Here are the major business news stories in the last week:

Oceanic Named ‘Best Bank in Nigeria’
Oceanic Bank Interna-tional Plc has again won the keenly contested 2008 ‘Best Bank in Nigeria’.
According to a statement made available to THISDAY in Lagos yesterday, the award was from the EMEAfinance, the UK-based financial intelligence magazine covering Europe, Middle East and Africa.
The magazine named Oceanic Bank International Plc as emerging Best Bank in Nigeria 2008 among the hordes of banks nominated for the award at its maiden African Bank Awards Luncheon held in London last Monday.

Oceanic Bank, according to EMEAfinance, won the awards on account of “robust growth in its asset base, profitability, return on equity, and regional expansion, among others.” EMEAfinance is a leading financial intelligence magazine and a reputable information source for the financial services industry in Europe, Middle East and Africa.

The feat achieved by the bank, according to the statement, is coming on the heels of similar award of Bank of the Year won in 2006 and 2007 consecutively – a prize instituted by The Banker magazine, a subsidiary of the Financial Times of London. In the Banker Magazine’s top 1000 banks report for the current year 2008, Oceanic Bank also emerged the Best Bank in Nigeria , 5th in the Africa , and 310th in the world in terms of Tier 1 capital.

Fidson explains drop in profit after tax
Fidson Healthcare Plc, has explained the decline in its profit after tax, recorded in its financial results for the year ended June 30, 2008, attributing the decline to deffered taxes.In a letter addressed to the Nigerian Stock Exchange on Wednesday, the company stated that it had enjoyed pioneer status for a period of five years, which meant a tax holiday for that period, adding that concession lapsed in October 30, 2007.

According to the letter, signed by the Company Secretary/Finance Director, Mr. Olatunde Olanipekun, “The commencement of tax payment by the company resulted in an income tax charge of N188m and a deffered tax charge of N148m giving a total tax charge of N337m to our profit and loss account for the financial year ended June 2008.

The company’s results released by the NSE last Friday, showed that its turnover increased by N1.2bn or 36 per cent from N3.3bn recorded in 2007, to N4.5bn in 2008. Its profit before tax also rose by N21m or four per cent to N526m in 2008, up from N505m recorded the preceding year The results however, showed a remarkable drop in its profit after tax by N63 per cent from N505m in 2007 to N189m in 2008.
“The marked difference between the PAT for 2007, and 2008 is therefore due to the tax payment of N337m in 2008, as against zero tax charges in 2007,” the letter read.

While addressing journalists on Wednesday, Olanipekun said that the company felt the need to clarify the issue, so that investors in the company will not be misguided into thinking that the company did not perform well in the year under focus.

GSK introduces Nigeria’s first sports drink
Glaxo Smithkline Consumer (GSK) Plc has announced its plans to launch the country’s first sports drink in the market. The drink which is called Lucozade Sports is designed to aid and increase performance in sporting activities.

Honeywell projects 43 kobo dividend payout in 2011
HONEYWELL Flour Mills Plc has projected 43 kobo dividend payout in its 2011 financial year and has also concluded plans to reward investors with11 and 28 kobo dividends for 2009 and 2010 respectively.
The company, presently, is seeking to raise N18.65 billion, by offering to members of the Nigerian investing public by way of offer for sale of 1,252,941.177 ordinary shares and an offer for subscription of 941,176,471 ordinary shares of 50 kobo each at N8.50 per share respectively.

It said the projected dividend per share is based on 7,941,176,471 ordinary shares of 50 Kobo each, even as turnover is expected to increase from N44.001 billion in year 2009 to N80.461 billion in year 2011, indicating an increase of 83 per cent in the forecast period.

The Chairman, Oba Otudeko, in a letter to investors said profit after tax for the year ending March 31, 2009 would be N2.270 billion and is expected to increase to N8.616 billion in year 2011, showing a growth of 279.55 per cent, while profit before tax is expected to rise from N2.976 billion in 2009 to N10.876 billion in 2011, representing a rise of 265 per cent in the forecast period. He added that the estimated figures were made in the absence of unforeseen circumstances.

Longman plans multi-billion naira printing press
A top player in the nation’s book publishing industry, Longman Nigeria Plc, is proposing a multi-billion naira printing press in Nigeria to tackle piracy of its intellectual properties and save huge foreign exchange being expended yearly on printing abroad.

The Chairman of the company, Mr. Emmanuel Ijewere, disclosed this while receiving a delegation from Nigerian-German Business Group (NGBG) led by its President, Mr. Joe Femi-Dagunro and the German Consul-General, Dr. Ralf Teepe, recently in the company’s factory in Lagos. Ijewere, therefore, invited German businessmen to join the firm in realising its set objectives for the printing press.

Nigeria Records N177b Drop In Revenue
Declining world oil prices are taking their toll on the pocket of Nigeria, leading to a drop of N177.52 billion in accruals into the Federation Account last month. Oil sold below $43 per barrel (pb) at the weekend, and feelers from the Federation Accounts Allocation Committee (FAAC) meeting in Abuja said the Federal Government earned N353.34 billion from mineral and non-mineral sources in November, against N530.86 billion in the preceding month.

In spite of the drop in revenue, however, the three tiers of government shared increased revenues totaling N438.51 billion from the Federation Account for the month of November, above the N436.72 billion disbursed in October. Minister of State for Finance, Remi Babalola, told journalists at the end of the meeting that N106.73 billion was provided from the Domestic Excess Crude Savings Account to augment the amount shared.

“In 2009, the challenge we are going to have is what if the price of crude falls below the benchmark price of $45 per barrel. “Even at $45, we have a deficit. We have done our own scenario in terms of using oil production, different prices below $45 and we are still comfortable. “We need to be realistic, pragmatic and futuristic about our policy effectiveness. It would be very challenging, but we would whether the storm in 2009,” said Babalola, who chairs the monthly FAAC meeting.

Statutory allocation accounts for N296.86 billion of the revenue shared from the Federation Account, while Value Added Tax (VAT) and Domestic Excess Crude account for N34.92 billion and N106.73 billion. The three tiers of government had in October shared statutory allocation of N318.36 billion, VAT (N32.67 billion) and Domestic Excess Crude Account (N85.69 billion).

From the statutory allocation of N296.86 billion for the month of November, the Federal Government received N140.80 billion (about 52.68 per cent), a shortfall of N9.31 billion over N150.11 billion received in October; states (N71.41 billion); and councils (N55.06 billion). The 13 per cent oil derivation accounted for N29.59 billion, and was shared among nine oil producing states of Delta, Rivers, Bayelsa, Akwa Ibom, Edo, and Ondo.

States got the lion’s share of the VAT of N17.46 billion (about 50 per cent), an increase of N1.12 billion over the preceding month’s figure of N16.34 billion. From the VAT, the Federal Government received N5.24 billion (about 15 per cent) and councils N12.22 billion (about 35 per cent).