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Stanbic IBTC Proposes N25.91bn Interim Dividend

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By Tony Obiechina, Abuja

Stanbic IBTC has published its interim consolidated and separate financial statements for the half-year period ended June 30, 2024.The report indicates a significant increase in the group’s profit after tax, which rose by 71.33 per cent to N116.37bn, compared to N67.

92bn in the same period last year.This growth was achieved despite the challenging economic environment, characterized by high inflation rates.
Although the latest inflation data from the National Bureau of Statistics (NBS) showed a slight decrease in Nigeria’s headline inflation rate to 33.
40 per cent in July 2024 from 34.19 per cent in June 2024, the inflation rate remains substantially high.
According to the financial report, the group’s profit before tax surged by 77 per cent to N147bn, up from N82.99bn recorded in 2023.Additionally, the report revealed that Stanbic IBTC’s gross earnings grew by 77.44 per cent in the first half of the year, reaching N378.55bn, compared to N213.33bn during the same period in the previous year.The bank also reported a 123.23 per cent increase in interest income, which amounted to N246.13bn, up from N110.26bn in the corresponding period of 2023.This increase was driven by a rise in investment securities, including treasury bills and bonds.The interest expenses were valued at N71.83bn in the half year of 2024 from N37.58bn in the comparable period of 2023 representing a growth of 91.16 per cent.Net interest income rose by 139.79 per cent from N72.68bn to N174.29bn in 2024.

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Customs Intercept Contraband Worth N510.92m in Two Conths

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The Nigeria Customs Service (NCS), Federal Operations Unit Zone C, says it intercepted contrabands with a Duty Paid Value (DPV) of N510.92 million between July 15th and September 15th, 2024.The zone covers the six states in the South-South geopolitical zone and the five states in the Southeast geopolitical zone.

This is contained in a statement signed by Jerry Attah, Public Relations Officer, NCS, Zone C, and made available to journalists on Wednesday.
According to the statement, Comptroller Michael Ugbagu, NCS, Zone C, gave the statistics while showcasing the seized contraband to relevant regulatory agencies at the Government Warehouse in Edo.Ugbagu said that the zone also recovered the sum of N25.
57 million from demand notices raised based on some infractions noticed, making a cumulative sum of N536.49 million recorded within the months under review.“The DPV was derived from our seized goods, which include 49,699 sachets of various brands of tramadol and 3,350 bottles of various cough syrups with codeine without an NAFDAC number.“1,015 sacks of dry donkey meat and skin, 75 jumbo bales of second-hand clothing, 463 cartons of foreign spaghetti, 269 pieces of used pneumatic tires, and 56 cartons of smuggled foreign tomato paste.“More worrisome is the interception of 49,699 sachets of various brands of tramadol and 3,350 bottles of various cough syrups with codeine without NAFDAC registration numbers.”He noted that the cough syrup with codeine and tramadol without NAFDAC registration numbers, if not intercepted, could have had adverse effects on youths.He added that the items were mostly intercepted along the Ewu-Okada/Benin expressways based on credible intelligence. (NAN)

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APC Forum Decries Deplorable Condition of Federal Roads

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The Forum of Stakeholders of the All Progressive Congress (APC) has decried the deplorable condition of some federal roads in Nigeria. Alhaji Saleh Zazzaga, the North-Central Chairman of the forum, said this in an interaction with newsmen on Wednesday in Jos. Zazzaga described some of the federal roads as ”death traps”, particularly those within the north-central region.

He said that some of the deplorable roads in the region include Jos-Akwanga, Makurdi-Oturkpo-Otukpa, Makurdi-Ankpa, and Jos-Saminaka.
Other roads that needed urgent attention, he said, included Suleja-Minna, Ejule-Otukpa, Ganawuri-Manchok, Lokoja-Abuja, Lapai-Agaie-Bida, Birnin-Gwari-Bokani-Mokwa, Minna-Zungeru-Tegina-Kontagora.
”Currently, the north-central region has the most deplorable roads and highways in the country. ”These deplorable roads have brought severe hardship on the people and lost lives and property through preventable road traffic crashes. ”We call on President Bola Tinubu to intervene and ensure the rehabilitation of these roads because good roads are vital enablers of development,” he said. The chairman also called on governors of states within the region to reconstruct the dilapidated roads and seek refunds from the federal government. ”Though these are largely federal roads, they are located within states, and the beneficiaries are the people of these states. ”So we call on state governments to reconstruct these roads and seek refunds from the federal government,” he added. (NAN

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Yuan Strengthens 7. 087 Against Dollar

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The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 160 pips to 7.087 against the dollar on Wednesday.This is according to the China Foreign Exchange Trade System.In China’s spot foreigners exchange market, the yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
(Xinhua/NAN)

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