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GTbank, Zenith Bank shares gain as Nigerian stock index up 1.66% at 36,920 points

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Nigerian stocks closed higher on Friday for the second consecutive day, lifted by shares in banking, cement and a consumer goods maker.

The main share index ended up 1.66 percent at 36,920 points after bargain hunters returned to take positions in Guaranty Trust Bank and Zenith Bank , two top lenders shunned early in the week over a disappointing interim dividend payout.

GTbank shares rose 6.47 percent to close at 39.50 naira, while Zenith Bank gained 6.61 percent to close at 24.53 naira.

The index of Nigeria’s top 10 banks gained 3.97 percent to lift the index.

The stock index had dropped to a 16-day low on Wednesday as some investors cashed in profits after recent gains.

The market had rallied for eight consecutive weeks and peaked at a 33-month high last week before profit takers took advantage of the gains.

Other gainers include Dangote Cement, which accounts for a third of the market capitalisation. The cement firm was up 2.37 percent to close at 225 naira, FCMB Group rose 5.36 percent, PZ Cussons gained 4.99 percent while energy company Oando rose 3.94 percent

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Banking

UBA Business Series To Equip SMEs With Performance Management Strategies For Organisational Growth

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UBA Business Series To Equip SMEs With Performance Management Strategies For Organisational Growth

UBA Business Series To Equip SMEs With Performance Management Strategies For Organisational Growth—-As part of its commitment to support the growth and sustainability of Micro, Small and Medium-scale Enterprises (MSME) in the continent, Pan African financial Institution, United Bank for Africa (UBA) Plc, is set to organise the next edition of its UBA Business Series.

The UBA Business Series which is a monthly event, is an MSME Workshop as well as a capacity building initiative of the bank where business leaders and professionals share well-researched insights on best practices for running successful businesses, especially in the face of the difficult operating environment that dominates the African business landscape.

Through this initiative,  UBA has been assisting with essential tips to help businesses re-examine their models and strategies and ensure that they stay afloat and remain thriving.

The topic for the next edition of the series  is ‘ Managing Performance for Business Growth,’  and it will be held on Wednesday, April 14, 2021 via Microsoft Teams. At this session, the Managing Director, Secure ID Limited, Mrs Kofo Akinkugbe, will be sharing useful tips and insights on the key strategies of performance management to boost business growth.

UBA Business Series To Equip SMEs With Performance Management Strategies For Organisational Growth

Akinkugbe is the founder of SecureID Nigeria, a MasterCard, VISA and Verve certified Smartcard Personalization Bureau and Digital Technology company. She currently serves as the Managing Director/CEO, Secure Card Manufacturing, – a Smartcard manufacturing plant producing high security identity cards and documents for the Banking, Telecoms and Public sectors across Africa and beyond.

The capacity building event is a virtual session which is open to all – including business owners and leaders – and will be held on Wednesday, April 14 th, 2021, at 2pm WAT. Interested participants can register via  http://bit.ly/UBASMEWorkshopMarch2021

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UBA’s Head, SME Banking, Sampson Aneke said of Akinkugbe,  ‘with her vast experience garnered over the years from various sectors,  she  will help business owners understand how performance management strategies can be effectively implemented to ensure business growth’.

He emphasised UBA’s commitment and deep passion for small businesses, which according to him, remains the engine of any developing economy adding,  “We know small businesses are the backbone of the economy in every country. In many climes, businesses with fewer than 100 employees account for 98.2% of all businesses. This no doubt captures the importance of SMEs to a thriving economy which is why UBA is committed to seeing them flourish.”

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JUST IN: Unity Bank Continues To Operate On Improved Key Performance Indicators

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Unity Bank Continues To Operate On Improved Key Performance Indicators”

JUST IN: Unity Bank Continues To Operate On Improved Key Performance Indicators—-Our attention has been drawn to some online reports on purported action of the board of Unity Bank on the performance of the Bank.

The Bank has a cohesive board that is working harmoniously with the Executive Management team led by Mrs. Tomi Somefun (MD/CEO) to drive the growth of the Bank.

 

The management of the Bank, with the support of its Board has made inroads into key sectors of the economy through initiatives and programmes that have improved the fortunes of the Bank over the past five years.

Unity Bank Continues To Operate On Improved Key Performance Indicators”

Notable amongst these are sale of the Bank’s legacy non- performing legacy loans, the relocation of its corporate head office to Lagos (the commercial hub of Nigeria), deliberate focus on digital, retail and commercial business as well as supporting the growth of the real sector of the economy through its participation in the Central Bank Nigeria (CBN) intervention funds to promote agri-business in Nigeria.

 

It is worthy of note that through the CBN’s Anchor Borrowers’ Programme (APB), the Bank has enrolled over one million farmers over the last three years which has boosted the production of critical food items in Nigeria (Rice, Maize, Cotton and Wheat) as well as creating of various value-chain opportunities and employment within the Agric Sector.

The Bank’s gross earnings for the 9 months ended September 2020 grew by 8 per cent to 33.906 billion from N31.256 billion in the same period in 2019.

The lender’s Profit Before Tax (PBT) for the 9 months grew by 6 per cent to N1.710 billion from N1.611 billion in 2019, while Profit After Tax, PAT equally grew by 6 per cent to N1.573 billion compared to the N1.482 billion recorded in the same period in 2019. Profit After Tax for the period stood at N543.135 million, an equally 6 per cent increase from the N514.631 million recorded in Q3, 2019.

A further review of the result showed that the Bank recorded an impressive 44 per cent rise in total assets to N420.870 billion for the 9- month period ended September 2020, from N293.052 billion in the corresponding period of 2019.

The lender also substantially grew deposits to N332.362 billion from N257.691 billion for the same period in 2019 – a 29 per cent increase showing improved customers confidence in the Bank.

The Bank in its statement issued through Nigeria Stock Exchange (NSE) on Friday, April 09, 2021 submitted its 2021 audited report to the CBN and currently awaiting final approval by the regulators.

 

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Banking

Central Bank Freezes Another 194 Accounts Of Firms, BDCs And Others

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Central Bank Freezes Another 194 Accounts Of Firms, BDCs And Others

Central Bank Freezes Another 194 Accounts Of Firms, BDCs And Others—The Central Bank of Nigeria on Thursday said it got orders from the Federal High Court, Abuja division, to freeze 194 bank accounts belonging to firms and Bureaux de Change to enable it to conduct investigations into suspicious activities.

It disclosed this on Thursday in three separate documents on its website.

In one of the documents, the CBN said it got an order to freeze 60 bank accounts of Bluebeam Capital Limited.

The accounts were domiciled in 13 different banks, the CBN as the plaintiff stated.

Central Bank Freezes Another 194 Accounts Of Firms, BDCs And Others

Bluebeam, as the respondent had eight accounts each in Access Bank and Keystone Bank; seven each in First Bank and Ecobank; five each in UBA and GTBank; four each in Fidelity Bank, FCMB and Sterling Bank; three accounts in Polaris Bank; two each in Wema Bank and Heritage Bank; and one in Providus Bank.

In another document, the CBN said it got an order to freeze 84 accounts in 17 banks.

The third documents revealed that the banking regulator had the court order to freeze 50 accounts domiciled in different banks.

The motions exparte which were signed on different dates sought the orders of the court to direct the banks to freeze all other bank accounts of the defendants for a period of 180 days, pending the outcome of investigation and inquiry being conducted by the CBN.

In the document signed by the Presiding Judge, A.R. Mohammed, the court empowered the CBN to direct the banks to freeze all the bank accounts for a period of 45 days only, pending the outcome of investigation.

It added that the order may be extended upon good reasons shown.

Any person aggrieved by this order could apply to the court to have the order set aside, discharged or have the order reviewed upon good reasons without waiting for the 45 days to lapse, the document stated.

The CBN on Wednesday disclosed it got an order to freeze 11 bank accounts to enable it conduct investigations into suspicious activities.

It had listed the names of the defendants/respondents as Albert Austin Ugochukwu with two bank accounts; Belfour Energy & Allied Services; Belfour Oil and Gas Limited with three bank accounts; Circle Flow Integrated Services; Kacynaus Reality Nigeria Limited with three bank accounts; and Tasmara Integrated Services.

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