Day: September 2, 2024

Zenith Bank Records Impressive Growth As PBT Soars To N727 Billion In H1 2024 Result

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Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2024, recording an impressive triple-digit growth of 117% in gross earnings from N967.3 billion reported in H1 2023 to N2.1 trillion in H1 2024. This superior performance has been achieved even as the Nigerian banking industry navigates a challenging macro environment. According to the bank’s audited half-year financial results presented to the Nigerian Exchange (NGX) on Friday, 30th August 2024, the triple-digit growth in the top line also drove growth in the bottom line as the…

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FG To Invest $800million In Power Sector, Raise Generation To 6,000MW

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The Federal Government has announced plans to invest $800 million in the construction of substations and distribution networks as part of the Presidential Power Initiative (PPI) in the power sector. The Minister of Power, Adebayo Adelabu, announced this during a tour of the TBEA Southern Power Transmission and Distribution Industry in Beijing, China. The minister was in Beijing for the China-Africa Cooperation Summit. Adelabu, according to a statement issued by his Special Adviser on Media and Strategic Communication, Bolaji Tunji, on Sunday, September 1, 2024, said the investment would be…

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NDLEA Intercepts 31m Pills, Bottles Of Opioids Worth N17.9bn At Lagos, PH Ports

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Operatives of the National Drug Law Enforcement Agency, NDLEA, have intercepted a total of 31, 124, 600 pills of tramadol 225mg and bottles of codeine-based syrup worth N17,932,200,000 in street value at the Port Harcourt Port Complex, Onne, Rivers state and TINCAN seaport in Lagos. According to a statement by the spokesperson of the NDLEA, Femi Babafemi on Sunday, the seizures were made following intelligence processed by the Agency on the movement of the shipments from their port of origin in India, leading to a demand for a 100 percent…

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Fuel Scarcity Lingers As NNPC Ltd Admits No Money To Service Debt

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The Nigerian National Petroleum Company Limited (NNPC Ltd) says it is broke, hence unable to service debt owed fuel suppliers hence signaling an era of biting fuel crisis even at high prices. In Lagos, filling stations that have fuel are selling at between N900 and N1000. Most NNPC mega stations and franchise stations visited by Political Economist NG reporter are without petrol. Other filling stations that had petrol had long queues especially the few selling at below N800 per litre. “This is embarrassing and frustrating. They told us there will…

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“This Is The Team”: I’m Sorry For Osimhen, Won’t Be Reintegrated To First Team — Napoli Coach Conte

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In a press conference following Napoli’s 2-1 victory over Parma at the Stadio Maradona, coach Antonio Conte addressed the ongoing Victor Osimhen transfer saga, emphasizing the club’s consistent approach to the situation. Conte confirmed that the Nigerian forward will not be reintroduced to the first team despite the failure to secure a transfer during the summer window. Osimhen, who was left out of Napoli’s Serie A squad, has been replaced by the newly acquired Romelu Lukaku. Throughout the summer, Osimhen was linked with potential moves to Paris Saint-Germain, Chelsea, and…

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