NEWS AGENCY OF NIGERIA
General News

AfDB’s Adesina visits Buhari, expresses gratitude as tenure nears end

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By Lucy Ogalue

President of the African Development Bank (AfDB), Dr Akinwumi Adesina, on Thursday, paid a courtesy visit to former President Muhammadu Buhari to express appreciation for his unwavering support during his tenure at the bank.

Adesina’s second term as AfDB President concludes in September.

He said that the visit was an opportunity to thank Buhari for backing his candidacy, which was first nominated by former President Goodluck Jonathan.

He also thanked him for standing by him during key moments in his leadership journey.

“He strongly stood by me in difficult times, which ensured my re-election.

Thank you, Sir,” Adesina said.

He recalled how, during his initial campaign for the AfDB presidency, he arrived in one of the member countries only to be reminded that President Jonathan, who had nominated him, was on his way out of office.

Describing himself as a “stranded candidate,” Adesina recounted seeking a meeting with then-incoming President Buhari to secure his continued support.

During their recent meeting, Buhari reflected on their first encounter and commended Adesina’s integrity and professional achievements, noting that he had long admired his work.

Buhari affirmed that in spite of Adesina’s affiliation with the People’s Democratic Party (PDP), he supported individuals based on merit rather than party lines.

“I always look at people as Nigerians, and if they need assistance, I support them on their merit,” Buhari said.

The former president also congratulated Adesina on the official launch of the Special Agro-Industrial Processing Zones (SAPZ).

The initiative, a flagship programme under Adesina’s leadership, which aims at transforming agriculture and boosting agro-industrialisation across Africa.

Adesina was first elected President of the AfDB in 2015 and re-elected in 2020, becoming the first Nigerian to lead the continent’s premier development finance institution.

His visit to Buhari is part of a series of courtesy calls and engagements as he prepares to conclude a decade of transformative leadership at the bank.

Edited by Kevin Okunzuwa

Economy/Business

Nigerian Breweries records N1.1trn revenue, up 81% in 2024

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By Rukayat Moisemhe and Taiye Olayemi

Nigerian Breweries Plc says it generated N1.1 trillion in revenue for the financial year ended December, 2024.

The company’s Managing Director, Hans Essaadi, disclosed this at the company’s pre-annual general meeting media briefing on Thursday in Lagos.

According to Essaadi, the N1.1 trillion revenue marks an 81 per cent increase from the company’s 2023 revenue of N599.5 billion.

He, however, noted that the cost of goods sold rose by 98 per cent, driven by high inflation and the impact of the Naira devaluation.

“Despite these challenges, our operating profit grew by 59 per cent, supported by disciplined cost management,” Essaadi added.

He explained that net finance costs surged by 34 per cent to N253 billion, mainly due to higher interest expenses and the foreign exchange impact on payables.

“This weighed heavily on the bottom line, pushing our net loss up by 36 per cent to N145 billion,” he said.

Essaadi noted that the company’s results from operating activities soared by 53.7 per cent from N44.49 billion in 2023 to N68.403 billion in 2024.

He said the loss for the year 2024 stood at N144.338 billion, a 36.5 per cent increase from the company’s loss of N105.769 billion in 2023.

According to him, the Nigerian Breweries’ share capital witnessed a 201.5 per cent increase from N5.138 billion in 2023 to N15.492 billion in 2024.

He explained that there was also a 614.2 per cent surge in the company’s total equity from N65.17 billion in 2023 to N465.47 billion in 2024.

The managing director explained that during the year under review, the principal activities of the company remained the brewing, marketing and selling of lager, stout and non-alcoholic drinks.

He said the company’s 2024 results were shaped by a complex and challenging business environment, significantly impacting operations and livelihoods nationwide.

He said that economic pressures, including high inflation rates and the devaluation of the naira, drove up operational costs and the price of raw materials.

He explained that Nigeria’s inflation rate soared to a near 30-year high of 34.8 per cent in December 2024.

“In spite of these hurdles, Nigerian Breweries demonstrated resilience through strategic adaptations, including a recapitalisation of the company through a rights issue.

“It was also resilient through increased local sourcing, innovation and further diversification through the completion of the acquisition of majority stakes in Distell Wines and Spirits Nigeria Ltd.

“Our ambition is to leverage diversity, promote equity, and embed inclusion to create business value in a fast-changing and complex environment, which positively impacts our customers and consumers and benefits the company,” he said.

Also, Sade Morgan, Corporate Affairs Director, Nigerian Breweries, said, “We are hosting this session as a precursor to our AGM to share with you all of the relevant information about our business and to strengthen our relationship with the media.

“We recognise that 2024 was a challenging year for business in Nigeria and for many businesses in Nigeria.

“This was a fallout of the economic slump of 2023, followed by a narrow decline, and all of this also led to a cash crunch, along with foreign exchange scarcity, high inflation and a wealth crisis and we all lived through it.

“In spite of these challenges, we shaped our organisation for transformational growth to meet the needs of our customers and consumers all over Nigeria and beyond.

“So we remain committed to our purpose and are perfectly in the joy of true togetherness and inspiring a better world,” she said. (NAN)

Edited by Kevin Okunzuwa

General News

ECOWAS bank, EIB partner to promote environmental sustainability

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By Fabian Ekeruche

The ECOWAS Bank for Investment and Development (EBID) in conjunction with the European Investment Bank (EIB), has announced a €100 million financial partnership to support climate action and environmental sustainability projects in the ECOWAS region.

A statement signed by Anita Somda-Dala, Head of Communications at EBID, said the partnership had the support of the European Union (EU).

The statement said the €100 million credit line signed under a EUR 150 million envelope was the EIB’s first operation with the EBID.

It said the aim was to support economic development, climate action and environmental sustainability in the ECOWAS region, which fills the financing gap in these areas and contributes to sustainable livelihoods and poverty reduction.

“This facility affirms joint EBID and EIB targeted support for sustainable investments across the ECOWAS region, with particular support for sectors contributing to climate mitigation.

“The project which will be financed by this operation target particularly renewable energy including small and medium-sized photovoltaic projects, sustainable agriculture and water treatment,” the statement said.

According to the statement, the project-targeting total investments of at least €300 million – is in line with the strategic priorities of the ECOWAS region and is part of the EU strategy in Africa under the Africa-European Union Green Energy Initiative.

“It also responds to the ECOWAS Vision 2050 ambitions linked to the environment, economic growth, private sector development and regional integration as well as the ECOWAS Regional Climate Strategy and the Action Plan for 2022-2030.

“It contributes to various Sustainable Development Goals such assustainable agriculture, health and quality education, clean water and sanitation, affordable and clean energy,” said the statement.

The statement quoted the EBID Vice President, Risk and Control, Dr Mory Soumahoro, as saying:
“We appreciate this line of credit as an initiative of the European Investment Bank to help ECOWAS countries increase their growth and sustainable development.”

“This partnership demonstrates EBID’s commitment to supporting regional member countries’ access to sustainable sources of finance.”

It also quoted the EIB Vice-President, Ambroise Fayolle , as saying: “I am very delighted to sign this first operation with the EBID to support economic development, climate action and environmental sustainability in the ECOWAS region.

“It will help to bridge the financial gap in this region while contributing to reduce poverty and ameliorate daily lives.
“Through EIB Global, our branch dedicated to development, we aim to support the EU’s Global Gateway initiative and key sectors in the region such as innovation, digital economy, renewable energy, water, agriculture and transport.”

The statement quoted Jozef Síkela, the European Commissioner for International Partnerships as saying that more than  half a billion people in Africa still lack access to electricity.

“The partnership between the EBID and EIB is a clear demonstration of our commitment to supporting sustainable development and climate action in Africa.

“By mobilising €300 million for projects that promote cleanenergy, we are empowering people in the ECOWAS region to build a greener and more prosperous future.”

The statement said the EIB loan would be accompanied by technical assistance programme of the EIB with climate action focused training and capacity building.

“This is closely aligned with the EIB and EBID initiatives supporting sustainable development,” the statement added.

Edited by Chinyere Joel-Nwokeoma

General News

EU launches €300,000 grant for Eurocham Nigeria

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By Rukayat Adeyemi
The European Union (EU) has launched a 300,000 euro grant for Eurocham Nigeria Institutional Development Support to strengthen its secretariat, expand advocacy, and enhance external engagement for its members.
The EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, announced this on Thursday during Eurocham’s 25th Annual Stakeholders Conference, held in Lagos.
Mignot said the 300,000 euro three-year grant is part of the EU’s effort to support Eurocham in fulfilling its mandate and expanding its membership base in Nigeria.
He explained that by reinforcing Eurocham’s role in advocacy and policy dialogue, the grant aims to create a conducive business environment through strategic engagement with governments, policymakers, and stakeholders.
According to him, the grant will enable Eurocham to promote trade and investment opportunities, benefitting both European and Nigerian economies, while reinforcing the EU’s role as Nigeria’s strategic partner.
The ambassador noted that launching the grant is a significant step toward deepening EU-Nigeria trade relations.
“A highlight of 2024 I wish to underscore is the approval of a three-year €300,000 grant, awarded to Eurocham last year.
“This financial support will strengthen the Chamber’s administrative capacity and allow further expansion of external activities and advocacy work on behalf of its members,” he said.
Emphasising the EU’s readiness to deepen collaboration with Eurocham Nigeria, Mignot noted that strong governance, coordination with EU states, and bilateral chambers are key to its success.
He said: “By building on past achievements, we create greater opportunities in key areas such as trade, investment, and infrastructure development.
“It bears repeating that the EU remains Nigeria’s largest trading partner and a major source of foreign direct investment and development financing.”
Regarding the EU Global Gateway Strategy, a four-year grant for Nigeria and other African nations to enhance infrastructure, Mignot said the EU looks forward to greater project visibility.
He highlighted projects such as the ‘Omi Eko’ water transportation initiative and expanding commitments to digital skills.
This includes e-governance and supporting the deployment of 90,000 km of fibre optic cables across Nigeria, in collaboration with the Nigerian government.
“Investments in agriculture, renewable energy, vaccine manufacturing, and sustainable transportation are key objectives where we rely on the Chamber,” he said. (NAN)
Edited by Kamal Tayo Oropo
General News

1,000 persons to benefit from NNPC Foundation cataract surgery

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By Yetunde Fatungase
The Nigerian National Petroleum Company (NNPC) Foundation has begun a free cataract extraction surgery programme for 1,000 individuals across states in the South-West region.

The News Agency of Nigeria (NAN) reports that screening for the surgeries began on Dec. 16, 2024, while the procedures officially started on Monday.

Speaking with NAN, Dr Anne Amugo, the lead consultant physician to the foundation, said that the initiative was intended to give back to society.

Amugo stated that no fewer than 100 individuals had been scheduled for surgery on Monday at the Federal Medical Centre (FMC), Abeokuta.

He said that surgeries would be performed at the FMC Abeokuta, Likosi Health center, Mosimi, FMC Joga and FMC Ajebo, all in Ogun.

The four centres, she said, would cater to beneficiaries from the South-West states of Lagos, Ogun, Oyo, Osun, Ondo and Ekiti.

“Our team is working together to bring succour to Nigerians.

“Blindness brings darkness to a person’s life but the hope of restoring light is treasure you can’t imagine.

“We have commenced the surgeries proper today, but we’ll have the formal flag off on Wednesday,” she said.

Also speaking, Dr Peter Abikoye, a Consultant Ophthalmologist, FMC Abeokuta, commended the initiative, saying “it is worthy of emulation.”

He described it as a Christmas and New Year gift for the elderly.

Abikoye said that surgeries had been performed on 50 persons while assuring that the other 50 would be completed before the end of work on Monday.

Some of the beneficiaries who spoke with NAN appreciated the foundation for finding it worthy to bless them with the initiative.

Mrs Omolayo Tijani, a teacher, expressed her happiness for benefiting from the free surgery.

Tijani said she had undergone screening in December 2024 and was happy to have had the surgery done on Monday morning.

Another beneficiary, Mr Isaac Ayanwale, expressed deep gratitude to the organisers, stating that he had been struggling to raise money for his cataract surgery before learning about the initiative on the radio.

He expressed hope of regaining his sight when he visited the hospital on Tuesday to have the plaster removed from his eye. (NAN)

Edited by Bayo Sekoni

Economy/Business

Hackaholics 5.0: Wema Bank awards N145m to 7 innovators

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By Rukayat Adeyemi
Wema Bank has disbursed N145 million in cash prizes to seven startups, winners of the fifth edition of its Hackaholics initiative that showcased innovative solutions in addressing real world challenges,

The Managing Director of Wema Bank, Mr Moruf Oseni, told newsmen on Thursday in Lagos that this year’s prize nearly doubled the previous amount of N75 million.

Hackaholics initiative is designed to empower and support the nation’s
tech innovators.
Oseni said that this year’s Hackaholics stood out with 3,500 applications from across Nigeria.
He explained that from the pool, 10 finalists showcased innovative solutions addressing real world challenges, ranging from education accessibility to sustainable agriculture, healthcare and more.
The bank said that, Feegor, the overall winner, was awarded the top prize of N50 million for its innovative B2B wholesale marketplace and SaaS platform.
He added that Feegor empowers Small and Medium Enterprises (SMEs) to discover, negotiate and source goods from verified suppliers, while accessing credit through a Buy Now Pay Later (BNPL) model.
According to him, this groundbreaking premiere ideathon is set to drive growth and create significant economic impact.
Oseni said that the first runner up, Empayment Al, received N35 million for its Al powered invoice discounting platform, revolutionising how businesses manage payments.
He alsobsaid that Bloom Beauty, the second runner up, was awarded N20 million for its personalised, Al curated solutions that are transforming the beauty industry.
In the women led category, MyTherapist secured the position of first runner up, earning N12 million.
MyTherapist connects users with mental health professionals, providing accessible and affordable therapy solutions for emotional well-being.
He stated that Myltura, an innovator delivering remote healthcare services, clinched the position of second runner up in the women led category, receiving N8 million.
Both Northino and University X earned honourable mentions at the grand finale, each receiving N10 million.
Northino was recognised for bridging traditional knowledge and modern technology through digital skills training for African native speakers, while University X impressed with its transparent, all-encompassing platform for tertiary education management.
Oseni noted that the groundbreaking innovations was significant and the bank was delighted to celebrate the brilliance of our youth through the Hackaholics initiative.
He said: “At Wema Bank, we are more than a bank; we are enablers of dreams and drivers of transformation.
“Initially, the total prize money was N75 million. But, inspired by the potential we saw, we decided to increase the total prize pool to N145 million.
“Wema Bank’s legacy of 79 years remains rooted in innovation, and with initiatives like Hackaholics, we continue to empower lives and shape the future.”
According to him, the Hackaholics 5.0 not only underscores the bank’s legacy of innovation but also sets the stage for further technological advancements, fostering a generation of problem- solvers poised to reshape Nigeria’s future.
Mr Ugonna Ginigeme, Chief Executive Officer of Feegor and the overall winner, expressed heartfelt gratitude for the recognition and support.
“I feel very grateful to God, my team, and everyone who has been part of this journey. Winning among so many great startups and entrepreneurs is humbling.
“I sincerely thank the MD, Wema Bank, and its management for this incredible opportunity.
“These are still early days, but we are determined to keep working, building, and creating a positive impact for SMEs and the Nigerian economy, while building an all around successful company.” Ginigeme said.
Edited by Olawunmi Ashafa
Economy/Business

Oyetola unveils vision for sustainable maritime economy, resource development

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By Aisha Cole

The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has stated that the National Policy on Marine and Blue Economy will serve as a transformative framework to maximise the nation’s extensive marine resources.

 

He said that this initiative aims to create jobs, enhance sustainability, and drive economic growth by tapping into critical sectors such as fisheries, aquaculture, maritime transport and tourism.

 

The minister spoke on Tuesday in Lagos at the opening of the Technical Validation Workshop, part of a two-stage Stakeholders’ engagement sessions to develop a comprehensive National Policy on Marine and Blue Economy.

 

The News Agency of Nigeria (NAN) reports that the consultations with key stakeholders nationwide are part of the ministry’s efforts to develop a comprehensive National Policy, with the aim to establishing a sustainable framework that fosters economic growth.

 

This is through the responsible management of marine and blue resources to guarantee that exploits in the sector aligns with global best practices and contributes to Nigeria‘s development objectives.

 

In his keynote address in Lagos, Oyetola emphasised that “the blue economy is a transformative pathway for nations seeking to balance economic growth with environmental sustainability.

 

“At the end of this process, we expect to deliver a national policy document that clearly sets out the roadmap to developing our blue economy, creating jobs, promoting private sector investments, and delivering inclusive prosperity to all Nigerians, especially for our youths and women.”

The minister highlighted the achievements in maritime governance, including Nigeria’s zero-incident piracy record for three years, the ratification of key international protocols, and strides in port modernisation.

 

These, he noted, had set a strong foundation for the policy’s success.

 

He also reiterated Nigeria’s commitment to tackling illegal, unreported, and unregulated (IUU) fishing, which threatens the nation’s fisheries and aquatic ecosystem.

 

“A robust Nationa! Policy will ensure that we address these issues through a comprehensive framework that aligns with international best practices while safeguarding our marine resources for future generations,” he added.

 

The policy draft, which was subjected to stakeholder validation at the workshop, encompasses key components.

 

It includes legal and institutional framework, trade and shipping, fisheries and aquaculture, marine abiotic resources, marine innovation and technology and cross cutting issues such as safety, security, and sustainability.

 

“Our partnerships with the African Union Inter African Bureau for Animal Resources (AU BAR), the Kingdom of Norway, WorldFish and other stakeholders, have yielded notable strategy and policy documents that are very vital inputs into the National Policy on Marine & Blue Economy.

 

“The National Policy we seek to craft must therefore be comprehensive to tackle all challenges and unlock the full potentials of the sector,” Oyetola stated.

 

The minister expressed optimism about the impact of the policy on job creation, youth empowerment, and poverty alleviation, particularly in coastal communities.

 

He also reiterated Nigeria’s bid for election into Category C of the International Maritime Organisation (IMO), a move aimed at amplifying Nigeria’s voice in global maritime governance.

 

“As we develop this policy, the ministry remains committed to repositioning Nigeria as a dominant player in the marine and blue economy both regionally and globally,’ the minister added, while he commended the collaborative efforts of all parties involved, urging participants to engage in constructive dialogue.

 

“This workshop is therefore a call to duty to refine and validate the propositions and set the stage for our collective success. As we deliberate, let us embrace open and constructive dialogue.

 

“Your insights and expertise are vital for shaping a national policy that addresses critical issues such as safety, security, and sustainability in Nigeria’s marine and blue economy,” Oyetola said.

 

The Permanent Secretary of the ministry, Mr Olufemi Oloruntola, commended the minister’s dedication to shaping the policy as a framework that offers stakeholders an opportunity to review and contribute towards its refinement.

 

He noted that the presence of diverse stakeholders highlighted the collective effort required to advance the marine and blue economy for national growth.

 

Oloruntola expressed confidence that the outcome of the workshop would provide a clear roadmap for sustainable development, describing the initiative as a collaborative milestone.

 

Stakeholders at the workshop also commended President Bola Tinubu’’s for his Renew Hope agenda in establishing the ministry to unlock the country’s marine potential for economic development.

 

The Secretary General, African Shipowners Association, Ms. Funmi Folorunsho, noted that the engagement with stakeholders is vital to formulating government policies.

 

The finalised policy is expected to set the roadmap for sustainable development, prom private-sector participation, and reposition Nigeria as a dominant player in the global marine economy.

 

The Technical Validation Workshop brought together technical officers, head of government agencies, and industry stakeholders who are expected to refine the draft a provide input for finalising the national policy.

 

The two-stage stakeholders’ workshops will culminate in December with an Executive Validation Workshop in Abuja.

 

Edited by Olawunmi Ashafa

Business , General News

NDIC reassures Heritage Bank depositors of prompt payment

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By Grace Alegba

 

The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of the defunct Heritage Bank that challenges delaying access to guaranteed sums above N5 million are being resolved.

 

Mr Bello Hassan, Managing Director, NDIC, gave the reassurance on Saturday during the 2024 edition of the NDIC Editors Forum in Lagos.

 

The theme of the conference is: “Strengthening Nigeria’s Financial Safety-Net: The Role of Deposit Insurance”.

 

Hassan, represented by NDIC’s Executive Director, Operations, Mr Mustapha Ibrahim, said that the corporation was working diligently to facilitate payments.

 

Hassan explained that depositors with amounts above the maximum insured limit of N5 million were being reimbursed through liquidation dividends derived from asset recovery and debt realisation efforts.

 

“The corporation has initiated the process of debt recovery and realisation of investments as well as physical assets of the defunct bank to ensure timely payment of uninsured deposits,” he said.

 

 

He added that NDIC’s responsibilities also extend to creditors of the defunct bank, who would receive payments after all depositors had been fully reimbursed.

 

“This orderly process, based on asset realisation and prioritisation of claims, is essential for maintaining public trust in the banking system and promoting financial stability,” Hassan noted.

 

 

According to him, the theme of the conference is in line with the corporation’s recent engagement with business editors and finance journalists.

 

He emphasised NDIC’s mandate to protect depositors, especially the uninformed, and its commitment to financial system stability.

 

Established over three decades ago, the commision’s boss said that NDIC safeguards depositors’ funds and mitigates risks in the banking sector.

 

Responding to questions, Hassan provided updates on Fortune Bank, liquidated over a decade ago.

 

He told the News Agency of Nigeria (NAN) that NDIC faced challenges collating depositor data due to the absence of Bank Verification Numbers (BVN) at the time of the bank’s operation.

 

Bello, however, assured Nigerians of prompt payment of depositors of defunct Fortune Bank Plc.

 

He stated that litigation also delayed NDIC’s intervention, but added that payments had started for insured deposits, with efforts underway to pay the uninsured portion and other claimants.

 

“We’ve already paid the insured portion and are now paying the uninsured portion and other claimants,” Hassan said.

 

He assured of the commision’s continued awareness efforts to encourage more depositors to come forward.

 

Hassan commended the media for its role in the successful implementation of the deposit insurance system.

 

The Managing Director of the News Agency of Nigeria (NAN), Malam Ali Muhammad Ali, described the forum as an “eye-opener” for editors, enhancing their understanding of global financial sector trends.

 

Ali said the theme of the conference was apt and addressed worries caused by turbulence in the financial sector, especially in the banking sector.

 

Ali praised NDIC’s ability to secure 98 per cent to 99 per cent of depositors’ funds, reinforcing public confidence in the banking system.

 

According to him, the forum is a learning curve every year and editors are kept abreast with new information on the health of the global economy and the Nigerian economy.

 

Mr Eze Anaba, President of the Nigeria Guild of Editors, emphasised the forum’s importance, stating, “It is reassuring to know our banking sector remains stable despite the challenging economic situation.”

 

“We know how challenging the economic situation is. And it will be a double job if our banks are also not healthy. And listening to you here today, it’s reassuring for us to know that things are well,” he said. (NAN)

 

Edited by Olawunmi Ashafa

General News

IOM harps on youth involvement for peaceful, just society

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By Busayo Onijala

By involving young people in decision making processes, societies can cultivate a generation equipped to tackle tomorrow’s challenges, an official of International Organisation for Migration (IOM)  has said.

Ali Ibrahim, Head of IOM Office in Lagos, said that every individual, regardless of his or her background, had the potential to contribute significantly to societal development.

He made this known at a public lecture in commemoration of the 79th anniversary of United Nations Day, on Thursday in Lagos.

The lecture was organised by IOM, in collaboration with the Center for Housing and Sustainable Development (CHSD) and the Institute of African and Diaspora Studies (IADS), University of Lagos.

The News Agency of Nigeria (NAN) reports that the 2024 United Nations Day is significant as member states recently concluded negotiations culminating in the adoption of the ‘Compact for the Future.’

According to Ibrahim, this landmark commitment is designed to reinvigorate collective efforts to secure the future the world aspires to attain.

He said it highlighted key actions, including eradicating poverty, combating climate change, achieving gender equality and ensuring access to health, education and social protection.

“Most importantly, it underscores the necessity of building peaceful, just and inclusive societies with a strong emphasis on youth involvement,” Ibrahim said.

He noted that IOM was committed to raising awareness and visibility of UN initiatives through public lectures in universities across Nigeria.

These sessions, Ibrahim said, were not just lectures but platforms for preparation, innovation and empowerment.

“At IOM, we work with the Nigerian Government to promote migration management and promote regular pathways for migration.

“We also work with youths as they are affected in many ways including climate change, irregular migration and lack of resources for development.

“Youths are one key sector of our engagement, and even the pact for the future has a dedicated chapter on them,” he said.

Prof. Muyiwa Falaiye, Director of IADS, said that the public lecture was part of the institute’s advocacy efforts.

“Its exciting that young people are being enlightened and made aware of opportunities available for them to join the UN,” he said.

Falaiye said that it was important in developing the entire fabric of humankind.

“The UN is about humankind and humankind is about all we do at IADS,” Falaiye said. (NAN)

 

Edited by Ijeoma Popoola

Business

Q3 2024: Wema Bank’s assets hit N3.08trn

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By Rukayat Adeyemi

The total assets of Wema Bank Nigeria has grown by 38 per cent, to N3.084 trillion in third quater of 2024, from N2.24 trillion posted in the corresponding quarter of 2023.

The Managing Director of the bank, Mr Moruf Oseni, said this on Wednesday in the bank’s unaudited Consolidated Financial Statements for the period ended, Sept. 30  2024, sent to the Nigerian Exchange Group (NGX).

Oseni said that the bank also reported profit before tax of N60.62 billion for the period under review, representing 174 per cent increase over N22.13 billion recorded in the corresponding period of 2023.

The managing director stated that the bank grew its deposit base year- to-date by 23 per cent to N2,29 billon for the quarter under review, from N1,861 billion reported in the same period of 2023.

According to him, Wema Bank’s Non-Performing Loan (NPL) as at the quarter under review, stood at 3.19 per cent.

Oseni said that the bank grew its gross earnings by 91 per cent to N288.32 billion in the quater under review, against N150.90 billion posted in the same quarter of 2023.

He stated that the bank’s Interest Income went up by 81 per cent year-on-year to N229.11 billion, in contrast to  N126.67 billion recorded in the corresponding period of the previous year.

The bank’s non-interest income also advanced by 144 per cent year-on-year to N59.21 billion, from N24.23 billion posted in the same quarter of 2023.

Oseni said the bank’s Reported Return on Equity (ROAE) of 38.62 per cent , Pre-Tax Return on Assets (ROAA) of 2.64 per cent, Capital Adequacy Ratio (CAR) of 14.06 per cent and Cost to Income ratio of 60.47 per cent for the period under review.

“Our 2024 third quarter numbers speaks to our resilience despite a tough operating environment.

“We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in profit before tax which grew strongly by 174 per cent.

“The growth of gross earnings by 91.07 per cent, total assets by 38 per cent and earnings per share at 328.1k shows the core improvements to our balance sheet.

“In addition, our cost to income ratio at 60.48 per cent has witnessed significant improvement from the previous period,” he said.

Wema Bank is a leading financial services entity with banking operations across Nigeria and leading in the digital banking space. (NAN)

Edited by Kamal Tayo Oropo

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