Connect with us
Advertisment

Business

Dangote Refinery Will Boost Growth of Downstream Sector in 2022, CPPE, Others Affirm

Published

on

Dangote ‘no longer’ richest investor on NGX, as Abdul Samad Rabiu leads in the latest ranking

Dangote Refinery Will Boost Growth of Downstream Sector in 2022, CPPE, Others Affirm

The Centre for the Promotion of Private Enterprise (CPPE), an economic advocacy group, has identified Dangote Petroleum Refinery as one of the key expected drivers of growth that would impact positively on the downstream sector of the Nigerian economy in 2022.
Likewise, Financial Derivatives Company Limited, a financial institution, in its recent Economic Report for 2022, expressed a firm belief that Dangote Refinery would boost the growth of the downstream sector of the economy and enhance petroleum products distribution across Africa.
Dangote Refinery Will Boost Growth of Downstream Sector in 2022, CPPE, Others Affirm

Dangote Refinery

Advertisment
The Managing Director/CEO of Financial Derivatives Company, Bismarck Rewane, however, warned that the refinery, when operational, would not be a final solution to Nigeria’s economic crises. “The coming on stream of Dangote Refinery will no doubt enhance product distribution across Africa. Will Dangote refinery solve Nigeria’s problem? The answer is no. But the company is going to make Nigeria an exporter of refined petroleum products,” he added.
In a Nigeria Economic Outlook for 2022 released by the CPPE, its Chief Executive Officer, Dr Muda Yusuf said activation of the Petroleum Industry Act (PIA) in 2022 is expected to impact positively on the economic outlook.
“We expect to see positive outcomes as investor sentiments in the oil and gas sector improve on account of the reforms anchored on the PIA. This will however depend on the political will deployed to drive the implementation of the provisions of the Act. It is also expected that the coming on stream of the Dangote refinery in 2022 will also impact positively on the downstream sector of the economy”, he added.
He said the average oil price in 2022 is expected to exceed the budgeted benchmark of sixty-two dollars ($62) per barrel, offering some fiscal headroom. This, he noted, would be powered by higher energy demand driven by the recovery of economic activities globally.
“This trajectory is expected to impact on our foreign reserve and strengthen the capacity of the Central Bank of Nigeria (CBN) to support the foreign exchange market”, Yusuf said. He, however, added that if the Dangote refinery comes on stream in 2022, the fiscal pressure on the economy may abate, but not completely eliminated.
According to the economist, because the service sector is less vulnerable to the structural constraints of the economy, especially the real sector of the economy, it will continue to outpace the real sector in 2022.
He said, “The service sector of the Nigerian economy will continue to outpace the real sector in 2022. In the third quarter of 2021, service sector contribution to GDP was 50 per cent and the growth of the sector was 8.41 per cent. The oil sector contribution to GDP was 7.5 per cent while the non-oil sector contribution was 92.5 per cent. While the industrial sector growth contracted by 1.63 per cent, agriculture grew by 1.2 per cent.”
Yusuf said the Gross Domestic Product (GDP) growth would remain fragile at about three per cent, pointing out that the key expected drivers of growth would be sustained recovery of global oil price.
He said, “We expect that the average oil price in 2022 will exceed the budgeted benchmark of $62 per barrel, offering some fiscal headroom. This would be powered by higher energy demand driven by the recovery of economic activities globally.”
The economist noted that despite the downside risks, the economy would continue to present huge opportunities for investors across all sectors. “This is on account of the resourcefulness of the Nigerian people, especially the entrepreneurs. Other inherent strengths of the Nigerian economy include the market size, the population, and the demographic characteristics”, he added.

Advertisment

Bank

Wema records 196 percent profit before tax in 2023 financial report

Published

on

HACKAHOLICS DIGITAL SUMMIT 2023: WEMA BANK LAUNCHES AFRICA’S LARGEST GATHERING OF INNOVATORS, DISRUPTORS, REGULATORS, POLICYMAKERS, INVESTORS & CUSTOMERS IN THE DIGITAL SPACE

Wema records 196 percent profit before tax in 2023 financial report

Wema Bank has announced its full Year 2023 Audited financial statement, recording profit before tax growth of 196 per cent from ₦14.75bn to N43.59 billion.

Advertisment

The bank also proposed a dividend per share of 50kobo; up from 30 kobo in 2022 and deposit growth of 60 per cent to ₦1,860.57bn from ₦1,165.93bn reported in FY 2022.

“Return on Equity (ROAE) of 39.28%, NPL of 4.31% and N40billion 1st tranche of Capital raise awaiting final regulatory approvals,” a statement from the bank said.

Advertisment

Commenting on the results, the MD/CEO, Mr. Moruf Oseni said, “2023 showcased a revitalised Wema Bank as evidenced by the considerable improvements in our numbers. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 196%.”

He noted that the growth of Gross Earnings by 72%, Total Assets by 56% and earnings per share at 279.5 kobo shows the core improvements to the bank’s balance sheet.

“In addition, our cost to income ratio at 64.37% has witnessed significant improvement from the previous period.

Advertisement

“We also completed our N40bn Capital raise exercise (results awaiting final verification by regulators). This exercise actively positioned us for the new capital licensing requirements of the Central Bank of Nigeria. Wema Bank will accelerate its capital management plans and ensure we embark on the journey to raise the required capital as quickly as possible.

“The Bank will be proposing a dividend per share of 50 kobo to its shareholders at the next Annual General Meeting; this is in line with the Bank’s capital conservation strategy and to ensure that it continues to provide returns to its shareholders in anticipation of additional capital raises scheduled for later this year.

“We are satisfied with the bank’s performance in the first year of the new leadership team, as we move in a strong growth trajectory. Our target remains clear, we want to become a Top-Tier Bank in the industry powered by Digital excellence, we have carved a niche for ourselves with ALAT as a Retail platform, but we are now positioning the enterprise as the Intelligent platform for all financial services.

“We have partnered with the Federal Government on upskilling Two Million MSMEs, provided engagement platforms for all NYSC members and are now implementing partnerships in Health, Education, Women empowerment and in the green economy.

“In the months ahead, we would be developing platforms and supporting initiatives that prioritise the needs of our customers, leveraging technology in solving problems across all sectors.”

Advertisment
Continue Reading

Business

All Is Set For HiCESRA 2024!… As HCS Magazine Launches @5

Published

on

All Is Set For HiCESRA 2024!... As HCS Magazine Launches @5

 

Advertisment

All Is Set For HiCESRA 2024!… As HCS Magazine Launches @5

 

The magnificent R&A City Hotel situated in Ikeja, Lagos will welcome a mammoth crowd of celebrities, dignitaries, boardroom marshals, traditional rulers, religious leaders, political icons and great actors from other sectors of the Nigerian economy to felicitate with High Celebrity Squard International Magazine as it clocks 5 years in the Nigerian media space.

Advertisment

 

 

All Is Set For HiCESRA 2024!... As HCS Magazine Launches @5

Advertisement

The event, scheduled to take place on Sunday the 21st of April, 2024 by 2pm will also witness the decoration of selected Nigerian dignitaries who will be inducted into the HiCESRA Hall of Fame as well as outstandingly industrious individuals led by the indefatigable Executive Governor of Lagos State, His Excellency Mr. Babajide Olusola Sanwo-Olu and corporate organizations that have been lined up to win several noble awards.

Top on the list of inductees into HiCESRA Hall of Fame include the Alayeluwa His Imperial Majesty Adeyeye Enitan Ogunwusi, the Ooni of Ife, effervescent business tycoon Dr. Taiwo Afolabi of Sifax Group, Industrial giant Aare Rasaq Akanni Okoya and his beloved wife Dr. Mrs. Shade Okoya, the gallant Comptroller General of the Nigerian Customs Services Adewale Adeniyi, Primate Elijah Ayodele of INRI Evangelical Church, Prince Kayode Kolade the Controller NCS Zone C, Owerri and his lovely wife Princess Dr. Toyin Kolade the Iyalaje Oodua Worldwide, the Aare Onikoyi of Yorubaland Chief Tomori Williams, Aare Basheer Fakorede the Aare Bobajoko of Image land, Chief Mrs. Quincy Ayodele global Queen of herbal product, Fuji Czar Wasiu Ayinde Anifowoshe etc.

An impressive list of awardees will also make HiCESRA 2024 an outstanding event. The convener of this tremendous project, Quadri Alabi Olowolagba affirmed that this is the time to celebrate the 5th anniversary of High Celebrity Squard International Magazine and at the same time, formally launch the magazine that has been portraying the good images of great personalities, corporate organizations, traditional leaders, religious bodies, governments and other vital contributors to the country’s economy.

We developed HiCESRA 2024 to appreciate the efforts of these individuals and entities. In addition to this, we are also inducting some distinguished dignitaries into HiCESRA Hall of Fame. We urge a our invited guests, partners, clients and well wishers of High Celebrity Squard International Magazine to be at R&A City Hotel in Ikeja on the 21st of April and witness the mother of all awards celebration.

However, a national topical issue themed “Strategizing solutions to Nigeria’s devastating economy, incessant insecurity threats: Roles of the media” will be discussed at HiCESRA 2024 by renowned media practitioners and social commentators. Watch out for the bumper maiden edition of HiCESRA. It promises to be a classic.

Advertisment
Continue Reading

brands/telecom

New Cryptocurrency “Chambs” Launches with Innovative Mining Model

Published

on

New Cryptocurrency “Chambs” Launches with Innovative Mining Model

 

Advertisment

A new cryptocurrency, Chambs, has entered the digital market with promises of revolutionizing utility tokens. Offering a plethora of features and benefits, including payments, staking, and a cutting-edge web3 social media platform, Chambs has quickly caught the attention of crypto enthusiasts worldwide. Powered by the Solana blockchain, Chambs boasts a seamless and efficient network, ensuring fast transactions and low fees.

New Cryptocurrency "Chambs" Launches with Innovative Mining Model

Advertisment

 

What sets Chambs apart is its unique mining model, which allows users to mine Chambs tokens for free on a daily basis. With the potential to claim up to 8,300 Chambs daily, equivalent to $4.7 USDT worth, users have the opportunity to accumulate tokens effortlessly. These mined Chambs can then be easily swapped to USDT after the mining period, providing users with tangible value.

Chambs serves as the native coin of Chambit Exchange, a pioneering peer-to-peer exchange solution poised to make waves in the crypto space.

Advertisement

Backed by a diverse team of experts and a robust funding team, Chambs aims to deliver real-world utility while promoting financial inclusion and social impact. Its well-defined roadmap outlines ambitious plans for growth and development, setting the stage for Chambs to emerge as a major player in the cryptocurrency ecosystem.

To capitalize on this groundbreaking opportunity, users are encouraged to start mining Chambs today. By signing up through the provided link, users gain access to the Chambs mining platform, where they can begin accumulating tokens immediately. Additionally, Chambs offers a dedicated mobile app available for download on the Google Play Store, ensuring seamless access to the platform’s features and updates.
Stay updated with the latest developments and announcements from Chambs by following their official social media channels. Join the Chambs community on Facebook, Twitter, and Telegram to engage with like-minded individuals and stay informed about upcoming events and promotions.

With its innovative approach to mining and commitment to real-world utility, Chambs is poised to disrupt the cryptocurrency space and make a lasting impact on the world. Don’t miss out on this opportunity to be part of the future of finance. Start mining Chambs today and join the revolution.

“Chambs is a multi chain utility token that offers a range of features and benefits to users, including payments, and staking and a web3 social media platform that promotes user engagement and interaction Powered by the Solana block chain,

Chambs is a native coin of Chambit Exchange. A unique peer-to-peer exchange solution set to make impact in the crypto space.

Champz aims to provide real-world utility, while also promoting financial inclusion and social impact. With the backing of a diverse team of experts and a strong funding team, Champz has the potential to become a major player in the cryptocurrency space and make a positive impact on the world.”

You can mine champz for free on daily basis 100% free
As they have a well defined roadmap

You could claim upto 8,300 Chambs daily($4.7 Usdt worth) and swap it to usdt after mining period.

Don’t miss this one!! Start mining now

Signup 👇👇👇
👇👇https://app.champz.net/signup?referralCode=41207SWKC4e

Download app on playstore
👇👇👇👇👇
https://play.google.com/store/apps/details?id=com.exchange.champz&pcampaignid=web_share

Get daily updates

Facebook
👇👇👇👇
https://www.facebook.com/chambitofficial

Twitter
👇👇👇👇👇
https://x.com/chambitofficial

Telegram
https://t.me/chambitpage

Advertisment
Continue Reading

Cover Of The Week

Trending