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FEC Approves N348.59b for Akwanga-Gombe Road



  • FEC Approves N348.59b for Akwanga-Gombe Road

The Federal Executive Council (FEC) has approved N348.59 billion for the road linking Akwanga though Jos to Gombe.

Minister of Power, Works and Housing, Babatunde Fashola briefed State House correspondents after the FEC meeting.

He was with the Special Adviser on Media and Publicity, Femi Adesina, Minister of Finance Kemi Adeosun and Minister of State for Petroleum Ibe Kachikwu.

According to Fashola, the project, which will be completed in 48 months, covers 420.6 kilometres.

He said: “FEC approved N348.594 billion contract for the construction of 420.6 kilometres Akwanga-Jos-Bauchi-Gombe road. The project scope is the expansion of the current two-lane highway into a dual carriageway.

“What is significant about it is that it completes the integration of the Northcentral with the Southeast and the Northeast.

“Council had previously approved the Abuja-Keffi Road and the Akwanga-Lafia-Makurdi Road – all in the Northcentral. In May this year, Council had also approved Nineth Mile Enugu to Makurdi road that connects the Southeast to the Northcentral.

“That completes the spine of the major movement of agro produce and other related produce. The construction period is 48 months.”

The FEC also approved N12.104 billion for ecological projects across the country.

Adesina, who said the approval covers 12 projects, listed the states for the projects as including Anambra, Lagos, Oyo, Akwa Ibom, Adamawa, Bauchi, Borno, Jigawa, Kaduna, Plateau and the Federal Capital Territory (FCT).

Kachikwu said the council approved the installation of technology monitoring schemes and structures under Petroleum Equalisation Fund (PEF) at N17 billion.

According to him, it is for automated fuel system management and censor network.

He said: “The narrative is that we have all struggled with this whole subsidy payment and how much is consumed in Nigeria, volumes of products moved out illegally and the whole impact on FAAC accounts.

“The President has given a very serious mandate that we ought to rein in on this process. The essence of what PEF is doing is that this will enable us track refined petroleum product movement from the point of LC (letter of credit) opening from the vessels that come into Nigeria, up until the point where they are discharged into tanks in Nigeria and from the tanks into trucks in Nigeria. Monitor the trucks till they deliver the products into the storage tanks for the filling stations and they are discharged and sold.

“So, that will produce a 100 per cent holistic monitoring of this production. For the first time, we will be able to tell how much petroleum products we consume in this country. Because, there has been so much going on in terms of the movement of consumption numbers from 30 something million litres a day to 70 million liters to 18 million liters a day during the difficult times.”

According to him, FEC also approved the revision of contract for the construction of NCMB’s headquarters in Yenagoa, Bayelsa State.

He said the project, which was awarded in 2015 at the sum of about N27 billion was on Wednesday revised to N42 billion.

The FEC also approved N8.047 billion for Rapiscan Mobile Cargo Scanner-Eagle M60.

Mrs. Adeosun, who briefed State House correspondents, said: “The Nigeria Customs Service (NCS) is seeking the approval of the Federal Executive Council to procure 3 Units of Rapiscan Mobile Cargo Scanner-Eagle M60, including 30 months on-site service/support and maintenance, training of120 officers and integration of Rapiscan Eagle M60 Scanners into Nigeria Integrated Customs Information System II (NICIS II) from Messrs Air Waves Limited at N8,047,425,000.

“Currently, there are no functional scanners in all the ports for the operations of Nigeria Customs Service as the once previously installed are now unserviceable. The development has negative effect on the operations of the service.

“To solve this challenge, NCS has identified Rapiscan Mobile Cargo Scanner-Eagle M60 as a suitable option and Messrs Air Waves Limited is an accredited representative of the Original Equipment Manufacturer (OEM) Messrs Rapiscan Systems Limited, USA, with vast operational experience, which is transferred to clients through Technology and Skill Development programmes.”

The contract cost, she said, included three units Rapiscan Mobile Cargo Scanner Eagle M60, on-site services/support and maintenance for next 30 months after installation and commissioning of the scanners.

Mrs. Adeosun said it also included provision of spare parts for 36 months after installation and commissioning, training of 120 NCS officers and integration of Rapiscan Eagle M60 Scanners into Nigeria Integrated Customs Information System II (NICIS II) and future upgrade.

Through another memo, she said the FEC also approved World Bank’s $150 million credit facility in support of polio eradication in the country.

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.


MTN Nigeria Generates N1.35 Trillion in Revenue in 2020




MTN Nigeria Grows Revenue by 15.1 Percent from N1.169 Trillion in 2019 to N1.35 Trillion in 2020

Despite the COVID-19 pandemic and challenging business environment, MTN Nigeria realised N1.346 trillion in revenue in the financial year ended December 31, 2020.

The leading telecommunications giant grew revenue by 15.1 percent from N1.169 trillion posted in the same period of 2019.

Operating profit surprisingly jumped by 8.5 percent from N393.225 billion in 2019 to N426.713 billion in 2020.

This, the telecom giant attributed to the surge in finance costs due to increased borrowings from N413 billion in 2019 to N521 billion in 2020.

MTN Nigeria further stated that the increase in finance costs was the reason for the decline in growth of profit before tax to 2.6 percent.

MTN Nigeria grew profit before tax by 2.6 percent to N298.874 billion, up from N291.277 billion filed in the corresponding period of 2019.

The company posted N205.214 billion profit for the year, a 0.9 percent increase from N203.283 billion recorded in the 2019 financial year.

Share capital remained unchanged at N407 million. While Total equity increased by 22.3 percent from N145.857 billion in 2019 to N178.386 billion in 2020.

MTN Nigeria’s market price per share increased by 61.8 percent from N105 to N169.90.

While market capitalisation as at year-end also expanded by 61.8 percent to N3.458 trillion, up from N2.137 trillion.

The number of shares issued and fully paid as at year-end stood at 20.354 million.

MTN Nigeria margins were affected by Naira devaluations and capital expenditure due to the new 4G network coverage roll-out.

Margins were adversely affected by the effect of naira devaluation and expenses associated with new sites’ roll-out to boost 4G network coverage in FY’20.

“On the former, we note that MTNN expanded the scope of its service agreement with IHS Holding Limited and changed the reference rate for converting USD tower expenses to NAFEX (vs CBN’s official rate previously). Thus, over the full-year period, the company’s operating margin contracted by 1.9 ppts YoY to 31.7%,” CardinalStone stated in its latest report.

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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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