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Finance

Osun Records Increased Revenue

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  • Osun Records Increased Revenue

Osun State Government has announced a 6.26 per cent increase in its combined revenue for 2017 and 2018. This, it said, was made up of both Internally Generated Revenue and allocation from the Federal Government.

The government said its revenue rose from N93,085,090,457.98 in 2017 to N99,307,720,655.30 in 2018, representing an increase of 6.26 per cent.

Making the disclosure at the annual Audit Forum, organised by the office of the Auditor- General, in collaboration with the State and Local Governance Reforms projects at Osogbo, the state capital, the Auditor General, Alhaji Folorunso Adesina, explained that the forum was meant for the presentation of audited accounts of the state government.

He added that after the presentation, participants at the forum would also discuss their observations with a view to ensuring probity and accountability in the management of public funds.

Adesina said, “The objective of this forum is to demonstrate the State Government’s commitment towards improving transparency, accountability and probity in the management of public funds in line with the requirements of global best practices.”

Presenting the audited accounts before members of the organised professional bodies, labour unions, civil society organisations, and artisans, among others, Adesina said in the years under review, the combined state’s revenue grew from N93,085,090,457.98 in 2017 to N99,307,720,655.30 in 2018.

During the period, Adesina said revenue from the Federal Allocation and Value Added Tax also rose from N36,035,591,845.68 in 2017 to N50,122,335,788.23 in 2018.

According to him, the state was able to increase its earnings by strengthening its revenue through raising the Internally Generated Revenue by 24.54 per cent, from N11,828,767,087.03 in 2017 to N15,676,049,397.68 in 2018.

“The total expenditures ( both recurrent and capital) was N89,249,123,365.13 in 2017 and N105,662,115,288.46 in 2018, thus leaving a net balance of N3,835,967,092.85 and (N6,354,394,633.16) for 2017 and 2018 respectively.

“The opening cash balance, including call account, stands at N13,725,529,812.61 and N17,561,496,905.46 for the year 2017 and 2018 respectively, while closing balance amounted to N17,561,496,905.46 in 2017 and N11,207,102,272.30 in 2018 after charging the net balance for the respective years to the corresponding opening balances,” Adesina said.

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 experience in the global financial markets.

Finance

Total Currency in Circulation Increased by N56.44bn in September

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Central Bank

Currency in Circulation Rose by N56.44bn in the Month of September to N2.426 trillion

The total currency in circulation increased to N2.426 trillion in the month of September, the Central Bank of Nigeria (CBN) report has shown.

In the report released on Wednesday, the apex bank said the total currency in circulation stood at N2.369 trillion as of the end of August.

The amount then rose by N56.44 billion in September to N2.426 trillion.

A further breakdown of the report revealed that currency in circulation declined by 6 percent in the first quarter of the year to N2.29 trillion, about 7.5 percent below the same quarter of 2019.

The figure stood at N2.35 trillion in May, then rose to N2.39 trillion by the end of July.

While reserve money expanded by 5.9 percent to N12.96 trillion when compared to a 20.7 percent growth recorded in April 2020.

The report also noted that at N10.61 trillion, liabilities to other depository corporations grew 70.5 percent above the previous month’s growth rate of 59.7 percent.

The report said, “The heightened uncertain outlook due to the lockdown encouraged more cash to be held by the public.

“This was evident from the increase in currency in circulation, compared with the level in the preceding month.

“Currency in circulation rose by two per cent to N2.35tn at the end of May 2020, compared with the increase of 0.5 per cent at the end of April 2020.”

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Finance

CBN Directs Banks to go After COVID-19 Financial Criminals

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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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Finance

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

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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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