Economy
DMO Hands Over Final N162.6bn Sukuk to Fashola
By Dipo Olowookere
The sum of N162.6 billion raised from the sovereign Sukuk by the Debt Management Office (DMO) has been handed over to the Minister of Works and Housing, Mr Babatunde Raji Fashola.
The fund would be used on 44 federal roads spread across the six geo-political zones of the country under the Sukuk roads project.
The Director-General of the DMO, Ms Patience Oniha, said the release of the N162.6 billion was the third and final Sukuk secured financing obtained from investors in June 2020, for road project out of the total N462.6 billion raised by her agency.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who witnessed the presentation, said one of the key pillars of the Economic Recovery and Growth Plan (ERGP) is the development of critical infrastructure projects with a view to removing the impediments to growth and development in the economy.
She explained that the President through the annual budgets had prioritized capital expenditure on the development of roads, rail, power and agriculture infrastructure projects.
She stated that the N162.6 billion signified the 100 per cent full deployment of the total amount raised by the debt office dedicated to roads project.
The Minister of Works and Housing, Mr Babatunde Raji Fashola, when receiving the money yesterday in Abuja, commended the partnership between the government and the private sector in the provision of Sukuk to finance roads project across the country.
He listed the number of roads project being executed per geo-political zone as follows: North Central having eight, North East Eight, North West Seven, South West Six, South East Five and South-South having 10 roads each with the breakdown of the financial implication as follows: North Central N26.5 billion, North East N30.5 billion, North West N26.5 billion, South-East N26 billion, South-South N26 billion and South-West N27.05 billion.
Speaking on the recent public debate on government borrowing and the concerns being raised by Nigerians, Mr Fashola explained that, with this Sukuk projects distribution, citizens will now see where and how the monies were being spent.
He also listed the many economic benefits of roads construction to the people, saying that a lot of jobs have been created for labourers, artisans, suppliers of building materials, sands suppliers, farmers and even food vendors who make their daily earnings from the construction sides.
“President Muhammadu Buhari has been legitimately distributing wealth through investment in road infrastructure and the 100 million Nigerians he would take out of poverty in a decade would be achieved,” he said.
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Enhanced Personalization for Travel
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Promote Traveler’s Safety
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Centralized Process
A few corporate tools provide a one-stop solution for the company’s end-to-end business travel management needs. It encompasses planning, booking, and support all on one platform.
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International booking is a little daunting for employees who have not done it before. There are many factors like foreign time zones, weather, cuisines, and most of all; they must navigate an unknown place.
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The tech-forward travel booking tool for corporate employees provides 24×7 customer support. The employees can contact the solution-providing team through emails, chats, and calls. They will receive the help that they are seeking.
By Dipo Olowookere
A legal action has been instituted against the co-founder of Seplat Energy Plc, Mr A.B.C. Orjiako, by the indigenous energy company at the Federal High Court in Abuja over breaches of an agreement between them.
A statement issued by Seplat disclosed that the organisation entered into a consultancy deal with Mr Orjiako, through his firm, Amaze Limited.
According to the disclosure, which was made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange Limited, 2015, also known as issuer’s rule, Mr Orjiako failed to do something about the alleged breaches after his attention was called to infractions.
As a result, Seplat Energy terminated the “consultancy agreement between the company’s wholly-owned subsidiary and its co-founder, Dr. A.B.C Orjiako, acting through Amaze Limited” with immediate effect and is seeking “appropriate legal remedies.”
“Under the consultancy agreement, Dr Orjiako was obliged to provide defined assistance with certain external stakeholder engagements following his retirement from the board after the 2022 Annual General Meeting in May 2022,” a part of the notice stated.
It was further noted that the board of directors of the organisation “unanimously approved” the termination of the contract “following repeated warnings about breaches of a material nature, such as unilaterally making significant commitments on Seplat’s letterhead without prior board authority or knowledge.”
It explained that the suit “was necessary to protect the company and its shareholders, directors, and officers from potential and increasing liability arising from the conduct of the consultants, Dr Orjiako and Amaze Limited.
“Seplat Energy reiterates its commitment to high standards of corporate governance across all areas of its business. The matter is now sub judice and awaiting resolution by the court,” the statement noted.
By Aduragbemi Omiyale
The amount shared to the three tiers of government, the federal government, state governments, and local governments, by the Federation Account Allocation Committee (FAAC), decreased in March 2023 from the money distributed in February.
A communique issued on Wednesday after the FAAC meeting in Abuja disclosed that N722.7 billion was disbursed from the revenue generated by the country last month compared with the N750.2 billion shared in February.
A breakdown showed that the total distributable revenue of N722.677 billion comprised distributable statutory revenue of N366.800 billion, distributable Value Added Tax (VAT) revenue of N224.232 billion, Electronic Money Transfer Levy (EMTL) of N11.645 billion and N120.000 billion Augmentation from Forex Equalisation Account.
In the disclosure signed by the Director of Press and Public Relations of the Office of the Account-General of the Federation (OAGF), Mr Bawa Mokwa, it was disclosed that in February, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties all decreased significantly while Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL) decreased marginally.
Explaining how the money was disbursed, FAAC said from the N722.677 billion, the federal government received N269.063 billion, the state governments got N236.464 billion, and the local councils were given N173.936 billion, while N43.214 billion was shared to the oil-producing states as 13 per cent derivation revenue.
Further, from the N366.800 billion distributable statutory revenue, the federal government received N178.683 billion, the state governments received N90.630 billion, and the local government councils received N69.872 billion, with relevant states getting N27.614 billion as 13 per cent derivation revenue.
In addition, from the distributable N224.232 billion from VAT, the federal government received N33.635 billion, the state governments received N112.116 billion, and the local councils received N78.481 billion.
The statement also said N11.645 billion Electronic Money Transfer Levy (EMTL) was distributed as follows: the Federal Government received N1.747 billion, the State Governments received N5.822 billion, and the Local Government Councils received N4.076 billion.
From the N120.000 billion Augmentation, the Federal Government received N54.998 billion, the State Governments received N27.896 billion, the Local Government Councils received N21.506 billion, and a total sum of N15.600 billion was shared to the relevant States as 13 per cent of mineral revenue.
In February 2023, the total deductions for the cost of the collection were N27.449 billion, and total deductions for transfers, savings, recoveries and refunds were N109.909 billion, while the balance in the Excess Crude Account (ECA) was $473,754.57, the same amount it had remained since December 2022.
