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Flour Mills records 71.4% profit growth, proposes N2.62bn dividends

Flour Mills of Nigeria, FMN, Plc has reported Group profit after tax of N14.4 billion for its year ended March 31, 2016, representing 71.4 per cent growth over N8.4 billion posted in the year ended 2015. The company also recorded 49 per cent increase in its pre-tax profit to N11.5 billion from N7.7 billion a year earlier, while its revenue grew by 11 per cent from N308 billion to N342 billion during the year.

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SEC identifies dominance of foreign investors as bane of stock market

The Securities and Exchange Commission (SEC) has declared that the dominance of foreign investors is the bane of Nigeria’s stock market. The Director General, SEC, Mounir Gwarzo, who stated this said “Dominance of the market by foreign investor is one of the reasons why our market is the way it is. Although it is the pattern of the market, but this dominance is a major factor because they are the ones that come in and come out. We need to upscale the participation of the retail investors in the market and that is why we are addressing some of their concerns. Anyone you meet today and tell him to come back, the issue of unclaimed dividends is always a major problem.”

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Privatisation and the entrepreneurial revolution

In the latest Ease of Doing Business ranking from the World Bank, one country made a spectacular leap—from 143rd on the list to 67th. It was Rwanda, whose population and institutions had been decimated by genocide in the 1990s. On the World Bank list, Rwanda catapulted out of the neighbourhood of Haiti, Liberia, and the West Bank and Gaza, and sailed past Italy, the Czech Republic, Turkey, and Poland. On one sub=index in the study, the ease of opening a new business, Rwanda ranked 11th worldwide.

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CBN Governor, Mr Godwin Emefiele

CBN in dilemma as MPC holds make or mar meeting

Fire works on how best to engage a recovery strategy for the economy begins tomorrow at the Central Bank of Nigeria, CBN, as its Monetary Policy Committee, MPC, appeared stretched into further review of its positions in the light of new developments in the economic and monetary sphere last week. MPC is the highest monetary policy making organ of the CBN while CBN in turn is the economic policy adviser to the federal government. Meanwhile, all financial market segments closed at the weekend on adverse numbers, meaning the markets would be opening tomorrow on gloomy sentiments as MPC members settle down to begin deliberations.

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Zenith Bank most customer-focused bank – KPMG

ZENITH Bank Plc has been rated Nigeria’s most customer-focused bank by KPMG. In the 2016 edition of the annual banking industry Customer Satisfaction Survey recently released, Zenith topped other Nigerian banks in the Customer Satisfaction Index (CSI) with a total of 74.6 points to clinch the prime position in the retail banking category thereby re-enacting the feat it achieved in 2013 and 2014. Guaranty Trust Bank came second with 74.1 points closely followed by Diamond Bank and Stanbic IBTC with 73.5 and 73.1 points respectively.

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Govt must invest in infrastructure to drive innovation in technology— Oseni

Abiola Oseni is the CEO of Trisat communications limited, a software development company. Trisat recently launched an online platform,, to provide digital tools to simplify school management through an IT driven comprehensive school management solution. In this interview, he shared insights on Nortify and argued that integrating technology into school administration is critical to the growth and quality of education in Nigeria. Excerpts

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