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FAAC Allocates N655bn to FG, States, LGs



  • FAAC Allocates N655bn to FG, States, LGs

The Federation Account Allocation Committee on Tuesday distributed the sum of N655.17bn to the three tiers of government as statutory allocation for the month of December 2017.

The Minister of Finance, Mrs. Kemi Adeosun, who presided over the meeting that lasted for over four hours, confirmed the amount while briefing journalists in Abuja.

The N655.17bn shared for December was N45.7bn higher than the N609.9bn allocated in November.

Giving a breakdown of the statutory distribution, Adeosun said after deducting costs of collection to the Nigeria Customs Service and the Federal Inland Revenue Services, the Federal Government got N252.54bn; the 36 states, N128.09bn; while the 774 local government councils got N98.75bn.

In addition, the minister said the sum of N47.73bn was given to the oil producing states based on the 13 per cent derivation principle.

In terms of Value Added Tax receipts, she noted that after making statutory deductions to the FIRS, the three tiers of government shared N80.60bn, with the Federal Government receiving N13.09bn; state governments, N40.30bn; and local governments, N28.21bn.

She put the gross revenue generated during the period at N540.44bn, adding that this was lower than the N549.53bn received in the previous month by N9.08bn.

The finance minister also disclosed that the accruals into the Excess Crude Account remained at $2.31bn.

Also speaking after the meeting, the Chairman of Finance Commissioners’ Forum, Alhaji Mahmoud Yunusa, said many state governments had keyed into the efficiency unit initiative of the Federal Government aimed at reducing the high cost of governance.

Yunusa, who is the Commissioner for Finance, Adamawa State, stated that many state governments had embarked on cost-cutting measures so as to have revenue to implement capital projects.

This, he added, was in line with the Federal Government’s fiscal sustainability plan, which the states signed on to early last year.

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


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




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:, complete and submit to the Registrar or their respective Banks.

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Banking Sector

Dennis Olisa Invests N53.6 Million in Zenith Bank



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

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Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth



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.

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