Union alleges fraud over PHCN privatisation
CALABAR—NATIONAL Union of Electricity Employees, NUEE, has picked holes with the N200 billion valuation of Power Holding Company of Nigeria, PHCN, by the Federal Government, alleging that there was fraud in the process that led to the arrival at the figure.
FG tasked on implementation strategy for housing delivery
The federal government has been called upon to initiate implementation strategy that will lead to the actualisation of its policy to build one million houses yearly.
Abbey renames, records 39.47% dip in profit
Abbey Mortgage Bank Plc, formerly Abbey Building society, recorded a drop in profit before tax for its operations in the 2011 financial year from N1.69 billion recorded in 2010 to N1.58 billion in 2011, representing a reduction of 39.47 percent. Gross earnings also dropped by 6.51 per cent from N1.69 billion in 2010 to N1.58 billion in 2011.
FG partners Indian firm on cotton
ABUJA – Federal Government has entered into a Memorandum of Understanding, MOU, with an Indian company, West African Cotton Company Limited, WACOT, to increase cotton yield by 400,000 metric tons per year.
Cashless: Banks get $510,000 US grant for data recovery
In demonstration of its support for the Central Bank of Nigeria’s (CBN) cash-less policy, United States Trade and Development Agency (USTDA) has provided a grant of $510,000 for the establishment of a Disaster Recovery Centre (DRC) to fortify and protect e-payment transactions in the country.
Past experience places MFBs on tight spot
Microfinance Banks (MFBs) are basically known to perform financial intermediation, that is, servicing or financing the Deficit Economic Unit through the resources derived from the Surplus Economic Unit and at reduced interest rate.
