Connect with us

Finance

FG, States, LGs Got Over N6tn in Nine Months – FAAC

Published

on

Hajiya Zainab Ahmed
  • FG, States, LGs Got Over N6tn in Nine Months – FAAC

Revenue disbursements by the Federation Account Allocation Committee to the three tiers of the government hit N6.226tn in the third quarter of 2018.

There has been a steady increase in the first three quarters of this year with N2.28tn shared in the third quarter of 2018.

A breakdown shows that the Federal Government received the highest sum of N904.8b, followed by states, which received N718.5bn and Local Governments Areas receiving the lowest disbursement of N432.1bn.

The information is contained in the latest edition of the Nigeria Extractive Industry Transparency Initiative Quarterly Review released in Abuja on Sunday.

NEITI said, “Total FAAC disbursements in the third quarter of 2018 amounted to N2.28tn, representing a 17.6 per cent increase over the N1.938tn disbursed in the first quarter of 2018 and 13.5 per cent higher than the N2.008tn disbursed in the second quarter.”

The report added, “It is interesting that with the exception of July, the lowest amount disbursed so far in 2018 is higher than disbursements in all other months in 2016 and 2017.”

A breakdown of the disbursed sums for 2016, 2017 and 2018 showed that the disbursements in the third quarter of 2018 (N2.28tn) were 31 per cent and 18 per cent higher than disbursements in the third quarters of the last two years.

NEITI also stated that the last time total disbursements exceeded the N2.5tn mark was in the second quarter of 2014 (N2.51tn).

Further analysis of the increase as reported by the NEITI Quarterly Review showed that the Federal Government’s receipt of N904.8bn in the third quarter of 2018 was 11.3 per cent and 7.8 per cent higher than the amounts received in the first (N812.8bn) and second (N839.5bn) quarters respectively.

NEITI said, “The amount disbursed to states represented an increase of 5.1 per cent over the N683.5bn disbursed in the first quarter, and an increase of 3.8 per cent over the N692.1bn disbursed in the second quarter.

“For LGAs, the amount received was 9.8 per cent and 7.5 per cent higher than the respective amounts of N393.4bn and N402.1bn received in the first and second quarters.”

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