Afreximbank Delivers Impressive 2023 Results Amidst Challenging Operating Environment Nume Ekeghe The African Export-Import Bank (Afreximbank), yesterday, released the consolidated financial statements of the Bank and its subsidiaries for
the year ended 31 December 2023. Largely propelled by the Bank's and its subsidiaries' growth, the Group's results for the financial year ended December 31, 2023, demonstrated a strong and resilient
performance, surpassing prior year results and well ahead of expectations. According to a statement, the Bank remained steadfast in implementing its sixth Strategic Plan and delivering
value to stakeholders, and this resulted in the Group ending the year, once again, achieving a solid performance and attaining an exceptional financial position. The performance was enhanced
by the Group's ability to successfully execute its four strategic pillars focused on Promoting Intra-African Trade, Facilitating Industrialisation and Export Development, Strengthening Trade Finance
Leadership and Improving Financial Performance and Soundness. The results showed that the Bank’s net interest income reached Continued on page 5
Don't Panic, Says NNPC as Fuel Queues Resurface in Lagos...
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4.8 Magnitude Earthquake Rattles US Cities Peter Uzoho with agency report A 4.8 magnitude earthquake recorded in New Jersey that shook residents in surrounding states and New
York City yesterday, was one of the strongest in state history. The temblor was reported about five miles north of Whitehouse Station, New Jersey, at about 10:23
a.m. yesterday, according to the United States Geological Survey (USGS). The epicenter was about 45 miles away from New York City, where
residents reported shaking furniture and floors. “Earthquakes in this region are uncommon but not unexpected. It’s likely people near the epicenter are
going to feel aftershocks for this earthquake in the magnitude 2-3 range, and there’s a small chance there can be an earthquake as large or larger, following an earthquake
like this,” US Today quoted Paul Earle, a seismologist at the USGS Earthquake Hazards Program to Continued on page 5
Tariff Hike: FG Hints of Plan to Move All Electricity Consumers to Band ‘A’ in Three Years Says govt to gradually withdraw subsidies, set to save $1.4tn in 2024 NERC fines Abuja Disco N200m for violation of order on billing Instructs power distributor to refund affected customers Eko Disco moves to reimburse customers wrongly billed Northern elders, Atiku, Ajaero fault tariff hike Olawale Ajimotokan, Chuks Okocha, Emmanuel Addeh in Abuja and Peter Uzoho in Lagos Despite the public outcry trailing the recent 230.8 per cent rise in electricity tariff for premium power consumers nationwide, the federal government yesterday, hinted that it plans to extend a similar measure to every Nigerian who has access to on-grid electricity. The government said it would convert the entire power sector into a single band from the current six, with cost-reflective prices being fully implemented in the next three years. Speaking during a weekly briefing organised by the Ministry of Information in Abuja, the Minister of Power, Chief Adebayo Adelabu, said the recent development was the first step in government’s plan to completely remove subsidy payment. Also, yesterday, the Nigerian Electricity Regulatory Commission (NERC) sanctioned the Abuja Electricity Distribution Company Continued on page 5
CELEBRATING 20TH ANNIVERSARY… L – R: In-coming Chief Operating Officer, Soulcomms, Ugochukwu Uwajeh; Principal Consultant, NECCI Consulting, Nkechi Alli-Balogun; Group Managing Director, SO&U Group, Udeme Ufot; Outgoing Chief Operating Officer, Soulcomms, Mojisola Saka; President, Public Relations Consultants Association of Nigeria (PRCAN) and Chief Executive Officer, Chain Reactions Nigeria, Jaiye Opayemi, and Executive Director, FATE Foundation, Adenike Adeyemi, at Soulcomms 20th Anniversary Cocktail Celebration held in Lagos…recently