Business
C & I Leasing Group Turnover Rises 161%
C & I Leasing recorded a turnover of N6.8 billion from its activities including those of its subsidiaries the year ended January 2009 compared to N2.6 billion in the corresponding period of last year, representing an increase of about 161.5 per cent.
The company on its own however to rise in revenue form its own however, posted a turnover of N4.7 billion compared with N2.4 billion the previous period.
It attributed the growth in turnover to rise in revenue from its outsourcing and car rental services increased volume of finance lease transactions and the consolidation of C & I Motors Limited results.
The group also made capital investment amounting to N2.1 billion, due to the need to enlarge its assets generating income and assuring that it would start reaping the benefits soon.
Its total asset likewise rose by 55 per cent from N6.7 billion to N10.4 billion, while that of the company increased by 43 per cent from N5.1 billion with the performance linked to the impact of consideration of the accounts of Leasefric, Ghana, C & I Motors Limited and the growth of the income generating assets.
The group’ss gross profit also increased by 57 per cent to N1.8 billion from N1.1 billion, but its gross margin ratio reduced to27 per cent from 44 per cent over the period.
The reduction was attributed to increase direct cost and particularly interest expense which is said to have continued to rise from June 2008 till the end of the period under review.
AMU Abdul Bello rtd, the company’s chairman, who made the clarifications at its Annual General Meeting (AGM) in Lagos, recently, said that for the year ended, the board of directors recommended a final dividend payment of 12 kobo per share, while it looks forward to higher dividends.
According to him, during the year, the company incorporated an additional subsidiary, called Critans Global Limited to operate a modern taxi service in Lagos from May 2009, adding that, its existence would contribute to the group’s profit by the end of the next financial year.
According to him, the company has envisaged the impact of the economic downturn on its operations and has thus taken measures to minimize the effects for the benefits of its investors.
The chairman stated that this made it to jettison its plan to raise additional equity by public issue but had plans in place to issue a convertible bond of about 2 billion, adding that, it would complete the exercise soon.
He revealed that the proceeds would beutilised to finance business expansion and provide additional working capital, saying the state of the capital market and investors perceived attitude made it to drop the earlier plan of public offer.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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