- NCC Remits N51.3bn to FG in Three Months
The Nigerian Communications Commission says it remitted N51.3bn to the Consolidated Revenue Fund of the Federal Government in the first quarter of 2019.
The remittance, according to the Executive Vice-Chairman, NCC, Prof. Umar Danbatta, is in compliance with the Fiscal Responsibility Act of 2007 (FRA 2007).
The Act requires listed Ministries, Departments and Agencies to remit 80 per cent of their operating surpluses to the Consolidated Revenue Fund.
In a statement made available to our correspondent in Abuja on Monday by the Director of Public Affairs at NCC, Dr Henry Nkemadu, the payment represented operating surplus of N44bn and spectrum assignment fee of N7.3bn collected.
According to Nkemadu, both payments were due to the Federal Government as of April 30. The FRA 2007 requires such payments to be made every year after preparation of audited accounts of the concerned MDAs.
Section 17, Sub-section three of the Nigerian Communication Act (NCA, 2003) also stipulates that spectrum assignment fees generated should be remitted 100 per cent to the Federal Government.
Danbatta was quoted to have said that the regulatory commission had taken the initiative to be making payments into the CRF “as it generates revenue.”
He noted that through effective regulatory oversight by the commission, telecommunications sector had witnessed phenomenal growth since 2001, making it an enabler of economic growth and development.
The NCC boss was quoted to have said, “To date, telecoms industry has positively impacted all the sectors of the economy including banking, healthcare, commerce, transportation, agriculture, education and so on, with increased quarter-on-quarter contribution to the country’s Gross Domestic Product.
“From 2001 till date, telecoms investment has increased tremendously from $500m to over $70bn, just as the commission intensifies measures aimed at further facilitating investment growth in telecoms infrastructure to drive the economy, especially through the licensed infrastructure companies.
“We are also working with necessary stakeholders across all levels of government to address identified impediments to investment drive in the sector.”
He added, “The commission has since placed greater emphasis on broadband development as the next frontier for economic growth by driving efficiency and innovations in Nigeria.
“Consequently, through painstaking implementation of our Eight-Point Agenda with the need to facilitate broadband development topping the agenda, we have been able to increase broadband penetration to 33.13 per cent as at end of May, 2019.”
Danbatta also disclosed that as of May, there were over 173.6 million active mobile lines across mobile networks, corresponding to a tele-density of 90.98 per cent, adding that Internet subscriptions during the month stood at 122.6 million.
Central Bank to Promote Zero Balance Account Opening to Drive Financial Inclusion
Banks Now Accept Zero Balance Account Opening to Deepen Financial Inclusion
In an effort to boost financial inclusion in the country, the Central Bank of Nigeria has said it would start promoting zero balance account opening to encourage and lure the unbanked into the banking system.
The apex bank disclosed this in its report titled ‘Monetary, credit, foreign trade and exchange policy guidelines for fiscal years 2020/2021’.
The report read in part, “As part of its effort towards promoting greater financial inclusion in the country, the bank shall continue to encourage banks to intensify deposit mobilisation during the 2020/2021 fiscal years.
“Accordingly, banks shall allow zero balances for opening new bank accounts and simplify their account opening processes, while adhering to Know-Your-Customer requirements.
“Banks are also encouraged to develop new products that would provide greater access to credit.”
The apex bank said the Shared Agency Network Expansion Facility, launched to deepen provision of financial services in under-served and unserved locations and drive financial inclusion through agent banking, would continue in the 2020/2021 fiscal years.
Banks, mobile money operators and super-agents would also continue to render returns in the prescribed formats and frequency to the CBN.
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.”
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