The bank would have expected to generate better returns on investment on the N56.9 billion invested in subsidiaries.
Raysun's further increased ownership of Champion Breweries is suggestive of a leverage to launch a takeover bid.
Despite efforts to increase its footprints across Africa, the performance of UBA Nigeria continues to dominate group performance.
Significant growth in gross revenue was driven largely by sale to Nigerian Bottling Company Limited and Seven-Up Bottling Company Limited.
Despite COVID-19 disruptions, MTN Nigeria’s 2020 financials showed marked improvements compared to its 2019-year-end.