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Wema Bank’s Profits Soar by 135 Percent: International Edition

oleh admin | Apr 1, 2025 | business, finance news, financial markets, investing, money

Following its robust financial performance in 2024, the bank has suggested a dividend of N1.00 per share.

Wema Bank has reported a profit before tax of N102.51 billion, indicating a rise of 135 percent from the N43.59 billion noted in the previous year.

The bank

has suggested a dividend of N1.00 per share following its robust financial performance in 2024.

As stated by the bank on Sunday, its balance sheet continues to be well-structured, varied, and robust, with total assets increasing by 60 percent to reach N3.585 billion in 2024.

The total assets were at N2.240 billion in 2023. Additionally, the bank increased its deposit base year-over-year by 36 percent to reach N2.523 billion from N1.860 billion.

Loans and advances rose by 50 percent, totaling N1.201 billion in 2024 from N801.10 billion in 2023. The non-performing loans ratio was at 3.86 percent by the end of the year.

The bank reported enhanced yearly performance, showing a 92 percent increase in gross earnings to N432.34 billion from N225.75 billion in the previous year.

The interest income surged by 92 percent year-over-year to N353.54 billion from N184.48 billion, whereas the non-interest income saw an increase of 91 percent to reach N78.80 billion.

The bank announced a Return on Equity of 43.60 percent, a Return onAssets of 2.96 percent, and maintained a Capital Adequacy Ratio of 19.67percent.

The cost-to-income ratio was at 56.23 percent, underscoring the commercial bank’s robustness and fiscal stability.

The robust performance in 2024 was credited to effective strategy implementation in areas such as risk control, client engagement, and online banking services by Managing Director Moruf Oseni.

“We continue to be dedicated to assisting Nigerian businesses and individuals through our cutting-edge banking products and services,” he stated.

He pointed out ALAT, the leading digital platform of the bank, as being at the forefront of digital banking usage amongst Nigeria’s youth demographic.

Mr. Oseni mentioned one instance as ALAT XPlore, which is Nigeria’s premier authorized banking application tailored for teens between the ages of 13 and 17, aimed at fostering financial acumen and accountability.

Despite facing a difficult operational landscape, the bank keeps expanding across all financial metrics, highlighting the team’s strength and proficiency.

“The most impressive result is from Profit Before Tax, which jumped by 135 percent,” he noted.

Mr. Oseni pointed out that the 92 percent increase in gross revenue, along with a 60 percent expansion in total assets and an earning of 483.20 kobo per share, significantly bolstered the balance sheet strength.

“The cost-to-income ratio of 56.23 percent has notably enhanced compared to the prior period,” he mentioned.

He further declared that the financial institution’s Capital Raise Initiative was scheduled to commence in April 2025 through a N150 billion rights offering.

Provided by Syndigate Media Inc. (
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).

Sudan Rejects Ruto’s Tea Export Claims; Kenya’s Ban Remains

oleh admin | Apr 1, 2025 | africa, business, controversies, government, politics

Sudan maintains that it has not lifted the ban on tea imports from Kenya, which was implemented around three weeks ago as a protest against Nairobi’s association with the paramilitary group Rapid Support Forces (RSF) that are battling the governing military council.

On Tuesday, Sudan’s embassy in Nairobi refuted President William Ruto’s statements from Monday evening, claiming that Kenyan merchants continue to sell tea to Sudan. These claims were deemed incorrect by the embassy.

During a joint interview with local radio and TV outlets held at the Sagana State Lodge in central Kenya, the president stated, “Despite their claim of not purchasing our tea, we continue to sell tea to Sudan. The demand for our product compels them to do so. Therefore, there isn’t an issue regarding the sale of tea, which contributes positively to profits within the tea industry.” However, on Tuesday, Sudan released a statement asserting that the import ban imposed on March 11, 2025, was never reconsidered.
“The Ministry of Trade and Supplies in Sudan enacted a directive halting all goods coming from Kenya according to what aligns best with Sudan’s national interests,” explained the embassy. “This measure has been strictly enforced, ensuring that no items originating from Kenya—tea included—are allowed entry into Sudan. We remain steadfast in maintaining these trading policies due to significant domestic economic and diplomatic reasons,” the communication concluded.

They also stated that any assertions to the contrary are baseless and incorrect.

Meanwhile, Khartoum reiterated its “dedication to regional collaboration and productive discussions, adhering to the tenets of mutual respect and non-intervention.” Tea merchants informed The EastAfrican that approximately 207 shipping containers filled with tea destined for export to Sudan are currently stalled within the supply chain, which could result in damages exceeding $10 million.

The East African Tea Trade Association (EATTA) Managing Director, George Omuga, has urged Nairobi to collaborate with Sudan in granting at least a one-month period for clearing tea shipments destined for that nation. This move aims to minimize potential financial setbacks for both merchants and growers.

There are 400 bags of tea headed for Sudan at the port of Mombasa, along with various shipments stored in warehouses, navigating the high seas, and waiting at Port Sudan for approval.

In early March, Eatta expressed worries over possible repercussions in Sudan, a crucial marketplace for the nation’s tea industry, following the RSF’s holding of a ceremonial political gathering in Nairobi aimed at establishing an alternative administration.

Black market brew: Sudan conflict disrupts Kenya’s tea exports
Sudan has labeled Kenya’s sheltering of the Rapid Support Forces (RSF), which has been engaged in combat with the Sudanese army since March 2023, as hostile towards the Sudanese population. Consequently, they imposed a prohibition on imports from Kenya into their country.

Kenya ranks among the top 10 suppliers of tea to Sudan, and the current conflict could lead to reduced exports, affecting bilateral commerce.

Other Kenyan goods shipped to Sudan include food items and medicines.

Prior to the present deadlock, Sudan purchased approximately $37 million worth of Kenyan tea. This information was provided by SyndiGate Media Inc.
Syndigate.info
).

Assam’s CM Sarma Unveils Multi-Layered Strategy to Empower Nari Shakti

oleh admin | Apr 1, 2025 | business, female empowerment, government, politics, women

Biswanath
(Assam), India, April 1 (ANI): The Chief Minister of Assam
Himanta Biswa Sarma
On Tuesday, the ‘Lakhpati Baideo’ initiative commenced with the launch of Assam’s largest women entrepreneur support program. During this event, he presented the initial batch of checks to 23,375 female business owners as part of the Mukhyamatri Mahila Udyamita Abhiyan at the newly established Kettala Playground in Borgang, Behali.
Biswanath
district.

Through this launch, 2,704,161 SHG members will reap benefits as Assam progresses toward a new epoch of female financial autonomy.

Under the Abhiyan initiative, Chief Minister Sarma distributed the initial installment of Rs 10,000 as startup funds to female recipients with the aim of enhancing self-employment prospects.

During his address, Chief Minister Sarma stated, “For empowering our state in Assam, we are implementing a multifaceted approach.”
Nari Shakti
from young students to senior citizens. Open access for all, tuition-free education, and living assistance via Orunodoi,
Chief Minister Women Entrepreneurship Scheme
(MMMUA), senior citizen pensions, and complimentary food grains—in each phase, we remain steadfast in our support.
Nari Shakti
.”

CM Sarma stated that according to MMMUA, if the beneficiaries effectively utilize their initial grant of Rs. 10,000 during the second year, they will qualify for an additional amount of Rs 25,000, with Rs 12,500 being a subsidy.
bank loan
, with the remaining ₹12,500 coming as a state grant.

He further mentioned that the state government would cover the interest charges.
bank loan
The Chief Minister stated that women who succeed in their businesses through this initiative will receive an entitlement of Rs 50,000 during the third year.

Chief Minister Sarma stated that the women’s self-help groups (SHGs) would keep receiving all the benefits, since the state government allocated Rs 1,090 crores to 2.17 lakh women SHGs through various programs.

He mentioned that an e-commerce platform was developed and reinforced to assist these women with their business endeavors.

The Chief Minister further stated that for the students from underprivileged backgrounds who are preparing for their matriculation exam, the government will provide a monthly deposit of Rs 300. This financial assistance aims to support these students in accessing tutoring services and improving their performance in the examinations.

He further mentioned that starting today, the government will decrease the price per unit of electricity by Rs 1, and it will purchase each quintal of rice for Rs 2,550 and each quintal of mustard for Rs 6,450.

The Panchayat and Rural Development Minister Ranjeet Kumar Dass, along with Health and Family Welfare Minister Ashok Singhal, Food and Civil Supplies Minister Kaushik Rai, Member of Parliament Ranjit Dutta, Members of Legislative Assembly Diganta Ghatowar, Pramod Borthakur, Utpal Bora, Krishna Kamal Tanti, Amiya Kumar Bhuyan, and numerous other esteemed officials attended the event.

Previously, Chief Minister Sarma launched a specialized health clinic at Rupjyoti Kala Parishad Field in Pabhoi.
Biswanath
.

The specialized health camp aims to make high-quality medical care accessible and budget-friendly for everyone. In an effort to enhance public well-being, the state administration has initiated these health programs throughout each Gram Panchayat, Village Cooperative Development Committee, and city region. These initiatives offer complimentary examinations, medications, as well as guidance on maintaining a healthy lifestyle and proper nutrition.

The health camps will offer free consultations along with diagnostic care. Additionally, the Chief Minister presented Rs 2 lakh as timely aid to 10 former ASHA workers in recognition of their significant contributions.

The Chief Minister, during the inauguration of the Circuit House, also
Biswanath
, planted an Ajar seedling. (ANI)

Provided by SyndiGate Media Inc.
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).

Nita Ambani Hails Mumbai Indians’ Talent Spotters After Triumph Over KKR

oleh admin | Apr 1, 2025 | cricket, cricket players, indian cricket, indian cricket players, sports

Following Mumbai Indians’ (MI) win against defending champions Kolkata Knight Riders (KKR) on Tuesday, team owner Nita Ambani commended the franchise’s recruitment team for discovering remarkable talents such as bowlers Ashwini Kumar and Vignesh Puthur, alongside wicketkeeper-batsman Robin Minz.

During his remarkable debut, Ashwani took the first-ever four-wicket haul by an Indian player in an IPL opening match, inspiring Mumbai Indians to secure an eight-wicket victory against Kolkata Knight Riders at the Wankhede Stadium during their inaugural home game this season on Monday. Following contributions from Ashwani (4/24) and Deepak Chahar (2/19), who helped dismiss KKR for only 116 runs in 16.2 overs—with notable performances from Angkrish Raghuvanshi (26) and Ramandeep Singh (22)—Ryan Rickelton (62*, off 41 balls, hitting four boundaries and five sixes) along with Suryakumar Yadav (27*, scoring off nine balls with three fours and two sixers) ensured that MI achieved the target with 43 deliveries remaining.

After the match, Nita Ambani lauded the scouting team for their contributions. “I just want to congratulate everyone. This is what Mumbai Indians is known for. I think today I also want to take this opportunity to thank the scouts of the Mumbai Indians. They have worked very hard. Rahul (Sanghvi, Director of Cricket) is there in the corner. DJ (Dhananjai CKM, Chief Data Performance Manager) with all his stats and the entire scouting team. We have youngsters like Ashwani (Kumar), Vignesh (Puthur) in our team, Robin (Minz), so many of them, and I think we need to thank them also. So let’s give a big round of applause to all our scouts,” she said.

Homecoming Hero: GT’s Prasidh Krishna Eyes RCB Showdown in Bangalore

oleh admin | Apr 1, 2025 | cricket players, indian cricket, indian cricket players, international cricket, sports

Bengaluru (Karnataka), India, April 1 (ANI): Before facing Royal Challengers Bangalore (RCB) at their home ground in Bengaluru, Gujarat Titans’ bowler Prasidh Krishna shared his joy about returning to play at this familiar venue in domestic cricket. He also mentioned feeling some initial apprehension when making his comeback to the league following an absence of two years because of injuries.

Impressed by his recent performance of taking 2/18 off four overs against Mumbai Indians (MI) in a victorious match, Krishna aims to regain his best form as they face RCB at the M Chinnaswamy Stadium on Wednesday. This comes after Krishnas’ prior two matches following his most recent Indian Premier League (IPL) outings from 2022, where he claimed 19 wickets across 17 fixtures for the Rajasthan Royals (RR), maintaining an economy rate of 29.00.

Krishna aims to provide his teammates with insight into what life is like in Bengaluru, a city where he has spent considerable time playing cricket.

“Returning home to play in the same stadium where we grew up competing is fantastic,” Prasidh stated according to ESPNCricinfo.

“The inaugural match in Bangalore is also thrilling, and we’re eager to see what it will bring. The team is enthusiastic about the way the tournament has begun. We’ve performed several aspects impressively and are working on improving certain areas. Overall, it promises to be an exhilarating experience,” he concluded.

Prasidh acknowledged feeling anxious about returning to the IPL, yet his rigorous fitness regimen following prolonged struggles with back and quadriceps injuries has left him in excellent physical condition, thus making him feel more prepared.

“No matter how hard I attempt to convince myself that this is merely another competition, just another match, I can’t help but sense my return after several years, particularly since I haven’t participated in many T20 games over the past couple of years,” Prasidh stated.

The tempo of the game evolved between 2022 and 2025, so adapting took some time. However, this is just how the sport goes; it constantly progresses, and one must stay ahead. Fortunately, my physical condition hasn’t altered significantly. I’ve had the chance to play some cricket recently during India’s Test series in Australia in 2024-25, and fortunately, my body allows me to perform as needed.

“After playing many matches here, you get some sense of what the pitch might be like. However, regardless of your knowledge, success ultimately depends on how well you perform that day. It also relies on the flow of the game’s momentum. If you can effectively implement your strategy, you’ll likely find yourself performing strongly for much of the match,” he ended his statement.

Squads:

Gujarat Titans Team Members: Sai Sudharsan, Shubman Gill (captain), Jos Buttler (wicketkeeper), Shahrukh Khan, Sherfane Rutherford, Rahul Tewatia, Rashid Khan, Kagiso Rabada, Ravisrinivasan Sai Kishore, Mohammed Siraj, Prasidh Krishna, Ishant Sharma, Washington Sundar, Glenn Phillips, Anuj Rawat, Mahipal Lomror, Arshad Khan, Jayant Yadav, Nishant Sindhu, Kulwant Khejroliya, Gerald Coetzee, Manav Suthar, Kumar Kushagra, Gurnoor Brar, Karim Janat

The Royal Challengers Bangalore team includes players such as Philip Salt, Virat Kohli, Devdutt Padikkal, Rajat Patidar (captain), Liam Livingstone, Jitesh Sharma (wicketkeeper), Tim David, Krunal Pandya, Bhuvneshwar Kumar, Josh Hazlewood, Yash Dayal, Suyash Sharma, Rasikh Dar Salam, Manoj Bhandge, Jacob Bethell, Swapnil Singh, Abhinandan Singh, Romario Shepherd, Lungi Ngidi, Nuwan Thushara, Mohit Rathee, and Swastik Chikara. (ANI)

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