Union Bank Dismisses Report Of Plans By Principal Owner To Sell 50% Stake as Rumours

Brand Spur
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Union Bank Dismisses Report Of Plans By Principal Owner To Sell 50% Stake as Rumours

January 27, 2021 – Atlas Mara Limited, the sub-Saharan African financial services group and Union Bank of Nigeria, today issued the following statement in response to media reports incorrectly stating that “Atlas Mara has received offers from local banks wishing to buy over Union Bank.” 

In an official statement released by Union Bank of Nigeria, signed by Somuyiwa Sonubi, Company Secretary said the unsubstantiated report was based on mere rumours and speculations.

“Our attention has been drawn to an online publication by Premium Times dated 23rd January 2021, captioned “Union Bank’s Principal Owner considering the sale of 50% stake”. Please note that the unsubstantiated report is based on mere rumours and speculations.”

“The Nigerian Stock Exchange, other regulatory agencies and members of the public are hereby advised to disregard the publication in its entirety,” the lender said.

While it is the Atlas Mara’s practice to refrain from comment on market rumours or speculation, we believe it is important to note that Atlas Mara has not received any offers from any local Nigerian bank or other bank wishing to acquire the Company’s stake in Union Bank of Nigeria (UBN).

atlas-mara-brandspurng

As previously announced to the market in 2019, the Board of the Company has been exploring a wide range of strategic options with the assistance of external advisers. That process is still underway and the Company’s strategic objectives have not changed. 

Tax Default: Kogi Govt seals off all Union Bank Branches in the state

Nestlé recognized in 2021 Bloomberg Gender Equality Index

Brand Spur
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Nestlé recognized in 2021 Bloomberg Gender Equality Index

Nestlé has today again been recognized in the 2021 Bloomberg Gender-Equality Index (GEI) for its transparency in gender reporting and advancing women’s equality in the workplace.

The reference index measures gender equality across five pillars:

  1. Female leadership and talent pipeline,
  2. Equal pay and gender pay parity,
  3. Inclusive culture,
  4. Sexual harassment policies, and
  5. Pro-women brand.

Nestlé recognized in 2021 Bloomberg Gender Equality Index Brandspurng

Nestlé was included in this year’s index for scoring at or above a global threshold established by Bloomberg to reflect a high level of disclosure and overall performance across the framework’s five pillars.

Specifically, the GEI recognized that Nestlé had made significant progress in fostering an inclusive culture at the company and advancing gender pay and equal pay parity, and pro-woman brand.

“Our inclusion in the Bloomberg Gender-Equality Index is a recognition of the progress we have made so far on gender balance, a key component of our approach to diversity and inclusion.

It underlines our commitment to continue driving actions to make Nestlé an even more diverse and inclusive place to work,” said Béatrice Guillaume-Grabisch, Head of Group Human Resources and Global Business Services.

As part of its efforts to change the face of its workforce and build a more inclusive and diverse company, Nestlé has taken some bold steps:

  • In 2019, the company laid out an action plan to increase the number of women in senior executive positions globally by 2022. The same year, it published a new gender neutral Global Parental Support Policy, recognizing that parental roles are not solely defined by gender.
  • In 2020, Nestlé signed the International Labour Organization (ILO) Global Business and Disability Network Charter to ensure the inclusion of people with disabilities in our workplace.
  • More recently, the company joined the World Economic Forum ‘Partnering for Racial Justice in Business’ initiative as a founding member. The aim is to use Nestlé’s voice to drive changes that root out institutional racism in business and society.

Unilever Nigeria PLC – An uphill battle to profitability

Vetiva Research
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Unilever Nigeria PLC – An uphill battle to profitability

In its recently released unaudited FY’20 financial statements, Unilever Nigeria consolidated on its improved Q3’20 performance after an especially hard year riddled with turnover challenges.

Group topline expanded by 2% y/y to ₦61.6 billion (Vetiva: ₦62.3 billion), supported by a 9% y/y growth in Food Revenue to ₦34.7 billion, even as HPC Revenue moderated 7% y/y.

The topline growth was supported by an impressive 84% y/y expansion in Q4’20 topline to ₦16.8 billion, albeit the line item fell just 3% shy of our expectation. Even accounting for mild price increases this year, we attribute the growth to continued recovery in volumes.

In spite of the higher topline, impairment on receivables fell further under control, printing at ₦5.0 million in Q4’20 compared to ₦429 million in Q3’20 and ₦405 million in Q4’19. We recall that Unilever Nigeria had in 2019, adopted tighter credit policies in order to temper rising impairments. The moderation in the Q4’20 impairments along with the 17% contraction in trade receivables balance suggests that the new policy is yielding fruit.

Unilever Nigeria PLC - An uphill battle to profitability Brandspurng
Source: Company filings, Vetiva Research

Shrunken impairment losses ease pressure on PAT

Meanwhile in line with the increased topline, gross margin for the full year expanded 15ppts y/y to 22% notwithstanding downward inflationary pressures. That said, selling and distribution expenses as well as Marketing and admin expenses declined 11% and 2% y/y respectively, taking total Opex 4% y/y lower to ₦15.8 billion.

However, dragged by ₦1.1 billion in Receivables impairments in FY’20 (largely dragged by 9M numbers), Unilever reported an operating loss of ₦3.1 billion. We however comment that this represents progress, compared to the ₦10.3 billion operating loss reported in FY’19.

In terms of financing, whilst Unilever’s finance costs and income have lowered in response to the low yield environment, the company has continued to maintain positive net finance costs largely caused by a 70% reduction in loans and borrowings.

On a more positive note, net operating cash flow was healthier, driven by a more efficient working capital management. Overall, Loss Before Tax came in at ₦1.8 billion (FY’19 LBT: ₦9.8 billion).

After adjusting for the mandated minimum tax and a tax credit of ₦0.3 billion, Unilever reported a Loss After Tax of ₦1.6 billion (FY’19: ₦7.4 billion), lower than our ₦2.3 billion loss projection. Thus, Unilever reported an EPS for the year at -₦0.28 (FY’19: -₦0.74).

Milder loss expected in FY’21

Unilever Nigeria’s stable progress on improving volumes should continue into the new year, endorsing our 7% y/y expansion expectation to ₦66.2 billion in FY’21, especially given the still low base in the first half of the year – although we note that the expected divestment of the company’s tea business by the end of the year would dampen Revenue growth.

With respect to the AfCFTA and the re-opened borders, we expect a limited impact on the seasonings market, given that the imported products that had competed with local seasoning makers do not originate from African regions and do not fall under the scope of the AfCFTA.

Based on this, we renew our gross margin projection of 21% for the full year. Despite an expected 5% y/y increase in Opex, we estimate that the company’s operating margin will improve 2% y/y as we do not expect further impairment losses on receivables.

Furthermore, we expect the company’s stability in working capital management to influence operating cash flows positively.

We expect net finance costs to play out much in the same manner as FY’20 and project a slight 4% y/y increase to ₦1.3 billion, largely driven by the expectation of higher yields in the period.

Overall, we expect Unilever to declare a Loss before tax of ₦0.6 billion and a Loss after tax of ₦0.4 billion translating to an EPS of -₦0.08. Our valuation the stock yields a target price of ₦17.89 and we place a BUY recommendation on Unilever.

MPC retains brakes on policy rates

Vetiva Research
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MPC retains brakes on policy rates

During the past year of declining real output, cost-push inflationary pressure and lacklustre foreign appetite for Naira assets, the Monetary Policy Committee (MPC) adjusted three of its four key parameters in its quest to boost lending and reflate the economy.

After considering several real, monetary, and external factors, the MPC decided to maintain status-quo by holding all parameters constant in its first meeting of the year.

Current Monetary Policy Variables

MPC retains brakes on policy rates brandspurng
Source: NBS, Vetiva Research

Trudging a sticky recovery path

Citing vaccine developments and its impact on oil price recovery and external reserve accretion, the MPC noted that the virus remained a threat to economic recovery given the spike in fatalities and rapid spread of a newer strain of the virus.

Against this backdrop, the Bank cautioned against a second wave of lockdown due to the downside risks it poses to the anticipated recovery.

Making reference to recent GDP numbers, the Committee noted the milder economic contraction recorded in Q3’20 (-3.62%) compared to Q2’20 (-6.10%) due to the reopening of the economy. However, the lag effects of the lockdown, security challenges and FX challenges are contributory factors to dampened recovery prospects.

While the END SARS protests extended the contraction in manufacturing activity into the month of October, the brief recovery in November could not be sustained into December due to the stifling impact of the FX situation.

With two bearish readings out of three, the manufacturing PMI predicts another quarter of declining industrial output in Q4’20 while the consistently underwhelming services PMI reading portends another bearish outturn for the services sector.

Amid shaky recovery expectations, consumer prices have been surfing the inflationary tide for 5 years, unable to meet the threshold set by the Central Bank. With the recent reforms adopted by fiscal authorities, inflation may continually soar beyond current levels.

CBN retains MPR at 11.5%, Holds other Key Parameters Constant
Governor, CBN, Godwin Emefiele | www.brandspurng.com

Further increases in the pump price of PMS and electricity tariffs are expected to propel inflation further during the year. However, the Central Bank projects moderation in growth headwinds, as continuous fiscal and monetary intervention measures permeate the economy.

MPC to sustain a dovish stance

The CBN’s decision to hike the Cash Reserve Ratio (CRR) in H1’20 amid enforcement of loan-to-deposit ratio (LDR) floors raised several concerns over liquidity in the banking system.

Despite the hostile business climate, huge deductions were made from banks’ reserves for not meeting LDR benchmarks, limiting room for credit expansion. According to Q3’20 GDP numbers, growth in the financial services sector slowed to single-digit levels, partly because of the high base effect.

At the meeting, the Committee commended the CBN on the industry’s low non-performing loans ratio, which is slightly above the prudential benchmark despite its aggressive credit expansion programme. However, we note the subsisting headwinds in the business environment could have contributed to the slowdown in loan expansion amid restrictive CRR debits.

Given the dismal PMI readings, the CBN may sustain its accommodative stance by keeping rates low and ramping up development finance activities. In addition, further rate cuts could be meted out in future meetings should real output continue its recessionary trend in Q4’20 and Q1’21.

While further rate cuts could support economic recovery, the Bank’s dovish stance could support fiscal policy given the CBN’s role in financing 2020 fiscal deficit, already high debt servicing-to-revenue ratio and the recent passage of the 2021 budget.

With the recent recovery in oil prices, elevated energy costs could drive inflation further from the Central Bank’s target for the sixth consecutive year. While the reopening of the borders should serve as a disinflationary trigger, the continued bans on rice & poultry imports through the land borders would keep inflationary pressures high.

Thus, we expect the CBN to continue its supply-side interventions, accelerate credit access to medium and small-scale enterprises and devise targeted funding strategies to propel economic recovery.

UPDC Announces Appointment Of Mr. Wole Oshin As Chairman, Board Of Directors

Esan Bolaji
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UPDC Announces Appointment Of Mr. Wole Oshin As Chairman, Board Of Directors

Lagos, Nigeria; Wednesday, 27 January 2021 – UACN Property Development Company Plc (UPDC) wishes to announce the appointment of Mr. Wole Oshin as the new Chairman of the Board of the Company, following the resignation of the former Chairman, Mr. Babatunde Kasali from the Board.

In accepting the appointment, Mr Oshin thanked the Board members for the confidence reposed in him and solicited their cooperation to achieve the objectives of the Board to lead the Company to greater heights.

UPDC Announces Appointment Of Mr. Wole Oshin As Chairman, Board Of Directors brandspurng
Wole Oshin, Chairman, UPDC Plc. | www.brandspurng.com

Brief profile

Mr. Wole Oshin is an industry leader with over 30 years’ experience and has at various times been a member of the Presidential Committee on Pension Reforms, Chairman of the Nigerian Insurers Association, Council Member of the African Insurance Organization [Cameroun], Companies Association [Ghana] and External Lecturer – West African Insurance Institute, Banjul, The Gambia.

Mr. Oshin sits on several Boards including the International Insurance Society [IIS], New York and Nigerian Insurers Association. He is also an Advisory Board Member of the Common Wealth Enterprise and Investment Council (United Kingdom).

He has received numerous awards including a nomination as “African CEO of the Year” by African Reinsurance Corporation, and the Harvard Business School Association of Nigeria (HBSAN) Leadership Award for General Management.

UPDC is an institutional property company, founded in 1997, and listed on the NSE in 1998. UPDC has a solid track record in the acquisition, development, sale and management of a diverse mix of commercial, residential, hospitality and retail assets across Nigeria.

Microsoft revenue growth improves to 17% in Q2 on cloud demand, net profit up 33%

Esan Bolaji
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Microsoft revenue growth improves to 17% in Q2 on cloud demand, net profit up 33%

Microsoft Cloud Strength Drives Second Quarter Results

January 26, 2021 — Microsoft Corp. today announced the following results for the quarter ended December 31, 2020, as compared to the corresponding period of last fiscal year:
  • Revenue was $43.1 billion and increased 17%
  • Operating income was $17.9 billion and increased 29%
  • Net income was $15.5 billion and increased 33%
  • Diluted earnings per share was $2.03 and increased 34%

Microsoft revenue growth improves to 17% in Q2 on cloud demand, net profit up 33% Brandspurng

“What we have witnessed over the past year is the dawn of the second wave of the digital transformation sweeping every company and every industry,” said Satya Nadella, chief executive officer of Microsoft. “Building their own digital capability is the new currency driving every organization’s resilience and growth. Microsoft is powering this shift with the world’s largest and most comprehensive cloud platform.”

“Accelerating demand for our differentiated offerings drove commercial cloud revenue to $16.7 billion, up 34% year over year,” said Amy Hood, executive vice president and chief financial officer of Microsoft. “We continue to benefit from our investments in strategic, high-growth areas.”

Business Highlights

Revenue in Productivity and Business Processes was $13.4 billion and increased 13% (up 11% in constant currency), with the following business highlights:

  • Office Commercial products and cloud services revenue increased 11% (up 9% in constant currency) driven by Office 365 Commercial revenue growth of 21% (up 20% in constant currency)
  • Office Consumer products and cloud services revenue increased 7% (up 6% in constant currency) and Microsoft 365 Consumer subscribers increased to 47.5 million
  • LinkedIn revenue increased 23% (up 22% in constant currency)
  • Dynamics products and cloud services revenue increased 21% (up 18% in constant currency) driven by Dynamics 365 revenue growth of 39% (up 37% in constant currency)

Microsoft’s Gaming Revenue Surges by 22% YoY in FY21 Q1 to $3 Billion

Revenue in Intelligent Cloud was $14.6 billion and increased 23% (up 22% in constant currency), with the following business highlights:

  • Server products and cloud services revenue increased 26% (up 24% in constant currency) driven by Azure revenue growth of 50% (up 48% in constant currency)

Revenue in More Personal Computing was $15.1 billion and increased 14% (up 13% in constant currency), with the following business highlights:

  • Windows OEM revenue increased by 1%
  • Windows Commercial products and cloud services revenue increased by 10% (up 8% in constant currency)
  • Xbox content and services revenue increased by 40% (up 38% in constant currency)
  • Surface revenue increased 3% (up 1%in constant currency)
  • Search advertising revenue excluding traffic acquisition costs increased 2% (up 1% in constant currency)

Microsoft returned $10 billion to shareholders in the form of share repurchases and dividends in the second quarter of the fiscal year 2021, an increase of 18% compared to the second quarter of the fiscal year 2020.

Business Outlook

Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.

Nigeria Joins Forces with World Economic Forum to Fight Plastic Pollution

Esan Bolaji
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Nigeria Joins Forces with World Economic Forum to Fight Plastic Pollution

Geneva, Switzerland, 27 January 2021 – Nigeria will officially join the World Economic Forum’s Global Plastic Action Partnership (GPAP), a platform that works with governments, businesses and civil society to translate plastic pollution commitments into concrete solutions.

The announcement emerges from a week of virtual dialogues during the Davos Agenda, a global summit where heads of state, CEOs, civil society leaders, activists and media have convened to choose bold and innovative solutions to curb the COVID-19 pandemic and ensure a green and inclusive recovery in the years to come.

Nigeria Joins Forces with World Economic Forum to Fight Plastic Pollution brandspurng

Nigeria is the largest economy on the African continent as well as home to one of the largest youth populations in the world. The pandemic has slowed economic activity in this diverse and entrepreneurial nation and contributed to a depressed labour market, creating highly challenging setbacks for human and economic development efforts.

Mismanaged plastic waste and unsustainable plastics production are commonplace in the West Africa region. Challenges include thin capacity and investment in waste collection and recycling, varying levels of awareness of sustainable practices among businesses and consumers, and the niche nature of innovative and alternative models supporting reduce and reuse.

In 2018, Nigeria was estimated to have discharged around 200,000 tonnes of plastic waste into the ocean per year, while its annual plastics production is projected to grow to 523,000 tonnes by 2022.

In joining GPAP, Nigeria will work with the World Economic Forum to launch a National Plastic Action Partnership, based on a promising model that has been piloted in Indonesia, Ghana and Viet Nam.

Its principal mandates will include creating and working with locally-led, locally driven platforms, such as the Federal Ministry of Environment and the African Development Bank-coordinated Nigeria Circular Economy Working Group (NCEWG), to bring together the country’s most influential policy-makers, business leaders and civil society advocates.

The goal is to deliver a national action plan for radically reducing plastic pollution, connecting high-potential solutions with strategic financing opportunities.

In Indonesia, the national partnership has launched action and investment roadmaps that could prevent 16 million tonnes of plastic leakage into the ocean, create 150,000 jobs, and generate $10 billion a year in revenue from investment in waste management, plastics substitution and innovative business models.

Similar ambitious blueprints for action are under development in Ghana and Viet Nam and will be initiated in Nigeria on the partnership’s formal launch in early 2021.

“With this partnership, Nigeria is further reinforcing its commitments and efforts towards addressing plastic pollution and safeguarding the environment,” said Mohammad Mahmood Abubakar, Nigeria’s Environment Minister.

“From co-founding the African Circular Economy Alliance and establishing a Nigerian/AfDB Circular Economy Working Group to joining the Global Plastic Action Partnership, Nigeria is determined to unleash the full potential of our young generation of innovative and passionate leaders so that we can work together towards a future free of plastic pollution and waste.

We look forward to strengthening our engagement with the World Economic Forum on this effort and to formally launching the partnership in the coming months.”

“Amidst the myriad economic and social challenges that nearly every nation is facing, Nigeria has recognized plastic pollution as an urgent priority that cannot be sidelined,” said Kristin Hughes, Director of the Global Plastic Action Partnership and Member of the Executive Committee, World Economic Forum.

“Plastic waste and pollution are not issues that exist in a vacuum – they are deeply and intrinsically tied not only to the health of our environment but also the well-being of women and children, the livelihoods of communities and informal workers, the creation of new jobs and ways of working, and a nation’s ability to build a sustainable and thriving economy that leaves no one behind.

We are honoured to support the Nigerian people in their fight to turn the tide on plastic pollution.”

Nigeria is also one of the founding members of the African Circular Economy Alliance, alongside South Africa, Rwanda, the African Development Bank, the UN Environment Programme and the World Economic Forum.

The regional platform has mobilized a multi-donor trust fund of €4 million, which will fund circular economy entrepreneurs and initiatives with the potential to be replicated in African nations.

“The World Economic Forum is delighted to build on and strengthen its existing collaboration with the Government of Nigeria with this new partnership,” said Chido Munyati, Acting Head of Africa, World Economic Forum.

“The transition to a circular economy will be a crucial part of Nigeria’s global recovery and addressing plastic pollution, in particular, will have a visible impact on its natural environment, quality of life and opportunities for young people. Through this partnership, we will see Nigeria make a clear case for why economic growth and sustainable development go hand-in-hand.”

The Davos Agenda is a pioneering mobilization of global leaders aimed at rebuilding trust to shape the principles, policies and partnerships needed in 2021. It features a full week of global programming dedicated to helping leaders choose innovative and bold solutions to stem the pandemic and drive a robust recovery over the next year.

Heads of state, CEOs, civil society leaders, and global media will actively participate in almost 100 sessions across five themes.

Flour Mills of Nigeria PLC Joins Other Corporates to Float Bond on FMDQ Exchange Platform in 2021

Esan Bolaji
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Flour Mills of Nigeria PLC Joins Other Corporates to Float Bond on FMDQ Exchange Platform in 2021

Coming shortly on the heels of the recent Commercial Paper Issuances by Total Nigeria PLC, Valency Agro Nig. Ltd. and Mixta Real Estate PLC, FMDQ Securities Exchange Limited, following the due diligence of its Board Listings and Markets Committee has approved the Listing of the Flour Mills of Nigeria PLC ₦4.89 billion Series 4 Tranche A and ₦25.00 billion Series 4 Tranche B Fixed Rate Bonds under its ₦70.00 billion Bond Issuance Programme on its platform.

The Nigerian economic landscape and business environment have continued to witness disruptions as occasioned by the COVID-19 pandemic with attendant concerns of a prevailing second wave despite global vaccination efforts and restrictive guidelines put in place by governments and advisory bodies.

Flour Mills of Nigeria: Revenue from the sales of Sugar increased by 29.47% to ₦58.19bn

The situation has seen corporates across multiple sectors re-evaluate their financing strategies going into the new year by tapping the debt capital markets as a viable avenue to efficiently raise capital in order to meet their business expansion/working capital needs.

The critical role which debt markets play in facilitating sustainable growth and development cannot be overemphasized. The Nigeria debt capital market (DCM) plays an important role in the efficient mobilisation and allocation of resources in the economy and despite the impact of the current times, the market has continued to effectively support corporates looking to expand their business operations.

It is in this regard that FMDQ Holdings PLC (“FMDQ Group” or “FMDQ”) in its capacity as a leading market organiser of the Nigerian DCM, amongst others, has continued to provide stakeholders in the Nigerian capital market with a credible and robust platform for capital access, risk management and transfer of value.

As major effects of the pandemic, Nigeria has witnessed rapid inflation characterised by dwindling food security and reduced labour market participation. Flour Mills is strategically positioned to produce and supply products of superior quality and value to the market, thereby, enriching the lives of consumers, customers, communities, employees, and all stakeholders.

According to Mr. Omoboyede Olusanya, Group Managing Director/Chief Executive Officer, Flour Mills of Nigeria Plc, “Flour Mills of Nigeria Plc is delighted to have successfully concluded the issuance of ₦29.89 billion Series 4 (Tranche A & B) bonds under the ₦70.00 billion bond issuance programme.

The Bond, which coincided with our 60th-anniversary celebration was strongly supported by the institutional investor community and corroborates our strategic objective of sustaining our market leadership position whilst backwardly integrating to increase the use of locally sourced materials to develop and produce unique consumer products in alignment with our mission of “Feeding the Nation, Everyday”.

The proceeds of both bonds have been used entirely to refinance our existing commercial paper notes also successfully issued during the pandemic.”

Also commenting on the listing, Abimbola Kasim, Ag Managing Director, FCMB Capital Markets Limited, stated “FCMB Capital Markets appreciates the opportunity given to us by the Board and Management of Flour Mills of Nigeria to act as the Lead Issuing House on its ₦29.89 billion Series 4 Bond Issuance, being the final and largest Series under the ₦70 billion Bond Issuance Programme registered in 2018.

The success of this transaction speaks to Flour Mills’ impressive operational and financial performance and an affirmation of this strength by investors in the bond who subscribed overwhelmingly during a low-interest-rate environment. Following this success, we expect Flour Mills and our other clients to continue to explore opportunities to raise funds from the Nigerian debt capital markets to diversify their funding sources.”

As the economic impact of COVID-19 continues to crystallise and business organisations strive to rise above the ‘murky waters’, FMDQ Group remains steadfast in contributing towards the emergence of a resilient financial market in Nigeria.

As with previous bonds issued under the programme and with all other securities listed, quoted, and traded on the FMDQ Exchange platform, the Flour Mills bonds shall be availed total market visibility through FMDQ Exchange’s website and systems; transparency through their inclusion in the FMDQ Daily Quotations List; governance and continuous information disclosure to protect investor interest; amongst other benefits derived from the preferred admission to FMDQ Exchange.

14.7km Ijebu Ode-Itamapako-Epe Road Reaches 65% Completion – Contractors (Photos)

Esan Bolaji
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0
14.7km Ijebu Ode-Itamapako-Epe Road Reaches 65% Completion – Contractors (Photos)

Following the relentless efforts of the State Government towards ensuring the Speedy Completion of the Ijebu-Ode-Itamapako-Epe road, contractors have confirmed that the State of the road has reached 65% Completion Stage.

14.7km Ijebu Ode-Itamapako-Epe Road Reaches 65% Completion - Contractors (Photos)brandspurng 14.7km Ijebu Ode-Itamapako-Epe Road Reaches 65% Completion - Contractors (Photos)brandspurng

In an interaction with newsmen, the Project Manager, Craneburg Construction, Engr. Amine Tawk disclosed that barring any unforeseen circumstances, the road will soon be completed as it is presently 65% ready for use, adding that when completed, not less than 30 communities stand to benefit from the economic proceeds of the road.

14.7km Ijebu Ode-Itamapako-Epe Road Reaches 65% Completion - Contractors (Photos)brandspurng 14.7km Ijebu Ode-Itamapako-Epe Road Reaches 65% Completion - Contractors (Photos)brandspurng

It will be recalled that the State Governor, Prince Dapo Abiodun during one of the inspection tours of roads across the State pledged that the 14.7km Ijebu-Ode-Epe road would be commissioned in the second half of 2021.

14.7km Ijebu Ode-Itamapako-Epe Road Reaches 65% Completion - Contractors (Photos)brandspurng 14.7km Ijebu Ode-Itamapako-Epe Road Reaches 65% Completion - Contractors (Photos)brandspurng

In his reaction, the Commissioner for Works and Infrastructure, Engr. Ade Akinsanya pointed out that the move to construct the road was borne out of the desire to stimulate economic activities, secure and create a safe environment for business to thrive, as well as improve the quality of life of the people.

14.7km Ijebu Ode-Itamapako-Epe Road Reaches 65% Completion - Contractors (Photos)brandspurng

He added that the road when completed in the second quarter of the year would enhance accessibility to different communities along the area and reduce the burden of vehicle maintenance.

Nigeria: VAT revenue grew by 29.3% to ₦1.53 trillion in 2020 – NBS

Esan Bolaji
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1
Nigeria: VAT revenue grew by 29.3% to ₦1.53 trillion in 2020 – NBS

The Nigerian government generated a total sum of 1.53 trillion naira revenue from Value Added Tax (VAT) in 2020, up by 29.3% when compared to 1.18 trillion naira recorded in 2019.

This is according to the Sectoral value-added tax report, recently released by the National Bureau of Statistics (NBS). 

Naira Gains against the USD at the Bureau De Change, Parallel (“black”) Markets Brandspurng
Afolabi Sotunde Illustration Naira

Sectoral distribution of Value Added Tax (VAT) data for Q4 2020 reflected that the sum of N454.69bn was generated as VAT in Q4 2020 as against N424.71bn generated in Q3 2020 and N308.48bn generated in Q4 2019 representing 7.06% increase Quarter-on-Quarter and 47.39% increase Year-on-Year.

Further Breakdown

  • Professional Services generated the highest amount of VAT with N42.38bn generated and closely followed by Other Manufacturing generating N39.45bn, Commercial and Trading generating N21.15bn
  • Mining generated the least and closely followed by Pioneering and Textile and Garment Industry with N58.88m, N185.72m and N353.75m generated respectively.
  • Out of the total amount generated in Q4 2020, N212.52bn was generated as Non-Import VAT locally while N143.35bn was generated as Non-Import VAT for foreign. The balance of N98.81bn was generated as NCS-Import VAT.
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