Vanguard News
Polaris Bank grows profit with N28.9bn
On
For the second time since I started writing columns for
Vanguard in 1987, an organisation in the public and private sectors has proved me wrong, and I am absolutely delighted to admit it. When Polaris Bank was created out of the ashes of Skye Bank in 2018, I gave the new bank no chance for survival.
Everyone who came within earshot was told to go and withdraw their deposits.
Then the Central Bank of Nigeria, CBN, announced names of the new management and board of directors. It was time to wait and see.
Polaris Bank grows profit with N28 9BN
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Ngern Tid Lor (SET: TIDLOR) debuts shares on SET
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Peter Uzoho
Some marginal fieldsâ operators have kicked against the revocation of 11 oil field licences by the Department of Petroleum Resources (DPR) under the guise that the affected fields had been left fallow, stressing that the action of the regulator has jeopardised investments valued in excess of $450 million and exposed them to local litigations and international arbitrations.
They appealed to President Muhammadu Buhari to direct the DPR to withdraw all letters of revocation and grant them all pending approvals to enable them to continue with the execution of their field development plans.
The affected oil fields and their operators include: Atala operated by Bayelsa Oil/CEPL; Dawes Island operated by Eurafric; Ofa operated by Independent Energy; Ke operated by Del-Sigma/Xenoil; Ororo operated by Guarantee/Owena; and Ekeh operated by Movido.
Low financing slowing Kenya s international trade – report by MARTIN MWITA Image: GEORGE OWITI
•Kenya barely serves 23% of the potential under the African Growth and Opportunity Act (AGOA) which expires in 2025.
•Experts call for SMEs support including a revolving fund.
Local banks failure to fully embrace trade financing is hindering growth of Kenya, regional exports to international markets, experts now say.
This comes even as the country continues to push for trade deals, among them the recently concluded Economic Partnership Agreement(EPA) with the UK, and the ongoing talks for a Free Trade Agreement (FTA) with the US.
While the country is seeking to grow its exports to the United States, it barely serves 23 per cent of the potential under the African Growth and Opportunity Act (AGOA) which expires in 2025, which eliminates import tariffs on goods from eligible African nations.