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nigeria as the poorest country

What Nigerians should Expect From me in Next Four Years – Buhari

President Muhammadu Buhari has assured that his administration’s goal of building an inclusive, secured and prosperous Nigeria is achievable in the next four years.

Speaking when he received a delegation from Nasarawa State, led by Gov. Abdullahi Sule, at the Presidential Villa, Abuja, Buhari said his administration remains committed to the Change Agenda.

He, however, stressed the need for states and local governments as well as traditional and religious leaders to partner with the Federal Government in achieving success, NAN reports.

 

According to Buhari: “In the next four years, I want to assure you that we will remain committed to the change agenda. Our goal of building an inclusive, secure and prosperous Nigeria is achievable.

“However, the federal government cannot do it alone. We need the full cooperation and support of states, local governments as well as traditional and religious leaders.

“I must commend you the Nasarawa elders and leaders for maintaining peace within the state. In the last four years, you collectively put aside your political, religious and ethnic differences for the interest of stability and prosperity.

“You must continue to preach peace and understanding in your various communities,’’ he said.

The president, who noted that the responsibility of governance was enormous, pledged that his administration would continue to pay greater attention towards enhancing security, inclusive economic empowerment and fighting corruption.

“In all these areas we have made progress despite the significant challenges we faced,’’ he said.

On the incessant conflicts between herders and farmers, the president said his administration was determined to finding a lasting solution to the conflict.

“I implore all leaders of opinion to help maintain peace while we are putting in place policies and permanent solutions.

“Just last week, I inaugurated the national economic council during that meeting, I emphasized the need to invest in education, primary health care, agriculture and security as foundations for sustainable progress.

“I want to use this forum to again soliciting the support of all states to align with those four pillars. We must all have a collective vision for sustainable development.”

Buhari, who noted with delight that the federal government’s projects in Nasarawa state have been impacting positively on citizens of the state, thanked the state government for proposing to name an academic institution after him in the state.

He, however, said: “I will make consultations and revert to you in due course.”

While congratulating the state governor, deputy governor and all the newly elected officials from Nasarawa state on their recent electoral victory in the polls, the president commended the immediate past governor of the state, Alhaji Tanko Al-Makura, for his steadfastness, commitment and the enormous hard work in the state.

“I wish him (Al-Makura) well in his new assignment,’’ he added.

The state governor had earlier expressed appreciation to the Buhari administration for executing people-oriented programmes and projects in Nasarawa state.

Sule said: “Let me express our most profound appreciation to your administration for executing landmark projects in Nasarawa state.

“These projects include the dualization of Keffi-Akwanga-Lafia-Makurdi road and the 330 KV and 132 KV power distribution injection transmission stations.

“Others are the federal government prototype housing estate at Akruba near Lafia and the takeover of the Farin Ruwa hydro power project, which is going to generate about 20 Megawatts of power among others geared towards the growth and development of Nasarawa state and the nation.

“This is the first time Nasarawa state is lucky to benefit from the benevolence of the federal government by way of sighting projects and programmes very dear to the survival of our people.

“We feel highly recognised, appreciated and no doubt, given the sense of belonging.’’

He also lauded the President for appointing indigenes of the State into key positions, like the Inspector General of Police and the Director General of the National Youth Service corps (NYSC).

He, therefore pledged the continued support of the people of the state to the Buhari-led administration.

Source: Dailypostng

‘FG is Enlarging Steel Sector for Economic Diversification’

The Federal Government is running a sustainable economic diversification programme with the revival of ailing metallurgical industries across the country, the Permanent Secretary, Ministry for Mines and Steel Development, Abdulkadir Muazu, has said.

Muazu spoke in Jos, the Plateau State capital, yesterday, at the opening ceremony of a 2-day metallurgical industry stakeholders forum, North Central zone.

“The ongoing recovery and re-operationalisation of Ajaokuta Steel Company Limited (ASCL), Itakpe; Delta Steel Company Limited Aladja, NIOMCO etc, through commercialization and concession, leaves no one in doubt of the commitment of the Buhari administration towards economic diversification.

“It is an identified fact that steel and other metal development have unarguably remained the bedrock of industrialization, sustainable growth and development of any nation.

The Federal Government under President Buhari has within the last four years created the enabling environment for the revival of the metallurgical sector and all other allied metal outfits in the sector with a view to creating jobs and creating wealth for national prosperity,” he said.

In a goodwill message at the forum, the Director General and Chief Executive of the National Metallurgical Development Centre (NMDC) Jos, Prof Linus Asuquo, said the roadmap to Nigeria’s industrial revolution has been put in place by the Buhari administration and urged stakeholders to key into the processes.

Source: dailytrustng

PenCom schedules verification of FG retirees

The Acting Director General of the National Pension Commission, Aisha Dahir-Umar, has said that payment of pension and retirement benefits are the mandate of the Pension Reform Act, 2014.

Speaking at the pre-retirement workshop for Federal Government retirees who are due for retirement in 2020 held in Abuja, yesterday, Dahir-Umar said the commission would protect the interest of prospective retirees, including their benefits.

The PenCom boss announced July 1 as the commencement date for the verification of prospective retirees of the Federal Government under the Contributory Pension Scheme (CPS).

“The objectives of the Pension Reform Act (PRA 2014) is to ensure that every person who worked either in the public service of the federation, Federal Capital Territory, states and local governments or the private sector receive his retirement benefits as and when due and to establish uniform set of rules, regulations and standards for all aspects of pension administration, including payment of retirement benefits to retirees amongst others,” she said.

The DG said as part of the commission’s annual regulatory activities, it has finalised arrangements to commence the verification of prospective retirees who would be retiring in 2020 from the public service of the federation. The verification exercise is scheduled to hold from 1 July to 2 August, 2019 in 15 centres across the country.

In his presentation titled ‘Enrolment Exercise and Documentation Required’, the Assistant General Manager, Benefits and Insurance, Mal. Usman Bunza, said the importance of the pre-retirement verification and enrolment exercise is to ensure that retirees get their benefits in due time.

Source: dailytrustng

Govt Looking to help 81 Million Millennials Afford Housing

Owing to a combination of increasing housing prices and high costs of living, 81 million Indonesian millennials cannot afford to buy a house or apartment, according to the Public Works and Housing Ministry.

Public Works and Housing Ministry House Procurement Director General Khalawi Abdul Hamid said the ministry and several related parties were working on a scheme to help millennials afford to buy housing.

“The government is trying to facilitate people, including millennials, to buy houses through [several programs, including] the one-million house program,” said Khalawi on Monday as quoted by kompas.com.

The ministry categorizes millennials into three clusters: those aged 25 to 29, who are mostly in the process of searching for jobs; those aged 30 to 35, who already have jobs and families; and those aged above 35 years, who have high incomes.

Those in the first cluster typically only need to rent apartments that have access to public transportation, Khalawi said, adding that the second cluster of millennials needed 36-square meter residences with two bed rooms.

Meanwhile, the third cluster of millennials could find residences based on their incomes as well as their preferred type of residence.

Khalawi said that, according to research conducted by the ministry, millennials preferred to own or rent residences in urban areas that were well connected to public transportation.

The survey also showed they preferred residences with an internet connection. (bbn)

Shelter Afrique, Everest Ltd complete Sh720 mn Everest Park Phase II Project

The government has commended Pan-African housing development financier, Shelter Afrique for complementing it’s efforts to provide affordable housing one of the current administration’s development pillars.

Chief Administrative Secretary, Ministry of Transport and Infrastructure Dr. Chris Obure, lauded Shelter Afrique and Everest Limited at the launch of the second phase of Everest Park Apartments, a multi-million-shilling property jointly owned by the two companies.

The mixed-use complex located in Mavoko area along Mombasa Road targets the growing low to middle-income population with units selling at Sh2.95 Sh4.95 and Sh6.5 million, for one, two and three bedrooms respectively.

“We appreciate the initiative by Shelter Afrique which is a Pan-African company for facilitating the financing of affordable housing for member states. Kenya is a major shareholder in Shelter Afrique, we, therefore expect that our investment will in turn benefit our citizens. I want to thank Shelter Afrique and Everest Limited for initiating such a project and it is our expectation that through Shelter Afrique we will see more of these arrangements in order to reduce the housing deficit and reach our target of 500,000 housing units by the year 2022,” Dr. Obure said.

The development consists of 60 one-bedroom units, 100 two-bedroom units, and 40 three-bedroom units.

The project is developed by The Everest Park Development, a Joint-Venture between Shelter-Afrique and Everest Limited. The two companies own the and upon which the project sits. Shelter Afrique further provided debt to the tune of Sh398 million and a standby facility amounting to Sh50 million.

“The completion of Everest Park Apartments Phase II is a continuation and reinforcement of our relationship and strong partnership with Everest Limited and a testimony of joint commitment to the development of affordable housing in Kenya,” said Shelter Afrique Managing Director & CEO Andrew Chimphondah.

In 2011 Shelter Afrique entered into a partnership with Everest Limited and developed Everest Park Phase I. The 240 units were developed at a cost of Sh755 million, marking the beginning of a long-term partnership between the two organizations.

“We believe unit cost of between Sh2.95 million and Sh4.95 million though not very affordable is within reach of many Kenyans, especially those in the middle class. Shelter Afrique aim is to make houses as affordable as Sh1.5 million,” Chimphondah said.

Everest Limited Managing Director James Muriuki said despite the challenges phased with Phase I of the project, the market was reacting positively to the second phase.

“We have sold 96 of the 200 units with one and two bedroom units being on high demand. We are upbeat about the uptake of the remaining units,” Muriuki said. 

Source: capitalfm

Land Reform in South Africa can be Smart Public Policy

Mahmood Mamdani’s recent article about land reform in South Africa correctly states the importance of righting historical wrongs and creating a vibrant economy that works for its population.

In contrast to what some writers have argued, including US President Donald Trump, the government of South Africa has not been seizing land from white farmers, nor is there a programme of genocide against the white farming community. But the article by Mamdani glosses over an important and complex issue, one that we have studied for the past 25 years.

Since the advent of colonisation, black South Africans have been subjected to discriminatory laws that dispossessed them of their property – without compensation – solely because of the colour of their skin. The intent was clear: landownership by the black population did not serve the economic interests of the ruling powers.

The 1913 Native Lands Act was the codification of land theft that started in 1657 when the first “free burgher”, Jan Hendrik Boom, began farming a plot of land previously used for grazing by the indigenous KhoiKhoi population.

The act further established a policy of forced removals that prevented the emergence of a class of black landowners who had been able to successfully compete with those who were white.

The policy worked, and the economic successes of emergent black smallholders were stifled. The later racism that typified apartheid’s consolidation of these laws, with the introduction of the Group Areas Act of 1950, further entrenched the gross inequalities in wealth triggered by the expropriation of land and resettlement of black South Africans.

By the 1980s, between seven to eight-million black people were displaced as a result. It is hard to overstate the social and economic damage and deep psychological scars left in the wake of this destruction.

The South Africa that was inherited by the democratically elected government of Nelson Mandela in 1994 had become a nation of deep economic inequality borne from decades of systemic discrimination.

A nationally representative survey in 1993/1994 showed that some 40% of South Africa’s black populations were desperately poor by any measure. The equivalent figure for the white population, which on average enjoyed a standard of living equivalent to a developed European country, hovered near zero. As with Mandela, black South Africans faced a long walk to economic freedom.

Nelson Mandela’s successor Thabo Mbeki hearkened back to Rosa Parks’ brave refusal to go to the back of the bus in 1955 Montgomery Alabama when he worried that the South African economy operated like a double-decker bus with no stairwell between the lower and upper levels.

Those born on the bottom level had no avenue of mobility to the top. Our own research conducted in the first decade of South African’s political transition confirmed this to be true. We found that families who had fallen too far into poverty had no chance of getting out even in the post-apartheid South African economy. Repeated shocks drove them back into poverty even as they were just getting ahead.

The South African government began to cautiously pursue policies designed to rectify the taking of land in the past by creating mechanisms to peacefully transfer land to poor and disposed families to give them a viable new start. The Restitution of Land Rights Act of 1994 was the first piece of legislation passed by the new democratically elected government.

Land reform and redistribution, once upon a time the poster-child rural intervention in developing countries, is a complex business. Land rights are complex, especially in a country in which traditional rights under communal tenure intersect with those of private property. But international evidence shows that redistribution can be a powerful force for change when done right.

Over the last decade, we have studied one such program in South Africa that had starkly positive effects. The Land Redistribution for Agricultural Development Programme involved the voluntary sale of land from wealthy white landowners to poor black farmers who required more land to farm. Government co-investment grants allowed rural farmers to buy land and create a viable foundation for their own economic advancement.

In a study we learned that this programme raised the living standards of poor families by almost 50% during just a few years. Impacts of this magnitude took place because the transfer positioned families where they could learn, co-invest and do better with the resources and opportunities they had. Land redistribution can work for individuals and a nation.

Not surprisingly, this kind of programme has much more bang for the buck than money invested in programs that transfer only cash. Per-government dollar spent, land reform generated six times more long-term poverty reduction than welfare programmes. While it is not an adequate instrument to address all facets of South Africa’s poverty and inequality, this shows that land reform can be smart public policy.

While the best way to implement redistribution of wealth and assets is a difficult and politically charged question, our past research shows that moving the land reform agenda forward can generate a triple win: rectifying historical wrongs, cost-effectively reducing poverty and spawning broadly based economic growth.

However, Mamdani does not go far enough in his proposed triple reform. Much more will be needed, including a redistribution of commercial farmland and broad-based access to urban land for housing.

Source: dailymaverick

family homes funds

Osinbajo to Commission Family Homes Funds’ Housing Project in July

All is set for the commissioning of Family Homes Funds housing project on the 12th of July 2019 in Asaba, Delta state.

The estate developed by Family Homes Funds in partnership with Delta state government is made up of 650 housing units for low income earners, and will be commissioned by the Vice President of Nigeria, Prof Yemi Osinbajo, alongside the MD/CEO of Family Homes Funds, Femi Adewole and other special guests.

The affordable housing project consists of one, two and three bedroom bungalows with all necessary facilities for home functionality. The estate has adequate access to water supply, power, security and good road network.

Built with high quality and sustainable materials, the houses are structured in ways that give each owner and his or her family a decent living space and some sense of privacy.

 

According to the MD, Femi Adewole, the estate is built in a fast developing and serene area with a lot of greenery. It represents the Funds’ vision to not only build houses, but to build ones that are healthy to live in and affordable for the owners.

650 affordable housing units built by Family Homes Funds in Delta State

 

The estate is one of the Federal Government special interventions in tackling the country’s housing deficit through Family Homes Funds. Family Homes Funds is a partnership between the Federal Ministry of Finance and the Nigerian Sovereign Investment Authority as founding shareholders.

The Fund is the largest affordable housing-focused fund in Sub-Sahara Africa, leveraging its significant capital (in excess of N500 billion by 2023) to facilitate access to affordable housing for millions of Nigerians on low to medium income groups. Through strategic partnerships with various players in the sector and some of the world’s main Development Finance Institutions, the Fund has an ambitious commitment to facilitate and supply 500,000 homes and 1.5million jobs for the low income earners by 2023.

As a strong sign of commitment, this estate in Asaba is developed in line with this critical objective, and this is just one of the many housing projects currently underway in almost all states of the federation.

Beneficiaries of the project will enjoy a deferred loan for up to 40% of the cost of their home. For the first 5 years of the loan, no payments need to be made. From the 6th year, monthly payments will be made to start repaying both interest and capital to assist the purchaser. The amount paid starts low and increases each year in gradual steps (average 6.5% per annum) in order for the HTB loan to be fully repaid by the 20th year, the same year the mortgage is expected to be fully repaid.

Speaking more on affordability, Femi Adewole said, ‘’we want to ensure that 1 bedroom unit should not be more than N3 million; 2 bedroom unit should not be more than N4.5 million, and 3 bedroom should not be more than N6.5 million.’’

So far, projects that have been completed or ongoing in states like Nasarawa, Borno, Ogun, Delta, Kaduna etc. have directly and indirectly employed at least 15, 000 workers, artisans, suppliers and all categories of housing professionals, with about 360,000 to be created from current development pipeline. Couple with the goal of providing affordable houses for millions of Nigerians, the Fund and its projects have been of significant economic impact through the commercial activities and jobs that have been created in relation to the housing projects.

The Fund which is developing projects in the six geopolitical zones of the country had also recently announced that it is currently building 4700 homes in Borno state, out of which 3000 will be very low cost homes for Internally Displaced Persons (IDPs). According to Adewole, the project will be ready in months because the sites have been identified and the drawings have been done.

Prior to now, the fund has completed the construction of 400 homes with an average cost of N3.5million in Grand Luvu, Nasarawa State – part of over 4,000 homes under construction in five states namely Ogun, Nasarawa, Kano, Delta and Kaduna. A further 30,000 homes are at advanced stages of negotiation with development partners and has commenced since November 2018.

As the new company builds capacity through the ongoing recruitment campaign, it will achieve a program of 80,000 homes by December 2019.

According to an official of the fund, “our focus is to create homes that people, particularly those on low income can afford but beyond that, ensure that we provide opportunity for them to earn decent wages consistently through our investment in these projects.

“We have spent the last year building very strong foundations for a major take off and now we should start seeing the results in affordable homes and jobs for local people.”

Through a combination of these activities, the Family Homes Fund aims to create or support up to 1.5 million jobs by 2023 making a real difference to the quality of life of their families and the economy.

By Ojonugwa Felix Ugboja

Real Estate Projects Changing Nigeria’s Landscape

When it comes to real estate projects in Nigeria, pundits within the property space are optimistic that 2019 will experience a major boost in africa’s largest populous nation.

Nigeria’s economic growth slowed in the first quarter after the oil sector, the country’s biggest foreign-exchange earner, contracted.

Gross domestic product in Africa’s largest oil producer expanded by 2.01% in the three months through March from a year earlier, the Abuja-based National Bureau of Statistics said in a report published on its website last month.

The position of most experts is that with a visibly improved economy, the Nigerian property market will be on the path of witnessing a rebound from the uncertainties that plagued the sector in 2018.

Here are some of the real estate projects changing Nigeria’s landscape.

Eko Atlantic City

Pitched as Africa’s answer to Dubai, Eko Atlantic is a multibillion dollar residential and business development that is located as an appendage to Victoria Island, and along the renowned Bar Beach shoreline in Lagos.

When completed, it is projected to accommodate nothing less than 250,000 residents. It stands on 10 million square miles of land and is expected to have a daily flow of 150,000 commuters.

Some of the major players in this massive construction project are the Lagos State, South Energyx Nigeria Limited, city planners, developers, 17 expatriates firms and over 500 Nigerians firms.

The Eko Atlantic City Project was conceived as a planned city, which is being constructed on reclaimed land from the Atlantic Ocean.

One of the biggest problems the ongoing construction has helped resolved is the ocean surge and flooding at the Ahmadu Bello axis of the island in Lagos, which had the potential to wipe out hundreds of homes and businesses within the location.

The vast number of commercial and residential properties in Eko Atlantic City will help in easing the problem of overloaded infrastructure that the island is known for.

Oworonshoki Lagoon Reclamation Project

The Oworonshoki Lagoon Reclamation Project is designed to transform this decaying part of Lagos into a focal point of major tourism, transportation and entertainment hubs within Lagos State.

It’s one of the popular real estate projects in Lagos and it is not a housing scheme. Rather, it constitutes part of the bigger picture to position Lagos as one of Africa’s entertainment hubs.

To ensure the success of this project, 30 hectares of land space has been reclaimed out of the 50 planned for the scheme.

Upon completion, the Oworonshoki Lagoon Reclamation Project is expected to bring an end to the perennial flooding in the area. It would also accommodate hotels, event centres, cinemas, clubs, bars, a bus/ferry terminal, parking space with capacity for about 1,000 vehicles and other top-notch attractions.

Mass Housing Project by the Federal Government

To tackle the housing deficit in Nigeria, the Federal Government of Nigeria has wrapped up plans to increase housing supply by initiating mass real estate projects across 33 states of the country.

The project, under its National Housing Programme (NHP), is expected to engage over 650 contractors to deliver 2,736 units while employing 54,680 people in the process.

Collaboration Between Lagos State and NMRC

The Lagos State government Lagos State has partnered with the Nigerian Mortgage Refinancing Company (NMRC) and private developers to deliver 20,000 housing units.

Lagos State Partners Echostone Development

The Lagos State government entered into a strategic alliance with Echostone Development, a building construction firm, to deliver 2,000 housing units in three locations across the state.

According to the agreement, Echostone is expected to deploy a new technology that will facilitate the construction of the houses while the state government will provide equity in terms of land and others.

The 2,000 housing units will consist of 2-bedroom terrace bungalows in 3 locations; starting with 250 units at Idale in Badagry. The construction train would then move to Ayobo in Alimosho and eventually cruise into Imota in Ikorodu for the development of the housing units.

The bigger picture here for the Lagos State Government is to deliver 20,000 housing units within a 4-year period through the Lagos affordable Public Housing Initiative (LAPH).

Royal Residence Estate

This real estate development project is powered by Obika Realtors in Eluju town within the Ibeju Lekki axis of Lagos. Some of the facilities already set up in the estate are the inner roads into the well mapped out plots, perimeter fencing of the 10-acre land, central gates and grading of the main link road to the estate from the Lekki-Epe expressway.

The first phase of the development covers 54 plots and over 80 percent of them have already been subscribed to.

The company is currently on the verge of embarking on the second phase of the scheme.

Conclusion

The country has an estimated $360 billion required to solve the national housing deficit. In Lagos State alone, the housing deficit is put in excess of 3 million units and will require approximately N8 trillion to resolve at $10,000 per unit.

Source: africapropertynews

AfDB to Finance Road, Airport and Smart city in Ekiti State

The African Development Bank (AfDB) will be financing road project and upgrade of airport in Ekiti State. AfDB will also provide technical support for the development of a ‘smart city‘, a government project within the State.

AfDB showed interest in the infrastructure projects after the Governor of Ekiti State, Kayode Fayemi presented a proposal seeking the support of AfDB to complete the projects, Chief Press Secretary to the Governor, Yinka Oyebode disclosed.

Although the amount benchmark for the project was not disclosed, Oyebode in a statement, said the bank has pledged support to finance the upgrades and the agriculture processing zone project.

The smart city, which is known as the Ekiti Knowledge zone was also among the projects that compelled AfDB to express its readiness for technical and financial support, as the smart city was initiated to promote knowledge economy within the State.

 

Also, AfDB is supporting the projects due to the prospects of creating job opportunities for youths in Ekiti State, which could be applied as measures to curb kidnapping and banditry in the country, AfDB’s President, Dr Akinwumi Adesina said during the meeting with Governor Fayemi.

While explaining his reason for approaching AfDB with the projects, Fayemi said infrastructure and industrial development are crucial to the growth of Ekiti State’s economy and these projects are in alignment with AfDB’s priorities.

“These are our local priorities. If you can support us, it will enable us to do some other things through our own limited resources.

“We have aligned our priorities to the AfDB’s priorities which apply to us, such as lighting up Africa; Feeding Africa; Industrialise Africa etc. All these apply to us as our plan is to make Ekiti a destination of choice for her citizens and all those who will like to live, work and invest in the state.

“To achieve this, we need to invest heavily in infrastructure. We want to fix the roads, have our small cargo airport that will aid agriculture and open our landlocked state to domestic and international markets and ultimately create jobs that our state urgently needs for its vibrant and educated youth population.” – Fayemi

Source: nairametrics

The Nigerian Stock Exchange Started the Week on a Negative Note

The Nigerian Stock Exchange ended Monday’s trading session in negative territory. The All Share Index closed at 29,809.20 basis points, down 0.29%.

Year to date, the index is down 5.16%.

Top Gainers and Losers: Champion Breweries Plc was the best performing stock yesterday. The stock gained 9.86% to close at N1.56. Glaxo Smithkline Consumer Plc also gained 9.63% to close at N10.25. Prestige Assurance Company Plc gained 9.26% to close at N0.59. LASACO Assurance Plc gained 6.90% to close at N0.31. Mutual Benefits Assurance Plc rounded up the top five gainers for Monday by gaining 5.00% to close at N0.21.

On the flip side, Cement Company Northern Nigeria Plc was the worst performing stock, declining by 10% to close at N12.15. NEM Insurance Plc also fell by 10% to close at N2.52. Ecobank Transnational Inc fell by 9.69% to close at N10.25. NPF Microfinance Bank Plc fell by 7.69% to close at N1.20. Dangote Sugar Plc rounds up the top five losers for the day. The stock shed 7.66% to close at N11.45.

Top Trades by Volume: Zenith Bank Plc was the most actively traded stock yesterday. 355 million shares valued at N7.1 billion were traded in 342 deals. Access Bank Plc was next with 35.7 million shares valued at N240 million traded in 174 deals. Lafarge Africa Plc (WAPCO) was next with 32.5million shares valued at N388 million traded in 511 deals. Guaranty Trust Bank Plc was next with 25.8 million shares valued at N802 million traded in 155 deals. LASACO Assurance Plc rounded up the top five most actively traded stocks on Monday with 14.9 million shares valued at N4.6 million traded in 12 deals.

 

Corporate Actions

NPF Microfinance Bank Plc released its financial results for the year ended December 31, 2018.

Gross Earnings increased from N3.6 billion in 2017 to N3.9 billion in 2018.

Profit before Tax dipped from N819 million in 2017 to N287 million in 2018.

Profit after Tax also dropped from N631 million in 2017 to N195 million in 2018.

Presco Plc notified the general public of its 26th Annual General Meeting which will be held at The Dura Club, Obaretin Estate, km 22, Benin Sapele road, Ikpoba-Okha L.G.A. Edo State, on July 24, 2019, at 12.00pm.

Source: nairametrics

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