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Unity Bank Posts N27B Gross Earnings in H1’22 Records 23% Growth in PAT

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Retail lender, Unity Bank Plc has posted gross earnings of N27.6 billion for its 2022 half-year results, representing a growth of 17% year-on-year.

In its unaudited half-year financials submitted to the Nigeria Exchange Group Limited, the Bank also made significant improvements across key performance indicators.

The Bank grew Profit Before Tax (PBT) by 23% which rose to N1.8 billion from N1.5 billion in the corresponding period of 2021. Profit After Tax (PAT) for the period equally increased by 23% to close at N1.6 billion from N1.382 billion in H1’21.

The key highlights of the financial statements showed growth in interest and similar income, which rose 18% to N23.938 billion from N20.273 billion in the corresponding period of 2021, an indication of sustained growth in the loan book as well as improved earnings from the lender’s robust digital channels, arising from sustained investment in its digital payment infrastructure.

Similarly, the lender posted sustained asset growth as total assets moved up by 7% to N574.3 billion from N538.9 billion in 2021.

Other key highlights of the financial statement include a 12% growth in deposits, which rose to N359.5 billion from N322.3 billion in December 2021, a clear indication of the positive trend of the Bank’s innovative retail products targeting several segments of the retail market as well as enhanced customer acquisition strategies for emerging products rolled out to the market during the period under review.

In the same vain, the lender recorded an increase on its loan books to N303.632 billion from N269.270 billion in 2021, representing a 13% growth.

Commenting on the financial statements, the Managing Director/CEO of Unity Bank Plc, Mrs Tomi Somefun welcomed the H1’22 results. She noted that while the key performance indicators continue on an upward trajectory; PBT (23% YoY), Total Assets (7% YoY) and gross earnings (17% YoY); the outlook for our financial position has now moderated significantly looking at other fees and income lines which performance was hitherto characterised by volatilities in the operating environment.

“As the Bank aims to further grow all indices to double-digit regions in the coming years, one reassuring take from the financial position lies in the market confidence, as well as steadily growing retail and SME franchise arising from the development of products that resonate with different markets segments, which will enable the Bank to continue to operate and successfully navigate the tough operating environment, amid rising economic headwinds,” Mrs Somefun stated.

The Unity Bank boss also stated that having invested massively in technology to drive a major revamp in our digital Banking products and channels including the Unifi Mobile App, our USSD, *7799#, internet banking, etc., the major focus is to drive increased optimisation which will enable the Bank to provide electronic convenience in the way we support our teaming customers and market segments and more often change the way they transact business.

In the view of analysts, the key performance indicators showed that the market sentiments are responding positively to the strategies of the lender’s management to accelerate the growth momentum designed for the Bank.

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Yemi Cardoso Policies Paying Off As Exchange Rate Posts Best Gain In 6 Weeks

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JomogNews Nigeria reports that the exchange rate between the Naira and the Dollar strengthened to N1,431/$ on Friday, March 22, 2024, closing the week on a positive note.

This Nigeria news platform understands that data from the FMDQOTC, where the exchange rate is officially set, revealed that the official currency gained 1.52% at the close of business, continuing a rally that has now lasted 7 days.

The Naira has now gained over 12% in one week, suggesting the central bank’s policies, implemented aggressively since February, are beginning to show success.

The exchange rate closed at N1,431/$1, the best rate since February 5th when it closed at N1419.86/$1

According to the FMDQ, the Naira recorded an intra-day high and low of N1,468/$1 and N1,301/$1 respectively, while the NAFEX rate is currently N1,381.35/$1.

Daily turnover was $199.7 million culminating in a total turnover of $1 billion this week alone suggesting that improved liquidity is now been experienced in the market.

Nigeria’s external reserve position is currently $34.3 billion and is expected to rise to $35 billion according to projections from the apex bank.

On the parallel market where the exchange rate trades unofficially, traders still quoted between N1400-N1480/$1 depending on who is buying or selling.

The UK Pounds also fell below N2000/£1 in the parallel market.

Yemi Cardoso Interventions paying off

JomogNews Nigeria reports that Yemi Cardoso led Central Bank of Nigeria’s (CBN) recent policies have played a pivotal role in the strengthening of the Naira against the dollar, a trend highlighted by the significant appreciation in its value over the past week.

Among the measures that have contributed to this positive outcome, the CBN’s strategic interventions in the foreign exchange market stand out.

Traders who spoke to Nairametrics suggest the central bank was active in the official market during the week. The CBN likely sold over $50 million according to one trader with knowledge of the matter.

By increasing the supply of dollars, the apex bank is addressing the demand-supply mismatch that is perceived to have previously led to the Naira’s depreciation.

The CBN’s rigorous enforcement of foreign exchange regulations has curtailed speculative activities, contributing to exchange rate stability.

The recent strengthening of the Naira comes as a significant relief to the Central Bank of Nigeria (CBN), which had been facing considerable scrutiny over the currency’s depreciation.

This scrutiny intensified with the introduction of the willing buyer, willing seller model, aimed at creating a more transparent and market-driven forex trading environment.

However, critics suggest this may have exacerbated the currency crisis, especially as Nigeria’s external reserves were not robust enough to support such a move. They also pointed to its impact on inflation.

The exchange rate’s impact on inflation is profound, given the correlation between the two.

In Nigeria, where the economy is significantly import-dependent, a weaker Naira makes imported goods more expensive, thereby fueling inflation.

The rise in the February inflation rate to 31.7%, coinciding with a period of notable depreciation of the Naira, underscores this dynamic.

A stronger Naira can help temper inflationary pressures by making imports less costly, contributing to overall price stability.

For most Nigerians, a stronger Naira signals potential economic recovery and stability and that the country might be on the verge of overcoming some of its economic challenges.

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Heirs Holdings Launches Maiden Television Commercial, Tells Bold Story Of Transformational Investment In Africa

Heirs Holdings has an investment portfolio which spreads across twenty-four countries worldwide, this is as intimidating as the significant milestones it has achieved since it launched in 2010 with a bold strategy to focus on the African continent and unlock its socio-economic potential

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Heirs Holdings has launched its first-ever television commercial. The newly released television commercial (TVC) showcases the company’s diverse portfolio, spanning the power, energy, financial services, hospitality, real estate, healthcare and technology sectors while highlighting its commitment to driving positive change and sustainable development across Africa and beyond.

With its compelling narrative, the commercial is captivating audiences worldwide, shining a spotlight on Heirs Holdings’ vision, and commitment to improving lives and transforming the continent.

Link to the HH’s TVC:

https://www.youtube.com/watch?v=c1G4MzBO7SU

 

In 2010, Tony O. Elumelu, CFR, founded Heirs Holdings after making significant strides in reshaping Nigeria’s banking industry. Elumelu made history when he led the biggest merger in sub-Saharan Africa at the time, combining Standard Trust Bank Plc with the older, more established United Bank for Africa (UBA), which at the time was Nigeria’s 3rd largest financial services institution. In establishing Heirs Holdings, Elumelu’s goal was to transform the African economy through strategic long-term investments in sectors critical for Africa’s progress.

Speaking on the new TVC, the Company’s Group Head of Marketing and Corporate Communications, Clari Green, said that in its thirteen years of existence, Heirs Holdings has established a reputation for being consistent in creating value while driving Africa’s social and economic agenda.

She stated, “Heirs Holdings has an investment portfolio which spreads across twenty-four countries worldwide, this is as intimidating as the significant milestones it has achieved since it launched in 2010 with a bold strategy to focus on the African continent and unlock its socio-economic potential,” while listing some of the key milestones which include:

  

  • In 2011, Heirs Holdings identified its first strategic investment opportunity, acquiring a controlling stake in Transcorp, leading the organisation into an era of year-on-year growth and expansion into the power sector.

 

  • Transcorp Power acquired 100% ownership and management of Ughelli Power Plc, with 972 MW installed capacity, but actual production of only 160MW. Transcorp Power surpassed the five-year performance target of 670MW set for it in 2013 by the Federal Government of Nigeria through the Bureau of Public Enterprises (BPE), by increasing the available capacity of Ughelli Power Plant from 160MW to 701MW within four (4) years of taking over the Plant. Last year, Transcorp Power became the first power generation company to be discharged from post-privatisation monitoring.

 

  • Afriland Properties Plc, a real estate investee company of Heirs Holdings grew its portfolio size to over N12 billion and has become one of the largest land banks in Nigeria. 

 

  • Heirs Holdings founded Avon Healthcare Limited (Avon HMO), which celebrated a decade of unwavering commitment to exceptional healthcare last year, impacting over 230,000 lives through 2,500 hospitals across the world, paying over N24bn ($32m) in claims in 10 years.

 

  • In 2015, Heirs Holdings’ philanthropic arm, the Tony Elumelu Foundation launched its flagship Entrepreneurship Programme committing US $100 million to identify, train, mentor, and fund 10,000 African entrepreneurs over 10 years, across 54 African countries. Today, the Tony Elumelu Foundation has surpassed its initial goal by directly funding 20,000 entrepreneurs and has provided over 1.5 million young Africans with access to training via its digital platform, TEFConnect.

 

  • Heirs Holdings successfully acquired OML17 from Shell, TOTAL, and ENI in a $1.2 billion transaction, the largest oil and gas transaction in Africa for the year 2021. OML 17, operated by Heirs Energies, has a peak production of over 80 MMSCFD (million standard cubic feet per day) of gas at its gas plant in Agbada, Rivers State.

 

  • In 2021, Heirs Holdings launched digital-first insurance companies rebranded as Heirs Insurance Group, a formidable family of three insurance brands offering General Insurance, Life Insurance, and insurance broking services, to democratise access to insurance and drive financial inclusion. The Group’s commitment to simplifying the insurance experience has led to its rollout of digital and mobile service channels, as well as the launch of innovative customer-first initiatives such as the first digital insurance Experience Centre.  

In the same vein, 2024 is shaping up to be an amazing year for the Heirs Holdings Group. With the year just nearing the end of its first quarter, Heirs Holdings (HH) has continued in its track record of success.

The year started for HH with a surge as the market capitalisation of its Nigerian Exchange (NGX) listed investee companies skyrocketed to an astounding N2.4 trillion, with two of the companies, United Bank for Africa, and Transcorp Group’s hotel subsidiary, Transcorp Hotels, crossing the one-trillion-naira mark, joining the league of SWOOTs. 

In another significant stride, Transcorp Group orchestrated the successful listing of Transcorp Power, one of its power subsidiaries, on the main board of the Nigerian Exchange (NGX). 

This move not only further bolstered the company’s portfolio but also injected an additional N1.8 trillion into the market capitalisation of NGX. In less than two weeks Transcorp Power’s market capitalisation grew to over N2.8 trillion. With a combined generating capacity of approximately 2,000 MW between itself and its sister company, Transafam Power, Transcorp Group’s power subsidiaries account for 15.5% of the total installed capacity in Nigeria.

Additionally,  Heirs Energies, a subsidiary of Heirs Holdings, recently announced a further expansion of its gas supply business, supplying the recently commissioned 188 MW power plant operated by Geometric Power Limited, located in Aba, Abia State. Heirs Energies also supplies gas to TransAfamPower Limited, with a capacity of 966MW, and First Independent Power Limited (FIPL), with a capacity of 541MW, as well as local distribution companies, gas-based industries, and other industrial customers, directly contributing to Nigeria’s industrial and economic growth.

Over the course of thirteen years, Elumelu built Heirs Holdings into a symbol of business excellence, becoming a dominant force in Africa’s corporate sphere as a transformation expert. Not only is Heirs Holdings generating socio-economic prosperity, but it’s also spearheading and championing African-centric solutions on a global scale, through its philanthropic arm, the Tony Elumelu Foundation.

Amidst these triumphs, Heirs Holdings unveiled yet another ambitious venture: the launch of its new subsidiary, Heirs Technologies, a world-class digital transformation company, set to define excellence in the technology sector.

However, the crescendo of Heirs Holdings’ remarkable year came with the highly anticipated launch of its pioneer television commercial on CNN International. The unveiling of this commercial marks a pivotal moment for the company as it embarked on a new chapter of global visibility and engagement.

As Heirs Holdings continues to chart new frontiers and push the boundaries of possibility, the launch of its pioneer television commercial echoes the broader narrative of Africa’s transformative potential, heralding a future filled with endless possibilities and opportunities for growth and prosperity for the ‘Heirs’ of the African heritage.

 

 

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Aig-Imoukhuede, Access Bank’s Former CEO, Appointed Chairman Of Holding Company

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Aigboje Aig-Imoukhuede has been appointed Chairman of Access Holdings by the group’s board of directors.

JomogNews Nigeria reports that Access Holdings Plc (‘the Holdco’), has announced the return of Mr Aigboje Aig-Imoukhuede, CFR to the bank as its Non-Executive Chairman.

This Nigeria news platform understands that Aigboje replaces Mr. Abubakar Jimoh, the erstwhile Chairman of the HoldCo who remains on the Board as an Independent Non-Executive Director.

The return of Aig-Imoukhuede is in response to the untimely passing of the immediate past Group Chief Executive Officer of Access Holdings, Dr. Herbert Wigwe, CFR.

The bank said the appointment followed extensive consultations with key stakeholders and as such the Holdco Board unanimously “decided to invite Mr. Aig-Imoukhuede to the helm of governance” the statement read.

“Access Holdings Plc (‘the Holdco’), is pleased to announce the return of Mr. Aigboje Aig-Imoukhuede, CFR as its Non-Executive Chairman. Mr. Aig-Imoukhuede, CFR replaces Mr. Abubakar Jimoh, the erstwhile Chairman of the HoldCo who remains on the Board as an Independent Non-Executive Director.

This visionary and accomplished leader is bringing an outstanding record of accomplishments, wealth of expertise and leadership to guide the Group into a new era of success.”

According to the bank, as Non-Executive Chairman, Mr. Aig-Imoukhuede will “collaborate with the Board of Directors to oversee strategy and provide guidance to the executive management team.”

Mr. Aig-Imoukhuede also responded stating he is thrilled to be back in the bank and “determined” to realize the shared vision he had with Dr. Wigwe

” I am thrilled to be back in active service to the Access Group ecosystem. I am confident that working with our directors, our exceptional team of executives and our best-in-class banking and finance professionals, we will deliver outstanding value to our esteemed stakeholders. I am determined that our shared vision which Dr. Wigwe gave everything for, will be realized”.

JomogNews Nigeria reports that the reappointment of Mr. Aigboje Aig-Imoukhuede as the Non-Executive Chairman of Access Holdings PLC is a move that industry analysts and insiders might have seen coming, given the close professional relationship and alignment in vision he shared with the late Dr. Herbert Wigwe.

The announcement is also expected taking into account Mr. Aig-Imoukhuede’s significant stake in the bank and his integral role in shaping its growth trajectory.

Mr. Aig-Imoukhuede’s partnership with Dr. Wigwe was more than just a passing collaboration between high-ranking executives.

It was a deeply rooted synergy of two visionary leaders who transformed Access Bank from a relatively small entity into one of the continent’s leading financial powerhouses.

Following the unfortunate demise of Dr. Wigwe, the stewardship of Access Holdings PLC faced an impasse, necessitating the return of someone like Aig-Imoukhuede who not only understood the intricate workings of the group but could also assuage multiple stakeholders with varying interests in the bank.

Mr. Aig-Imoukhuede’s return appears to be a well-orchestrated response to any potential risk the demise of Herbert Wigwe could pose to the future of Nigeria’s largest financial service company by total assets.

 

About Aigboje Aig-Imoukhuede

Mr. Aigboje Aig-Imoukhuede, CFR was the former MD/CEO of Access Bank Plc (now Access Holdings) for 10 years and handed over to the late Herbert Wige upon the expiry of his tenure.

Since then has has been out of the board of the bank but has been engaged in other business ventures.

Along with Herbert Wigwe, he also co-founded the Tengen Family Office Limited which oversees a significant portfolio of investments and businesses in banking, finance, insurance, technology, real estate, and more.

JomogNews Nigeria understands they were business partners and co-owned several business ventures together.

Mr. Aig-Imoukhuede is also the chairman of Coronation Group, a financial services firm in Nigeria that owns insurance and merchant banking businesses.

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