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CBN Sold $1.1bn to Importers in Nov 2016

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DOLLAR CURRENCY
  • CBN Sold $1.1bn to Importers in Nov 2016

The Central Bank of Nigeria (CBN), yesterday, said that it sold $1.1billion to 4,328 firms in November with Crown Flour Mills and five fuel importers receiving the largest share.

The apex bank which revealed this in its report on foreign exchange utilisation for the month of November 2016 on its website, indicated that 20 firms received the largest share of $322.79 million, led by Crown Flour Mills which got $52.5 million through Access Bank and Coronation Merchant Bank for importation of Russian wheat.

The company was followed by five others which received $111.2 million for fuel importation. The companies are MRS Oil and Gas ($36.9 million), NIPCO Trading Company (N32.2 million), Forte Oil Plc ($13.2 million), Rahamaniyya Oil & Gas ($10.8 million), and OandO marketing Plc ($8.7 million), and A.A RANO NIG LTD ($14, 25 million).

Other companies in the top 20 categories are Watcot Limited ($24 million), C Technology Distribution ($21.2 million), British American Tobacco Limited ($19.85 million) and IHS Towers of Strength ($19.6 million). The rest include: IPI Powertech Nigeria Limited ($17.1 million), Flour Mills of Nigeria Plc ($15.64 million), Dangote Sugar Refinery ($14.79 million), Tiger Branded Consumer Goods Plc ($14.79 million), Edo Cement Company Limited ($10.3 million), Stanbic Nominees ($8.9 million) and De United Foods Plc ($7.83 million).

CBN Governor, Mr. Godwin Emefiele, Tuesday, said the apex bank would maintain its policy of setting aside 60 percent of total foreign exchange available to banks for the manufacturing sector including operators in the power sector.

Speaking in Abuja at a press briefing at the end of the meeting of the Monetary Policy Committee (MPC), he said: “The 60 per cent that has been set aside of all foreign exchange that is available to all the banks to manufacturers. We did that for a purpose because we felt that there is need to support manufacturing sector.”

There is need to ensure that foreign exchange is made available to those that will provide jobs and get the manufacturing and industrial outputs to look positive. And I am happy that the recent data released by the Nigerian Bureau of statistics has started to show that the PMI is looking upward.

“The 60 per cent that is set aside for the manufacturers, I dare say that those in the power sector also qualify for that because they are importing plants and equipment or components for their transformers and generators for their machines. I don’t mean generators that people will put in their houses and generate electricity for themselves. We will appeal to the banks to look in their directions increasingly.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Despite COVID-19, FG Realised N1.53 Trillion from Value Added Tax in 2020

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Value added tax

Despite COVID-19, FG Realised N1.53 Trillion from Value Added Tax in 2020

The Federal Government of Nigeria has started seeing the positive effect of series of policy adjustments made to up the nation’s revenue and gradually move away from unstable oil revenue.

Nigeria generated N1.53 trillion from Value Added Tax (VAT) in 2020, an increase of 29.3 percent when compared to the N1.18 trillion posted in 2019, the National Bureau of Statistics (NBS) stated in its latest report.

According to NBS, VAT rose by 38.2 percent when compared to N1.11 trillion filed in 2018.

Breaking down the report, professional services contributed N162.32 billion during the period under review, This was followed by the manufacturing sectors with N154.15 billion.

Accordingly, non-import VAT realised expanded by 30.5 percent to N763.01 billion in 2020, against N584.6 billion in 2019.

Non-import foreign VAT grew by 17 percent from N359.5 billion in 2019 to N420.4 billion in 2020.

As expected, import VAT jumped by 44,6 percent from N240.5 billion filed in 2019 to N347.7 billion in 2020.

Despite lockdown and weak economic activities, the Federal Government through a 50 percent increment in VAT from 5 percent to 7.5 percent was able to up VAT revenue by 29.3 percent.

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Julius Berger Plc Pre-tax Profit Decline by 30.7 Percent in Q4, 2020

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Julius Berger pix

Julius Berger Plc Pre-tax Profit Decline by 30.7 Percent in Q4, 2020

Julius Berger Plc posted a 30.65 percent decline in pre-tax profit to N5.12 billion for the final quarter of 2020.

In the financial statements released on Tuesday, the leading construction company, reported N74.04 billion in revenue in the fourth quarter, an increase of 2.43 percent when compared to N72.29 billion posted in the same period of 2019.

Julius Berger Key Financial Highlights Q4, 2020

  • Nigeria’s revenue expanded by 4.21 percent year-on-year to N72.30 billion.
  • While Europe & Asia revenue dipped by 40.07 percent year-on-year to N1.74 billion.
  • Similarly, revenue from building works depreciated by 56.37 percent to N10.72 billion.
  • However, revenue from civil works rose by 35.38 percent from the corresponding period to N55.8 billion.
  • Services added N7.54 billion revenue, representing an increase of 15.84 percent year-on-year.
  • Cost of sales grew by 13.19 percent year on year to N60.1 billion.
  • Julius Berger recorded other gains/losses of N83.89 million.
  • The construction company grew investment income to N142.79 million.
  • Finance costs jumped by a whopping 388.99 percent year-on-year to N1.79 billion.
  • Earnings Per Share rose by 19.76 percent year on year to N3.94.

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Board of UBA Approves Financial Statements, Dividend Payment for 2020

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UBA

Board of UBA Approves Financial Statements, Dividend Payment for 2020

The Board of United Bank for Africa Plc has approved the Group Audited Consolidated and Separate Financial Statements and final dividend for the year ended December 31, 2020.

The bank stated in a statement signed by Bili A. Odum, Group Company Secretary.

It said “Please refer to the announcement dated January 12, 2021 which notified the Nigerian Stock Exchange and the investing public of the Board Meeting of United Bank for Africa Plc.

“Please be informed that the Board of United Bank for Africa Plc at its meeting which held on Tuesday, January 26, 2021 considered and approved the Group Audited Consolidated & Separate Financial Statements for the year ended December 31, 2020 and payment of a final dividend, subject to the approval of the Central Bank of Nigeria.

“Further to the above, kindly be advised that the Nigerian Stock Exchange and the investing public would be immediately notified upon approval of the Group Audited Consolidated & Separate Financial Statements for the year ended December 31, 2020 by the Central Bank of Nigeria.”

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