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Nigeria’s Union Bank Records N223 Billion Naira Loss

13/12/2009 00:57:00 Our Reporter
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image SACKED MD OF UNION BANK GODWIN EBONG.

Lagos (THEWILL) - Union bank of Nigeria has reported a pre-tax loss of N223 billion naira ($1.5 billion) for the half year ending in September as against N14.19 billion naira profits when it filed in 2008.

Union Bank, one of the banks rescued by the central bank said its gross earnings jumped by 63 percent to N97.5 billion naira, saying it set aside N250 billion naira for exceptional items and losses.

The bank is one of Nigeria’s oldest banks and had its management sacked after a bank-wide audit exercise some months ago by the central bank. 

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