The federal government says it has spent at least N300 billion on the National Social Investment Programme in the last three years.Maryam Uwais, special adviser to President Muhammadu Buhari on national social welfare programme, made the disclosure in Abuja on Tuesday.She spoke during a joint oversight visit by members of the senate and house committee on poverty alleviation.The delegation was [...]
GlaxoSmithKline Nigeria says it will shut down its manufacturing plant located in Agbara Industrial Estate, Ogun state by 2021.In a notice sent to the Nigerian Stock Exchange on Tuesday, the pharmaceutical company said the move is part of a restructuring of its internal operating model.Effective from the third quarter of 2021,the company said it would begin to work with local [...]
Results released by Unity Bank for the 2018 financial year has shown that the bank recorded gross earnings of N37.33 billion.According to results sent to the Nigerian Stock Exchange and seen by TheCable, the bank recorded a profit after tax of N1.27 billion; reversing the negative results posted in 2017.Other performance indices showed significant growth with net operating income [...]
The senate committee on trade and investment has rejected the ministry’s 2019 budget of N15.63 billion.The committee, on Monday, said it would not consider the budget till the minister could explain a company listed for appropriation.Sabo Mohammed, chairman of the committee, said the Special Economic Zone Company which was included in the budget was not part of the 17 agencies [...]
Saudi Aramco, the state-owned oil firm of the Kingdom of Saudi Arabia, is the world's most profitable company with a net income of $111 billion.The oil company which is the largest in the world, revealed it’s earnings for the first time ever as it plans to issue a $10 billion bond to acquire a 70% stake in Saudi Basic Industries [...]
The management of Fidelity Bank says an increased customer deposit and use of its digital platform helped raise its earnings for the year ended December 31, 2018.The bank said it recorded a 4.8% growth in gross earnings from N180.2 billion to N188.9 billion and a profit after tax of N22.9 billion from the N17.7 billion reported in 2017."Customer deposit, which [...]
Fitch, a global credit rating agency, says missed contracted services payments by Visionscape Sanitation Solutions have not affected the positive economic ratings of Lagos.In a statement released on Saturday, Fitch said the state's B+/(AA+(ngn)/ ratings remained stable and unaffected.The waste management company had launched a private consortium, SPV Municipality Waste Management Contractors Limited (MWMCL), which issued a N50 billion medium-term [...]
The national assembly has transmitted the Companies and Allied Matters Act (CAMA) to President Muhammadu Buhari for assent.Bukola Saraki, the senate president, made this known in a series of tweets on Sunday.The bill, which is designed to improve the ease of doing business, will make it possible to register a company from any part of the world."The 8th @NASSNigeria's Bill [...]
Cornel Osigwe, head of corporate communications at Innoson Group, says the Supreme Court judgement delivered on February 27, 2019, would be carried out on Guaranty Trust Bank, not on the Nigeria Customs Service. In a statement released on Sunday, Osigwe described a statement released by the bank as being economical with the truth."GTB in a Press Statement signed by Erhi [...]
Festus Adebayo, a real estate expert, says the housing sector suffered when the housing ministry was merged.Upon assumption of office in 2015, President Muhammadu Buhari merged the housing ministry with power and works.Speaking with journalists at the weekend, Adebayo said having a ministry for housing is instrumental to the development of the sector.The expert urged the government to look into the [...]
