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COVID-19: Fidelity Bank donates medical supplies to Oyo State Govt.

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COVID-19: Fidelity Bank donates medical supplies to Oyo State Govt.

Fidelity Bank Plc on Wednesday donated medical supplies and personal protection kits to the Oyo State Government


to aid the fight against COVID-19.

The bank’s Regional Head for South West 1, Mr Adebayo Adeyinka, said 600 units of Personal Protective Equipment (PPE), 20,000 pieces of gloves

and 1,000 pieces of face mask were donated to the state government.

He explained that the donation was part of the bank’s Corporate Social Responsibility to the people and for the government to help those

in the front line combating COVID-19.

Adeyinka said that “the Coronavirus pandemic spurred this particular donation of medical equipment, Oyo State Government has been very

supportive of the bank and it is essential we reciprocate.

“These equipment will help the state government in fighting and getting rid of COVID-19.”

The state’s Commissioner for Health, Dr Bashir Bello, who received the equipment on behalf of the state government, thanked Fidelity Bank

for the gesture.

Bello said that the donation of PPE even in the best institutions worldwide were hardly ever sufficient.

He added that “these equipment are actually what prepares and insulate the health care workers against being infected because

we can’t afford to risk their lives.

“Fidelity Bank has actually done a great thing by giving us these very important items.

“They are key items, particularly in our isolation centres and different testing centres for usage by health care workers who are in

the frontline.”

Edited By: Abiemwense Moru/Hadiza Mohammed-Aliyu (NAN)

 

 

 

 

 

Seyi Oduneye: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

Economy

Nigerian Breweries earns N152bn revenue in 6 months

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Nigerian Breweries Plc  says it earned a revenue of N152 billion for the half-year (H1) ended June 30, 2020.


Mrs Sade Morgan, Corporate Affairs Director said this in a financial report on the company’s unaudited and provisional results sent to the Nigerian Stock Exchange (NSE) on Monday in Lagos.

A breakdown of the results showed that the revenue of N152 billion was a drop, compared to the N170 billion recorded in the corresponding period of 2019.

According to the report, the Company also made a N5.70 billion Profit after tax in the period under review.

“The half-year results for the 2020 financial year show a strong balance sheet for the Company despite several factors that negatively impacted on the Company’s operations, such as an increase in Excise Duty, a rise in inflation, an increase in VAT from 5 to 7.5 per cent, as well as the impact of the coronavirus (Covid-19) pandemic on businesses worldwide.

“Despite these challenges, the Company’s financial position shows stability and sustained profitability.

“To support the fight against the Covid-19 pandemic, the Company, during the period under review, made various donations in cash and kind valued at about N531 million out of a phased commitment of N600 million to the Federal and State Governments’ Covid-19 Relief Funds,” the statement said.

The Board of Directors commended the company’s management for its efforts to mitigate the impact of the pandemic on the business.

It also lauded the prudent management of its resources as reflected in a seven per cent reduction in expenses incurred on marketing, distribution, and administration.

“The Board expressed confidence that the Company is well-positioned to continue to deliver return on investment to Shareholders.

According to the Board, the Company’s priority during this period “remains ensuring the health, safety and welfare of employees, customers and partners”.

Edited By: Edith Bolokor/Oluwole Sogunle (NAN)

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Metro

FCTA directs schools to re-open for graduating class students Tuesday

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The Education Authority, Federal Capital Territory Administration (FCTA) has directed all schools in Abuja to re-open academic activities for students in graduating classes on Tuesday.


Alhaji Umaru Marafa, Acting Secretary, FCT Education Authority gave the directive in a statement on Monday in Abuja.

He said the decision followed the re-opening of schools by the Presidential Task Force on COVID-19 (PTF) for students in terminal classes.

Marafa said the decision was to enable students in Junior Secondary School 3 and Senior Secondary School 3 to write their examinations.

The secretary further said that only schools that had complied with PTF guidelines and certified fit would be allowed to re-open.

“Only schools that have complied with PTF’s guidelines, inspected and certified, can re-open on Tuesday.

“All schools that have not been cleared are advised to hasten up to meet the requirement for resumption,” he said.

Marafa urged students in the affected classes to adhere strictly to established COVID-19 protocols, adding, “You are also to study hard in order to pass your exams”

Edited By: Azubuike Okeh/Sadiya Hamza (NAN)

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Education

SS 3 students resume Wednesday in Kwara

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All Senior Secondary 3 students in Kwara would resume on Wednesday as the state government had distributed 65, 000 face masks to schools ahead of the resumption.


Kayode Alabi, the Deputy Governor and Chairman of the State Technical Committee on COVID-19, said this on Monday in Ilorin while handing over the face masks to the Commissioner for Education and Human Capital Development, Hajia Bisola Ahmed.

The News Agency of Nigeria reports that the Federal Government had directed that exit classes should resume on Tuesday for their final examinations.

The deputy governor said the face masks were to be distributed to SS3 students as part of the government’s efforts to flatten the curve of COVID-19 transmission in the state.

“On behalf of the Kwara State Government and His Excellency, AbdulRahman AbdulRazaq, I present these face masks for onward distribution to our SS3 students as they prepare to resume academic activities.

“This is just the beginning as they will get more and more of our support.

“This is the first phase as we are also giving out sanitisers while the Ministry of Education, working with the committee and stakeholders in the sector, has been mandated to ensure that safety rules are adhered to,” Alabi said.

Responding, the commissioner said the government was making efforts to adhere strictly to the preventive measures as directed by the Federal Ministry of Education.

“Our SS3 students will resume this week, precisely on Wednesday.

“We have 65,000 face masks here which will be distributed to schools across the three senatorial districts of the state.

“The face masks are now being distributed through the All Nigeria Conference of Principals of Secondary Schools (ANCOPSS).

” This is the first phase of what will be provided to schools.

“We have spoken with the principals of the schools and they are ready to support the state government and we assure you that all the preventive measures as directed by the Federal Ministry of Education will be provided as the schools resume,” Ahmed added.

She assured the people of the state that the face masks would get to the affected students across the state.

The commissioner said only the SS 3 students were to resume on Wednesday, adding that other exit students would be informed of their date of resumption ahead of their own examinations.

ANCOPSS President in Kwara, Toyin Abdullahi commended the government for the proactive steps, saying they would transmit the materials as directed by the government.

“I want to assure the government that the face masks will be distributed to the SS 3 students while ANCOPSS will complement the efforts of the government to ensure safety in our schools,” he added.

(
Edited By: Mufutau Ojo) (NAN)

 

 

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Economy

Sterling Bank reports 10% growth in half-year net interest income

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Sterling Bank Plc on Monday in Lagos reported a net interest income of N33.5 billion during the half-year ended June 30, 2020.


The bank Chief Executive Officer, Mr Abubakar Suleiman, said in a statement that this was against N30.4 billion recorded during the corresponding period of 2019, representing a growth of 10.1 per cent.

Suleiman said that the bank’s total assets also rose by 9.4 per cent to N1, 294.2 billion during the review period, from N1,182.7 billion in 2019, while customer deposits inched up by 2.5 per cent to N915.2 billion in 2020, from N892.7 billion in 2019.

The lender closed the half-year with a trading income of N3.9 billion, as against N1.2 billion for the corresponding period of 2019, representing a remarkable increase of 242.8 per cent.

Suleiman said that the bank’s impressive half-year performance in the face of the COVID-19 pandemic and the ensuing economic disruption belied the rough seas ahead.

He said that in the second quarter of the reporting period, the bank focussed on empowering its stakeholders to respond to the unprecedented disruption occasioned by prolonged restriction to movement, while supporting them to adapt to new ways of banking.

The bank chief executive officer said: “Our commitment to digitisation was validated, as we continued to serve existing and new customers through our mobile and digital platforms.

“We also responded to the uncertainty by doubling down on cost optimisation, while leveraging our existing remote work policy to keep our workforce productive without risking COVID-19 infection.

“Notwithstanding rising inflation, we were able to moderate operating expenses during H1 2020 to deliver a net profit, comparable to the first half of 2019.

“In the second half of the year, our focus remains the same; retooling our employees to function optimally, while observing social distancing, enhancing our execution capacity and enabling our customers to thrive in the middle of a pandemic.

“We will continue to focus on the sectors that are critical to the wellbeing of the economy, or as we call it, the HEART sectors namely: Health, Education, Agriculture, Renewable Energy and Transportation.”

He said that the contracted gross earnings was primarily due to a dip in fees and commission as a result of a downward review of electronic banking fees.

Suleiman noted that though, interest income declined by 4.3 per cent, this was offset by an 18.1 decline in interest expense, thereby delivering a 130 bps drop in cost of funds and consequently, a 60-bps reduction in net interest margin.

He said: “In terms of asset quality, non-performing loan (NPL) ratio was flat at 2.1 per cent, while cost of risk went up by 140 bps to 2.1 per cent.

“The operating expenses declined by 0.1 per cent, achieved by moderating administrative expenses in spite of growth in other operating expenses including AMCON and insurance fees.

“The bank was able to maintain a strong capital and liquidity position of 15.2 per cent and 33.5 per cent respectively, above the regulatory benchmark.”

Suleiman noted that in overall, the bank delivered a profit after tax of N5.4 billion on gross earnings of N70.2 billion in the first half of 2020.

This, he said, was compared with a PAT of N5.7 billion on gross earnings of N72.3 billion during the corresponding period of 2019.

Edited By: Folorunso Poroye/Olagoke Olatoye (NAN)

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