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Sterling Bank Grows Half-Year Profit By 97%

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Sterling Bank Plc Friday blazed the trails as the first financial company to release its first-half earnings report, indicating that the bank maintained continuing strong momentum in its profitability with 97 per cent growth in profit after tax. The first-half report came on the heels of initial filings showing extensive shareholders’ interests in the bank’s ongoing N12.5 billion rights issue. Sterling Bank is raising N12.5 billion through a rights issue of about 5.889 billion ordinary shares of 50 kobo each at N2.12 per share. Sterling Bank had traded at a high of N3.05 at the stock market. The shares have been pre-allotted on the basis of three new ordinary shares of 50 kobo each for every eight ordinary shares of 50 kobo each held as at May 20, 2013. Application list, which opened on June 24, 2013, will run till July 31, 2013. Interim report and accounts of Sterling Bank for the six-month period ended June 30, 2013 showed that earnings per share doubled to 38 kobo in 2013 as against 19 kobo in comparable period of 2012, underlining the increasing attraction of the bank as a high-yield stock. Investors responded positively to the earnings report as the bank’s share price rose by 0.38 per cent yesterday to N2.67. This implies double-digit six-month earnings yield of 14.2 per cent. The report showed that profit before tax rose by 93.5 per cent to N6.27 billion as against N3.24 billion recorded in corresponding period of 2012. Profit after tax nearly doubled from N3.01 billion to N5.92 billion, representing an increase of 96.7 per cent. The bottom-line performance was driven by the bank’s growing brand acceptability and customers’ deposit as well as efficient cost and risks management. Gross earnings rose by 28 per cent from N32.68 billion to N41.86 billion. While interest income grew by 18 per cent from N26.34 billion to N31.08 billion, net interest income grew faster by 27 per cent to N15.17 billion in 2013 as against N11.96 billion in comparable period of 2012. Key balance sheet items also underscored the continuing fundamental strength of the bank. Total deposits rose by 21 per cent from N466.85 billion recorded as at December 31, 2012, which was the opening figure for this year, to N564.93 billion by June 2013. Within the same period, total assets grew by 19 per cent to N690.84 billion compared with N580.23 billion while shareholders’ funds increased from N46.64 billion to N49 billion. While loans and advances increased by 19 per cent from N229.42 billion to N272.75 billion, the proportion of non-performing loans to gross loans and advances remained checkmated at 2.7 per cent during the period, far better than industry’s benchmark of 5.0 per cent. The first half report showed that the bank have nearly achieved its full-year performance for 2012 within the first half of this year, putting it in good course to achieve its forecasts. The latest report also showed continuation of the good start noted in the first quarter of this year. Sterling Bank’s three-month report for the period ended March 31, 2013 showed that profit after tax rose by 96 per cent while profit before tax increased by 85 per cent. Gross earnings stood at N19.84 billion as against N16.21 billion recorded in comparable period of 2012. Profit before tax jumped from N1.63 billion to N3.02 billion while profit after tax leapt to N2.72 billion as against N1.39 billion. Full-year report for 2012 showed gross earnings of N68.86 billion. Profits and after tax stood at N7.5 billion and N6.95 billion respectively. Commenting on the 2013 first half report, managing director, Sterling Bank, Mr. Yemi Adeola, said the performance of the bank was a reflection of the stability and growth potential of its business strategy. According to him, the bank’s report was as a result of customer winning and cost management strategies, which enabled it to maintain its first quarter earnings momentum. “We are pleased with the report. Over the next six months, our priority is to accelerate our $ 400 million capital raising program, which commenced with overwhelming support from our shareholders for the ongoing rights issue of N12.5 billion ($ 80 million). The next phase of the program includes a $ 120 million private placement and subsequently, a $ 200 million multi-currency tier 2 capital raising exercise. We remain optimistic that our capital plans will be achieved to enable us drive business growth, while delivering superior returns to our shareholders,” Adeola said.  

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Nigeria News

Kano Transfers Over 1,000 Almajiris To Different States Amidst COVID-19 Pandemic

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The Kano State Government on Saturday said it has transferred 1,098 ‘almajiris’ to different states of the country.

The commissioner for local government, Murtala Garo, disclosed this while presenting a report before the state’s task force on COVID-19 at the government house, Kano.

Almajiris are children who are supposed to be learning Islamic studies while living with their Islamic teachers. Majority of them, however, end up begging on the streets of Northern Nigeria. They constitute a large number of Nigeria’s over 10 million out-of-school children.

Mr Garo said the Kano government transported 419 almajiris to Katsina, 524 to Jigawa and 155 to Kaduna. He said all of them tested negative for coronavirus before leaving the Kano State.

Despite the coronavirus test done in Kano for the almajiris, the Jigawa government earlier said it would quarantine for two weeks all the almajiris that recently arrived from Kano.

Mr Garo said another 100 almajiris scheduled to be taken to Bauchi State also tested negative to COVID-19.

In a remark, Governor Abdullahi Ganduje said the COVID-19 situation in Kano was getting worse. He appealed for a collaborative effort to curtail the spread of the virus in the state.

Mr Ganduje, who commended residents for complying with the lockdown imposed in the state, said the decision was taken to halt the spread of the virus.

Kano State, as of Saturday night, has 77 coronavirus cases, according to the Nigeria Centre for Disease Control.

The decision to transfer the Kano almajiris is part of the agreement reached between Northern governors that almajiris in each state be transferred to their states of origin.

However, even before the latest agreement by the governors, the Kano government had been transferring almajiris to other states and neighbouring countries after it banned street begging in the state, most populous in Northern Nigeria.

Despite the transfers, however, no concrete step has been taken to ensure such children do not return to Kano streets as there is freedom of movement across Nigeria although interstate travel was recently banned to check the spread of the coronavirus.

 

Sourced From: Premium Times Nigeria

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Nigeria News

COVID-19: ‘Bakassi Boys’ Foil Attempt To Smuggle 24 Women Into Abia In Container

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By Ugochukwu Alaribe

Operatives of the Abia State Vigilante Service, AVS, popularly known as ‘Bakassi Boys’ have arrested 24 market women hidden in a container truck, at Ekwereazu Ngwa, the boundary community between Abia and Akwa Ibom states.

The market women, said to be  from Akwa Ibom State, were on their way to Aba, when they were arrested with the truck driver and two of his conductors for violating the lockdown order by the state government.

Driver of the truck, Moses Asuquo, claimed he was going to Aba to purchase stock fish, but decided to assist the market women, because they were stranded.

A vigilante source told Sunday Vanguard that the vehicle was impounded while the market women were sent back to Akwa Ibom State.

Commissioner for Home Land Security, Prince Dan Okoli, who confirmed the incident, said that  smuggling of people into the state poses great threat to the state government’s efforts to contain the spread of COVID- 19.

 

Sourced From: Vanguard News

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Woman Kills Her Maid Over Salary Request

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Operatives of the State Criminal Investigation and Intelligence Department (SCIID), Yaba of the Lagos State police command have arrested one Mrs Nene Steve for allegedly killing her maid, Joy Adole

The maid was allegedly beaten to death by Nene for requesting for her salary at their residence located at 18, Ogundola Street, Bariga area in Lagos.

Narrating the incident, Philips Ejeh, an elder brother to the deceased said that he was sad when they informed him that his sister was beaten to death.

He explained that the deceased was an indigene of Benue State brought to Lagos through an agent and started working with her as a maid  in January 2020.

‘’She reported that her boss refused to pay her and anytime she asked for her salary she will start beating her.

She was making an attempt to leave the place but due to the total lockdown she remained there until Sunday when her boss said she caught her stealing noodles and this led to her serious beating and death,’’ Ejeh said.

He called on Lagos State Government and well- meaning people in the country to help them in getting justice for the victim.

The police spokesman, Bala Elkana, stated that the woman and her husband came to Bariga Police  Station to a report that their house girl had committed suicide.

Detectives were said to have visited the house and suspected foul play with the position of the rope and bruises all over the body which confirmed that the girl had been tortured to death and the boss decided to hang up the girl to make it look like suicide.

He said: “The police moved on with their investigation and found a lot of sign of violence on her body that she has been tortured before a rope was put on her neck.’’

He added that the police removed the corpse and deposited it in the mortuary for autopsy to further ascertain the cause of the death.

Elkana said the matter has been transferred from Bariga police station to Panti for further investigation while the couple have been arrested and will be charged to court.

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Boko Haram Attacks: Buhari Summons Urgent Meeting Of Service Chiefs

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President Buhari and the Service Chiefs in a meeting. (File photo)

Ostensibly alarmed by the latest killings of dozens of soldiers by Boko Haram insurgents, President Muhammadu Buhari has summoned an urgent meeting of Service Chiefs to find ways to stop the trend. 

He has also dispatched the Minister of Defence, Mansur Dan Ali, to the neighbouring Republic of Chad for an urgent meeting with President Idris Deby and his defence counterpart. 

Knowledgeable sources said in Abuja on Friday that the president is worried by on the deterioration of security situation on the Nigeria – Chad Border that has led to the recently increased Boko Haram terrorism in the area.

The sources which did not want to be named in Abuja said: “Nigeria has a Chad  problem in the Multi-National Joint Task Force (MNJTF) put together to secure the Lake Chad basin areas and repeal the Boko Haram terrorist attacks against all the countries neighbouring the Lake.”

The sources noted that Chad is believed to be having their own internal security challenges and this has reportedly led to their pulling away their own troops manning their own border around Lake Chad,  saying: “That lacuna is being exploited by the Boko Haram terrorists, who go in and out of Nigeria, Niger and Cameroon to launch terrorist acts.  This is a clear illustration of the fact that terrorism is beyond national borders.”

When contacted, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, confirmed that the Defence Minister is going to Chad but said he is unaware of the purpose. 

Meanwhile, the military authorities are said to be in the process of identifying the families of the latest victims with a view to making contact with them. 

Credible sources revealed that it is the reason the president is yet to make any pronouncement on the matter. 

“The President has called an urgent meeting with the Service Chiefs, as well as the fact that families of the latest victims of the Boko Haram are being identified and contacts made before a government pronouncement on the tragic attacks. This, it is understood, is the reason for the silence of the government over the incident,” the source said. 

 

Sourced From: Tribune

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