By Seun Ibiyemi
The Chairman Board of Directors, Bank of Industry (BOI) Group, Aliyu Dikko, said the total assets of the group grew by 39.2 per cent between 2021 and 2022.
Dikko stated this during the 63rd Annual General Meeting (AGM) of the bank in Abuja on Thursday.
He said the bank maintained appreciable growth in its financial performance in the year.
“Total Assets of the group grew by 39. 2 per cent between 2021 and 2022, from N1. 71 trillion to N2.38 trillion respectively.
“This growth was largely due to the three successful capital raising transactions worth 1.85 billion Euros in the year.
“The group also reported a growth of 11.7 per cent in its total equity between 2021 and 2022, from N 384.85 to N429.83 billion respectively.
“Profit before tax also followed the same trend, reporting 15.6 per cent growth from 62. 28 billion to N 71. 99 billion in 2021 and 2022 respectively,” he said.
According to Dikko, loans and advances improved by 3. 2 per cent from N780.48 billion in 2021 to N805.46billion in 2022.
The Chairman said the remarkable performance depicted the passionate and proactive disposition of the bank, to continue to effectively deliver on its mandate, as the macro-economy gradually strengthens.
He acknowledged the challenges encountered during the period, saying that it was an opportunity for the bank to perform better.
Managing Director of the bank, Mr Olukayode Pitan, expressed delight at the significant performance of the bank in the period under review.
Pitan said, “This AGM is very significant, the result that we presented happen to be the best the bank has presented in 63 years.
“In terms of the head way, 2022 was a tough year and attracting foreign investment into Nigeria was difficult.
“But that notwithstanding, the bank within the year was able to bring an inflow of about two billion dollars into the country.
“Our major shareholders have shown their confidence in the bank by increasing their stake in the bank.”
Pitan said one of the resolutions approved at the AGM was that the share capital of the bank was increased from N250 billion to N500 billion.
“Our shareholders funds are over N400 billion but we have some funds our shareholders deposited for shares.
“So when we put everything together our shareholders funds will be very close to N600 billion.
“We are getting toward the target that we have which the minimum should be about N1trillion, because that will allow us to do more than we are doing now,” he said.
They expressed optimism that the bank would continue to grow and exceed N5trillion shareholders fund in the coming years.
NIMASA DG calls for contributory pension for dockworkers
…As agency hosts maiden ‘day of the dockworker’ event
By Seun Ibiyemi
It was a milestone event for the local maritime industry as the Nigerian Maritime Administration and Safety Agency (NIMASA) hosted the maiden edition of the ‘Day of the Dockworker’ in Lagos recently.
With the theme of the event being “Healthy Dockworker, Better Productivity,” it was an opportunity for stakeholders gathered to not just appreciate the efforts of Nigerian dockworkers at the center of the nation’s import-dependent economy, but also to focus on ways of improving their health and general well-being.
Delivering his welcome address at the event, the NIMASA Director General, Dr. Bashir Jamoh OFR, charged employers of labor to ensure all dockworkers are enrolled on contributory pension schemes, while also emphasising the need for operators of Oil and Gas Terminals to allow only approved stevedores aboard their installations, to ensure compliance with relevant international guidelines and conventions.
According to Dr. Jamoh, “As we celebrate today, it is important to put in perspective the plight of dockworkers who spend the greater part of their working life at the ports, with little or nothing to show for it. As employers of labour, you must endeavour to put in place a Contributory Pension Scheme for dockworkers and ensure prompt remittances of both Employers and Employees contributions at the end of each month.”
Speaking on compliance with stevedore inspections, he stated, “This occasion presents me with an opportunity to express the need for operators in the private jetties and Oil & Gas Terminals to grant operational access to the Stevedoring Contractors appointed by the Honorable Minister of Transport, to carry out stevedoring activities in assigned operational areas.”
On his part, the President General of the Maritime Workers Union of Nigeria (MWUN), Comrade Adewale Adeyanju, in his address, thanked the NIMASA Management for organising the event to celebrate Nigerian dockworkers in recognition of the important role played by them.
In attendance at the event were representatives from the Federal Ministry of Labour and Productivity; Nigerian Ports Authority; Seaport Terminal Operators Association and the National Association of Stevedoring Operators (NASA).
Internationally, July 7th is marked as ‘The Global Day of Action’ and is organized by the International Dockworkers’ Council (IDC) and International Transport Workers’ Federation (ITF). It aims to raise awareness of port working conditions and emphasize the importance of collective bargaining rights.
LCCI tasks govt on transparent FX regime, multinationals’ engagement
The Lagos Chamber of Commerce and Industry (LCCI) has implored the government to create a more flexible and transparent foreign exchange policy to address scarcity issues.
Its Director-General, Dr Chinyere Almona, gave the advice on Thursday in Lagos, in reaction to the recent announcement of Procter & Gamble to transition its Nigerian operations to an import-only model.
Recall that the Chief Financial Officer of Procter & Gamble, Andre Schulten, had said this move would effectively dissolve its on-ground presence in the country.
Almona noted that over the last few months, there had been a consistent increase in exit plans or a reduction in involvement in the Nigerian market by multinationals, saying the trend was worrisome.
She stated that the country’s lingering foreign exchange scarcity, poor power supply, port congestion, multiple taxation, insecurity, and poor infrastructure, among others, had taken a toll on many businesses in the country.
She recommended that the government should implement measures to stabilise and ensure the availability of foreign exchange for businesses, particularly those operating in dollar-denominated environments.
“Further, the chamber urges the government to engage multinational corporations and the business community to understand their challenges and gather input and feedback on policy decisions to collaboratively develop solutions that would forestall the exodus of businesses from Nigeria.
”The Central Bank of Nigeria (CBN) should prioritise the stability of the country’s currency and adopt the right policy mix to ensure price stability,” she said.
Tinubu appoints Omatsola Ogbe as new ES of NCDMB
President Bola Tinubu has approved the appointment of Engr. Felix Omatsola Ogbe as Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB).
The President in a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale appointed new board members for the NCDMB.
According to the Spokesperson to the President, the President in conformity with Sections 71(1), 72, and 73 of the Nigerian Oil and Gas Industry Content Development Act (2010) approved the appointment of qualified Nigerians to serve on the Governing Council and Management team of the Nigerian Content Development and Monitoring Board (NCDMB).
The newly appointed board members include:Sen. Heineken Lokpobiri — Chairman / HMS, Petroleum Resources, Engr. Felix Omatsola Ogbe — Executive Secretary, Oritsemyiwa Eyesan — Member / EVP Upstream, NNPC Ltd, Gbenga Komolafe — Member / CEO, NUPRC, Bekearedebo Augusta Warrens — Member, Nicolas Odinuwe — Member, Rapheal Samuel — Member, Sadiq Abubakar — Member, Olorundare Sunday Thomas — Member.
Ajuri noted that the President expects the new appointees to discharge their duties with his patriotic resolve to significantly enhance indigenous industry participation in the energy sector as part of the Renewed Hope Agenda’s mandate to achieve the goal of 70 percent indigenous content and participation in the nation’s energy industry during the lifespan of this administration.
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