NEWS AGENCY OF NIGERIA
Economy/Business

Building collapse: FG tasks stakeholders on solutions

203 total views today

By Lucy Ogalue

The Federal Government has urged stakeholders in the building and construction sector to find lasting solutions to incessant building collapses across the country.

The Minister of State for Industry, Trade and Investment, Sen. John Enoh gave the charge on Tuesday in Abuja at the National Conference on the Building/Construction sector.

The theme of the event is: “Adherence to Standard Practices: Bedrock of Sustainable Development in the Building/Construction Sector organised by Standards Organisation of Nigeria ( SON).

The News Agency of Nigeria (NAN) reports that the country has recorded several incidences of building collapses in recent times.

The Building Collapse Prevention Guild said Lagos State recorded the highest cases with more 351 buildings caving in the last 50 years.

The report showed that the 351 collapsed buildings in Lagos represented 55.28 per cent of the total of 635 recorded cases across the country during this period.

The Minister of State said: “I am aware of the several efforts by some on this matter. My mandate to you on this crucial matter, is to ensure safer, more reliable structures.

“This forum affords me a chance to relate with relevant stakeholders in the industry, to unite and collaborate for the common purpose of safety.

“I encourage everyone to focus more on the areas of pre-construction, construction and post-construction regulatory and enforcement framework in the promotion of public awareness, and capacity building enhancement”.

Enoh reiterated the commitment of President Bola Tinubu’s led administration to the security of lives and property of citizens.

“Putting a stop to the unending incidents of building and construction collapses is paramount and I believe adhering to strictly agreed standard practices will be a contribution to the priority of the administration.

“I look forward to very robust engagements and discussions, and hope that the outcome of this will be very enabling and very useful to getting this sector, the building and construction sector right”, he said.

Earlier, the SON Director – General, Dr Ifeanyi Okeke decried the non awareness of Industry stakeholders to the standards required for safe, durable and sustainable buildings in spite of numerous sensitisation.

“This knowledge gap exists not only among construction workers but also among suppliers and building professionals.

“Training and education are essential to bring everyone up to par with international best practices, but that may not be all there is.

“In the same way, our growing population requires a rapid increase in affordable housing, which brings with it the challenge of meeting demand without compromising on quality.

“Innovative materials, construction techniques and designs must be developed and standardised to meet this demand while maintaining quality and safety, “he said

He expressed the commitment of SON to promoting safe practices, ensuring quality and sustainable development via its initiatives.

“SON has worked closely and will continue to do so with industry experts and practitioners to develop and update standards for construction materials, techniques and safety protocols, ” Okeke said..

Meanwhile, the President, Council for the Regulation of Engineering in Nigeria (COREN), Prof. Sadiq Abubakar, emphasised the importance of standards in building construction.

“The building industry is peculiar in the sense that there are codes and standards that govern activities from design to completion of projects.

“The efforts of the SON in the development/ domestication of codes and standards in collaboration with stakeholders must not go unnoticed but we need to do more.

“Nigeria is situated in sub-Saharan Africa with its inherent weather conditions different from that of the temperate and other regions hence the need for local codes and standards that addresses these peculiarities,” he said.

He urged the utilisation of initiatives such as the Nigerian Industrial Standards (NIS) that covered building materials such as Cement, Glass, Steel, and Blocks among .

The COREN president said there was nothing wrong with the adaptation of foreign codes and standards, such as the British Standards and Eurocodes.

He, however, said that adaptation of such needed to address the local conditions and peculiarities in the country.

According to Abubakar, the adherence to standard practice, therefore, requires a robust monitoring framework, effective regulation and diligent enforcement where necessary. (NAN)

Edited by Ese E. Eniola Williams

Economy/Business

Mining: Nigeria must move beyond extraction to unlock potential —Alake

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By Martha Agas

The Minister of Solid Minerals Development, Dr Dele Alake, has said that Nigeria must move beyond extraction in mining to reap the gains of the sector.

Alake stated this at a press conference to kick-start activities of the ninth edition of the Annual Nigeria Mining Week on Tuesday in Abuja.

He said that even though Nigeria was blessed with 44 minerals and possesses the critical minerals needed for energy transition, it must move beyond extraction to yield its full potential.

“We are focused on establishing systems and structures that allow Nigerians to benefit directly from our resources.

“Through local value addition, processing and beneficiation, our aim is to transform Nigeria’s wealth into industrial and economic power, generating jobs and supporting local businesses in ways that ripple through our economy.

“Lithium processing plants have been inaugurated in Nasarawa State, and plans are under way to unveil more processing plants on the outskirts of the Federal Capital Territory.

“Value addition is gaining traction and momentum because of the determination of the government to reposition the solid minerals sector to contribute significantly to the Gross Domestic Product,” he added.

He said that President Bola Tinubu’s administration was determined to implement its value addition policy by ensuring that mineral resources do not leave the shores of the country in their raw form.

According to him, the government is positioning Nigeria as a formidable player in the global mineral value chain, driven by a commitment to retain the wealth generated within the communities.

He added that the administration was also prioritising security of mineral resources through addressing illegal mining using both persuasive and coercive measures.

Alake stated that the mining week provides a unique opportunity to bring together investors, experts and government leaders from around the world to foster partnerships.

The minister explained that the move was aimed at driving innovation, financing and policy evolution, adding that the event was aimed at addressing both current challenges and future opportunities in Nigeria’s mining sector.

He said the event, with the theme “From the Inside Out: Building the Mining Sector to be the Cornerstone of the Economy”, was a demonstration of collective commitment by stakeholders to create an improved mining industry.

He said the vision was an industry that underpins national prosperity, supports sustainable growth and drives industrialisation.

The President of the Miners Association of Nigeria (MAN), Mr Dele Ayanleke, described the mining week as a platform for the assessment of industry progress, setting future agenda and showcasing emerging technologies and methodologies.

Ayanleke, who was represented by the National Financial Secretary, Tope Adebanjo, thanked their partners, Pricewaterhouse Coppers (PwC) Nigeria and the Vuka, for their continuous support toward the development of the mining sector.

Speaking, Partner and Forensics Leader at PwC, Habeeb Jaiyeola, said that the mining week was designed to showcase the achievements of the mining sector to the international community and local mining investors.

Jaiyeola said that critical topics would be discussed to strengthen Nigeria’s ability to compete favourably in the global mining sector, especially with the paradigm shift to cleaner energy sources.

The News Agency of Nigeria(NAN), reports that the week is being organised by MAN and is hosted by the Ministry of Solid Minerals Development.(NAN)(www.nannews.ng)

Edited by Peter Amine

Economy/Business

7,000 mining licenses remain inactive— NMCO DG

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By Martha Agas

The Nigeria Mining Cadastre Office (NMCO) has issued 7,141 mining licenses, but only 1,000 are active, according to Director General Obadiah Nkom.

Nkom said this while receiving the House Committee on Solid Minerals, led by Chairman Jonathan Gaza, at its office in Abuja on Tuesday.

He emphasised the need for reform, citing the recent review of mining fees and ownership of mining titles to sanitise the sector.

“We shouldn’t have 7,000 licenses with less than 1,000 active mines,” he said, highlighting the discrepancy.

According to him, in spite of collecting more than N8 billion in revenue as of October, the agency faces inadequate funding, which hampers its operations.

Nkom appealed to the committee to address this issue, noting that the NMCO generated more than 50 per cent of the sector’s revenue but lacked collection fees.

He said NMCO had made significant strides in digitisation, transitioning from an intranet to a web-based platform for global access and transparency.

Nkom said in collaboration with the Economic and Financial Crimes Commission (EFCC), guidelines have been developed to establish an anti-money laundering unit.

On his part, Gaza expressed concerns about the licensing process, particularly the issue of consent, and the prevalence of illegal mining in spite of the large number of licenses issued.

Gaza also highlighted the agency’s inadequate funding, which could impact productivity.

He said that the committee would present the situation to the Minister of Solid Minerals Development, Dr Dele Alake, for appropriate action.

According to Gaza, the aim of the oversight visit was to assess the performance of various agencies of the solid minerals ministry to ensure they contributed significantly to economic diversification (NAN)(www.nannews.ng)

Edited by Abiemwense Moru

Economy/Business

Asset tracking, valuation, crucial for accountability -AGF

266 total views today

By Kadiri Abdulrahman

The Accountant- General of the Federation, Mrs Oluwatoyin Madein, says tracking and valuation of all Federal Government assets is necessary for accountability.

Madein said this in an interview with newsmen on Tuesday in Abuja.

She spoke against the backdrop of the Asset Tracking and Management Programme organised by the Office of the Accountant-General of the Federation (OAGF).

According to Madein, asset is the real bedrock of the nation, which needs to be properly valued and accounted for.

“The Federal Government has been spending money over time acquiring, constructing, and providing assets. These assets are the real value of the country.

”Currently, Nigeria has about N32 trillion negative net asset that is usually recorded as liability,” she said.

She said that since the adoption of the International Public Sector Accounting Standards (IPSAS) in 2017, it became imperative to include the valuation of national assets in the annual financial statements of the country.

“This has influenced public sector accounting standards in Nigeria and the strategic role of legacy assets in the adoption of IPSAS.

”Legacy assets refer to existing assets acquired or constructed prior to the adoption of IPSAS in 2017.

”The inability to collate, evaluate, and place value on the assets of the Federal Government has constantly been throwing the financial position of the country into net liabilities.

“This makes the liabilities of the Federal Government to be over and above its assets,” she said.

She said that the stakeholders had now agreed to build a national assets register to accommodate all Federal Government assets.

She listed the assets to include buildings, offices, schools, hospitals, roads, equipment, and even biological assets.

“Investors, donors, and international organisations partnering with the Federal Government will like to see our true value as enumerate in our annual financial statement,” the AGF said.

She described the OAGF as the treasury office of the Federal Government responsible for collating financial information that leads to the preparation of financial statements.

She said that including the valuation of assets in the annual financial statements was one of the key values that the statement is required to possess. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

Economy/Business

New Minister says trade policy must empower Nigerian businesses

343 total views today

By Lucy Ogalue

The newly appointed Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has pledged to prioritise the empowerment of Nigerian businesses through effective trade policies.

Oduwole made the pledge upon her assumption of office on Monday in Abuja.

She outlined her vision for the ministry, aimed at enhancing the competitiveness of local enterprises and fostering economic growth.

According to Oduwole, trade policies must be tailored to meet the needs of Nigerian businesses.

“Trade policy must work for Nigerian businesses.

“We must ensure that our trade agreements, particularly the African Continental Free Trade Area (AFCFTA), are optimised for the benefit of local enterprises.

“We must focus on investment retention, therefore we need to create a more conducive environment for businesses currently operating in Nigeria,” she said.

The minister expressed confidence in the collaborative efforts of the ministry and its agencies, underscoring the importance of regular meetings to set measurable targets.

She highlighted the need for accountability and transparency in the implementation of trade initiatives.

“What gets measured gets done. When we focus on what is measured and we work in a systemic manner, then we will not be under pressure. We set targets, we set timelines, and we monitor them.

“We escalate promptly, and we do different. This is what President Bola Tinubu expects.There is a sense of urgency which he reiterated this afternoon at the swearing in.

“We as a team can promise Nigerians today that they will definitely see tangible results from us in the near future. With that, I look forward to working with you,” she said.

Oduwole acknowledged the existing challenges faced by Nigerian businesses, including energy constraints and market access issues.

She reiterated the Federal Government’s commitment to addressing these bottlenecks, particularly through partnerships with other ministries.

She also reassured stakeholders of her willingness to collaborate with relevant bodies to create productive jobs and enhance Nigeria’s export capabilities.

Earlier, the Permanent Secretary of the ministry, Amb. Nura Rimi, expressed the williness of the ministry to support Oduwole achieve her vision for the industry and Nigeria.

“We all know what is required in Nigeria, but without strong leadership, without strong followership, there is nothing that can be achieved.

 “So I will like to call on all directors, who I describe as supportive and hard-working, to join me in supporting the honourable minister.

“The president chose her because he knows that she is the right person. So we all have to come out of our shell to support her,” he said.(NAN)(www.nannews.ng)


Edited by Kadiri Abdulrahman

Economy/Business

Jega advocates good democratic governance for economic growth

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By Rukayat Moisemhe

Prof. Attahiru Jega, former Chairman, Independent National Electoral Commission (INEC), has called for the nurturing and entrenchment of good democratic governance to catalyse economic recovery.

This, he said, would help achieve public goals beneficial to the citizens and place Nigeria on a sustainable trajectory of people-oriented development.

Jega made the call at the 2024 Annual Directors Conference by the Chartered Institute of Directors (CIoD) in Lagos.

The News Agency of Nigeria (NAN) reports that the conference had as its theme: “Good Governance as a Catalyst for Economic Recovery, Growth, and Development.”

He said that governance was a central feature and indeed, the essential pillar and pivot of all modern nation states.

Jega, however, noted that Nigeria, currently has a crisis of governance at all levels.

He said that processes, structures and institutions of governance were essentially weak, or had virtually collapsed, with regrettable consequences on desirable economic growth and socioeconomic development.

He stated that what Nigeria needed was not good governance but good democratic governance.

This, he said, was because good democratic governance was the panacea for national socioeconomic growth and development and human security in countries that are democracies or aspire to be so, such as Nigeria.

“Over the years, the legitimacy of the state has been vigorously contested on grounds of its inefficiency and lack of competence and especially failure to protect and defend their fundamental rights, and to meet their needs and aspirations.

“Consequently, citizens are, on their part, becoming indifferent to political participation and constructive engagement in the governance processes, even losing hope in democratisation and governance processes, which is even more worrisome.

“Nigeria’s elected leaders and representatives need to appropriately recognise and take into consideration recommendations in the striving to cure endemic bad governance,” he said.

Jega stressed the need for the country in providing good quality leadership to predicate it on knowledge, experience, competence, integrity, vision, and selflessness.

He called for transparency and accountability in policies and decision-making processes to engender trust for government among citizens.

Jega said respect for and compliance with rule of law was required to mitigate excessive impunity and executive lawlessness, which was pervasive at all levels of governance.

He added that efficiency and effectiveness in the management of public resources could go a long way to free resources for prioritisation of citizen’s welfare and social justice.

He also called for participation of citizens in discussing what affects them, based on deliberate inclusivity to drive trust and generate additional ideas and perspectives.

“As colonially created African nation-states, countries such as Nigeria have as desirable objectives both democratic development, nation building and socioeconomic development; and have tried to pursue these.

“But, the evident inadequacies of governance and its weaknesses in forging an overarching national identity, amidst a multiplicity of primordial identities, have been obstructive to stable economic growth and socioeconomic development.

“In a transitional democracy, such as Nigeria’s, whatever else governance could be, it must have a democratic content: it must be participatory, with bottom-up processes and it must have inclusivity.

“That is why it is better to focus on good democratic governance, rather than just good governance as conceptualised and promoted,” he said.

Jega posited that for Nigeria to develop as expected, it required visionary, patriotic and people-oriented leaders.

He added that the country needed those with the capacity, competence and ability to appreciate and manage the complexity of its diversity, on the basis of equity, equality of opportunity, fair-play and the rule of law.

He urged citizens to, in spite of the mounting and demoralising challenges, keep hope in Nigeria alive and participate in the struggles to nurture and entrench good democratic governance.

NAN also reports that Jega was presented with the Anofi Guobadia Award for Excellence and Leadership at the event.(NAN)

Edited by Chinyere Joel-Nwokeoma

Economy/Business

Tinubu, Sanwo-Olu advocate sound corporate governance for steady economic growth

374 total views today

By Rukayat Moisemhe

President Bola Tinubu and other stakeholders have advocated sound corporate governance to reposition the nation’s economy toward steady growth.

The President, represented by the Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, spoke at the 2024 Annual Directors Conference in Lagos.

The News Agency of Nigeria (NAN), reports that the conference organised by the Chartered Institute of Directors (CIoD) had the theme: “Good Governance as a Catalyst for Economic Recovery, Growth, and Development”.

Tinubu said that good governance was not merely a concept but an essential component to achievd the country’s desired development.

He said that economic recovery, growth and development deeply resonated with his administration’s vision for Nigeria.

The President said that he was committed to advancing robust corporate governance practices across all sectors of the Nigerian economy.

“Now is the time for innovative thinking and proactive governance to revive our nation’s aspirations to reincorporate our economy for the benefit of all citizens.

“This government has undertaken bold reforms vital to shaping a Nigeria reflective of our productive future.

“We have enhanced governance frameworks by implementing systems to benchmark, monitor and evaluate our ministerial performance; the idea is to ensure that quality is best and trusted to our nation’s future,” he said.

Tinubu urged directors, as guardians of leadership, vision, corporate integrity and strategies, to complement government’s support across all sectors of the Nigerian economy.

He said that the country must align its endeavours with global governance, technology and human development trends in its quest for economic recovery.

He reiterated that his administration was steadfast in nurturing an environment that would provide equal opportunity, ensure economic stability, improve business efficiency and enhance infrastructure to shore up industrial growth.

Mr Babajide Sanwo-Olu, Governor of Lagos State, in his remarks, said that as leaders, good governance was an economic imperative “even more than a moral obligation”.

The governor said that good governance was key to unlocking the nation’s potential, attracting vital investment, and creating opportunities for our citizens.

According to him, transparency, accountability, and trust are the cornerstones of any thriving economy with history showing that where these principles are absent, nations struggle.

“We have seen the devastating consequences of poor governance, where corruption and inefficiency stifle growth and erode trust in institutions.

“But history has also shown us that with strong governmental institutions, effective leadership, and an unwavering commitment to transparency, we can build a strong and thriving economy,” he said.

The governor stated that the state was deeply committed to embedding the values of good corporate governance in every facet of his administration.

He added that Lagos state had launched reforms to strengthen institutions, promote transparency, and ensure accountability across sectors.

Sanwo-Olu, however, stressed that the government alone could not achieve sustainable progress in advancing good governance, hence the need for collaboration with the private sector.

“By adhering to ethical business practices, investing in sustainable initiatives, and insisting on transparency in governmental dealings, we can create an environment that fosters transparency and economic stability.

“Together, we can bridge the gap between intention and action,” he said.

Alhaji Tijjani Borodo, President, CIoD, said that the conference was a flagship of the institute’s public engagement initiatives, where leaders from the private and public sectors addressed key issues affecting the economy, society and businesses.

Borodo said that the theme of the conference was particularly apt as economies across the globe were grappling with socio – economic challenges, adding that Nigeria was no exception.

He said that one key solution central to addressing the challenges as leaders was to champion the promotion of good governance.

According to him, economies with strong governance practices experience sustained growth and development.

“In Nigeria, we have seen encouraging signs in both the private and public sectors, where sound governance has played a key role in improving investor confidence and driving economic reforms.

“This has also rubbed on our neighbouring countries so there is more work to be done, and that is why we are here today.

“Together, we can create a brighter future for our nation, marked by transparency, accountability, and sustainable growth.

“Let us collaborate to drive Nigeria’s economic transformation and diversification through the lens of corporate governance,” he said.(NAN)

Edited by Kadiri Abdulrahman

Economy/Business

TCN confirms power restoration to 7 states in Northern region

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By Constance Athekame

The Transmission Company of Nigeria (TCN) has confirmed that bulk power supply has been restored to parts of northern Nigeria after weeks of blackout.

The company successfully restored supply through its 330-kilovolt (kV) Ugwuaji-Apir transmission line I as of 4:56 p.m. on Wednesday.

The TCN made this known in a statement issued by Mrs Ndidi Mbah, TCN’S General Manager Public Affairs, in Abuja on Thursday.

The company said that power supply was restored to Lafia, Makurdi, Jos, Kaduna, Kano, Bauchi, and Gombe States following the completion of repairs on the vandalised section of the Ugwuaji-Apir transmission line.

She said that with the restoration of the line, the Apir-Lafia 330kV transmission line 2 was now operational and also bulk power transmission had been restored to the states.

”As restoration efforts continue, with the TCN engineering team preparing to commence work on the second 330kV transmission line. All necessary materials for the repairs are on hand.

”Work will begin as soon as the site is secured for the safety of TCN’s personnel to the affected sections of the vandalised 330kV transmission line II.

”In the meantime, teams of linesmen will re-patrol the 330kV line II to ensure that no other sections are impacted as the repair works progress,”she said.

TCN said it appreciates the patience and understanding from those affected as its engineers work diligently to restore the 330kV transmission line II.

TCN also recognises the importance of electricity in Nigerians daily lives and is committed to ensuring that this line is repaired swiftly, thereby increasing the bulk power to the affected areas by the incident.(NAN)(www.nannews.ng)

Edited by Sadiya Hamza

Economy/Business

FG considers PPPs to fund key science, technology projects

310 total views today

 

Okeoghene Akubuike

The Federal Government says it is considering private sector funding through Public Private Partnerships (PPPs) for key projects in the Ministry of Innovation, Science and Technology.

 

This is contained in a statement issued by Ifeanyi Nwoko, the Acting Head, Media and Publicity, Infrastructure Concession Regulatory Commission (ICRC) in Abuja on Thursday.

 

Nwoko said Dr Jobson Ewalefoh, the Director-General (D-G) of ICRC, said this when he paid a courtesy visit to the Minister of Innovation, Science and Technology, Mr Uche Nnaji.

 

Nwoko said the meeting, initiated by the ICRC D-G, aimed to foster partnership between the two government bodies to leverage PPPs for projects that enhance the nation’s economic and technological growth.

 

Ewalefoh said that science and technology if properly deployed, could serve as a key driver of the economic growth and progress of Nigeria.

 

“Many countries around the world have used science and technology to drive the economic growth and prosperity of their country and people.

 

“We are here to brainstorm with you and find ways by which we can deepen the usage of science and technology for the advancement of our country.

 

“Over the last two decades, countries and businesses have harnessed technology and innovation for upscaling their economy and improving the efficiency in their service delivery.

 

“That is where we want our country to go, and we believe that is the vision you are championing under the renewed hope agenda of President Bola Tinubu.

 

“It is, therefore, my aspiration that your ministry will partner with the ICRC to see areas where we can champion private sector funding through PPP to develop some of the projects specific to the ministry,” he said.

 

The D-G informed the minister that there was already a collaboration with an agency under its purview but stressed that there were other key areas where PPP could be harnessed to deliver laudable projects in the ministry.

 

He said that the commission had streamlined its processes to accelerate PPP project delivery as well as deliver important services to the Nigerian people.

 

Ewalefoh pointed out that some key private sector operators had already verbalised their desire to work with the ministry in a PPP arrangement.

 

Responding, Nnaji expressed his excitement at the appointment of the D-G, saying that Ewalefoh’s wealth of experience would revolutionise the PPP sphere in Nigeria.

 

“Indeed, a square peg has been placed in a square hole,” he said

 

The minister emphasised that the ministry served as a key enabler of economic growth and has had the support of Tinubu which was demonstrated through major approvals granted the ministry.

 

He said that the president had approved methanol production, saying that although the implementation process was still being finalised, foreign direct investments for the project had reached more than 1.5 billion dollars.

 

“We want to go into beneficiation of raw materials and we have the Presidential Executive Order No 5 to back it, such that we don’t have to export our raw materials, but process it to a level before exporting.

 

“We are looking at doing green hydrogen too,” he said.

 

Nnaji noted that Nigeria could make a lot more from cassava export than it was currently making if the raw cassava was processed before export.

 

“We believe that with ICRC, we will partner in doing things right and enabling us to forge a better outlook for most of these projects.

 

“In methanol, we are going to involve ICRC more closely to see the way forward and how it can benefit the country better.

 

“I am happy that you are here; coming here shows that you know what you are doing. You are taking services to those that need it,” he said. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

Business

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

313 total views today

 

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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