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Ex-CBN Gov. Emefiele To Forfeit $4.7m, N830m, Others To FG
~1.2 mins read

The Federal High Court sitting in Ikoyi, Lagos has granted the interim forfeiture of $4,719,054, N830,875,611, and other assets linked to the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

The order was issued on Friday, May 24, by Justice Yellim Bogoro after an ex-parte motion by the Economic and Financial Crimes Commission (EFCC).

Bilkisu Buhari, counsel to the anti-graft agency, filed the ex parte application for the forfeiture.

The funds that have been forfeited to the federal government in the interim are said to be domiciled in First Bank; Titan Bank and Zenith Bank, being operated by Omoile Anita Joy; Deep Blue Energy Service Limited; Exactquote Bureau De Change Ltd; Lipam Investment Services Limited; Tatler Services Limited; Rosajul Global Resources Ltd and TIL Communication Nigeria Ltd.

The properties include 94 Units of an 11-floor building under Construction at 2, Otunba Elegushi 2nd Avenue Road, Ikoyi, Lagos; AM Plaza, 11-floor office space, situate on 1E, Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos; Imore Industrial Park 1, Esa Street, Imoore Land purchased with (Deep Bive Industrial Town, Oriade LCDA, Amuwo Odofin LGA, Lagos; Mitrewood and Tatler Warehouse (Furniture Plant at Bogije) near Elemoro Lagos, Owolomi Village, Ibeju-Lekki LGA, Lagos and two properties purchased from Chevron Nigeria, Closed PFA Fund, block b lot twin completed property in Lakes Estate. Lekki, Lagos.

Others are one plot measuring 1,038.069 sqm, at Lekki Foreshore Estate Scheme, Block A, Plot 4, Foreshore Estate, Eti-Osa, LGA; Estate located at 100, Cottonwood Coppel Texas Drive, Coppel, Texas, Owned by Lipam investment Services; a Land at 1, Bunmi Owulude Street, (Maruwa), Lekki Phase 1, Lagos and a property situate on 8, Bayo Kuku Road, lkoyi, Lagos.

Emefiele is currently facing multiple trials over alleged ab¥se of office, unauthorised printing of the naira, and procurement fr@ud.

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Investopedia
Meta, T-Mobile And Disney Boosted US Dividend Growth In First Quarter
~1.4 mins read

That's how much dividend payouts by U.S. companies grew in the first quarter of the year.

Dividend growth accelerated in the first quarter to a record $164.3 billion, propelled by distributions from companies such as Meta (META), Walt Disney & Co. (DIS), and T-Mobile (TMUS), according to a recent Janus Henderson Global Dividend Index report. And that's not including any special or one-time payout announcements.

If you take into account events such as Costco's (COST) distribution of profits from strong quarterly sales to shareholders, and Ford Motor's (F) one-off 18 cents boost to shareholders in Q1, first quarter dividends grew by almost 7.9%.

While 97% of U.S. companies increased their dividend payments, or held them steady in the first quarter, according to Janus Henderson, a few companies led the charge for dividend growth.

Meta was the biggest contributor to the overall number with its first-ever dividend. The company paid out $1.1 billion per quarter, which was only a fifth of its share repurchase program, but enough to add two-thirds of a percentage point to U.S. dividend growth for the quarter.

Communications firm T-Mobile also made a first-ever dividend payment in December and followed it with another in Q1, adding roughly half a percentage point to the quarterly growth. Walt Disney & Co. finally bounced back from its pandemic malaise with a return to dividend payments in Q1, helped by a surprise profit in its streaming division.

Novartis (NVS), Microsoft (MSFT), Costco, Apple (AAPL), and Novo Nordisk (NVO) feature among the world's biggest dividend paying companies for the first quarter of the year.

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Instablog9ja
Minister Of Women Affairs Makes U-turn, Backs Niger Mass Wedding Of 100 Niger Orphans With Donations
~1.2 mins read

The Minister of Women Affairs, Uju Kennedy-Ohanenye, has backed the mass wedding of 100 female orphans in Niger State, days after she vehemently opposed to it.

The minister’s aide, Adaji Usman, in a statement on Thursday, May 23, said she is giving out scholarships and various gift items to the 100 brides whose wedding is today, March 24.

Recall that the minister had previously opposed the decision of the speaker of the Niger House of Assembly, Abdulmalik Sarkindaji, who agreed to sponsor the wedding on the grounds of violation of the Child Rights Act.

However, according to the minister, the media were to be blamed for escalating the initial controversy surrounding the marriage of the 100 orphans, saying, “I did not intend to stop the marriage but to be sure if the girls are of marriageable age and were not being forced into it.

Every parent will want to marry out her wards if they attain the right age for marriage. The initial opposition to the planned marriage was misunderstood, hence the media war between my office and the speaker’s.”

Kennedy-Ohanenye commended Mr Sarkindaji and promised that the girls would be closely monitored in their various husbands’ houses so that the empowerment scheme’s objectives would not be defeated.

Meanwhile, Kennedy-Ohanenye’s donations included scholarships and other items, such as wrappers and foodstuffs, which will be given to 100 brides at the palace of the Emir of Kontagora, Mohammed Muazu.

She also ordered the opening of bank accounts for each of the 100 prospective brides, into which they will deposit a stipend to be used over the next six months while they settle into their husbands’ homes.

 

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Investopedia
Nvidia Supplier TSMC Says Semiconductor Industry Sales Could Grow 10% Amid AI Boom
~1.0 mins read

Nvidia (NVDA) and Apple (AAPL) supplier TSMC (TSM) said Thursday it sees big sales gains for the industry because of soaring demand for artificial intelligence (AI) products.

The chipmaker's American depositary receipts (ADRs) climbed 0.6% to a record high of $157.09 Thursday following the news. They've gained about 51% since the start of the year.

TSMC Senior Vice President Cliff Hou reportedly said at an event at the company's headquarters in Hsinchu, Taiwan Thursday that TSMC anticipates 10% annual revenue growth for the global semiconductor industry, excluding memory chips. He added that the firm is seeing strong AI server demand, up about 2.5 times from last year.

Hou called this “a new golden age of opportunity with AI.”

Hou noted that the industry could also get a boost from a mild recovery in demand for smartphones and PCs, which had slumped because of too much inventory. 

Hou said revenue for the foundry sector, which TSMC dominates, could expand at an annual rate of 15% to 20%.

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Instablog9ja
Days After Getting Married, Media Personality Sarki Laments High Cost Of Living
~0.2 mins read

Days after getting married, media personality Sarki has lamented the high cost of living.

He said please don’t get married in this economy if you’re earning less than N100k a month. It’s not advisable. You spend money every single day. The bills are endless.

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Investopedia
North Face Parent VF Reports Loss As Sales Miss Estimates On Weak Demand
~1.3 mins read

Shares of VF Corp. (VFC) fell to their lowest level in more than 15 years Thursday after the apparel company posted an unexpected loss per share for its fiscal fourth quarter and missed sales estimates on weak demand. The company also named a new chief financial officer (CFO).

The parent of North Face, Vans, and other apparel brands reported a fiscal 2024 fourth-quarter adjusted loss of 32 cents, while analysts had expected a small gain. Revenue slumped 13% to $2.37 billion, also short of forecasts.

Sales at North Face, its biggest moneymaker, were down 5% year-over-year to $814.3 million on U.S. wholesale weakness. Vans sales plunged 26% to $631.2 million, which the company said was consistent with the previous quarter and included “the additional impact from deliberate actions to further right-size inventories in the wholesale channel.” Sales at Timberland and Dickies declined 14% and 15%, respectively.

Gross margin tumbled 120 basis points (bps) to 48.4%, dragged down by “reset actions” and ongoing promotions.

Chief Executive Officer (CEO) Bracken Darrell said VF made progress last quarter in its turnaround efforts, noting that it continued to reduce inventory, and has been "rebuilding the leadership team.” That included the appointment Wednesday of former Spotify Technology (SPOT) CFO Paul Vogel to be VF's finance chief, starting in July. He replaces Matt Puckett, who had announced in February he would be stepping down. 

VF shares have lost more than a third of their value this year. They traded 4.6% lower at $11.76 at 3:45 p.m. ET Thursday.

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