Connect with us

News

Sterling Bank’s spectacular 2022 crowned with 29% bet profit growth

Published

on

Lagos, Nigeria: One of Africa’s fastest growing companies and Nigeria’s leading commercial

bank, Sterling Bank, has reported a growth of 28.5 percent in its profit after tax for 2022. The
bank’s profits grew to N 19.3 billion for the year ended 31 December 2022 in comparison to N15 billion as reported by the bank for the end of the 2021 financial year. This was contained in the earnings release for the bank as shared with the Nigerian Exchange (NGX).

Sterling’s assets grew assets by 14.4 percent to end 2022 with N 1.858 trillion, from N 1.624 trillion at the end of 2021. Also, its gross earnings for the period jumped by 16.6 percent to N 175 billion from N 150 billion recorded in 2021. The bank also reported an increase in customers’ deposits in 2022, N 1.327 trillion; a 9.8 percent increase compared to 2022. Furthermore, the bank closed out its net operating income at N 108 billion; a 20.9 percent increase compared to 2021’s of N89 billion.

Reflecting on the year’s performance, Chief Executive of Sterling Bank, Abubakar Suleiman, said “2022 commenced with great expectations for global growth on the back of the recovery achieved in 2021. However, the outbreak of conflict in Eastern Europe disrupted supply chains, elevated inflation, and undermined growth globally. These developments also impacted the Nigerian economy. Despite the macroeconomic setbacks, our business showed remarkable resilience as we adapted to our environment and continued to deliver value.”

The reported figures, as shared with the Nigerian bourse, mark a fitting swan song for a spectacular 2022 which saw the bank, amongst other achievements, get named as the Best Bank In Nigeria by an independent survey conducted by AFRINVEST, win the prestigious Great Place To Work Award for the fifth consecutive year, and win the football championship of the Nigerian Bankers’ Games.

The bank has maintained and increased momentum in 2023 with her citation as Africa’s Most Valuable Commercial Bank Brand for 2023 in a poll conducted by GeoPoll and Kantar for African Brand Magazine, having been named a top three employer in Nigeria by LinkedIn in the social network’s Top 25 List for 2023, and most recently, has debuted as one of the top 100 fastest growing companies in Africa by the Financial Times.

Renowned for its now famous HEART of Sterling strategy; which focuses major investments in the Health, Education, Agriculture, Renewable Energy and Transportation sectors of the economy, its irreverent brand voice and enviable talent management practices, Sterling recently completed a major milestone towards the completion of its transformation into a financial holdings company with the relisting of its shares on the floor of the Nigerian Exchange (NGX).

News

Diri sets up committee on new minimum wage

Published

on

Gov. Douye Diri of Bayelsa has set up a committee to work out modalities for implementation of a new minimum wage for workers in the state’s civil service.

The committee is headed by Secretary to the State Government, Prof. Nimibofa Ayawei.

Other members included the Head of Service, Mrs Biobelemoye Charles-Onyeama, the Commissioner for Finance, Maxwell Ebibai, his Labour, Productivity and Employment counterpart, Ebiuwou Koku-Obiyai and the Chief of Staff, Government House, Mr Peter Akpe.

The committee has the end of May 2024 to submit its report.

Diri made the pronouncement on Wednesday at the 2024 Workers Day celebration at the Peace Park in Yenagoa.

The governor assured that his administration would implement a new minimum wage once the committee submitted its report, adding that the state workers always have emoluments as their federal counterparts.

Diri stressed that the welfare of workers had always been a top priority of his administration as attested to by the numerous worker-friendly policies he initiated.

He equally promised to commence the building of a new befitting secretariat complex for civil servants to accommodate the increasing workforce.

The state’s helmsman, who described workers as the backbone of development in society, attributed the achievements in his first tenure to the support and contributions of civil servants.

He called for continuous harmonious working relationship with his government in order to bequeath lasting legacies.

The Bayelsa helmsman also approved an annual step increment for civil servants, release of funds for completion of the state secretariat of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC).

“The committee is to immediately look into what the Federal Government has done on the proposed minimum wage and see the possibility of domesticating it in Bayelsa.

“It is given until the end of May to submit its report.

“My dear workers of Bayelsa, you have done so well. You know that you are the engine room of this government. We have succeeded because you have done so well. We receive commendations everywhere we go.

“In terms of infrastructure, human capacity building and other sectors, we have done well. I say you should continue to keep it up.”

According to him, together, we are building a Bayelsa of our dreams, a beacon of hope, a model of progress and a testament to our unity of purpose.

“The tangible evidence of these fruitful collaborations is that abundantly, we have made it clear for all to see in the plethora of transformative legacy projects that now span the length and breadth of our state, touching the lives of all Bayelsa people.

“Let us continue to work together so that the future of our state will be established.

“Beyond the ongoing renovation, we will look at the option of building a new state-of-the-art secretariat complex to accommodate the expanding workforce,” he said.

Earlier, the workers eulogised the governor for his labour-friendly policies that had improved their working condition.

In a joint address by the chairman of the NLC, Comrade Barnabas Simon, and his TUC counterpart, Comrade Laye Julius, the workers specifically thanked the governor for approving payment of wage award to all categories of workers in Bayelsa.

“We thank you for the regular conduct of promotion exercises and implementation, prompt payment of salaries of workers and pensioners, among others.

“Organised labour in Bayelsa is most sincerely grateful for your kind and favourable disposition to the needs and aspirations of workers in the state.

“Your open-door policies and swift response to most of our demands in the last four years is highly appreciated,” they said.

They, however, appealed for an upward review of the wage award, improved transportation system for workers, and mapping out of acquired lands for civil servants.

Continue Reading

News

Gov. Sani unveils N500m loans scheme for workers

Published

on

Gov. Uba Sani of Kaduna State has unveiled a  N500 million revolving loans scheme for civil servants in the State.
Sani disclosed this on Wednesday in Kaduna during the 2024 May Day Celebration .
Sani symbolically distributed  dummy cheques to some workers amidst cheers while announcing the more economic empowerment initiatives for the workers
He also reaffirmed his commitment to prioritise workers’ welfare and equip them appropriately within available resources.
Sani emphasised the importance of a motivated workforce for the success of his administration’s Rural Transformation Agenda, addressing the theme ‘People First’.
Sani stressed the centrality of citizens in development and governance, highlighting the strategic partnership forged with labour unions to advance workers’ interests and improve living conditions.
He also listed ongoing efforts to attract investments, provide training, and enhance job opportunities for the citizens.
Sani assured continued attention to human capital development and poverty reduction through various government interventions.
The governor further disclosed ongoing consultations with labour unions at both federal and state levels to negotiate a decent salary increase for the state and local government workers.
Earlier, the Chairman of the Nigeria Labour Congress (NLC), Mr Ayuba Magaji, commended Sani for his personal attendance at the May Day Celebration, marking a significant departure from the past nine years.
He also expressed gratitude for the governor’s prompt payment of salaries and allowances as well as the involvement of labour unions in decision-making processes
The highlight of the occasion was a  march past by various unions and affiliates of the NLC as well as the Trade Union Congress (TUC)
Continue Reading

News

Lagos-Calabar Coastal road: ‘You have no claim’ – Umahi attacks Landmark Beach owner

Published

on

Minister of Works, Dave Umahi has said the Group Chief Executive Officer and founder of The Landmark Group, Paul Onwuanibe, cannot claim compensation from the Federal Government in connection with the demolition of structures for the Lagos-Calabar Coastal Highway.

The Federal Government is currently demolishing properties along the shoreline to create a pathway for the Lagos-Calabar Coastal Highway.

The Landmark Group, owners of the Landmark beach in Lagos State, is believed to be one of the organisations that will be highly affected by the demolition.

However, Umahi has insisted that infrastructures belonging to Landmark were spared, hence the owner can’t make claims on the Federal Government.

Addressing journalists, the minister said the beach was on the right of way and shoreline.

He said: “No claim for Landmark, we spared all his infrastructure, we don’t pay for the demolition of shanties because it is on our right-of-way, 15 meters from the shoreline, so he has no claim.

“We made all efforts to spare his infrastructure. The Landmark owner is acting like a politician, me I’m an engineer.

“While he does all the politics, I am an engineer, I’ll do the engineering work. I don’t know the attention he is seeking.”

Continue Reading

Trending