NIPC Meets Diplomats Over Foreign Direct Investment

InvestmentThe Nigerian Investment Promotion Commission says the current security challenge in the country would not affect the drive of the commission to attract more investors into the country.

The Executive Secretary of the Commission, Ms Saratu Umar, disclosed this in Abuja during an interactive session with members of the diplomatic community.

She said that rather than witnessing decline in the level of investments coming into the country, statistics have shown that for the second year running, Nigeria still remained the preferred investment destination in the continent of Africa.

She said that the commission would work with the diplomatic community to attract fresh investments into the country in key sectors of the economy.

This, according to her, would help promote enterprise, reduce unemployment and improve the well being of Nigeria in the face of declining oil prices.

The Nigerian Investment Promotion Commission is a Federal Government Agency in Nigeria, established to encourage, promote, and coordinate investments in Nigeria.

The Agency provides services for the grant of business entry permits, licenses, authorizations and incentives in a One-Stop-Shop environment. The services are provided in a co-ordinated, streamlined, efficient and transparent manner to meet the needs of investors.

Union Bank posts N122 billion 2011 loss

Union Bank of Nigeria on Tuesday posted a 2011 pre-tax loss of N122 billion ($750 million), compared with a profit of N36.5 billion a year ago, it said in a filing with the stock exchange, giving no reason for the loss.

Gross earnings at the lender fell 38 percent to N80.7 billion, it said, while net assets recovered to N196 billion during the period, from a loss of N115.8 billion last year.

A large chunk of the losses are likely to be due to write downs of bad debts left over from a 2008/9 banking crisis.

Shares in the lender shed 4.35 percent to N3.72 on the news, almost the maximum 5 percent swing allowed, and underperforming the broader index, which gained 0.55 percent to hit 21,690 points.

Union Bank last year sold a 60 percent stake in itself to a group of institutional investors led by African Capital Alliance private equity for $750 million to help it recapitalise.

It was one of nine lenders that the central bank bailed out to the tune of $4 billion in 2009, after it judged they were dangerously undercapitalised.