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Economy

N415b Shared by FG, States, LGs in April

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By Dipo Olowookere

The sum of N415 billion was shared in April 2017 among the Federal Government, State Governments and Local Government Councils in the country.

This information was disclosed by the sub-Committee of Federation Accounts Allocation Committee (FAAC) of the Office of the Accountant-General of the Federation at the end of the meeting held on Wednesday in Abuja.

According to the committee, the sum of N248.11 billion was received as gross statutory revenue, lower than N331.58 billion received in the previous month.

The shared amount comprised the month’s statutory distributable revenue of N272.12 billion, Value Added Tax of N81.286 billion, Exchange gain of N38.517 billion and Excess PPT Account of N20.425 billion.

Also, there was a N6.330 billion refund to the Federal Government by Nigerian National Petroleum Corporation (NNPC).

Accordingly, from Net Statutory Allocation, the Federal Government received N124.444 billion representing (52.68%); States received N63.119 billion (26.72%); Local Government Councils received N48.662 billion representing (20.60%); while the Oil Producing States received N22.640 billion as 13% derivation revenue.

Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N12.193 (15%); States received N40.643 billion (50%) while the Local Government Councils received N28.450 (35%).

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 [email protected]

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Economy

Oando Holds AGM December 17 as Former PwC Nigeria Head Joins Board

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Oando

By Aduragbemi Omiyale

The much-awaited Annual General Meeting (AGM) of Oando Plc will take place on Tuesday, December 17, 2024, at 10 am in Lagos, a statement from the energy company has revealed.

The day would be used to present the audited financial statements of the organisation for the year ended December 31, 2023, to shareholders.

Oando will also seek the approval of investors to appoint Mr Ken Igbokwe and Mr Bashir Bello to the boards of the company with effect from Monday, November 25, 2024.

Mr Igbokwe is a highly experienced management and consulting professional with over 35 years of expertise in various sectors, including oil and gas, financial services and the public sector.

During his distinguished career at PwC Nigeria, he held key leadership roles in Assurance, Tax and Consulting.

His experience spans a wide range of areas such as statutory, financial and process audits and assurance, business valuations, dispute resolution, financial and information systems risk management, corporate strategy development, corporate performance management, and tax planning.

In his role as Country Leader of PwC Nigeria, Mr Igbokwe was responsible for driving strategic thinking and the visioning that underpinned the growth of the firm.

He was in this leadership position for 10 years during which PwC Nigeria’s business recorded tremendous growth with PwC becoming the leading “Big 4” brand. He led the PwC West Africa business into the Africa-wide PwC merger in 2012.

The new appointee contributes to public discourse and debates on public sector transformation in Nigeria and on matters which focus on corporate governance and the strengthening of the investment climate.

Mr Igbokwe holds a B.Sc. (Eng) degree in Mechanical Engineering from Imperial College, London University, which he attended as a Shell Scholar and graduated from, in 1978.

He is a current member of the Institutes of Chartered Accountants in England and Wales and Nigeria. He is also a current member of the Chartered Institute of Taxation of Nigeria.

On his part, Mr Bello is an oil and gas professional with over 32 years of experience in Technical and Executive Management positions across the industry. His expertise spans all sectors, from Downstream (Refining) to Midstream (LNG) and Upstream (Exploration and Production), with a strong focus on Operations, Engineering, Project Management, and Corporate Governance.

He has served as a Board Member for Shell Petroleum Development Company of Nigeria Limited, Bonny Gas Transport Company, NLNG Ship Manning Company Limited, and various Board Committees of Nigeria LNG.

With a proven ability in Interface and Stakeholder Management, he is skilled at delivering business value in Joint Ventures with diverse shareholder agendas, managing projects with complex interfaces and stakeholder expectations, and overseeing operations with diverse functional requirements and limited resources.

Mr Bello holds a Bachelor of Engineering (B.Eng.) in Mechanical Engineering from Bayero University Kano, Nigeria. He is a Fellow of the Nigeria Society of Engineers (NSE), and a Registered Engineer with the Council for the Regulation of Engineering in Nigeria (COREN).

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Economy

CBN Hikes Interest Rates for Sixth Time to 27.5%

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interest rate hike

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has raised the monetary policy rate by 25 basis points to 27.50 per cent to further tackle rising inflation in Nigeria.

This was disclosed by the Governor of the apex bank, Mr Yemi Cardoso, at the end of the 298th Monetary Policy Committee (MPC) meeting in Abuja.

This is the sixth time that the country has hiked interest rate this year after it announced a 50-basis-point that brought the previous rate to 27.25 per cent in September 2024.

The rationale for increasing interest rates is that higher interest rates increase the cost of borrowing for individuals and businesses. This creates a ripple effect that reduces loans spent on items like homes, cars, and investments and curbs overall spending in the economy.

Normally, low interest rates can lead to excessive borrowing and investments in assets that will then inflate their prices.

Also, increased interest rates make saving more attractive as depositors earn more on their savings. It is widely accepted that saving reduces the demand for goods and services and thus helps to stabilise prices.

Mr Cardoso also used the opportunity to reiterate that the CBN will continue to employ necessary means to bring down inflation.

He projected that Nigeria’s high inflation should moderate by the end of the first quarter of  2025.

The inflation rate continued its upward trend in October 2024, impacted by rises in the price of food, electricity, and fuels, as it came in at 33.88 per cent, relative to the September 2024 headline inflation rate of 32.70 per cent.

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Economy

Unlisted Securities Exchange Falls 0.37%

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NASD Unlisted Securities Index

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange dropped by 0.37 per cent to open the week on a negative foot on Monday, November 25.

The NASD OTC market capitalisation lost N3.95  billion during the trading day to settle at N1.050 trillion compared with the previous trading day’s N1.054 trillion and the Unlisted Security Index (NSI) decreased by 11.26 points to wrap the session at 2,997.68 points compared with 3,008.94 points recorded in the previous session.

This happened as there was no gainer or loser on record during the session, according to daily trading data.

However, there was a rise in the volume of securities traded during the opening session of the week as investors exchanged 1.7 million units compared with last Friday’s 157,791 units, indicating an increase of 948 per cent.

Also, the value of shares traded yesterday grew by 4.8 per cent to N6.5 million from the N6.2 million recorded in the preceding trading day.

The number of deals carried out in the trading session remained unchanged at 20 deals.

Geo-Fluids Plc remained as the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, Okitipupa Plc came next with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc followed with 297.3 million units worth N5.3 billion.

Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, Okitipupa Plc came next with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc was in third with 297.3 million units sold for N5.3 billion.

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