Business
Zenith, Access, GTB, 8 others earn N72.7bn from account maintenance
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.
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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