Sterling Bank Plc has released its unaudited full-year 2022 results, reporting a pre-tax profit of N20.06 billion. This represents a 38.63% increase from the N14.47 billion the company reported during the same period in 2021. See the key details of the financial report below. Interest income 2022 FY: N127.69 billion 2021 FY: N110.97 billion Change: +15% Total operating income 2022 FY: N115.89 billion 2021 FY: N97.13 billion Change: +19.13% Total operating expenses 2022 FY: N87.25 billion 2021 FY: N72.83 billion Change: +19.79% Pre-tax profit 2022 FY: N20.06 billion 2021 FY: N14.47 billion Change: +38.63% Net Profit after tax 2022…
Author: Oladi Samuel
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Conoil Plc has released its unaudited financial statement for the year ended 31st December 2022. The report shows that the energy firm’s profit rose by an impressive 101.8% to N6.22 billion from the N3.082 billion reported in the previous year. Key details of the unaudited financial report are summarised below. Revenue 2022 FY: N131.442 billion 2021 FY: N126.726 billion Change: +3.7% Gross Profit 2022 FY: N15.834 billion 2021 FY: N11.161 billion Change: +41.87% Operating Income 2022 FY: N200.325 million 2021 FY: N172.014 million Change: +16.5% Finance cost 2022 FY: N1.438 billion 2021 FY: N757 million Change: +90% Pre-tax profit 2022…
Elon Musk’s satellite company, SpaceX, has slashed the costs of its hardware and subscription plan to N274,098 and N19,260 per monthly, respectively. Recall that Nairametrics earlier reported that Starlink had fixed $600 and $43 dollar as the cost of its hardware and monthly subscription, respectively, amounting to about N438,000 and N31,000 at the parallel market rate. Some Nigerians who pre-ordered the hardware last year paid the initial amount in dollars. But the company’s prices are now quoted in naira, which means that Nigerians can make payments using their naira debit card. First in Africa: With the official announcement, Nigeria becomes the…
The International Monetary Fund (IMF) has revised its 2023 growth projection for Nigeria’s economy to 3.2% from an earlier projected 3.1%. The IMF disclosed this in its World Economic Outlook Update published on Tuesday morning and seen by Nairametrics. The Projections: Also, the IMF revealed that the global growth outlook for 2023 was revised upwards by 0.2 percentage points to 2.9%. Sub- Sahara’s GDP growth was also reviewed to 3.8% in 2023. Nigeria is expected to grow by 3.2% in 2023 and later fall to 2.9% by 2024, while South Africa is expected to grow by 1.2% in 2023 and…
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has finally made his appearance in the House of Representatives after several invitations. Emefiele is currently before the House ad-hoc committee on the currency redesign and the naira swap policy, which is chaired by the majority leader, Alhassan Ado-Doguwa. According to reports, The CBN Governor is making the appearance in the company of some top officials of the apex bank, including Kingsley Obiora, deputy governor, of the economic policy directorate. CBN Governor had ignored previous invitations Emefiele had ignored previous invitations from the lawmakers, an action that did not…
Macquarie University’s International Scholarship is given to international students who have demonstrated academic excellence. It covers a portion of the tuition fees for outstanding students who are pursuing an undergraduate or postgraduate degree at Macquarie University. Specifically, it covers AUD$10,000 which will be applied to the tuition. The scholarships, however, do not provide financial assistance in the form of a living allowance, nor do they cover the costs of visa applications, Overseas Student Health Cover (OSHC), airfares, lodging, conferences, or other study-related expenses. The eligibility criteria: To be eligible, candidates must be – A full-time international student starting an undergraduate or…
Despite many moves by the Central Bank of Nigeria to mop up liquidity in the Nigerian economy last year, the nation’s money supply still rose to an all-time high of N52.14 trillion. According to data from the apex bank, Nigeria’s money supply gained a massive N8.32 trillion in the review year after jumping from N43.82 trillion in 2021. This indicates an increase of 19% year-on-year. Nigeria recorded a record-level inflation rate in 2022 triggered by the Russia-Ukraine war and the global energy crisis. In November 2022, Nigeria’s inflation rate climbed to a 17-year high of 21.47% moderating albeit slightly to 21.34% in…
Nigeria’s Vice President, Yemi Osinbajo, had said that when effectively operated, a cashless policy in Nigeria, will help stop the surge of illicit election financing by making it possible to track funds. This was disclosed by Osinbajo earlier on Monday, January 30, 2023, at the Presidential Villa, when he received a delegation of the European Union (EU) Election Observation Mission led by Barry Andrews, the Chief Observer, who is also a member of the European Parliament. More infrastructure should be provided for a cashless policy Osinbajo said, “I think that we should be looking at providing more infrastructure. The cashless…
The Lagos State Real Estate Regulatory Authority (LASRERA) has asked for the support of all practicing realtors to complement the state government’s efforts to improve the integrity of real estate development for the future of Lagos State, Nigeria, and potential investors/investees. This appeal was made recently by the Special Adviser to Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, at an event organized by the Association of Estate Agents in Nigeria, International Association of Realtor, held at Eko Hotel and Suites, Victoria Island Lagos. Benson-Awoyinka, who was represented at the event by LASRERA’s Project Manager, Mrs. Bolanle Asuquo stated that…
Following Moody’s downgrade of Nigeria’s sovereign bond during the weekend, the country’s long-term debt instrument was dumped at its fastest pace in three months on Monday. According to Bloomberg, the extra yield investors demand to hold Nigeria’s dollar debt instead of treasuries widened 49 basis points to 780. The rate on Nigeria’s 2032 bonds jumped 56 basis points to 12%, also the most since October. Forward contracts on the currency traded 28% weaker than the official rate on the one-year tenor. Threat to Nigeria’s credit: The latest moves threaten to send Nigeria’s credit spreads down to distressed territory, widely described…