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Business News

FBN Holdings declares a Profit after Tax of N25.7 billion in Q1 2020

First Bank Nigeria Holdings announced its unaudited results for the three months that ended on 31st March 2020, it made N104.9 billion from interest income

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FBN holdings plc, First Bank

FBN Holdings Plc has announced its unaudited results for the three months that ended on 31st March 2020.

Interest income: it made N104.9 billion from interest income, lower than N109.5 billion in the same period of 2019.

Post Tax profit: It also announced a post-tax profit of N25.7 billion as against N15.7 billion recorded in the first three months of 2019.

Operating Expenses: The company had operating expenses of N41.9 billion, compared to N38.9 billion recorded in the same period of 2019.

(READ MORE: Official: FBN Holdings (First Bank) Will Pay N1 As Dividend For FY 2012)

Operating Income: Operating income for the 1st quarter of 2020 was N471 million in comparison with N671 million in Q1 2019.

FirstBank celebrates 2019 Customer Service Week, underscores the impact of Customer Service through Its 125 years, First Bank Holdings declares a Profit after Tax of N26 billion in Q1 2020

Pretax Profit: The unaudited financial results showed FBN holding made a pre-tax profit of N28.7 billion compared with N17.8 billion achieved in the same period of 2019.

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Interest Expenses: interest expense in the period was N44.7 billion as against N37.9 billion in the same period of 2019.

Net Interest Income: In addition, the company had a net interest income of about N60 billion in comparison to N72 billion in the same period of 2019.

FBN Holdings Plc is the non-operating financial holding company of one of the largest banking and financial services organizations in Africa. The bank and the non-bank subsidiaries of the holding company operating in Nigeria, as well as through overseas branches, subsidiaries and representative offices. 

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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    Billionaire Watch

    How young Elon Musk started and sold 3 businesses for $1.9bn before Tesla

    We look at the 3 successful businesses Elon Musk founded and sold for a collective $1.9bn before starting Tesla.

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    Elon Musk needs $20 billion wealth gain to clinch world's richest man title

    Success is never an accident. It is most times the result of many years of hard work and consistent effort. Elon Musk is popular today for his electric car company Tesla and his space project SPACE X. But long before these, he was already a multi-millionaire and had founded 3 successful companies which he sold for a collective $1.9bn.

    The purpose of this article is to paint a clear picture of what it takes to be among the top 1% of any field. It takes years of consistent hard work to get there. Elon Musk is the perfect example of an individual with a very strong work ethic. His story below will prove that to you.

    This article will briefly look at the 3 successful businesses Elon Musk founded and sold for a collective $1.9bn before starting Tesla. Let’s go!

    READ: Blue Origin Vs Space X: Bezos and Musk’s subtle battle for supremacy

    Blaster ($500)

    A 12-year-old Elon Musk facing bullying in high school and a not so friendly dad taught himself how to code. According to the Inc. Magazine, he mastered BASIC a general-purpose coding language making use of a commodore PC he acquired himself. He later that year, sold the code for his PC game Blastar to a PC magazine for approximately $500.

    This was his first business endeavour which he started and sold.

    READ: Tesla investor sues Elon Musk for causing problems with his tweets

    ZIP 2 ($340m)

    After the sale of Blastar for $500, Elon Musk and his brother Kimbal took a $28,000 seed money from their dad and started another internet venture, Zip 2. They rented an office and slept in it because they couldn’t afford a house.

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    Zip 2 was a web software startup that created online city guides for newspapers. The software was patronized by the New York Times and other notable media companies.
    Elon Musk and his brother Kimbal sold Zip 2 to PC giants Compaq for $340m. The year was 1999 and Elon Musk was 28 years old.

    READ: Reinvestment: The powerful strategy used by the 2 richest men in the world

    X.com/PayPal ($1.5bn)

    Elon Musk continued on his journey of starting companies and selling them. He took $10m out of his earnings from the Zip 2 deal and joined the internet boom.

    He founded x.com an online platform he envisioned to be the future of internet banking. In 2000 X.com merged with a Fintech startup, Confinity, founded by Peter Thiel, another would-be billionaire. Both companies combined to become what we know as PayPal today. Elon musk was named CEO of PayPal and had the highest number of shares in the company.
    In 2002 PayPal was acquired by eBay for a whopping $1.5bn.

    READ: Elon Musk gains $25 billion in a day, as Tesla surges by 20%

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    What you should know

    Elon Musk has often stressed the need to be consistent and have strong work ethics. In a graduation ceremony by the USC Marshall School Of Business, Elon Musk shared his opinion on work ethics according to CNBC.

    You need to work super-hard. Work hard every waking hour,” Musk said in 2014.

    “If you do the simple math, and say if somebody else is working 50 hours [a week] and you’re working 100, you’ll get twice [as much] done in the course of a year as the other company.”

    We hope this Monday article will inspire you to work harder and strive to get more work done in record time.

    Continue Reading

    Business News

    CAC sets 3-hour time line for company registration in 2021

    The CAC is prioritising the reduction of the registration circle for new companies to just 3 hours before the end of the year 2021.

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    CAC, Corporate Affairs Commission selects NIPOST as official courier partner

    The Corporate Affairs Commission (CAC) has said that following the successful deployment of an end-to-end registration module, it was now prioritising the reduction of the registration circle for new companies to just 3 hours before the end of the year 2021.

    This is coming after CAC had in November 2020, announced the implementation of new technology that will change the face of business registration including allowing customers to print their certificates with verifiable QR code from anywhere in the world.

    This disclosure was made by the Registrar-General of the commission, Garba Abubakar, at a dinner in honour of the Chairman, Governing Board, CAC and Nigerian Ambassador-Designate to the Kingdom of Spain, Ademola Seriki.

    READ: CAC to register companies within 48 hours, approve business name same day

    In order to achieve this target, the Registrar-General said the commission was making arrangements to empower over 400 approving officers with working tools to process and approve registration applications either from home or anywhere necessary,” the agency stated.

    Abubakar noted that the challenges of the Covid-19 pandemic had adversely hampered CAC’s delivery timeline.

    He, however, pointed out that CAC was resolutely committed to serving its customers despite being forced to operate with less than 50% of its workforce.

    READ:  CAC registration: 100,000 business names registered for free so far

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    While bidding farewell to Seriki, the Registrar-General said he received the news of his appointment with mixed feelings as CAC was going to miss his tremendous support and guidance.

    Also speaking at the event, the Minister of Industry, Trade and Investment, Niyi Adebayo, described the outgoing CAC Chairman as a man of immense pedigree and endowed with enormous potential to justify the confidence reposed in him by the president.

    READ: CAC re-validation: payment accreditation is one-off

    In case you missed it

    • The CAC recently announced the upgrade of its website and online registration portal to include features, which allow for the automation of some selected services and processes, in line with the Federal Government’s mandate of improving the ease of doing business in Nigeria.
    • The selected services and processes include Electronic search of company records, Upgraded Companies Registration Portal for Pre-incorporation filings and Post incorporation filings.

     

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