Cloned Nigerian Anchor

Author: Chike Ozohili

Nigeria Rakes In N5.2trn Revenue In 6 Months – RMAFC

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has disclosed that the total sum of N5,244 trillion accrued into the Federation Account in the first 6 months of 2023.

A press statement signed by the RMAFC Chairman, Mr. Mohammed Bello Shehu, and made available to journalists on Wednesday in Abuja, said the amount was captured in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN) under the caption “CBN Federation Account Component Statement”.

According to Shehu, out of the total gross revenue inflows into the Federation Account, the sum of N627.301 billion was NNPCL JV Petroleum Profit Tax (PPT) due, captured and recorded by the FIRS, but utilized by the NNPCL for other FGN obligations.

From the reports according to the statement, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted the sum of N823,512,065,893.15 while the Federal Inland Revenue Service (FIRS) made a gross collection of N3,655,894,989,129.28 but remitted N3,028,593,066,702.93 retaining the difference as cost of collection.

The statement further disclosed that the Nigeria Customs Service (NCS) on its part remitted the sumN764,630,581,539.17.

It however, added that the Nigerian National Petroleum Company Limited (NNPCL) did not remit any amount into the Federation Account during the period either as profit revenue or other revenues as contained in the Petroleum Industry Act (PIA), 2021 as its revenue performance could not be assessed because neither its revenue target was disclosed nor its revenue remittance to the Federation Account was provided.

Furthermore, the statement adds that the sum of N1,490,946,180,918.52 was realized as Value Added Tax (VAT) while the sum of N83,024,395,855.89 was realized from the Electronic Money Transfer Levy (EMTL) from which the sum of N3,320,975,834.23.

Additionally, the FIRS received the sum of N82,031,796,937.01 and N3,320,975,834.23 as cost of collection on PPT/CIT and EMTL collections respectively in the period.

The report revealed that on VAT, the FIRS/NCS together received the sum of N59, 593,164,213.83 as cost of collection within the period under review.

Similarly, the report indicates that the sum of N16, 680,990,990.93 was realized from the solid minerals sector.

The RMAFC Chair further revealed that total collections from VAT netted the sum

of N1,387,328,862,898.16 whichwas shared to the 3-tiers of government in accordance with the approved VAT sharing formula.
On the statutory allocations to the three tiers of government, Mr. Bello disclosed that the net sum of N3,069,594,889,669.74 (Three trillion, sixty-nine billion, five hundred and ninety-four million, eight hundred and eighty-nine thousand, six hundred and sixty-nine Naira, seventy four Kobowas shared to the 3-tiers of government in the period January to June, 2023.

In the area of payment of cost of collection to Revenue Generating Agencies (RGAs) from the Federation Account component, the statement reveals that the NCS received the sum of N53,524,140,707.73 within the period under review.

In the same vein, the statement adds that the sum of N48,105,698,218.35 was paid to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

“This money was collected by NUPRC as penalty on gas flared. Revenues on gas flared penalty used to be Federation Account revenues before the PIA, 2021 which provided that such revenues should be paid 100% to the NMDPRA”.

In a similar development, the RMAFC Chair described the statutory deductions which constituted 32.27% of the total gross inflow into the Federation Account in the six-month period as superfluous and constitute a drain on the Federation Account.

09/20/2023
Umahi Declares East-West Road A Failure, Decries N144bn Spent

*Demands Immediate Review of Construction Work

The Minister of Works, Engr. David Umahi, expressed serious dissatisfaction with the state of the East-West Road in Rivers State, describing it as a failed project.

Umahi, during his inspection of a portion of the road, ordered an immediate halt to construction work and announced that the entire project would undergo a thorough review.

The Minister’s concerns about the poor quality of the project led him to summon the contractor responsible for the road to Abuja for an explanation of the failures observed.

Umahi emphasized that the road had deteriorated to an unacceptable level, rendering it unusable.

He criticized the ongoing construction work, asserting that it was unacceptable for roads to fail so quickly after construction.

He expressed concern that Nigeria was not receiving value for money on infrastructure projects, especially considering the significant investment made in the East-West Road.

Umahi revealed that the project’s cost had escalated from N44 billion to N144 billion without a corresponding improvement in its quality. He insisted that proper construction standards must be adhered to, and called for a meeting with the project manager to address the issues and ensure Nigerians received the quality infrastructure they deserved.

The Minister’s firm stance on the matter highlighted the need for accountability and quality assurance in infrastructure projects, emphasizing that Nigerians should demand better construction standards and value for the funds invested in such projects.

09/20/2023
NCC Introduces New Format To Fixed Lines Numbering

*New Format Takes Effect January 2024

The Nigerian Communications Commission (NCC), in keeping with its responsibilities under the enabling law, the Nigerian Communications Act (NCA) 2003, to manage Nigeria’s numbering resources, has announced a new numbering format for fixed lines.

According to a statement signed by Director, Public Affairs NCC Reuben Muoka, Nigeria’s Fixed-Lines Numbering Format has changed from eight digits to 10 digits by adding “02” prefix before the existing fixed number.

It said that from January 1, 2024, the new numbering format beginning with “02” prefix will be operational.

It however, said the change only affects the Fixed Telephone Numbers.

“There is no change to the existing mobile numbering format,” it said.

“The Commission hereby informs the public of the changes and also clarifies that existing numbers will continue to operate concurrently till the cut-over date of December 31, 2023. From January 1, 2024, the new numbering format beginning with “02” prefix will be operational.

“In other words, the old and new number formats are allowed to run concurrently till the cut-over date (December 31, 2023). Thereafter (from January 1, 2024), the new fixed-lines format will assume full recognition across all networks.

“For example, in the new order, to dial the hitherto existing number, 09461700, please dial 02094617000.

“Additional examples are: For Lagos, Abuja, Port Harcourt and Kano’s current number format of 014630643, 094630643, 084460643 and 064460643, will now be 02014630643, 02094630643, 02084460643 and 02064460643 respectively in the new numbering format.

“The announcement is made to give expression to a key responsibility of the NCC and it is consistent with the practices of the International Telecommunication Union (ITU), the United Nations arm supervising Information and Communication Technologies (ICT),” the statement read.

09/20/2023
NAICOM Takes Compulsory Insurance Campaign To Nasarawa

Ahead of its National Insurance conference which comes up in October, the National Insurance Commission (NAICOM) has taken the campaign for compulsory insurance to Nasarawa State.

A statement from the Commission said the Commissioner for Insurance, Mr Olorundare Sunday Thomas led a delegation from NAICOM on a courtesy visit to the Executive Governor of Nasarawa State, Engr. Abdullahi A. Sule to intimate him and members of his executive council on the benefits of insurances.

Some of the compulsory insurances the commission is driving includes Public Buildings and Buildings Under Construction, 3rd Party Motor Insurances amongst others.

Narrating a personal experience while he was still in the private sector of how the sugar refinery where he worked as the Managing Director was razed by fire but thanks to insurance, a newer and better one was built from the claims paid by the insurance company.

The Commission has intensified its drive towards Insurance penetration with some novel products built to captivate the general public.

09/20/2023
N900m IPMAN Debt: Delay In Payment Due To Bogus Claims, Says Anambra Govt

The Anambra government has met with leadership of the Independent Petroleum Marketers Association of Nigeria (IPMAN) over debt claims by some marketers who supplied diesel for streetlight generating sets.

Mr Tony Collins Nwabunwanne, the state Commissioner for Local Government, Chieftaincy and Community Affairs, led the government team while Mr Chinedu Anyaso, chairman of IPMAN Enugu Depot Community, led the marketers in company of his executive members and some of the contractors.

Speaking to newsmen, Nwabunwanne said the delay in payment was due to discrepancies and bloated bills which some of the contractors submitted.

The Commissioner, who described meeting with the marketers as productive, said Anambra government was willing and ready to pay the contractors as soon as the inconsistencies in claims are cleared.

He promised to present their plights to the governor in the coming days for his consideration.

“We had a fruitful meeting, the marketers agreed that the blame is not entirely on government but that of the contractors, some of whom have made bloated claims.

“But we have considered all that, we are making the necessary adjustments and very soon, Mr Governor, Prof Chukwuma Soludo, will issue a directive,” he said.

On his part, Anyaso thanked the Commissioner for his prompt response to their plea.

Anyaso said IPMAN was satisfied with the outcome of the meeting and was hopeful that Soludo would act swiftly as promised in the interest of marketers and contractors.

“I want to thank Gov. Soludo for the prompt response we got after complaining to him about the debt to our members and the effect on their businesses.

“The Commissioner explained the issues to us and we understand better, but more importantly, we look forward to the fulfillment of the promises made in the meeting,” he said.

IPMAN had complained about the non payment of about N900 million owed contractors and marketers who supplied diesel to the Anambra government for powering streetlight generators.

09/20/2023
Equity Market Continues Bullish Run, Gains N266bn

The local equity market Tuesday sustained its bullish run, gaining N266 billion, following gains recorded by BUAfoods, Transcorp Hotel, Berger Paint, Oando, Fidelity Bank among oth

Market capitalisation of listed equities increased by 0.71 per cent to N37.413 trillion from N37.147 trillion reported the previous day.

The NGX All Share Index also appreciated by 482.05 basis points to 68359.22 points from 67877.17 points traded the previous day.

An analysis of the investment showed that Ellah Lakes led gainers table, gaining 10 per cent to close at N3.65 per share, Berger Paint followed with a gain of 9.95 per cent to close at N11.60 per share, ETranzact gained 9.93 per cent to close at N8.08 per share, Chams Plc added 9.92 per cent to close at N1.33 per unit, Oando Plc increased by 9.92 per cent to close at N13.30 per unit.

On the contrary, NSL Tech and SCOA Plc topped losers chart, dropping by 10 per cent each to close at N0.27 per share and N1.26 per share respectively, Multiverse trailed with a loss of 9.93 per cent to close at N2.27 per unit, Cornerstones fell by 8.76 per cent to close at N1.25 per unit while Daar Communication fell by 8.70 per cent to close at N0.21 per unit.

Volume of activities increased by 161.450 million, representing 31.33 per cent as investors traded 676.736 million shares valued at N5.893 billion in 7659 deals against 515.280 million shares valued at N8.925 billion in 8357 deals.

Transactions in the shares of Universal insurance led market activities with account 235.152 million shares valued at N48.167 million, United Bank for Africa followed with 69.101 million shares cost N122.690 million, Transnational Corporation of Nigeria traded 41.572 million shares worth N274.177 million, Fidelity Bank traded 34.639 million shares worth N278.184 million, Chams Plc sold a total of 29.959 million shares cost N39.790 million.

09/19/2023
Terminal Operators Responsible For Cooking Gas Price Hike -Marketers

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGM), Olatunbosun Oladapo, has accused terminal operators of forcing the price of Liquified Petroleum Gas, LPG, (Cooking Gas) up.

The NALPGM President Olatunbosun Oladapo, said if the operators continue to adjust the price, then the price of 12.5kg of LPG may hit N18,000 by December.

He therefore called on the Federal Government to check the activities of terminal owners, Gas retailers.

Oladapo, said that there has been a sudden increment from between N9 million and N10 million per 20 metric tons to N14 million per 20 metric tons.

He said if the federal government doesn’t intervene, the price of gas could “potentially reach N18 million per metric ton by December.”

He said: “There is a ridiculous hike in gas prices going on right now, and I am afraid that if the Federal Government does not step in to checkmate the activities of these terminal owners, the price could reach as high as N18m per metric ton by December. This means that a 12.5kg could go as high as N18,000.

“Terminal owners are hiding under the guise of high foreign exchange to increase the price to further increase the suffering of the masses.

“Now, the ordinary man would not be able to buy gas. How many minimum wage earners can afford gas now? Everyone is turning to firewood and charcoal. The surprising thing was that they visited President Tinubu last week, and promised to work together with his administration to make life better.

“Now they have come back and started doing something else. Where are all the palliatives and buses they promised to donate? We have not seen anything.”

The NALPGM President had in August hinted that Nigerians may pay higher for cooking gas from mid-August 2023.

He attributed the reasons for the expected increase to rising international prices, high tax rates, high prices of vessels, forex scarcity, and Naira devaluation.

09/19/2023
More Retirements Loom As NNPCL Makes Organisational Changes

Following the recent retirement of three Executive Vice Presidents, the Nigeria National Petroleum Company Limited (NNPCL) is implementing further organizational changes.

The NNPCL management has issued a directive for management staff members with less than 15 months left until retirement to proceed with their retirement plans.

The retired Executive Vice Presidents include Abdulkabir Ahmed (Gas, Power and New Energies), Engr. Adokiye Tombomieye (Upstream), and Adeyemi Adetunji (Downstream), who were originally scheduled for retirement in 2014.

They have been replaced by Olalekan Ogunleye, Oritsemeyiwa Eyesan, and Adedapo Segun, who will now assume the roles of EVP for Gas, Power and New Energies, Upstream, and Downstream, respectively.

According to a statement on its X (formerly Twitter) verified handle on Tuesday morning, the company’s management said the new exercise is part of an effort to achieve its strategic business objectives.

“In our bid to pursue effective organisational renewal to support the delivery of our strategic business objectives, it has become imperative to rejuvenate our workforce.

“Consequently, in addition to the recent exit of three (3) Executive Vice Presidents, other Management Staff with less than fifteen (15) months to statutory retirement will be exiting the Company effective 19th September 2023.

“This is in line with our commitment to scale up NNPC Ltd.’s capabilities through targeted talent management and equal opportunity for all Nigerians,” the statement seen by NIGERIAN ANCHOR said.

09/19/2023
NDIC begins liquidation payment to depositors, ex-staff of defunct Peak Merchant Bank

The Nigeria Deposit Insurance Corporation (NDIC), has commenced the first liquidity payment to depositors and ex-staff of the defunct Peak Merchant Bank.

In a statement by Director, Communication & Public Affairs of the Corporation, Bashir A. Nuhu, the verification exercise which is expected to run from 18^thSeptember to 16^th October, 2023,would enable depositors of the defunct bank to cross-check and ascertain their account information as well as balances with the bank as at closure.

“As the official Liquidator of the failed Banks in Nigeria, the Nigeria Deposit Insurance Corporation (NDIC), in line with its mandate wishes to inform the depositors & ex-staff (deposits) of defunct Peak Merchant Bankthat it has concluded preparations to pay their first liquidation dividend,” it said.

The deposit insurer enjoined all eligible stakeholders of the defunct bank to visit any of its offices or its website for verification of their claims.

09/19/2023
Domestic Equity Opens Week Bullish, Gains N263bn

Domestic equities Monday opened the week bullish, gaining N263 billion.

The market capitalisation of listed equities increased by 0.71 per cent to close at N37.149 trillion from N36.886 trillion it closed on Friday.

The Nigeria Exchange (NGX)’s All Share Index (ASI) also appreciated by 481.43 basis points to 67877.17 million points from 67395.74 points recorded the previous day.

An analysis of the investment showed that Chams Plc, Northern Nigeria Flour Mills and Oando Plc led gainers table with 10 per cent each to close at N1.21, N14.85 and N12.10 per share respectively.

Stanbic IBTC followed with a gain of 9.58 per cent to close at N75.50 per unit, Lasaco Insurance gained 9.38 per cent to close at N2.10 per share.

On the contrary, Omatek topped losers chart, dropping by 10 per cent to close at N0.36 per share, SkyAVN trailed with loss of 9.95 per cent to close at N25.35 per unit, Betaglass fell 9.93 per cent to close at N46.70 per share, Redstarex dipped by 8.50 per cent to N2.80 per unit, Courtvellle Business Solutions fell by 8.47 per cent to close at N0.54 per cent.

Volume of activities increased as investors traded 515.280 million shares valued at N8.925 billion in 8357 deals against 408.868 million shares valued at N5.233 billion in 6972 deals.

Transactions in the shares of United Bank for Africa led market activities with 109.473 million shares valued at N1.934 billion, Universal Insurance followed with account 65.402 million shares cost N14.182 million, Transnational Corporation of Nigeria traded 42.306 million shares cost N264.950 million, AccessCorp exchanged 40.186 million shares cost N703.406 million while Chams Plc traded 32.177 million shares cost N38.617 million.

09/18/2023