Nigerian lender, Unity Bank Plc has declared gross earnings of N36.18Billion for the nine-month period ended September 30, 2021, and a 23% growth of PAT totaling N1.94Billion for the same period.
A review of the unaudited results for the 3rd Quarter of 2021 released to the Nigerian Exchange Group Limited showed that the Bank’s gross earnings of N36.18Billion represents a moderate 7% growth from N33.9 Billion recorded in the same period in 2020.
Also, with the strong performance recorded during the period under review buoyed by a 31% growth in its loan book to N265.32Billion from N202.08Billion recorded in 2020, the lender also grew its asset base by 17% to N574.56Billion from N492.02Billion recorded in December 2020.
The Bank’s Profit Before Tax for the period under review grew by 23% to N2.11Billion from N1.71Billion in the corresponding period in 2020.
This sterling performance comes amid fragile recovery and volatilities in the operating environment and key macroeconomic indicators following the global Covid-19 pandemic, weak market sentiments and inflationary trends, as well as tough regulatory headwinds that have impacted severely on economic activities.
The lender also substantially grew its net interest income to N14.63Billion from N12.67Billion in the same period in 2020; creating a 15% uptick from the value of the Bank’s rising loan portfolio and an improvement in its transaction banking activities with its customers, achieved through excellent service delivery.
The lender’s fees and commissions averaged 16% to report an increase of N4.56Billion from N3.92Billion within the period under review, attributable to a dividend of the Bank’s strategic retail play which has boosted transaction volume.
Commenting on the result, Unity Bank’s Managing Director/CEO, Mrs. Tomi Somefun expressed satisfaction with the performance indices of the Q3/2021 financials. Particularly inspiring are the growing loan book and quality of assets (31% growth), cash and balances with the CBN (24% growth) and PBT (23% growth), altogether adding to the consecutive growth of the balance sheet in the last couple of years.
In her overall assessment, she stated that “the market is increasingly beginning to see the efforts in the strategic refocussing of our business and diversification of our earnings base which is translating into tangible results even as we strive to meet the expectations of our esteemed customers and cherished stakeholders.
“In addition, she said that while the Bank’s focus on agribusiness has provided both brand and business benefits while the institution has also made significant investment in the development of the retail market in order to grow its market share in various target segments by scaling up operations in the niche market.”
Somefun also stated that the Bank shall remain dynamic by embracing current and emerging market trends in technology, effectively targeting the youth market, driving financial inclusion in the women segment, developing robust product marketing to create value through a focus on digital strategies to facilitate transaction and e-banking channels.
Looking ahead, Mrs. Somefun stated: “We are optimistic that nothing will threaten to upend the current COVID-19 recovery, especially as the Bank is poised towards building an increased momentum to ride the wave of the economic headwinds, even as the growing inflationary pressures and the soaring energy prices still remain a concern.
According to the Unity Bank’s boss, “Ours is a continuous balancing act and revolutionary performance towards repositioning the business nationwide via tapping into emerging opportunities across the banking space, including the digital financial services spheres”.
Analysts believe that the consistent growth trajectory in the Bank’s balance sheet as shown in Q1, H1 and Q3, 2021 results continue to reinforce growing market confidence as well as demonstrates the commitment and drive of the management to enhance shareholder’s value.
Oraimo Mobile Technologies Build Africa’s Largest Mobile Technology Factory in Nigeria
The laudable Economic strides of the Administration of His Excellency, President Muhammadu Buhari, GCFR gained momentum at the Grand Opening of the flagship showroom of Oraimo Mobile Technologies Experience Centre called THE GREEN WORLD at Jabi Lake Mall, Abuja on Sunday, 15th of May, 2022.
Oraimo Mobile Technologies is the leading manufacturer of High Tech Smart Phones Accessories in Africa, and the company has conspicuously dominated the Nigerian market regarded as the largest in Africa. While welcoming various dignitaries who graced the occasion, the Managing Director of Oraimo Mobile Technologies, Mr. Chidi Okonkwo, emphasized the commitment of the company to first rate products that are not just durable but affordable for all Nigerians. He emphasized that Nigeria has come of age with a teeming population of Tech savvy young professionals and educated youth dominated population that can accommodate the siting of the largest Mobile Technologies Production factory in Africa.
Among the dignitaries that attended the occasion are Mr. Emeka Offor, Acting Executive Secretary of the Nigerian Investment Promotion Commission (NIPC); the team of the Corp Marshal of the Federal Roads Safety Corps, Dr. Boboye Oyeyemi; Nigeria Foreign Investors Forum led by Mr. Coker Yu-Du as well as friends and partners of Mr. Olusegun Adebayo who is the Promoter of the Flagship Showroom.
While responding, the Acting Executive Secretary of NIPC, Mr. Emeka Offor, commended the laudable contribution of Oraimo Mobile Technologies to Nigeria’s Economic Growth and Human Capital Development through direct foreign investments which has led to massive job creation. He further affirmed the commitment of the Federal Government of Nigeria to sustained reviews and implementation of sound Corporate and Financial Acts that will keep Nigeria as the Investment Hub of Choice in Africa.
Furthermore, he stated that the Administration of His Excellency, President Mohammadu Buhari, GCFR has provided the enabling environment for Investors around the world to thrive in Nigeria, and by implications, the NIPC is ready to support Oraimo Mobile Technologies to site their Production Factories in Nigeria and take advantage of the windows of opportunity that abound as incentives from NIPC. While boasting about the readiness of Nigeria to host oraimo factory, he said, “it is high time we stopped the importation of commodities into Nigeria. The time has come for production to be predominant in Nigeria, and from here, we will export to other African nations and the entire world. This is the aspiration of President Mohammadu Buhari, GCFR and we will give it every support required.
It was an amazement that the entrance of the showroom was completely blocked by hundreds of Loyalty Customers who thronged to Jabi Lake Mall, Abuja to await the opening of the Flagship Showroom. The crowd were entertained by Performances from the sensational Pheelz who thrilled everyone with the hit-song Finesse as well as the Prodigy Saxophonist, Temilayo Abodunrin, a talented teenager who showcased mastery as she played several songs with precise rendition. Several gifts such as Power Banks, Air Pods, Wireless Speakers, Smart Watches, Phone Chargers and a long list of items were given away to customers who indeed had a memorable experience.
NTT Global Destinations: Opening new Frontiers for Tourism and Business development between Nigeria and The Maldives
The Federal Republic of Nigeria and The Maldives are poised to commence a new era of tourism and business development in the coming months. This follows a recent Familiarization Tour of The Maldives by Ms. Elizabeth Agboola, the CEO/Founder of NTT Global Destinations and a team of legal, trade and cultural promotion specialists. The Tour was conducted from 29th March to 3rd April 2022 in association with International Maldives Travel Market (IMTM) and provided important insights into the prospects for tourism and trade between Nigeria and the Maldives.
Although Nigerians have been visiting The Maldives for decades, there is still much to be discovered in relation to this pearl of the Indian Ocean, that is ranked among the top tourism destinations in the world. Ms. Agboola has declared that, ‘’Every Nigerian should have a chance to experience the Maldivian dream and NTT Global Destinations is ready to take them there”.
The Maldives has been dubbed COVID-19 pandemic winners having copped the World’s Leading Destination Award in 2020 and 2021.
The Familiarization Tour provided an opportunity for the NTT team to visit guest houses in the capital Male as well as in other islands including Maafushi, Hudhuranfushi, Olhuveli and Maamigilli. In each location the team was able to sample the delightful cuisine as well as the variety of attractions and accommodation facilities ranging from high end luxury hotels to guest houses on both local islands and resort islands. The team was also able to experience ‘’island hopping’’ by speed boat and domestic flights.
The team also took note of the prospects for making Nigerian goods and services available to enterprises in the Maldives, especially in the areas of food, fashion and entertainment. This is among the elements being discussed with H.E Muhammed Bello Abioye, the Nigerian Ambassador to The Maldives. There is scope for bringing businesses from Nigeria and the Maldives together via trade fairs, B2B encounters, cultural events and other promotional mechanisms.
Among the highlights of the Tour were the scheduled meeting between the NTT Team and Minister of Tourism – Dr. Abdullah Mausoom, as well as engagements with Mr Rafil Mohammed, The Executive Director of The Maldives Association of Tourism Industry (MATI) – the oldest tourism association in The Maldives and Mr. Thoyyib Mohammed, The Managing Director of Maldives Marketing and Public Relations Corporation (MMPRC).
The Minister outlined his vision for tourism development in The Maldives and expressed the hope that Nigerian tourists would soon play a prominent role in the growth and expansion of the industry. The Minister further stated that, ‘’as The Maldives celebrates its Golden Year of Tourism in 2022, outreach to an important market like Nigeria is critical and would be further enhanced, with the introduction of direct air connections’’.
NTT Global Destinations has crafted destination marketing plans for the Maldives, in partnership with Nigerian tour operators and will spearhead efforts to introduce direct charter flights in the near future.
In addition to its established place in global tourism, The Maldives is also a leader in Muslim friendly travel experiences. It caters extensively to halal food, private villas, exclusive sand banks and an abundance of mosques and designated places for prayer.
Ms. Agboola is enthused at the positive response to the packages for The Maldives and strongly encourages everyone to ‘’sign up early to avoid missing out on the special rates on offer by all our tour operators, for both leisure and halal packages’’.
The Maldives is a visa free destination for Nigerians and the government has removed the requirement for a COVID Test as a condition for entry.
Adron celebrates 10th Year Anniversary, Appreciates its Landlords
Adron Homes and Properties, a leading player in the real estate industry gives back to her landlords.
In commemoration of her tenth anniversary, the company decided to embark on giving back to society especially her clients who had stood and believed in the company as well as keyed into her numerous housing (estates) projects across the country and beyond.
The Group Managing Director, Aare Adetola Emmanuelking seized the opportunity to reiterate the company’s vision of making the incredible affordable by ensuring quality shelter for everyone.
In a statement, Aare Adetola Emmanuel King stated that ” Adron is poised at bridging the housing deficit gap in the country and beyond”
He attributed the company’s success as one of the leading players in the real estate industry with dozens of mega estates across the country to the trust and confidence the company enjoys from clients and prospects.
A team of management staff led by the Director of Brand and Business Development, Barr, Alonge Tola made surprise visits to some of the company’s estates, alongside Mr. Kazeem (JIGAN) one of the Brand ambassadors for Adron Homes, which added more elements of surprise and glamour during the visits to numerous landlords.
Jigan handed the landlords gifts packs in commemoration of the anniversary.
The landlords were full of excitement to see their Nollywood celebrity standing just in front of their doors, they expressed their gratitude to Adron Homes for the act and also for matching words with action, especially in regards to infrastructures at their different estates they commended the company for ensuring uninterrupted power supply.
The excitement in the faces of the numerous landlords whom we visited was glaring as they received the gift items and gave their appreciation speeches and some even became emotional.
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