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Unity Bank Records N38.2 Billion Gross Earnings in Q3’23

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Unity Bank Records N38.2 Billion Gross Earnings in Q3’23

Unity Bank Records N38.2 Billion Gross Earnings in Q3’23

 

 

Retail lender, Unity Bank Plc has recorded gross earnings of N38 billion for the nine-month period ended September 30, 2023, with customer deposits appreciating by 5% to N344.4 billion within the period, an indication of business growth and customer confidence in the Bank.

 

 

 

 

 

A review of the lender’s unaudited nine-month results released to the Nigerian Exchange Group Limited showed that the Bank continued to maintain its expansionary and customer-centric model with total loans and advances rising to N222.8 billion, even as interest and similar income stood at N33 billion, which underscores the Bank’s strategic focus to reinvigorate and sustain asset creation that will deliver returns to shareholders.

 

 

Unity Bank Records N38.2 Billion Gross Earnings in Q3’23

 

 

 

Other key highlights of the 9-month financials include the total assets which stood at N423.4 billion; net fee and income commission, N4.4 billion within the period. However, the recent FX regulation impacted the Bank’s bottom line, a situation that can be reversed as the Naira appreciates.

Commenting on the result, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun said that the Bank is focusing on its efforts to recapitalize the institution, aggressively drive asset creation, innovate with products to compete favourably in new markets and relentlessly drive pursuit of digital Banking innovation in order to shake off and completely reverse negative positions.

She stated that despite the tough operating environment, the deposit position continues to witness steady appreciation which supports the business as the Bank drives initiatives to ramp up transactions as part of its strategy for the short and medium term.

“This also means that the Bank enjoys market confidence which will enable the institution thrive better in the months ahead with increased business conversion, profitability and growth needed to achieve sustainable returns,” she said.

Added to the above, Somefun also stated that “the Bank is seeing encouraging uptake in its digital Banking services and with expansion envisaged in the pursuit of enhanced retail franchise, fintech partnership, consumer banking and other innovative retail loans as well as diversification of portfolio investment, the outlook remains one of optimism’’.

Analysts expressed the confidence that re-engaging the market in the short and medium term by deepening the retail end of the market as part of the business strategy will drive more income streams to boost both market share and financial position in the days ahead.
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Business

Dangote Refinery Receives Its Maiden Crude Cargo

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Dangote Refinery Receives Its Maiden Crude Cargo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sahara Weekly Reports in a major step towards boosting Nigeria’s domestic refining capacity and attaining energy security (self-sufficiency), Dangote Petroleum Refinery and Petrochemicals plant has purchased 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), one of the largest trading companies in Nigeria as well as globally, trading over 8 million barrels of crude oil per day.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dangote Refinery Receives Its Maiden Crude Cargo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The STASCO cargo contained 1 million barrels from Agbami and sailed to Dangote Refinery’s Single Point Mooring (SPM) where it was discharged into the refinery’s crude oil tanks.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The maiden 1 million barrels, which represent the first phase of the 6 million barrels of crude oil to be supplied to Dangote Petroleum Refinery by a range of suppliers, should sustain the initial 350,000 barrels per day to be processed by the facility. The next four cargoes will be supplied by the NNPC in two to three weeks and the final of the six cargoes will be supplied by ExxonMobil.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This supply will facilitate the initial run of the refinery as well as kick-start the production of diesel, aviation fuel, and LPG before subsequently progressing to the production of Premium Motor Spirit (PMS).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This latest development will play a pivotal role in alleviating the fuel supply challenges faced by Nigeria as well as the West African countries.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Designed for 100% Nigerian crude with the flexibility to process other crudes, the 650,000 barrels per day Dangote Petroleum Refinery can process most African crude grades as well as Middle Eastern Arab Light and even US Light tight oil as well as crude from other countries.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dangote Petroleum Refinery can meet 100% of the Nigeria’s requirement of all refined products, gasoline, diesel, kerosene, and aviation jet, and also have surplus of each of these products for export.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The refinery was built to take crude through its two SPMs located 25 kilometres from the shore and to discharge petroleum products through three separate SPMs. In addition, the refinery has the capacity to load 2,900 trucks a day at its truck loading gantries.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dangote Refinery has a self-sufficient marine facility with the ability to handle the largest vessel globally available. In addition, all products from the refinery will conform to Euro V specifications.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The refinery is designed to comply with US EPA, European emission norms, and Department of Petroleum Resources (DPR) emission/effluent norms as well as African Refiners and Distribution Association (ARDA) standards.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

President of Dangote Group, Mr. Aliko Dangote stated: “We are delighted to have reached this significant milestone. This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. Our focus over the coming months is to ramp up the refinery to its full capacity. I look forward to the next significant milestone when we deliver the first batch of products to the Nigerian market.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Country Chairman of Shell Companies in Nigeria, Mr. Osagie Okunbor stated: “We welcome the startup of a refinery that is designed to produce gasoline, diesel, and low-sulphur fuels for Nigeria and across West Africa and are happy to be enabling it.”

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Business

Why You Should Patronize Oye’s Food Place

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Why You Should Patronize Oye’s Food Place

Why You Should Patronize Oye’s Food Place 

 

 

 

Everyone deserves a good meal, especially after a hectic day at work. Oye’s Food is the one-stop place to get delicious and nutritious food.

 

 

 

 

 

Run by Damola Oyewale, a gifted chef, Oye’s Food prides itself in all kinds of food and soups both local and continental at the doorstep of your house. They take the stress off you and their delivery package is top-notch. That’s why dignitaries prefer Oye’s Food to take care of their food. A trial will convince you…

 

 

Why You Should Patronize Oye’s Food Place

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The Alternative Bank Delights Customers with Exclusive Seasonal Product

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The Alternative Bank Delights Customers with Exclusive Seasonal Product

 

The Alternative Bank Delights Customers with Exclusive Seasonal Product

 

 

 

Ahead of the festive period, The Alternative Bank is offering customers an innovative financial product designed to enhance the holiday experience.

 

 

 

 

 

This pioneering solution – AltMall, allows individuals to instantly acquire desired items and pay in manageable instalments, freeing up funds for other essential needs.

 

 

 

The Alternative Bank Delights Customers with Exclusive Seasonal Product

 

 

AltMall provides customers unparalleled flexibility through deferred payment options, promising a seamless and stress-free shopping experience.

In an official statement, Mohammed Yunusa, Head of NIB Digital and Consumer Business at The Alternative Bank, acknowledged the challenging economic conditions and emphasized the bank’s commitment to ensuring that customers can still enjoy the best of the season.

Yunusa stated, “The Alternative Bank recognises the economic challenges that may hinder many people from fully enjoying the festive season. In anticipation of this reality, we are proud to offer our valued customers a unique financial product as a solution.”

“At The Alternative Bank, we understand the significance of family ties, reunions, and other festivities during this time of the year. With AltMall, we aim to provide a respite for our customers, enabling them to continue cherished traditions, regardless of the economic situation,” he added.

AltMall is tailored for the modern consumer, providing access to the platform from the comfort of home or while on the go. Customers can conveniently choose deferred payment options aligned with their financial preferences, allowing them to savour their purchases while effectively managing their finances.

Yunusa highlighted AltMall’s commitment to prioritizing customer convenience, stating, “AltMall gives our customers control over their purchases and payment schedules. Our platform ensures a seamless and user-friendly shopping experience, whether at home or on the move.”
The Alternative Bank, known for its dedication to innovative financial solutions, reaffirms its commitment through AltMall. The product represents a significant step in redefining the intersection of finance and e-commerce, offering a unique shopping experience that combines convenience, variety, and financial flexibility.

As the festive season approaches, The Alternative Bank invites customers to make the most of AltMall, embracing a new way to shop online that aligns with their evolving needs.

ENDS

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