Connect with us

News and Report

Unity Bank sinks to N39 billion loss after heavy hit from forex revaluation

Published

8 months ago

on

AMCON-backed Unity Bank Plc reported a net loss of N38.9 billion for the first six months of the year in contrast to a net profit of N1.7 billion recorded a year ago, its newly issued financial report has shown.

The big blow to earnings bucks the ongoing boom among lenders in Africa’s biggest economy, where a weakening in the value of the naira by approximately 40 per cent in June alone is helping banks that have loans denominated in foreign currency turn in record profits.

The new development even enabled some banks to declare higher dividends.

The Asset Management Corporation of Nigeria (AMCON) is Unity Bank’s foremost shareholder, holding 34.2 per cent of the bank’s ordinary shares.

Unity Bank’s foreign exchange revaluation loss for the period stood at N35.4 billion, according to the bank’s financials, compared to N16.2 million a year earlier.

No clarification is provided anywhere in the document as to what made up that sum.

The financials showed N8.9 billion in long-term loans from the African Export-Import Bank after conversion from the US dollar.

“In the light of the prevailing FX revaluation in the financial system, what we have is a market-driven impact which is adjustable envisaged from the positive economic outcomes of the government policies in the near term,” CEO Tomi Somefun said in a separate statement.

“The negative shareholders’ fund has improved considerably through the injection of N135 billion which moderated the negative shareholders’ fund from (-ve) N275 billion in December 2022 financial year-end to (-ve) N178 billion as at the end of June 2023, after absorbing the FX revaluation loss suffered in Q2/2023,” she added.

The lender drew N135.2 billion in the form of convertible debentures from its other reserves to pare down the negative balance of its shareholders’ fund by 35 per cent.

Revenue for the period saw a flattish growth as gross earnings climbed to N27.8 billion from N27.6 billion.

Net interest income, a key profitability metric, fell 23 per cent to N7.9 billion, strained by a weaker interest income and an increased interest expense.

Adding pressure to the bottom line, operating expenses leapt 16 per cent to N15.3 billion driven by a significant jump in personnel expenses.

According to the balance sheet, its total liabilities of N688.8 billion exceeded its total assets by 35.1 per cent.

Mrs Somefun hinted at plans by the bank to complete its recapitalisation programme soon, saying it will enable the financial institution to “do business as expected in the fast-growing markets in Nigeria.”

 

Related Topics:
Continue Reading
Advertisement

News and Report

EFCC: 58 Ex-Govs Embezzled N2.187 Trillion [Full List]

Published

4 hours ago

on

May 4, 2024

By

According to the EFCC’s allegations, a significant number of former governors, totaling at least 58, have alleged to been involved in the misappropriation, embezzlement, or laundering of approximately N2.187 trillion over a span of 25 years.

This amount does not include properties seized worldwide or those currently being investigated, which amount to billions of Naira.

The amount of N2.2 trillion that was looted is similar to the combined budgets of Lagos State and the South-East states for 2024, totaling N2.25 trillion and N2.29 trillion respectively. This figure exceeds the budgets of the North-Central states and North-East states for 2024, which are N1.89 trillion and N1.60 trillion, by several billion.

The EFCC is currently investigating, probing, and prosecuting 58 ex-governors from various regions of the country. Since the restoration of civilian government on May 29, 1999, there have been at least 170 governors serving in the 36 states of Nigeria.

The 58 ex-governors who are currently or have previously faced investigations by EFCC, with alleged amounts in question, consist of:

late Abubakar Audu (N10.966 bn),

TA Orji and sons (N551 bn)

Yahaya Bello (N80.2 bn)

Chimaroke Nnamani (N5. 3 bn)

Sullivan Chime (N450 million)

Kayode Fayemi (N4bn)

Ayo Fayose (N6.9 bn)

Abdullahi Adamu (N15bn)

Danjuma Goje (N5bn)

Aliyu Wamakko (N15 bn)

Sule Lamido (N1.35 bn)

Joshua Dariye (N1. 16 bn)

Timipre Sylva (N19.2 bn)

Saminu Turaki (N36bn)

Bello Matawalle (N70 bn)

Lucky Igbinedion (N4. 5 bn)

Musa Kwakwanso (N10bn)

Peter Odili (N1000 bn)

Jolly Nyame (N1.64 bn)

James Ngilari (N167 m)

Abdulaziz Yari (N84 bn)

Godswill Akpabio (N100bn)

Abdul fatah Ahmed (N9 bn)

Ali Mode-Sheriff (N300bn)

Willie Obiano (N43 bn)

Ibrahim Dankwambo (N1. 3bn)

Darius Ishaku (N39bn)

Ramalan Yero (N700m)

Achike Udenwa (N350m)

Rochas Okoro ha (N10. 8bn)

James Ibori (N40 bn),

DSP Alamieyeseigha (N2.655bn)

Gabriel Suswam (N3. 111bn)

Samuel Orton (N107bn)

Murtala Nyako (N29bn)

Rashid Ladoja (4.7bn)

Christopher Alao-Akala (N11. 5 bn)

Abdulkadir Kure (N600m)

Babangida Aliyu (N4bn)

Abubakar Audu (N10bn)

Idris Wada (N500m)

Ibrahim Shekarau (N950m)

Adamu Aliero (N10bn)

Usman Dakingari and wife (N5. 8bn)

Attahiru Bafarawa N19. 6bn)

Jonah Jang (N6. 3bn)

Aliyu Doma (N8bn)

Tanko Al’Makura (N4bn)

Boni Haruna (N93bn)

Bindow Jibrila (N62bn)

Adamu Muazu (13bn)

Isa Yuguda N212bn)

Mohammed Abubakar (N8. 5bn).

Continue Reading

News and Report

Dangote University explains how female student died in her off-campus apartment

Published

6 hours ago

on

May 4, 2024

By

Tragedy struck on Thursday at the Aliko Dangote University of Science and Technology, Wudil, Kano State, when a female student, Aishat Yahaya Olabisi, was found dead in her off-campus apartment.

Olabisi, a 300-level female student of Food and Science Technology, was said to have been found dead after she returned to her room from the school.

The deceased student was said to have written her first examination in the ongoing first-semester examination at the university on the fateful day.

One of the male students who spoke to PUNCH Online on condition of anonymity on Saturday blamed her sudden passing away on examination pressure.

“The deceased was hale and hearty before she went out to write her first examination in the ongoing first-semester examination,” the student said.

However, following reports in the media that the female student died in the university students’ hostel, the Management of the university clarified the misinformation.

In a statement by the Dean, Students Affairs of the university, Prof. Abdulkadir Dambazau, dated 3rd May 2024, refuted the media claims.

The statement titled “Clarification Regarding False Statement About Student’s Death” read, “It has come to our attention that a recent statement made by DLC Hausa and some media outlets regarding the discovery of a student’s corpse at the students’ hall of residence is entirely false. We wish to address this matter promptly and unequivocally refute these claims.

“On 23 April 2024, we received news about the untimely passing of Yahaya Aishat Olabisi, a diligent and bright student of ADUSTECH Wudil. Aishat spent her last evening engrossed in her studies, diligently preparing for upcoming examinations. The following morning after a shared breakfast with her roommate and a heartfelt conversation with her father, she expressed her intent to rest briefly before resuming her studies. However, destiny had a different plan.

“In the early afternoon of the same day, concerns arose when Yahaya Aishat Olabisi did not respond to attempts to reach her. Upon investigation, it was discovered that she had passed away in her sleep in her off-campus residence. Immediate measures were taken, and she was swiftly taken to the university clinic, where her passing was confirmed by medical professionals.”

The statement added that Olabisi’s remains had been transferred to the Aminu Kano Teaching Hospital for postmortem analysis.

“Given the circumstances, her remains were transferred to Aminu Kano Teaching Hospital for postmortem analysis to ascertain the cause of her sudden demise. Meanwhile, her grieving parents, who hail from Ilorin arrived the following day to bid farewell to their beloved daughter.

“In honouring her memory and bidding her farewell, Aishat was laid to rest on 24 April 2024, surrounded by family, friends, and members of the academic community who mourned her loss deeply,” the statement added.

Continue Reading

News and Report

Court Sentence FCMB Branch Manager to 121 years in Prison for embezzling Customers Funds

Published

14 hours ago

on

May 4, 2024

By

FCMB is a leading financial institution in Nigeria has received a big shock of the year as one of its staff has been thrown to prison for fraud and embezzlement.

Justice S. Odili at the Anambra State High Court in Onitsha, Anambra State, sentenced Mr Nwachukwu Placidus, a bank manager at First City Monument Bank FCMB, Onitsha Anambra State to 121 years in prison for embezzling N112 million from a customer’s fixed deposit account.

The Honorable justices delivered the verdict resulting in the conviction and sentencing of a former manager at the First City Monument Bank’s branch in Onitsha, who has now been sentenced to a total of 121 years in prison for misappropriating fixed deposit funds totaling N112,100,000 from a customer for personal use. This is tantamount to a breach of trust by the former manager which has attracted a huge jail term.

 

Continue Reading

Trending