Connect with us

Finance

CBN’s Power, Airline Interventions Hit N277 Billion

Published

on

CBN
  • CBN’s Power, Airline Interventions Hit N277 Billion

Development interventions by the Central Bank of Nigeria (CBN) in the power and aviation sectors have reached N277.4 billion cumulatively between September 2016 till June 2017, with repayments by the operators trailing progressively.

The programme, under CBN’s Power and Airline Intervention Fund (PAIF) has supported 59 projects in both sectors in efforts to keep them afloat amid harsh economic situation and threats to jobs.

Correspondingly, about N106.13 billion has so far been repaid cumulatively, with consistent and slight increments in the volume of repayments per quarter since September 2016 to June 2017.

A further analysis of the figures from CBN data on the level of repayments in both sectors shows responsiveness on the part of the borrowers, as well as relative return of stability in activities, which continue to boost their revenues in meeting the obligations.

Specifically, of the 16 projects supported under the scheme in aviation sector, worth N120.76 billion, representing 43.5 per cent of the total interventions in both sectors, N55.8 billion has been repaid, while 43 power projects, worth N156.64 billion representing 56.5 per cent of the total intervention, has been repaid as well.

Similarly, the apex bank’s Agricultural Credit Guarantee Scheme (ACGS) has refunded farmers about N105.4 million from January to June 2017, under its Interest Drawback Programme (IDP).

IDP is an innovation under ACGS, instituted to encourage loan repayment by providing a post payment rebate to loan beneficiaries that honour their loan repayment schedules, coupled with the fact that it also presents a reduced effective lending rate for loans under the scheme.

CBN has expended about N1.1 billion from 2014 to June 2017, under the IDP, as a way to encourage borrowings by farmers and repayment of the loans in efforts to support agriculture and related value chains.

In 2014, N323.1 million was repaid to farmers in 29,011 claims; 2015, N394.8 million, made up of 31,142 claims; 2016, N265.9 million, in 25,035 claims; and so far in 2017, N105.4 million in 13,102 claims.

In May 2017 alone, a total of N424.6 million was guaranteed to 4,029 farmers under the ACGS, representing a decline of 9.6 per cent and 24.4 per cent below the levels in April 2017, and the corresponding period of 2016, respectively, CBN’s Economic Report noted.

Sub-sectoral analysis showed that the food crops received the largest share of N226.1 million (53.3 per cent) guaranteed to 2,699 beneficiaries, livestock got N62.2 million (14.7 per cent) guaranteed to 282 beneficiaries, while cash crops sub-sector received N44.4 million (10.5 per cent) guaranteed to 221 beneficiaries.

The mixed crops received N42.2 million (9.9 per cent) guaranteed to 597 beneficiaries while N38.3 million (9.0 per cent) was guaranteed to 137 beneficiaries, in the fisheries subsector, ‘others’ had N11.2 million (2.6 per cent) guaranteed to 93 beneficiaries.

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

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

Published

on

Nestle

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

Nestle Nigeria, a leading food and beverage company, has declared a final dividend of N35.50k per 50 kobo ordinary share for the year ended December 31, 2020.

The beverage company said N24.50k of the amount declared was from the after-tax profit of 2020 and N5 and N6 were from the after-tax retained earnings of the years ended December 2019 and 2018, respectively.

Nestle Nigeria stated that the amount declared is subject to appropriate withholding tax and approval at the Annual General Meeting of shareholders.

It also noted that payment will be made only to shareholders whose names appear in the Register of Members as at the close of business on 21 May 2021.

Dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 21 May 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on their website: www.gtlregistrars.com, complete and submit to the Registrar or their respective Banks.

Continue Reading

Banking Sector

Dennis Olisa Invests N53.6 Million in Zenith Bank

Published

on

Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million

Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.

The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.

Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.

He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.

On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.

Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.

Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.

He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc

Continue Reading

Finance

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

Published

on

Godwin Emefile

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

The Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged to adopt accommodative monetary policy stance in 2021 in order to support economic growth in the country.

Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.

The theme of the summit is: “How to Overcome the Pitfalls of Recession.”

Nigeria’s economy recently came out of recession, according to the Gross Domestic Product report for fourth quarter 2020 released by the National Bureau of Statistics.

Owing to the slump GDP growth of 0.11 per cent that lifted the economy out of recession, Emefiele said it was imperative that, “we do all we can in 2021 and beyond to ensure that we build on the positive momentum and strengthen our efforts at stimulating growth.”

He expressed optimism that with the discovery and deployment of vaccines worldwide, 2021 would be a year of massive global recovery and Nigeria must not be left out.

“The banks CEOs are here, whether by moral suasion or by force, they will have to participate in this journey. In order to drive and sustain this recovery therefore, we need to sustain the accommodative fiscal and monetary policy measures aimed at improving access to finance for households and businesses.

“Secondly, we must prevent a resurgence in Covid-19 related cases. Thirdly, we must ensure that a significant number of our population is significantly vaccinated and also improve foreign exchange inflows into our country,” he added.

Continue Reading

Trending