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LITFC Targets to Increase TSA to N1 Billion

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  • LITFC Targets to Increase TSA to N1 Billion

The Executive Director of Lagos International Trade Fair Complex (LITFC), Mrs. Lucy Ajayi, has stated the desire of the administration to increase its Treasury Single Account (TSA) to N1 billion before the end of the third quarter.

Ajayi who disclosed this weekend in Lagos, at a media briefing, said when she assumed office four months ago, the TSA was a little less than N100 million, adding that presently it has been increased to N500 million.

“In reaching this height, I have not sold any parcel of land. I have gone debt drive; I have gone on revalidation of some papers that incurred some penalties. There are two parcels here, parcel A and B. I have only focused on parcel A. I gave a proposed budget of N1 billion for this year,” she noted.

She remarked that there is a positive change in the administration of President Muhammadu Buhari; noting that the past government which handled the running of the complex had no results to show, therefore she stated that there is need to encourage All Progressive Congress (APC) led government in its change drive.

Ajayi explained that there is need to commend the efforts of the present government, insisting that it has achieved results within a three years period, adding that the past government could not get the concessionaire to remit money within the nine years period of managing the facility.

She further stated that as part of efforts to recover the N6.5 billion the concessionaire owned the federal government, her regime has presented the matter to the Economic and Financial Crimes, (EFCC) to ensure that they recover the debt.

According to her, “The records show that for nine years, there was no remittance from this concessionaire to government. I took him to EFCC; he owns government N6.5 billion over the years. The role of EFCC is to recover the money. He has not paid any amount to LITFC. He took government to court. We have taken over and we are trying to make money for government. When I came in April, I made less than N50 million. I went on a debt drive with stakeholders who refused to pay because they were not getting what they were supposed to get from government.

“As a result, they saw no need to pay. Then I promised them that there is a new change therefore they should comply with payment. Part of the problems they had was that the 5km road was bad and most of the trucks were falling off and there was no government presence in this place. The management staff was driven away by the concessionaire in 2007.

“The concessionaire saw himself as an emperor, making money and not developing the complex. This was enough to cancel his agreement with the federal government. I used the executive order (the easy of doing business) so I came with that reconciliatory move and I asked them what were their challenges. Everything here was done by the stakeholders. The Divisional Police Officer (DPO) in this axis said if I want to stop the illegal traders from trading in the grey area, I have to make barricade.”

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 long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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DSS Arrests EFCC, Acting Chairman, Magu

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Dss Arrests Ibrahim Magu

DSS Arrested Magu, the Acting Chairman of EFCC

The Department of State Services (DSS) has arrested the acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, on allegation bordering on financial misappropriation, abuse of power and embesslement.

The Acting Chairman was accused of siphoning part of the money recovered from looters, a Punch reported stated.

The report stated “It was learnt that the security details to Magu put up a stiff resistance during the arrest of their principal, as they objected to the DSS move.

But he is now undergoing interrogation at the DSS Headquarters In Aso Drive.

This is happening barely two weeks after the Attorney-General of the Federation, Abubakar Malami (SAN) reportedly complained to the President, Major General Muhammadu Buhari (retd.) about Magu’s conduct and advised that he should be relieved of his appointment.

The AGF was said to have accused Magu of insubordination and discrepancies in the figures of funds recovered by the EFCC.

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Again CBN Debits Banks N118 Billion for Failing to Meet CRR Target

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CBN Debits Deposit Money Banks N118bn for Not Meeting CRR Target

The Central Bank of Nigeria (CBN) on Friday debited the nation’s deposit money banks a total sum of N118 billion for failing to meet 27.5 percent Cash Reserve Ratio (CRR) target.

This is the fourth of such action, bringing the total amount debited so far this year to N2.2 trillion.

According to Tunde Abidoye, an analyst at Lagos-based FBN Quest, the move brings “further downward pressure on banks liquidity ratios and earnings.”

“Based on the total sum that each bank has been debited this year, and our NIM assumptions for each bank, we estimate an aggregate opportunity cost of funds of N86bn for our universe of banks coverage,” Abidoye stated in a note to clients.

The central bank continues to debit banks to force them to loan more into the real sector and also reduce their forex purchasing power to better manage the nation’s weak foreign reserves and curb capital outflow. A series of recent reports have pointed to a possible foreign exchange devaluation to ease pressure on the nation’s reserves.

The report shows that the Stanbic IBTC and Guaranty Trust Bank were debited N15 billion each.

Details later…

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Debt Market: Dangote Cement Raises N250 Billion in H1, 2020

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Dangote Cement Raises N250 Billion From Debt Market in H1 2020

Dangote Cement raised a total sum of N250 billion from the nation’s debt market in the first half of the year, according to the FMDQ Securities Exchange Limited.

In the statement published on the FMDQ website, the N250 billion debt includes the N100 billion Series 1 Bond raised under Dangote Cement’s N300 billion Bond Programme and the N150 billion Commercial Paper (Series 13-16 Domestic CP Issuance Programme) offered earlier in the year and now listed and quoted on FMDQ Securities.

Mr Michel Puchercos, the Chief Executive Officer, Dangote Cement, was quoted as saying, “This landmark transaction is the largest-ever bond issuance by a corporate issuer in Nigeria.

“It allows us to further broaden our sources of funding by accessing long-term debt at competitive costs from the capital market and builds further on the success of our domestic commercial paper programme.

“The success of these transactions, in the current challenging environment, illustrates investors’ continuous confidence in Dangote Cement’s strategy, strong cash generation and solid credit profile.”

Mr Kobby Bentsi-Enchill, the Executive Director and Head of Debt Capital Markets, Stanbic IBTC Capital Limited, said, “Stanbic IBTC Capital Limited has a long history of partnering with Dangote Cement Plc, and are delighted to have advised on this landmark corporate bond issuance, which reflects the depth and diversity of the Nigerian debt capital markets.”

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