Zenith, Access, GTB, 8 others earn N72.7bn from account maintenance – Newstrends
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Zenith, Access, GTB, 8 others earn N72.7bn from account maintenance

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Zenith, Access, GTB, 8 others earn N72.7bn from account maintenance

A total of eleven banks listed on the floor of the Nigerian Exchange generated N72.7bn from account maintenance charges in the half year of 2023.

Data obtained from the half-year financial statements of these listed commercial banks on the Nigerian stock market showed this figure.

Zenith Bank, Access, GTB are clearly the top three banks that raked in the largest amount from the account maintenance fee in the first half of the year, according to a report by Nairametrics on Sunday.

The three banks are followed by United Bank for Africa, First bank and First City Monument Bank.

The remaining five banks on the list are Stanbic IBTC, Sterling Bank, Fidelity Bank, Wema Bank and Unity Bank.

Zenith Bank generated a sum of N21.02bn from account maintenance, representing 28.91 per cent of the total income of the 11 banks.

Access Holdings recorded N13.36bn, a 10.97 per cent year-on-year increase in its account maintenance income.

GTCO generated N10.48bn, which is 11.08 per cent year-on-year increase over N9.44bn recorded in the half-year 2022.

UBA generated N9.64bn from account maintenance income between January and June 2023, representing a 46.11 per cent increase compared to N6.59bn recorded in the corresponding period of 2022.

First Bank of Nigeria’s account maintenance income was put at N5.19bn. This is a decline of 43.5 per cent from N9.17bn generated in half-year 2022.

FCMB came sixth on the list with N3.85bn in revenue from account maintenance, which is 16.3 per cent higher than N3.32bn recorded in 2022.

The other five banks are Stanbic IBTC –N2.64bn; Sterling Bank – N2.39bn; Fidelity Bank – N1.76bn; Wema Bank – N1.63bn and Unity Bank – N745m.

The amount generated from account maintenance charges in the half-year of 2023 represents a 7.44 per cent increase compared to N67.69bn recorded in the corresponding period of 2022.

The fees are charged on current accounts only regarding debit transactions to third parties and debit transfers/lodgements to the customer’s account in another bank.

Banks’ earnings from account maintenance charges may be seen as low compared to other revenue streams.

A directive by the Central Bank of Nigeria, on bank charges to commercial banks allows them to charge their customers a “negotiable” N1 per mille.

 

This means banks can charge N1 per N1,000 debit transactions on current accounts. Banks’ account maintenance charges come in the form of COT ( as Commission on Turnover) which is a charge levied on customer withdrawals by their banks.

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Carloha announces Chery SUV gift for NAPE Charity Golf Tournament winner 

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Carloha announces Chery SUV gift for NAPE Charity Golf Tournament winner 

 

Ultimate winner of the forthcoming NAPE Charity Golf Tournament holding in Abuja will drive home Chery Tiggo 8 Pro, a superlative sport utility vehicle.

Carloha Nigeria, one of the major sponsors of the event, disclosed this in a statement issued in Lagos.

The golf tournament is scheduled to take place at the prestigious IBB Golf & Country Club, Abuja, on October 26, 2024.

Carloha, franchise holder and assembler of Chery vehicles in Nigeria, said its sponsorship of the tournament was part of its commitment to fostering sports development in the country.

Part of the statement read, “Chery is offering its flagship SUV, the Tiggo 8 Pro as the ultimate prize for any player who achieves a hole-in-one during the tournament.

“This event promises to be an unforgettable experience for golf enthusiasts and those passionate about positively impacting our community.”

It specifically noted that the highlight of the tournament would be the incredible hole-in-one winning feat attracting a prize of Chery Tiggo 8 Pro generously provided by Carloha without insurance premium coverage for the tournament.

This prize is said to underscore Chery’s support for sporting initiatives in Nigeria and reflect the brand’s passion for nurturing talent and promoting community engagement through sports.

Director of Sales for Carloha Nigeria, Mr. Joseph Omokhapue, said, “We are glad to be one of the major partners in the NAPE Charity Golf Tournament, and offering an amazing prize for the hole-in-one with Tiggo 8 Pro represents Chery’s dedication to supporting sports in Nigeria, as well as enhancing the excitement and competitiveness of the tournament, making it an event to remember.

“More importantly, this gesture is one of the many ways Carloha is contributing to the underprivileged in our society by associating with the NAPE Charity Golf Tournament.”

By participating in this prestigious event, Golfers have the chance to showcase their skills and also contribute to a worthy cause.

Proceeds from the tournament would go towards supporting local charities, creating a lasting impact on the lives of those in need, the statement added.

The Tiggo 8 Pro, according to the firm, is renowned for its luxury, cutting-edge technology, stylish design, dynamic performance, and it perfectly embodies Chery’s dedication to excellence for on and off-road experience.

The Tiggo 8 Pro features an elegant, high-tech electronic gearshift system that provides effortless and precise control, enhancing safety performance and ease of operation, adeptly tailored for the diverse terrains of Nigeria.

It urged golfers and sports enthusiasts to get ready to swing for success at the NAPE Charity Golf Tournament.

“We look forward to seeing you at the IBB Golf Country Club as we come together to make a difference, promote sports development in Nigeria, and celebrate the Chery brand,” it stated.

As part of its commitment to make vehicle ownership easy and affordable for all, Carloha Nigeria offers a remarkable 6-year warranty/200,000 kilometers, 6-year free service on all Chery vehicles, a flexible auto financing solution with the best price for all vehicles, and 24/7 services and parts support nationwide.

This ensures that owners can enjoy their Tiggo 8 Pro with confidence, knowing they have reliable support and service from Chery for years to come.

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NNPC to establish 40 new CNG stations nationwide

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NNPC to establish 40 new CNG stations nationwide

The Nigerian National Petroleum Company (NNPC) has acquired equipment to establish 40 new Compressed Natural Gas (CNG) stations across the country, as part of efforts to expand CNG infrastructure.

This comes as the Federal Government aims to set up 100 CNG stations within six months.

Oluwagbemi Michael, Director of the Presidential CNG Initiative, revealed the plans during an event in Ogun State.

He noted that 12 CNG stations were set up in the past year, six in Abuja and six in Lagos, with further expansion underway.

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This move follows concerns over the limited availability of CNG stations, which has slowed the adoption of CNG as an alternative to petrol.

Michael highlighted ongoing investments in infrastructure, including a recent N122bn funding for private companies involved in CNG distribution.

He also mentioned the government’s plan to distribute one million CNG conversion kits to commercial drivers, which is expected to increase demand and attract more investors to the sector.

Additionally, existing petrol stations are being upgraded to include CNG refuelling points, with 40 such upgrades planned by the NNPC.

NNPC to establish 40 new CNG stations nationwide

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MTN threatens to shut down services without tariff hike

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MTN threatens to shut down services without tariff hike

MTN Nigeria has warned of a potential shutdown if tariffs are not increased to address the rising operational costs that are threatening the profitability of the telecommunications sector.

During a tour of MTN’s facilities in Ibeju-Lekki, Lagos, MTN’s CEO, Karl Toriola, said the telecom sector has been facing significant financial losses and urgent measures are needed to reverse the trend.

Toriola pointed out that MTN, which currently has around 78 million subscribers, is operating on reserves accumulated over the past two decades, a situation he described as unsustainable.

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The company’s operating costs, especially diesel prices needed to power its base transceiver stations, have surged, adding pressure to its financial performance, he added.

The CEO stressed the importance of returning the telecom industry to profitability, warning that without a tariff hike, MTN might be forced to shut down operations.

“There should be no delusion; if the tariff doesn’t go up, we will shut down,” he said.

He noted that MTN, once one of the largest corporate taxpayers in Nigeria, has seen a decline in its tax contributions due to the financial challenges the sector is facing.

MTN threatens to shut down services without tariff hike

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