There is currently tension tinged with outrage in the camp of investors and shareholders of Sterling Bank Plc led by Abubakar Suleiman, as the shares of the bank dipped drastically in the 2021 financial year.

If you invested N1 million in the bank’s shares at the beginning of the year 2021, you would have lost N281,000.00 of your investment as the its equity shed 28.10% of its value last year.

According to a

https://witnessngr.com/tension-outrage-as-sterling-bank-investors-lose-28-10-on-shares-in-one-year/

The Economic and Financial Crimes Commission, EFCC, has invited popular socialite and businessman, Obinna Iyiegbu, aka Obi Cubana over allegations of money laundering and tax fraud.

The Anambra-born tycoon who arrived the headquarters of the EFCC in Jabi Abuja

https://witnessngr.com/efcc-quizzes-billionaire-businessman-obi-cubana/

Oniwinde Adedotun, the founder of AbokiFX Limited, is currently facing probe over alleged ‘Illegal’ forex trading.

According to a report by The Cable, it was learnt on Thursday night by sources within the apex bank that Adedotun and AbokiFX Limited are currently under investigation for “illegal foreign exchange transactions”.

AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014. On Thursday, abokiFX reported that the naira was trading at 570 to the dollar at the parallel market.

An insider, familiar with the events, disclosed “unusual forex transactions” were found in his account, suggesting the promoters of the platform have been involved in illegal forex trading.

https://witnessngr.com/abokifx-ceo-adedotun-oniwinde-faces-probe-over-alleged-illegal-forex-trading/

PHOTO: Nigeria’s Sports Minister, Sunday Dare, visits Keystone Bank Management Team in Lagos

https://witnessngr.com/photo-nigerias-sports-minister-sunday-dare-visits-keystone-bank-management-team-in-lagos/

The Nigerian National Petroleum Corporation (NNPC) slashed the various fees collected by directors of the national oil company from N606 million in 2019 to N214 million in 2020, a THISDAY’s analysis of the just-released Audited Financial Statement (AFS) for 2020 has shown.

This represents a 60.2 per cent reduction in directors’ fees.

Typically, directors’ fees entail compensation for services as a member of the board of directors of the company, excluding reimbursement of expenses or other non-regular forms of compensation.

In all, the audited statement showed that in certain areas, the corporation did remarkably well in its avowed cost-cutting efforts during the year under review, while other administrative cost centres, gulped a substantial portion of the NNPC’s finances.

Following the economic downturn occasioned by the COVID-19 pandemic last year, which led to the fall in oil prices, the NNPC said it was embarking on the internal restructuring of its operations, including shaving off unnecessary spending as well as automation of its processes.

“The corporation saved a lot of cost through contract renegotiation by up to 30 per cent on the heels of the COVID-19 pandemic, introduction of technology that drastically cut travel cost through reduction in in-person meetings and the general automation of processes that enhanced efficiency across the group’s businesses,” Group Managing Director of the NNPC, Mallam Mele Kyari, said last week. He was speaking on how the NNPC made its first gain in 44 years, amounting to N287 billion in 2020.

Under general administrative expenses, although the NNPC paid N6.2 billion for rent and rates as opposed to N5 billion in 2019, it however reduced repairs and maintenance costs from N38 billion to N26.6 billion.
Security expenses were reduced from N12.6 billion in 2019 to N12.3 billion, in 2020, while directors’ fees were reduced from N606 million to N214 million, a slump of about 60 per cent.

https://witnessngr.com/nnpc-slashes-directors-fees-by-60-2-reduces-other-expenses/