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FG, States, LGs Share N1.2trn April Revenue 

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The Federation Account Allocation Committee (FAAC) disbursed a total sum of N1,149.816 trillion, which came in as revenue in January 2024 to the federal government, states, and local government areas.

 

The allocation, shared during the May 2024 FAAC meeting, comprised:

– Distributable statutory revenue of N284.716 billion

– Distributable Value Added Tax (VAT) revenue of N466.457 billion

– Electronic money transfer levy revenue of N18.024 billion

– Exchange difference revenue of N438.884 billion

 

The balance in the Excess Crude Account (ECA) for last month was put at $473,754.57.

 

Here is the breakdown of the N1,208.081 billion total distributable revenue for April 2024 :

– Federal Government: N390.412 billion

– State Governments: N403.403 billion

– Local Government Councils: N293.816 billion

– Derivation revenue (13% of mineral revenue): N120.450 billion

 

The distributable statutory revenue of N284.716 billion was allocated as follows:

 

– Federal Government: N112.148 billion

– State Governments: N56.883 billion

– Local Government Councils: N43.855 billion

– Derivation revenue (13% of mineral revenue): N71.830 billion

 

The distributable Value Added Tax (VAT) revenue of N466.457 billion was allocated as follows:

– Federal Government: N69.969 billion

– State Governments: N233.229 billion

– Local Government Councils: N163.260 billion

 

The Electronic Money Transfer Levy (EMTL) revenue of N18.024 billion was allocated as follows:

– Federal Government: N2.704 billion

– State Governments: N9.012 billion

– Local Government Councils: N6.308 billion

 

The Exchange Difference revenue of N438.884 billion was allocated as follows:

– Federal Government: N205.591 billion

– State Governments: N104.279 billion

– Local Government Councils: N80.394 billion

– Derivation revenue (13% of mineral revenue): N48.620 billion

 

The total revenue available for the month of April 2024 was N2,192.077 billion, with total deductions for cost of collection and transfers, interventions, and refunds amounting to N983.996 billion.

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Ecobank’s “Adire Lagos” Exhibition Kicks Off with Over 100 Exhibitors

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The annual Ecobank “Adire Lagos” exhibition has commenced with great enthusiasm, featuring over 100 exhibitors showcasing their Adire textiles.

 

The four-day event, held at the Ecobank Pan African Centre in Victoria Island, Lagos, aims to promote culture, tourism, and micro, small and medium enterprises (MSMEs) while leveraging the African Continental Free Trade Area (AfCFTA).

 

This year’s exhibition, the third in the series, has attracted international exhibitors like Adire Oodua, Tampoori, and Jide Batik, among others.

The event provides a platform for entrepreneurs, shoppers, and Adire enthusiasts to network and celebrate the rich cultural heritage of Adire textile.

 

Speaking at the opening ceremony, Ecobank Nigeria’s Executive Director, Commercial Banking, Kola Adeleke, reiterated the bank’s commitment to supporting the creative industry and MSMEs, with the goal of promoting local brands and facilitating international trade.

 

The exhibition has received widespread acclaim from exhibitors and attendees alike, solidifying Ecobank’s position as a key driver of tourism, culture, and the creative industries in Nigeria.

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Dangote Reveals Mafia’s Attempts to Sabotage $19bn Refinery

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Aliko Dangote, Africa’s richest man, has disclosed that his $19 billion refinery project faced numerous sabotage attempts from the “oil mafia”.

 

Speaking at the Afreximbank annual meetings in Nassau, The Bahamas, Dangote revealed that he had repaid $2.4 billion of the $5.5 billion borrowed for the project.

 

Dangote stated that he was aware of potential resistance but underestimated the intensity of the opposition.

 

He likened the “oil mafia” to being stronger than the “drug mafia”, citing repeated attempts to disrupt the refinery’s construction.

 

Despite these challenges, Dangote remains determined, attributing his resilience to his lifelong fighting spirit.

 

He acknowledged that the transition from relying on imported fuel to local refining has been met with resistance from international oil companies (IOCs).

 

Dangote expressed confidence that the refinery, which has a capacity of 650,000 barrels per day, will ultimately succeed, benefiting Nigeria, the sub-region, and sub-Saharan Africa.

 

He views the current obstacles as temporary, stating, “We’ll get there.”

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Wema Bank Addresses False Information Alleging Impending License Seizure and Bank Closure

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In recent weeks, a wave of misinformation has targeted the Nigerian financial services industry, specifically alleging that several commercial banks, including Wema Bank, are at risk of losing their banking licenses and being closed. We categorically confirm that this claim is false and contrary to the reality of Wema Bank’s financial strength.

 

**The False Premise**

 

A statement, purportedly signed by the National Secretary of the Nigeria Union of Pensioners/Federal Civil Service Pensioners (NUP/FCSP), Abuja Branch, claimed that Wema Bank is among the banks slated for impending license seizure by the Central Bank of Nigeria (CBN). The statement advised pensioners and the general public to close their Wema Bank accounts as a precaution against the alleged closures.

 

**The Truth**

 

Wema Bank is in robust financial health and at no risk of license seizure or closure. Our financial performance underscores our strength and stability, as affirmed by stakeholders and auditors at our 2023 Annual General Meeting (AGM). Despite economic fluctuations in Nigeria, we are on course to meet the N200bn minimum capital requirement stipulated by the CBN for a commercial bank license with national authorization. Over the past months, we have raised an additional N40bn in fresh capital and are on track to meet the target within 18 months.

 

Our financial strength is demonstrated in our 2023 financial report and Q1 2023 financial results. Key highlights include:

 

– A 196% increase in Profit Before Tax (PBT) from N14.75bn to N43.59bn.

– A 220.4% increase in Profit After Tax (PAT) from N11.21bn to N33.66bn.

– A 70.63% increase in Gross Earnings from N132.30bn to N225.75bn.

– A 53.64% increase in Loans disbursed from N521.43bn to N801.10bn.

– A 26% increase in Capital Adequacy Ratio from N12.74bn to N16.04bn.

– A remarkable 220.53% increase in Earnings per share from N87.2 to N279.5.

 

Additionally, our Non-Performing Loan rate stands at 4.31%, one of the lowest in the industry. Our stable financial future has been verified by the Pan-African rating agency Agusto & Co, which recently upgraded our rating to Bbb+ with an ESG Score of 2 and a confirmation of a stable outlook. Despite financial headwinds, our Q1 2024 financial results indicate we are on track to surpass our 2023 results by the end of 2024.

 

Given our positive financial record and solid standing, the claims made are baseless and unfounded.

 

**Measures Taken**

 

We have petitioned security officials to investigate the Nigeria Union of Pensioners and will be taking legal action against the perpetrator(s) of this libelous statement.

 

Wema Bank remains committed to providing optimum returns for every stakeholder and will not condone the spread of false information that could cause public panic.

 

We assure our customers and stakeholders that Wema Bank is well-equipped to continue its operations as a commercial bank with national authorization. We will maintain our positive financial trends, expand our reach, and provide all our shareholders and stakeholders with optimum returns.

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