Economy
FAAC Disburses N1.2trn to FG, States, Councils for February Allocation
By Aduragbemi Omiyale
About N1.2 trillion, precisely N1.149 trillion, has been disbursed to the federal, state and local councils as their allocation for February 2024.
The money was part of the revenue generated by the nation in January 2024. A total of N2.068 trillion was generated last month by Nigeria, but N1.149 trillion was shared, comprising distributable statutory revenue of N463.079 billion, Value Added Tax (VAT) of N391.787 billion, Electronic Money Transfer Levy (EMTL) of N15.922 billion, and Exchange Difference revenue of N279.028 billion.
A communiqué issued after the end of the Federation Account Allocation Committee (FAAC) meeting held yesterday chaired by the Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, said the total deductions for cost of collection was N78.412 billion, while the total transfers, interventions and refunds was N639.926 billion, and the savings stood at N200.000 billion.
It was revealed that last month, Companies Income Tax (CIT), Import Duty, Petroleum Profit Tax (PPT) and Oil and Gas Royalties increased significantly, while VAT, Export Duty, EMTL, and CET Levies decreased considerably.
FAAC also said from the N1.148 trillion total distributable revenue, it gave N407.267 billion to the federal government, N379.407 billion to the state governments, and N278.041 billion to the local councils.
From the N463.079 billion distributable statutory revenue, the federal government received N216.757 billion, the state governments got N109.942 billion, and the councils received N84.761 billion, while N51.619 billion was shared to the benefiting states as 13 per cent derivation revenue.
In addition, from the N391.787 billion distributable VAT revenue, the central government got N58.768 billion, the state governments were given N195.894 billion, and the local government councils received N137.125 billion.
Further, from the N15.922 billion EMTL, the national government was given N2.388 billion, the state governments got N7.961 billion, and the councils received N5.573 billion, while from the N279.028 billion exchange difference earnings, the federal government got N129.354 billion, the state government had N65.610 billion, and the councils were given N50.582 billion, with N33.482 billion shared to the benefiting states as derivation revenue.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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