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NNPC Subsidiary Hits N1.8bn Profit in 2017, Says MD

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  • NNPC Subsidiary Hits N1.8bn Profit in 2017, Says MD

Mr. Adeyemi Adetunji, Managing Director, Nigerian National Petroleum Corporation Retail said the company made N1.8 billion profit after tax in 2017.

Adetunji disclosed this in Abuja at the 1st Triennial Delegate Conference of the PENGASSAN, Nigerian National Petroleum Corporation Retail branch.

NNPC Retail is a subsidiary of the NNPC.

He said that the total profit before tax was N3.2 billion in the year under review.

“NNPC Retail returns to the Corporation at the end of every year remains positive in 2017, we made N3.2 billion profit before tax and after tax we had N1.8 billion profit,’’ he said.

He said that the company had plans to expand to other markets in West Africa adding that it would continue to ensure effective marketing strategies.

According to him, the company will continue to target good customer services and world-class business model and performance.

“We have adopted a business model called POMP to help us to deliver on our mandate. P stands for people, without the people, we cannot run our business.

“O stands for operational excellence in supply and distribution especially on how we serve our customers While M represents Market focus and understanding the needs of customers.

“The P stands for partnership development which focuses on how to deliver values to customers,’’ he said.

Commenting on the 30 per cent market share target given to the company by the NNPC Group Managing Director, Dr Maikanti Baru, he said that the company would strive to attain that and even more.

He said that full implementation of POMP, the new business model would help to drive the achievement of the target.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Julius Berger Diversifies into Agro-processing

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Julius Berger Steps into Agro-processing to Seize Diversification Opportunity

Julius Berger, a leading construction company in Nigeria, said its board of directors has approved a diversification opportunity for the firm in agro-processing.

The approval was done at a meeting held on September 22, the company stated in a statement filed with the Nigerian Stock Exchange on Thursday.

Julius Berger said the approval would help the company capitalised on diversification opportunities in the agro-processing industry, especially with the emerging developments in Nigeria and government ongoing reforms to make the nation self-sufficient.

The statement read in part: “We would advise the exchange and the capital market that the Board of Julius Berger at its meeting held on September 22, 2020 approved a diversification opportunity for the company in agro-processing.

“The Board of Directors and the executive management of Julius Berger strongly believes that this diversification direction would support the continued success of the group in the future and align with the strategic objective of the government to stimulate value creation in Nigeria.

However, Julius Berger reiterated its commitment to maintaining and strengthening its leadership in the nation’s construction sector.

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Some Nigerians Are Charging Ship Owners Illegal $36,000 Per Month for Secure Anchorage

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Ship Owners Are Paying Illegal $36,000 Per Month for Secure Anchorage in Nigeria

Mr. Rotimi Amaechi, the Minister of Transportation, on Thursday said certain people are charging ship owners illegal $1,200 per day for secure anchorage in Nigeria.

The minister registered his displeasure with continuous patronage of illegal harbours known within the circle as secure anchorage areas.

Amaechi, who spoke at the ‘2020 World Maritime Day Celebration which held at Eko Hotel and Suites in Lagos’ said the issue was unsettling.

He said, “There is a crisis in the maritime sector. The crisis is on the issue of security.

“Today, we have a single individual partnering with the military that is collecting $1,200 to the detriment of shipping companies.

“That one individual is still managing the business with support of other institutions.”

The minister also accused stakeholders of doing nothing to these individuals, saying only the government had the right to step up secure anchorage area

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174,574 Persons Apply For COVID-19 Support Fund Within 48 Hours

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Survival Fund: 174,574 Persons Apply For COVID-19 MSME Support

More Micro Small and Medium Enterprises (MSME) has applied for Federal Government financial support under the Nigeria Economic Sustainability Plan.

According to the agency in charge of the program, within 48 hours of opening the registration portal of N75 billion National Survival Fund, a total of 174,574 applications were successfully registered for both the Guaranteed Off-take Stimulus and Survival Fund schemes.

The schemes were instituted to support businesses and individuals negatively impacted by the COVID-19 pandemic.

Mariam Katagum, Minister of State for Industry, Trade and Investment, on Thursday in Abuja said as at “8.30am this (Thursday) morning, total successful registrations stood at 174,574.”

She further stated that “the following states have the highest applications as follows, Kano, 19,895; Kaduna, 13,575; Lagos, 13,640; Katsina: 8,383; Federal Capital Territory, 8,085.

Katagum said about 138,000 applications were registered within the first 24 hours of opening the portal, these applicants created profiles and completed the first stage of registration with Kano, Kaduna and Lagos emerging as lead states.

She explained that all successful applicants were sent SMS and email verification with a list of requirements for the second stage of application which would commence on October 1, 2020.

Applicants will be required to upload details supporting their applications which will be verified and if successful, approved for disbursements,” the minister stated.

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