TAX NEWS - June 2010

Nigeria Tax: Nigeria's Union Bank says 2009 pre-tax loss widens

Nigeria's Union Bank said its expects to return to profitability soon with its loan recovery and restructuring efforts but said 2009 pre-tax losses had widened four-fold to 280 billion naira ($1.9 billion).

Gross earnings at Union Bank, one of the nine banks rescued by the central bank last year, declined 22 percent to 114 billion naira in the period, it said in a filing to the Nigerian Stock Exchange late on Friday.

The bank did not specify when it would return to profit.