Company Report
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CBN imposes N84.11m sanction on GTCO, Fidelity Bank
The Central Bank of Nigeria (CBN) has imposed N84.11million sanction on Guaranty Trust Holding Company Plc (GTCO) and Fidelity Bank Plc over market infractions. Extracts from half year ended June 30, 2022 showed that CBN imposed N42.86million penalty on Fidelity Bank for contravening its cryptocurrency policy. Fidelity Bank had received a sanction of N14.28 million for cryptocurrency infractions, according to…
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Zenith Bank, GTCO, 2 others declare N40.58bn interim dividend in H1 2022
Four banks, Stanbic IBTC Holdings Plc, Zenith Bank Plc, Guaranty Trust Holding Company Limited (GTCO) and Fidelity Bank Plc have declared N40.58billion interim dividend payout to shareholders in half year (H1) ended June 30, 2022 results and accounts. Fidelity Bank joined other elite banks in interim dividend payout, on the backdrop of impressive corporate earnings. Westernpost gathered that Stanbic IBTC…
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BREAKING: Hike in income tax expense erodes GTCO’s profit by 2.3%
Guaranty Trust Holding Company Plc (GTCO) on Monday reported 88.3 per cent increase in income tax expense to N25.69billion in its half year (H1) ended June 30, 2022 leading to 2.3 per cent decline in profit after tax in the period. The lender on the Nigerian Exchange Limited (NGX) reported N77.56billion profit in H1 2022 from N79.4billion in H1 2022,…
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FMDQ Exchange approves registration of Infinity Microfinance Bank’s N5bn CP
The FMDQ Securities Exchange Limited (FMDQ Exchange) said it has approved the registration of the N5billion Commercial Paper (CP) Programme of Infinity Microfinance Bank Limited on its platform. According to the Exchange, the successful registration of the CP Programme is yet another notable drive to develop a vibrant and efficient debt market despite economic and market uncertainties. This is the…
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Fidelity Bank announces N25.08bn PBT, declares N0.10 interim dividend
Fildelity Bank Plc on Wednesday announced N25.08billion profit before tax in its half (H1) year ended June 30, 2022 audited results, representing a 21.57 per cent increase from N20.63 billion reported in half year ended June 30, 2021. The result and accounts on the Nigerian Exchange Limited (NGX) also showed 20.71 per cent increase in profit after tax to N23.31billion…
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Dangote to save forex, through 40% sugar import substitution
…To employ 30,000 youths in Nasarawa The management of Dangote Sugar Refinery Plc has resolved to significantly reduce the importation of sugar into the country by 40 per cent, thus paving the way for the employment of over 30,000 youths. President of Dangote Group, Aliko Dangote explained recently in a chat with newsmen that it was embarking on Phase II…
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Fidelity Bank gets CBN approval to acquire 100% equity stake in Union Bank UK
Fidelity Bank Plc on Tuesday said it has received the Central Bank of Nigeria (CBN) approval to acquire 100 per cent equity stake in Union Bank UK. Union Bank UK plc, a UK incorporated bank, is a wholly-owned subsidiary of the Union Bank of Nigeria and TitanTrust Bank Limited had purchased a controlling stake in Nigeria’s second-oldest lender. Company Secretary,…
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Access Holdings receives regulatory approval for FGPL acquisition
Access Holdings Plc on Monday said it has received final regulatory approval to acquire majority equity stake in First Guarantee Pension Limited (FGPL). Company Secretary, Access Holdings , Mr. Sunday Ekwochi, in a statement noted that sequel to its earlier announcement on May 19, 2022, the Holdings has now received full regulatory approval of its acquisition of majority equity stake…
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MTN kicks off 5G pilot in Nigeria
…prepares for commercial launch in 7 cities MTN Nigeria Communications Plc on Wednesday said it has kicked off an open 5G pilot in the lead-up to its highly anticipated commercial launch. The Company, which intends to launch 5G services in Lagos, Abuja, Port Harcourt, Ibadan, Kano, Owerri, and Maiduguri, is testing the next-generation network infrastructure. Customers with certain enabled devices…
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Heritage Bank tasks youth on saving toward target goals
Heritage Bank Plc has urged the youth to adopt saving culture that would help them to set timeline to attain their goals. Speaking at the Elevate Conference in partnership with Heritage Bank with the theme, “Express Me! Entertainment and me,” in Lagos, Ag. Group Head, Corporate Communication, Ozena Utulu disclosed that the institution is at the forefront of preparing millions…
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