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Business News

NETCO, an NNPC subsidiary, records an impressive profit for FY 2018

The National Engineering and Technical Company Limited (NETCO), a subsidiary of the  Nigerian National Petroleum Corporation (NNPC), has declared the sum of N6.75 billion as profit before tax for the year ended 31st December 2018.

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NETCO

The National Engineering and Technical Company Limited (NETCO), a subsidiary of the  Nigerian National Petroleum Corporation (NNPC), has declared the sum of N6.75 billion as profit before tax for the year ended 31st December 2018.

The disclosure was made by the Board Chairman, Mallam Bello Rabiu during the company’s 29th Annual General Meeting (AGM) which held on Tuesday in Abuja. According to Rabiu, NETCO has made the NNPC proud with the impressive performance recorded in the full year 2018.

A Breakdown of the Results: Speaking further, Bello disclosed that NETCO was able to record total profit of N6.758 billion before tax, representing a 107% increase from the N3.26 billion recorded in the year 2017. The profit after also tax stood at N4.597 billion compared to N2.483 recorded in 2017. He said the company was able to actualise this feat despite all the economic challenges the country faced during the year under review.

In the same vein, the Chief Operating Officer of the company added that the operating profit of the company rose by about N2.68 billion, a 130% increase from N2.07 billion recorded in 2017 to N4.75 billion as at year ended December 2018.

Factors that Encouraged Growth: The Chairman attributed the quantum leap performance to the major projects (the Mobil Producing Nigeria Limited Major Integrity Projects (MIPs) EPC m2 and the Nigerian Petroleum Development Company (NPDC) FPSO Mystras Operations & Maintenance Contract) the company undertook within the period under review.

According to Rabiu, profitability was made possible through the enforcement of a cost-reduction measure which was put in place. More so, the doggedness of the management and staff during the period under review also contributed to the positive performance.

The success was also made possible through the sustained efforts on the part of the company to leverage on the continued strong support of the Shareholders and the Group Managing Director of the NNPC in particular which led to the award of some big-ticket projects“.

Also speaking at the event was the Company’s Managing Director, Engr. Mustapha Yakubu, who said that: “NETCO as a technical and engineering company, was focused on the attainment of the desired level of competitiveness to place it at par with other global companies in the sector.”

Meanwhile, the NNPC subsidiary has announced the sum of N1.50 billion as dividends to its shareholders at the AGM. The dividends is a 100% increase from the N750 million declared in 2017.

Charles Abuede is a graduate of Economics and Statistics from the University of Benin. He has worked as a business correspondent at Voidant Wireless Service (Pryde TV) and Entrepreneurs.ng. He is currently a Research Analyst at Nairametrics. You can reach him on [email protected] or @CharlesAbuede on LinkedIn and @AbuedeCharles on twitter.

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-coloured trading app known for allowing local-based Nigerians invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo: It is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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Obituaries

Supreme Court Judge, Sylvester Ngwuta reported dead

Justice Sylvester Ngwuta, has been reported dead.

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A Supreme Court Judge, Justice Sylvester Ngwuta, has been reported dead.

He was said to have died in the early morning of Sunday, March 7, 2021, in his sleep at his official residence in Abuja at almost 70 years.

According to a report from the News Agency of Nigeria (NAN), Justice Ngwuta who is from Amofia-Ukawu, Onicha Local Government Area of Ebonyi State, was said to be getting set for his retirement from the Supreme Court on March 30, 2021, upon attainment of the mandatory retirement age.

READ ALSO: The Supreme Court never ordered AMCON to pay Bi-Courtney N132bn

What you should know

  • It can be recalled that Justice Ngwuta was arraigned before the Federal High Court in Abuja in 2017 over money laundering and passport charges after large sums of money were discovered in his residence following a raid by security officials
  • He started his private legal practice at Abakaliki in July 1978 to October 1995, from where he was appointed a judge of the High Court Abia in October 1995 and then promoted to the Court of Appeal on May 22, 2003, was finally sworn-in as Justice of the Supreme Court of Nigeria in May 2011.
  • He was the chairman of a judicial panel of inquiry into the Obegu Enyibichirikwo Disturbance 1997-1998 and has been a member of several Election Petition Tribunal, Governship and legislative House Election Petition Tribunal; Nasarawa State held at Lafia in February 1999, National Assembly Election Petition Tribunal Plateau State held at Jos in April 1999, among others.

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