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NTT Global Destinations: Opening new Frontiers for Tourism and Business development between Nigeria and The Maldives

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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.

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We do not understand limits; we strive for the best” Oando boss, Tinubu

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Oando restates commitment to a sustainable energy future for Nigerians

In continuation of his dedicated mission to ensure a robust sources of energy for Nigerians, Wale Tinubu, the Group Chief Executive, Oando Group, has emphasized the company’s long-standing dedication to transforming lives through accessible energy sources.

“This is an energy story we’ve been writing for over 30 years. We are changing Nigeria’s lives every day by providing access to varied energy sources that power industries and fuel the economy,” Tinubu stated.

 

Tinubu, in a compelling narrative about Nigeria’s energy landscape, conveyed a strong sense of purpose, asserting that Oando has a mission to demonstrate the capacity of indigenous companies to lead the nation’s energy sector.

While drawing a parallel to Nigeria’s independence in the 1960s, he explained, “We see this as the emancipation of Nigeria’s indigenous oil and gas community.

“With a deep understanding of the resources beneath the surface, Oando is determined to excel and embrace meritocracy. We do not understand limits; we strive for the best,” Tinubu affirmed.

He noted that the company adheres to global standards in operations and maintenance, while at the same time showcasing its commitment to quality and excellence.

Highlighting the significance of the Okpai Phase I and II projects, Tinubu explained that the facilities boast a combined capacity of approximately 1GW, marking them as “the most reliable and efficient plants in the country.

“Since 2005, Okpai has contributed over 43,435 GWh to the national grid, enabling communities across Nigeria to thrive. Okpai Phase II is set to make an immediate impact, with an expected injection of 300 MW into the national grid, followed by an additional 180 MW anticipated by the third quarter of 2025.”

Tinubu emphasized that the $800 million, 480 MW facility is centered on the company’s mission: “Building our nation remains at the heart of what we do.”

He went further to highlight Oando’s commitment to local communities, noting that over 8.5 GW of electricity has been delivered since the commissioning, and stressing the company’s role in fostering employment.

“We have achieved 12,332,594 LTI-free man-hours as of September 2024,” he proudly announced.

Oando continues to lead the charge in the energy sector, taking significant strides in illuminating the lives of Nigerians and securing a sustainable energy future for all.

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Wema Bank Declares profit before tax of ₦60.62bn

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Wema Bank Nigeria has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.

 

Wema Bank’s balance sheet remained well structured with total assets growing by 38% to

 

₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.

 

The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to

 

₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023:

 

₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).

 

Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.

 

The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.

 

 

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Wema Bank Declares profit before tax of ₦60.62b

Published

on

By

 

 

Wema Bank Nigeria has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.

Wema Bank’s balance sheet remained well structured with total assets growing by 38% to

 

₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.

 

The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to

 

₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023:

 

₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).

 

Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.

 

The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.

 

 

 

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