Business
Africa Finance Corporation (AFC) Receives Top Accolades at Europe, Middle East, and Africa (EMEA) Finance Achievement Awards
Joel Ajayi
The award affirms AFC’s leadership in structuring and executing complex financial transactions that foster sustainable development across regions
Africa Finance Corporation (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, received top accolades at the EMEA Finance Achievement Awards in London yesterday. AFC won “Most Innovative Bond” and the “Best Supranational Syndicated Loan,” a testament to the Corporation’s strong credit profile and solid track record in capital markets.
“The Most Innovative Bond” accolade in the Debt Capital Markets category recognised AFC’s pioneering JPY 75 billion Samurai Bond Guarantee to the Arab Republic of Egypt, showcasing commitment to innovative financial solutions that support member states’ access to international capital markets and contribute to infrastructure development. Egypt, which became a member state of AFC in 2021 and a shareholder last year, benefited from the landmark bond issuance backed by Sumitomo Mitsui Banking Corporation, with AFC providing a full re-guarantee and SMBC Nikko acting as the Sole Lead Arranger.
The “Best Supranational Syndicated Loan” award celebrates AFC’s success in securing a S$625 million syndicated loan last year, welcoming new lenders from the Middle East and Asia. Initially planned at US$500 million, the transaction was upsized due to a remarkable oversubscription of 62%, reflecting strong investor demand for AFC’s credit. The award affirms AFC’s leadership in structuring and executing complex financial transactions that foster sustainable development across regions.
“These awards are a very welcome validation of AFC’s strong market access, the strength of our credit profile, and our well-established investor engagement program,” said Banji Fehintola, Senior Director of Treasury & Financial Institutions of AFC. “AFC will continue to play a central role in mobilising the capital urgently needed for critical infrastructure to drive industrialisation, transform economies and improve livelihoods in Africa.”
Now in its 16th edition, the EMEA Achievement Awards celebrate exceptional achievements by the banking and finance sectors across Europe, the Middle East, and Africa (EMEA). Award winners chosen by the EMEA Finance editorial team exemplify diligent and innovative work taking place across the EMEA region and driving capital market transactions.
The EMEA Finance Achievement Awards adds to a series of accolades for AFC’s Treasury & Funding teams this year, including “Sovereign, Supra & Agency Treasury & Funding Team of the Year” at the 2024 Bonds, Loans & ESG Capital Markets Africa Awards. The JPY 75 billion Samurai Bond Guarantee to Egypt also earned AFC the “Innovation of the Year (MENA)” award recently at the IJGlobal Awards Gala.
Business
FAAC: FG, States, LGCc Share N 1,289 Trillion From a Gross Total Of N2.258 Trillion For Month of September
Joel Ajayi
The Federation Account Allocation Committee (FAAC), at its October 2024 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.298 Trillion to the three tiers of government as Federation Allocation for the month of September, 2024 from a gross total of N2.298 Trillion.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED and Augmentation of N150.000 billion, the Federal Government received N424.867 Billion, the States received N453.724 Billion, the Local Government Councils got N329.864Billion, while the Oil Producing States received N90.415 Billion as Derivation, (13% of Mineral Revenue).
The sum of N80.993 Billion was given for the cost of collection, while N878.946 Billion was allocated for Transfers Intervention and Refunds.
The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of September 2024, was N583.675 Billion as against N573.341 Billion distributed in the preceding month, resulting in a increase.
From that amount, the sum of N23.347 Billion was allocated for the cost of collection and the sum of N16.810 Billion given for Transfers, Intervention and Refunds.
The remaining sum of N543.518 Billion was distributed to the three tiers of government, of which the Federal Government got N81.258 Billion, the States received N271.759 Billion and Local Government Councils got N190.231 Billion.
Accordingly, the Gross Statutory Revenue of N1.043 Trillion received for the month was lower than the sum of N1.221 Trillion received in the previous month by N177.426 Billion. From the stated amount, the sum of N56.878 Billion was allocated for the cost of collection and a total sum of N862.136 Billion for Transfers, Intervention and Refunds.
The remaining balance of N124.718 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N43.037 Billion, States received N21.829 Billion, the sum of N16.829 Billion was allocated to LGCs and N43.021 Billion was given to Derivation Revenue (13% Mineral producing States).
Also, the sum of N19.213 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.767 Billion, States got N9.222 Billion, Local Government Councils received N6.456 Billion, while N0.768 Billion was allocated for Cost of Collection.
The Communique also disclosed the sum of N462.191 Billion from Exchange Difference, which was shared as follows: Federal Government received N218.515 Billion, States got N110.834 Billion, the sum of N85.448 Billion was allocated to Local Government Councils, N47.394 Billion was given for Derivation (13% of Mineral Revenue).
It further disclosed of the Augmentation of N150.000 Billion which was shared as follows:Federal Government received N70.020 Billion, the States got N40.080 Billion and the LGCs received N30.900 Billion.
Oil and Royalty, Excise Duty, Electronic Money Transfer (EMTL) and CET levies increased considerably. While Value Added Tax (VAT) and Import Duty increased marginally. Petroleum Profit Tax (PPT) and Company Income Tax (CIT) and others recorded significant decreases.
According to the Communique, the total revenue distributable for the current month of September 2024, was drawn from Statutory Revenue of N124.716 Billion, Value Added Tax (VAT) of N534.518 Billion, N18.445 Billion from Electronic Money Transfer Levy (EMTL), N462.191 Billion from Exchange Difference and Augmentation of N150.000 Billion, bringing the total distributable amount for the month to N1.298 Trillion.
The balance in the Excess Crude Account (ECA) as at October 2024 stands at $473.754.
In his opening remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, restated the President Bola Ahmed Tinubu-led Administration’s commitment to implementing policies, programmes and initiatives that will enhance revenue generation with a view to enhancing the overall well-being of Nigerians in line with contemporary realities.
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