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Ecobank Group records 32% growth in PAT of N146.5 billion for 2019

Ecobank Transnational Incorporated (ETI) has recorded a 32% growth in profit before tax of NGN146.5 billion for 2019 financial year.

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Ecobank Nigeria

Ecobank Transnational Incorporated (ETI) has recorded a 32% growth in profit before tax of NGN146.5 billion for 2019 financial year. This was up from the N110.8 billion recorded in 2018.

The bank, which released its figures to the Nigeria Stock Exchange yesterday, reported gross earning of NGN 842.5 billion, up by 9% against the figures for the previous year.

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Profit after tax stood at NGN 99.5 billion and total asset went up by 5% to close at NGN 8.6 trillion.

READ MORE: Reps set to probe CBN, FIRS, others over alleged fraudulent forex dealings

Summary of Result

Ecobank Group reports audited full year 2019 results

  • Gross earnings up 9% to NGN 842.5 billion
  • Revenue up 3% to NGN 586.9 billion
  • Profit before tax up 32% to NGN146.5 billion
  • Profit after tax up 28% to NGN 99.5 billion
  • Total assets up 5% to NGN 8,621.9 billion
  • Loans and advances to customers up 2% to NGN 3,383.2 billion
  • Deposits from customers up 2% to NGN 5,925.0 billion
  • Total equity up 9% to NGN 688 billion

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COVID-19: Lagos receives N200 Million, 5 ambulances from BUA Foundation

“As a responsible corporate citizen, we felt a responsibility to support the state government and the people during these times.” – Chimaobi Madukwe, COO of BUA Group

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COVID-19: Lagos receives N200 Million, 5 ambulances from BUA Foundation

JUNE 1, 2020, LAGOS – The Lagos State COVID-19 response has received 5 ambulances in addition to a cash sum of N200 million earlier received from BUA Foundation, the philanthropic arm of BUA Group, one of Africa’s leading foods and infrastructure conglomerate.

The Group Chief Operating Officer, BUA Group, Chimaobi Madukwe, while presenting the COVID-19 response ambulances and cheque to the First Lady of Lagos state, Ibijoke Sanwo-Olu commended the effort of the Lagos State Government in curbing the effects of the virus. Madukwe also added that BUA will continue to support various effort across Nigeria to stop the virus.

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READ ALSO: LIRS further extends deadline for filing annual tax returns by one month

“As a responsible corporate citizen, we felt a responsibility to support the state government and the people during these times.

“We are proud to be associated with the Lagos State government in this fight against the coronavirus. We are keen in contributing our quota where needed to end the pandemic and these ambulances are to ensure the people of Lagos state get the best medical attention.

“We are working tirelessly with various stakeholders to further identify places where help is needed and had since set aside a grant in addition to this cash donation and 5 ambulances from which some projects are being carried out.”

IMG_8929: L-R: O’tega Ogra, Group Head, Corporate Communications, BUA Group, Chimaobi Madukwe, Representative of BUA Foundation and Group Chief Operating Officer, BUA Group, Ibijoke Sanwo-Olu, First Lady of Lagos State at the presentation of 5 ambulances and N200 Million cash donation to the Lagos State COVID-19 Response.

Receiving the donations on behalf of the Governor, Babajide Sanwo-Olu, the First Lady of Lagos state, Ibijoke Sanwo-Olu who described the donation as critical to the COVID-19 fight thanked the foundation and the BUA Chairman, Abdul Samad Rabiu for the gesture which will strengthen the state’s response to the pandemic.


EDITOR’S NOTE: This is a sponsored content. 

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‘Invest N5b and get N10b in 3 years, Guaranteed!’ – Sijibomi Ogundele, MD/CEO Sujimoto

Crises are opportunities disguised as problems! We have developed a highly viable and profitable strategy and found an opportunity for savvy investors to invest N5 billion into Sujimoto and get N10 billion back in 3 years.

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Sijibomi Ogundele, MD/CEO Sujimoto

EDITOR’S NOTE: Please, be informed that this is a sponsored content by SujiMoto, a luxury real estate company based in Lagos.


 

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What has been the impact of COVID-19 on your business?

In every adversity, there is a blessing. Covid-19 has indeed been a blessing for me. I have come up with more ideas than ever and even had time to study my past and also re-assess the opportunities in real estate. Many have said that the real estate industry is one of the worst hit by the Covid-19 Pandemic, but we have been here before during the last recession and we didn’t sink! Just like other times, we shall learn from it, rise and re-strategise.

How do you intend take advantage of the opportunities in your industry post COVID-19?

To take advantage of the opportunities ahead of us, there are 3 fundamental Ps we are already implementing: People, Prudence and Projects.

Projects: We have 3 major projects we have in the pipeline that will bring a minimum of 200% ROI to Sujimoto. Most projects will last a minimum of 1 year, so while other organisations are in limbo, folding their hands and waiting for the Pandemic to be over before they take any meaningful action, we have already started. By the time the world is ready to restart, we will be done!

Prudence: We have instituted a diligent spending culture by putting an Opportunity Per Cost (OPC) strategy to every penny spent. We shall only spend what is necessary NOW!

People: The Job market is saturated with lots of experienced hands who had been let off as a result of the COVID-19 pandemic and it is our intention to work ONLY with the best. Therefore, we will be employing ONLY the best and the essential.

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Are there any opportunities for savvy investors in your company post COVID-19?

Crises are opportunities disguised as problems! We have developed a highly viable and profitable strategy and found an opportunity for savvy investors to invest N5 billion into Sujimoto and get N10 billion back in 3 years. This is guaranteed!

Treasury bills and other money market instruments will give you 5 – 10% ROI on your investment but this is 100% ROI and it is guaranteed!

This investment is NOT for everyone, it is ONLY for the vital few, who can identify opportunities, when they see one. Please contact me directly via my email suji@sujimotonig.com, and I will be available to meet ONLY the vital serious few.

It’s simple, we are looking for the Warren Buffets who are able to discern opportunities and grab them! We will not quickly forget Ronald Wayne who sold his Apple shares in 1976 for $800. Today, that share is worth 90 billion dollars!

In all my projects, I always try to invite few friends to invest early. Many invest with me and make 200% ROI, while others simply take it for granted!

Some people say that there are more than 2,000 empty apartments in Banana Island, Ikoyi and VI, but how does that affect you?

When you negotiate the price of greatness, you pay the full price for mediocrity. For us at Sujimoto, we do not know what ‘empty apartment’ means because in the heat of 2016/17 recession, we sold out projects in Ikoyi. Our just concluded Giuliano project in Banana Island was sold-out 6 months before completion! Not only did we sell out, we have also witness about 3 other resale, where a lady bought at N350 million and she sold for N480 million, making N130 million in 11months.

At Sujimoto, we have only two things going for us, Quality and Integrity. I have no sponsors; no rich Father or powerful Aunt, all I have is my Word and an addiction to Quality.

Will there be any major changes to the way you do business post COVID-19?

Change is the only thing that is permanent. We will be doing a lot more of commercial real estate than residential. As a matter of fact, we don’t want to do a lot of off-plan sales anymore except for special residential off-plans.

We will also focus on building private projects for people. We are also interested in lands in Ikoyi or Banana Island for outright sale or JVs. Anyone who has a good land in a great location can contact me directly, OWNERS ONLY please.


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Zenith Bank emerges best bank in Nigeria in the Global Finance World’s Best Bank Awards 2020

“This award is a clear demonstration of the bank’s market leadership, occasioned by our superior product offerings, best-in-class service and top-of-the-range technology which create value for our teeming customers.” –Ebenezer Onyeagwu

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Zenith Bank GMD Ebenezer Onyeagwu, Central Bank of Nigeria, CBN's loan-to-deposit ratio policy, Nigerian Stock Exchange NSE stocks, Banks in Nigeria, Deposit Money Banks in Nigeria, Zenith Bank collaborates with fintechs, but insists it is not scared to compete with them, Zenith Bank sets withdrawal limit for customers, as dollar sells for N400, NIGERIA| ZENITH BANK: Revaluation gains support marginal profit growth

Zenith Bank Plc, Nigeria’s leading financial institution, has emerged as the Best Bank in Nigeria in the recently released Global Finance Magazine World’s Best Banks Awards 2020.

The awards, which was published in the May 2020 edition of the Global Finance Magazine, was based on the performances of the banks in their respective regions and countries over the period from January 1 to December 31, 2019.

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Global Finance’s “World’s Best Banks Awards” are recognized amongst the world’s most influential banking/finance and corporate professionals as the most coveted and credible awards in the banking industry, with winners chosen in more than 150 countries across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.

READ ALSO: Zenith Bank CEO admits COVID-19 will severely impact banks

Founded in 1987, Global Finance regularly selects the top performers among banks and other providers of financial services and the awards have become a trusted standard of excellence for the global financial community.

Commenting on the recognition, the Group Managing Director/Chief Executive of Zenith Bank, Mr, Ebenezer Onyeagwu said that “this award is a clear demonstration of the bank’s market leadership, occasioned by our superior product offerings, best-in-class service and top-of-the-range technology which create value for our teeming customers.”

Zenith Bank has clearly distinguished itself in the Nigerian financial services industry through superior service quality, unique customer experience and sound financial indices. The bank, with a knack for setting the pace and raising benchmarks, is a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

READ ALSO: Measures introduced by Nigeria to ensure transparent use of the $3.4 billion IMF loan

As a testament to its resilience and market leadership, Zenith Bank announced an impressive result for the year ended December 31, 2019, with profit after tax (PAT) of N208.8 billion, achieving the feat as the first Nigerian Bank to cross the N200 billion mark. In the recently released Q1 2020 unaudited financial results, the bank also recorded an improved result over the corresponding period in 2019, with gross earnings rising by 6% to N166.8 billion and profit before tax (PAT) growing 3% to N58.8 billion.

Consistent with this superlative performance and in recognition of its track record of exceptional performance, Zenith Bank was ranked as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto & Co. The bank was also voted as Bank of the Year and Best Bank in Retail Banking at the 2019 BusinessDay Banks and other Financial Institutions (BAFI) Awards. Most recently, the bank was recognized as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the Banker Magazine “Top 500 Banking Brands 2020” and the Bank of the Decade (People’s Choice) at the ThisDay Awards 2020.

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