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Lawmakers Move to Ensure Completion of CBN’s Projects

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  • Lawmakers Move to Ensure Completion of CBN’s Projects

Lawmakers in the country have assured the Central Bank of Nigeria of their support to ensure that it complete the projects it has embarked upon which will benefit the citizens.

The Chairman, Banking and Currency Committee, Jones Onyerire, said this when he led a delegation of some members of the House of Representatives to inspect the Centre of Excellence project in the University of Lagos, which was being constructed by the CBN in Lagos on Thursday.

He said, “We had a lot of challenges with the CBN with respect to the interventions of this project but as God would have it, immediately we started undergoing this oversight visit and seeing in reality what is on the ground, most of us changed our minds if not everybody because it is obvious that the projects are laudable and not just being laudable but done in an excellent form.

“Yes, in all things like in life you could still have challenges here and there and part of it is what we have experienced here and it is our duty to help them with the challenge.”

Onyerire, however, expressed worries on issues such as the 2022 completion date given and different contractors that were involved in the execution of the project.

He said it was necessary to note the challenges the apex bank was encountering and give it the necessary backing to make sure that project was completed on time.

According to him, the inspection is part of the legislative work which they have to do before looking into this year’s budget.

“It is imperative that we undergo an oversight to look at projects that fall within the legislative or our agency’s budget. You can’t start looking into the annual budget without finding out what the agency has been able to do with the money so appropriated for them.

“That is why we are in Lagos to look at one of the intervention projects of the CBN. We have actually gone to the site and looked at what they have done. Yes, we will say there are issues that we need to tackle.”

The Project Director, Beton Bau Nigeria Limited, Sope Oyayemi, said the company was the main contractor that took over the job and that the timeline for completion was 2022.

She said, “The Centre of Excellence University of Lagos project comprises two buildings, the building which has an auditorium, offices, lecture rooms and other facilities. The second building is the hostel building which has about 150 rooms, a restaurant, shops and the likes.”

The Director, Corporate Communications Department, CBN, Isaac Okorafor, said, “It is in the interest of this country and our nation that this project should be completed.”

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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