. As a demonstration of its commitment to shareholders, the bank has announced a proposed final dividend payout of NGN3.50 per share, bringing the total dividend to NGN4.00 per share.In 2024, the Group will complete the transition to a holding company structure, which is anticipated to position it advantageously for exploring emerging opportunities in the Fintech space while bolstering its digital and retail banking initiatives. Furthermore, the Group is undertaking urgent necessary actions to meet the new minimum NGN500 billion equity capital requirement to maintain its international authorisation within the timeframe stipulated by the Central Bank of Nigeria (CBN).

 

This will strengthen its presence in key markets to continue positioning for sustainable growth and value addition for stakeholders.Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as Best Bank in Nigeria, for the fourth time in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; the Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023, being listed in the World Finance Top 100 Global Companies in 2023; being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank,

 

Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria in the International Banker 2022 Banking Awards.Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

Continue Reading

EVENT

How Gov. Fubara Can Survive The Wike Threat 

Published

on

The leader of the INRI Evangelical Spiritual Church, Primate Elijah Babatunde Ayodele has said if only Governor Siminalayi Fubara of Rivers can manage the political crisis in the state wisely, he will survive the hostility.

 

According to him, Nyesom Wike, the minister of the Federal Capital Territory (FCT), will want to create a problem between Fubara and his deputy, Ngozi Odu.

 

Primate Ayodele stated this in a clip recently posted on his official X (formerly Twitter) handle, saying Fubara should expect more antagonism in Rivers State.

 

He stated: “The governor of Rivers state and Wike: Fubara is going to be entangled in a battle till the end of his term.

 

“He should be ready for a serious battle. His predecessor (Wike) will frustrate him, he will not forgive him, he will deny him of so many things, and he will use his party against him.”

 

Ayodele added: “The governor has just started his problem. It is a very serious crisis that he will face, honestly. And there is nothing the governor will do that will be appreciative.

 

Recall that Wike had anointed and worked for Fubara to succeed him as state governor. However, barely six months after Fubara got into office, he fell apart with his known political godfather.

 

The crisis took a new turn when some lawmakers loyal to Wike attempted to impeach Fubara, a situation that led to the bombing of a section of the assembly complex.

 

 

The 27 pro-Wike lawmakers, however, defected to the APC, a development that prompted Fubara-backed lawmakers led by Edison Ehie to declare their seats vacant after securing a court order to continue legislative business without interference.

 

President Tinubu in an attempt to solve the political crisis invited both factions to Abuja where an 8-point peace deal was signed.

 

However, since then, Wike and Governor Fubara have been at odds with each other, causing significant political tension in Rivers State

Continue Reading

Trending News