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Adeosun Resignation: Ahmed Resumes at Finance Ministry

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NEITI
  • Adeosun Resignation: Ahmed Resumes at Finance Ministry

The Supervising Minister of Finance, Mrs Zainab Ahmed, on Monday formally assumed duties at the headquarters of the ministry in Abuja.

Ahmed said she would bring her knowledge to bear to overcome the economic challenges facing the country.

This, she noted, would be achieved through the support of the Permanent Secretary, Dr Mahmoud Isa-Dutse, and the directors of the ministry.

Shortly after her resumption, Ahmed had a meeting with all the directors in the ministry.

Speaking at the opening session of the meeting, she said, “The finance ministry has overtime been known to have very skilled personnel. From interacting with some of you, I know that there is a lot of skill set within the ministry and that I am in good hands.

“I plan to work very closely with the whole of the directors, most especially with the permanent secretary. I want to declare that today, the permanent secretary is my new next-of-kin. What that means is that I am going to work hand-in-gloves with him, and I expect everybody to do the same thing.”

Ahmed added, “There are some things I know about finance, but there is a lot that I don’t know; and the knowledge resides in you.

“I have been told that you are preparing handing-over notes, or more correctly, briefing notes; I will be engaging each of you on a one-on-one basis with the permanent secretary, so that I can have a complete view of what is in the ministry.”

She said the economy was going through a very challenging time, adding that as a key ministry under the economic team, there was a need for officials of the ministry to work harder to enable the country to surmount the challenges

She noted that revenue generation had always been an issue for the government, adding that now was the time to come up with workable solutions towards addressing the revenue challenge.

The minister stated, “These are very challenging times for our country. It means we are part of the economic team that has been charged with making sure that there is economic stability in our country.

“We have very serious revenue challenges and it is up to us to shore up the revenues of this country. Mr President has a lot of confidence that we can do this very well together. We are working for Mr President, but at the end of the day, we are working for the benefit of the citizens of our country.

“There are a lot of sacrifices that I know that you have made, and we are going to push ourselves to still do more so that at the end of the day, we will say glory be to God.”

Earlier, Isa-Dutse had assured the minister of the readiness of the management and staff of the ministry to give her the needed support in the discharge of her duties.

Until her new role, Ahmed was the Minister of State for Budget and National Planning.

She was directed to oversee the finance ministry by President Muhammadu Buhari following the resignation of Mrs Kemi Adeosun on Friday.

Ahmed is a Fellow of the Association of National Accountants of Nigeria, a member of the Nigerian Institute of Taxation and the Nigerian Institute of Management.

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.

Banking Sector

COVID-19: CBN Extends Loan Repayment by Another One Year

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Central Bank Extends One-Year Moratorium by 12 Months

The Central Bank of Nigeria (CBN) has extended the repayment of its discounted interest rate on intervention facility by another one-year following the expiration of the first 12 months moratorium approved on March 1, 2020.

The apex bank stated in a circular titled ‘Re: Regulatory forbearance for the restructuring of credit facilities of other financial institutions impacted by COVID-19’ and released on Wednesday to all financial institutions.

In the circular signed by Kelvin Amugo, the Director, Financial Policy and Regulation Department, CBN, the apex bank said the role-over of the moratorium on the facilities would be considered on a case by case basis.

The circular read, “The Central Bank of Nigeria reduced the interest rates on the CBN intervention facilities from nine per cent to five per cent per annum for one year effective March 1, 2020, as part of measures to mitigate the negative impact of COVID-19 pandemic on the Nigerian economy.

“Credit facilities, availed through participating banks and OFIs, were also granted a one-year moratorium on all principal payments with effect from March 1, 2020.

“Following the expiration of the above timelines, the CBN hereby approves as follows:

“The extension by another 12 months to February 28, 2022 of the discounted interest rate for the CBN intervention facilities.

“The role-over of the moratorium on the above facilities shall be considered on a case by case basis.”

It would be recalled that the apex bank reduced the interest rate on its intervention facility from nine percent to five percent and approved a 12-month moratorium in March 2020 to ease the negative impact of COVID-19 on businesses.

To further deepen economic recovery and stimulate growth, the apex bank has extended the one year-moratorium until February 28, 2022.

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Finance

MTN Nigeria Generates N1.35 Trillion in Revenue in 2020

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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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Finance

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

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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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