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FAAC Shared N647.35bn in February 2020

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Naira - Investors King
  • FAAC Shared N647.35bn in February 2020

The Federation Account Allocation Committee (FAAC) shared a total sum of N647.35 billion from the revenue generated in January 2020 between the three tiers of government in February 2020.

The amount shared includes N524.59 billion from the Statutory Account, N16.30 billion from Non-Oil Revenue, N659.08 million from Excess Bank Charges Recovered for the Month, N104.76 billion from Valued Added Tax (VAT) and N1.04 billion exchange gain differences.

A total of N267.39 billion was disbursed to the Federal Government from the total amount, while the sum of N176.92 billion was distributed to the states. Local governments and oil-producing states received N132.94 billion and 13 percent derivation fund, respectively.

Accordingly, revenue-generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N6.17 billion, N6.94 billion and N4 billion respectively as cost of revenue collections.

A further breakdown of allocation shows the sum of N201.92 billion was disbursed to the FGN consolidated revenue account; N4.80 billion shared as a share of derivation and ecology; N2.40 billion as stabilization fund; N8.06 billion for the development of natural resources; and N6.58 billion to the Federal Capital Territory (FCT) Abuja.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Appointments

Eterna Plc Appoints Benjamin Nwaezeigwe as Substantive Managing Director

Eterna Plc, one of Nigeria’s indigenous oil companies, has appointed Benjamin Nwaezeigwe as the substantive Managing Director and Chief Executive Officer of the company effective 1st August 2022.

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Eternal Oil - Investors King

Eterna Plc, one of Nigeria’s indigenous oil companies, has appointed Benjamin Nwaezeigwe as the substantive Managing Director and Chief Executive Officer of the company effective 1st August 2022.

Nwaezeigwe was the Acting Managing Director/Chief Executive Officer of the Company, a role he occupied since 17th April 2022 till this appointment.

He brings to this role a wealth of experience spanning almost two decades from different sectors of the economy with a specific bias for Oil & Gas.

Mandella Golkus, Company Secretary and Legal Adviser, disclosed in a statement obtained by Investors King.

Benjamin Nwaezeigwe Background

Mr. Nwaezeigwe worked at Rainoil Limited and rose to the position of Deputy General Manager in charge of the Group’s operations and overseeing trading and marine activities and the operation of 3 (three) petroleum products storage depots. Prior to joining Eterna Plc as the Chief Operating Officer in December 2021, he founded BHR International Ventures Limited (BHR), a privately owned indigenous downstream company in Nigeria and was its former Chief Executive Officer.

He holds a Bachelor of Science degree in Industrial Chemistry from Ambrose Ali University, as well an MBA in Production and Operation Management from Lagos State University, Lagos.

He has attended capacity building training programs offered by reputable institutions in and outside Nigeria.

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Company News

Cement Manufacturers on NGX Pays N115.782 Billion Income Tax in H1 2022

Cement manufacturing companies paid N115.782 billion in income tax in the first half (H1) of 2022

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Lafarge, Bua Cement and Dangote Cement

Cement manufacturing companies listed on the Nigerian Exchange Limited (NGX) paid N115.782 billion in income tax in the first half (H1) of 2022.

Their unaudited financial statements obtained by Investors King revealed.

Dangote Cement Plc, Nigeria’s most capitalised company and the largest cement manufacturing company in sub-Saharan Africa, paid N92.786 billion in income tax in H1 2022, up from N89.624 billion paid in the same period of 2021.

The company reported a 10.2% decline in profit after tax to N172.104 billion, down from N185.692 billion reported in the corresponding period of 2021. Dangote Cement realised N808.037 billion in revenue during the period.

BUA Cement Plc, Nigeria’s second-largest cement manufacturer, remitted N13.527 billion in income and deferred taxes to the Federal Inland Revenue Service in the first 6 months of the year.

The cement manufacturing company generated N188.562 billion in revenue and reported a 41.40% increase in profit after tax to N61.364 billion.

Lafarge Africa, another key player in the cement industry, reported revenue of N186.587 billion in the first half of the year. The company then paid N9.468 billion in income tax before declaring a profit after tax of N37.410 billion for the period under review.

Therefore, the firms paid (Dangote Cement – N92.786 billion; BUA Cement – N13.527 billion and Lafarge Africa remitted N9.468 billion) a combined N115.782 billion in income tax to the federal government in H1 2022.

Together, the three cement manufacturing companies realised N1.183 trillion in combined revenue and reported a total profit after tax of N172.202 billion.

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Company News

Dangote Cement Sales Drop, Profit After Tax Dips 10% in H1 2022

Dangote Cement Plc reported a 7% drop in sales volume in the first half (H1) of 2022 to 14.2 million tonnes.

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Dangote Cement - Investors King

Nigeria’s leading cement manufacturing company, Dangote Cement Plc reported a 7% drop in sales volume in the first half (H1) of 2022 to 14.2 million tonnes.

Sales volume from Nigeria declined by 5.3% to 9.3 million tonnes. This the company attributed to global supply chain disruption that impacted operations where imports are required during the period.

The company’s revenue grew by 17% to N808 billion while the group earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 6.3% to N373.2 billion. Nigeria’s EBITDA expanded by 12.3% to N349.4 billion.

Profit after tax dipped to N172.1 billion, representing a decline of 10.2%, largely due to unrealised foreign exchange losses.

Net debt stood at N423 billion in the period under review.

Speaking on the company’s performance Michel Puchercos, Chief Executive Officer, said: “Despite the elevated inflation due to a very volatile global environment, the first half of 2022 has been positive.

“We recorded increases in revenue and EBITDA that drove strong cash generation across the Group. We recorded revenue of ₦808.0B, up 17.0% compared to last year and Group EBITDA of ₦373.2B, up 6.3% with an EBITDA margin of 46.2%.

“Although significant increase in energy and AGO costs are impacting production, we are strengthening our efforts to ramp up the usage of alternative fuels. Our Alternative Fuel Project aims to leverage waste management solutions, reduce CO2 emissions, and source material locally. So far this year, we co-processed 67,230 tonnes of waste representing a 25% increase over H1 2021.

“To drive consumer engagement and support demand ahead of the rainy season; we have commenced the 3rd season of our National Consumer Promotion – “Bag of Goodies 3”. On the operational side, we are ramping up production at our Okpella plant and are progressing well to deploy grinding plants in Ghana and Cote d’Ivoire.

“Our business model remains robust, thanks to the prudent and flexible approach we have taken across our operations. Our continuous focus on efficiency, meeting market demand and maintaining our costs leadership drives our ability to consistently deliver superior profitability and value to all shareholders.”

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