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NNPC, DPR to Explain Zero Collection of Revenue – AuGF

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Internal revenue
  • NNPC, DPR to Explain Zero Collection of Revenue – AuGF

The Auditor General for the Federation, Mr. Anthony Ayine, in his Annual Audit Report for 2016 has said that the Nigerian National Petroleum Corporation ( NNPC ) and the Department of Petroleum Resources (DPR) have cases to answer concerning the non-remittance of revenues for some months into the Federation Account.

According to the report, “It was observed from the CBN Components Statements that no collections were reported into the Federation Revenue Account by some revenue collecting Agencies for certain months of the year. It was not clear from available records why these months recorded no revenue collections and no explanation was provided for this.

“The Accountant-General has been requested to: Obtain an explanation from the Group Managing Director of NNPC and Director DPR for the non-collection of revenue during these relevant months. Ensure that any revenue found due for these months is remitted to the Federation Account, and evidence forwarded for audit verification.”

Ayine added that another abuse of financial regulation of the 2016 budget was found in the illegal movement of monies from two dedicated funds to purposes other than for the mandates of the funds.

He pointed out that monies were moved from the Stabilization Account for States and the Federal Government by the Presidency for the establishment of an Army Barracks and another sum as investment in the Sovereign Wealth Fund.

The two acts, according to him, apart from not being tidy on framework of recovery, are illegal. Just as another case of lending out the Ecological Funds meant to strictly check ecological challenges without records to track recovery.

“From available records, a total of N17,108,583,681.78 accrued from the Federation Account into 0.5% Stabilization Fund from January – December 2016.

“During the examination of Central Bank, Bank Statements for the year, we observed that the sum of N2,812,694,928.36 was funds released to the Nigerian Sovereign Investment Authority (NSIA), and N14,374,728,817.20 to the Federal Ministry of Defense from the Stabilization Fund.

“The Accountant-General has been requested to: Provide the authority for the Funds Invested, tenor of the investment, rate of interest payable, certificate for the funds invested and forward same for audit verification; Explain the utilization of N14,374,728,817.20 for the purpose of funding a new division contrary to the purpose for which the Fund was created; Provide evidence of refund of this sum of N17,187,423,745.56 back to the Stabilization Fund,” the report said.

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

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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.

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Banking Sector

Dennis Olisa Invests N53.6 Million in Zenith Bank

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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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Finance

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

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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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