Company Report
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IBEDC sacks Kingsley Achife as MD, names replacement
The Board of Directors of the Ibadan Electricity Distribution Company has relieved Mr Kingsley Achife of his appointment as the company’s Managing Director. The board refused to renew Achife’s contract, naming Francis Agoha as the Acting Managing Director of the IBEDC effective from May 31. Achife’s sack was contained in an internal memo dated May 31, a copy of which…
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Hardship: Dangote Foundation distributes rice to Ogun host communities
The Aliko Dangote Foundation (ADF)’s N15 billion National Food Intervention programme has landed in Yewa land as the Foundation commenced distribution of 40,000 bags of rice in Ogun state. On Tuesday, the 17 host communities of the Dangote Cement, Ibese plant, along with Itori, Igbogila, and Ilaro, received their share. Beneficiaries in Ibese and Araromi were accredited and received one…
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ICAN, NGX honour Dangote Cement for excellence in corporate reporting
Dangote Cement Plc has been honoured with the top prize at the inaugural Corporate Reporting Award, jointly organized by the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited. The leading cement manufacturer received the Platinum award for excelling across all three reporting categories, showcasing exemplary reporting practices that comprehensively address all relevant aspects of corporate reporting. According…
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Aliko Dangote Foundation, WEF announce 2024 class of Dangote Fellows
Aliko Dangote Foundation (ADF), in conjunction with the World Economic Forum (WEF) and Forum of Young Global Leaders (YGL), has unveiled gifted and high calibre individuals for the esteemed 2024 class of the World Economic Forum Young Global Leaders (YGL) Dangote Fellows. ADF and WEF, in a release, said, “With great excitement and anticipation, ADF and WEF announce this year’s…
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Fidelity Bank grows profit by 131.5% in 2023
…declares a final dividend of 60kobo per share Fidelity Bank Plc, has released its 2023 full year Audited Financial Statements, reporting a 131.5per cent growth in Profit Before Tax to N 124.26 billion. According to the results, which was issued to the Nigerian Exchange Limited (NGX), the bank grew Gross Earnings by 64.9 per cent YoY to N555.83 billion, driven…
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UBA’s profit hits N757.7bn in 2023 FY
…declares N2.30 kobo final dividend In another unprecedented performance, United Bank for Africa (UBA) Plc, has released its audited financial results for the full year ended December 31, 2023, showing exceptional and impressive performance across all its major indicators. The 2023 financials, filed by the Bank at Nigerian Exchange Limited (NGX) , showed an impressive leap in gross earnings, as…
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Wema Bank announces N43.59bn profit for 2023
Wema Bank Plc has announced N43.59 billion profit before in audited result and accounts for full year ended December 31, 2023, a growth of about 196 per cent from N14.75 billon reported in 2022. The bank’s impressive performance in gross earnings that hits N225.75billion in 2023, a growth of 72 per cent from N131.08billion in 2022 drive profit. Amid growth…
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Transcorp Power grew profit by 75%, declares N3.13 dividend
Transcorp Power Plc (Transcorp Power), one of the power subsidiaries of Nigeria’s leading listed conglomerate, Transnational Corporation Plc, has released its audited financial statements for the year ended December 31, 2023. The Company reported gross earnings of N142.1 billion for the 12 months, marking a strong increase of 57.30 per cent, from N90.34 billion reported in 2022. Profit before tax…
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Transnational Corporation declares N58.8bn PBT in 2023
Transnational Corporation Plc, Nigeria’s leading listed conglomerate, on Wednesday announced its financial results for the year ended December 31, 2023. The Group achieved substantial growth in its financial indicators, reinforcing its market leadership and strategic positioning as profit before tax surged by 93.5per cent, amounting to N58.8 billion in 2023, compared to N30.4 billion in the same period last year.…
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Access Holdings announces $1.5bn capital raising programme
…Targets N365bn by way of a Rights Issue as subset of Programme Access Holdings Plc, one of Africa’s leading financial groups, has unveiled plans to establish a Capital Raising Programme of up to $1.5 billion or its equivalent. The move is in line with the Central Bank of Nigeria (CBN) increased the capital base for commercial banks with international authorization…
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