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ZENITH BANK FETES SHAREHOLDERS WITH DIVIDEND PAYOUT OF N87.9 BILLION

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Shareholders of Zenith Bank Plc, on Monday, at the 29th Annual General Meeting of the Bank held at the Shehu Musa Yaradua Centre, Abuja unanimously approved the proposed final dividend of N2.50 per share, bringing the total dividend payment for the 2019 financial year to N2.80 per share with a total value of N87.9 billion. This followed the recent release of the Bank’s audited financial results for the 2019 financial year.

According to the audited financial results for the 2019 financial year, Zenith Bank recorded a profit after tax (PAT) of N208.8 billion, an increase of 8% from the N193 billion recorded in the previous year, thus achieving the feat as the first Nigerian Bank to cross the N200 billion mark. 

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The Group also recorded a growth in gross earnings of 5% rising to N662.3 billion from N630.3 billion reported in the previous year. This growth was driven by the 29% increase in non-interest income from N179.9 billion in 2018 to N231.1 billion in 2019. Fees on electronic products continue to grow significantly with a 108% Year on Year (Y-o-Y) growth from N20.4 billion in 2018 to N42.5 billion in the current year. This is a validation of the bank’s retail transformation strategy which continues to deliver impressive results.

Profit before tax also increased by 5% growing from N232 billion to N243 billion in the current year, arising from topline growth and continued focus on cost optimisation strategies. Cost-to-income ratio moderated from 49.3% to 48.8%.  

The drive for cheaper retail deposits coupled with the low-interest yield environment helped reduce the cost of funding from 3.1% to 3.0%. However, this also affected net interest margin, which reduced from 8.9% to 8.2% in the current year due to re-pricing of interest-bearing assets. Although returns on equity and assets held steady YoY at 23.8% and 3.4% respectively, the Group still delivered an improved Earnings per Share (EPS) which grew 8% from N6.15 to N6.65 in the current year. 

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The Group increased its share of the market as it secured increased customer deposits across the corporate and retail space as deposits grew by 15% to close at N4.26 trillion. Total assets also increased by 7% from N5.96 trillion to N6.35 trillion. The Group created new viable risk assets as gross loans grew by 22% from N2.016 trillion to N2.462 trillion. This was executed prudently at a low cost of risk of 1.1% and a significant reduction in the non-performing loan ratio from 4.98% to 4.30%. Prudential ratios such as liquidity and capital adequacy ratios also remained above regulatory thresholds at 57.3% and 22.0% respectively.

In recognition of its track record of excellent performance, Zenith Bank was voted as the Best Commercial Bank in Nigeria 2019 by the World Finance and the Best Digital Bank in Nigeria 2019 by Agusto & Co. The Bank was also recognised as Bank of the Year and Best Bank in Retail Banking at the 2019 BusinessDay Banks and Other Financial Institutions (BOFI) Awards. Most recently, the Bank emerged as the Most Valuable Banking Brand in Nigeria, for the third consecutive year, in the recently released Banker Magazine “Top 500 Banking Brands 2020”, the Best Bank in Nigeria 2020 in the Global Finance World’s Best Banks Awards 2020, and the Bank of the Decade (People’s Choice) at the Thisday Awards 2020.

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COURT DISMISSES LAND SUIT AGAINST NIGERIAN BREWERIES

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COURT DISMISSES LAND SUIT AGAINST NIGERIAN BREWERIES

COURT DISMISSES LAND SUIT AGAINST NIGERIAN BREWERIES

 

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The Imo State High Court of Oru Judicial Division sitting at Mgbidi and presided over by his Lordship Hon. Justice Onyekachi has dismissed Suit No. HOU/71/2019, which was instituted by Chijioke Nwadika against
Nigerian Breweries Plc in the said suit, the claimant Mr. Chijioke Nwadika prayed the court to declare that the entire Ama Ogbejelem farm land at Awo-omamma in Imo State where Nigerian Breweries Plc constructed it’s drainage for waste disposal at its Awo-omamma
Breweries plant belongs to him and his family.

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COURT DISMISSES LAND SUIT AGAINST NIGERIAN BREWERIES

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The claimant also sought the court to order Nigerian Breweries Plc. to remove the drainage system from the land and pay the sum of N500,000,000 (Five Hundred Million Naira) as damages for unpaid
royalty, and destruction of the family’s economic trees as a result of disposal of waste through the drainage that runs through the claimant’s
farm land as claimed.

The claimant Mr. Chijioke Nwadika was represented through-out the
Suit by his counsel Damian Uneze Esq. who urged the court through his
submission to grant the reliefs. Dr A.A Orunkoya Esq counsel to Nigerian Breweries Plc vehemently challenged the claims of the claimant and urged the court to dismiss the suit on grounds that the
claimant failed to prove with empirical evidence the ownership of the and where Nigerian Breweries is situate or any part of it where the
drainage system of Nigerian Breweries passed.

It was his contention
that the claim of Mr. Chijioke Nwadika is predicated on tittle; hence the onus was on him to prove ownership of the land before he can be
entitled to any other relief or claim for damages connected to the land.
Dr. A.A Orunkoya Esq. further informed the court that the claim of Mr. Chijioke Nwadika was statute barred as the entire suit was centered on
a contract he purported his father had with Nigerian Breweries in 1983
whereas the action was instituted in 2019 in breach of limitation of
Action Laws that requires actions founded on breach of contract to be
instituted within six years.
The trial judge Hon. Justice Onyedikachi after considering the argument
and evidence put before the court dismissed the suit in favour of Nigerian Breweries Plc. Dr. A.A. Orunkoya Esq defence counsel to
Nigerian Breweries Plc while addressing the press after the judgment,
reiterated that the judgment has further rekindled the hope of investors and corporate organizations to invest in rural communities.

He stated that private companies are usually sued by unscrupulous
persons in their host communities thereby discouraging investors.
Dr. A.A Orunkoya Esq. further stated that the suit of Mr. chijioke
Nwadika was capable of frustrating the continuous existence of the Nigerian Breweries in Awo- Omamma but because the claims lack
merit, the court appreciated the issues of law that was canvassed as a defence and entered judgment in favour of Nigerian Breweries by dismissing the suit.

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Palliatives: Dangote donates 80,000 bags of rice to Lagos residents

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Palliatives: Dangote donates 80,000 bags of rice to Lagos residents

 … Sanwo-Olu says Dangote prioritize Nigerians’ welfare above profit

 

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The Aliko Dangote Foundation, (ADF) has flagged off the distribution of 80,000 10kg bags of rice to the vulnerable in Lagos state.

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President of Dangote Group and Chairman of the foundation, Aliko Dangote, noted that the gesture is part of the over one million 10kg bags of rice that would be distributed to reach one million vulnerable people in the 774 local government areas of the country.

 

 

 

 

Speaking at the flag off in Alausa, Dangote, said the distribution of the 80,000 bags of 10kg rice is another demonstration of the foundation’s commitment to upholding the values of compassion and solidarity that are at the core of humanity.

Noting that the distribution of the rice is in addition to the daily distribution of 12,500 loaves of bread in Lagos, Dangote stressed that with the initiative, the foundation aspires to ameliorate some of the burdens faced by vulnerable communities across Lagos State.

In his remarks, Governor of Lagos state,  Babajide Sanwo-Olu, applauded the many initiatives of Dangote to ameliorate the sufferings of Nigerians, while praiseing him for showing compassion to the needy in the society.

Sanwo-Olu said the gesture of distribution of 80,000 bags of 10kg rice shows that the leadership of the Foundation prioritize the welfare of the people beyond the pursuit of profit and accumulation of wealth.

The Governor said: “Aliko Dangote is a Nigerian that has chosen to be different. You have choices but you have made the right one which is caring for the vulnerable. I appreciate Mr. Aliko Dangote for extending his kind gestures to the people at the bottom of the pyramid and we are grateful for supporting us in government. There is a lot of global disruption in different parts of the world, and it is a tough time to be in a position of leadership,” he said.

While encouraging other wealthy Nigerians to emulate Dangote, the Governor said the distribution of the rice would support the initiative of the state in addressing the effects of the economic hardship.

Justifying the food intervention in Lagos, Dangote said: “While our traditional Ramadan food distribution has been focused on the Muslim Community, we recognize that the current circumstances where a significant proportion of Nigerians across the nation are experiencing severe hardship due to the prevailing high prices of food, require that we broaden our program to cover communities of all faiths. This is why we are extending the Ramadan initiative to cover all the thirty-six states and the Federal Capital Territory as a testament to our commitment to supporting our communities in line with our core values and the spirit of the Holy Month of Ramadan,” he said.

The CEO of the ADF, Zouera Youssoufou, said the Foundation is partnering credible NGOs, civil societies, religious bodies among others to ensure the donations go to the most vulnerable in Lagos State.

She said the Foundation is guided by a vision of empowering Africans to achieve their self-actualization and full potential as it believes that every individual, regardless of their circumstances, deserves the opportunity to thrive and succeed.

“In times of hardship, it is imperative that we stand together as one nation, one community, extending a helping hand to our brothers and sisters in their time of need as we have done with our female empowerment programme in Lagos State which targeted 40,000 (Forty thousand) disadvantaged women,” she added.

Group Executive Director Commercial Operations at Dangote Industries Limited (DIL), Fatima Aliko-Dangote, noted that the flag off in Lagos is a follow-up to the 120,000 bags distributed in Kano on Saturday, said the intervention is targeted to reach the 774 local government areas in Nigeria.

“We have been doing this for a while but we didn’t publicize  it because  our chairman  believes  this is between him and God but this year we decided  to publicize  it so that we can encourage  and inspire others to do so.

“There are many other things the Dangote foundation is also doing. We are also serving 2,500 breads all over Lagos daily. We started this in 2020 during COVID-19. Also in our hometown in Kano, we have been doing breakfast, lunch and dinner for the past 35 years. The foundation has invested in many things. Years back, we gave women some money to be able to invest in their businesses,” she said.

Speaking further, Dangote noted that Lagos state holds a special place in the hearts of the Group, hosting two of its major investments – Dangote Petroleum Refinery and Dangote Fertiliser Plant.

He disclosed that the Dangote Group is also working on the nutrition agenda and has made significant strides in food fortification, investing in iodized salt and vitamin A fortified sugar. He stressed that the Group actively promotes food fortification within the Nigerian food industry and is exploring fortification methods for staples like rice and wheat and bouillon cubes to help ensure improved nutrition nationwide.

“At the heart of the Aliko Dangote Foundation lies a deep-seated belief in the importance of nutrition in human capital development. We understand that access to nutritious food is not only a basic human right but also a critical determinant of good health and well-being. By providing these modest bags of rice to those in need, we are not only looking to alleviate immediate hunger, but also investing in the long-term health and prosperity of our communities,” he added.

While commending Lagos state governor, Babajide Sanwo Olu as a Governor with a penchant for overcoming adversity and enormous capacity in handling emergencies, Dangote urged other well-meaning individuals and corporate organisations to emulate the efforts to support the less privileged in the communities, especially during Ramadan, which is a time of self-reflection, empathy, and charity.

Palliatives: Dangote donates 80,000 bags of rice to Lagos residents

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NIFESAF ESUT Lagos Holds 4th Edition Of Business, Career Exposition

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The Lagos State Alumni Fellowship of Nigerian Fellowship of Evangelical Students (NIFESAF) has held the fourth edition of its Business and Career Exposition programme themed ‘Maximizing Technology and Strategic Customer Loyalty For Sustainable Business Growth In Today’s Economic Condition’ on Saturday, 23rd of March, 2024 in Lagos.

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The programme which was basically for Small and medium-sized enterprises since its inception has served as a major platform for the promotion of Nigerian-owned businesses and created several opportunities for SMEs to thrive and have access to the world through the global reach of NIFESAF ESUT.

Just like the previous editions, the fourth edition wasn’t any different; it featured an avalanche of exhibitions by several Nigerian businesses with guests who were ready to patronize them and a huge platform to publicize their businesses.

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Some of the businesses involved in the exhibition include Finet Mobile, Purch Gadgets, Congratulations Corporate Events, Exceptional Intensive Vocational Training, Farmskills Limited, Jigsimur health drink, De Luxe flour, Royal Almonds, Ifiefruit, Ihubest trading enterprise, K-shape fashion designer, Zara Caps and Hats, Chee Havillah Royal Services Ltd, Lowan Enterprises, Mace Ventures, Arif Bureau, Davis Exotic Homes, Whiztech Global Ltd, Earthblend flavours, to mention but a few.

Speaking at the event, the Chairman of the Global Body— Nigerian Fellowship of Evangelical Students (NIFES) ESUT Alumni Fellowship, Mr. Fred Nnadike, said the essence of the business exhibition was to support and build a community of excellent, Christians who would be role models in their respective careers.

Nnadike who urged believers under the umbrella to keep the faith alive equally charged them to uphold ethical standards, sound corporate governance, and avoid sharp practices in their respective professions and business endeavors as ardent followers of Christ.

“We want to encourage what we produce and link our entrepreneurs to the global space. SMEs are indispensable for economic growth and development. The government across board should do something urgently to revive the economy by making the environment conducive for businesses to thrive” he implored.

On his part, the Lagos State Chapter Chairman of the Fellowship, Mr Henry Nnadike, said the leadership of NIFESAF has often reminded the government that MSMEs are still the engine room of every strong economy.

“Government must address multiple taxation, epileptic power supply, dilapidated road network, and general scorching economic environment. Governments must be transparent in their reforms and interventions. Besides, we need informed ideas, programs, and policies that must be designed by the best brains. The government should learn to put the interest of the masses above their personal interest for posterity’s sake” he urged.

Similarly, the Vice Chairman of NIFESAF, Lagos Chapter, Mrs. Chika Idalah–Allison, called on the state and federal government to partner with NIFESAF and related organizations which are poised to promote skills and craftsmanship, particularly for youths.

“Government should partner with organizations promoting skills acquisition, innovation, human capital development, and creative industry. In NIFESAF we are under the mandate to support every entrepreneur under its umbrella even beyond.

Idalah – Allison told newsmen that she was able to travel to different countries for business purposes, not by her academic certifications but by the salability of her skills in artwork and design.

“Nigeria is our only country, we must build it because the world is waiting for us to step out, and that is what we must all do collaboratively, however, our education curriculum should be designed fit- for -purpose” she asserted.

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