The Minister of State for Agriculture and Rural Development, Senator Heineken Lokpobiri, has urged the people of Bayelsa State to get seriously involved in agriculture so that hunger would totally be eradicated in the state and the nation at large.
He further described the situation where about $60 billion was used to import food yearly as unacceptable.
The Minister disclosed the plan of the Central Bank of Nigeria (CBN) towards investing about N500 million into agriculture and promised to extend the ministry’s agricultural programmes to the people of Bayelsa.
The State Chairman of the All Progressive Congress (APC) in Bayelsa State, Chief Timipa Orurinugha stated that the EXCO was in Abuja to show their solidarity to the minister and to encourage him.
Special Adviser on Niger Delta Affairs to former President Goodluck Jonathan, Kingsley Kuku and his two former aides — Lawrence Pepple (Technical Assistant on Reintegration to the Special Adviser on Niger Delta Affairs) and Henry Nonso Ugbolue (Special Assistant, Media & Communication to the Special Adviser on Niger Delta Affairs) will be charged today by the Economic and Financial Crimes Commission (EFCC), summoned before the Federal Capital Territory High Court sitting in Wuse Zone 2, Abuja.
They are to be arraigned on two separate charges, bordering criminal conspiracy, false declaration of assets and fraudulent acquisition of property.
According to reports, Kuku and Ugbolue were alleged to have conspired among themselves and awarded contracts running into millions of naira to companies in which they had interests.
Katsina State government has inaugurated a commission of inquiry to recover N70 billion, allegedly stolen under the administration of former Governor Shehu Shema.
The commission was saddled with the responsibility to “investigate and determine the actual extent of loss suffered by government through the acts or commission of public officers in the state from 2012 to May 2015”.
Governor Aminu Masari said his administration has discovered that a whooping sum of N70 billion was taken from the state treasury with no evidence of its utility by the immediate past administration.
He said his administration was not investigating ex-Governor Shema based on contracts awarded but based on monies taken from the treasury that were not used.
He urged the commission members to ensure justice and fairness and expressed optimism that having built reputations for themselves, they won’t indulge in acts that could compromise their names.
The minister of water resources, Engr. Suleiman Adamu, has hinted that the challenges created by lack of access to water and sanitation present job opportunities for the water and sanitation sectors. He stated that these untapped opportunities have rekindled the ministry’s interest in instituting a seamless mechanism for main-streaming the water and sanitation sector in the country’s economic process.
Adamu stated that the ministry is already working out new nationwide water and sanitation programme that will be partly private sector driven, adding that there will be a need for proper training of the youths on water and sanitation in the bid to ensure that they participate in activities concerning the sector.
“Every region and state in Nigeria has abundant potentials for creating sustainable jobs in the water and sanitation sector in the water and sanitation sector in the country. We shall map these opportunities and come up with a roadmap for exploring them. We shall also work with other key government ministers and organs with a view to making this initiative sustainable and multi-sectoral,” he explained.
Central Bank of Nigeria (CBN) on Tuesday at the end of its Monetary Policy Committee (MPC) meeting raised the benchmark interest rates: Monetary Policy Rate (MPR) from 11 to 12 percent, Cash Reserve Ratio (CRR) for commercial banks to 22.5 percent from 20 percent and maintained liquidity ratio at 30 percent.
Several analysts had expected the central bank to retain interest rate at 11 percent.
However, CBN Governor, Godwin Emefiele who doubles as chairman of the MPC told reporters on Tuesday after the committee meeting that the apex bank would keep the Naira foreign exchange rate stable despite a sharp fall of the currency in the parallel market due to shortages of dollars.
Emefiele said that, Nigeria was going through its worst economic crisis in recent times due to the sharp drop in crude prices.
He said “The MPC voted to raise MPR by 100 basis points from 11 percent to 12 percent, and raise the CRR by 250 basis points from 20 percent to 22.5 percent, retain liquidity ratio at 30 percent.”
He cited the state of the economy and rising inflation, which is above the central bank’s target band of six to nine percent.
The governor also urged the swift passing of the 2016 budget, which was tabled by the Senate on Monday.
The apex bank governor also debunked allegation that it planned to convert the $20 billion reported to have been lying fallow in banks saying, “the 20 billion dollars is a liability, they are not idle. There is no intention and not within our view to begin to convert people’s domiciliary accounts to Naira.”
International Finance Corporation (IFC), a member of the World Bank Group, the European Investment Bank (EIB) and Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group and leading pan-African full-service banking group, have signed a landmark risk-sharing agreement that would help filled the gap in financing for small and medium sized enterprises in Sub-Saharan Africa’s poorest and most fragile countries.
Under the agreement signed on Tuesday, EIB, a key partner in IFC’s Global SME Finance Facility, would join the existing IFC’s risk-sharing facility with ETI.
The two institutions launched the risk-sharing facility in May 2015. EIB and IFC will share 25 percent of the risk in the $110 million facility, alongside ETI. The facility is designed to overcome the challenges of lending to smaller businesses which have a higher risk profile.
Speaking on the side line of 2016 Africa CEO Forum in Abidjan, IFC’s Director for Western and Central Africa Vera Songwe said “SMEs in Africa face a huge funding gap, and partnerships like the one between IFC, EIB and ETI were critical to helping these SMEs and economies to grow and create jobs. – leveraging IFC’s wide network of partners, the unique structure of the Global SME Finance Facility is able to target the finance gap more effectively than a single IFI, DFI or donor can on its own.”
Ambroise Fayolle, Vice President, EIB, said “As the EU bank, the European Investment Bank is strongly committed to supporting private sector investment in Africa. The new agreement signed today will directly benefit SMEs across Sub-Saharan Africa, including in Côte d’Ivoire, fostering sustainable development and job creation. Every year, the European Investment Bank invests Euro 2.5 billion in Africa to enhance access to finance for SMEs and micro-enterprises, to develop social and much needed economic infrastructures, and to promote climate action.”
Ade Ayeyemi, Group Chief Executive Officer of Ecobank said, “This agreement buttresses our continued commitment at Ecobank to supporting small and medium scale enterprises in Africa. Their financing and growth is an important part of the development of the private sector in Africa and the
overall growth of our economies.”
The risk-sharing facility agreement signed today would see IFC, EIB and EIB collaborate in countries where more than 50 percent of the population live in poverty, unemployment is high and infrastructure is poor, which exacerbate the operating conditions for smaller businesses. The facility would target SMEs in Burundi, Chad, Côte d’Ivoire, Democratic Republic of the Congo, Guinea, Mali and Togo.
IFC and Ecobank enjoy a long-standing collaboration dating back to 1993. ETI’s unparalleled network across Africa has helped extend financial access in difficult environments at a scale that few other IFC-partner financial institutions can match.
The EIB is the long-term lending arm of the EU and a key IFC partner. IFC and EIB co-invest in many projects around the world and developed a particularly strong partnership during the 2008 financial crisis. EIB contributed $100 million to the Global SME Finance Facility in 2014, with the particular objective of targeting SMEs in Africa.
The Global SME Finance facility is a blended finance vehicle which integrates both investment and advisory services to help banks reach more SMEs.
Launched in April 2012 in response to a call from the G-20 to bridge the trillion dollar SME financing gap. The facility is truly unique as it mobilizes funding from donors, international finance institutions and the private sector, to help banks de-risk and scale up SME lending.
The facility targets SMEs that don’t have access to finance, including women-owned SMEs, agriculture and climate-related businesses and those in fragile states.
The facility has a wide geographic focus covering all IDA countries, and has already committed to 92 projects in 27 countries, 15 of which are classified as fragile and conflict affected states. By the end of December 2015, the facility had already made more than 100,000 SME loans, worth a total of $6,4 billion. Its unique structure has allowed it to make some life changing investments.
The United Kingdom’s Department for International Development (DFID) was the facility’s first partner, with a $120 million contribution to both advisory services and blended finance. Since then, IFC has committed $595 million to projects under the facility, up from its original commitment of $200 million.
Latest public opinion poll conducted by NOIPOLS has revealed that more Nigerians have embraced the use of E-commerce and Online Shopping in recent months.
The polls concluded early March showed that 53 percent of Nigerians are aware of E-Commerce and Online shopping platforms, and of this proportion, 25 percent, are actually shopping online or know someone that does.
Analysis of these findings suggested that the rise could be linked to the rising usage of the internet by Nigerians, as buttressed in a poll conducted in February this year.
The poll had revealed that 63 percent of Nigerians were on one form of social media platform or the other, and most do access the internet through either their mobile phones and other internet enabled devices.
An assessment of the online shopping experience of respondents revealed that most Nigerians (61 percent) who shop online are satisfied with their online retail shopping experience, although a considerable proportion of respondents in this category responded negatively.
This according to the analysis, was no surprise, given the fact that the satisfaction level of consumers is bound to differ due to the several online shopping platforms available in the country and the varying expectations of individual consumers from these platforms.
Despite the poll’s positive results in terms of awareness, usage and satisfaction rating of online shopping in Nigeria, an analyst advised online retailers to constantly work to improve service areas such as: delivery time; delivery charges; as well as their privacy policy – this would help assure customers of the security and confidentiality of their personal data.
Online shopping, though a recent phenomenon in most of part of Africa, particularly in Nigeria, began in 1979 by an English entrepreneur, Michael Aldridge, and it has gone on to be a most successful venture in the world as more and more people prefer shopping online.
NOIPOL wrote its report that, ”One of the reasons for the sustaining popularity of online shopping was the ease of convenience attached to it as validated by a poll report it conducted.
Online shopping in Nigeria began with Kaymu, previously a social messaging site expanded into an e-commerce site, before been over-taken by Jumia and Konga, both founded in 2012.”
According to the report, between 2,000 and 2,010, the number of Nigerian internet users rose from 200,000 to above 40 million and this must have increased in recent years. It is estimated that about 70 online retailers now operate in Nigeria – selling everything from household items, electrical appliances, office gadgets, cars, health and beauty products, sports accessories and even fairly used items.
There are several reasons for the recent growth of online shops in Nigeria which includes; increasing rate of internet penetration in Nigeria, innovation of apps that enable mobile internet usage as well as the introduction of internet banking.
Although buying and selling still takes place at open air-markets in both urban and rural areas in Nigeria, people are increasingly patronizing online shops and platforms.
The Nigerian retail industry has grown significantly over the years, moving gradually from traditional to contemporary systems and the average Nigerian becoming more internet savvy has led to the growth spurt witnessed in the online retail industry in just its fourth year of operation.
Also, Nigeria is witnessing an increase in the number of online shopping sites due to the growing internet awareness and usage among Nigerians.
Before the advent of e-commerce, procuring goods via the Internet was a phenomenon that was uncommon in Nigeria, however, this has changed and Nigerians are beginning to embrace digital innovation and are increasingly using the Internet to purchase goods and services on diverse online retail shopping platforms
Despite the inability of many states in the country to pay wages, with many owing salary arrears for up to five months, it is impressive to note that, Governor of Edo State, Adams Oshiomhole has approved 5 per cent pay rise for health workers in the state, emphasizing that the wage increment is for all health workers including laboratory technicians, nurses and midwives.
He made this announcement when he received members of the Joint Health Sector Union (JOHESU)
He said, “I asked you to come over because I know that two years ago, we had a wage review based on certain criteria which you preferred to call 90 per cent but for me, that was what we were willing to pay and were able to pay at that time. And I did say that when situation improves, we would look at it and make some further upward adjustment.
“At that time, our main source of revenue which is oil was at about 60 dollars, 70 dollars, 80 dollars and today, it is hovering around 30 dollars per barrel but certainly under 40 dollars and nobody knows what it is going to be. However, I do recognise that for us to maintain our integrity in the eyes of our workers, when promises have been made in good faith, as much as possible, we should try to keep those promises.”
Year one medical students of University of Lagos, (Unilag), has urged a Federal High Court seating in Lagos to stop the school’s Senate from effecting an allegedly changed to the academic requirement they needed to proceed to 200-level.
In the suit to be heard by Justice Sule Hassan on Tuesday ( today), the aggrieved students through their counsel, Mr. Jiti Ogunye, wants the court to declare the Unilag Senate’s decision as nullity and without effect.
They claimed that the university senate’s decision to change the requirement for them to proceed to 200 level late in January was an attempt to weed them out of the university in order to make rooms for diploma students who had paid Five hundred thousand naira (N500,000), to the institution’s College of Medicine.
They, among others, also sought an order of “removing and reviewing the decision.”
The students were those admitted to the university in the 2014/2015 academic year to study Medicine and Surgery, Dentistry, Medical Laboratory Science, Nursing, Physiotherapy, Pharmacology, Physiology and Radiography.
According to the medical students, their admission followed their successful performance in the Unified Tertiary Matriculation Examination and the post-UTME set by the University.
Senate President, Abubakar Bukola Saraki, has revealed that a harmonised version of the Petroleum Industry Bill (PIB) would be presented before both chambers of the National Assembly next week, even as he assured Nigerians that the bill will be passed soon.
Saraki said: “The National Assembly, the Senate and the House of Representatives are working very closely together. As part of this commitment we would all see next week when we lay down the Petroleum Industry Bill. You will see that the bill we are going to lay in each chamber is the same.’’
He also bemoaned the harsh economic environment in the country, pointing out that most of the laws regulating the business environment were obsolete.
The head of Economic Growth, DFID, Nigeria, Simon Kenny, stated that a major economic problem facing the country was its over reliance on the already dwindling oil revenue.
“If you look at the demands of oil produced in Nigeria and the low price of oil, and if you divide that by the vast numbers of people and population of Nigeria, there is only around $200 of oil per capita per year in the country. There is no way even the rising price of oil can raise Nigeria’s economic profile.’’
Jumia is the largest e-commerce mall in Africa with over 100,000 unique visitors a day, buying everything from Fashion to Phones. Founded in 2012 in Nigeria, Jumia’s mission is to revolutionize the concept of shopping by providing customers with the best online shopping experience.
We are recruiting to fill the position below:
Job Title: Bank Reconciliation Team Lead
Location: Nigeria
Department: Finance & Legal
Description
We are currently looking for talented people to join our team and embark on an exciting journey in the core of marketing and entrepreneurship.
Objectives
To ensure that:
Complete, timely and accurate accounting and reporting of all bank transactions are made in accordance with International Accounting Standards.
Internal controls around bank reconciliation are adequate, effective and functioning properly;
All bank reconciliations are properly and effectively prepared, coordinated and supervised;
Financial reports of banking activities are timely and accurate;
Job Description
Manage the reconciliation team to ensure that all bank reconciliation activities encompassing the preparation and review of all bank accounts, borrowings, investments and loans are conducted in an efficient and timely manner.
Supervise the investigation and follow up of all outstanding items on bank reconciliation statements with responsible persons and team.
Supervise the collation and analysis of data to identify anomalies and ensure relevant and timely rectifications.
Provide monthly summary of bank reconciliations for review by the Head of Accounting.
Verify the reliability and accuracy of bank balances in the general ledger and trial balance.
Manage information flows to and from other areas of finance and the business to resolve reconciliation queries.
Ensure proper back up records of reconciliation statement.
Input in development of underlying processes, reports and systems to facilitate ongoing improvement in efficiency and quality of reconciliations processes.
Lead, Support and allocate tasks among team members.
Develop ongoing training for all members of the bank reconciliation team to ensure suitable skill set and ongoing personal development.
Selection Criteria
Bachelor’s Degree in Business Administration, Finance, Accounting or related fields.
Membership of an internationally recognized professional accounting body e. g. ACA,ACCA e.t.c
Knowledge of Bank Reconciliation.
A minimum of 2 years of relevant professional experience.
Very good computer skills including proficiency in Microsoft Navision, Word, Excel, Access, and PowerPoint.
Excellent writing skills, and ability to explain technical accounting issues to subordinates and colleagues.
Good team player and excellent interpersonal and communication skills
Demonstrated competences for accuracy, attention to detail, integrity and update knowledge of International Financial Reporting Standards.
Application Closing Date
Not Specified.
How to Apply
Interested and qualified candidate should APPLY
Fan Milk Plc is a leading manufacturer and marketer of healthy, nutritious and safe frozen dairy and non-frozen dairy food products with distribution channels across the length and breadth of Nigeria. Fan Milk Nigeria is a well established and fast growing food processing industry offering wide range of products.
We are recruiting to fill the position below:
Job Title: Customer Development Representative – Outdoor Sales
Location: Lagos
Purpose
Create New Exclusive Agents in the Outdoor Channel within the specified period and in the assigned sales territory.
Principal Accountabilities
(Impact & Innovation)
Ensure creation of new Exclusive Agents in the assigned sales territory and achieve set target. Monitor and report sales equipment usage.
Must have an outgoing and convincing personality, with a sense of urgency, who can communicate at all levels and persuade key stakeholders into the right course of action.
Minimum of Bachelor degree in Marketing, Business Admin., Economics or other related discipline (2.2) and HND Lower credit.
Ability to Drive a Truck – possession of Class E Drivers Licence.
Must not be more than 30 years with minimum of 3 years FMCG experience in sales.
Is driven by his/her desire to perform.
Has broad experience with a structured approach to customer relationship management and business development.
Has excellent entrepreneurial and commercial awareness.
Possesses a high degree of assertiveness across cultural and educational diversity.
Good knowledge of the FMCG market.
Selling and Negotiation Skills.
Learning & Career Opportunities
In this position, the incumbent will have an opportunity to acquire skills and knowledge in the following areas;
Work as a team member in a large Organisation
In-depth business knowledge of the business
Good (internal and external) communication skills.
Local Government relationship and other stakeholder.
Business development skills.
Application Closing Date
Not Specified.
How to Apply
Interested and qualified candidates should APPLY
Oando PLC is one of Africa’s largest integrated energy solutions providers with a proud heritage. It has a primary listing on the Nigerian Stock Exchange and a secondary listing on the Johannesburg Stock Exchange. With shared values of Teamwork, Respect, Integrity, Passion and Professionalism (TRIPP), the Oando Group comprises six companies who are leaders in their market.
We are currently recruiting to fill the position of:
Job Title: Finance Officer, Oando Foundation
Location: Lagos
Job Description
Finance:
Assist with the preparation of Annual Budget
Prepare monthly analysis of expense and revenue and compare to budget, explaining trend and variances
Responsible for the preparation of monthly Management accounts
Posting and verification of transactions into the accounting system.
Develop a system for compliance with Donor regulations.
Support grant financial close-out process and documentation review
Responsible for the accurate and timely preparation and submission of all internal and external financial reports and budgets proposals
Maintaining Fixed asset register and subsidiary Ledgers
Prepare the annual financial statements
Maintain the “Finance Policy Manual” to ensure that it continues to meet the Foundation’s objectives and ensure compliance and periodic updates
Maintain and monitor accounting controls
Provide institutional strengthening and capacity building support to implementing entities,
Developing systems and tools for strengthening and tracking sub recipients financial processes identify solutions to challenges that arise.
Treasury
Execute finance and treasury activities and accounting
Maintain bank mandates and be responsible for banking relationships
Prepare monthly bank reconciliation statements
Tax:
Assist with preparation of federal & state income and franchise tax returns and payments
Assist with preparation of responses to various tax audits
Assist with responses to notices regarding federal and state tax issue
Assist with preparation of income tax provision and tax account reconciliation
Audit:
Provide support to auditors during audit of the annual financial statements
Responsible for 100% completion and preparation of working papers required in the annual audit.
Carry out the necessary post-audit adjustment required on the financial statements
Desired Skills and Experience
Accuracy of transaction processing (posting of entries etc.)
Accuracy of accounting schedules prepared
Quality and timeliness of accounting report produced
Level of adherence to regulatory/statutory reporting guidelines and timelines
Quality and ease of retrieval of financial information/documents and reports
Effectiveness of documentation management and accessibility of information
Stanbic IBTC Bank is a leading African banking group focused on emerging markets globally. It has been a mainstay of South Africa’s financial system for 150 years, and now spans 16 countries across the African continent.
Standard Bank is a firm believer in technical innovation, to help us guarantee exceptional client service and leading edge financial solutions. Our growing global success reflects our commitment to the latest solutions, the best people, and a uniquely flexible and vibrant working culture. To help us drive our success into the future, we are looking for resourceful individuals to join our dedicated team at our offices.
We are recruiting to fill the following vacant positions below:
The latest statistics released by the Central Bank of Nigeria, CBN, have revealed a significant increase in the Internally Generated Revenues, IGRs, of States of the Federation.
The CBN data revealed that internally generated revenue provided 21.8 per cent of the total revenue of the 36 states and the Federal Capital Territory (FCT), compared with 15.3 per cent the previous year.
Analysis of the data showed that aggregate IGR grew by 37 per cent to N801 billion ($4.0 billion) from N586 billion in 2013.
Achieving an IGR/total revenue ratio of 67 per cent while Ogun, Rivers and Anambra States recorded 40 per cent, 32 per cent and 31 per cent respectively.
Given that the oil price has been on the slide since mid-2014, analysts posit that states have no choice than to reduce their dependence on the oil-driven monthly distributions from the FAAC by bolstering their IGR.
The CBN data also revealed that Value Added Tax (VAT) receipts stood at N389 billion, representing 10.6 per cent of total revenue in 2014.
Four banks in the country, Access Bank Plc, Guaranty Trust Bank Plc, United Bank for Africa Plc and Zenith Bank Plc- boosted the nation’s economy with a total loan of N5.801 trillion to their customers in 2015.
The four banks that released their audited reports for the 2015 financial year last week recorded loans and advances to customers worth N5.801 trillion. The loans value indicated an increase of 11.5 per cent above the N5.20 trillion recorded in 2014.
The four banks, except UBA increased their lending customers. While Zenith Bank Plc recorded the highest value of loans in absolute terms, Access Bank Plc led in terms of percentage increase.
Zenith Bank recorded loans and advances of N1.989 trillion, up by 15 per cent from N1.729 trillion recorded in 2014. Access Bank Plc followed with N1.409 trillion, showing a jump of 25 per cent compared with N1.123 trillion in 2014.
The GTBank Plc extended loans and advances worth N1.372 trillion to its customers, up by 7.5 per cent from N1.276 trillion recorded in 2014. However, UBA Plc gave out N1.031 trillion as loans and advances, which is a decrease of 3.8 per cent from N1.072 trillion recorded in 2014.
Market analysts said the increase in lending despite the challenges is a positive development that should be improved upon by the banks in the current financial year.
The four banks have also shown significant level of resilience, closing the year with growth in the bottom-line. GTBank and Zenith Bank grew its bottom-lines by 5.3 per cent and 1.2 per cent respectively ,while UBA posted a growth of 25 per cent. However, Access Bank led with the highest growth of 53 per cent as its profit after tax jumped from N43.1 billion in 2014 to N65.9 billion.
Chevron Nigeria Limited, CNL, said it had invested about N17 billion over the last 10 years to provide about 580 projects, benefitting about half a million people across the country.
The General Manager, Policy, Government and Public Affairs, CNL, Deji Haastrup, in his presentation at the just concluded Sixth African Petroleum Congress and Exhibition (CAPE VI) in Abuja, said the investments were made possible through the Global Memorandum of Understanding, GMoU model.
He said the GMoU is a community driven sustainable development model that involves the Nigerian National Petroleum Corporation, NNPC and Chevron, state governments and communities.
The governance structure ensures that resources accruable from the oil and gas business through social investments directly benefit the people in the local communities.
According to him, the GMoU had built community capacity to plan for, design and implement development projects by themselves, and had also provided a platform for communities in remote areas to leverage funds from other donors while providing for their needs in an inclusive manner.
According to the Department of Petroleum Resources, DPR, licensed private refineries in the country have proposed combined refining capacity of 1,429,000 barrels of crude oil per day.
The DPR also stressed that it has not withdrawn the license of any private refinery in the country.
The agency said in a statement over the weekend that it was in alignment with the federal government’s aspiration of improving Nigeria’s refining capacity by strengthening its regulatory oversight function of the petroleum sector.
According to the agency, there are three stages of licencing for establishment of private refineries in Nigeria- License to Establish (LTE); Approval to Construct (ATC) and License to Operate (LTO).
The DPR further stated that it granted LTE to 21 companies with a validity period of 18 months in 2002
“In 2004, 17 out of the earlier granted LTE were granted ATC for a 24 month validity period. The Department in 2007 reviewed the existing guidelines and a new guiding document, “Guidelines for the Establishment of Hydrocarbon Processing Plants in Nigeria” was introduced to ensure that only committed investors were licensed,” said the statement.
Based on this reviewed guidelines, DPR stated that there were currently 25 private refinery licenses granted to companies with 21 in the LTE category, while four in the Approval to Construct (ATC) category.
“Furthermore, three of the 25 licensed companies are billed to construct conventional stick-build plants while 22 will construct modular units with a proposed combined refining capacity of 1,429,000 bpd,” the statement added.
The Revenue Mobilization Allocation and Fiscal Commission, RMAFC, has said that the , was yet to remit to the Federation Account a total of N4.9 trillion and not N3.2 trillion as stated in the auditor general’s report last week.
The commission’s spokesperson, Ibrahim Mohammed, said in a statement on Mthat the RMAFC observed that the figure of N3.2 trillion was from the 2014 annual audit report obtained from the records of the FAAC Technical Sub-Committee on Domestic Crude Oil Sales and reconciliation statement as contained in the NNPC’s mandate to the Central Bank of Nigeria (CBN).
It said records at the commission’s disposal indicated that between January 2011 and December 2015, the total indebtedness of the NNPC to the Federation Account was N4.9 trillion, a figure that included NNPC’s claims for subsidy on petroleum products, crude and product losses, strategic reserves and the pipeline maintenance cost.
Mohammed said while the said report claimed that NNPC owed the sum of N3.2 trillion to the Federation Account in 2014 from domestic crude sale, the commission’s records differed.
Their record showed that the corporation owed the Federation Account the sum of N1.99 trillion in 2014 from domestic crude sales. Therefore, the figure quoted by the Auditor-General of the Federation must have included revenues from other sources.
With regards to the alleged payment of US$235 million realised from the sale of natural gas into undisclosed Escrow Accounts by the NNPC, the commission explained that the NNPC on behalf of the NLNG had entered into agreement with three International Oil Companies (IOCs) i.e.
Nigeria Agip Oil Company (NAOC), Shell Petroleum Development Company of Nigeria (SPDC) and Total E & P Nigeria Limited (TEPNG) under a Modified Carry Agreement (MCA) proceeds from which were deposited in Escrow Accounts for funding the various Gas projects under the LONG.
“The total amount transferred to the various accounts from 2012 to November 2015 was $1.615 billion. The commission, through the FAAC post mortem, has consistently requested the NNPC to provide it with updated financial statements on the projects but NNPC was yet to respond,” the report said.
Sterling Bank Plc has announced 6.28 per cent increase in its gross earnings for audited financial statements report for the year ended 31 December 2015.
The bank recorded growth in virtually all its performance indicators for the year as its gross earnings rose by N6.515 billion from N103.679 billion it made in 2014 to end 2015 with N110.194 billion.
Profit before tax jumped by N268 million or 2.49 per cent to N11.016 billion from N10.748 billion it made during the same period of 2014.
Similarly, profit after tax rose by some N1.288 billion represented 14.3 per cent to N10.293 billion due to a higher retention of organic capital compared to the previous period.
Non-interest income grew by 13.7 per cent from N25.7 billion in 2014 to N29.3 billion largely due to a 57 per cent increase in trading income.
Confirming the efficiency of the lender’s management, operating expenses decreased by 1.9 per cent from N50.6billion to N49.7 billion.
Net interest income however, declined by 8.1 per cent from N43.0 billion to N39.5 billion, driven by an 18.5 per cent increase in interest expense resulting in a 630 basis points reduction in net interest margin to 48.9 per cent.
