A top diary company, FrieslandCampina WAMCO Nigeria PLC, has reported a turnover of N199.5 billion in 2020.
Speaking at the 48th annual general meeting of the firm Thursday, the Chairman, Mr. Moyo Ajekigbe, said the company’s commercial and financial performance for the year showed considerable improvement compared to the previous year, despite the challenges presented by the pandemic.
“Turnover increased by 23 per cent in 2020 to N199.5 billion from N161.8 billion in 2019. This was due to a combined effect of organic and inorganic growth following the acquisition of Nutricima’s dairy business. Profit Before Tax however decreased by 20.3 per cent from N18.8 billion in 2019 to N14.9 billion in 2020 as a result of high input costs and increased economic headwinds,” he said.
Shareholders of Sterling Bank Plc have commended the board and management of the bank for the display of resilience, improved financial performance and returns on investment in 2020 despite the adverse impact of the Covid-19 pandemic on the global and local economic environment.
They also approved resolutions for the declaration of a dividend of five kobo per share, the election of directors, remuneration of auditors, and the election of shareholders’ representatives on the statutory audit committee.
The shareholders gave the commendation and approved recommendations at the 59th Annual General Meeting (AGM) of the bank held by proxy in Lagos, yesterday, and streamed live across digital platforms.
By James Emejo
The newly appointed Executive Secretary/Chief Executive, Financial Reporting Council of Nigeria (FRCN), Alhaji Shuaibu Ahmed, Thursday said he is committed to the enforcement of accounting standards, supervision and collaboration with regulatory supervisory bodies including the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN) and the National Pension Commission (PenCom).
He also listed the Corporate Affairs Commission (CAC) and National Insurance Commission (NAICOM) as other priority institutions to be assessed during his regime.
He spoke during his inauguration by the Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, in Abuja.
The minister had earlier tasked the FRCN boss on the need to develop a sound accounting and financial reporting standards in accordance with the Act establishing the council.
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The African Development Bank (AfDB) has moved to punish a Nigerian Company for being entangled in fraudulent practices, handing them a debarment of three years.
The affected company, Maxicare Company Nigeria Limited, a limited liability company registered with the Corporate Affairs Commission, got a 36-month debarment from the AfDB on April 28, 2021, effective February 23.
The AfDB debarment renders Maxicare Company Limited and its affiliates ineligible to participate in Bank Group-financed projects during the debarment period.
According to News Chronicle, the AfDB’s Office of Integrity and Anti-Corruption conducted an investigation, establishing that the Nigerian company engaged in collusive and fraudulent practices during a tender for the construction of weigh stations and supply of equipment under the Transport Facilitation Programme for the Bamenda-Mamfe-Abakaliki-Enugu Road Corridor connecting Cameroon and Nigeria.
MBA Forex: Nigeria SEC tip how to check if dat investment na fake or ponzi , denounce MBA Forex
5 May 2021
MBA Forex investors dey protest afta di scheme fail
Di Securities and Exchange Commission SEC Nigeria say MBA Forex no ever dey registered with dem.
Dis one dey come as many pipo wey invest wit MBA Forex don dey do protest waka to authorities like di Economic and Financial Crimes Commission EFCC to make MBA Forex and di oga behind am, Maxwell Odum to pay dem dia capital wey dem take invest for di company.
Head of Investigation and Enforcement of di Security and Exchange Commission, Port Harcourt Branch, Enebeli Sussy Sulukwe tell tori pipo for Port Harcourt say, MBA Forex bin try to register wit dem but dem fail to meet dia registration requirements and dem dey among di market operators wey SEC list for dia website as one of those wey dey operate illegally.