Otedola Hails Tinubu for Successfully Resolving UAE Visa Ban on Nigerians, Flight Resumption Says Asiwaju is working, Nigeria will work, advises Nigerians to be patient with president Nigeria’s billionaire Chairman of Geregu Power Plc. and Director, FBN Holdings Plc., Mr. Femi
Otedola, has hailed President Bola Tinubu for resolving the dispute between Nigeria and the United
Arab Emirates (UAE), which had led to visa ban on Nigerians and withdrawal of both Etihad and
Emirates airlines from flying in and out of Nigeria. The resolution of the dispute
followed Tinubu's visit to the UAE president and subsequent negotiations, which led to the lifting of
the visa ban and announcement of Continued on page 11
Tinubu, Akpabio, Deloitte Mourn Doyen of Accounting, Akintola Williams... Page 5 Wednesday 13 September, 2023 Vol 28. No 10381. Price: N250
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LP: Tribunal Rulings against Our Lawmakers Unjust... Page 35
First Half 2023: Afreximbank’s Total Asset Grows to $30bn, UBA Roars Back with N404bn PBT
The African Export-Import Bank (Afreximbank) has released its consolidated financial statements of the bank and its subsidiaries for
the half year ended 30 June 2023, which demonstrated strong and resilient performance. This is just as the United Bank
for Africa, UBA roared back with UBA Records Significant Growth in revenue, profit, key metrics, with N404bn PBT. A performance it says
demonstrates its Pan-African, global growth. According to a statement from the multilateral institution yesterday,
Afreximbank Group’s total balance sheet assets grew by eight per cent, from $27.9 billion as of December 31, 2022 (FY-2022) to approximately
$30.1 billion as of 30 June 2023. It explained that the growth was Continued on page 11
Stock Market Suffers N757bn Loss over FTSE Downgrade Kayode Tokede Investors on the stock market of the Nigerian Exchange Limited (NGX) have lost N757 billion in two days over the demotion of the exchange from frontier to unclassified market status by FTSE Russell. The downgrade by FTSE Russell, a subsidiary of London Stock Exchange Group (LSE), was against the backdrop of Nigeria’s foreign exchange (FX) challenges, which was a new source of negative sentiment capable of triggering stock sell off on the market. The stock market, which had closed last week at N37.295 trillion, dropped by 2.07 per cent or N757 billion to close yesterday at N36.538 trillion. The NGX All Share Index (NGX ASI) also depreciated by 2.03 per cent or 1,383.14 basis points to 66,760.20 basis points yesterday, from the 68,143.34 basis points it closed for trading last week. The NGX banking Index, with highest foreign investors participation between last week and yesterday, Continued on page 11
STRONGER GLOBAL COLLABORATION ON THEIR MINDS...
Director-General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala (left) and former British Prime Minister, Gordon Brown, ahead of the ‘Presidential Lecture,’ at the ongoing WTO’s Global Public Forum in Geneva, Switzerland…yesterday Photo: © WTO/Tomas Cesalek BAP Services
Gordon Brown, Okonjo-Iweala Call for Stronger Multilateralism to Foster Peace, Shared Prosperity... Page 5