The Managing Director of Kano State Investment and Property Limited (KSIP) revealed that the company made as much as N60 million in profits from trading in the stock market in 2020 despite the impact of COVID-19 on the economy.
Its Managing Director/Chief Executive Officer, Dr. Jibrilla Mohammed, who revealed this yesterday at the company’s award ceremony for its staff, said KSIP, a development finance company wholly owned by the government of Kano State, is the only company trading within its premises and this assisted in the success it recorded.
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Mohammed revealed that when he took over in 2016, there was less than N20m in its account, which was obtained from sales of shares and note enough for three months salaries. He however raised it to N250m from sales of the state’s properties in Abuja and in Kano.
He said four abandoned Kano state properties in Kaduna were also recovered and sold and the money was invested into building 360 units of houses in Gurjiya which have all been sold out.
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