Nigeria earned N512.25bn from Value Added Tax in Q2 2021, Up by 3.20% – NBS

The Nigerian Government generated the sum of N512.25 billion from Value Added Tax (VAT). The National Bureau of Statistics (NBS) disclosed this on Tuesday.

According to the NBS, sectoral distribution of Value Added Tax (VAT) data for Q2 2021 reflected that the sum of N512.25bn was generated as VAT in Q2 2021 as against N496.39bn generated in Q1 2021 and N327.20bn generated in Q2 2020 representing a 3.20% increase Quarter-on-Quarter and 56.56% increase Year-on-Year.

FG, States, LGAs share N547.31bn billion FAAC allocation f`or June
President Buhari | www.brandspurng.com

Other Manufacturing generated the highest amount of VAT with N44.89bn generated and closely followed by Professional Services generating N29.30bn, Commercial and Trading generating N21.96bn while Textile and Garment industry generated the least and closely followed by Pioneering and Pharmaceutical, Soaps and Toiletries with N77.74m, N169m and N188.71m generated respectively.

Out of the total amount generated in Q2 2021, N187.43bn was generated as Non-Import VAT locally while N207.69bn was generated as Non-Import VAT for foreign. The balance of N117.13bn was generated as NCS-Import VAT.

Gross Official Reserves Rose by US79m to US33.4bn in July 2021

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We see from CBN data that gross official reserves rose by USD79m to USD33.4bn in July. The buffer decreased steadily to USD33.09bn in the first 12 days of the month, before a steady increase in the remaining days of July.

To obtain a fuller picture, we should adjust this gross figure for the pipeline of delayed external payments: this adjustment has been estimated at up to USD3bn (by the IMF in late 2020), substantially less (by the FGN in March) and above USD4bn (by market commentators in May).

Total reserves at the end-July covered 7.7 months’ merchandise imports on the basis of the balance of payments for 2020, and 5.6 months when we add services.

Official Reserves. exchange rate volatility
Nigerian naira and U.S. dollar banknotes are seen in a picture illustration, July 14, 2020. Picture taken July 14, 2020. REUTERS/Afolabi Sotunde/Illustration – RC2M3I91PL5T

We are reasonably comfortable with reserves at this level, and see a further rise in the short term because, of the four potential sources of augmentation identified in an earlier daily (Good Morning Nigeria, 09 June 2021), the country has made significant and positive developments in two: the Eurobond issuance and the IMF’s allocation of SDRs to all members.

The other two sources are oil prices which have declined slightly to USD69/b from their YTD peak price of USD77/b, and loans from multilateral agencies.

Last week, as widely expected, the Board of Governors of the IMF approved a general allocation of SDRs equivalent to USD650bn to boost global liquidity. The allocation is to become effective on 23 August ’21 and will be credited to member countries in relation to their existing quotas in the Fund. For Nigeria, this translates to about USD3.35bn.

The Fund’s managing director, Kristalina Georgieva, reiterated that she hopes wealthier member nations would agree to “voluntary channelling” of their allocations to the “poorest and most vulnerable states”, possibly by scaling up lending through the IMF’s interest-free Poverty Reduction and Growth Trust (PRGT), among other options.

This could amount to an additional transfer of up to USD100bn. Whether Nigeria qualifies is highly debatable, given that it is not classified as low income.

Last week as well, the FGN appointed transaction advisers for its proposed USD6.2bn Eurobond issuance. We recall that the Debt Management Office is mandated to raise NGN2.34trn from the international capital market to partly fund the 2021 Appropriation Act deficit. Nigeria’s last Eurobond issue was in 2018 where it raised USD2.86bn.

forex Nigeria Saving Interest rates Brandspurng3
CBN Governor, Godwin Emefiele | www.brandspurng.com

On the CBN’s “naira 4 dollar scheme”, we note that at this point, we do not have the data to determine whether the incentives are sufficient to make a sizeable impact on remittances and therefore indirectly on reserves.

Finally, while we acknowledge that the official reserves will see some increase in the near term, we note that given the famous pipeline of delayed external payments, and the fact that as we return to said normality Nigerians will begin to make good use of their education, health and business travel allowances, the months’ import cover will likely also deteriorate.

Ellah Lakes Appoints Robert Grant as the Chief Financial Officer

9 August 2021 – Ellah Lakes Plc. is pleased to announce the appointment of Mr. Robert Grant as the Chief Financial Officer (CFO) of the Company.

Robert Grant is currently Head of Infrastructure Financing at First City Monument Bank and will transition into the role by the 1st of September. Robert who has an MBA from the NYU Stern School has been in his current role for the last 14 years and was previously the CFO of Ghana Telecom.

Speaking on the proposed appointment, Mr. Chuka Mordi, Chief Executive Officer/Managing Director said,

Ellah Lakes Plc Announces the Resignation of Frank Ellah as a Director

“We are extremely pleased to have such a seasoned professional like Robert Grant joining our team, and we are very excited at the wealth of experience and capacity that we now have at our disposal, for the next stage of growth at Ellah Lakes Plc”.

Ellah Lakes is a diversified Agribusiness operator founded in 1980 and listed on the Main Board of the Nigerian Exchange. In 2019, The Company was acquired by new shareholders, and under a new management team has transformed into oil palm production through the acquisition of Telluria Farms in May 2019, as well its expansion into cassava farming.

The acquisition repositioned the Company’s focus towards the production of Oil palm, Cassava, Maize, Soya beans, and their derivative products. Ellah Lakes currently operates in Nigeria.

West Africa’s First-Ever Case Of Marburg Virus Disease Confirmed In Guinea

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Health authorities in Guinea today confirmed a case of Marburg virus disease in the southern Gueckedou prefecture. This is the first time Marburg, a highly infectious disease that causes haemorrhagic fever, has been identified in the country, and in West Africa.

Marburg, which is in the same family as the virus that causes Ebola, was detected less than two months after Guinea declared an end to an Ebola outbreak that erupted earlier this year. Samples taken from a now-deceased patient and tested by a field laboratory in Gueckedou as well as Guinea’s national haemorrhagic fever laboratory turned out positive for the Marburg virus. Further analysis by the Institut Pasteur in Senegal confirmed the result.

The patient had sought treatment at a local clinic in Koundou area of Gueckedou, where a medical investigation team had been dispatched to probe his worsening symptoms.

“We applaud the alertness and the quick investigative action by Guinea’s health workers. The potential for the Marburg virus to spread far and wide means we need to stop it in its tracks,” said Dr Matshidiso Moeti, World Health Organization (WHO) Regional Director for Africa. “We are working with the health authorities to implement a swift response that builds on Guinea’s past experience and expertise in managing Ebola, which is transmitted in a similar way.”

Gueckedou, where Marburg has been confirmed, is also the same region where cases of the 2021 Ebola outbreak in Guinea as well as the 2014–2016 West Africa outbreak were initially detected.

Efforts are underway to find the people who may have been in contact with the patient. As the disease is appearing for the first time in the country, health authorities are launching public education and community mobilization to raise awareness and galvanize support to help curb widespread infection.

An initial team of 10 WHO experts, including epidemiologists and socio-anthropologists is on the ground helping to investigate the case and supporting the national health authorities to swiftly step up emergency response, including risk assessment, disease surveillance, community mobilization, testing, clinical care, infection prevention as well as logistical support.

Cross-border surveillance is also being enhanced to quickly detect any cases, with neighbouring countries on alert. The Ebola control systems in place in Guinea and in neighbouring countries are proving crucial to the emergency response to the Marburg virus.

Marburg is transmitted to people from fruit bats and spreads among humans through direct contact with the bodily fluids of infected people, surfaces and materials.

Illness begins abruptly, with high fever, severe headache and malaise. Many patients develop severe haemorrhagic signs within seven days. Case fatality rates have varied from 24% to 88% in past outbreaks depending on virus strain and case management.

Although there are no vaccines or antiviral treatments approved to treat the virus, supportive care – rehydration with oral or intravenous fluids – and treatment of specific symptoms, improves survival. A range of potential treatments, including blood products, immune therapies and drug therapies, are being evaluated.

In Africa, previous outbreaks and sporadic cases have been reported in Angola, the Democratic Republic of the Congo, Kenya, South Africa and Uganda.

Pere Emerges BBNaija Head Of House For Week 3

Pere emerged as the Head of House (HoH) in the third week of BBNaija ‘Shine Ya Eye’.

Brand Spur Nigeria reports that Pere secured 25 points during the ‘Game of Balls’ game at The Arena while the new housemates; JMK, Micheal, Kayvee, and Queen, were exempted from participating.

The incumbent head of the house, Boma, was also disallowed from participating, instead, he helped in resetting the game for the other housemates.

Emerging BBNaija HoH in the third week also comes with other privileges such as stay in the HoH lounge and immunity from eviction and nomination this week.

 

Agusto And Co. Affirms The “BBB+(IM)” Rating Assigned To First Ally Asset Management Limited

The rating reflects the strength of the Manager’s Board of Directors, adequately experienced and qualified decision-making committees with multi-layered approvals and good research capabilities.

However, the rating is constrained by FAAM’s considerably leaner operating structure in the review period with the exit of key personnel across strategic functions.

The rating also takes into consideration the impact of the weak macroeconomic environment and its potential to heighten business and investment risks as well as the challenges associated with recruiting (and retaining) talent, typical of the asset management industry in Nigeria.

Click here to see more ratings.

Enyo Is Giving Creatives A Chance On Innovative Recycling With Its Open Ideas Competition

Have you wondered how you can contribute to making our environment more sustainable and get some cool cash with it? Enyo has got that twist. Create a wow idea while you combat climate change.  

This is what leading fuel retailing company, Enyo Retail and Supply Limited is doing with the second edition of its Open Ideas Competition.  The 2021 edition is themed Enyo Recyclit.

Enyo is welcoming ideas from YOU to reuse, recycle and refurbish materials to conceive a service station concept and futuristic design.

Enyo Is Giving Creatives A Chance On Innovative Recycling With Its Open Ideas Competition-Brand Spur Nigeria
Enyo Is Giving Creatives A Chance On Innovative Recycling With Its Open Ideas Competition-Brand Spur Nigeria

There is more juice. The winner of EOIC will be rewarded with N1,000,000, the second runner-up gets N500,000 while the first runner-up goes home with N250,000. The top three will also be given implementation support on their proposed designs. Sounds like a great offer, right?

The competition is part of Enyo’s commitment to support the sustainable development goal of combating climate change and enhance creativity among young minds.

Now, I am sure you want more details on this exciting opportunity? Get on to www.eoic.ng to register and make an impact.

Oriental Energy Resources Announce Mustafa Indimi As MD

Oriental Energy Resources Limited has announced the appointment of Mustafa Indimi as its new Managing Director.

Brand Spur Nigeria reports that Mustafa takes over from Mr. Ignatius Ifelayo, who served the company for seven years.

Prior to the new appointment, Mustafa was the company’s Executive Director (Technical). He brings with him an in-depth knowledge of the business and he is well-positioned to drive the company forward.

A master’s degree holder in Petroleum Production Engineering from Robert Gordon University Aberdeen, Mustafa has an impressive track record of leading teams to deliver outstanding performance and results.

On his new challenge, Mustafa said: “It is an exceptional privilege to be appointed as Managing Director at a time that provides great opportunity to take the company to new heights. I am looking forward to working with the Board, Management and staff to strengthen and grow the company by building on the solid foundation to generate significant value for all stakeholders.

‘’Underpinning everything is my commitment to the company’s vison to set the standards that all other E&P companies in the oil and gas industry will be compared with.’’

LivingTrust Mortgage Bank Reports ₦308.2M Profit, Up 643% in H1 2021

LivingTrust Mortgage Bank Plc, formerly Omoluabi Mortgage Bank Plc, has grown its profit after tax by 643 per cent year on year in the second quarter of 2021 to stand at N308.26 million. This was disclosed in its quarterly unaudited financial statements released for the period ended 30th of June, 2021.

Key Highlights

  • Gross Earnings grew by 187% to N3.8bn from N2.9bn in the previous quarter.
  • Profit before tax grew by 643% to N308m.
  • Profit after tax grew by 643% to N308m.
  • Net Assets declined by -1.8% from N2.8bn to N2.7bn.
  • Share Price Currently Stands at N0:68k

The result marked a swift rise in performance compared with the first-quarter results in which it recorded N100.56 million profit after tax.

LivingTrust Mortgage Bank Predicts Profit of ₦85Billion for Q1 2021 Brandspurng
Adewole Adekunle

The bank’s excellent performance could be directly attributed to a mix of a continuous innovative approach to banking by its Board and Management, as well as a potpourri of bespoke financial products and services it has continued to offer its customers.

The bank’s focus to deliver triple-digit growth has resulted in a growing and diverse customer base. It is also believed to have prompted its decision to transition from Regional to a National Mortgage Bank.

Gross Earnings grew by 263 percent to N664m from N252m in the previous quarter. Profit before tax grew by 643 percent to N308m. Profit after tax grew by 643percent to N308m. The bank recorded a net fee and commission income of N80.2 million (+386percent YoY).

Operating income was N576.8 million (+178percent YoY). Operating expenses totalled N260.92 million (+63 percent YoY). Earnings per share is 6.17 kobo Vs 0.83 kobo YoY and total assets for the period stood at N8.71 billion.

LivingTrust Mortgage Bank Plc is a public limited liability company domiciled in Osun State, Nigeria, with offices in Lagos and Abuja. Cititrust Holdings Plc acquired 60 percent ownership of the bank in 2020, after which its name was changed from Omoluabi Mortgage Bank to LivingTrust Mortgage Bank Plc.

History Revived as Ooni Of Ife Unveil New Goldberg-Sponsored Series – Moremi | Photos

The new Goldberg-sponsored series, “Moremi’‘ premiered at the Palace of the Ooni of Ife on August 4, 2021. The Moremi series by Davinci Filmworx is set to make its debut on Netflix and Showmax.

With 26 episodes, the new series will detail the life of Queen Moremi Ajasoro, the brave warrior queen of Ife who delivered the kingdom of Ife from the oppression and attacks from the Ugbo people in the 12th Century.

Moremi
L-R: Oluwaseyi Oyedeji, Regional Trade Marketing Manager, Akure, Nigerian Breweries Plc; Ibe Echezolam, Oracle Experience Agency Account Officer, Goldberg Lager Beer; Antar Laniyan, Nollywood Actor; Joshua Ojo, Theatre Director, Moremi; Oluyemi Ekundayo, Brand Manager, Goldberg Lager Beer, Nigerian Breweries Plc; At The Premiere Of Moremi At The Palace Of Ooni Of Ife, Last Weekend. | Brand Spur Nigeria

Sponsored by leading beer brand, Goldberg Lager, the premiere had many South-Western dignitaries including the wife of the former Ogun State Governor, Folusho Amosun, gather in honour of the Yoruba icon.

Speaking on why Goldberg continually prides itself in Yoruba culture and why it is supporting the Moremi production, Senior Brand Manager, Goldberg, Olaoluwa Babalola said,

Moremi
Moremi

“Moremi is an exciting project for us; because for Goldberg, shaping the future means celebrating tradition and culture. We do this by providing enjoyment, celebrating hard work and rewarding noble values.”

Speaking on the sponsorship, the Brand Manager, Goldberg Lager Beer, Oluyemi Ekundayo stated that,

“Deeply rooted in culture, Goldberg brand is proud to support and celebrate tradition and culture, Moremi captures the values of the average Yoruba person and we are proud to celebrate these values”.

Moremi Moremi

With celebrities like Antar Laniyan, Laide Bakare as well as royal fathers such as His Royal Majesty Oba Omololu Afilaka, Alatorin Of Atorin Ijesha and other renowned Nigerians, nothing was held back for the premiere as the core essence of Queen Moremi’s journey, persona and her rise to victory in spite of challenges, filtered through.

Moremi – The Series is proudly sponsored by Goldberg Lager. The beer brand consistently pushes the bar of excellence by continually providing fans and consumers with remarkable experiences which dial up the culture and traditions of the people, whilst also appreciating modern social conventions.