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…
Author: Orientalnews Staff
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…
…Parades Suspected Criminals The Lagos State Police Command has vowed to purge the state of all criminal elements, including police personnel who aid and abate crime. The Commissioner of Police, in the state Fatai Owoseni, said the command has strengthened operations in the last one month leading to the arrest of 24 armed robbers and 15 cult members with different types of charms, arms and ammunition. Highlighting the details about the arrests, Owoseni disclosed that on the 24th of July, 2017, one Sergeant Sylvanus Emoche, who was demobilized from 20 PMF and transferred to Kogi State Command,…
A boat ride to Egbin Power Plc, one of Africa’s biggest power stations and an affiliate of Sahara Group flagged off the tour of the power operations of the energy conglomerate in Lagos, Nigeria by 20 Harvard Kennedy School graduates. Led by Toyosi Akerele-Ogunsiji, the graduates from the 2017 Masters in Public Policy Class learned about how continuing investments in technology, human capital, overhauls and upgrades were driving the unfolding transformation the power plant which is responsible for 25 percent of power generated in Nigeria. An elated Arohi Sharma, the team’s Student Government President 2016-2017 said: “It is quite exciting…
Nigeria and Morocco have raised a steering committee to develop a sustainable crop insurance scheme for the country. The Committee, comprising representatives of the Nigerian Agricultural Insurance Corporation (NAIC), Bank of Agriculture, the Moroccan Agricultural Insurance Company (MAMDA) and MAMDA RE. In developing the insurance scheme, the committee is expected to use parametric products and leverage on the Moroccan model for crops covering selected areas of between 5000 and 10,000 hectares of land. The Managing Director of NAIC, Mrs. Folashade Joseph made this known in Abuja at the inauguration of the committee. Joseph said the establishment of the committee was…
Seplat Petroleum Development Company Plc said it earned $54 million revenues from gas in the first half of this year, according to the company’s half yearly result. The revenue from gas constitutes about 41 per cent of he company’s total half year earnings, up 15 per cent year-on-year, the report said. The report indicated that overall working interest production in the first half of the year across all blocks stood at 9,507 barrels of oil per day, bopd, and 101.3 million standard cubic feet per day, MMscfd, or 26,383 barrels of oil equivalent per day, boepd. Working interest production in…