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Skye Bank pledges improved IGR for States

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Skye Bank

Skye Bank Plc., has expressed its readiness to assist states in the country improve on their internally generated revenue (IGR), plug leakages in collection of services across all revenue channels as well as help solve ghost workers syndrome through efficient payroll software expertise.

The Bank, which currently has lead IGR mandate in no fewer than six Northern states in the last 12 months, handles several other revenue services and revenue mandates for ministries, departments and agencies of several states and the federal government.

It has mandates as the payroll bank for Kogi, Nasarawa and Katsina States, in addition to being re-appointed as lead collecting bank for Kogi, Kano, and Taraba states in the areas of IGR and services.

Also, the bank handles the Hajj Commission Collections accounts for several states in the North, as well as the Federation Account and Allocation Committee’s accounts of some states.

Recently, the Lagos State Government directed all its agencies, ministries and parastatals to increase business relationship with Skye Bank, just as Kogi State re-appointed the bank as its lead collecting Bank for the State Internally generated Revenue and services.

The news of the re-appointment of Skye Bank was contained in a letter signed by the State’s Accountant General, Alhaji Momoh Jibrin and addressed to the Group Managing Director and Chief Executive of the Bank, Tokunbo Abiru.

The bank’s IGR and service mandates also cover states in the South South, South West, North Central and the South Eastern parts of the country. Besides, the bank has helped and still helps several states raise their revenue profile as well as block leakages in their tax administration system.

Skye Bank Nigeria’s leading financial service provider, is credited to have developed IGR and employee biometric solution that has been deployed for the enhancement of IGR collections and abolition of Ghost worker syndrome in several states in Nigeria.

and endorsement represent the confidence and trust various state governments have in the Board and management and leadership of Skye Bank.

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

UK Banks to Ditch Clients Across Europe

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UK banks are “outrageously failing” many tens of thousands of expat clients across Europe as they plot to shut their accounts and cancel credit cards within weeks due to post-Brexit rules.

This is the damning assessment of Nigel Green, the CEO and founder of deVere Group, one of the world’s largest financial advisory and fintech organisations, as most of Britain’s biggest banks send letters to customers in the EU warning them that all services are to be scrapped unless they have a UK address.

Mr Green says: “Most of the UK’s high street banks are plotting to unceremoniously abandon their customers across Europe within weeks.

“Accounts will be shut and debit and credit cards voided – regardless of how much or how little you have in those accounts or how long you have been a client – as it becomes illegal for UK banks to service British customers living in the EU without applying for new banking licences.”

He continues: “Once again, traditional banks are outrageously failing their clients who now need to take urgent steps to continue to be able to access, use, and manage their money.

“The move by these banks will be a major inconvenience to many tens of thousands of Brits living in the EU.”

Before post-Brexit rules come into effect, those affected are being urged to find alternatives to avoid potentially serious financial disruption.

“I would urge expats to now seek a financial services provider that already operates under pan-European rules,” says the deVere Group CEO.

In 2017 the firm launched deVere Vault. deVere Vault provides borderless global services with a ground-breaking e-money app and a single card, multi currency service designed with those with an international lifestyle in mind.

“You’re able to open a deVere Vault account in around five minutes, withdraw money from any cash machine worldwide, get real-time notifications with all your transactions, spend money on the card wherever Mastercard is accepted, and send and receive money in most major currencies,” notes Mr Green.

He concludes: “deVere Vault meets a growing need in an increasingly globalised world for our clients to have borderless access to and use of their money.

“Agile, tech-driven challenger banks and fintech firms are ready to fill the void left by traditional banks who are now having to routinely ditch their customers.”

 

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NNPC Says Private Investors Will Finance Rehabilitation of Downstream Assets

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Nigeria Hr

Private Investors to Finance NNPC Rehabilitation of Downstream Assets

The Nigerian National Petroleum Corporation (NNPC) during the weekend said a group of private investors would finance the proposed rehabilitation and replacement of its aging downstream assets, especially petroleum pipelines, across the nation.

In a statement released in Abuja, the Group Managing Director, Mallam Mele Kyari, said some of the assets to be replaced were as old as 40 years and long overdue for replacement.

The managing director explained that the investors to be engaged would be doing the financing under the Finance, Build, Operate and Transfer, BOT, Model, adding that the model became imperative given the state of the nation’s downstream infrastructure.

He said: “Some of these assets are as old as 40 years and they are due for replacement; and when you want to do a replacement of this scale, you do need a lot of resources.

“And we know that we require these assets so we decided that we bring in private partners who will fund these pipelines, they will construct it, they will operate it with us and then ultimately they will fully recover their investment from the tariff which we will pay for using these pipelines. And as soon as they recover their cost and their margin, they will hand over these assets back to us.”

According to the NNPC boss, no fewer than 78 firms have already submitted virtual bids indicating their willingness to undertake the rehabilitation of the downstream pipelines, associated depots and terminal infrastructure of the NNPC through the financing model.

He added that the final partners would be selected by the end of the first quarter of 2021.

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Lafarge Africa Says Improved Operating Efficiency Boosts Performance in Q2 2020

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Lafarge Africa

Improved Operating Efficiency Bolsters Our Performance in Q2 2020, Says Lafarge

Lafarge Africa plc has said its strong second-quarter performance was due to improved operating efficiency and strategic implementation of the company’s health, cash and cost initiative.

The Chief Executive Officer, Lafarge Africa, Mr. Khaled El Dokani, disclosed this at the company’s virtual Facts Behind Figure presentation on the Nigerian Stock Exchange.

The company grew profit before tax by 29.7 percent to N21.7 billion in the second quarter of 2020, up from N16.33 billion posted in the same period of 2019.

Also, the company’s net profit rose by 60 percent from N9.54 billion recorded in the corresponding period of 2019 to N15.26 billion in the second quarter of 2020.

While its net sales declined by 5.1 percent to N56.85 billion from N59.87 billion in Q2’19, El Dokani said it was due to the COVID-19 negative effect that impacted businesses.

El Dokani said: “The proactive measures we have put in place as a business have been instrumental to the positive results we have seen. Our route-to-market strategy has proven to be effective, particularly, our expanded distribution network which proved very valuable during the peak of the COVID-19 pandemic lock-down.

“We have steadily expanded our retail footprint in our core markets. The recent re-launch of our Supaset brand has continued to gain traction with our customers, especially with the block makers.

“The implementation of our Health, Cash and Cost initiative has and would remain in focus to deliver improvement in our performance.”

He assured that Lafarge Africa would continue to focus on business resilience to ensure a healthy balance sheet while making the health of ‘our people, communities and other stakeholders priority.’

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