GTCO Plc has announced its audited financial statements for the second quarter, revealing a remarkable pre-tax profit of N494.5 billion. This figure represents a significant increase, nearly doubling the profits reported in the same period last year.

The company’s Q2 performance is the best reported by any financial holding company or bank in Nigeria, following a stellar first-quarter result of N509.3 billion.

Cumulatively, GTCO Plc has achieved an impressive N1 trillion in pre-tax profits for the first half of 2024, demonstrating robust financial performance and solidifying its position as a leader in Nigeria’s banking sector.

More to come…

As part of ongoing activities to commemorate its 75th anniversary, Africa’s Global Bank, United Bank for Africa (UBA) Plc, has rewarded 30 loyal customers with over N17 million in the just concluded draw for August.

The winners were announced following a transparent draw conducted on Friday, August 31, 2024, at the bank’s headquarters, which was streamed live on YouTube. Representatives from the National Lottery Regulatory Commission (NLRC) were invited to oversee the proceedings, ensuring fairness and compliance with regulations.

In the top tier, ten lucky bumper account holders: Joshua Izenobor, Chigozie Victor Abel, Cornelius Peter Nwankwo, Joy Esele Asibor, Mohammed Abubakar, Marachi Jenifer Kevin, Chidinma J. Okoronkwo, Saidu Ahmadu, Philomena Ezekiel, and Peace Ogechi Idoko, emerged as winners of N1 million each.

In the second category, another group of ten lucky customers were rewarded with N500,000 each. The beneficiaries of this prize are Elizabeth Warekoromor, Deborah Ijeoma Simon, Prince Chukwuamago, Yohanna Cyrus, Aishatu Aliyu, Djachi Ben-Ikezam, Tibebi Glory Esiteh, Emmanuel C. Udekwe, Ozima Friday Asiku, and Beauty Danasabe.

The third category saw ten more lucky account holders each receiving N250,000. These winners include Olusegun Oke, Salisu Adamu, Sola Deborah Adeyeye, Chidozie Nwachukwu, Gloria Abimaje, Anyiwe Stephen Ifeanyi, Kehinde F Adefemiwa, Oluwakemi Olushola Olayande, Adamu Hajara Adamu, and Ruth Adugba.

UBA’s Group Head of Retail & Digital Banking, Shamsideen Fashola, who congratulated all 30 winners after the draw, encouraged others to keep saving for a chance to win in the next edition, adding that the bank plans to reward 75 winners in each of the three categories, with a total of 195 more customers to be selected in the coming months.

“This is just the beginning of our legacy promo draw, as there are still many more prizes to be won in subsequent monthly draws. These draws are purely transparent, and the next millionaire could just be you. We encourage our loyal customers to follow the stated guidelines to win, and they could just be the next millionaire,” Fashola said.

UBA’s Group Head of Marketing and Corporate Communications, Alero Ladipo, added that the bank is not conducting the draw for profit purposes but to ensure that its customers feel a sense of belonging.

“This initiative is part of UBA’s ongoing efforts to appreciate its customers and encourage a savings culture among our account holders. The UBA Legacy Promo is part of our CSR initiative to give back to society,” Ladipo said.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) will decide whether to purchase petrol from the Nigerian National Petroleum Company (NNPC) Limited or Dangote Petroleum Refinery based on pricing.

According to IPMAN’s National Publicity Secretary, Ukadike Chinedu, the association will opt for the supplier offering the best price.

In an interview (with The Punch) on Monday, Chinedu noted that NNPC’s clarification that it is not the sole off-taker of Dangote’s products grants dealers the flexibility to source supplies from the cheaper option.

“Now that NNPC has said they are not the sole off-taker of Dangote petrol, it then means that the price of the product would determine where we are going to buy it. If NNPC imports the product and its price is cheaper than that of Dangote, we will buy from NNPC,” Chinedu said.

He said the situation reflects the implementation of the Petroleum Industry Act (PIA) and the government’s removal of petrol subsidy, with the pricing of petrol now determined by the principles of demand and supply.

Chinedu said this competition will eventually drive down prices.

On whether marketers had started making plans to import if the imported product is more affordable, he said Abubakar Maigandi, IPMAN’s national president, has initiated discussions with investors, with plans underway to secure funding based on the current market trends.

“So, we are talking with some foreign partners because you need to understand that independent marketers are the highest buyers of diesel from Dangote refinery because we control about 80 percent of the filling stations nationwide,” he added.

“So, if Dangote PMS is cheaper we will buy it, but if importation is cheaper, we will go for it.”

Similarly, Mustapha Zarma, national operations controller of IPMAN, said while the association has not yet contacted the Dangote refinery’s sales department on the price, it plans to do so soon.

Zarma said the decision to buy from Dangote or NNPC would be based on which supplier offers a better return on investment and required margins.

“We may contact the refinery’s sales department this week to find out the price,” Zarma said.

“If the price is competitive enough for one to buy and get his return on investment and the required margin, then we wouldn’t mind purchasing directly from him to complement what NNPC is bringing in or what NNPC would buy from Dangote.

“I believe that we are going to analyse the price of Dangote petrol and see the advantages of buying from Dangote viz-a-viz importation. Whichever we feel is cheaper will automatically attract everybody, especially if importation is cheaper.”

He stressed that competition would help prevent price monopoly, with the market determining local prices for refined petroleum products.

“That will bring about competition and I don’t think the government will allow price monopoly. They would want a competitive market where the laws of demand and supply would determine the local price of refined petroleum products, just like diesel is right now,” he said.

“And with that, there is going to be some kind of equilibrium in the pricing and there is going to be guaranteed sustainability of supply.”

On September 7, NNPC denied reports that it intends to become Dangote refinery’s sole distributor.

The company also said there is no guarantee domestic refining would lead to lower prices compared to global parity pricing.

NNPC said Dangote refinery and any other domestic refinery are free to sell directly to any marketer on a willing buyer, willing seller basis, which is the current practice for all fully deregulated products.