Unity Bank Projects N27B in Q4 Earnings, Targets N4B Profit

Lagos.09.09.2024. Unity Bank Plc has projected gross earnings of N27 billion and a Profit After Tax of N4 billion in Q4, 2024, in its latest earnings forecast released to the Nigerian Exchange Group.

Although the projected gross earnings represent a marginal increase from the N26 billion projected for Q3 2024, the lender continues to maintain a profitable outlook, with pre-tax profit expected at N4.2 billion.

An analysis of the earnings forecast shows that the lender also expects interest income to rise from N23 billion to N24.5 billion, with net revenue expected to rise marginally by 1.0% to N7.2 billion within the quarter compared to N6.5 billion in Q3, 2024.

Net operating income is projected at N12 billion, while cash flow from financing activities is projected to rise to N481.4 billion from N353.6 billion, a 1.3% projected increase on a quarter-on-quarter basis. This projected growth in cash flow from financing activities continues to reflect the lender’s growing liquidity position which is essential for sustained business operations.

The lender said it expects to cover the milestones with a consistent optimistic outlook in its projection, barring any significant changes in the operating environment, under which the assumptions were made. The lender noted that it will continue to deliver top-notch customer-centric products and services, especially in the digital lending space following the roll-out of enhanced platforms and channels for superlative customer experiences.

Analysts are of the view that the Q4 forecast reflects a steady growth trajectory on the back of key performance indicators and strategic repositioning to hedge the challenging market conditions.

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DNA: Medical errors, inaccuracies in genetic testing, and baby exchange, among others responsible For Paternity Errors

Following recent DNA reports about paternity discrepancies, psychologists have linked  paternity fraud, where children do not belong to their supposed fathers to medical errors, inaccuracies in genetic testing, and baby exchange, among others

The mental health experts noted that several variables could lead to a situation where a child’s paternity was questioned, beyond the common blame on infidelity.

According to them, factors such as negligence, ignorance, and genetic testing errors could also contribute to this phenomenon.

They spoke exclusively with PUNCH Healthwise amid growing concern about paternity fraud, with increasing reports revealing that many children have been falsely attributed to men who are not their biological fathers.

In recent years, Nigeria has witnessed a disturbing trend of paternity fraud, where children are discovered not to belong to their supposed fathers.

This phenomenon has left many families in shock, with some marriages ending in divorce due to the discovery.

While infidelity is often linked to the primary cause of paternity fraud, psychologists, however, said there could be other factors at play.

Speaking with our correspondent, the experts said there was a need for couples to explore all options available before jumping to conclusions that the women cheated in the relationship.

While identifying the lack of pre-marital genetic testing as one of the factors that could be responsible, the mental health experts noted that prospective parents overlook the importance of comprehensive genetic screening, which could reveal potential issues before marriage.

They stressed that ignorance or negligence in this area might contribute to unexpected outcomes later in life.

A clinical psychologist at Lagos University Teaching Hospital, Dr Juliet Ottoh stressed the importance of exploring multiple factors before jumping to conclusions about infidelity.

Ottoh noted that while infidelity is often presumed to be the primary cause of paternal discrepancies, other significant factors could play a role.

She said these include the negligence of medical staff, inaccuracies in genetic testing, and even hospital errors such as baby exchanges.

Ottoh emphasised the necessity of thorough investigation, including verifying the results of genetic tests through reputable labs before making any assumptions about paternal identity.

“It is not always entirely the couple’s fault. Sometimes, it might just be a result of test errors, ignorance, or negligence. We’ve heard stories of babies being exchanged in hospitals due to negligence, leading to paternity issues,” she stated.

She further said, “There are a lot of factors that may be responsible for this. And that is why you must explore extensively to look at out for what are some of these factors.

“Sometimes, it is not entirely the couple’s fault, it might just be as a result of test, ignorance. In recent times, how many people still go to do genetic tests before marriage? Also, some of these genetic tests are queried.

“So, it is not entirely to say that one person is responsible for all these. Sometimes it is negligence. We have heard stories of where a lot of babies were born in the same hospitals and out of negligence, some of the babies were exchanged and they became a problem for their parents.

“We cannot entirely say it is infidelity that is the cause of all these paternal fraud cases. Before you label a situation, you must take a lot of detailed history to understand where the problem is coming from.

“For me, I will say you just ensure you go to the right lab. As it is, you can even try to get a second opinion from another good lab to ascertain your genotype before you venture into marriage.  If you have all of those sorted, then we can begin to query the other options. The most important thing you just get tested and confirm your genotype from a reputable lab.

“There are a lot of implications in marriages when these things come out. Partners need to be patient and understand what the problems truly are. If they understand that, they would be able to amend amicably.”

WHY IS PETROLEUM A PROBLEM IN NIGERIA

By Dickson Omobola

The jigsaw puzzle surrounding the quantity of petrol, otherwise called Premium Motor Spirit (PMS), Nigeria consumes daily just got more puzzling as Sunday Vanguard understands that the figure went down to about 30 million liters per day after President Bola Tinubu’s ”subsidy is gone” statement of May 29, 2023 only to dramatically return to more than 60 million liters.

Multiple sources attributed the ‘magical’ rise to renewed smuggling of the product into neighboring countries where the price of the product is significantly higher than it is in Nigeria.

Until Tinubu ‘removed’ petrol subsidy via the 2023 Inauguration Day speech, the product sold for N254 but rose subsequently to N617 in Abuja and thereabouts in some parts of the country.

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In Lagos where it was cheapest, it sold for about N568 while it sold higher in other South-West states like Ogun, Oyo, Ondo, Osun and Ekiti.

In the North, South-South and South-East, it was a different ballgame as the price of petrol skyrocketed above N615 while independent marketers sold above N800.

The quantity of petrol consumed daily in Nigeria has for a long time been a controversial issue with many stakeholders saying it was shrouded in secrecy especially since the quantity determined the amount to be paid as subsidy which many people including government officials benefited from.

According to the Nigerian National Petroleum Corporation Limited (NNPCL), in the first three months of 2022, Nigeria recorded an average daily consumption of 64.14 million liters, while the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) revealed in September 2022 that Nigeria’s average daily petrol consumption was 66.8 million liters.

However, at the beginning of 2023, the Group Chief Executive Officer of the NNPC Limited, Mele Kyari, said there was no credible data to ascertain the daily consumption of petrol in Nigeria while also stating that there was credible data on the actual volume of petrol evacuated from the depots.

Analysts believe the figures quoted are often that high because the bulk of the petrol earmarked for the local market is usually taken by smugglers across the borders, especially to neighboring countries, where the price of the product is very high because they don’t produce oil.

The smuggling of the product across the borders guarantees huge profits for those involved while subsidy also guarantees huge returns for marketers and government officials among others in the system.
But following the Inauguration Day pronouncement of Tinubu (subsidy is gone), daily consumption of petrol in Nigeria, according to sector regulator fell significantly.

Analysis of daily truck-out data published by the NMDPRA revealed that petrol consumption had reduced by more than 24 million liters per day on average.

The average daily consumption in May 2023 was 69.54 million liters which fell to 49.48 million liters in June, representing a 28.3% drop.

In July, this margin increased further to 34.61%, the equivalent of 24.06 million liters, and average daily consumption for the month fell further to 45.74 million liters.

The price of petrol in neighboring Benin Republic and Cameroon immediately soared, confirming the claim that both countries, among others, were befitting from the Nigerian subsidy regime.

Outside beneficiaries
Part of the reason adduced by the Nigerian government to cancel the subsidy regime is the fact that apart from the cabal using the regime to rip off government, nationals of neighboring were also beneficiaries.

But critics say the fact that government cannot police its borders in such a way that smuggling of petrol across the borders is stopped does not justify ending the subsidy regime that helps poor Nigerians to modulate the prices of other items that they need petrol to carry out.

Nigeria’s land borders are huge, covering an