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Again, Bayelsa’s IGR Hits N1.1 Billion



  • Again, Bayelsa’s IGR Hits N1.1 Billion

Again, the Bayelsa State government has declared N1.1billion Naira as its internally generated revenue for the month of December 2017. This is one of the few times the state’s IGR has exceeded the N1 billion mark.

The government also announced that it posted the sum of N7.8billion as balance of funds available as at the end of January, this year.

Making the disclosure at the monthly Transparency Media briefing for January this year in Yenagoa, the Deputy Governor, Rear Admiral Gboribiogha John Jonah (Retd) explained that, out of the N13 billion Paris/London Club Refund, the state government received in December last year, it spent about N5.5billion to pay one and half Months salary arrears owed workers.

According to him, the government expended N3.7bn as full payment of February, 2016 salaries while N1.9bn was used to defray the pending half month salaries of civil servants for August of the same year.

The Deputy Governor announced a gross FAAC inflow of N14.3billion for January, 2018, comprising statutory allocation of N2.9billion, 13% derivation N9.6 billion, Forex utilisation N898 million and VAT of N730million among others.

He said total FAAC deductions gulped N1.6billion, consisting of restructured commercial bank loan of 741 million, bond deductions N421million, refunds of overpayments N128million and Excess Crude Account Facility of N126million, brought net inflow to N12.6billion.

The deputy governor however, noted that, other receipts such as December IGR of N1.1billion, other sources N500 million and refunds from Local Government Councils over bailout 16million naira beefed up total funds available for spending to N14.3billion.

According to him, total outflow for January stood at N12billion comprising bank loans of N2billion, civil servants’ salaries N2.9billion, political appointees N297million and salary arrears of N5.5billion for February and August, 2016.

Responding to a question on the reduction of the amount usually paid as civil servants monthly salaries, he explained that, it was due to the separation of N630million government doled out to its tertiary institutions, as grant.

“One of the decisions government has taken following the public service reforms committee report, is that tertiary institutions should stand on their own. They will only get grants from government.

“We are no longer adding that amount to our salary bill. That’s why you see the salary figure going down from 3.8billion to N2.9billion”, he said.

Earlier in his remarks, the Commissioner for Information and Orientation, Mr. Daniel Iworiso-Markson described the transparency law enacted by the Restoration Government, as one of the best things that have happened to the state.

Iworiso-Markson, who attributed the impressive transformation in the state to Governor Seriake Dickson’s transparency and prudent management of scarce resources, urged successive administrations to obey the law for the benefit of the people.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.

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CBN Directs Banks to go After COVID-19 Financial Criminals



Godwin Emefile

Central Bank Asks Banks to Stay Abreast Frauds and Rising COVID-19 Financial Crimes

The Central Bank of Nigeria has directed all financial institutions in Nigeria to update alert protocols in their Anti-Money Laundering/Combating the Financing of Terrorism monitoring tools, in accordance with emerging trends of rising COVID-19 related financial crimes.

In a circular titled, ‘Administrative letters to all banks and other financial institutions’ issued on Monday and signed by J.M. Gana, the Director, Financial Policy and Regulation Department, the apex bank said changes in business activities and financial transactions due to the shift caused by COVID-19 pandemic have led to the surge in financial crimes globally.

Therefore, it said financial institutions must now adapt quickly and keep abreast of the new emerging financial risks and other developments to arrest this new and emerging ML/TF.

According to the circular, this includes strategic investment in data mining and artificial intelligence software to monitor financial transactions effectively and report as quickly as possible.

The central bank said the Nigerian Financial Intelligence Unit, the central repository of suspicious transactions and other financial information, had released a comprehensive report on STRs and others.

It stated that the NFIU had identified cybercrimes, frauds, counterfeiting and substandard goods, diversion of public funds and misuse of non-government organisations funds as some of the ongoing crimes that banks across the nation need to stay abreast and report.

Other suspicious transactions and red flags identified in the report were some e-commerce companies with little or zero history or internet presence suddenly receiving multiple payments from unrelated third parties.

Similarly, it said individuals with zero or little history of financial transactions receiving multiple payments from unrelated third parties. It also noted that customers who suddenly start delaying in the supply or purchases of medical supplies and payment of goods linked to known brands, yet the beneficiary is an individual, not a corporate company should be flagged.

The measures, the apex bank said were necessary due to the rising numbers of unusual transactions from banks’ customers and unscrupulous individuals.

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Union Bank Secures US$40 Million Facility from IFC Global Trade Finance



Union Bank Secures US$40 Million Facility from IFC Global Trade Finance

Union Bank of Nigeria Plc said it has secured a US$40,000,000 finance guarantee facility from the IFC, a member of the World Bank Group.

In a note to the Nigerian Stock Exchange, the lender said the facility would help boost access to finance for local businesses and enable increased international trade for Nigeria.

It explained that the facility “will support Union Bank to establish working partnerships with nearly 300 major international banks within the GTFP network, thereby broadening access to finance and reducing cash collateral requirements for Nigerian businesses.

“The facility will enable the continued flow of trade credit into the Nigerian market at a time when imports are critical, and the country’s exports can generate much-needed foreign exchange.

Under the IFC’s Global Trade Finance Program (GTFP) terms of the agreement, GTFP offers benefiting banks partial or full guarantees covering payment risk on Union Bank’s trade-related transactions.

Accordingly, these guarantees are transaction-specific and may vary depending on underlying instruments like letters of credit, trade-related promissory notes, guarantees, bonds, and advance payment guarantees.”

Emeka Emuwa, Chief Executive Officer of Union Bank, said, “Union Bank is pleased to join the IFC’s Global Trade Finance Program. This is a significant achievement as we continue to expand our trade financing offerings to our
customers. Even in these peculiar times, we remain focused on contributing to economic growth by developing tailored solutions that help our customers harness the teeming opportunities that still exist in the Nigerian market.

Eme Essien Lore, IFC’s Country Manager for Nigeria, said, “Keeping trade moving is essential to growth and job creation, especially during the challenging economic times we are living through today. We welcome Union Bank to IFC’s Global Trade Finance Program and value a partnership that will make a positive impact on Nigeria’s economy.

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Apapa Customs Command Generate N367.6bn in Nine Months



Nigeria Customs Service

Customs Command Apapa Realises N367.6bn Between January and September

The Nigeria Customs Service, Apapa Command, said it generated N367.6 billion in the nine-month ended September 2020.

Mohammed Abba-Kura, the Customs Area Controller, disclosed this while speaking with newsmen in Lagos.

He said a total of 328 containers of goods worth N19.5 billion were seized during the period. This, he said represents an increase of 37 containers when compared to the same period of 2019.

Speaking further, Abba-Kura said the N367.6 billion realised in the first nine months of the year, represented a 17 percent or N54.1 billion increase from N313.5 billion it collected during the same period of 2019.

The Apapa Command generated N14.3 billion as revenue in the third quarter from customers’ duty and other charges.

He said “The difference recorded was made possible as a result of resilience of officers in ensuring that importers and agents are made to do proper declarations, adhere strictly to import/export guidelines in tandem with extant laws.”

Commenting on the seizures, Abba-Kura said, “These items were seized mainly because of various forms of infractions which range from false declarations, non-adherence to import/export guidelines and failure to comply with other extant regulations as enshrined in the Customs and Excise Management Act.

“In the area of export trade, the period under review recorded exportation of goods worth N26,273,706,822 exported from the country.”

“These exported goods include mineral resources, steel bars, agricultural products among others with a total tonnage of 378,447 million tonnes free on board value of $85.8m. Similarly, the volume of export from January to September 2020 stood at N78.6bn with FOB $257,003,965.”

He added that the compliance level rose to about 60 percent during the period, highlighting the reason for the surge in the number of seizures made.

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