Business
Missing $20 bn: Again, NNPC fails to refund $1.48 bn
For the umpteenth time, the Nigerian National Petroleum Corporation, NNPC, on Tuesday failed to refund to the Federation Account $1.48 billion balance of an alleged missing $20 billion oil money.
An audit ordered by the Goodluck Jonathan administration recommended that $1.48 billion be paid by NNPC to the government.
The review followed an allegation by a former governor of the Central Bank of Nigeria, Lamido Sanusi, who accused the NNPC of failing to account for $20 billion oil money.
Since the submission of the audit report February, Nigeria’s 36 state governments have been clamouring for the money to be quickly paid by the NNPC and shared between the federal and state governments.
But the oil company has failed to pay the comply during past revenue sharing meetings between the states and the federal government.
On Tuesday, the Permanent Secretary, Federal Ministry of Finance, Anastasia Daniel-Nwokobia, said at the end of the Federation Accounts Allocation Committee (FAAC) meeting for May, that no explanation was given by the corporation for its inability to remit the money as recommended.
“The issue of the refund of the $1.48 bn recommended in the forensic audit report was not discussed, and so no refund was made, apart from the N6.33 bn refunded as part of the N450 bn oil revenue it owed the Federal Government since 2011,” Mrs. Daniel-Nwokobia said.
At the end of the meeting, the Permanent Secretary said gross revenue receipt for the month was about N324.06 bn, which was higher than the N282.062 bn received in May by about N41.999 bn. Total distributable revenues between the Federal and the 36 state governments put about N409.5 bn.
Details of the allocation released at the end of the meeting showed that mineral revenue was N225.167 bn, while non-mineral revenue was N98.89 bn.
Net statutory allocation, she said, stood at N317.236 bn, which included N2.403 bn as 4% cost of collection by the Federal Inland Revenue Service (FIRS), N2.88 bn as 7% cost of collection for the Nigeria Customs Service (NCS) and N1.54 bn as 4% cost of collection by the Department of Petroleum Resources (DPR).
The Federal Government received about N151.805 bn, while the states received N76.98 bn and Local Governments N59.36 bn. The nine oil mineral producing states were allocated N29.7 bn.
There was also exchange gain of N31.24 bn proposed for distribution, while value added tax realised for the month was N418.452 bn.
According to the Permanent Secretary, delays in the issuance of the third quarter 2015 Export Permit lead to a drop of about 160,000 barrels of oil per day in April, apart from several shutdowns and shut-ins of the trunk and pipelines at oil terminals, which continued to negatively impact crude oil revenue.
However, she said an increase in the average price of crude oil from $56.04 per barrel in March 2015 to $59.88 per barrel in April brought $19.7 mn revenue gain for the month, while non-oil revenues are expected to perform better in the later art of the year due to some mechanisms put in place by the FIRS.
On the balance of the excess crude account (ECA), she said the amount stood at $2.078 bn.
On why the FAAC was shifted from the earlier schedule of June 15 and 16, Mrs. Daniel-Nwokobia said since the governments at all levels have in the country have been in transition after the May 29 handover to a new administration, there was need to wait.
“Most of the states are yet to appoint their commissioners and reconstitute their executive councils. The FAAC secretariat had to liaise with the states to know who would be representing them at the meeting
Again a few days to the FAAC meeting, the Accountant General of the Federation retired on June 12, necessitating clearance to be sought on who should take the office, in view of the critical role it has to play in the meeting,” she said
…BUA Foods Will Be Nigeria’s Biggest Flour, Pasta Milling Company In 2024 – Abdul Samad Rabiu
Shareholders of BUA Foods Plc (“BUA Foods” or “the Company”), at the 3rd Annual General Meeting (AGM) held at the Transcorp Hilton Hotel, Abuja, on Thursday, 26 September 2024, approved the proposed final dividend payment of ₦5.50k per share.
The indigenous food manufacturing giant announced impressive financial performance as it recorded a revenue of ₦729.4bn, a 74.4% increase compared to the previous year. Profitability remained strong, demonstrating its resilience amidst evolving market dynamics, especially rising input costs. Profit after tax showed an impressive year-on-year growth, up 23%, from N91bn reported in 2022 to ₦112bn in 2023.
Addressing shareholders during the meeting, the Chairman of the Board, Abdul Samad Rabiu, thanked the shareholders for their undaunted commitment to the company’s shared vision. He mentioned that BUA Foods’ strategic focus on capacity expansion, and market penetration coupled with sound governance, yielded significant success.
He said: “Last year we successfully expanded and commercialised additional capacity in flour, pasta, and rice divisions, resulting in impressive volume growth across these divisions and overall strong business performance. With recent strategic agreements and new facilities planned for completion next year, we will become the country’s biggest pasta and flour milling company.
“Our performance is a testament to the resilience of our business strategies, underpinned by a culture of strong corporate governance. We are also focused on the optimisation of our internal processes to maintain excellence in a fast-changing world. With the dedication of our Management and staff, we will continue to deliver exceptional value to all stakeholders.”
Speaking further on growth ambitions, Rabiu said, “In 2024, we remain focused on accelerating efforts towards the completion of our Backward Integration Project in line with the extended Federal Government’s Sugar Master Plan 2.0, aimed at attaining self-sufficiency in the sugar sector.
“Additionally, we seek to further address key challenges in Nigeria’s rice production industry by enhancing local production, empowering farmers, and promoting sustainable practices. This project will contribute to food security, economic development, and environmental sustainability.”
Also commenting, the Managing Director BUA Foods, Engr. Ayodele Abioye (PhD), said, “Despite the challenging macroeconomic environment, we made good progress across key strategic pillars of expanding capacity, markets, products, and package offerings as well as expanding business capabilities with a focus on operational excellence, innovation, and sustainable growth.
“We will continue to leverage technology, innovation, and operational efficiencies to drive value creation and maintain a solid growth trajectory. We are committed to reinforcing our leadership as a home-grown food business with purpose.”
Speaking on the dividend pay-out, a shareholder, Mrs. Bisi Bakare, expressed her delight at the exceptional performance of the company.
She remarked, “We shareholders are very pleased today to receive a final dividend of N5.50 kobo from BUA Foods.
“I appreciate the board for putting smiles on our faces in this hard time. Declaring a N5.50k dividend despite the economic climate is very commendable and this has encouraged us to want to invest more.”
Another shareholder of BUA Foods, Farouq Muktar, commended the management for the year-on-year growth of the indigenous food manufacturing company.
He said, “I am very happy because of your commitment and the positive results we keep recording. This performance is highly commendable.
“We appreciate your strategic thinking which is one thing Nigerians need at this time. I commend BUA Foods management for always making us happy and not letting Nigerians down.”
In 2023, BUA Foods won several awards from reputable organizations. Among the awards won are Food Company of the Year, Innovative Indigenous FMCG Company of the Year Award, and Fastest Growing Food Manufacturing Company of the Year.
Business
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Idera Pathfinder Foundation Boosts Education Sector In Ogun*
…Donates Block of Classrooms, Educational Materials To Schools
Ogun State Commissioner for Finance and Economic Adviser, who is also the Co-founder of Idera Pathfinder Foundation, Mr. Dapo Okubadejo, has been commended for donating blocks of classrooms and furniture to his alma mater.
Commending the donor during the commissioning and handing over of the facilities to Moslem Primary Schools I and II, Isoku, Ijebu-Ode, Commissioner for Education, Science and Technology, Prof. Abayomi Arigbabu, informed that the donations which include, reconstruction of one block of four classrooms, fully equipped with 80 pairs of furniture and four teaching boards in School I, was an expression of passion for learners’ success.
Prof. Arigbabu added that one block of three classrooms, was also reconstructed and fully equipped with 60 pairs of furniture and three teaching boards in school II, to enhance conducive learning environment and promote quality teaching.
According to the Commissioner, the foundation also provided school bags and writing materials to all pupils in the two schools, commending the donor for supporting the ‘Adopt a School’ mantra of the present administration in the state.
“It is not common nowadays to see people giving back to their old primary schools; that is why I’m commending Mr. Okubadejo for this laudable gesture. The gesture will linger on in the minds of the pupils because it is engraved in their hearts already”, he said.
Prof. Arigbabu, while congratulating the management, staff and entire pupils of Moslem Schools I and II, charged them to put the facilities into good use, saying, “maintenance of projects encourages donors to do more”.
Earlier, Mr. Okubadejo, represented by his wife, who is also the co-founder, Mrs. Olufunke Okubadejo, noted that Idera Pathfinders Foundation is a non-political, non-religious and non-governmental organization established by Hon Oladapo and Mrs Funke Okubadejo to support the socio-economic and human capital development through targeted intervention in education and healthcare with a focus on the indigent, vulnerable communities and micro and small enterprises.
Mrs Okubadejo added that the foundation which has supported several people in the past is a movement dedicated to transforming lives, one step at a time seeking to bring peace, comfort and posterity to the society.
The Finance Commissioner, who was the Head Boy of the school in 1979, said the gesture was in memory of his mother, who was teacher in School I and later became a Head-teacher in School II, as well as expand the capacity of the schools for more enrolment drive, thereby raising future generations of educated and responsible people.
Appreciating the donor on behalf of other students, the Head Girl of the School II, Ibidapo Kafilat, expressed gratitude to the donors, promising to make judicious use of the facilities and writing materials.
Present at the commissioning exercise include The Onimoru of Imoru-Ijebu, Ogun State, Oba Munirudeen Adeposi, Commissioner for Education, Science and Technology, Prof Abayomi Arigbabu, Permanent Secretary in the ministry, Mrs Oluwatosin Oloko, Chief Olu Okuboyejo, a former Permanent Secretary in the state and Chairman, Ogun State Governor’s Elders Advisory Council, CDC/CDA and other notable dignitaries.
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