Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has released its audited financial results for the financial year to 31 December 2018 to the Nigerian Stock Exchange, which showed a strong liquidity position.
The results, released to the Exchange on Wednesday, showed the group grew its topline earnings for the financial year to N222.4 billion, compared with the N212.4 billion it achieved in the same period of 2017. Bottomline grew by 54% as profit after tax moved up to N74.4 billion compared with the N48.4 billion achieved in December 2017.
Other key performance indicators were equally impressive. The group’s total assets grew by 20% to N1,663.7 billion compared with the N1,386.4 billion in December 2017. Profit before taxation was N88.2 billion, up by 44% compared with the N61.2 billion in 2017. Customer deposit grew by 7% to N807.7 billion from N753.6 billion in the corresponding year. Of note was the company’s ability to reduce its toxic assets appreciably. The gross non-performing loans decreased by 50% to N17.7 billion compared with N35.3 billion in 2017. This decrease impacted positively the gross non-performing loan to total loan ratio, which improved to 3.9%, well below the regulatory mark of 5%, as against the 8.6% recorded in 2017. The non-performing loans figure is even more impressive when viewed against the 14% (N458.9 billion in 2018 – N403.9 billion in 2017) increase in gross loans and advances achieved in the financial year.
The Chief Executive, Stanbic IBTC Holdings PLC, Mr Yinka Sanni, says the balance sheet size was impacted by “growth in risk assets and financial investment portfolio,” a reflection of investment expertise and quality management, which saw its non-interest revenue rose by 15% to N102.6 billion from N89.2 billion in 2017. According to Sanni, “Strong growth in fees and commission income as well as write-backs, which resulted from recoveries made on previously written off loans and reversals on some non-performing loan, contributed to the strong showing.”
Stanbic IBTC said performances across its three divisions, Corporate and Investment Banking, Wealth Management businesses, and Personal & Business Banking, were strong and contributed to the turnover.
Sanni assured “As a financial institution we will continue to leverage on our universal financial services capability, unrelenting focus on cost control, digitization and client centricity to ensure that we continue to grow our capacity to provide incomparable high quality end-to-end financial solutions to our customers in a sustainable manner.”
The suspended Chief Justice of Nigeria, Justice Walter Onnoghen, was absent from the Tuesday’s proceedings of the Code of Conduct Tribunal, where he has been charged with six counts of non-declaration of assets.
Explaining his absence to the three-man Bench of the CCT, his lawyer, Chief Adegboyega Awomolo (SAN), said the suspended CJN developed a toothache which needed to be treated urgently.
To justify the defendant’s absence, Awomolo produced a medical report obtained by Onnoghen from the hospital where he was said to be receiving treatment.
The prosecuting counsel, Mr. Aliyu Umar (SAN), acknowledged that he had been given a photocopy of the medical report.
He also noted that the doctor also stated in the letter that the defendant needed to observe bed rest.
The tribunal, led by its chairman, Danladi Umar, had ruled on Monday that hearing in the case would hold daily.
It also deferred rulings on two separate applications filed by Onnoghen to challenge the jurisdiction of the tribunal to hear the charges against him till when final judgment would be delivered in the case.
However, following the concession by the prosecution and the recommendation in the medical report that the defendant needs a bed rest for 72 hours, the tribunal adjourned the case till March 18.
Gov. Abiola Ajimobi of Oyo State has told Governor-elect, Seyi Makinde, to adjust and improve on the bad things he (Ajimobi) did.
The Governor warned troublemakers to stay away from the state.
He said his administration would not allow brigandage return to the state
Ajimobi told newsmen in his office on Monday night that the recent violent actions embarked upon by some hoodlums in the state would not be condoned.
The governor was reacting to the recent violence in the state which also led to the death of Rep. Temitope Olatoye (ADP-Akinyele/Lagelu).
He said that the administration’s tenure would expire on May 29 and that it would not relent in ensuring the security of lives and property.
“This administration’s tenure ends on May 29. Between now and that time, we will ensure peace and tranquility which is the hallmark of our administration.
“It was eight years of peace, security, safety and development. We won’t allow Oyo State return to the days of brigandage. This is antithetical to development,” he said.
Ajimobi urged the governor-elect, Mr. Seyi Makinde of the Peoples Democratic Party, to follow the path of peace and encourage people.
“Even if we have done bad things in some areas, we have done many good things that outweighed those supposed bad things.
“The fact that we lost in the election does not mean we should throw away the baby with the bath water.
“I think there are good things he can learn from us and good things we will be ready to give him to take from. And for the bad ones, let him adjust and improve on them,” Ajimobi said.
Sixteen teams across the Male and female categories are set to compete in the quarter-finals stage of the GTBank Masters Cup. The tournament, which is now in its8th season, will take place on Tuesday 12th and Wednesday 13th March 2019.
Kicking off the matches at the Campos Mini Stadium on Tuesday will be the female team of Greensprings Schools Lekki, which will square off with Lead-Forte Gate College, Lekki. Later in the day, CMS Grammar School Bariga will face Federal Science and Technical College, Yabato contend for a spot in the Male category of the semi-finals.
On Wednesday, the female teams will again set the ball rolling as Corona Secondary School, Agbara will face Atlantic Hall, Epe, and later, in the Male category, Kings College, Lagos will compete with Jubril Martins Memorial Grammar School, Iponri.
The GTBank Masters Cup tournament since its inception has grown into one of the major platforms for discovering and developing exceptional football talents and many of its alumni are now on trials and scholarships with football clubs and academies in Nigeria and abroad.
Some of the outstanding players to look out for this season are: Celestine Chwang of Kings College and AyinlaAbiola of Answar-ud-deen Girls High School. So far, both players are the highest goal scorers in the male and female categories.
The full schedule of the GTBank Quarter Finals Season 8 is:
Greensprings School, Lekki vs Lead-Forte Gate College, Lekki
Answar-ud-deen Girls High School, Itire vs Ansar-ud-deen College, Isolo.
CMS Grammar School, Bariga vs Federal Science and Technical College, Yaba
Anwar-ul-islam Model College, Agege vs Igbobi College, Yaba.
Corona Secondary School, Agbara vs Atlantic Hall, Epe
Queens College, Yaba vs Answar-ud-deen Girls High School, Ojokoro.
Kings College, Lagos vs. Jubril martins Memorial Gram. School, Iponri
Baptist Academy, Obanikoro vs. Whitesand School, Lekki.
The Independent National Electoral Commission (INEC) has released a list of senators elected for the ninth assembly so far.
These lawmakers were voted in by millions of Nigerians who came out on February 23 to also vote in a president and a vice for another term of four years.
Also elected were members of the House of Representatives.
Although Nigeria has 109 senators, 100 senators were announced by INEC in the official document. Winners of rerun elections held March 9 are yet to be included in the list.
Of the 100 senators listed, winners have emerged from the ruling All Progressives Congress (APC), the main opposition, Peoples Democratic Party (PDP) and the Young Progressives Party (YPP).
Out of the 36 states, including the Federal Capital Territory (FCT), the APC has a majority in 23 states. These are states where the party won at least two of the three senatorial districts available.
These states, most of which are governed by the ruling party, are spread across the North and South-west.
Also, of the 100 senatorial seats declared so far, five are to be occupied by women.
They include two new senators (Aisha Dahiru, Adamawa Central and Uche Ekwunife, Anambra Central) and three returning lawmakers (Oluremi Tinubu of Lagos West, Rose Oko of Cross River North and Stella Oduah of Anambra North).
|ABIA NORTH||ORJI UZOR KALU (APC)||M|
|ABIA CENTRAL||THEODORE ORJI (PDP)||M|
|ADAMAWA NORTH||ISHIAKU CLIFF (PDP)||M|
|ADAMAWA CENTRAL||AISHATU DAHIRU (APC)||F|
|ADAMAWA SOUTH||BINOS YERO (PDP)||M|
|AKWA IBOM NORTH EAST||BASSEY ALBERT (PDP)||M|
|AKWA IBOM NORTH WEST||CHRIS EKPENYONG (PDP)||M|
|AKWA IBOM SOUTH||AKON EYAKENYI (PDP)||M|
|ANAMBRA NORTH||STELLA ODUAH (PDP)||F|
|ANAMBRA CENTRAL||UCHE EKWUNIFE (PDP)||F|
|ANAMBRA SOUTH||IFEANYI UBA (YPP)||M|
|BAUCHI NORTH||MOHAMMED BULKACHUWA (APC)||M|
|BAUCHI CENTRAL||JIKA HALIRU (APC)||M|
|BAUCHI SOUTH||CANDIDATE TO BE DETERMINED||BY COURT ORDER|
|BAYELSA EAST||DEGI BIOBARAKU WANGAGRA (APC)||M|
|BAYELSA CENTRAL||DIRI DOUYE (PDP)||M|
|BAYELSA WEST||EWHRUDJAKPO LAWRENCE (PDP)||M|
|BENUE NORTH EAST||GABRIEL SUSWAM (PDP)||M|
|BENUE NORTH WEST||EMMANUEL ORKER-JEV (PDP)||M|
|BENUE SOUTH||PATRICK ABBA MORO (PDP)||M|
|BORNO NORTH||KYARI ABUBAKAR (APC)||M|
|BORNO CENTRAL||KASHIM SHETTIMA (APC)||M|
|BORNO SOUTH||ALI NDUME (APC)||M|
|CROSS RIVER NORTH||ROSE OKO (PDP)||F|
|CROSS RIVER CENTRAL||SANDY ONOR (PDP)||M|
|CROSS RIVER SOUTH||GERSHOM BASSEY (PDP)||M|
|DELTA NORTH||PETER NWAOBOSHI (PDP)||M|
|DELTA CENTRAL||OVIE OMO-AGEGE (APC)||M|
|DELTA SOUTH||JAMES MANAGER (PDP)||M|
|EBONYI NORTH||SAM EGWU (PDP)||M|
|EBONYI CENTRAL||OBINNA OGBA (PDP)||M|
|EBONYI SOUTH||MICHAEL AMA-NNACHI (PDP)||M|
|EDO NORTH||FRANCIS ALIMEKHENA (APC)||M|
|EDO CENTRAL||CLIFFORD ORDIA (PDP)||M|
|EDO SOUTH||MATTHEW UROGHIDE (PDP)||M|
|EKITI NORTH||OLUBUNMI ADETUNMBI (APC)||M|
|EKITI CENTRAL||OPEYEMI BAMIDELE (APC)||M|
|EKITI SOUTH||ADEBAYO ADEYEYE (APC)||M|
|ENUGU EAST||CHIMAROKE NNAMANI (PDP)||M|
|ENUGU WEST||IKE EKWEREMADU (PDP)|
|ENUGU NORTH||CHUKWUKA UTAZI (PDP)||M|
|GOMBE NORTH||ALKALI AHMED (APC)||M|
|GOMBE CENTRAL||DANJUMA GOJE (APC)||M|
|GOMBE SOUTH||AMOS BULUS (APC)||M|
|IMO EAST||ONYEWUCHI FRANCIS (PDP)||M|
|IMO WEST||DECLARATION MADE UNDER DURRESS|
|JIGAWA NORTHEAST||IBRAHIM HASSAN (APC)||M|
|JIGAWA NORTHWEST||DANLADI SANKARA (APC)||M|
|JIGAWA SOUTHWEST||MOHAMMED SABO (APC)||M|
|KADUNA NORTH||SULEIMAN KWARI (APC)||M|
|KADUNA CENTRAL||UBA SANI (APC)||M|
|KADUNA SOUTH||DANJUMA LA’AH (PDP)||M|
|KANO NORTH||BARAU JIBRIL (APC)||M|
|KANO CENTRAL||IBRAHIM SHEKARAU (APC)||M|
|KANO SOUTH||KABIRU GAYA (APC)||M|
|KATSINA NORTH||AHMED BABBA-KAITA (APC)||M|
|KATSINA CENTRAL||KABIR ABDULLAHI (APC)||M|
|KATSINA SOUTH||BELLO MANDIYA (APC)||M|
|KEBBI NORTH||ABDULLAHI YAHAYA (APC)||M|
|KEBBI CENTRAL||ADAMU ALIERO (APC)||M|
|KEBBI SOUTH||BALA IBN NA’ALLAH (APC)||M|
|KOGI CENTRAL||YAKUBU OSENI (APC)||M|
|KOGI WEST||DINO MELAYE (PDP)||M|
|KWARA NORTH||UMAR SADIQ (APC)||M|
|KWARA CENTRAL||YAHAYA OLORIEGBE (APC)||M|
|KWARA SOUTH||OYELOLA ASHIRU (APC)||M|
|LAGOS EAST||ADEBAYO OSINOWO (APC)||M|
|LAGOS CENTRAL||OLUREMI TINUBU (APC)||F|
|LAGOS WEST||ADEOLA OLAMILEKAN (APC)||M|
|NASARAWA NORTH||GODIYA AKWASHIKI (APC)||M|
|NASARAWA WEST||ABDULLAHI ADAMU (APC)||M|
|NASARAWA SOUTH||TANKO AL’MAKURA (APC)||M|
|NIGER NORTH||SABI ABDULLAHI (APC)||M|
|NIGER EAST||MOHAMMED SANI MUSA (APC)||M|
|NIGER SOUTH||BIMA ENAGI (APC)||M|
|OGUN EAST||MUSTAPHA OLALEKAN (APC)||M|
|OGUN CENTRAL||IBIKUNLE AMOSUN (APC)||M|
|OGUN WEST||TOLULOPE ODEBIYI (APC)||M|
|ONDO NORTH||AJAYI BORROFICE (APC)||M|
|ONDO CENTRAL||AYO AKINYELURE (PDP)||M|
|ONDO SOUTH||NICHOLAS TOFOWOMO (PDP)||M|
|OSUN EAST||ADENIGBA FADAHUNSI (PDP)||M|
|OSUN CENTRAL||AJIBOLA BASHIRU (APC)||M|
|OSUN WEST||ADELERE ARIOWOLO (APC)||M|
|OYO NORTH||ABDULFATAI BUHARI (APC)||M|
|OYO CENTRAL||TESLIM FOLARIN (APC)||M|
|OYO SOUTH||KOLA BALOGUN (PDP)||M|
|PLATEAU CENTRAL||DIMKA AYUBA (APC)||M|
|PLATEAU NORTH||GYANG ISTIFANUS DUNG (PDP)||M|
|RIVERS SOUTH EAST||MPIGI BARINADA (PDP)||M|
|SOKOTO NORTH||ALIYU WAMAKKO (APC)||M|
|SOKOTO EAST||ABDULLAHI GOBIR (APC)||M|
|SOKOTO SOUTH||ABUBAKAR TAMBUWAL (APC)||M|
|TARABA NORTH||ISA SHUAIBU LAU (APC)||M|
|TARABA CENTRAL||YUSUF ABUBAKAR YUSUF (APC)||M|
|TARABA SOUTH||EMMANUEL BWACHA (PDP)||M|
|YOBE NORTH||AHMED LAWAN (APC)||M|
|YOBE SOUTH||IBRAHIM BOMAI (APC)||M|
|YOBE EAST||IBRAHIM GEIDAM (APC)||M|
|ZAMFARA NORTH||KAURA TIJANI YAHAYA (APC)||M|
|ZAMFARA CENTRAL||ALIYU ISA BILBIS (APC)||M|
|ZAMFARA WEST||ABDUL’AZIZ YARI (APC)||M|
|FCT||PHILIP ADUDA (PDP)||M|
Access Bank Plc has vehemently denied any wrongdoing in the alleged sale of a customer’s goods worth N2.5billion.
The Police Special Fraud Unit in Lagos had charged Access Bank Plc, its managing director and chief executive officer, Herbert Wigwe, and others with 21 counts of conspiracy, fraudulent disposal of trust property, fraudulent conversion, stealing and false representation before an Ogun State High Court.
Access Bank Plc , Mr Wigwe, Alawode Oluseye and Bayo Adesina are accused of conspiring and stealing 23,754.413 metric tonnes of steel billets valued at ₦2.5 billion belonging to BMCE Bank International Plc.
But in a notice to the Nigerian Stock Exchange (NSE), on Monday, Access Bank however denied the allegations stressing that at no time did the bank or any of its executives or officers commit any of the alleged offences.
The statement reads:
“In 2015, Access Bank availed credit facilities to Metal Africa Steel Products Limited, to finance the importation of billets and machinery for the expansion of its factory. Consequent upon the grant of the facilities, the bank opened Form M and Letters of Credit (“LC”) to facilitate the importation of the billets for which the shipping documents were consigned to the bank. The facilities were secured by a Debenture Trust Deed over the customer’s assets shared with other lenders.
“Upon arrival of the billets, the bank released the shipping documents to the customer to enable it clear the goods. The bank subsequently discovered that the customer had cleared the goods from the port without payment of appropriate customs duty.
“The bank, in line with its duty to protect its depositors’ funds, reported the alleged crime to SFU which obtained a court order to take over the customer’s business operations. Furthermore, the bank petitioned Interpol, which is presently taking steps to repatriate the suspects involved in the alleged fraud from India. Subsequently, the beneficiary banks (including the bank) under the Debenture Trust Deed, appointed a Receiver/Manager who took over the operations of the customer’s business and paid the appropriate customs duty on the billets.
“The Receiver/Manager subsequently obtained court order from the Federal High Court and sold the billets and distributed the proceeds amongst the beneficiary banks (including the bank).”
The lender further said in the statement that it was “aware that the petitioner also laid claims to the same billets following which there were attempts at settlement between the petitioner and the Receiver/Manager. The petitioner subsequently filed a complaint at SFU following the failure of settlement.
“Based on the foregoing, we were surprised to be served with the charges by the SFU alleging, amongst others, that the bank stole the billets and forged the shipping documents covering the billets.
“We hereby state that at no time did the bank or any of its executives or officers commit any of the alleged offences. The bank has continued to maintain the position that it financed the importation of the billets and that the Receiver/Manager appointed by the bank and a syndicate of other lenders had the right to sell the goods. We are aware that there are civil matters in court on the same subject.
“We are also aware that there are on-going settlement negotiations between the Receiver/Manager and the petitioner. Without prejudice to the settlement discussions and the civil matter, we reiterate that the Receiver/Manager appointed by the bank and a syndicate of other lenders acted within its powers to sell the billets.
“We wish to assure our stakeholders that the bank will continue to take all necessary steps to protect its depositor’s funds in line with its fiduciary duties as well as extant rules and regulations.” The statement concluded.
Francis Otuana, returning officer for Imo state elections, has ordered the arrest of Kelechi Ehirim, the collation officer of Ohaji Egbema local government area (LGA), for allegedly altering the results of the LGA.
Otuana, who apparently had the results from the field, announced that the figures Ehirim presented were doctored.
Immediately he gave the order, security operatives moved in and led Ehirim and Christian Ogbuagbu, electoral officer of the LGA, away.
The duo were later handcuffed and taken out of the collation centre.
Otuana, a professor, is the vice chancellor, Michael Okpara University of Agriculture, Umudike, Abia state.
The suspect is also a professor.
He had said he was not under pressure to declare any politician winner of the election.
“I want to assure you I’m not under any pressure to declare anybody winner. We just want to speed up the process,” he had said.
During the presidential and national assembly elections, some returning officers said they were forced to declare some candidates winners.
More to follow…
MTN Group Chief Executive Officer (CEO) Rob Shuter yesterday faulted the demand for $2 billion cash by the Office of the Attorney-General of the Federation (OAGF).
It accused AGF Abubakar Malami, of “playing games” over the demand for the cash, which the government said was in tax arrears from the telecoms giant.
Shuter spoke at a conference call where MTN’s 2018 annual results were presented to the country’s executives and stakeholders.
Malami had last September written to MTN Nigeria, demanding the payment of $2 billion in tax arrears.
He broke the cash down to a 10-year period for import duties, Value Added Tax (VAT) and withholding taxes on foreign imports/payments.
MTN Nigeria had rejected the allegation, insisting that it had fully settled all outstanding taxes.
The telco also sued the AGF.
Reiterating the telco’s stance, Shuter described the legal process as “odd,” adding that the AGF had no right to collect tax on behalf of the Federal Government.
He said MTN is a responsible firm which tax assessments are in line with the requirements of the relevant authorities.
The transcript of the conference call reads: “I think if you look at our history for complicated tax disputes they can take years, because you end up going through this tribunal, that tribunal etc.
“Now, of course what’s odd about the Nigeria situation is it’s not the Commissioner for Inland Revenue that we have the dispute with. It’s the attorney-general, who is really not mandated to collect tax.
“So, the legal process is basically saying you’re playing a game that you’re not meant to be playing. And when we talk to the tax authorities they have no particular quarrel with where we are with our various assessments.
“So, either we get the thing chucked out early on and the issue is finished, or it is just one of these lingering things that rolls around in the system for a while. And personally I don’t know which way it’s going to play out.
“I’m just absolutely adamant that we’re a responsible company, we have paid the taxes we had to pay, and the tax authorities themselves aren’t saying that we owe them anything. So I think we’ve just got to stare this one down.”
Also commenting on the issue, the telco’s Chief Financial Officer, Ralph Mupita, said the telco has thoroughly double-checked its books without finding any remote exposure.
He said: “The audit committees of both Nigeria and (the) group, as you can well imagine, have gone through this very thoroughly in terms of all our tax exposures. And it’s the second time we’ve looked at this.
“We looked at it at the half year when it was then a tax assessment before the letters came in August.
“But we still believe there isn’t even a remote exposure that we would put in contingent liabilities. But I think it’s important to re-emphasise the point Rob raised.
“In the course of having any tax disputes with the authorities these things can take years. So if this thing rolls on it’s no different from a transfer pricing matter you may have a dispute with an authority in country x, y, z.”
The hearing of the suit against the AGF first scheduled for November 8 last year has been adjourned to March 26. (The Nation )
The Independent National Electoral Commission (INEC) has declared Emeka Ihedioha of the Peoples Democratic Party (PDP) winner of the governorship election in Imo state.
Francis Otunta, returning officer for the election, said Ihedioha polled 273,404 to beat his closest rival, Uche Nwosu of the Action Alliance who polled 190,364.
Nwosu has rejected the results, arguing that there ought to be a rerun because the PDP candidate “did not meet the constitutional requirements”.
The Imo governor-elect was deputy speaker of the house of representatives between 2011 and 2015. He had contested against Okorocha in 2015 but lost the election.
Okorocha had tipped Nwosu, his son-in-law, to succeed him despite strong opposition. When Nwosu lost the gubernatorial ticket of the All Progressives Congress (APC), he supported his decision to move to AA while he stayed back in the APC where contested and was declared winner of the Imo west senatorial seat.
But Innocent Ibeabuchi, returning officer for the election, later said he was forced to declare the results in favour of Okorocha.
Mahmood Yakubu, chairman of INEC, had kicked against this, saying the commission would not issue certificates of return to those announced as winners in areas where electoral officials were forced to declare results.
“The commission will not tolerate the act of holding our officials hostage and forcing them to declare winners under duress. Where such occurs, the commission will not reward bad behaviour by issuing them certificates of return,” he had said at a meeting in Abuja last week.
However, in the list of senators-elect it released on Monday ahead of the presentation of certificates scheduled for Thursday, Okorocha’s name was conspicuously missing.