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Subsidy Debts: Marketers, DMO, Others to Meet Senate Committee

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  • Subsidy Debts: Marketers, DMO, Others to Meet Senate Committee

The Debt Management Office, Ministry of Finance, Petroleum Products Pricing Regulatory Agency, Central Bank of Nigeria as well as oil marketers are to meet with the Senate Committee on Petroleum (Downstream) on Thursday (today) regarding the payment of subsidy debts.

The Senate, on October 31, condemned the Federal Government for not paying the subsidy claims by the marketers despite approval by the National Assembly since July this year.

The upper chamber had in July approved the payment of subsidy claims totalling N348bn to oil marketing companies based on a request by President Muhammadu Buhari.

On Sunday, the Major Oil Marketers Association of Nigeria and the Depot and Petroleum Products Marketers Association of Nigeria decried the delay in the payment of the outstanding subsidy debts.

The Executive Secretary, DAPPMAN, Mr Olufemi Adewole, told our correspondent that the Senate called the marketers, the debt office and the Ministry of Finance three weeks ago and asked them about the status of the payment.

He said, “After the meeting, the Senate Committee on Petroleum (Downstream) gave the DMO, finance ministry, PPPRA and CBN an assignment and they were supposed to report back to the committee on Wednesday, last week.

“Unfortunately, they did not report back because finance ministry, which was supposed to coordinate the meeting, was not there.

“That is why another meeting was fixed for Tuesday. But because of the public holiday, the meeting was shifted to Thursday to hear from the DMO and finance ministry what they are doing to pay the marketers.”

According to Adewole, the payment of the subsidy debts will enable marketers to sort out the issues they have with banks.

“We are incurring debts daily. Banks are seizing our depots, facilities and properties that were collaterised for the loans they gave to us. We are already down and we are begging that the subsidy debts should be paid. We employ people and we pay taxes to the government; so, they shouldn’t just let this industry collapse like this,” he added.

The Director, Portfolio Management Department, DMO, Mr Oladele Afolabi, in a telephone interview with our correspondent on Monday, said the debt office was not delaying the process for the payment of the subsidy claims.

He said, “As far as the DMO is concerned, the process started when we received approval from the National Assembly on September 26, 2018. Upon the receipt of that approval, the DMO has been implementing what was approved by the Federal Executive Council. There were processes that were built into the approval, and we are implementing those processes in an expedited manner.

“That is what we have been doing in compliance with the laws and guidelines on borrowing in the country. So, it is wrong to say that the DMO is slowing down the process. We understand their (marketers’) concerns too, but there are steps and guidelines to follow in government borrowing.”

Asked when the payment would be made to the marketers, he said, “We are accelerating the process that FEC prescribed in the approval that it gave. We are getting closer to that point but I can’t give you a definite date at this point. It will be done as soon as we can. There won’t be any delay as far as we are concerned.

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

NSE Launches e-Filing Portal, X-Filing, to Enhance Securities Listing​​

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The Nigerian Stock Exchange (NSE or The Exchange) is pleased to announce the launch of its e-Filing Portal, X-Filing, on Tuesday, 2 March 2021. 
X-Filing, which comes on the back of the recent upgrade to the NSE Issuers’ Portal, X-Issuer, is a fully integrated, secure web interface designed to enable the submission and processing of securities listing applications online. The Portal provides Dealing Member Firms (DMFs) and other accredited sponsors with a simple, efficient and convenient way to submit securities listing applications on behalf of issuers as well as enable The Exchange to process the applications online, saving time and resources.
Accessible via, https://efiling.nse.com.ng​, the Portal is equipped with features that allow the submission, review, and approval of securities listing applications; generation of listing and application reports; and easy tracking of application status. Users of the Portal will also be able to check estimated listing and application fees and make payment online.
Speaking on the development, the Executive Director, Regulation, NSE, Ms. Tinuade Awe noted thus, “The launch of X-Filing accords with The Exchange’s commitment to leverage technology to drive regulatory objectives and ease compliance for stakeholders. Automating the securities listing process of the NSE is, therefore, a major milestone for us in our quest to ease the burden of listing for applicants and to attract new listings. As an agile Exchange, we continue to review our processes to ensure quick time to market as required by all our stakeholders. We have adopted an integrated approach to ensure a seamless end-to-end process that will allow Issuers to manage their securities listings and other applications from anywhere they choose at any time.”
X-Filing is expected to facilitate a timely review process from The Exchange, ultimately improving the quality of its service delivery. “The Portal has been designed to enhance our securities listing application processes, thereby improving Issuers’ experience. We are, therefore, confident that the features we have incorporated will enhance the competitiveness of the Nigerian capital market as a global listing destination,” Ms. Awe further stated.
The Exchange remains committed to delivering products and services that meet the needs of its stakeholders, especially as we transition to a world of increased digital interactions. X-Filing is one of The Exchange’s dedicated efforts to remain globally competitive while enhancing its service delivery to stakeholders.

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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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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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