Friday February 27th, 2015
Friday February 27th, 2015
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Vocation and technical education

  /   in Finance 12:35 am   /   Comments

*Some of the items donated to graduates of the centres.

An entrepreneur is a person who makes plans for a business or a piece of work and gets it going. Anyanwuocha (2001) observes that the entrepreneur is the chief co-ordinator, controller and organizer of the production process. The entrepreneur combines other factors of production (land, capital and others) in such a way as to obtain maximum production of goods and services at minimum costs.

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NMRC: Driving Nigeria’s mortgage refinancing system

  /   in Finance   /   Comments

Prof-Charles-Iyangete-NMRC-

Affordable housing is the ultimate objective of mortgage refinancing programmes, but different circumstances may lead different countries to introduce it. The Barrack Obama administration authorized several refinancing programmes aimed at helping underwater homeowners take advantage of the historically low interest rates in the US. In Nigeria bridging the housing deficit may be the driving force.

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NCRIB warns members against rate cutting

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NCRIB MEMBERS EVENING: From left: Deputy President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr.  Ayodapo Shoderu; President, NCRIB, Laide Osijo and Group Managing Director, Cornerstone Insurance Plc, Mr. Ganiyu Musa at the August 2013 edition of NCRIB Members’ Evening, hosted by Cornerstone Insurance Plc, in Lagos.

The Nigerian Council of Registered Insurance Brokers, NCRIB, has warned insurance brokers who are in the habit of cutting rates to desist from such act as henceforth the Council will no longer defend them. President of the Council, Mr. Ayodapo Shoderu, who made the assertion at the brokers members evening held at its Secretariat in Lagos last week, stated that the act of such brokers have continued to cause ethical brokers to lose genuine businesses.

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BoI, Kogi govt disburse N57m to 13 MSMEs

  /   in Finance   /   Comments

1000 naira notes

The newly appointed Group Managing Director of Industrial and General Insurance Plc, (IGI), Mr. Rotimi Fashola has said that he has concluded plans to restructure its operations and repositioning the entire organisation for optimum performance for the benefit of its investors and all stakeholders.

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Maritime workers demand thorough probe into NLC’s botched election

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Nigerian Labour  pix

The Maritime Workers Union of Nigeria (MWUN) has described as unacceptable and a big embarrassment, the circumstances that led to the botched election of Nigeria Labour Congress (NLC) in Abuja last Thursday.

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Okonjo-Iweala advocates blocking illicit funds transfer from Africa

  /   in Finance   /   Comments

Okonjo-Iweala

The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, who represented President Goodluck Jonathan at the forum called for a halt in illicit funds transfer from Africa.

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PTF: Afri-Projects Consortium denies involvement in wrong doing

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*Fani

Afri-Projects Consortium has denied allegations of wrong-doing against it and the defunct Petroleum Trust Fund, PTF. The company described the statement credited to Chief Femi Fani-Kayode, as a smear campaign intended to rubbish the accomplishments of the Petroleum (Special) Trust Fund (PTF) which operated between 1995 and 1999, under which the firm served as Management Consultants.

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How to file your tax returns on the FIRS electronic Platform

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TAX

The access creation takes cognisance of the type of access rights given to User by the Chief Executive Officer [CEO] or Managing Director [MD] or Principal Officer of the Company. The User’s credentials/profile in this case would have been spelt out on the access form that was completed by the CEO/MD or Principal Officer of the Company. The User may include an employee and or a Tax Consultant.

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NEPC, NIPC synergize to stimulate investment in export trade

  /   in Finance   /   Comments

A fully loaded truck in one of the inland dry ports in the sub-region, will be delayed, harassed for bribes by the numerous security agents along the region’s transport corridor before it gets to its destination.

Effort to attract Foreign Direct Investment (FDI) into the non-oil export sector got a boost as the Nigerian Export Promotion Council (NEPC) and the Nigerian Investment Promotion Council (NIPC) agreed to deepen their collaboration to promote trade and investments in the sector. The partnership is sequel to the signing of a Memorandum of Understanding (MoU) between both agencies of government. The event was held in the conference room of NIPC Head office, Abuja.

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Postponement of election has led to investor paralysis —Rewane

  /   in Business, Finance 9:42 am   /   Comments

MD/CEO Financial Derivatives Company Limited.

I don’t think the CBN is trying to avoid devaluation. I think what they are trying to do is to time it and do it appropriately but we don’t have the luxury of timing anymore. We have to do the right thing now. And the right thing to do is to actually reduce the amount of uncertainty, and therefore the nervousness, the jittery and the panic. We have moved from a situation where we had the luxury to pick our choices to where our choices are now picking us.

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Transparency Int’l seeks crackdown on money launderers

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The recovered stolen money.

Transparency International, TI, has advocated a crackdown on money launderers and the banks that aid them in the illicit funds transfers across the globe. A statement by TI yesterday challenged national authorities and their security agencies to halt money laundering which deny citizens the much-needed resources for national development. According to the global anti-graft body, national judicial processes are often inadequate in tackling money laundering as those indicted are often given light sentences.

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Indigenous consortium plans two 1,000 MW plants in Nigeria

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Minister-of-Power-Prof.-Chinedu-Nebo-

A consortium led by FirstGate Group has signed a Memorandum of Understanding, MoU, with the Federal Government to build two separate 1,000MW gas-fired and solar plants in Nigeria. The Minister of Power, Prof. Chinedu Nebo, signed the MoU on the project with a timeline of four to five years on behalf of the government Chief Executive, FirstGate Business Intermediaries Ltd, Kelvin Asogwa who signed the dotted lines at the Ministry’s headquarters in Abuja, promised that the project will assist in the realization of Mr. President’s Power Sector Transformation which is cruising at a high speed.

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NB declares N37.2bn dividend

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money1

The Board of Directors of Nigerian Breweries, NB Plc has declared a total dividend of N37.2 billion for the 2014 financial year. The amount represents a pay out of N4.75 (four naira seventy five kobo) per ordinary share of fifty kobo each. According to the company, the total dividend of N37.2billion has been recommended by the board for shareholders’ approval at the 2015 Annual General Meeting, AGM.

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ChamsMobile, Skye Bank to launch virtual Visa card in Nigeria

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Mobile Money

ChamsMobile in collaboration with Skye Bank Plc has entered into agreement to launch a Virtual Visa Card in Nigeria an entirely digital payment card for online and mobile use. In a statement, Deputy Managing Director, ChamsMobile, Mr. Gavin Young, expressed excitement in partnering with Skye Bank on the new virtual payment solution, developed with the company’s international joint venture partners Bancore and Global Technology Partners (GTP).

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Market conditions not favourable to IPOs this year — Experts

  /   in Business, Finance   /   Comments

A market in Ghana

The present market sentiment which is expected to be sustained in the first half of the year does not support any market listing or an Initial Public Offer, IPO, in 2015, experts at United Capital Plc have said. This is contained in their end of year review titled, “Nigerian Economy and Financial Markets, 2014 Review and 2015 Outlook: ‘Tales of Two Halves’.

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Stockbrokers seek close ties with CBN to resolve market downturn

  /   in Finance   /   Comments

File photo: The  floor of Stock exchange

Stockbrokers in the nation’s capital market have called for a closer cooperation with the Central Bank of Nigerian, CBN, to tackle the dwindling fortune in the market. Speaking on behalf of other stockbrokers during the visit of the CBN governor, Mr. Godwin Emefiele, and his team to the Nigerian Stock Exchange, NSE, Mr. Sam Ndata, who is the doyen of the stockbrokers, said that the cooperation became necessary in view of the negative impact some monetary policies of the CBN have on operation of the market.

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Uncertainty, as 32 mortgage banks scale recapitalisation hurdle

  /   in Finance 2:10 am   /   Comments

1000-naira-notes

The dust is yet to settle on the recapitalisation exercise in the mortgage sector even as the Central Bank of Nigeria (CBN) confirmed that 32 primary mortgage banks (PMBs) have met the required criteria and licensed to operate in the country, out of 89 that were in existence before the exercise. 15 PMBs were also said to have converted to either microfinance banks or finance companies.

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First Bank drives epayment with non cash ATM transactions

  /   in Finance   /   Comments

atm2

Bank customers are increasing patronizing automated teller (ATM) machines for non-cash transactions like bills payment, airtime purchase and money transfer. This is reflected by the value of bills payment and airtime purchase transactions recorded by FirstBank Nigeria Limited in 2014.

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First Bank leading banking brand in Nigeria

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BANK

For the fourth consecutive year, First Bank of Nigeria has been ranked number one banking brand in Nigeria by The Banker magazine of Financial Times and Brand Finance, London, United Kingdom in their annual 2015 The Top 500 Banking Brands.

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Agent Banking: Banking services not for few people — Sekibo

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Heritage-pix

The singular most attention-grabbing event in the nation’s banking sector in 2014 came in the last quarter of the year. The announcement by the Assets Management Corporation of Nigeria (AMCON) of Heritage Bank as the winner of the bid for the acquisition of Enterprise Bank jolted the entire banking industry, as many operators did not give them the chance to be the one that will win the bid.

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NSE, UK strategise to build, expand capital flows to Nigeria

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naira-Dollar

The Nigerian Stock Exchange, NSE and United Kingdom, UK are strategizing on how to build and expand capital flows into Nigeria.

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Richbon to create 5000 jobs with $40m auto assembly plant

  /   in Finance   /   Comments

A cross section of dealers

Executive Chairman of Richbon Group Chief CJ Muonagolu has assured that about five thousand new jobs would be created when the automobile assembly to be located in Anambra state fully comes on stream.

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Vocation And Technical Education – A Key To Improving Nigeria’s Development. Part 4

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The Wired World: A graphic representation of the Internet

The focus is on the roles of technology and vocational education in enhancing entrepreneurial skills that will equip students for entrepreneurship education in Information and Communication Technology (ICT.) driven technological environment.

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BDC operators move to resolve lingering crises in ABCON

  /   in Finance   /   Comments

naira-Dollar

Bureaux De Change (BDC) operators has commenced moves to resolve the lingering leadership crisis in the Association of Bureaux De Change Operators of Nigeria (ABCON)

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Billboards preach civil responsiblity with ‘Spirit of Lagos’ campaign

  /   in Finance   /   Comments

Advertising-pix

In a renewed effort to reinvent the spirit of civic responsibility, citizenship, neighborliness and social justice, the Lagos state government has embarked on a campaign tagged; the ‘Spirit of Lagos.’For some months now, billboards in the state have been awash with messages of right thinking;

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HB projects increase in bank lending to SMEs in 2015

  /   in Finance   /   Comments

*File Photo

Bank lending to Small and Medium Enterprises (SMEs) and the retail sector will increase in 2015, Director, Heritage Bank, Mr Tony Madojemu, has said.

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Capital market operators seek global competitive tax rate

  /   in Finance   /   Comments

TAX

Operators in the Nigerian capital market have criticized the multiple tax system existing in the market and have canvassed for a global competitive tax rate for the country.

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Business survival rate now less than 50% — CEO Ekimiks

  /   in Finance   /   Comments

BUSINESS survival rate in Nigeria is now less than 50 percent. This is due to increasing exchange rate of the naira to foreign currencies and interest rates charge by banks on loanable funds.

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Insurers, traders differ on cover for fire incidents

  /   in Finance 2:15 am   /   Comments

Raized NFF building

Insurance operators and traders are split over the lack of insurance cover to mitigate losses suffered by traders during fire incidents.

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Nigeria has no business importing tooth picks — Emefiele

  /   in Finance   /   Comments

Mr Godwin Emefiele answering questions  during his screening by the Senate for  Central Bank Governorship in Abuja on Wednesday

Last week Tuesday, the CBN Governor, Mr Godwin Emefiele met with the organised private sector to discuss developments in the foreign exchange market. He gave insights into the continued pressure on the Naira, blaming it on speculative activities of operators. He urged the Nigerian business community to focus on local production, promising that the CBN will assist local manufacturers of products that are now being imported into the country.

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NDIC begins liquidation of 21 mortgage banks

  /   in Finance   /   Comments

Naira note

Nigeria Deposit Insurance Corporation (NDIC) has liquidated 21 Primary Mortgage Banks (PMBs), following the revocation of their operating licences by the Central Bank of Nigeria (CBN).

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Electronic payments hit N35 trillion in 2014

  /   in Finance   /   Comments

atm2

The value of electronic payment rose by 150 percent in two years to N35 trillion in 2014, reflecting the impact of the cashless policy.

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