Wednesday September 2nd, 2015
Wednesday September 2nd, 2015

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The poison in further devaluation

  /   in Business, Finance, News, Rational Perspectives 12:39 am   /   Comments

Naira-Dollar

Indeed, Naira devaluation is probably the most potent weapon against the prosperity of Nigerians. Nigeria’s migration from a potential industrial power house with bustling social affluence, to a subdued and stumbling economy clearly began with the adoption of IMF’s Structural Adjustment Programme during Babangida’s regime: the chorus from International Agencies, at that time, was also that falling oil prices with an unserviced debt burden and the consequent restriction of trade credit to Nigeria, were the products of an allegedly overvalued Naira exchange rate.

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CBN, domiciliary account and the economy

  /   in Business, Finance, News   /   Comments

Emefiele CBN Governor

The principal reason in the heedless pursuit of a cashless society is the belief that this will stop corruption. This is a Western notion which we have embraced fully – bringing lots of jobs to the West – the computers, the dispensing machines, the chips, pin, cards, etc. In the process it has changed banking beyond recognition. The bankers no longer want to see their clients: Their attitude is this: bring your money to the bank, but speak to the ATM. The rationale is fundamentally flawed in a developing economy.

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Tech operators fault planned increase of VAT

  /   in Business, Finance, News   /   Comments

Tax(VAT)

An attempt to increase the value added tax by 10 per cent as announced by the Federal Inland Revenue Service, FIRS recently will lead to high inflation, further currency devaluation and eventual serious economic losses, said some technology operators who spoke to Vanguard on the matter. According to them, the increase will not only hurt the economy but result to higher cost of living and more revenue losses for government. They argued that the best option would be to expand the tax net and increase revenue generation instead of compelling some honest enterprises that are already paying to pay more.

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PenCom issues draft guidelines on mortgage financing

  /   in Business, Finance, News   /   Comments

Typical houses requiring mortgage financing

National Pension Commission (PenCom) has issued draft guidelines on withdrawals from Retirement Saving Accounts (RSA) for equity payment of residential mortgage. This is contained in a document released by the commission on its website last week, the guidelines help to determine the eligibility requirements, procedures and documentation required to enable RSA contributors to access and utilise part of their RSA balances.

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Chams shuts digital mall, loses N9.2bn

  /   in Business, Finance, News 11:39 pm   /   Comments

Chams Plc, an indigenous ICT firm in Nigeria, has announced the shutdown of the Ikeja ChamsCity digital Mall, due to lack of use of its digital citizen registration and mass enrolments infrastructure, losing about N9.2 billion. Other business process outsourcing services offered at the digital mall that includes contact centre services, computer based testing, pre-qualification employee tests and staff training, will now be offered by ChamsCity from Its new location in Victoria Island, Lagos.

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Accion MfB rewards CIBN best graduating student

  /   in Business, Finance, News   /   Comments

Accion Microfinance Bank (AMfB) has rewarded Mr. Kotiko Okoye, Best Graduating Student in the Chartered Institute of Bankers of Nigeria Microfinance Certification Programme in line with its commitment to aid microfinance education. The award, which is part of a N2million endowment to the institute was presented at the CIBN Induction/Prize Giving Award Ceremony in Lagos.

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Textile sector seeks govt patronage as NEPC demand enabling environment

  /   in Business, Finance, News   /   Comments

Stakeholders in Textile Sector, weekend, called on the Federal Government to patronise made in Nigeria fabrics even as Nigerian Export Promotion Council (NEPC) called for an enabling environment for the sector to thrive. The stakeholders made the call at a One-Day Capacity Building Workshop organised by NEPC for stakeholders in the Garment and Apparel Sector on the “Opportunities in the Rising Global Market” in Lagos.

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Our initial capital was the idea in my head — Ahmed Atere

  /   in Finance 1:15 am   /   Comments

People in Business pix

Engineer Ahmed Atere is the Chief Operating Officer of Meed Networks, an ICT consultancy and training outfit that is into Integrated Network, LAN, Fibre Optic and Telecom Infrastructure solutions, Cabling and Wiring systems, Biometrics, Test and Security Network solutions.

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Afren’s insolvency: How shareholders frustrated board’s refinancing, restructuring plan

  /   in Finance, News   /   Comments

cover-graph

But the Nigeria-focused oil company’s woes started towards the middle of last year when prices started sliding. Having dipped as low as $45 per barrel in January 2015, they are currently hovering around the $50 mark. Afren’s struggles were compounded by the suspension and subsequent firing of chief executive, Osman Shahenshah, and chief operating officer, Shahid Ullah over the receipt of unauthorised payments last year.

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Using foreign auditing firms to the detriment of locals is killing

  /   in Finance, News   /   Comments

Buhari

I am not speaking for the President but I think what might have informed the decision is his lack of confidence in the Nigerian firms. We have firms that can deliver like their counterparts anywhere in the world. Before we start putting the blame on the President, if there is going to be a blame on him, I think his decision or recommendation which was accepted was made by the committee of governors headed by Edo State Governor, Adams Oshiomhole, under the auspices of Nigerian Economic Council, NEC. I do not think it is the President that fixes it.

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How online marketplace drives e-commerce growth in Nigeria

  /   in Finance   /   Comments

ecommerce pix

Nigeria’s Information and Communications Technology, ICT sector contributes about 8.4 per cent to the gross domestic product, GDP. This sector in turn contributes significantly in driving the trade sector which has grown to about 16.4 per cent according to the 2014 data from the Nigerian Bureau of Statistics.

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Buhari to canvass for foreign investment at Commonwealth Forum

  /   in Finance   /   Comments

Buhari

To further boost his regimes international economic exposure President Muhammadu Buhari is expected to lead Nigeria to the first forum of the Commonwealth Enterprise and Investment Council (CWEIC) holding alongside the meeting of the Commonwealth Heads of Government, CHOGM in Malta, November 2015.

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Mergers, Acquisitions loom in oil industry as price crash continues

  /   in Finance, News   /   Comments

Buhari-oil

There are indications that sustained decline in global oil prices and glut in the supply end is now pushing both multinationals and Nigerian companies to consider mergers and acquisitions (M&A).

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IDL spends N313m on distributors

  /   in Finance   /   Comments

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Intercontinental Distillers, IDL Limited has spent the sum of N313 million in cash and gift items to boost businesses of its distributors in the 2015 fiscal year. Of the N313 million, N55 million and Mrs. Dorothy Anegbe of Ogbohu Enterprise winning a Platinum Award of N9.25 million and a 4.5 tonne truck.

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Zenith Bank posts N72bn half-year gross profits

  /   in Finance 6:28 am   /   Comments

Zenith Bank Plc has announced a profit before tax of N72 billion for the half year period ending June 30, 2015, representing 24 per cent increase over N58 billion posted in the same period in 2014.

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Our focus is to promote insurance awareness – CIIN President

  /   in Finance   /   Comments

Lady

New President of the Chartered Insurance Institute of Nigeria, CIIN, Lady Isioma Chukwuma has said that her administration will focus on promoting insurance awareness by increasing the visibility of insurance in national consciousness.

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NAICOM boss charges operators on repositioning insurance industry

  /   in Finance   /   Comments

Commissioner for Insurance/Chief Executive of the National Insurance Commission, Mr. Mohammed Kari has said that current developments in the country obviously call for collaborative effort to reposition the profession and the insurance industry.

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Fidelity Bank’s listing of N30bn bonds to boost liquidity

  /   in Finance   /   Comments

The listing of Fidelity Bank’s N30 billion corporate bonds on the Nigerian Stock Exchange, NSE, is expected to boost liquidity in the Nigerian capital market.

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NSE All Share Index, capitalisation drop by 2.34%

  /   in Finance   /   Comments

Nigerian Stock Exchange

The Nigerian Stock Exchange, NSE All-Share Index and market capitalization depreciated last week by 2.34 per cent to close on Friday at 30,705.62 and N10.524 trillion respectively. Similarly, all the indices finished lower during the week under review with the exception of the NSE Industrial Goods index that chalked up 0.11 per cent higher.

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SEC restructures, trims down workforce

  /   in Finance   /   Comments

The Securities and Exchange Commission, SEC, has commenced restructuring of its organisational structure with major focus on trimming down its workforce and reducing the number of its zonal offices.

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Value Added Tax (VAT), Voluntary Compliance

  /   in Finance, News   /   Comments

Tax(VAT)

Section 8(q) of the Federal Inland Revenue Service Establishment Act, 2007, directs the Service to issue a taxpayer identification number to every taxable person in Nigeria in collaboration with State Boards of Internal Revenue and the Local Government Revenue Boards. Section 8(1) of the Value Added Tax Act (VATA) Cap V1 LFN, 2004 as amended in 2007 also requires taxpayers (individuals, enterprises or corporates) to register for VAT.

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FG, FMBN deliver 524 housing units in Katsina

  /   in Finance   /   Comments

The Federal Ministry of Lands, Housing and Urban Development in conjunction with Federal Mortgage Bank of Nigeria, FMBN, has delivered 524 housing units in Katsina State.

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NMRC to raise N29bn in fresh capital

  /   in Finance   /   Comments

Nigeria Mortgage Refinance Company (NMRC) has concluded arrangement to seek approval from members to raise additional equity capital of N28.5 billion via a shelf registration programme by the end of the month.

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Electronic-Taxpay: Tax payment made easy

  /   in Finance, News 12:25 am   /   Comments

tax-a

Once inside the NIBSS E-Bills payments, select “New Request” to start a new payment. This will take you to the NIBSS platform; then select “FIRS e-Taxpay” from the displayed list services that the NIBSS platform provides, in order to start the tax payment in particular; you then enter your TIN (FIRS/JTB-TIN) or the TIN of the taxpayer you want to pay for;

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What constitutes ‘trade’ for tax purposes

  /   in Finance, News 12:49 am   /   Comments

taxes

A definition of the word ‘trade’ cannot be found in Nigerian tax legislation although an attempt was made in PITA. The interpretation Section of the Fifth Schedule of PITA defines “trade or business” to mean “trade or business or that part of a trade or business the profits of which are assessable under this Act”.

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The naira case against fuel subsidy

  /   in Finance, News   /   Comments

SUBSIDY-EXPRESS

The 2015 annual seminar for finance correspondents and business editors organised by the Central Bank of Nigeria (CBN) provided another opportunities for journalists and economic experts to assess developments in the nation’s foreign exchange market in the last 12 months. The theme for the seminar, “The Impact of Crude Oil Prices on External Reserves and Exchange Management in Nigeria” was informed by the declining crude oil prices from over $100 to $56 per barrel in the last 12 months, leading to decline in the nation’s external reserves and over 20 percent devaluation of the naira as well as the various policy measures introduced by the CBN to manage the situation.

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No age limit for accessing micro finance loans

  /   in Finance, News 12:17 am   /   Comments

Indeed, Naira devaluation is probably the most potent weapon against the prosperity of Nigerians. Nigeria’s migration from a potential industrial power house with bustling social affluence, to a subdued and stumbling economy clearly began with the adoption of IMF’s Structural Adjustment Programme during Babangida’s regime: the chorus from International Agencies, at that time, was also that falling oil prices with an unserviced debt burden and the consequent restriction of trade credit to Nigeria, were the products of an allegedly overvalued Naira exchange rate.

Speaking on the N50 million Micro Small and Medium Enterprises Development Fund (MSMEDF) intervention fund received by the bank, he noted that the fund has been fully disbursed, saying, “We have fully disbursed the entire N50 million and we disbursed it to the education sector to support micro entrepreneurs in the sector and we will be approaching the Central Bank of Nigeria for the next tranch and so we will continue to add value. The education sector is absolutely critical just as the agric sector and other sector that we play actively in,” he said.

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Requirements and Steps for Electronic-Filing of Tax Returns

  /   in Finance, News   /   Comments

tax-burden

Keep your information secure and confidential. The e-filing environment is secured and safe with your User ID and password, ITAS/SIGTAS platform will ensure that your tax information will be safe and confidential. The system takes all submissions by taxpayers as self assessment. The system does the calculation at back-end for you.

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Finance experts laud FG over World Bank’s $2.1bn pledge

  /   in Finance, News   /   Comments

world-bank

Some finance experts have commended the Federal Government for securing $2.1 billion (N393.9 billion) pledge from the World Bank toward the rehabilitation of areas ravaged by insurgence. They said, in Lagos that the credit pledge was a clear indication of government’s commitment to restoring the socio-economic potential of the area. Dr Osi Itsede said the federal government’s effort was not only commendable but a proactive step toward the rebuilding of North-East from the degradation by insurgents.

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MPC decision aggravates policy uncertainty – Khan

  /   in Finance, News   /   Comments

Emefiele CBN Governor

“In consideration of the underlying fundamentals of the economy, the evolving international economic environment, developments in oil prices as well as the need to allow for the unveiling of the economic agenda of the Federal Government, the Committee decided by a vote of 8 to 4 to retain the Monetary Policy Rate at its current level of 13 per cent, by a unanimous vote to retain the CRR at 31 per cent while 4 members voted to remunerate the CRR”, said the CBN Governor, Mr. Godwin Emefiele, in a communiqué issued at the end of the meeting.

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NMRC: How mortgage refinancing works

  /   in Finance, News   /   Comments

Mortgage

Initial step is for a borrower to take out a mortgage loan from a participating mortgage lender based on the uniform underwriting criteria set by NMRC. In return the borrower will provide regular repayments of the loan principal plus interest. The borrower will also provide collateral in the form of a mortgage over the property to be purchased.

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Stock market investors lose N1.032trn in 2 months

  /   in Finance 6:35 am   /   Comments

President Muhammadu Buhari

Nearly two months after President Muhammadu Buhari took over the administration of Nigeria, investors in the nation’s stock market have lost over N1.032 trillion. Stakeholders have attributed the development to slow pace of governance, lack of policy direction, high political risk, feud in the federal legislature, no ministerial appointment, amongst others.

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