Author: Fridayposts

Investment banking and financial services group, United Capital Plc, has announced its 2016 Q1 profit before tax of N1.42bn, up from N0.89bn in Q1 2015. This represents a 59 per cent increase. Its gross earnings stood at N1.85bn, up from N1.30bn in Q1 2015, representing a 42 per cent increase from the previous year. The […] United Capital reports N1.42bn profit Source: Business

The Securities and Exchange Commission has said it will leverage on the support of the Nigeria Police Force and other law enforcement agencies in its quest to checkmate errant players in the country’s capital market. It, therefore, urged law enforcement agencies to collaborate with it in the mission to ensure zero tolerance for infractions and […] Errant market players risk arrest – SEC Source: Business

About 33.7 million Nigerians are still being underserved and unserved, despite over $32bn investment in the telecommunications sector in the last 15 years. The Executive Vice Chairman of the Nigerian Communications Commission, Prof. Umar Danbatta, told journalists in Lagos. He spoke at a session of the Universal Service Provision Fund, which was  organised by the […] 33.7 million Nigerians can’t access telecoms services – NCC Source: Business

Following a 3-day forum, which was held in Lagos recently, the Chairman, United Bank for Africa (UBA) Plc, Mr. Tony Elumelu formally inaugurated a Group Board Meeting as a platform for group integration, bonding and knowledge sharing. Ninety participants made up of the entire board of UBA, chairmen and CEOs of UBA subsidiaries in Africa […] UBA inaugurates Group Board Forum Source: Business

The Managing Director and Chief Executive Officer of Nigeria LNG Limited, Mr. Babs Omotowa, has raised the alarm on Nigeria’s dwindling investments in Liquefied Natural Gas (LNG), saying that with no new investments, the country would possibly drop from her current position of 4th world’s largest exporter of LNG to 10th position by 2020. Speaking […] Nigeria may lose status as 4th world’s largest LNG exporter Source: Business

As Nigeria seeks to ramp up oil production, the Nigerian National Petroleum Corporation (NNPC) has approached its joint venture partners and proposed to pay disputed arrears of between $8 billion and $10 billion, saying that oil production shortfalls “could cripple” the industry if left unaddressed. A letter from the Minister of State for Petroleum Resources, […] NNPC offers to pay $10bn disputed arrears to IOCs Source: Business

Barely four months after the visit of the Managing Director of the International Monetary Fund (IMF), Ms. Christine Lagarde, the President of the World Bank, Dr. Jim Yong Kim is billed to arrive Nigeria this morning on a three-day visit. Kim, who is expected to arrive the Nnamdi Azikiwe International Airport, Abuja by 9a.m. is […] World Bank President arrives Nigeria Source: Business

The Abuja Electricity Distribution Company (Abuja Disco) has said that it plans to spend about $200 million to procure and install electricity meters in homes and offices of its customers, who still do not have meters. The Managing Director of the Disco, Mr. Neil Croucher, disclosed this when he hosted officials of the National Union […] Abuja Disco to invest $200m in metering customers Source: Business

Sesan Olufowobi No fewer than 150 females were raped, while 31 babies were abandoned on the streets of Lagos in the last one year. The Commissioner for Youth and Social Development, Mrs. Uzamat Akinbile-Yussuf, said this at a press briefing in Ikeja on Tuesday. Akinbile-Yussuf explained that 150 reported cases of sexual and physical abuse were officially recorded, while five pregnant schoolchildren were assisted to access adequate ante-natal and delivery services and were also integrated back into school. “Also, a total of 57,350 schoolchildren benefitted from individual and group counselling sessions to curb truancy, gangsterism and other social vices.…

Eniola Akinkuotu The Economic and Financial Crimes Commission has seized two houses belonging to Senator Nenadi Usman who was the Director of Finance of the Goodluck Jonathan Campaign Organisation. It was learnt that the two houses seized were located in Abuja. The EFCC had arrested Usman last week after it was established that N2.5bn was paid into her company account, Joint Trust Dimensions Limited, and N140m cash was allegedly paid into her Zenith Bank Account with number, 1000158311, domiciled on 7, Kachia Road, Kaduna. The said transfer, which emanated from the Central Bank of Nigeria, took place in January…