By Elvis Eromosele Almost everyone has stories of someone who has made or lost tons of money from sports betting. A simple internet search will throw up tons of examples. There is the story of a popular Senior GP in the UK who was jailed three years for stealing £1.1m within a space of 3 weeks due to online gambling addiction. There is a block of four flats, off Ikotun Igando Road, that the rumours indicate was built from the proceed of sports betting success. The stories, whether of gain or pain, are endless. Experts point to the increase in…
Author: Elvis Eromosele
Presco Plc (PRESCO) published its Q4-22 unaudited financials Tuesday, reporting a standalone EPS of NGN3.48 (Q4-21: NGN5.09), underpinned by a sharp uptick in net finance cost (+5736.7% y/y). For 2022FY, the EPS settled at NGN21.47 (2021FY: NGN19.32), recording an increase of 11.1 per cent. PRESCO’s revenue grew by 218.3% y/y in Q4-22 (2022FY: +75.1% y/y), driven by a sustained increase in Crude Palm Oil (CPO) production volumes. Sequentially, on a quarter-on-quarter basis, revenue grew by 136.3 per cent. Gross margin contracted by 15.74ppts to 43.6% in Q4-22 (Q4-21: 59.3%), influenced by the significant growth in the cost of sales (+341.5%…
Photo Caption: L-R: Uto Ukpanah, Company Secretary, MTN Nigeria; Ralph Mupita, MTN Group CEO & President; Temi Popoola, Chief Executive Officer, Nigerian Exchange Ltd; Dr Ernest Ndukwe (OFR), Chairman, MTN Nigeria; Kamarudeen Oladosu, Director, Nigerian Exchange Ltd; Karl Toriola, Chief Executive Officer, MTN Nigeria and Modupe Kadri, Chief Financial Officer, MTN Nigeria at the NGX Closing Gong Ceremony, which held at NGX Building, Lagos on January 31, 2023. MTN Nigeria Communications Plc (MTNN), leading telecoms services giant, has published its Q4-22 audited results showing a standalone PAT of NGN89.84 billion (Q4-21: NGN78.34 billion). Consequently, the EPS stood at NGN4.41 (+14.7%…
The Independent National Electoral Commission (INEC) has disclosed that about eight hundred thousand Permanent Voter’s Cards (PVC) are yet to be collected in Oyo State. the commission made this disclosure on Wednesday. Resident Electoral Commissioner (REC), in the state, Dr. Adeniran Tella, while speaking during a stakeholders meeting on the Mock Voters Accreditation/Verification Exercise, said that the PVCs are still in their various offices for collection. At the meeting held at the INEC office in Ibadan were heads of various security agencies in the state. Tella while speaking, said that the commission has distributed over 402, 321 PVCs in the…
The Lagos Chamber of Commerce and Industry (LCCI) has asked the Central Bank of Nigeria (CBN) to explain to the public the actual reasons for the scarcity of the new Naira notes in the system. In a statement, the Director General of the Chamber, Dr. Chinyere Almona stressed the need for the apex bank to strengthen its policy implementation capacity as this, according to her, was the minimum expectation in the face of a currency crisis in which the nation has been thrown into. She said businesses in the country are suffering the effect of the currency policy lapses. Regarding…
The Independent National Electoral Commission (INEC) says it has concluded arrangements to conduct a mock accreditation exercise in six local government areas of Lagos state on Saturday. INEC Resident Electoral Commissioner in the state, Mr Olusegun Agbaje, disclosed this in a statement issued on Wednesday in Lagos by Mrs Adenike Tadese, INEC’s Head of Department, Voter Education and Publicity. Agbaje said that the selected local government areas where the exercise would hold were Ikorodu, Somolu, Eti-Osa, Surulere, Agege and Ikeja – two LGAs from each of the three senatorial districts in the state. “This is to announce to the General…
PRESIDENT Muhammadu Buhari has charged the Ministry of Finance Incorporated (MOFI) to grow its Assets Under Management from the current value of N18 trillion to at least N100 trillion in the next 10 years. The president gave the charge at the launch of the new MOFI and inauguration of the Governing Council and Board of Directors of the body shortly before the commencement of the Federal Executive Council meeting. The president also tasked the new board to “be the clearing house for the management of Federal Government’s investments and assets in line with global best practices with a view to…
The first phase of the reconstruction and upgrading of the Eti Osa-Lekki-Epe Expressway has now been completed and delivered, with the infrastructure formally opened to vehicular traffic. Lagos State Governor, Babajide Sanwo-Olu was on Wednesday, accompanied by joyful residents to commission the 18.75-kilometre-long stretch from Eleko to Epe T-Junction, turning a two-lane rural roadway to a six-lane rigid concrete carriageway. The construction feat marked a significant improvement in the effort to redevelop the rural road, built over 40 years ago. Before reconstruction, the infrastructure was in decrepit shape due to an upsurge in average daily traffic volumes, subjecting road users…
Trans-Afam Power Ltd, a subsidiary of Transcorp Group, has announced the completion of the rehabilitation of its Afam 5 GT unit 20 Gas Turbine power generating unit. The company in a statement said the rehabilitated unit, located at Okoloma Afam, Ndoki in the Oyigbo Local Government Area of Rivers State, has been successfully commissioned and synchronised to the national grid, bringing an additional 138MW to its existing capacity. Transcorp Group had in 2013, through its power subsidiary, Transcorp Power Limited (TPL), acquired the 972MW gas-fired Ughelli Power Plant, which has since been transformed. With the acquisition of Afam Power Plc,…
The Space Exploration Technologies Corporation, SpaceX on Monday announced that it has commenced the operation of Starlink services in Nigeria, the first African country to receive such. Starlink is a satellite internet constellation operated by SpaceX launched in 2019. It provides satellite internet access coverage to about 46 countries, which is also targeting the global mobile phone service after 2023. “Starlink is now available in Nigeria – the first African country to receive service!” a tweet posted on the official page of the satellite firm read. SpaceX is an American spacecraft manufacturer, launcher, and satellite communications corporation headquartered in California. It…