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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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INC Condemns killings During Youth Congress Elections

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The Ijaw National Congress (INC) worldwide has condemned in strong terms the Sept.14 killings in Abuloma during the ljaw Youth Council elections.

This is contained in a statement by Chief Ezonebi Oyakemeagbegha, National Publicity Secretary, INC, and made available to newsmen, Abuja on Monday.

Oyakemeagbegha described the killings as unwarranted, senseless and tragic.

According to him, Ijaws are not known to be violent in nature, particularly when what was involved, (elections) is supposed to be a family affair.

“Aside, it beats all reasonable imaginations that people who were supposed to be aspiring to serve the people turned around to massacre the same people in the most bestial manner.

“The INC calls for calm, while it expects the security agencies to do very thorough investigations and fish out the culprits.

“It is the belief of the INC that the full weight of the Law must be visited on any one found culpable.

The congress commiserates with the families of those who died tin this most unfortunate incident.”

The Rivers Police Command said it is aware of the senseless and sporadic shooting in the Abuloma area during the Ijaw Youth Council Central Zone elections”.

In a statement , the police said Commissioner of Police swiftly dispatched Tactical Teams to the scene, but the perpetrators had already escaped.”

The police further  stated that the commissioner had ordered a full-scale crackdown to apprehend those responsible and bring them to justice.

“Normalcy has returned to the area, and law-abiding citizens are encouraged to continue their daily activities,” the statement added, urging residents to report any suspicious activity to the police.

When asked about the alleged casualties, Iringe-Koko said the command had not yet received confirmation, adding that investigations were ongoing. (NAN)

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Tinubu Committed to Improving Welfare of Senior Citizens –Alake

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Dr Dele Alake, the Minister of Solid Minerals Development, has restated President Bola Tinubu’s commitment to improve the welfare of senior citizens in the country.

Alake said this in an interview in Ikoro-Ekiti, his country home.

According to the minister, Tinubu is determined to accord dignity to senior citizens by giving them a new lease of life in line with his Renewed Hope Mantra.

Alake said that senior citizens had been adequately factored in all the Renewed Hope Agenda of the current administration.

Report says that Alake had on Saturday, distributed 1,200 bags of rice to the elderly in Ekiti, irrespective of the political party they belonged to.

He thanked the president for listening to the people and demonstrating a caring heart, noting “1,200 bags of rice was made available to me and each minister to further supplement the established channels of distribution.

“We need to reach out to our aged fathers and mothers at times like this to demonstrate the Omoluabi values of taking care of the old in the community.

“In the spirit of inclusion, it is important that we channel this intervention to mainly elderly citizens.

” This is because they do not have the strength to compete for welfare goods such as these at the established centres. We have taken their inventory and we are delivering to them.

“Subsequent interventions will target other segments of the populace, such as widows, orphans, persons living with disabilities and students in higher institutions of learning,” he said.

The minister said that the onus was on the people to care for the elderly by focusing on issues affecting them, adding that every individual would grow old and require the support of the younger generation at some point in life.

“This is a bold step in re-writing our history as a people and changing the undesirable narrative of our lack of desire to adequately take care of our elderly population.

“Those of you that are very familiar with me can attest to the fact that at every opportunity, especially at events like this.

“I have always canvassed that nowhere in the world can government alone meet the needs of its citizens.

“Hence, the need to encourage partnership with high networth individuals, corporate organisations and non-governmental agencies to ensure the welfare of the citizens,” he said.

Alake enjoined all public spirited Ekiti people to lend a hand to the needy, adding that all hands must be on deck to support efforts to rid the state of hunger and poverty. NAN)

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Lifting of Petrol from Dangote Refinery Marks Industrialisation – FG

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The Federal Government has hailed the commencement of petroleum product lifting from the Dangote Petroleum Refinery and Petrochemicals, describing it as a significant step towards national industrialisation and self-sufficiency in refining.

Mr Anthony Chiejina, Head, of Communications, Dangote Group, in a statement, said that trucks from the Nigerian National Petroleum Corporation Ltd.

(NNPCL) had begun transporting petrol from the refinery located in Ibeju-Lekki, on Sunday in Lagos.

Leading the government delegation, Mr Wale Edun, Minister of Finance and Coordinating Minister of the Economy, also described the development as a landmark moment that revitalises Nigerians’ confidence in domestic industrialisation and refining capabilities.

“This marks Nigeria’s return to local refining and supply of petroleum products, a significant milestone after decades of import reliance,” Edun said.

The minister, accompanied by Dr Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service and Chairman of the Technical Sub-Committee on Naira-based crude sales to local refineries, said that this initiative would ensure Nigeria’s energy security and independence.

He highlighted the benefit of alleviating persistent fuel scarcity and long queues at gas stations, aligning with President Bola Tinubu’s vision of adding value to raw materials before export.

Edun further acknowledged Tinubu’s role in establishing the free trade zone concept during his tenure as Lagos State governor.

“This achievement strengthens Nigeria’s energy security and supports the government’s policy of promoting domestic investment.

“President Tinubu’s vision was to ensure no raw material leaves Nigeria without added value. I commend President Tinubu for facilitating the supply of crude to local refineries in naira and for his role in this achievement,” he added.

Edun also commended Aliko Dangote, President of Dangote Industries Ltd., and his team for restoring Nigeria’s position as a producer of refined products, nearly three decades after the country ceased local refining.

He commended Dangote’s patriotism and unwavering commitment to bringing the refinery project to fruition despite initial doubts. (NAN)

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