Connect with us

Economy

Details of N516b Paris Club Refund to States

Published

on

Details of N516b Paris Club Refund to States

Details of N516b Paris Club Refund to States

By Dipo Olowookere

Federal Government has released how it disbursed the first tranche of N516 billion of the Paris Club debt refund to the 36 states of the federation and the Federal Capital Territory (FCT) Abuja.

A statement released on Friday and signed by the Director of Information in the Ministry of Finance, Mr Salisu Dambatta, revealed that five states received a total N135.09 billion, representing 26.1 percent of the entire amount refunded by the Federal Government to all the states and the FCT.

These states, according to the statement, are Rivers, Delta, Akwa Ibom, Bayelsa and Kano, which respectively got N34.92 billion, N27.6 billion, N25.98 billion, N24.89 billion, and N21.7 billion.

In 2005, a final agreement for debt relief with the Paris Club was reached by Nigeria.

While the debt was being serviced between 1995 and 2002, some states were overcharged from the monthly federal allocations by the FG and later called for refund.

So, when some states were having issues with payment of salaries of their workers, President Muhammadu Buhari, on November 21, 2016, approved the payment of the refund to states.

This was explained in the statement on Friday. “The funds were released to state government as part of the wider efforts to stimulate the economy and were specifically designed to support states in meeting salary and other obligations, thereby alleviating the challenges faced by workers.

“The releases were conditional upon a minimum of 50 percent being applied to the payment of workers’ salaries and pensions. The Federal Ministry of Finance is reviewing the impact of these releases on the level of arrears owed by state governments.”

In the analysis of its disbursement to states, the Finance Ministry said it paid N16.74 billion to Lagos State, N16.4 billion to Katsina State and N15.44 billion to Kaduna.

Also, Borno got N14.68 billion, Jigawa got N14.2 billion, Imo received N14.01 billion, Niger was paid N14.42 billion, Bauchi received N13.75 billion, Sokoto got N12.88 billion, and Osun was paid N12.62 billion.

Others are Cross River, N12.15 billion; Anambra, N12.24 billion; Edo, N12.18 billion; Kebbi, N11.95 billion; Kogi, N11.05 billion; Abia, N11.43 billion; Ogun, N11.47 billion; and Plateau, N11.28 billion.

Furthermore, Yobe State got N10.82 billion; Zamfara, N10.88 billion; Ebonyi, N9.01 billion; Ekiti, N9.54 billion; Enugu, N10.7 billion; Gombe, N8.95 billion; Nasarawa, N9.1 billion; Oyo, N13.31 billion; while Kwara got N10.24 billion.

The rest are Adamawa, N10.25 billion; Benue, N13.7 billion; Ondo, N14.01 billion; Taraba, N9.32 billion; and the Federal Capital Territory, N1.36 billion.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Economy

Access Holdings Merges Sigma, FGPL for Formidable PFA Business

Published

on

Sigma Pensions

By Aduragbemi Omiyale

To create a formidable pension funds administration (PFA) business in Nigeria, Access Holdings Plc has merged its subsidiary, First Guarantee Pension Limited (FGPL), with Sigma Pensions Limited.

The marriage between the two PFAs was made possible after Access Holdings acquired an indirect equity stake in Sigma.

Recall that in October, the company announced that it was buying a stake in Sigma to revolutionise the PFA sector.

On Thursday, a court approved the merger between the firm and FGPL, giving room for the organisations to become one and offer innovative products to customers.

A notice signed by the group company secretary of Access Holdings, Mr Sunday Ekwochi, confirmed the development.

“Sequel to our announcement on October 25, 2022, Access Holdings Plc, trading as Access Corporation, today announces the completion of its acquisition of an indirect equity stake in Sigma and the merger of its subsidiary, FGPL, with Sigma.

“Following the sanction of the scheme of merger between Sigma and FGPL by the Federal High Court on December 1, 2022, FGPL has been dissolved without winding up, leaving Sigma as the surviving entity,” a part of the statement dated Friday, December 2, 2022.

“Following the successful completion of the merger, our plan is to leverage the synergies of these entities, as well as the corporation’s expansive distribution network, strong risk management culture and best-in-class governance standards to create a formidable pension funds administration business,” the group chief executive of Access Holdings, Mr Herbert Wigwe, stated.

Continue Reading

Economy

FrieslandCampina Buoys Unlisted Securities Market by 1.11%

Published

on

FrieslandCampina

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive zone on Friday, December 2, as it appreciated by 1.11 per cent at the close of business.

This was driven by a gain in the stock price of FrieslandCampina Wamco Nigeria Plc. The company appreciated by N5.29 price to close at N66.63 per share versus the previous day’s price of N61.34 per share.

This outweighed the 1 Kobo loss recorded by UBN Property Plc during the session as the price of the property investment company went down to 91 Kobo per unit from the preceding session’s 92 Kobo.

When the market closed for the day, the total value of the unlisted securities market increased by N10.27 billion to N933.71 billion from N923.44 billion.

In the same vein, the NASD Unlisted Securities Index (NSI) stretched by 7.82 basis points to 710.58 basis points from the 702.76 basis points in the previous session.

During the session, there was a surge in the volume of securities by 140,993.7 per cent as investors exchanged 2.2 million units, in contrast to the previous day’s 14,508 units.

Likewise, the value of shares traded at the session ballooned by 1,526.6 per cent to N10.7 million from the N657,534.75 recorded a day earlier, while the number of deals improved by 400 per cent to 20 deals from four deals.

When the market closed for the day, AG Mortgage Bank Plc was the most traded stock by volume (year-to-date) with 2.3 billion units valued at N1.2 billion, Central Securities Clearing System (CSCS) Plc occupied second place with 687.8 million units worth N14.3 billion, while Lighthouse Financials Services Plc was in third place with 224.7 million units valued at N112.3 million.

Also, CSCS Plc ended the day as the most traded stock by value (year-to-date) by trading 687.8 million units worth N14.3 billion, VFD Group Plc was in second place with 29.1 billion units valued at N7.7 billion, and FrieslandCampina WAMCO Plc was in third place after selling 16.8 million units worth N1.9 billion.

Continue Reading

Economy

Naira Sells N730/$1 in Black Market, N748/$1 at P2P, N445.33/$1 at I&E

Published

on

redesign Naira Notes

By Adedapo Adesanya

Normalcy seems to have returned to the currency market in Nigeria as the Naira further appreciated against the United States Dollar at the various segments of the ecosystem.

In the Investors and Exporters (I&E) segment of the foreign exchange (forex) market, the Nigerian currency gained 50 Kobo or 0.11 per cent to quote at N445.33/$1, in contrast to Thursday’s rate of N445.83/$1.

It was observed that domestic currency withstood significant FX demand pressure during the trading session as forex traders completed transactions worth $159.02 million compared with the $99.50 million executed a day earlier, indicating a 59.1 per cent or $59.52 million increase in FX turnover.

Also, in the Peer-to-Peer (P2P) window, the local currency appreciated against the greenback by N14 or 1.8 per cent to trade at N748/$1 compared with the preceding day’s N762/$1.

In the same vein, the value of the Nigerian currency to its American counterpart improved by N10 yesterday to sell for N735/$1 against N745/$1 of the preceding trading session.

However, in the interbank segment, the Naira lost N3.19 against the Euro on Friday as it closed at N464.98/€1 versus Thursday’s exchange rate of N461.79/€1, and against the Pound Sterling, it depreciated by N7.66 to quote at N542.33/£1 compared with the previous day’s N534.67/£1.

Meanwhile, the cryptocurrency market rebounded yesterday as investors showed renewed interest in digital assets, causing the value of Dogecoin (DOGE) to rise by 2.6 per cent to $0.1016.

Further, Cardano (ADA) recorded a 1.8 per cent increase to sell at $0.3189, Ethereum (ETH) saw its value go up by 1.3 per cent to close at $1,289.56, and Solana (SOL) appreciated by 1.4 per cent to trade at $13.65.

In addition, Binance Coin (BNB) grew by 1.1 per cent to settle at $291.72, Litecoin (LTC) appreciated by 1.0 per cent to trade at $77.23, Ripple (XRP) made a 0.9 per cent rise to finish at $0.3924, and Bitcoin (BTC) rose by 0.5 per cent to $17,030.33.

However, the US Dollar Tether (USDT) and Binance USD (BUSD) closed flat at $1.00 on Friday.

Continue Reading
%d bloggers like this: