thisday0518

THISDAY • MONDAY, MAY 18, 2015
27
BUSINESSWORLD
R A T E S A S A T M A Y 1 7 , 2 0 1 5
NIBOR NITTY EXCHANGE RATE
OVERNIGHT 9.4583 3-MONTH 13.9314 1-MONTH 10.6657 6-MONTH 12.9611 N197.00 US DOLLAR*
1-MONTH 12.8783 6-MONTH 15.1624 2-MONTH 12.5874 9-MONTH 13.3938 *AS AT LAST FRIDAY
3-MONTH 12.641 12-MONTH 13.3089
Quick Takes
ECOBANK PRE-AGM COCKTAIL
L-R: Managing Director, Ecobank Nigeria, Mr. Jibril Aku, Chairman Ecobank Foundation,Chief Philip Asiodu; Chairman, Ecobank
Transnational Incorporated (ETI), Chairman, Ecobank Nigeria, Mr. Emmanuel Ikazoboh; Chairman, Elizade Nigeria Limited, Chief
Michael Ade Ojo; and Dr. Sonny Kuku during the ETI Pre-Annual General Meeting cocktail in Lagos...recently.
AKINWUNMI IBRAHIM
FG’s Revenue Drops by 21% in
February
Obinna Chima
Nigeria’s federally-collected
revenue reduced to N560.84
billion in February 2015.
The estimated federallycollected
revenue in February
2015, according to the Central
Bank of Nigeria’s (CBN’s)
economic report for February
obtained at the weekend, was
lower than the receipt in the
preceding month by 21 per cent.
Similarly, the estimated amount
of revenue earned in February
was lower than the provisional
2014 monthly budget estimate
by 38.1 per cent.
The decline in estimated
federally-collected revenue
(gross) relative to the monthly
budget estimate was attributated
Total Pension Funds Hit N4.7 Trillion
Ebere Nwoji
The total pension funds
currently accumulated in the
country stand at N4.7 trillion
as at December 2014, Chairman
of Premium Pension Limited,
Aliyu Dikko has said.
This figure, according to him,
represents an increase of N0.6
trillion from the N4.1 trillion
in 2013.
The current figure was
contributed by 6.5 million
workers who have enrolled
into the contributory Pension
scheme (CPS) as at December
2014, an increase of 0.4 million
contributors against the
previous year’s figure of 6.1
ECONOMY
largely to the shortfall in receipts
from oil revenue during the
review month.
At N201.12 billion or 35.9
per cent of the total revenue,
gross non-oil receipts was below
the provisional 2014 monthly
budget estimate by 35.0 per
cent. It was also below the
receipts in the preceding month
by 10.4 per cent. The decline
in non-oil revenue relative to
the provisional monthly budget
estimate reflected, largely, the
fall in receipts from National
Information Technology Development
Fund (NITDEF) and
FG Independent Revenue,
according to the report.
PENSION
million contributors.
Disclosing this at the 10th
Annual General Meeting of
his company held in Abuja,
Dikko, whose company is one
of the licensed Pension Fund
Administrators said the above
improvements shown by the
figures was an indicative of
the fact that the teething challenges
of the pension industry
had been surmounted and the
initial skepticism trailing the
operations of the contributory
Pension Scheme drastically
reduced.
“The CPS is today arguably
Of the gross federallycollected
revenue in a net sum
of N408.37 billion (excluding
deductions and transfers) was
transferred to the federation
account for distribution among
the three tiers of government
and the 13 per cent derivation
fund.
The federal government was
said to have received N194.35
billion, while the state and local
governments received N98.58
billion and N76.00 billion,
respectively. The balance of
N39.45 billion was distributed
to the oilproducing states as
13 per cent derivation fund.
From the value added tax
(VAT) pool account, the federal
government received N9.21
billion, while the state and
the most successful government
initiative in recent times and a
clear testimony to the effectiveness
of private-sector-driven
rendition of service in critical
sectors”, he stated.
He noted that the year
2014 marked 10 years of the
introduction of the Contributory
Pension Scheme (CPS) in the
country, adding that the year
also witnessed the promulgation
of the
Pension Reform Act 2014,
which repealed the Pension
Reform Act, 2004.
He noted that the new act
effected a lot of relevant changes
into the pension scheme.
“This new legal instrument
local governments received
N30.69 billion and N21.48
billion, respectively.
“Overall, the total allocation
to the three tiers of government
from the federation account and
VAT pool account in the review
month amounted to N489.85
billion, compared with N568.79
billion in the preceding month,”
it added.
During the month of February
2015, the predominant
agricultural activity across
the country was preparation
of land for early planting.
Other activities in the southern
and northern states included:
harvesting of tree crops;
irrigation-fed vegetable and
Continued on page 28
guiding the pension industry
has among other provisions
graciously increased the total
minimum contributions from
15per cent to 18per cent of the
employee’s emolument, provide
basis for extending the scheme
to organisations having as less
as three employees, allow RSA
holders to utilise part of their
balance as equity contributions
for mortgage facilities and
expanded the investment space
by providing legal framework
for investment abroad.
Describing the new law as
a great opportunity waiting
to be tapped by the industry
Continued on page 28
Ethiopian Airlines Extends Service to Sao Paulo
Ethiopian Airlines has announced that it has started serving
Sao Paulo, a city in the fifth continent in its route network, with
a non-stop flight from Addis Ababa since April 25, 2015.
Ethiopian tri-weekly flights to Brazil are operated using the
ultra-modern Boeing 787 from the major hub in Addis Ababa. The
start of this non-stop service to Sao Paulo reduces transit stops
for customers traveling from the rest of Ethiopian destinations.
Brazil is the largest national economy in South America and
the eight in the world. Brazil has a diversified economy including
agriculture, industry, and a wide range of services such as
ecotourism, leisure and cultural tourism.
Sao Paulo is the biggest city in the country and has significant
cultural, economic and political influence both nationally and
internationally. The city is home to several important monuments,
parks and museums.
“We are very pleased to be able to enhance the quality of our
product and improve our competitive edge. The non-stop flight
secures increased connectivity and reduced transit time for our
customers. The new nonstop Addis Ababa – Sao Paulo flights
will provide efficient connections for customers from almost all
of our destinations in the other four continents we serve. “Said
CEOof the airline, Tewolde Gebremariam.
Passengers to and from Sao Paulo will enjoy maximum connectivity
to destinations in Ethiopian world-wide route network
in Africa, Middle East, Asia and Europe. The new non-stop flight
will enhance travel on the China – Africa – Brazil trade lane.
LEAP Africa Focuses on Risk Management
Managing Director/CEO, Nestle Nigeria, Mr. Dharnesh Gordhon,
Managing Director, Lafarge Cement Wapco Nigeria, Mrs. Peju
Adebayo, Managing Director, Custodian And Allied Insurance
Plc, Mr. Wole Oshin, and Founder, Managing Director, JNC International
Nigeria Limited, Mrs. Clare Omatseye will lead high-level
discussions at LEAP Africa’s chief executive officers forum for
small and medium enterprise (SMEs) on June 9, 2015 in Lagos.
LEAP Africa, a leadership development organisation and its
partners will converge 800 SMEs at the 10th edition of the CEOs
Forum under the theme Staying Ahead: Maximizing Profit and
Mitigating Risks. The speakers will deliberate on sectoral and
industrial risks, the need for SMEs to concentrate their efforts
in evaluating and managing their risk exposures for long term
sustainability.
According to LEAP Africa’s Executive Director, Iyadunni
Olubode, “SMEs should be proactive in managing risk instead
of being reactive. There is a common misconception that only
large companies need to manage risks, but this year’s CEOs Forum
seeks to address that and offer practical advice for entrepreneurs
on protecting their profits through risk mitigation strategies”.
The forum will provide cutting-edge solutions and best practices
in corporations to enable SMEs deal with risks in present political
and economic realities in Nigeria.
Three Crowns Rewards Patrons
In commemoration of the 2015 Mother’s Day celebration, Three
Crowns Milk, a brand from the stables of FrieslandCampinaWAMCO
has rewarded its esteemed consumers in the Mother’s Day
Activation campaign.
The grand prize winner’ Mrs. Olamide Olaleye, who emerged
as the ‘Mum of the Year’ won an all-expense paid trip to Dubai
alongside a companion of her choice while 29 other mothers
were also rewarded with N50,000 shopping voucher.
The Three Crowns Milk Mother’s Day Activation is a Facebook
based campaign in which consumers are expected to write on the
Three Crown’s Facebook wall why their mum is the best mum in
the world. These posts are judged on a daily basis starting from
April 28 to May 7 (10 days) and three were picked daily while the
overall winner was adjudged on the last day of the campaign.
According to the Marketing Director, FrieslandCampinaWAMCO,
Mr. Tarang Gupta, the campaign is in line with the brand’s new
theme campaign which is deeply rooted in recognising the key
role of mothers in the family.
“The business of
banking has been
modernised in Nigeria
and is not too far from
what obtains in the
more advanced world”
MD, Wema Bank,
Segun Oloketuyi