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DisCos generate N434bn in Q3, Q4 2022 — Report



By Ibiyemi Mathew

Latest data released National Bureau of Statistics (NBS) on Monday has revealed that Electricity Distribution Companies (DisCos) generated N434.94 billion in revenue in the third and fourth quarters of 2022.

In it’s “Nigeria Electricity Report”, detailing revenue generated by DisCos in the third and fourth quarters of 2022, the NBS said in terms of revenue, N232.32 billion was generated by the DisCos in Q4 2022 compared to N202.62 billion in Q3 2022.

The figures show that the distribution companies generated a sum of N434.94 billion in total for both quarters.

The NBS said the revenue collected in the fourth quarter of 2022 rose by 16.02 per cent from N200.23 billion in Q4 2021. It added that the electricity supply in Q4 2022 stood at 5,611 (Gwh) from 5,024 (Gwh) in Q3 2022, showing a rise of 11.68 per cent.

“On a year-on-year basis, electricity supply declined by 3.48 per cent compared to Q4 2021,” it said.

In addition, the NBS said the total customer numbers in Q4 2022 stood at 11.06 million from 10.94 million in Q3 2022, showing an increase of 1.10 per cent.

“On a year-on-year basis, customer numbers in Q4 2022 rose by 5.17 per cent from Q4 2021 (10.51 million).

“Metered customers during the period stood at 5.13 million from 5.02 million in Q3 2022, indicating a 2.00 per cent growth rate.

“Nevertheless, on a year-on-year basis, this grew by 7.37 per cent from 4.77 million in Q4 2021.

“Revenue collected by the DISCOs during the period stood at N202.62 billion in Q3 2022 from N188.41 billion in Q2 2022, showing a rise of 7.54 per cent.”

“On a year-on-year basis, revenue generated rose by 5.56 per cent from N191.95 billion in Q3 2021,” the report revealed.

According to the report, the number of estimated customers was 5.93 million in Q4 2022, higher by 0.34 per cent from the 5.91 million reported in Q3 2022.

The NBS also noted that the total customer numbers in Q3 2022 stood at 10.94 million from 10.81 million in Q2 2022, showing a rise of 1.20 per cent. On a year-on-year basis, it added that customer numbers in Q3 2022 declined by 1.19 per cent from Q3 2021 (11.07 million).

In Q3 2022, the NBS explained that metered customers stood at 5.02 million from 4.96 million in Q2 2022, indicating a 1.33 per cent increase. However, the report said on a year-on-year basis, this grew by 5.71 per cent from the figure reported in Q3 2021 which was 4.75 million.

Similarly, the report said estimated customers stood at 5.91 million in Q3 2022, higher by 1.09 per cent from 5.85 million in Q2 2022. On a year-on-year basis, estimated customers declined by 6.38 per cent in Q3 2022 from 6.32 million in Q3 2021.

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Otedola buys a 2.22% additional stake in First Bank Holdings



Nigerian billionaire, Femi Otedola, the Chairman of First Bank Holdings, has acquired an additional 2.22 per cent stake in First Bank.

This was disclosed in a corporate filing on the Nigerian Exchange Group on Monday.

The development comes barely four days after Otedola regained his position as the majority shareholder of First Bank after acquiring N18.9 billion worth of the group’s shares on the Nigerian Exchange on Thursday.

Otedola acquired 316,506,776 shares at a share price of N21.91 each, amounting to N6.935 billion and 546,674,034 shares at N21.97 each, amounting to N12.01 billion, through his holding company, Calvados Global Services Limited.

Earlier, FBN announced the appointment of Olusegun Alebiosu as its substantive Managing Director and Chief Executive Officer.

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Seafarer: Oyetola leads ITF, Minister, NIMASA DG, others for commemoration in Lagos



By Seun Ibiyemi

All is set for Nigeria to join other nations across the globe in celebrating the Day of the Seafarer 2024.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, and his counterpart Minister of State, Labour and Productivity, Honourable Nkeiruka Onyejeocha will be leading other dignitaries including the Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr Dayo Mobereola and the head ITF seafarer’s Trust Fund Katie Higginbottom to the commemoration scheduled to take place in Lagos.

Speaking ahead of the event, Director General of NIMASA, Dr Dayo Mobereola urged Nigerians to participate in this year’s celebrations adding that the use of #SafetyTipsAtSea on all social media platforms will ensure adequate exposure to Nigeria’s celebration of the Seafarers day in line with the Theme of the IMO.

In his words: “Seafarers are the unsung heroes of our global economy, I will even describe them as the lifeblood of international trade, they sacrifice a lot for humanity’s existence as they leave their families for months for our sake.

“Let us celebrate their resilience, dedication, and the invaluable role they play in our world. This day belongs to them, let us use the Hashtag #SafetyTipsAtSea for all our social media posts so that Nigerian Seafarers will feel appreciated,” he stated.

The 2024 commemoration is another way of bringing to the fore the importance of Seafarers as essential workers and the IMO has set this date specifically for the celebration of these special occupations.

This year’s theme also aligns with the Agency’s drive to protect Nigerian seafarers and create more opportunities for those willing to take a career in seafaring.

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Access Bank Ghana posts impressive growth in income, assets



Access Bank Ghana Plc held its 16th Annual General Meeting (AGM) at its head office, marking a year of exceptional performance and growth. The Board Chairperson of Access Bank (Ghana) Plc, Ms. Ama S. Bawuah, presented the financial statements, highlighting the Bank’s impressive performance despite the challenging macroeconomic environment.

Access Bank Ghana’s total assets grew to 22.3 per cent, from GHS 10.057 billion to GHS 12.30 billion, while operating income increased by 40 per cent from GHS1.150 billion to GHS 1.613 billion. The Bank’s Loans and Advances rose by 42.81 per cent.

Ms. Bawuah said, “In 2023, Ghana’s economy was characterised by macroeconomic instability, escalating inflation, and dwindling investor confidence stemming from both domestic imbalances and external pressures. Against the backdrop of global and national economic uncertainties, I am pleased to share that your bank successfully applied valuable insights and industry best practices to achieve substantial growth across key areas in the past year.”

“These achievements underscore our steadfast dedication to navigating challenges and fostering sustainable growth, reaffirming our pledge to serve you with excellence and integrity,” Bawuah added.

Access Bank’s commitment to expansion, innovation, and customer convenience was also showcased, with the implementation of several digital products and services such as the virtual relationship management (VRM) tool to augment customer service support.  The Bank also established priority desks to cater to a specific demographic and facilitate the smooth running of business in those areas. These include the Chinese, German, Lebanese, French, and Turkish desks.

Olumide Olatunji, Managing Director, Access Bank Ghana Plc, reiterated the Bank’s resilience and stability. “Despite the prevailing uncertainties, Access Bank maintained a robust performance across key financial metrics, a testament to our prudent financial management and unwavering dedication to our mission. We observed substantial growth in deposits, surging from GHS7.399 billion to GHS9.130 billion, marking a notable 23 per cent increase.”

He added that the Bank achieved a remarkable turnaround by resuming tax remittances to the government. This reversal from a negative contribution of GHS102 million to an impressive 509 per cent increase to GHS419 million underscores our commitment to fiscal responsibility and sustained growth. Concurrently, shareholders’ funds experienced substantial growth, from GHS1.014 billion to GHS1.403 billion, attributed to the transformative strategies implemented in the Bank’s business management practice.

Olatunji thanked shareholders for their support and emphasised the Bank’s commitment to excellence and customer satisfaction. “We are proud of our achievements and recognise the trust our customers and shareholders have placed in us. We will continue to innovate, expand our reach, and support Ghana’s economic growth,” he noted.

Mr. Sampson Ashong, the General Secretary of the shareholders praised the Bank’s performance and initiatives citing its resilience and growth potential. “I am thoroughly impressed with the bank’s commitment to sustainability initiatives and employee capacity building. The dedication to creating a positive impact on the environment and society, while investing in the growth and development of their staff is truly commendable. This is evidence that Access Bank is not just focused on financial returns, but also on making a positive difference in the world,” he said.

Shareholders approved all resolutions on the agenda, which included among other things, also saw the re-election of the members of the Board of Directors and one retirement.

The event was a celebration of the Bank’s dedication to its stakeholders and its contribution to Ghana’s financial landscape. As Access Bank Ghana continues to grow and expand its operations, it remains committed to promoting financial inclusion and supporting the country’s economic development.

Since 2009, Access Bank Ghana has demonstrated a strong commitment to sustainable business practices driving profitable, sustainable growth that is environmentally responsible and socially relevant. These have contributed to the Bank being recognised with various awards in 2023. These include the 2023 Best Bank by Euromoney Awards, Best Retail Bank by Global Brands Awards, Best Digital Bank in Ghana by Digital Banker Africa Awards; and Best SME Banking and Best Bank for CSR by Euromoney Awards.

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