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FICAN Chairman Seeks Support for Befitting Secretariat

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FICAN Chairman Seeks Support for Befitting Secretariat

By Modupe Gbadeyanka

Chairman of the Finance Correspondents Association of Nigeria (FICAN) Abuja, Mr Simeon Ogoegbulem, has called for the support of partner organization to build its befitting secretariat.

Speaking recently at the 20th anniversary celebrations of FICAN held at Top Rank Hotel Galaxy in Abuja, Mr Ogoegbulem pointed out that the support was imperative to achieve the objective.

He said the association has been operating from the premises of the Central Bank of Nigeria in the last two decades, when the apex bank moved its headquarters to Abuja.

Giving a brief history of FICAN, the association boss explained that it was established in the second quarter of 1997 following the order of late General Sani Abacha to all ministries, departments and agencies to relocate to Abuja.

He said that the order led to the relocation of all regulatory agencies in the finance sector of the economy, including the CBN, Securities and Exchange Commission (SEC), Nigeria Deposit Insurance Corporation (NDIC) and the National Insurance Commission among others.

Also speaking at the event, Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, said his agency has recovered over N430 billion in different currencies from January through August 2017 from treasury looters.

Mr Magu, represented by the Head of Public Interface of the EFCC, Mr Tony Orilade, gave details of the recovery as N409,270,706,686.75; $69,501,156.67; £231,118.69; €610,816.20; Dirham 443,400.00 and 70,500.00 Saudi Riyal.

He added that a total of 137 convictions were secured by the anti-graft agency within the period under review.

He said the monies were illegally siphoned and which, undoubtedly would have gone a long way to improve the living conditions of Nigerians, adding that the recovered sum is kept in the Recovery Fund Account domiciled at the Central Bank of Nigeria.

“To put it bluntly, the single major problem militating against our national development is corruption, most crimes against humanity are perpetrated using proceeds of corruption, monies obtained through illegal activities, illicit cash flows and money laundering,” he said.

Mr Magu noted that corruption is no doubt at the heart of why a media house will owe its teeming staff members their salaries, despite their toil day and night to ensure that the publication does not miss the light of day, adding that even corruption is also the reason why our roads have become death traps, apart from the fact that our hospitals have remained in deplorable states and Nigeria has become a leading African country “exporting” medical personnel to developed countries.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

Nigerian Breweries Lists Additional Shares on Stock Exchange

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Nigerian Breweries shares

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited has admitted additional shares of Nigerian Breweries Plc on its trading platform, a notice from the exchange has confirmed.

The new stocks were issued to shareholders of the brewery giant as part of their dividend payment. They are those who opted to exchange their cash payment for shares of the firm.

According to the disclosure from the NGX on Monday, Nigerian Breweries listed a total of 78,929,849 ordinary shares of 50 kobo on the platform, increasing its total issued and fully paid-up equities to 8,075,831,900 ordinary shares from 7,996,902,051 ordinary shares.

“Additional 78,929,849 ordinary shares of 50 kobo each of Nigerian Breweries Plc were today, Monday, January 24, 2022, listed on the daily official list of the Nigerian Exchange Limited.

“The additional shares listed on NGX arose from Nigerian Breweries scrip dividend election scheme.

“With this listing of the additional 78,929,849 ordinary shares, the total issued and fully paid-up shares of Nigerian Breweries Plc has now increased from 7,996,902,051 to 8,075,831,900 ordinary shares of 50 kobo each,” the statement noted.

Shares of Nigerian Breweries depreciated by 1.46 per cent or 70 kobo today at the stock exchange to close at N47.30, according to data obtained by Business Post.

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Economy

FG Suspends Fuel Subsidy Removal, to Amend 2022 Budget

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fuel subsidy

By Modupe Gbadeyanka

The federal government has suspended fuel subsidy removal, which was earlier meant to be from July 1, 2022, and will now amend the 2022 Appropriation Act to accommodate the new change.

This action followed the pressure mounted by the Nigeria Labour Congress (NLC), which threatened to embark on a nationwide protest from January 27, 2022.

In the 2022 budget signed into law by President Muhammadu Buhari last month, the provision of petrol subsidy was till June 30, but the labour said fuel subsidy removal at this period of high inflation would be resisted.

On Monday, January 24, 2022, the Minister of Finance, Budget and National Planning, Ms Zainab Ahmed, was at the National Assembly for a meeting with lawmakers.

She explained that due to ongoing consultations, it was agreed that the planned removal of fuel subsidy should be shelved for now.

“Provision was made in the 2022 budget for subsidy payment from January till June. That suggested that from July, there would be no subsidy.

”The provision was made sequel to the passage of the Petroleum Industry Act which indicated that all petroleum products would be deregulated.

“Sequel to the passage of the PIA, we went back to amend the fiscal framework to incorporate the subsidy removal.

“However, after the budget was passed, we had consultations with a number of stakeholders and it became clear that the timing was problematic.

“We discovered that practically, there is still heightened inflation and that the removal of subsidy would further worsen the situation and impose more difficulties on the citizenry.

“Mr President does not want to do that. What we are now doing is to continue with the ongoing discussions and consultations in terms of putting in place a number of measures.

“One of these includes the rollout of the refining capacities of the existing refineries and the new ones which would reduce the amount of products that would be imported into the country.

“We, therefore, need to return to the National Assembly to now amend the budget and make additional provision for the subsidy from July 22 to whatever period that we agreed was suitable for the commencement of the total removal,” the Minister informed the lawmakers.

The Senate President, Mr Ahmad Lawan, who conveyed the meeting, commended the federal government for the bold step, urging the labour unions to suspend their action.

Also present at the gathering were the Minister of State for Petroleum Resources, Mr Timipre Sylva; the Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari; among others.

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Economy

Stanbic IBTC Finances Ardova LPG Storage Terminal

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LPG Storage Terminal

By Aduragbemi Omiyale

The 20,000 metric tonnes Liquefied Petroleum Gas (LPG) storage terminal being constructed in Ijora, Lagos, by AP LPG terminal, a fully owned subsidiary of Ardova Plc, is being financed by the Stanbic IBTC Infrastructure Fund, Business Post has learned.

In August 2021, Stanbic IBTC closed the first tranche of its N100 billion Stanbic IBTC Infrastructure Fund aimed to support the funding of critical projects in the country with competitive return profiles, sustainable environmental practices, and the potential to positively impact the economy.

Ardova, one of the leading players in the energy sector in Nigeria, keyed into the initiative and on Wednesday, January 19, 2022, the firm performed the groundbreaking ceremony for the construction of the LPG storage terminal, which is expected to be completed in December 2022.

Upon completion, the project will be the largest LPG storage facility in the nation and will ease some of the existing bottlenecks in the value chain for the supply of cleaner and more efficient energy for domestic use (cooking gas) in Nigeria, amongst other strategic benefits.

Speaking at the event, the Group Chief Executive Officer of Ardova, Mr Olumide Adeosun, commended Stanbic IBTC for its commitment to the project, noting that the importance of having formidable partners for project development, planning, execution, and investment support cannot be overemphasised.

“We are pleased to have the support of the Stanbic IBTC Infrastructure Fund for its pioneering role in a transformational project within the LPG value chain, which will undoubtedly accelerate the various energy transition initiatives currently underway at Ardova Plc.

“This support has helped us commence construction of this 20,000 metric tonne LPG storage terminal, which is expected to bring efficiency and reliability of LPG supply to Nigerian consumers as well as create long term value for our shareholders; and for this, we are thankful,” he said.

Mr Adeosun further that, “Beyond the cleaner energy premise, approximately 600 direct jobs will be created during the construction of the project and there is a multiplier effect of about additional 1,400 indirect jobs that will be created during the construction period after which it settles to about 250-300 jobs once the project becomes operational.”

On his part, the CEO of Stanbic IBTC Asset Management, Mr Oladele Sotubo, noted that, “Across the globe, cleaner energy investments have continued to be the focus.”

“Given the environmental sustainability benefits of this project, Stanbic IBTC Infrastructure Fund’s investment philosophy is properly aligned, hence the support for the 20,000 metric tonne LPG storage facility terminal,” he added.

Mr Sotubo applauded Ardova for partnering with Stanbic IBTC Infrastructure Fund and used the opportunity to also commend all the Tranche 1 investors, including institutional investors such as Trustfund Pensions, Veritas Glanvills Pensions, NPF Pensions, Fidelity Pensions, Crusader Sterling Pensions, Agip CPFA, Progress Trust CPFA, AIICO Insurance, and other High Networth Individuals (HNIs), for the confidence reposed in the fund.

He pointed out the impact their investment is making in terms of solving some of Nigeria’s infrastructure bottlenecks, creating jobs while earning returns. “As an organisation, we remain committed to bridging Nigeria’s infrastructure deficit through the provision of investment capital needed to develop projects”, he added”.

The Stanbic IBTC Asset Management Chief Executive highlighted that the Stanbic IBTC Infrastructure Fund remains dedicated to meeting the investment needs of its clients, providing them with the right investment vehicles, opportunities and professional investment services needed to achieve their financial objectives.

He urged institutional investors such as pension fund administrators, insurance companies and asset managers to explore the unique opportunities of the Stanbic IBTC Infrastructure Fund in meeting their long-term financial goals.

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