Legislators and fraud in banks

Legislators and fraud in banks

It is quite interesting that the House of Representatives has ordered investigations into the allegation that some deposit money banks (DMBs), in collaboration with officials of the Central Bank of Nigeria (CBN), diverted interest of N2.0 billion and USD3.8 million meant for the account of the Federal Government into their own accounts. At a time like this, all hands must be on deck to check such excesses and all loopholes in government’s finances must be…

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Julius Berger Declares N3.7bn PBT, N1.32bn Dividend Read More at: http://leadership.ng/2018/03/20/julius-berger-declares-n3-7bn-pbt-n1-32bn-dividend/

Julius Berger Declares N3.7bn PBT, N1.32bn Dividend  Read More at: http://leadership.ng/2018/03/20/julius-berger-declares-n3-7bn-pbt-n1-32bn-dividend/

Julius Berger Nigeria Plc has posted a profit before tax (PBT) of N3.7 billion for the year ended December 31, 2017. The company’s result released to the investing public on the Nigerian Stock Exchange (NSE) said its profit before tax stood at N3.7 billion in 2017 compared to an N1.4 billion loss in 2016. Also, the board of the construction company has recommended payment of N1.32 billion to shareholders, representing a dividend per share of…

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N5.9bn Missing CPS Funds Linked To Private Accounts – Niger Dep Gov

N5.9bn Missing CPS Funds Linked To Private Accounts – Niger Dep Gov

Niger state government is to submit the outcome of its findings of the various checks on the missing N5.9 billion  being 7.5 percent pension deduction of local government workers  for Contributory Pension Scheme, CPS not remitted by the immediate past administration to security agents and EFCC  for further investigations and prosecution. It would be recalled that the administration of governor Abubakar Sani Bello came in 2015 it was discovered that about N5.9 billion of the…

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CBN rallies banks for N25b agric investments in Sunti

CBN rallies banks for N25b agric investments in Sunti

The CBN Governor, Godwin Emefiele, who made the disclosure at the inauguration of the Sunti Golden Sugar Estates, in Mokwa Local Government Area of Niger State, reiterated that the sector’s potential in supporting growth of the country on a sustainable basis. According to him, the N25 billion was facilitated through a consortium of banks at a single digit interest rate repayable in a period of 10 years. He said any individual or company that wants…

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AfDB to Raise Africa’s Industrial GDP To 130% By 2025

AfDB to Raise Africa’s Industrial GDP To 130% By 2025

he President, African Development Bank (AfDB), Dr Akinwumi Adesina, said the bank planned to help raise Africa’s industrial Gross Domestic Product (GDP) to 130 per cent by 2025 and drive the overall GDP from 2.3 trillion dollars to 5.6 trillion dollars to enhance industrialisation. Adesina said this in the Bank’s latest publication produced by the Department of Communication and External Relations at the Headquarters and made available to the News Agency of Nigeria (NAN) in…

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Investors worry over stagnation in prices of insurance stocks

Investors worry over stagnation in prices of insurance stocks

Sector’s capitalisation dips by N6bn in one month Worried about the free fall in the shares of insurance companies on the nation’s bourse, capital market investors have stressed the need for the industry regulator, and professional bodies to intensify efforts at mitigating the challenges causing the sub-optimal performance of the sector in Nigeria. The investors, who expressed dismay on the level at which their investment depreciates in value on the Nigerian Stock Exchange (NSE), called…

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RwandAir To Introduce Flights Into Abuja, Bamako, Yaounde, Others

RwandAir To Introduce Flights Into Abuja, Bamako, Yaounde, Others

RwandAir, national carrier of the Republic of Rwanda has announced plans to launch flights from its hub in Kigali into Abuja; Nigeria’s political capital, Bamako; the Malian capital, Conakry; the capital of Guinea and Cape Town in South Africa. These routes, according to the airline are part of its remaining route expansion destinations and growth drive for 2017/2018 financial year. Apart from the expansion plan for its operations in Africa, Rwand Air is also determined…

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CBN warns Nigerians against virtual currencies

CBN warns Nigerians against virtual currencies

As Nigerians continue to seek ways of making more money, the Central Bank of Nigeria (CBN) has cautioned against investments in crypto currency, maintaining that virtual currencies were not legal tender in the country. It identified such crypto currencies as Bit Coin, Ripples, Monero, Litecoin, Doge Coin, One Coin and exchanges such as NairaEx. The CBN gave the caution in statement by Mr Isaac Okorafor, Acting Director of Corporate Communications Department posted on its website….

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NIWA issues 14-day quit notice to Addo/Badore dredgers

NIWA issues 14-day quit notice to Addo/Badore dredgers

The National Inland Waterways Authority (NIWA), has given sand dredgers operating in the Addo/Badore area of Lagos State, up till March 6th, to end their activities or face the wrath of the law.This quit notice was issued following lamentations of untold hardship that residents in the area face as a result of the operations of the sand dredgers. The General Manager, Lagos Zone of NIWA, Mu’Azu Sambo, said after a joint meeting with the Addo…

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Bank stocks depreciate on panic over CBN’s dividend rule

Bank stocks depreciate on panic over CBN’s dividend rule

As All-share index rises marginally by 0.02% Panic over the Central Bank of Nigeria (CBN’s) directive on dividend payment, among other factors impacted negatively on the stock market, as most banking stocks constituted the losers’ at the end of yesterday’s transactions. Although the All-Share Index rose marginally by 8.59 points, while the market capitalisation increased by N3billion, but five bank stocks from both the tier one and two sub-sects recorded price depreciation. The price depreciation…

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