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Finance

SEC to penalise banks charging fees for e-dividend registration

File: Banking hall

The Securities and Exchange Commission, SEC, is to penalize Deposit Money Banks and Capital Market Registrars for charging fees in the on-going e-dividend registration exercise. Nigeria small investors’ unclaimed dividend currently stands at about N90 billion. Investigations revealed that SEC had been inundated with complaints from shareholders who heeded the campaign and went to banks and registrars to register for their e-dividend.

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An-estate-in-Abuja

Things to consider when buying a house

As a renter, you have the luxury of choosing a place that meets your needs at the moment. Buying a home is a much bigger commitment, both in terms of finances and the length of time you’ll likely live there. When seeking out a house to buy, it’s important to do your homework. As one of the largest financial decisions in a person’s life, buying a home requires discretion, sensibility and budgeting. The following tips will keep you on the right path as you look to purchase your house.

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Economy

NSE: Why institutional investors still dominate domestic transaction

Amidst decrease in domestic investors’ participation at the Nigerian Stock Exchange, (NSE) institutional investors have continued to dominate activity in the domestic space in the capital market compared to contribution by their retail counterpart. Recent figure released by the NSE on percentage of contribution by domestic institutional and retail investors for the month of December, 2015 showed significant decline in the total contribution by retail investors.

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Gov Central Bank of Nigeria, Central Bank of Nigeria

Bank customers kick against current account maintenance fee

In a communiqué signed by President of the Association, Mr. Uju Ogubunka, and Executive Secretary, Onyema Okoroh, the Association called on the CBN to, “ Withdraw the Circular introducing the fee and allow bank customers to enjoy the free COT regime; Avoid legalising illegality of Account Maintenance Fee; Avoid replacing COT with Account Maintenance Fee; Direct banks that had charged Account Maintenance fees not only to stop such charges but also to refund all the money they had collected from their customers since the introduction of the Guide to Bank Charges in 2004 (16 years); Endeavour to consult stakeholders before the introduction of charges/fees foreign to the subsisting Revised Guide to Bank Charges.”

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Mr. Davidson-Regha

SMEs central to government’s diversification bid – Regha

Our corporate strategy and the vision of the bank states that we want to build and transfer wealth across generations. The SMEs are part of that strategy. If you focus on the SMEs, it means you have to meet with entrepreneurs at the incubation stage of their business. And if you are to help them grow and become very big and successful, that means you will be able to transfer wealth from one generation to the other.

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File: Telecom (GSM neteworks)

Telecommunications spur growth in GDP

The National Bureau of Statistics (NBS) weekend said that the telecommunications sector contributed N 1,385.85 billion to Gross Domestic Product (GDP) in the third quarter of 2015, adding that the subscriber base of service providers rose by 16.15 million. The NBS report stated that “In September 2015, at the end of the third quarter, there were a total of 148,427,423 GSM subscribers divided across the four networks of Airtel, Etisalat, Globacom and MTN. This figure is slightly 0.19 per cent lower than in August when there were 148,703,160 subscribers, the first monthly decline since July 2014.

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buhari-Naira

Nigeria’s economy in the next 4 yrs, by NBS

Amidst several projections of challenging economy in the year 2016 by many economists and the International Monetary Fund, IMF, the National Bureau of Statistics, NBS, has outlined its own position on all key economic indicators, not just for 2016 but also in the next four years to 2019. The projections covers the annual growth rate of real Gross Domestic Products, GDP, annual Inflation rate, and the annual growth rate of the Value of Total Trade, VTT.

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Research shows Nigeria’s internet affordability remains poor

Nigeria has one of the most expensive broadband in Africa, says a research conducted by online car marketplace, Carmudi.com.ng. The study, which showed Nigeria with deep internet penetration of up to 200 per cent, noted that the country still lags behind when it comes to affordable internet as broadband gulps up to 30 per cent of household income.

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cartoon-pension

N5.2trn Pension fund: Fashola advocates investment in real sector

Federal government efforts at containing the massive corruption embedded in pension fund in time past may have achieve results but not enough to allow the N5.2trillion lay fallow, says the Minister of Power, Works and Housing, Mr. Babatunde Raji Fashola The Minister at the Nigerian Pension Industry Strategy Implementation Road Map Retreat organised by the National Pension Commission (PenCom) retreat held in Abuja penultimate Friday, advocated proper use of pension fund to build the required infrastructures for a rapid development for the country.

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A welder

FG to train 370, 000 artisans in 2016

The Federal Government plans to train 370,000 artisans this year to boost skills development and employment generation. Mr Afolabi Imoukhuede, Senior Special Assistant to the Vice President on Job Creation and Youth Employment, disclosed this last week, at the flag-off of the Construction Skills Training and Empowerment Programme (C-STEmp), in Abuja. “The Federal Government has plans to train 370,000 artisans this year…It has already been decided. We have had a fruitful discussion on it with the Vice President and relevant ministers and we are looking forward to working with the C-STEmp to achieve the goal,” Imoukhuede stated.

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File photo: The  floor of Stock exchange

NSE pledges to dialogue with FG to list public enterprises

The Nigerian Stock Exchange, NSE has said that there will be no relenting on efforts this year to dialogue with the Federal Government to bring public enterprises on the stock exchange so that Nigerians could benefit from it. Chief Executive Officer of the NSE, Mr. Oscar Onyema, while reacting to questions from the media during its briefing on the performance of the market in 2015 and outlook for the year said “the NSE will continue to dialogue with the FGN to ensure that state-owned enterprises are listed in the capital market to unlock the government potentials.”

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File: Banking hall

N331bn inflow from matured Treasury Bills rescues interbank market

The interbank money market experienced huge outflows of cash last week leading to scarcity of funds which was halted by N331 billion inflows from payment of matured treasury bills. Vanguard investigations revealed that the amount of idle cash in the market fell from N633 billion on Monday to zero at the end of business on Tuesday as banks diverted the idle cash to participate in foreign exchange sales by the Central bank of Nigeria (CBN).

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containers

Cargo tracking levy must go, MAN insists

THE Manufacturers Association of Nigeria (MAN) has insisted that the International Cargo Tracking Note (ICTN) levy being reintroduced by the Nigerian Shippers’ Council, NSC, be scrapped. Cargo tracking is a global initiative put in place to monitor and verify cargoes on transit. It is mandatory for all International Maritime Organisation member-countries. In US, it is called 24-hour rule; in Europe it is known as EU Advanced Cargo Declaration; China, 24-hour Advanced Manifest Regulation, etc.

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