Business

DPR Generates N1.3tn Revenue In 2018

Published

5 years ago

January 22, 2019

Mr Mordecai Ladan, Executive Director, Department of Petroleum Resources (DPR) says the organisation generated N1.3 trillion as revenue and additional 200 million dollars from legacy indebtedness in 2018. Mordecail Ladan, DPR Executive Dirrector Ladan made this known at the opening of a workshop on Revenue Generation, Accounting and Reporting Process to the Federation Allocation Accounting Committee (FAAC) in Abuja, on Tuesday. The workshop was organised by the Office of the Accountant-General of the Federation (OAGF). Ladan, represented by Mr Adewale Johnson, said that the DPR had over the years been working assiduously to shore up federation government revenue profile. “In DPR, to shore up our revenue we embarked on reducing approval time for permit certificates as it now takes 48 hours to get approval for permits. “All our interventions are to ensure that revenue accruable to the federation account comes in as soon as possible and in 2018, for the first time, we collected N1.3 trillion as revenue for the year.’’ Edo LGAs receive N3.2bn as September allocation The Minister of Finance, Mrs Zainab Ahmed, while declaring the workshop open, called on revenue generating agencies to re-strategise on their operational methods to surpass their previous records and targets. The minister was represented by Mr Mohammed Dikwa, the Executive Secretary, Presidential Initiative on Continuous Audit (PICA). According to Ahmed, low oil price and low revenue performance by some of the agencies result in low revenue, which in turn necessitate the introduction of series of palliative measures by the Federal Government to support states in payment of salaries. They include bail-out funds of N10 billion to each of the 35 states that had outstanding salary payments, restructuring of commercial loans and Budget Support Facility which the 35 states also participated in. She added that from the repayment of the Paris Club funds over deductions, N1.38 trillion was paid to the states in three tranches. Ahmed, however, said that there was the urgent need on the part of all revenue generating agencies to ensure accountability and transparency in the collection and remittances to the federation account. She said that the revised reporting template would provide in transparent manner information on revenue generation. “The reforms introduced by the OAGF and the various agencies should as much as possible lower the time-lag between collection and remittance into the federation account. “The reporting template should be explicit enough and user friendly too,’’ she said. Mr Ahmed Idris, the Accountant-General of the Federation, said that President Muhammadu Buhari had approved a new and improved performance management framework for Government Owned Enterprises (GOEs) to raise revenue generation and remittances. He said that performance contracts for Chief Executive Officers (CEOs) to set targets for revenue generation would be set, while mandatory regular monitoring to ensure monthly publication of revenue and expenditure performance would be carried out. Financial inclusion : Fidelity Bank doles out N16m to 13 customers Idris also said that quarterly remittance of interim operating surplus by GOEs would replace the annual remittance. Idris added that the OAGF was working on modalities of establishing revenue department in GOEs to be manned by its staff. The workshop was also attended by Mr Babatunde Fowler, the Executive Chairman, Federal Inland Revenue Service, representatives of the Nigerian National Petroleum Corporation (NNPC) and the Nigeria Customs Service. They all expressed their willingness and commitment to ensuring that remittances to the federation account were done transparently and timely.

Business

AIGBOJE AIG-IMOUKHUEDE APPOINTED PRESIDENT OF FRANCE NIGERIA BUSINESS COUNCIL

Published

8 hours ago

May 14, 2024

august24admin

AIGBOJE AIG-IMOUKHUEDE APPOINTED PRESIDENT OF FRANCE NIGERIA BUSINESS COUNCIL

AJAGBE ADEYEMI TESLIM

Business

ACCESS BANK (SL) LTD STRENGTHENS LEADERSHIP TEAM WITH KEY BOARD APPOINTMENTS, NAMES NEW CHAIRMAN

Published

1 day ago

May 13, 2024

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AJAGBE ADEYEMI TESLIM

Business

Access Holdings Vests 23.8 million Units of Shares on Senior Executives

Published

6 days ago

May 8, 2024

august24admin

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

In line with the disclosure requirements of the Securities and Exchange Commission and the Nigerian Exchange Limited, Access Holdings Plc , Africa’s leading financial services group, has announced the award of 23.8 million ordinary shares to some of its senior executives and executives of Access Bank, its flagship subsidiary.

This is in pursuant of the terms of its shareholders approved Employees Performance Share Plan.

Bolaji Agbede, the Acting Group Chief Executive Officer of Access Holdings, Roosevelt Ogbonna, the Managing Director/Chief Executive Officer of Access Bank, and six others were vested with 23,883,790 units of the Group’s shares, worth a combined N427.13 million.

This was disclosed via notices duly filed with the Nigerian Exchange Limited on Tuesday.

According to the filings, Ogbonna got the highest amount of shares totalling 12,345,679 units and worth N220.37 million, having been traded at N17.85 per share.

Agbede was vested with 2,216,992 units of shares, valued at N39.795 million.

Other directors, who had shares vested include Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank, with 1,234,568 worth N22.16 million; Iyabo Soji-Okusanya, Executive Director, Commercial and Investment Banking Division, Access Bank, with 1,691,308 at N17.95 per share.

Her vested shares are valued at N30.36 million, and Chizoma Okoli, Access Bank’s Deputy Managing Director, Retail South, who got 1,728,395 units valued at N30.85 million.

Dr Gregory Jobome, Executive Director, Risk Management, and Hadiza Ambursa, Executive Director, Commercial Banking, were each vested with 1,728,395 valued at N30.85 and N31.02m respectively.

Access Holdings’ Company Secretary, Sunday Ekwochi, was vested with 1,210,058 units of the Group’s shares worth N21.72m.

The shares were vested on May 3rd and May 6th.

The vesting of the shares is not a purchase or sale transaction in the context of the Exchange’s Rules.