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CGF Post-Tax Profits Slump By 239.76%

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16 years ago

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The bearish Nigerian Stock market has once again claimed another victim, as Coral Growth Funds’ (CGF) post-tax profits slumped 239.76 per cent from N1.16 billion in 2007 to a loss of N1.16 billion in 2008.

According to the fund’s financials report for the year-end period December 2008, the CGF’s net income before tax also slide to N1.61 billion in 2007. This represents a decrease of 238.28 per cent.

In his report, Kenneth Spuliag, managing director and Chief executive officer of Asset Management Limited (FAML), explains that the performance of the equities market during the year had a negative impact on the performance of the CGF.

Consequently, he said the offer price of the fund recorded a decline of 29.38 per cent to close the year at N1,477.19.

“In spite of decline in the fund’s performance, the fund output performance, the Nigeria Stock Exchange  (NSE) All Share Index (ASI), lost 45.77 per cent during the same period.”

CGF is an actively managed open-ended unit trust scheme that invest a maximum of 65 per cent of its assets in equity securities quoted on the NSE.

The Fund Manager further said, “Given the event in the stock market in the second quarter of the year, we had anticipated that the stock market will not record a positive performance in 2008.

“As a result, the Fund Manager embarked on a significant reduction in the funds exposed to the capital market. As at December 31, 2008, 55 per cent funds assets were invested in fixed income securities, 22 per cent was invested in banking sector of the stock market, while eight per cents was invested in other sectors of the market.”

However, in spite of the above result, the Fund declared and paid 0.723 dividend per unit holder.

Similarly, Coral Ethical Funds (CEF) recorded loss in its financial year ended December 31 2008, by losing 281.22 per cent net income after tax from N14.3 million in 2007 to N25.8 million in 2008.

Its net income before tax also went down to N25.7 million in 2008 from the N14.4 million recorded the previous year, representing 279.12 per cent decline.

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Kenyan Runners Dominate Berlin Marathons

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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1 day ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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