Opening speech and introduction of members of board of directors by @VFDGroup Chairman Olatunde Busari (SAN) #VFDGROUPAGM6
Company secretary Gbeminiyi Shoda read the Notice of the 6th annual general meeting @VFDGroup#VFDGROUPAGM6
We are proposing a dividend of N10.79 per ordinary share, based on the groups strong performance and dividend policy. #VFDGROUPAGM6
@VFDGroup we recorded our highest gross earnings with growth at 49.4% year on year to N9.9bn (2020: N6.7bn) #vfdgroupagm6
Deloitte & Touche auditors mentioned the group @VFDGroup has kept proper books of account, so far as appears from our examination of those books. #VFDGROUPAGM6
We are creating an ecosystem unlike any other. Our ecosystem provides a mechanism for entities to leverage technology and improve operations efficiency through shared services. - @NonsoMOkpala GMD @VFDGroup
6 Reliable Ways to Save Money from your Monthly Salary and other Income
1️⃣ Visualize Future Finances:
👉 Picture yourself broke in old age to motivate saving and avoid regrets later. Learn from others who neglected savings and find inspiration to start now.
2️⃣ Calculate Net Worth:
👉Record spending, review bank statements, and question expenses. Calculate net worth regularly to track financial progress. Writing down expenses enhances financial awareness.
3️⃣ Value of Time vs. Income:
👉Understand the relationship between time and income. Calculate hours of work needed to afford items. This perspective helps analyze the value of purchases and limits unnecessary spending.
Navigating 2024: 9 Strategies to Thrive Amidst the Rising Cost of Living in Nigeria
1. Buy Essentials in Bulk:
👉Purchase frequently used items in bulk to save costs and budget effectively. Consider sharing costs with someone if it seems financially strenuous.
2. Automate Your Savings:
👉Emphasize the importance of saving to avoid future financial strain. Automation ensures a systematic approach to planning for unforeseen events.
3. Spread Your Income Sources:
👉Diversify income streams to comfortably meet family needs and generate residual income for profitable ventures.
4.Find Cheaper Alternatives:
👉Opt for cost-effective alternatives without compromising your lifestyle. Explore options like solar panels or switching to more affordable brands.
5. Live Below Your Earnings:
👉Resist the temptation to exhaust your entire income. Managing current resources sets the foundation for success when earnings increase.
CBN ‘Ways and Means’ loan to the FG rise to N20 trillion as of June 2022
The Central Bank of Nigeria has extended a total sum of N19.9 trillion circa (N20 trillion) in loans to the Federal Government under its Ways and Means provision as included in the CBN Act.
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The Ways and Means provision allows the government to borrow from the Apex Bank if it needs short-term or emergency finance to fund delayed government expected cash receipts of fiscal deficits.
Provisions in the act cap monetary financing of fiscal deficits at 5%...
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....of the prior year’s revenues.
However, since the government started experiencing a significant shortfall in revenue,
It has relied heavily on the central bank to finance its expenditure programs via Ways and Means.
A year ago, the Naira was trading at N503/$1. Today, it’s at a new high of N610/$1.
This time last year the exchange rate between the naira and dollar was about 503/$1.
A Thread
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At the time Nigerians were astonished as no one ever believed the exchange rate will depreciate this bad.
The last time the exchange rate had crossed N500 was in early 2017 when it breached that ceiling only to come crashing down after the CBN launched the...
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...Investors & Export (I&E) window.
Fast forward to today, the exchange rate is N610/$1, with over N100 added within a year.
It’s an astonishing development which seems unlikely to abate anytime soon.
A decade of pension fund growth in Nigeria has prepared the ground for a boom in the country’s mutual fund sector.
Investments in carefully constructed higher performing risk-managed funds now outperform interest on bank deposits and...
...even land.
In 2020 alone, for example, assets under management in Nigeria’s Mutual Funds grew by 50% - topping N1.6 trillion.
Mutual funds are investment funds that pool money from many investors to purchase securities, like stocks, bonds, money market instruments,....
....and other assets.
Mutual funds are operated by professional money managers who seek to assemble the right mix of funds, balancing risk with growth according to investors’ risk appetite, growth needs and investment horizons.