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Business News

How Total released $10 billion into Nigeria’s economy

Total Nigeria has released $10 billion into the Nigerian economy.

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Total E&P Nigeria appoints Bandele as new Deputy Managing Director

The Executive General Manager, Corporate Social Responsibility (CSR), Total E&P Nigeria Limited, Vincent Nnadi said the company has released $10 billion into the Nigerian economyNnadi made this known during the Total Business Sustenance for New Entrepreneurs Graduation ceremony, adding that the aforementioned amount was the company’s investment into the economy in the last five years.

Recall in February 2018, Total Nigeria Plc released its financial statements for 12 months ended December 2017. Revenue declined by 1% from ₦290 billion in 2016 to ₦288 billion. Profit before tax fell sharply from ₦20.3 billion in 2016 to ₦11.3 billion in 2017. Profit after tax declined by 46% from N14.7 billion in 2016 to ₦8.0 billion in 2017.

The company also released its financial statements for the period ended Q1 for the period ended March 31 2018 in April 2018. Total reported Revenue of ₦75.65 billion for the period in view compared to ₦80.46 billion reported for the period ended March 2017. This represents a 6% decrease for the comparative period in 2017.

Profit before tax was ₦2.63 billion for the period ended March 2018, a 38% decrease from the ₦4.25 billion reported during the comparative period in 2017. The company’s profit after tax for the period ended March 2018 was also ₦1.67 billion compared to ₦2.67 billion reported March 2017. This represented a 38% decrease for the comparative period in 2017.

Total Nigeria Plc also reported earnings per share of 492 kobo for the period ended March 2018 compared to 787 kobo reported for the period ended March 2017. This represents a 37% decrease for the comparative period in 2017.

Total Nigeria Plc stock traded at N183 during today’s trading session at the Nigerian Stock Exchange. Year to date, the stock is down 20.4%.

About Total

Total Nigeria Plc was incorporated as a private company on June 1, 1956 to market petroleum products in Nigeria. The company is a marketing and services subsidiary of Total, a multinational energy company operating in more than 130 countries and committed to providing sustainable products and services for its customers.

For over 50 years, Total Nigeria Plc has remained one of the leaders in the downstream sector of the Nigerian oil and gas industry with an extensive distribution network of over 500 service stations nationwide and a wide range of top quality energy products and services. 

In September 11, 2001, the company had a successful merger which paved way for sustainable growth and continuous development.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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    Real Estate

    FG to unveil dedicated portal for sale of houses to Nigerians

    The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

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    Nigeria needs N1.5 trillion within the next 3 years to fix roads - Fashola

    The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

    The platform is expected to help contributors to the National Housing Fund (NHF) access mortgage loans on a first-come, first-serve basis.

    This disclosure was made by the Minister of Works and Housing, Babatunde Raji Fashola while speaking at the ninth meeting of the National Council on Lands, Housing and Urban Development in Jos, Plateau State.

    Fashola, who was represented by the Minister of State for Works and Housing, Abubakar Aliyu, pointed out that the ministry is currently at the completion stages of the first phase of the national housing programme in 34 states of the federation, which provided land for it.

    He said, “We urge the state governments to alert their residents to this opportunity for interested persons to apply.”

    Fashola commended the Federal Mortgage Bank of Nigeria (FMBN) for being at the forefront of the cooperative housing initiative at the federal level, adding that it has the advantage of allowing cooperative members to choose what they design and build to fit their budgets.

    They can leverage their members to get group discount for the purchase of building materials as well as the engagement of contractors.

    Fashola disclosed that FMBN as the driver of the housing initiative has engaged 86 co-operatives in projects; approved N35, 784 billion cumulatively; disbursed N10.95 billion; and processed as at January, 57 co-operative housing development loans.

    Hotflex

    Fashola emphasized that what the Federal Government can do directly in housing is limited compared to what states can do, just as state governments are also limited, compared to what the private sector and individuals can do.

    He said, “The majority of houses available for sale or rent belong to individuals and private companies compared to what states or Federal Government has available. Therefore, many of the tenants who owe rent, who face eviction or who seek to rent or buy property are dealing with private citizens or companies and less so with government agencies.’

    My recommendation for improving access and affordability to housing in the Covid-19 era is for private companies and individuals to give back some of what they control to citizens in the way the Federal Government has given back to citizens some of what it controls.’’

    He explained, “for example in cases where the rent of businesses or individuals are due for renewal, the private landlords can give back, by accepting monthly, quarterly or half-yearly rent instead of one year, two or three years rent in advance.”

    Bottom line

    Nigeria has been bedevilled by a housing crisis that has left Africa’s most populous nation ill-equipped to properly provide accommodation for its citizens and inhabitants.

    Some of the housing problems in the country include unresolved rent tenure arrangements, high cost of building materials, access to infrastructure, deficiency of housing finance arrangements, stringent loan conditions from mortgage banks, time to process legal documents and inadequate government housing policies.

    Jaiz bank

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    Coronavirus

    Covid-19: Nigeria committed to procuring 29 million J&J vaccines

    The Nigerian Government is still committed to acquiring 29.59 million doses of Johnson & Johnson covid-19 vaccines through the Afrixem Bank AVAT initiative. 

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    AstraZeneca suspends COVID-19 vaccine final stage trial over safety concerns, COVID-19: J&J starts vaccine trials on humans after success on monkeys

    The Nigerian Government says it is still committed to acquiring 29.59 million doses of Johnson & Johnson covid-19 vaccines through the Afrixem Bank AVAT initiative.

    This was disclosed Mrs Zainab Ahmed, Minister of Finance at the recent ‘Collaborative Africa Budget Reform Initiative (CABRI) General Assembly webinar.

    What the Minister said

    “Therefore, the supplementary budget for COVID-19 vaccines will cover the cost of additional vaccines over and above those provided by COVAX, as well as the full cost of operations and logistics for delivering the vaccines around the country.

    Already, the sum of N29.1 billion has been released from the Routine Immunization budgetary provision (Service Wide Vote) to the National Primary Healthcare Development Agency (NPHCDA) as an advance for the operational cost of deployment of the COVID-19 vaccines. The N29.1 billion represents about 52 percent of the amount required over 2021-22,” she said.

    She added that FG plans to vaccinate 70 percent of eligible (18 years and above) Nigerians over the 2021 and 2022 fiscal years, with the COVAX agreement willing to cover 43.1 million of the eligible population.

    In case you missed it

    The World Health Organization (WHO)  announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination. The vaccine is reported to have 79% efficacy against covid.

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