- N20bn Loans: Access Bank Begins Disbursement to Creative Sector
Access Bank has commenced disbursement of loans to beneficiaries in the entertainment industry, under the Creative Industry Financing Initiative of the Central Bank of Nigeria.
The bank disclosed this during a forum with some stakeholders in the entertainment industry in Lagos on Tuesday.
It said the first tranche of the CIFI loans worth N20bn, would be made easily accessible to the borrowers in the sector.
Bidemi Adeboye of Access Bank said stakeholders in the creative industries such as fashion, Information Technology, movie production, movie distribution, music and software engineering student could access the loans.
When all documentations were completed and the loans approved, the bank would ensure the beneficiaries got the funds within two weeks, he said.
He added, “The CBN wants to create jobs, develop local capacity, preserve foreign exchange and ensure empowerment in the entertainment industry.
“It is more interested in providing infrastructure funding such as film house, equipment, studio, auditorium, which will make it easier for the entertainers to operate at lower cost and be able to make profit.”
He explained that the loan had maximum interest rate of nine per cent per annum and a repayment period of up to 10 years.
According to him, those who would access the loans should come up with business plan or statement; they must be registered and should be doing what had economic benefits.
Chizoma Okoli of Access Bank said that the CIFI loan was introduced by the CBN to support the creative sector.
She said the bank decided to organise the forum with the stakeholders in the entertainment industry, to get more ideas from them on how best they could disburse the funds to them, and the documents they would need.
Music star, Oladapo Oyebanjo, popular known as D’banj, urged the bank to make the loans easily accessible as promised.
He said, “Most times when we apply for loans, it usually takes up to six months for us to get such. This will be a good development if we can access the loans within two weeks.”
Investors Oversubscribed for FGN Bonds by N205.87 Billion in October
FG October Bonds Oversubscribed by N205.87 Billion
The Debt Management Office (DMO) has said investors oversubscribed for the Federal Government’s October bonds by N205.87 billion.
The DMO stated this after concluding the monthly FGN bonds auction on Wednesday.
Two instruments of 12.5 per cent FGN March 2035 re-opening 15-year bond and 9.8 per cent FGN July 2045 re-opening 25-year bond were auctioned.
The two bonds of N15bn each with a total auction figure of N30bn received a subscription of N235.87bn.
The 15-year tenor and 25-year tenor bonds received 99 and 67 bids but recorded 21 and 26 successful bids respectively.
The amounts allotted for each of the bids were N20bn and N25bn respectively.
According to the DMO, successful bids for the 15-year tenor bond and 25-year tenor bonds were allotted at the marginal rates of 4.97 per cent and six per cent respectively.
However, it added, the original coupon rates of 12.5 per cent for the 12.5 per cent FGN March 2035 bond and the 9.8 per cent for the 9.8 per cent FGN July 2045 bonds would be maintained.
Lafarge Africa Sustains Growth in Third Quarter, Reports N53.3bn Revenue
Lafarge Africa Grows Revenue by 31.4 Percent to N53.3bn Revenue in Q3 2020
Lafarge Africa Plc, a cement manufacturer headquartered in Lagos, sustained its strong growth in the third quarter (Q3) ended September 30, 2020.
In the company’s financial results released on the Nigerian Stock Exchange on Friday, the cement manufacturer’s revenue rose by 31.4 percent from N45.172 billion posted in the third quarter of 2019 to N59.337 billion in the third quarter of 2020.
Similarly, operating profit grew by 7.2 percent from N7.746 billion in the corresponding quarter to N8.302 billion in the quarter under review. This strong performance continues across the board as net income expanded by 2.8 percent to N4.867 billion, up from N4.734 billion posted in the third quarter of 2019.
Lafarge earnings per share rose by 2.8 percent to 30 kobo in the third quarter, again up from the 29 kobo posted in the same period of 2019.
On the outlook for the company going forward, the company said:
Market demand is expected to remain strong in Q4.
Naira devaluation and inflation remain a concern in Q4.
The implementation of our “HEALTH, COST & CASH” initiatives would continue to deliver
improvement in our performance.
We will maintain a healthy balance sheet.
Speaking on the company’s performance, Khaled El Dokani, CEO, Lafarge Africa Plc, said “Our robust results for the first 9 months reflect the strong recovery of the demand in Q3 and the successful implementation of our “HEALTH, COST & CASH” initiatives. Both have delivered considerable improvement in recurring EBIT, net income and free cash flow, despite the impact of the COVID-19 pandemic and Naira devaluation, particularly in Q3.”
Despite COVID-19 Pension Assets Hit N11.4 Trillion
Total Pension Assets Expand to N11.35 Trillion
The National Pension Commission has revealed that the total pension assets rose to N11.35 trillion as of the end of August 2020 despite the COVID-19 pandemic that disrupted businesses and economic productivity.
According to the latest figures from the National Pension Commission, the commission assets expanded from N11.08 trillion in June 2020 to N11.3 trillion in July.
The report noted that 66.27 percent or N7.51 trillion of the funds had been invested in the Federal Government’s securities.
While some of the funds were also invested in domestic and foreign ordinary shares, corporate debt securities, local money market securities and mutual funds.
In the commission’s second quarter (Q2 2020) report, it said that following “the issuance of demand notices to some defaulting employers whose outstanding pension contribution liabilities had been established by recovery agents, 16 of the affected employers remitted N261.33 million during the period.
“PenCom said this represents a principal contribution of N152.79 million and penalty of N108.54 million during Q2 2020.”
In the commission’s Q2 2020 report, it said “the pension fund administrators (PFAs) 2,839 contributors under the micro pension plan, remitted a total of N7.4 million to the RSAs as pension contributions.”
Also in the same quarter, it said the PFAs recaptured 56,990 RSA holders and uploaded their data to the enhanced contributory registration system (ECRS).
PenCom further said the growth in the industry’s membership was driven by the RSA scheme, which had an increase of 41,147 contributors, representing 0.46 percent.
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