NEWS AGENCY OF NIGERIA
MMA2 eyes international cargo transport, cold storage expansion

MMA2 eyes international cargo transport, cold storage expansion

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By Itohan Abara-Laserian

Murtala Muhammed Airport Terminal Two (MMA2) operator, Bi-Courtney Aviation Services Ltd., is finalising partnerships to venture into international air cargo transport.

 

Mr Remi Jibodu, the Head of Aeronautical and Cargo Services/Acting Chief Operating Officer of the organisation, made the disclosure in an interview with the News Agency of Nigeria (NAN).

 

He said that Bi-Courtney was discussing with some organisations on the issue and would soon finalise the talks.

 

According to Jibodu, apart from domestic air cargo transport, MMA2 is strategically positioned to accommodate international cargo transport.

 

“We can have an arrangement, where people will come and drop or pick their cargoes.

 

“What we want to do is not just a physical thing. We are having a lot of connections digitally, whereby people can access us, and there are a lot of people at the background supporting that vision.

 

“The cargoes will be taken, not only in Nigeria, but also in Europe, America and Canada; so anyone sending things home and to the diaspora can come through that platform and they pick them up from there.

 

“We are doing something very different, and the cold cargo transport is also improving gradually,” he said.

 

According to Jibodu, the organisation is looking at rentals and warehousing.

 

“We are also moving up to do some rentals. It means we have to think of capacity development. That means more people will be getting jobs,” he said.

 

On cold storage expansion and its impact on General Sales Agents (GSAs), Jibodu said the initiative had reduced revenue losses for GSAs.

 

“In the past, when they had cold cargoes at the facility and they could not transport them at night, most times, the cargoes perished.

 

“Now, most of them are discussing with us to see how they can increase their businesses,” he said. (NAN) (www.nannews.ng)

 

Edited by Ijeoma Popoola

CSCS Group posts 11.95bn PAT in 2024

CSCS Group posts 11.95bn PAT in 2024

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By Taiye Olayemi

 

The Central Securities Clearing Systems (CSCS) Group has announced a profit after tax (PAT) of N11.95 billion for the 2024 financial year.

 

This reflects 18.7 per cent increase from the N10.08 billion recorded in 2023.

 

According to the company’s financial report, released on its website on Friday, CSCS also reported a profit before tax (PBT) of N13.84 billion in 2024, up from N11.20 billion in 2023.

 

Additionally, the company’s total operating income rose from N19.02 billion in 2023 to N26.09 billion in 2024.

 

This underscores a significant growth in its financial performance.(NAN) (nannews.ng)

 

Edited by Olawunmi Ashafa

Wema Bank’s 2024 profit hits N102.51bn, soars 135%

Wema Bank’s 2024 profit hits N102.51bn, soars 135%

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By Taiye Olayemi

Wema Bank has recorded a profit before tax of N102.51 billion in 2024 financial year, representing an increase of 135 per cent when compared to the N43.59 billion recorded in 2023.

 

 

 

The bank has proposed a dividend of N1.00 per share following its strong financial performance in 2024.

 

 

 

In a statement by the bank on Sunday, its balance sheet remains structured, diversified, and resilient, with total assets growing by 60 per cent to N3.585 billion in 2024.

 

 

 

Total assets had stood at N2.240 billion in 2023. The bank also grew its deposit base year-on-year by 36 per cent to N2.523 billion from N1.860 billion.

 

 

 

Loans and advances increased by 50 per cent, reaching N1.201 billion in 2024 from N801.10 billion in 2023. Non-performing loans stood at 3.86 per cent at year-end.

 

 

 

The bank recorded improved year-on-year performance, with gross earnings growing by 92 per cent to N432.34 billion, compared to N225.75 billion in 2023.

 

 

 

Interest income rose by 92 per cent year-on-year to N353.54 billion from N184.48 billion, while non-interest income increased by 91 per cent to N78.80 billion.

 

 

 

The bank reported a Return on Equity of 43.60 per cent, a Return on Assets of 2.96 per cent, and a Capital Adequacy Ratio of 19.67 per cent.

 

 

 

Its Cost-to-Income ratio stood at 56.23 per cent, highlighting the commercial bank’s resilience and financial strength.

 

 

 

Managing Director Moruf Oseni attributed the strong 2024 performance to strategic execution in risk management, customer relationships, and digital banking.

 

 

 

“Our people remain committed to supporting Nigerian businesses and individuals with innovative banking products and services,” he said.

 

 

 

He highlighted ALAT, the bank’s flagship digital platform, as a leader in digital banking adoption among Nigeria’s young population.

 

 

 

“One example is ALAT XPlore, Nigeria’s first licensed banking app for teenagers aged 13 to 17, designed to build financial skills and responsibility,” Oseni said.

 

 

 

In spite of a challenging operating environment, the bank continues to grow across all financial indices, demonstrating the workforce’s resilience and expertise.

 

 

 

“The standout performance is Profit Before Tax, which surged by 135 per cent,” he added.

 

 

 

Oseni noted that the 92 per cent rise in gross earnings, 60 per cent growth in total assets, and 483.20 kobo earnings per share strengthened the balance sheet.

 

 

 

“Our Cost-to-Income ratio of 56.23 per cent has significantly improved from the previous period,” he stated.

 

 

He also announced that the bank’s Capital Raise Programme would begin in April 2025 with a N150 billion rights issue. (NAN) (www.nannews.ng)

Edited by Kamal Oropo

Tinubu urges love, charity to vulnerable 

Tinubu urges love, charity to vulnerable 

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By Salif Atojoko

 

President Bola Tinubu has urged Nigerians to embrace the spirit of Eid-el-Fitr by demonstrating greater lov and compassion, particularly toward the vulnerable, and extending acts of charity to all.

 

The President said this in an interview with journalists after the Eid-el-Fitr prayers marking the end of Ramadan at the Abuja National Eid Prayer Ground on Sunday.

 

The President urged Muslims not to return to the old and unacceptable paths but to remain steadfast in practicing the righteous virtues they had learned during Ramadan.

 

“We should give thanks to the Almighty Allah. We saw the beginning; we started together and ended together in good health and happiness, in prayers for our country and all our people.

 

“We should continue the good deeds as taught during the Holy month of Ramadan: care for the vulnerable, the orphans and less privileged.

 

“Everything that we have observed, we should not revert to the path that is not acceptable to the teachings of this month,” the President said.

 

In his sermon, Dr Abdulkadir Sholagberu, the Chief Imam of National Mosque, Abuja, who led the prayers, reiterated the need for Muslims to continue in the spirit of Ramadan, which included exhibiting a life of love, cooperation in righteousness, and care for the poor and vulnerable.

 

He stressed that it is imperative to continue in the life of worship, holiness, and obedience to Allah even after the Ramadan.

 

“You worshipped and followed His rules during Ramadan; you contained the Satan (temptations) within you, the Satan from outside, then after Ramadan, immediately, you go back to what you were, sinful servants.

 

“Allah says in the Quran: ‘Your example is like someone who was given paradise, then he got old, became helpless, feeble, weak and turned back against Allah.’

 

“If you do this, your servitude is like someone who had built for himself a mansion and, unfortunately, by his own hands, he pulled it down.

 

“We must continue to cooperate in righteousness. During the fast, we showed love to one another; we cared for people in need, we extended charity, and our country was peaceful. Why should we return to rancour after Ramadan,” the Imam further stated.

 

He urged the Muslim faithful to live in peace, harmony, and love of the country, devoid of discrimination.

 

The News Agency of Nigeria (NAN) reports that today is President Tinubu’s first Eid-el Fitr celebration in Abuja since 2023.

 

Vice President Kashim Shettima, Speaker of the House of Representatives, Tajudeen Abbas, National Security Adviser, Nuhu Ribadu, members of the Federal Executive Council, and other senior government officials were also in attendance. (NAN) (www.nannews.ng)

 

Edited by Chioma Ugboma

Tinubu, Saint Kitts and Nevis PM seek stronger economic ties

Tinubu, Saint Kitts and Nevis PM seek stronger economic ties

301 total views today

 

 

 

 

 

 

By Salif Atojoko

 

President Bola Tinubu on Saturday emphasised the need to strengthen bilateral relations and explore economic opportunities between Nigeria and Saint Kitts and Nevis.

 

He said while receiving the Prime Minister of Saint Kitts and Nevis, Terrance Michael Drew, who paid him a courtesy visit at the State House in Abuja.

 

Tinubu expressed gratitude for the opportunity to deepen ties between Africa, Nigeria in particular, and the Caribbean nation.

 

He described Drew’s visit as a chance to explore economic prospects that could benefit both countries.

 

“This visit provides an opportunity for us to examine and leverage all available economic opportunities so that we can achieve more together,” Tinubu said.

 

Earlier, Drew said his country was seeking to establish greater ties between the Caribbean “and our African brothers and sisters, as we call it, the motherland.

 

“I came to inspire our people here to come to the Caribbean to invest so that we can work together, closer as two regions. But really, we are all connected by blood.”

 

The PM said his country was focusing on agriculture and food security.

 

“As Mr President said, food sovereignty is quite important. And so we have contacted a number of firms here in Nigeria to consider coming to Saint Kitts and Nevis or the wider Caribbean.

 

“We are looking at energy as well as logistics and transport, trade, education and others.” (NAN) (www.nannews.ng)

 

Edited by Kevin Okunzuwa

I nearly quit 2023 presidential race, says Tinubu

I nearly quit 2023 presidential race, says Tinubu

319 total views today

 

 

 

 

 

By Salif Atojoko

 

President Bola Tinubu said he nearly guit the 2023 presidential race.

 

The President said this at a special Iftar held in his honour at the Presidential Villa on Saturday night.

 

President Tinubu thanked guests for their presence, prayers, and contributions to the nation’s development, and appreciated Nigerians for their outpouring of goodwill and prayers as he marked his 73rd birthday.

 

Reflecting on his political journey, President Tinubu recounted a moment of doubt during the 2023 election campaign when he contemplated withdrawing from the race after an encounter with a close relative.

 

“Those close to me know that the odds were against me. During the campaigns, one of them came to my living room around 3:30 a.m. and said he needed just N50,000 to buy foodstuff for our uncle.

 

“He told me, ‘The currency is gone because of you. People are jumping over bank counters because there is no cash. Our uncle, a wealthy man, doesn’t even have N10,000 in cash. What are you running for?

 

“I told him, ‘I am running for President, not for you and our uncle.’ I gave him the N50,000. As he walked out, he turned to me and said, ‘I don’t think you will make it.’ I replied, ‘I will make it,’” said Tinubu.

 

The President stated that his uncle later called to confirm receiving the money but admitted that he had only given the messenger N10,000, keeping the rest.

 

“I was amazed. At that moment, I almost dropped the idea of running for President. But thanks to Aminu Masari and all of you who encouraged me.

 

“When I came to Abuja, Masari told me, ‘I am the Chairman of the North West Group; don’t look back’,” he said.

 

President Tinubu noted that he assumed office during a time of economic uncertainty and had to make immediate, difficult decisions, including removing the fuel subsidy.

 

“On the day of my inauguration, I had to decide on something not originally in my speech, and that was the fuel subsidy removal,” he said.

 

Noting that Nigeria had reached a point of no return on the issue, the President said: “The hallmark of a great leader is the ability to make the right decision at the right time.

 

“That was the day I declared that the subsidy was gone. The following day, I was hounded and thoroughly abused in the media. But I stood firm, knowing it was the right thing to do for our nation’s future.”

 

Vice President Kashim Shettima lauded the President’s sacrifices, stating that history will remember him as the leader who took on the nation’s most complex challenges.

 

“Thanks to his boldness, future presidents of Nigeria will not have to wrestle with the same ghosts that haunted past administrations, including fraud-ridden fuel subsidies, an unstable forex market, and the suppression of local government autonomy.

 

“These were the thorny issues that many before him sidestepped. But Asiwaju did not sidestep history; he came to rewrite it.

 

“And in rewriting it, Asiwaju has taken the bullets that many before him simply lacked the courage to face.

 

“But that is the thing about true leadership: it is not for those who seek comfort. It is for those who understand that the path to national greatness is lined with difficult choices,” he said.

 

Sen. Godswill Akpabio, President of the Senate, praised the President’s ability to forgive and his relentless passion for national development.

 

Akpabio described the President as a leader who thinks outside the box and as the ‘most audacious president’ in the country’s history.

 

He said under Tinubu’s watch, governors were getting more allocation.

 

“If I were a governor under your administration, I would have been a ‘supernatural governor’ and not an uncommon governor,” he said.

 

Mr Benjamin Kalu, Deputy Speaker of the House of Representatives, described President Tinubu as a leader who has broken barriers and uplifted future Nigerian politicians.

 

He noted that the President had taken a backseat to raising leaders for decades.

 

“Today, he is at the forefront because Nigeria needs him. In 2019, despite not being from his region, he supported me in my most difficult political moment.

 

“Nigeria needs leaders who rise above tribal considerations, and he has demonstrated that,” he said.

 

Gov. Hope Uzodinma of Imo State commended the President’s decisive leadership at a time when Nigeria needed stability.

 

“Only a leader with deep conviction and love for the country could have taken the bold and yet necessary decisions that averted national collapse and now restoring hope and confidence across the federation,” he said.

 

Dr. Bosun Tijjani, Minister of Communications, Innovation, and Digital Economy, shared his personal experience of being appointed by President Tinubu despite his past activism.

 

“Before my appointment, I had never met the President. But after my confirmation, he told me, ‘I have looked at your records and activism, and I am giving you an opportunity to serve,’” he said.

 

The minister recounted a recent meeting at the World Bank, where a senior official described Tinubu as the best reformist leader in Africa today.

 

Prof. Shaffideen Amuwo, a childhood friend of the President, reminisced about their early years and how divine providence led Tinubu to the presidency.

 

“Our relationship did not just start in Chicago; we played soccer together as children.

 

“While I chose the library, my brother chose politics because he loved to speak. Today, Allah has shown His greatness by guiding him to lead Nigeria.

 

“The city of Chicago, founded by a Black man, has educated the man who now leads the most populous Black nation on earth.

 

“I pray that Allah continues to hold his hand and guide him as he works to save our country,” he said. (NAN) (www.nannews.ng)

 

Edited by Kamal Tayo Oropo

GTCO Plc records N1.266trn pre-tax profit in 2024

GTCO Plc records N1.266trn pre-tax profit in 2024

317 total views today

 

 

 

 

By Taiye Olayemi

 

 

 

GTCO Plc has announced a pre-tax profit of N1.266 trillion for the 2024 financial year.

 

 

 

This represents a significant increase from the N609.3 billion reported in 2023.

 

 

 

The company made this known in a corporate disclosure released through the Nigerian Exchange Ltd. on Friday.

 

 

 

Its gross earnings surged to N2.12 trillion, up from N1.13 trillion in the previous year.

 

 

 

The company also posted a profit-after-tax of N1.017 trillion, an 88.4 per cent rise from the N539.6 billion reported in the previous year.

 

 

 

This achievement marks the highest ever profit reported by the bank in its history. (NAN) (nannews.ng)

 

Edited by Olawunmi Ashafa

Stanbic IBTC Holdings to pay shareholders N38.87bn as dividend in 2024

Stanbic IBTC Holdings to pay shareholders N38.87bn as dividend in 2024

1,075 total views today

 

By Taiye Olayemi

Stanbic IBTC Holdings has announced plans to pay N38.87 billion in dividends to its shareholders for the financial year ended Dec. 31, 2024.

This is a 36.3 per cent surge from N28.505 billion paid to its shareholders in 2023.

The company disclosed this in a corporate disclosure through the Nigerian Exchange Ltd., on Friday.

The disclosure reads: “A Final Dividend of N3.00 per ordinary share of 50 kobo each, that is N38,870,991,489.00

“Subject to deduction of appropriate withholding tax and approval will be paid to shareholders whose names appear in the Register of members at the close of business on Friday 11 April 2025.

“This is in addition to the Interim Dividend of N2.00 paid in September 2024, thus bringing the total of 2024 dividend to N5.00.

“The Register of Shareholders will be closed from Monday 14 April to Friday 18 April 2025.

“On Friday May 16, 2025, dividends will be paid electronically to shareholders whose names appear on the register as at the close of business on Friday April 11, 2025.

“It will be paid to those who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.(NAN) (nannews.com.ng)

 

Edited by Kevin Okunzuwa

Atiku’s latest claims baseless, distracting – Presidency

Atiku’s latest claims baseless, distracting – Presidency

279 total views today

 

 

By Salif Atojoko

The presidency says its attention has been drawn to unfounded allegations by former Vice President, Alhaji Atiku Abubakar, claiming to be the subject of an EFCC investigation regarding unsubstantiated financial dealings involving Lagos State.

 

“These claims, circulated through his media office, are false and reflect a troubling pattern of relying on social media gossip over substance,” Mr Bayo Onanuga, Special Adviser to the President, Information and Strategy, said in a statement on Friday.

 

“It is disheartening that a politician of Atiku’s stature would lend credibility to baseless social media speculation to remain politically relevant,” Onanuga added.

 

He said President Bola Tinubu remained focused on addressing critical national challenges and advancing his administration’s agenda for Nigeria’s growth and stability.

 

The presidential aide said the president had neither the time nor the inclination to engage in petty political distractions.

 

“Atiku’s allegations are infantile and a transparent ploy to deflect from his political setbacks.

 

“His repeated attempts to drag the presidency and now the Lagos State government into fabricated controversies reveal a desperate bid for attention amid his fading attempt to cobble a coalition,” Onanuga said.

 

He stated that since his defeat in the 2023 presidential election, the former vice president had failed to rise to the dignified role of an elder statesman.

 

Onanuga said rather than contributing constructively to the national discourse, he had chosen the path of divisive rhetoric and unfounded accusations.

 

“We urge Atiku Abubakar to redirect his energy toward initiatives that foster unity, economic progress, and democratic stability – qualities Nigeria urgently needs.

 

“Lastly, the former vice president should know that the EFCC, as an independent institution, operates within its statutory mandate without external influence.

 

“Any insinuation otherwise is a disservice to the agency’s professionalism and the rule of law.

 

“The presidency remains committed to transparency, accountability and the pursuit of national development – priorities that demand our undivided attention,” he said. (NAN) (www.nannews.ng)

 

Edited by Mufutau Ojo

Tinubu orders manhunt for hunters’ killers in Edo

Tinubu orders manhunt for hunters’ killers in Edo

278 total views today

 

By Salif Atojoko

President Bola Tinubu has condemned the murder of travelling hunters intercepted by members of a local vigilance group in Uromi community of Esan North Local Government of Edo.

 

The president, who expressed shock at the dastardly act on Thursday, directed the police and other security agencies to conduct swift and thorough investigations and punish the suspected culprits.

 

Tinubu commiserated with the families of the affected victims and assured them that criminals would not be allowed to shed the blood of innocent Nigerians in vain, Mr Bayo Onanuga, his spokesman, said in a statement on Friday.

 

The president noted that jungle justice had no place in Nigeria, and all Nigerians had the freedom to move freely in any part of the country.

 

He commended Gov. Monday Okpebholo of Edo and community leaders in Uromi for their swift response to avert escalation of tension.(NAN) (www.nannews.ng)

 

Edited by Mufutau Ojo

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