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Buhari: Nigerians Notorious for Cutting Corners

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Muhammadu-Buhari
  • Buhari: Nigerians Notorious for Cutting Corners

President Muhammadu Buhari yesterday in Abuja described Nigerians as a group of people that is notorious for cutting corners and unaccountable public life.

The president made this remark while receiving asset declaration forms in the State House from the Code of Conduct Bureau (CCB) ahead of his inauguration tomorrow for a second term in office.

He thanked the CCB team led by its Chairman, Prof. Mohammed Isa, for leading an institution which he said was at the vanguard of the fight against corruption in accordance with the principle of his administration to promote accountability.

Buhari promised to fill the form quickly and submit it to the agency with the instruction that the bureau should keep his forms very well when returned, saying he knew that some people who believe that they should not be questioned but are being questioned would move against him after leaving office in 2023.

While thanking the three-member team for accepting to serve in the agency, Buhari said CCB’s existence was vital because the country depends on its assistance in the fight against corruption as his government strives to showcase Nigeria to the world as an accountable country.

“I am very pleased; I think I am meeting you for the first time since your appointment. I have never met you before. I thank you for accepting to be in this very important institution and I thank you very much for serving me my forms which I must fill constitutionally before my second term of office.

“I think we cannot over emphasise the importance of your office because Nigerians are notorious for shortcut in service and public responsibilities and we are trying to impress our nation and the world that this administration is based on accountability.

“It is only institutions like you that will bail us out from the efforts that we have been making to make sure that people in public office do not abuse that public office and that those who come in and those that are leaving in certain positions should make sure that they hold the integrity of the office and of the country generally.

“I am very pleased that you are here. I assure you, I will quickly fill this form and dispatch it back to you so that at the end of 2023, I believe there are a lot of people that will like to take it back on me.

“So, please, make sure you keep it safely because there are people who believe they shouldn’t be questioned and some of them are already in trouble. I expect them to fight back and this is one of the instruments. So, I hope you will keep it when I finish. Thank you very much indeed.”

Earlier, the chairman of the bureau, Isa, said they were in the State House to present the forms to both the president and Vice-President Yemi Osinbajo in accordance with the provision of the constitution that public officers should declare their assets at the beginning and end of their tenures.

Isa who congratulated the president on his re-election, also thanked him for his appointment, assuring him that the bureau would do its work with every sense of honesty.

“We first have to start by expressing our sincere gratitude to Mr. President for finding us worthy of being appointed to head this very important and sensitive agency as a pioneer anti-corruption institution. Mr. President, we are very much grateful for this honour done to us and we want to assure you that we will do our work with every sense of honesty.

“Secondly, we want to congratulate you for winning the 2019 general election and for the inauguration that is forthcoming on 29, May.

Mr. President, as part of the constitutional requirements, there is need for every public officer – president, vice-president, minister, members of the National Assembly to swear on his assets declaration and liabilities in compliance with paragraph 11 sub one of the Part one of Fifth Schedule to the Constitution.

“Mr. President, it is in view of this we found it pertinent to present ourselves and also present forms to Mr. President and the vice-president for end of tenure and beginning of new tenure in office. The forms are readily here with us for presentation.”

Isa was accompanied to the meeting by his colleagues – Murtala Kankia and Dr. Emmanuel Attah.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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MicroStrategy Rally Crushes Short Sellers, Wiping Out $1.92 Billion

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MicroStrategy- Investors King

Short sellers betting against MicroStrategy found themselves facing significant losses as the company’s rally wiped out $1.92 billion since March.

This development comes amidst a rally that has seen MicroStrategy’s stock outperform bitcoin, causing a considerable hit to those who had taken a bearish stance on the tech firm.

According to data from S3 Partners, short sellers have been on the losing end since March, as MicroStrategy’s stock surged, highlighting the impact of the rally on those betting against the company’s success.

This loss underscores the challenges faced by short sellers in a market where certain stocks experience rapid and unexpected price increases.

The rally in MicroStrategy’s stock is attributed to several factors, including the approval of several spot bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) earlier in the year.

This move by the SEC brought bitcoin, a once-nascent asset class, closer to the mainstream and fueled investor interest in companies like MicroStrategy, known for their significant holdings of the cryptocurrency.

MicroStrategy, which held nearly 190,000 bitcoin on its balance sheet as of the end of 2023, has indicated its intention to continue increasing its exposure to the digital currency.

The company’s decision to sell convertible debt to raise money for additional bitcoin purchases further bolstered investor confidence and contributed to the stock’s rally.

Analysts at BTIG noted that the premium for MicroStrategy’s stock reflects investors’ desire to gain exposure to bitcoin indirectly, especially those who may not have the means to invest directly in the cryptocurrency or ETFs.

The company’s ability to raise capital for bitcoin purchases is seen as a positive sign for shareholders, adding to the optimism surrounding its stock.

However, despite the recent rally and optimism surrounding MicroStrategy, the crypto industry as a whole continues to be heavily shorted.

Short interest in nine of the most-watched companies in the crypto space remains high, standing at 16.73% of the total number of outstanding shares, more than three times the average in the United States.

Moreover, concerns persist regarding the SEC’s stance on cryptocurrencies, with some experts suggesting that the approval of spot bitcoin ETFs may not necessarily indicate a broader acceptance of other similar products, such as spot ethereum ETFs.

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Geregu Power Plc Announces N14.46bn Profit in Q1 2024

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Geregu Power Plc

Geregu Power Plc has announced a profit of N14.46 billion for the first quarter (Q1) of 2024.

This represents a 307% increase when compared to the same period last year.

The power-generating company, known for its pivotal role in Nigeria’s energy sector, disclosed its outstanding financial results in its interim financial statement filed with the Nigerian Exchange Limited on Tuesday.

This disclosure comes shortly after the firm’s Deputy Chief Executive, Julius Omodayo-Owotuga, hinted at the promising financial outlook during the company’s recent annual general meeting held in Lagos.

According to the interim report, Geregu Power Plc’s revenue surged to N50.42 billion in the first quarter of 2024, representing an increase of 254.37% year-on-year appreciation.

The company’s net finance income transitioned from a negative position to N133.61 million. This positive momentum was supported by a moderation in finance costs, which decreased from N3.141 billion to N2.29 billion as of March 2024.

Speaking to stakeholders at the recent annual general meeting, Femi Otedola, Chairman of Geregu Power, expressed satisfaction with the company’s exceptional financial performance in 2023.

Otedola highlighted the board’s decision to propose a dividend distribution of N8 per share for the 2023 financial year as a testament to their commitment to rewarding shareholders and confidence in the company’s future prospects.

The robust financial results for the first quarter of 2024 further solidify Geregu Power’s position as a leading player in Nigeria’s energy landscape.

The company’s commitment to operational excellence, strategic investments, and adherence to international standards, such as obtaining ISO 9001 and 14001 certifications from the Standard Organisation of Nigeria, underscores its dedication to driving sustainable growth and value creation.

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Guaranty Trust Holding Company Plc Records N609.3bn Profit Before Tax in 2023

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GTCO Commemorates Listing on Nigerian Exchange - Investors King

Guaranty Trust Holding Company Plc (GTCO) has announced a strong profit before tax (PBT) of N609.3 billion for the 2023 financial year.

This represents an increase of 184.5 percent when compared to the previous year.

The audited consolidated and separate financial statements filed with the Nigerian Exchange Group and London Stock Exchange on Monday revealed market capitalization exceeded N1 trillion on the NGX to further solidify GTCO’s position as one of the top financial holding companies in Nigeria.

During the period under review, the group’s post-tax profit rose by 218.99 percent to N539.65 billion from N169.17 billion in 2022.

Key indicators such as loans and advances increased by 31.5 percent to N2.48 trillion, while deposits grew by 63.7 percent to N7.55 trillion.

The group’s total assets and shareholders’ funds closed at N9.7 trillion and N1.5 trillion, respectively.

Despite the challenging economic environment, GTCO maintained a strong capital adequacy ratio of 21.9 percent.

Also, the group sustained asset quality, with IFRS 9 Stage 3 loans improving to 4.2 percent in December 2023 from 5.2 percent in the same period of the prior year.

However, the cost of risk experienced an uptick, rising to 4.5 percent from 0.6 percent in December 2022, largely due to worsening macroeconomic factors.

Despite these challenges, GTCO’s pre-tax return on equity stood at 50.6 percent, while pre-tax return on assets was 7.6 percent. The cost-to-income ratio remained favorable at 29.1 percent.

Commenting on the financial results, Mr. Segun Agbaje, the Group Chief Executive Officer of GTCO, expressed satisfaction with the company’s performance amidst a challenging operating environment.

He attributed the strong performance to the successful implementation of the group’s business model across banking and non-banking business verticals.

“Also important to our success is our relentless obsession with innovation and offering great customer experiences as demonstrated by the successful redesign and upgrade of our mobile banking application, GTWorld,” he stated.

“In a landscape characterised by evolving regulatory reforms, global uncertainties, and heightened competition, we have continued to leverage our inherent strengths and capabilities to unlock significant value, creating more opportunities for the businesses and individuals we serve.

In line with its commitment to shareholders, GTCO announced a final dividend of N2.70k, bringing the total dividend for 2023 to N3.20k.

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