Top News Update 04/08/2017
1. Osinbajo tasks ECOWAS on free movement, regional security
2. FG signs oil financing deals with Shell, Chevron
3. USAID: Farmers’ sales hit N396b
4. After turbulence, MTN records significant profit
5. Jaiz Bank grows profit by 312.3% in first half
Osinbajo Tasks ECOWAS On Free Movement, Regional Security
Acting President Yemi Osinbajo on Thursday urged the Economic Community of West African States (ECOWAS) to ensure free movement of its citizens while strengthening regional security. The acting President made the call at the ECOWAS Heads of Immigration meeting in Abuja. The meeting was designed to foster regional collaboration and migration management. Osinbajo, who was represented by the Minister of Foreign Affairs, Geoffrey Onyeama, also called for more effective and proactive migration management system in the sub-region.
FG Signs Oil Financing Deals With Shell, Chevron
Nigeria has signed financing deals with oil majors Shell and Chevron to develop projects that would boost reserves and revenue, the state-run oil firm said on Thursday. “Two sets of alternative financing agreements on Joint Venture (JV) projects to boost reserves and production in line with government’s aspiration were executed in London on Monday,” said a statement by the Nigerian National Petroleum Corporation (NNPC) in Abuja.
USAID: Farmers’ Sales Hit N396b
The United States Agency for International Development (USAID), Market II project designed to help rural farmers in the country has recorded sales valued at N396 billion in five years, a report presented by the USAID has stated. The report titled: Maximising Agricultural Revenue and Key Enterprises in Targeted Sites II (MARKET II) was unveiled yesterday in Abuja at the five-year project final event held in Abuja. USAID Nigeria Mission Director, Mr. Stephen Haykin said about 1.9 million rural households were supported to increase productivity and finance, with special attention on women and youths between ages of 18 to 29.
After Turbulence, MTN Records Significant Profit
MTN Group, South African telecommunications company, says it has recovered from the losses suffered in 2016 and recorded profit in the first half of 2017. In 2016, the company recorded its first loss in its 22 years existence and blamed the N330 billion regulatory fine imposed on it by the federal government for the loss. The Nigeria Communication Commission (NCC) imposed the fine on the telecommunication giant over its failure to disconnect 5.1 million unregistered SIM cards.
Jaiz Bank Grows Profit By 312.3% In First Half
Jaiz Bank Plc recorded a well-rounded performance in the first half with significant growths in income and profitability. Key extracts of the interim report and accounts of Jaiz Bank for the six-month period ended June 30, 2017 showed that gross income grew by 45.7 per cent while profit rose by 312 per cent. Gross income rose to N3.08 billion in first half 2017 as against N2.11 billion recorded in comparable period of first half 2016. Profit jumped from N114.04 million in first half 2016 to N470.19 million in first half 2017. Jaiz Bank, as a pioneer, is still under a tax waiver for pioneer.