Business

CMB, Ayinde-Tukur Bag Awards At National Cooperative Summit

Published

4 years ago

November 3, 2021

Oluyinka Soyemi, Abeokuta

Nigeria’s leading mortgage institution, Cooperative Mortgage Bank, on Wednesday won the Cooperative Ambassador Award (Corporate) at the just concluded National Cooperative Summit held in Abeokuta, the Ogun State capital.

The bank’s Managing Director/Chief Executive Officer, Kabir Ayinde-Tukur, also bagged the Pillar of Cooperative Sustainability Award in recognition of his impactful contributions to the Cooperative Movement in Nigeria.

The event, themed ‘Expanding Cooperative Value System’, was the 6th National Cooperative Summit, Exhibition and Awards organised by the Cooperative Federation of Nigeria.

Speaking on the awards in company of the Acting Executive Secretary of the Federation, Ebun Akin-Falaiye, the President, High Chief Tajudeen Ayeola, said CMB and its leadership had displayed exemplary support for the welfare of cooperative societies, hence the appreciation.

Responding, Ayinde-Tukur noted that the gestures of the bank are borne out of sheer corporate responsibility, adding that the bank would continue to support cooperative societies and the entire populace, especially in the area of mortgage.

In attendance to receive the awards alongside the MD/CEO were the Chief Marketing Officer, Anthonia Nnaebue, Regional Manager South, Amen Osagie, Head of Communications and Public Relations, Olufunmilayo Afolabi, Business Development Managers coordinating VI (Lagos) and Abeokuta Contact Centres, Agnes Okereke and Golden Akinsola, among others.

Established in 1994 with its Head Office in Ibadan, the Oyo State capital, Cooperative Mortgage Bank Limited is licensed and regulated by the Central Bank of Nigeria, insured by the Nigeria Deposit Insurance Corporation, regulated by the Federal Mortgage Bank of Nigeria and accredited by the Federal Department of Cooperatives as a cooperators’ bank.

The bank is a member of the International Cooperative Alliance and currently in the 7-man board of the International Cooperative Banking Association.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

2 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

2 days ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

3 days ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.