Connect with us

Finance

Banks’ Staff Decreased by 2.81% in Q3, 2019

Published

on

global banking
  • Banks’ Staff Decreased by 2.81% in Q3, 2019

The total number of banks’ staff has started decreasing following the number of changes made by the Central Bank of Nigeria to cap banks’ appetite for investment in the fixed income market and compel them to increase credit provision to the private sector through the 65 percent loan-to-deposit ratio directive.

The total number of staff in the banking sector declined by 2.81 percent or 2,929 to 101,435 in the third quarter, down from 104,364 recorded in the second quarter of the year, the National Bureau of Statistics (NBS) reported.

On a yearly basis, the total staff in the sector declined by 1.35 percent from 102,821 in the corresponding period of 2018 to 101,435 in the third quarter of 2019.

A further breakdown of the report shows the total number of executive staff in the banking sector declined by 12.68 percent from 213 in the third quarter of 2018 to 186 in the third quarter of 2019.

Similarly, the number of senior staff within the bank system decreased by 0.33 percent from 17,729 to 17,671 while junior staff grew by 0.01 percent point from 40,395 to 40,398 in the third quarter. Suggesting that banks are likely cutting executive and senior staff due to cost to focus on junior staff.

The total number of contract staff, usually without pension or any retirement benefits, declined by 2.93 percent from 44,484 in the third quarter of 2018 to 43,180 in the third quarter of 2019.

Deposit Money Banks continue to take advantage of the high unemployment rate in the country by maintaining high number of staff without any form of benefit despite declaring billions in profit every quarter.

The President of the United Labour Congress, Joseph Ajaero, had said employers in sectors without a strong union are taking contract staff without pension protection.

He said, “those jobs did not have any form of protection and it was more prevalent in sectors without strong unions that would challenge the system.”

This, according to him, is one of the reasons a lot of people retirees do not have the required amount of 550,000 in their Retirement Savings Accounts (RSAs).

“The commission granted approval for the payment of the entire RSA balances of the categories of retirees whose RSA balances were N550,000 or below and considered insufficient to procure a programmed withdrawal or annuity of a reasonable amount over an expected lifespan,” stated PenCom.

PenCom said it has paid N27.09 billion since inception to retirees since inception.

“Consequently, 109,284 retirees received en-bloc payments totalling N27.09bn from inception to the end of the second quarter of 2019.”

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

Despite COVID-19, FG Realised N1.53 Trillion from Value Added Tax in 2020

Published

on

Value added tax

Despite COVID-19, FG Realised N1.53 Trillion from Value Added Tax in 2020

The Federal Government of Nigeria has started seeing the positive effect of series of policy adjustments made to up the nation’s revenue and gradually move away from unstable oil revenue.

Nigeria generated N1.53 trillion from Value Added Tax (VAT) in 2020, an increase of 29.3 percent when compared to the N1.18 trillion posted in 2019, the National Bureau of Statistics (NBS) stated in its latest report.

According to NBS, VAT rose by 38.2 percent when compared to N1.11 trillion filed in 2018.

Breaking down the report, professional services contributed N162.32 billion during the period under review, This was followed by the manufacturing sectors with N154.15 billion.

Accordingly, non-import VAT realised expanded by 30.5 percent to N763.01 billion in 2020, against N584.6 billion in 2019.

Non-import foreign VAT grew by 17 percent from N359.5 billion in 2019 to N420.4 billion in 2020.

As expected, import VAT jumped by 44,6 percent from N240.5 billion filed in 2019 to N347.7 billion in 2020.

Despite lockdown and weak economic activities, the Federal Government through a 50 percent increment in VAT from 5 percent to 7.5 percent was able to up VAT revenue by 29.3 percent.

Continue Reading

Finance

Julius Berger Plc Pre-tax Profit Decline by 30.7 Percent in Q4, 2020

Published

on

Julius Berger pix

Julius Berger Plc Pre-tax Profit Decline by 30.7 Percent in Q4, 2020

Julius Berger Plc posted a 30.65 percent decline in pre-tax profit to N5.12 billion for the final quarter of 2020.

In the financial statements released on Tuesday, the leading construction company, reported N74.04 billion in revenue in the fourth quarter, an increase of 2.43 percent when compared to N72.29 billion posted in the same period of 2019.

Julius Berger Key Financial Highlights Q4, 2020

  • Nigeria’s revenue expanded by 4.21 percent year-on-year to N72.30 billion.
  • While Europe & Asia revenue dipped by 40.07 percent year-on-year to N1.74 billion.
  • Similarly, revenue from building works depreciated by 56.37 percent to N10.72 billion.
  • However, revenue from civil works rose by 35.38 percent from the corresponding period to N55.8 billion.
  • Services added N7.54 billion revenue, representing an increase of 15.84 percent year-on-year.
  • Cost of sales grew by 13.19 percent year on year to N60.1 billion.
  • Julius Berger recorded other gains/losses of N83.89 million.
  • The construction company grew investment income to N142.79 million.
  • Finance costs jumped by a whopping 388.99 percent year-on-year to N1.79 billion.
  • Earnings Per Share rose by 19.76 percent year on year to N3.94.

Continue Reading

Finance

Board of UBA Approves Financial Statements, Dividend Payment for 2020

Published

on

UBA

Board of UBA Approves Financial Statements, Dividend Payment for 2020

The Board of United Bank for Africa Plc has approved the Group Audited Consolidated and Separate Financial Statements and final dividend for the year ended December 31, 2020.

The bank stated in a statement signed by Bili A. Odum, Group Company Secretary.

It said “Please refer to the announcement dated January 12, 2021 which notified the Nigerian Stock Exchange and the investing public of the Board Meeting of United Bank for Africa Plc.

“Please be informed that the Board of United Bank for Africa Plc at its meeting which held on Tuesday, January 26, 2021 considered and approved the Group Audited Consolidated & Separate Financial Statements for the year ended December 31, 2020 and payment of a final dividend, subject to the approval of the Central Bank of Nigeria.

“Further to the above, kindly be advised that the Nigerian Stock Exchange and the investing public would be immediately notified upon approval of the Group Audited Consolidated & Separate Financial Statements for the year ended December 31, 2020 by the Central Bank of Nigeria.”

Continue Reading

Trending