Economy
CAC Exceeds 2020 Revenue Target by 4.4%
By Adedapo Adesanya
The Corporate Affairs Commission (CAC) has disclosed that it exceeded its revenue target for 2020 by 4.4 per cent as it raked in N19 billion as Internally Generated Revenue (IGR) in the period under review.
This was disclosed by the CAC Registrar-General, Mr Garba Abubakar, on Wednesday.
According to him, in spite of the COVID-19 pandemic that affected economic activities, the commission recorded an increase in the registration of businesses and other corporate entities during the year.
“The year 2020 was one of our best years in terms of revenue generation as we recorded a surge in registration above the previous year.
“We had a revenue target of N18.2 billion, but we closed here with over N19 billion.
“For the first time in the last 10 years, we are able to give more money to the federal government in terms of operating surplus.
“We are hoping that we will meet our target for 2021 because where there is increased compliance by customers, there will be an increase in the revenue for the government.
“Transactions are now easily carried out with the electronic system, as you pay through the remittal on our portal, without paper works,” he said.
He expressed hopes that the agency would surpass the N20 billion revenue target this year by leveraging on electronic systems transactions for most of its operations.
Mr Abubakar, who was appointed to head CAC on January 7, 2020, by President Muhammadu Buhari, said the commission has undergone some reforms in the past year.
According to him, the organisation has successfully embedded the Federal Inland Revenue Service (FIRS) Tax Identification Number (TIN) on the certificate of registration for companies through the existing FIRS stamp duty portal.
He said that the agency has commenced the implementation of the Companies and Allied Matters Act, 2020 (CAMA 2020) with the introduction of a new self-service portal that allowed for end-to-end electronic submission by customers.
He said that the new CAMA provided a robust framework towards reforming identified legal, regulatory and administrative bottlenecks, which had hitherto slowed down the wheel of doing business for over three decades.
The Registrar-General, however, noted that inherited financial liabilities and the COVID-19 pandemic were some of the challenges he faced in steering the affairs of the organization in the past year.
“The challenges we had last year was the inherited liabilities, as I took over with over N6 billion liabilities, and also had challenges of service delivery because of the COVID-19 restrictions.
“Before the COVID-19 pandemic, we were registering company and business names within 24 hours, but the pandemic and the various restrictions to curb the spread of the disease affected our service delivery,” he said.
Mr Abubakar said that part of the commission’s agenda for 2021 was to build stronger collaborations with relevant agencies and intensify the enforcement of the provisions of the new CAMA.
He tasked all registered entities on compliance with the new law in terms of filing their annual returns and other statutory duties to the commission.
According to him, with the new law, it is now easier for companies to file their returns without going through any lawyer, accountant or chartered secretary.
“With the new portal, a company can decide to have its own electronic account that will allow it to make all its fillings directly.
“The new portal also shows at a glance the status of a company, whether it is active, dormant, receivership or liquidation.
“We have given access to most government agencies and foreign missions in Nigeria to confirm the status of companies and we will continue to do that.
“Before they deal with any registered company, they will verify if such company is actually an active company and whether the information provided by such company is consistent with the CAC records,” he said.
Mr Abubakar further said the commission was working out modalities for granting amnesty on annual returns to companies and other registered entities and it would be announced before the end of the first quarter of this year.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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