Connect with us

Economy

CBN and NNPC Accepts Funding of Accommodation and Feeding of Returnees

Published

on

Spread the love

CBN and NNPC Accepts Funding of Accommodation and Feeding of Returnees

The Minister of Foreign Affairs ‘Geoffrey Onyeama’ on Monday May 18th , announced that the Central Bank of Nigeria (CBN) and Nigerian National Petroleum Corporation (NNPC) will take care of the hotel accommodation and feeding bills of Nigerians who were recently evacuated from countries they were stranded in.

It was reported earlier that the evacuees were directed by the federal government to pay N297,000 for their 14-day mandatory isolation.

Following the criticism which directive sparked off, Onyeama said he approached the Governor of the Central Bank of Nigeria and Group Managing Director of NNPC who both agreed to pick the bill.

He further revealed that the initial decision was taken due to paucity of funds even though they were not happy with it.

According to Onyema, on Friday night after getting all the barrage from around the world including saying that they were somehow conspiring with hotels to fleece Nigerians and make money for themselves and other form of accusation.

They continued never the less trying to find a way through—as rightfully said “two heads are better than one”. However, the honorable Minister of Environment, Dr. Mahmoud Abubakar suggested to Onyema to try NNPC and CBN since they have corporate social responsibility funding.

“I got in touch with Governor of the CBN and used as much persuasive channel as possible to get him over and told him I will do the same with GMD of NNPC and the Governor of the CBN, very generously and very kindly, agreed and said the amount that I was talking about was over N1 billion because we have over 4,000 Nigerians out there, and if over 3,000 or something of them come back the cost of accommodation and feeding and everything else is over a billion that we don’t have.” Said Onyema.

“He said he was ready to explore and share the cost with NNPC. I spoke to the GMD of NNPC and he said he was going to consult and we kept our fingers crossed.

“Thanks be to God, today he got back to me to say he was ready. he was going to meet up with the Governor of the CBN and together they would fund this portion. A very very important portion, the accommodation and feeding of evacuees. So we go forward in a better environment.”

The Central Bank of Nigeria and the Nigerian National Petroleum Corporation have agreed to fund the cost of quarantine, accommodation and feeding for returnee-Nigerians from foreign countries. The Minister of Foreign Affairs, Geoffrey Onyeama, disclosed this in Abuja yesterday at a briefing of the Presidential Task Force on COVID-19.

Also Read: CBN Rules Out Naira Devaluation in the FX Market

Government, Banks and Philantropists Donates to Fight Coronavirus in Nigeria (The Full List)

The Ex-Boss of the PPMC, Suleiman Achimugu, is dead.

He said: “The governor of CBN, very generously and very kindly, agreed; he said the amount I was talking about, over N1bn because we have over 4,000 Nigerians out there… he said he was ready to explore and share the cost with NNPC. “And I spoke to the GMD of NNPC and he said he was going to consult. And thanks be to God, today, he got back to me to say he was ready, he was going to meet up with the CBN governor and together, they’ll fund this portion; a very important portion, the accommodation and feeding of evacuees”, the minister added.

The minister said the government ran out of funds and found itself in a situation where either it stopped evacuation for lack of funding or it passed the cost to the evacuees. He said the decision to seek support from the CBN and NNPC was taken in national interest

Comments

Spread the love
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Trading on NGX rebounds by N3bn

Published

on

Spread the love

By Gistflash News

Sept 14, 2021

The Nigerian Exchange (NGX) closed trading on Tuesday in green to halt the six-day consecutive bearish trend with a marginal growth of N3 billion.

The market upturn was due to investors’ renewed buying interest in the financial and industrial sectors.

Consequently, the market capitalisation inched higher by N3 billion or 0.01 per cent to close at N20.278 trillion from N20.275 trillion achieved on Monday.

Also, the All-Share Index grew by 4.88 points or 0.01 per cent to close at 38,920.50 against 38,915.62 on Monday.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; UACN, Dangote Sugar Refinery, Africa Prudential, Oando and University Press.

Analysts at Afrinvest Limited said that “In the next trading session, we anticipate a negative performance as market remains short of a positive catalyst.”

However, the market breadth closed negative recording 21 losers as against 14 gainers.

UACN Property Development Company led the gainers’ chart in percentage terms by 9.93 per cent to close at N1.66 per share.

Academy Press followed with 8.33 per cent to close at 39k, while Courteville Business Solutions appreciated by 7.41 per cent to close at 29k per share.

Vitafoam went up by 3.88 per cent to close at N17.40, while Livestock Feeds appreciated by 2.88 per cent to close at N2.14 per share.

On the other hand, Sovereign Trust Insurance led the losers’ chart in percentage terms by 7.41 per cent to close at 25k per share.

University Press followed with 6.42 per cent to close at N1.02, while Regency Alliance Insurance shed 6.25 per cent to close at 45k per share.

UACN lost 4.85 per cent to close at N9.80, while Chams declined by 4.55 per cent to close at 21k per share.

Meanwhile, the total volume rose by 13.6 per cent to 228.48 million shares worth N1.88 billion traded in 3,376 deals.

This was in contrast with 201.10 million shares valued at N2.53 billion achieved in 3,340 deals on Monday.

Transactions in the shares of Wema Bank topped the activity chart with 46.76 million shares worth N35.97 million.

Access Bank followed with 28.24 million shares valued at N263.49 million, while United Bank of Africa sold 17.77 million shares worth N135.08 million.

Mutual Benefits Assurance traded 17.24 million shares valued at N4.88 million, while Fidelity Bank transacted 14.80 million shares worth N36.07 million.

NAN

Comments


Spread the love
Continue Reading

Economy

Fidelity Bank grows PBT by 72.4% in 6 months

Published

on

Spread the love

By Gistflash News

Sept 12, 2021

Fidelity Bank Plc has posted a profit before tax (PBT) of N20.6 billion for the six months ended June 30, 2021.

The Managing Director/Chief Executive Officer of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, disclosed this in the bank’s audited half-year (H1) results released to the Nigerian Exchange (NGX) Limited on Sunday in Lagos.

Onyeali-Ikpe said that the bank’s PBT represented a 72.4 per cent growth when compared to N12.0 billion recorded in the comparative period of 2020.

She added that profit after tax (PAT) rose to N19.31 billion from N11.30 billion recorded in the corresponding period.

She said the growth was on the Back of Increased customer transactions and improved operational efficiency.

“We sustained our impressive financial performance with double-digit growth in profit as increased customer transactions drove non-interest revenue while improved operational efficiency continued to moderate cost-to-serve,” she said.

Onyeali-Ikpe also said that the financial result for the period indicated that Gross Earnings increased by 6.2 per cent Year-on-Year (YoY) to N112.3 billion on account of 27.8 per cent growth in Non-Interest Revenue (NIR) to N23.8 billion from N18.1 billion in H1 2020.

She added that the bank’s NIR was driven by strong growth in commission on banking services by 57.7 per cent, account maintenance charges by 50.6 per cent, digital banking income by 49.4 per cent and trade income by 33.7 per cent among others.

Total customer induced transactions across all distribution channels increased by 58.0 per cent YoY and 21.2 Per cent QoQ.

The bank showed a good appetite in funding the real sector with net loans and advances increasing by 15.8 per cent YTD to N1.53 billion from N1.32 billion in 2020FY.

However, the actual growth was 14.7 per cent while the impact of the currency adjustment (2020FY: N400.3/dollars-H1 2021: N410.6/dollars) accounted for a 1.1 per cent YTD growth in the loan book. Cost of risk came in at 0.3 per cent and the NPL ratio (stage 3 loans) dropped to 2.8 per cent from 3.8 per cent in 2020FY.

Other regulatory ratios remain well above the minimum requirement: capital adequacy ratio at 18.8 per cent from 18.2 per cent in 2020FY.

Total Deposits increased by 16.5 per cent YTD to N1.98 billion from N1.69 billion in 2020FY, driven by increased deposit mobilisation across all deposit types.

“Digital Banking gained further traction as we now have 55.1 per cent of our customers enrolled on the mobile/internet banking products and 89.3 per cent of customer-induced transactions were done on digital platforms.”

She also explained that the bank’s foreign currency deposits increased by 23.1 per cent YTD at 149 million dollars and now accounted for 18.5 per cent of total deposits from 17.5 per cent in 2020FY.

According to her, this is  as the bank continues to harness the benefits of its renewed drive in the diaspora banking space.

“We look forward to sustaining the current momentum in H2 by optimising our balance sheet and lowering our cost–to–serve.

“This will translate to improved earnings while we remain committed to our medium to long-term strategic objectives,”  Onyeali-Ikpe said.

NAN

Comments


Spread the love
Continue Reading

Economy

Desist from Foreign Exchange malpractices, CBN warns commercial banks

Published

on

Spread the love

By Gistflash News

Sept 11, 2021

The Central Bank of Nigeria (CBN) has warned Deposit Money Banks (DMBs) to always observe due diligence and desist from all forms of malpractices in foreign exchange (FX) transactions.

The apex bank gave the warning in a letter by Ozoemena Nnaji, Director of Trade and Exchange Department, addressed to the DMBs.

Nnaji urged the banks to, not only ensure to know their customers, but also to know their customers ‘ businesses.

She said  the directive was necessitated by recent occurrences in the FX market.

“The CBN wishes to remind all banks that it is their responsibility to not only know their customers (KYC requirements) but also know their customers’ businesses (KYCB requirements).

“Given this responsibility , and in view of recent occurrences in the market, the CBN will like to remind banks to desist from all forms of FX malpractices.

“We wish to reiterate that FX operating licences of any bank or banks that are found culpable with ongoing investigations will be suspended for at least one year,” the director said.

She urged all the DMBs concerned to take note and ensure compliance. (

NAN

Comments


Spread the love
Continue Reading
Enhance your Brand Visibility

LET’S REVAMP YOUR BUSINESS

Let’s keep you updated

Advertisement

HOW TO BUY FOLLOWERS FOR ALL YOUR SOCIAL MEDIA ACCOUNTS

Gorgeous Bride rocking one of Beyonce’s Hit song

Most Viewed Posts

  • Governors from south of Nigeria back collection of VAT by states
    Spread the loveBy Gistflash News Sept 16, 2021 Governors from the south of Nigeria have expressed their support for the collection of Value Added Tax (VAT) by state governments. Gov. Rotimi Akeredolu of Ondo disclosed this while reading a […]
  • NEDC flags off construction of 500 housing units in Bauchi
    Spread the loveBy Gistflash News Sept 16, 2021 North-East Development Commission (NEDC) in collaboration with the Bauchi State Government has commenced the construction of 500 mass housing units in Bauchi, to address housing deficit in the state. NEDC’s Managing […]
  • Wada Maida’s eldest daughter lauds FG for naming NAN HQ after father
    Spread the loveBy Gistflash News Sept 16, 2021 Eldest daughter of late Malam Wada Maida, Farida, on Thursday lauded President Muhammadu Buhari for naming the News Agency of Nigeria’s Headquarters after her father. Farida spoke to NAN in Abuja […]
  • Corruption: Over $600bn of Nigeria’s money stolen since 1960 — Moghalu
    Spread the loveBy Gistflash News Sept 16, 2021 Presidential hopeful, Prof. Kingsley Moghalu,  on Thursday said that over 600 billion dollars of  Nigeria’s money  had been stolen through  corruption  since 1960. Moghalu, a former Deputy Director of the Central […]
  • Inspector-General of Police, Alkali Baba,
    Spread the loveBy Gistflash News Sept 16, 2021 The Inspector-General of Police, Alkali Baba, says the dispute between the Police Service Commission and the Police hierarchy over who should recruit policemen into the force has been resolved. Baba disclosed […]

Trending

Enable Notifications    OK No thanks