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Sterling Bank Set To Change Name, Read Why

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Sterling Bank To Change Name, Read Why

Nigeria commercial bank, Sterling Bank Plc has moved to change its name after getting stakeholders’ consent of converting to a holding company.

This was disclosed by the board, as it will create a chance for the bank to have a controlling stake in companies where it currently holds a substantial interest.

Recall, a few days back, the bank convened a meeting of shareholders at the order of a court as part of the last key stages of the corporate reformation.

READ ALSO: CBN Increases Interest Rate For 3rd Time This Year

According to a report seen on the Nigerian Exchange Limited’s website, the bank will become known as Sterling Financial Holdings Company when the transition is delivered.

Becoming a Holding Company will see the bank have the leverage to make inroads into other sectors within financial services apart from commercial banking which its current license and those of many lenders in Nigeria do not allow.

Such sectors, comprising pension; asset management; payments, and fintech, are gaining appeal among banks and provide chances for diversification as competition for interest income, which accounts for the bulk of the revenue of the banking industry turns increasingly fierce.

Stanbic IBTC Holdings, one of the early birds that adopted the Holdco structure, is a testament that the Holdco structure is a model that works. Its pension unit controls around one-third of the N14.2 trillion assets under management as the market leader in the Nigerian pension industry.

READ ALSO: BUA Cement Investors Record N112bn Loss In 24 Hours

With the key resolutions for the scheme of arrangement now approved, the transition will proceed to its final phase where regulators including the Central Bank of Nigeria are to sanction the new entity into existence.

“The bank will transfer all the assets, liabilities, and undertakings related to the non-interest banking business to The Alternative Bank Limited,” the statement said in reference to its newest subsidiary that received in approval-in-principle in December.

Sterling Bank’s issued and paid-up share capital valued at 28.8 billion outstanding shares will passé to the holding company in exchange for the allotment of those same units to shareholders on completion.

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Transcorp Hilton Abuja wins Seven Stars Luxury & Lifestyle Award for the 5th time in 7 year

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transcorp hilton

Transcorp Hilton Abuja has been named the Best Luxury Business Hotel at the 2022 Seven Stars Luxury & Lifestyle Awards. The hotel, which is the flagship property of leading hospitality brand Transcorp Hotels Plc, had earlier won the award in 2016, 2017, 2018, and 2019.

The Seven Stars Luxury Hospitality and Lifestyle Awards (SSLHLA) is the most exclusive award for the luxury Hospitality and Lifestyle industry. According to organisers, SSLHLA is designed to identify and separate the exceptional from the absolute best.

Mrs. Dupe Olusola Managing Director/CEO Transcorp Hotels Plc, while commenting on the award said, “We are honoured to be recognised as the Best Luxury Business Hotel in Nigeria for the 5th time in seven years.

“We are proud to add this award to many other prestigious awards we have won this year. This achievement is evidence of our success in consistently delivering on our customer promise, as we continue to innovate and provide our guests with unparalleled experiences at all our touch points.”

Transcorp Hilton Abuja recently won 5 major categories of the World Travel Awards, including Africa’s Leading Business Hotel. The hotel also won the World Luxury Hotel and Restaurant Awards, TripAdvisor Travellers’ Choice Award, and Booking.com Traveller Review Award, among other recognition, received this year.

With 667 rooms and suites – including 30 presidential suites – spread over 10 floors, Transcorp Hilton is the choice hotel for heads of state, captains of industries, royalties, and global celebrities. The hotel boasts a choice of 8 restaurants and bars including the 24-hour Piano Lounge, 24 meeting rooms, a Business Center, and a 1200-person capacity Congress Hall. The hotel is also constructing a world-class convention center.

Leisure facilities at the hotel include a 24-hour fitness center, a spa, an outdoor swimming pool, tennis courts, squash courts, as well as volleyball and basketball courts.

Apart from Transcorp Hilton Abuja, Transcorp Hotels Plc also owns Transcorp Hotels Calabar, and Aura by Transcorp Hotels, an online platform for booking homes, hotels, and experiences. Transcorp Hotels is also working on a new property in Lagos, as it continues to expand in line with its vision of becoming Africa’s leading hospitality brand.

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FG Receives N293bn As FAAC Allocates October Revenue

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FG Receives N293Bn, As FAAC Allocates October Revenue

The Federal Government received N293.955 billion in distributable revenue from Federation Account Revenue (FAAC) October allocation.

This was disclosed in a circular by the committee, as a total sum of N736.782 billion was shared between the Federal Government, states, and local government councils.

The circular read;

“The N736.782 billion total distributable revenue comprised distributable statutory revenue of N417.724 billion, distributable Value Added Tax (VAT) revenue of N213.283 billion, Exchange Gain revenue of N5.775 billion, and N100.000 billion Augmentation from Non-oil Revenue.

READ ALSO: FG, States, LGs Shares N954 Bn For July – FAAC

“In October 2022, the total deductions for the cost of the collection were N33.555 billion, and the total deductions for transfers, savings, and refunds were N186.749 billion.

“The balance in the Excess Crude Account (ECA) was $472,513.64.

“The communiqué confirmed that from the total distributable revenue of N736.782 billion; the Federal Government received N293.955 billion, the State Governments received N239.512 billion and the Local Government Councils received N177.086 billion. The total sum of N26.228 billion was shared with the relevant States as 13% derivation revenue.

“Gross statutory revenue of N622.270 billion was received for the month of October 2022. This was lower than the sum of N825.710 billion received in the previous month by N203.440 billion.

“From the N417.724 billion distributable statutory revenue, the Federal Government received N206.576 billion, the State Governments received N104.778 billion and the Local Government Councils received N80.779 billion. The sum of N25.591 billion was shared with the relevant States as 13% derivation revenue.

READ ALSO: FG, States, LGs Shares N954 Bn For July – FAAC

“For the month of October 2022, the gross revenue available from the Value Added Tax (VAT) was N229.041 billion. This was higher than the N203.960 billion available in the month of September 2022 by N25.081 billion.

“The Federal Government received N31.992 billion, the State Governments received N106.642 billion and the Local Government Councils received N74.649 billion from the N213.283 billion distributable Value Added Tax (VAT) revenue.

“The N5.775 billion from the Exchange Gain revenue was distributed as follows: the Federal Government received N2.707 billion, the State Governments received N1.373 billion, the Local Government Councils received N1.058 billion and the relevant States received N0.637 billion as 13% derivation revenue.

“From the N100.000 billion Augmentation, the Federal Government received N52.680 billion, the State Governments received N 26.720 billion and the Local Government Councils received N20.600 billion.”

According to the Communiqué, in the month of October 2022, Value Added Tax (VAT) and Companies’ Income Tax (CIT) increased significantly while Oil and Gas Royalties, Petroleum Profit Tax (PPT) Import Duty recorded considerable decreases. However, Excise Duty increased marginally.

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Shop Big Deals this Black Friday on Squad Black November!

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Squad

With Black Friday finally around the corner, HabariPay is thrilled to announce that it has launched a seller community platform highlighting some of its merchants who have amazing deals for the season! Shoppers are encouraged to check out the Squad Black November sale page here to buy fashion pieces, groceries, household items, electronics, food, art, and so much more at unbeatable discounts! The sale is currently live and will run from now till 30th November 2022.

With over 60% of shoppers set to purchase Black Friday deals online this year, HabariPay launched its #SquadBlackNovember campaign to help small businesses seamlessly showcase their products and services online. The company also supported these businesses with discounted logistics, FREE advertising, and connections with millions of ready-to-buy customers to ensure they would achieve massive sales during the period.

Also, beyond the discounted prices, customers also have the opportunity to win shopping vouchers and coupons through trivia and contests on the brand’s pages. Follow and stay tuned @Officialsquadco on all platforms to be a part of this!

Thinking of treating yourself or getting some early Christmas presents? Shop the Black November sale here – https://squadco.com/black-november/!  

PS: You still have a chance to be a part of this campaign as a merchant! Follow these steps:

  • Sign up to Squad here – https://dashboard.squadco.com/sign-up and complete your KYC (if you haven’t).
  • Upload the products you have for the black Friday sale to your Squad Storefront in readiness for sale, and make sure you reflect the discounts on each product.
  • Visit the Google form here to input your details! Share your business name & category, brand logo, email, phone number, and Squad Storefront link.

For additional support or questions about participating in this campaign, please send an email to smesupport@squadco.com.

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