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Femi Otedola loses $400m in 9 weeks

Odetola appearing before the House of Reps yesterday. Photo: Gbenga Olamikan.

Nigerian billionaire Femi Otedola has lost more than $400 million of his personal fortune over the last 9 weeks as the stock price of Forte Oil, the Nigerian-listed energy behemoth he controls, shed off 43.5% in value within that period.

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Professor Isaac Adewole

FG, NSIA to drive investment in health sector

The Federal Ministry of Health, yesterday, entered into an agreement with the Nigeria Sovereign Investment Authority, NSIA, managers of the nation’s sovereign wealth fund, to launch a comprehensive healthcare investment programme covering all six geo-political regions of the country that will also help stem the loss of over $1 billion per year spent by Nigerians on medical tourism.

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Gov Central Bank of Nigeria, Central Bank of Nigeria

Bank of Agriculture’s performance deteriorates in 2015

The declining financial performance of the Bank of Agriculture deteriorated in 2015 as its losses shot up by 3,742 percent to N7.1 billion. Meanwhile financial performance of Nigeria Security Printing and Minting Company (NSPM) or The Mint, improved during the year as its losses dropped by 94 percent to N345 million in 2015. This was disclosed by the Central Bank of Nigeria (CBN) in its Consolidated and Separate Financial Statements for the year ended 2015 released last week.

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Bribe

Ineffective laws fuel impunity by businesses, multinationals – CPC boss

The Director-General of the Consumer Protection Council, Mrs. Dupe Atoki yesterday blamed the ineffective use of the Council’s enabling legislation on the flagrant display of impunity by businesses and multinationals in the country. Atoki while addressing members of the Nigerian Bar Association (NBA) at the mentorship and business development programme in Abuja said the council was able to reduce the level of consumer abuse and in curbing the excesses of business owners and multinationals with the prosecutory powers of the Council’s Act.

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File: An-estate-in-Abuja

FG commits N44bn to social housing

The federal government has committed N44 billion to the development of social housing in the 2016 budget, in fulfilment of its proposed plan to build one million housing units across the country yearly. Prof. Mohammed Al-Amin, Managing Director of Federal Housing Authority (FHA), disclosed this when he visited the Turkish Embassy in Abuja, as a follow-up to the recent visit by Turkish President Tayyip Erdogan to President Muhammadu Buhari.

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