There are clear indications that operators in various sectors of the economy where the Central Bank of Nigeria, CBN, has provided support through development interventions are making spirited efforts to make repayments. The CBN, Intervention in the power and aviation sectors have reportedly reached N277.4 billion cumulatively between September 2016 till June 2017, with repayments by the operators trailing progressively. The programme, under CBN’s Power and Airline Intervention Fund (PAIF) has supported 59 projects in both sectors in efforts to keep them afloat amid harsh economic situation and threats to job. Correspondingly, about N106.13 billion has so far been repaid cumulatively,…
Author: Orientalnews Staff
…To Engage MTN For The Project The Nigeria’s Securities and Exchange Commission (SEC) said it will begin enforcement of electronically transmitted annual reports to shareholders. SEC explained that the idea is to ensure they receive such reports few weeks before the annual general meeting of listed companies. The Director General of SEC, Mounir Gwarzo who gave the indication at the agency’s second quarterly Capital Market Committee (CMC), meeting press briefing in Lagos, observed that 98 percent of shareholders don’t get their annual report on time except for institutional investors. According to him, The annual report will not be completely…
The Federal Road Safety Corps (FRSC), has scheduled its 7th Annual Lecture series to hold on the 24th of August 2017, at the Banquet Hall of the Presidential Villa, in the Federal Capital Territory, Abuja. The event, is themed “Achieving the goals of the UN Decade of Action for Road Safety in Africa”. According to the Corps Public Education Officer of the FRSC, Bisi Kazeem, he stated that topical issues which bother on the five pillars of the Decade of Action for road safety in Africa will constitute parts of what will be discussed, amongst other burning issues on road safety. In…
About 15,600 suspected ‘ghost pensioners’ have been uncovered on the pay roll of federal pensioners. The Executive Secretary of Pension Transitional Arrangement Directorate, PTAD Mrs. Ikeazor Akariwe has revealed that about 15,600 pensioners in federal government payroll do not actually exist. Akariwe made the disclosure in Ado Ekiti, the Ekiti State capital, while monitoring the verification exercise for civil service pensioners under the Defined Benefit Scheme, where she said, “We have about 279,000 on our pay roll now while there are over 3000 from Ekiti State. “We inherited the current data and we need to verify it because we have some…
Guaranty Trust Bank Plc has released H1-2017 results, wherein gross earnings grew marginally by 2.01 per cent y/y, supported by a surge in interest income (+51.11 per cent y/y), which more than offset the significant decline in non-interest income (-52.85 per cent y/y). In addition, the lower credit loss provisioning during the period supported the bottom-line, as such, PBT grew by 10.64 per cent y/y (91 bps above our estimate) while PAT grew at double-digit (13.11 per cent y/y, 22.11 per cent above our estimate), resulting in annualized EPS of N3.00 (above our estimate of N2.33). Consistent with its…
The Nigerian Communications Commission, NCC, has begun an audit to determine financial standing of major telecommunications operators in the country. Sunday Dare, executive commissioner, Stakeholder Management, who gave the indication during a corporate governance executive workshop organised by the regulator in Lago, said that the NCC embarked on the exercise to find out the credit and debt profile of all telecoms companies in the country to avert future financial crisis that could lead to the closure or takeover of any telco. “We have a strong team of financial experts and auditors who are looking into the books of critical operators. In a…
A Yaba Magistrate court in Lagos has sentenced a 32-year old man, Ismaila Mabodu to 6 month imprisonment for theft of 10 meters of armoured copper cable at a substation around Nigerian Railway premises Yaba, under the operational coverage of Eko Electricity Distribution Company. According to the police prosecutor in charge of the case, Mr. Amoke Akinyele, the man was arrested by some policemen from Nigerian Railway Corporation on the 3rd of August 2017 at about 3.45 am while attempting to cart away the cable after severing it from a distribution substation. The accused was subsequently arraigned on a two-count charge of wilful damage and theft of earth cable. He pleaded guilty making…
The 2017 annual lecture of the Catholic Brothers United, CBU, one of the pious associations at the St. Agnes Catholic Church, Maryland Lagos, is focusing on the country’s current recession and ongoing efforts of the government to turn the economy around and engender overall growth of critical sectors of the economy. The CBU in its determined efforts to support national development through the annual lecture platform through which it generates discourse among major stakeholders in both the political and economic space is set to hold the event which is the 18th in the series. This year’s lecture with the theme,…
As government intensifies energy and resources to diversity the economy and make agriculture the mainstay of the economy, two young Nigerian entrepreneurs have developed a state of the art App that will connect farmers, broaden knowledge base of stakeholders in the sector with the ultimate aim of broadening agriculture business in the country.Speaking with journalists in Lagos on the new tool, Olushola Ogunniyi, co-Founder and CEO of Probityfarms, explained that the new technology is a simple-to-use farm management app to help farmers manage both the day-to-day activities of the farm and even the business-side of their operations. Farmers can use…
Stakeholders in Apapa Port environment has suggested prosecution of traffic offenders as a way to end the gridlock in the area was to prosecute those who violate traffic law. The stakeholders including Apapa Local Government Area, Nigerian Ports Authority (NPA), Road Transport Employers Association of Nigeria (RTEAN), Residents’ Association of Government Reserve Areas, banks and law enforcement agencies reached an agreement at a meeting that owners of articulated vehicles found to have violated traffic rules should face the wrath of the law. The stakeholders agreed that to ease the a one-lane policy should be allowed to check…