Tuesday July 28th, 2015
Tuesday July 28th, 2015

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Naira depreciates against major currencies

  /   in Finance, News 7:36 am   /   Comments

naira

The Naira on Friday at the parallel market depreciated against three international currencies at the close of trading for the week. A on Friday in Lagos showed that the Naira depreciated by N1 or 0.45 per cent against the dollar due to high demand. It sold for N221 against the dollar from the N220 it sold on Monday, June 15.

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Naira devaluation hits industries hard

  /   in Finance, News   /   Comments

naira-Dollar

At the interbank foreign exchange market, the exchange rate of the naira to a dollar is N196.9 while in the black market it hovers between N210 to N214 to a dollar. Similarly, British Pound Sterling exchanges between N303 to N304 to the Naira, while thed Euro exchanges for N222.

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Tax holidays require sanitisation — FIRS boss

  /   in Finance, News   /   Comments

tax-police

It is all about our common interest because we are all affected. If Nigeria does not have enough revenue, it would not be able to execute government programmes. But you know that the life line of the revenue source of this country is oil. If it does well, you would not know there is problem in all the other sectors. But how do you do effective tax administration in the face of the present tax system? A good tax system is based on the law, the policy and the administration.

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Currency scam: Court grants bail to 5 accused persons

  /   in Finance, News   /   Comments

EFCC operatives leading fresh suspects in the N8 billion CBN staff fraud to the court premises in Ibadan, Oyo State, yesterday

“The amount of money found in their different bank accounts and the worth of property disclosed by them, which is above their proven income, suggest that there is a strong case against them. “Although they complied with the EFCC when they were granted administrative bail, the same may not be said of them now that they know the gravity of what lies ahead,” he said.

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Vat on services of banks and other financial institutions

  /   in Finance, News   /   Comments

VAT

The Value Added Tax Act Cap V1 LFN 2004 (as amended) imposes a tax known as Value Added Tax (VAT) on taxable goods and services. Part 2 of the First Schedule to the Act only exempts services rendered by Community banks, Peoples bank and Mortgage institutions from VAT.

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18 states bankrupt, can’t pay workers’ salaries

  /   in Finance, News 6:20 am   /   Comments

Pix: A Protest by Nigeria Union of Pensioners, Lagos state, on non payment of Pensioners arrears and gratuities by Lagos state Government, at Lagos House, Alausa, Ikeja. Photo: Bunmi Azeez

This is not the first time states owe workers. In 2003, then Economic Adviser to President Olusegun Obasanjo, Professor Charles Soludo, said that most state governments have signed away their future statutory allocations to contractors whom they owe. Explaining many states are bankrupt and cannot fund developmental projects, Soludo said that most states were technically bankrupt as huge deductions are made from their allocations to pay such creditors.

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BVN’ll enable banks blacklist dubious customers

  /   in Finance, News   /   Comments

Folashodun Adebisi Shonubi

With the BVN, we are creating something for Banking customers. The purpose is not just to identify but also ultimately to use it to authorise financial transactions. This cannot be done using the National ID which would identify but it is not meant for authorising Financial transactions. So, the question then is: how do they work together?

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Nigeria generates over $100bn annually from outsourcing — Akindeju

  /   in Finance, News   /   Comments

Peter Akindeju

There was a time in the history of doing business globally that people wanted to own everything that was required, in terms of all the resources, logistics. If you remember many decades ago, even in Nigeria when the oil exploration began, we had companies that had oil wells, filling stations, petrol tankers and what have you. But over time, businesses have realised that that was not an effective of running business.

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Presumptive tax: Equalizing the distribution of tax burden (11)

  /   in Finance, News   /   Comments

tax-burden

It is generally accepted that wages and salaries paid by corporations and governments are taxed more effectively than income earned by the self-employed due to the introduction of withholding taxes at source. Simplified presumptive taxation schemes increase the probability that the self-employed are also taxed effectively.

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CBN strengthens sustainable banking

  /   in Finance, News   /   Comments

CBN Headquarters

“At the CBN, we are doing a lot of things to promote resource efficiency, energy efficiency. We thing I can proudly tell you is that we have connected to the national grid. Before we were running on generators but now we have connected to the National Grid, so our generators are no longer running 24/7. Secondly, we are also in terms of energy efficiency, we shut down systems at certain periods rather than leaving the system running 24/7- apart from essential systems. We are also using energy efficient bulbs.

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Too many issues with N220bn MSMEDF

  /   in Finance, News   /   Comments

CBN Governor, Mr Godwin Emefiele

Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele pointed out that while the micro-loans would be administered through private or state-owned microfinance institutions, finance houses and cooperative finance agencies, the SME loans will be disbursed through the DMBs. Also that the State governments will be able to access up to N2 billion each for lending to eligible beneficiaries through participating financial institutions in their states.

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Sanusi joins Blackstone Africa Fund

  /   in Finance, News   /   Comments

Sanusi

Sanusi was considered an astute and charismatic central-bank governor for Africa’s biggest economy and oil producer, but he was suspended early last year after he raised concerns that the national petroleum company was either losing or stealing billions in oil revenue that should be ending up in state coffers. He remained suspended until his term ran out and the current central banker, Godwin Emefiele, replaced him in June 2014.

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Mobile money transactions in Nigeria hit N985bn yearly

  /   in Finance, News   /   Comments

Mobile Money

It is not right to say that we have not made progress but it is right to say that our expectations of mobile money have not been met. And this may be because we are a little bit ambitious in setting the target. But even at that, each year, transactions in mobile money still run into more than $5 billion. But what we have noticed is that most of the transactions in mobile money are either payment for subscription or remittances.

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NHF: FMBN to launch home renovation loan scheme

  /   in Finance, News 11:35 pm   /   Comments

Essential-Homes-pix

“This seemingly dismal number has created a negative image for the bank from the public who perceive the bank as not having effectively delivered on its mandate. It has therefore become necessary for FMBN to develop some quick-wins that will allow a greater number of Nigerians have access to the National Housing Fund. It is in view of the foregoing that a new product is being proposed to be introduced by the bank.

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NAHCO shareholders seek recapitalisation, commend board on diversification

  /   in Finance, News   /   Comments

Unlike the Stock market, Forex trading is Online

Shareholders of Nigerian Aviation Handling Company (NAHCO) Plc have advised its Board of Directors to commence move to recapitalise the entity as it continues the diversification plans for enhanced returns. The shareholders at the 34th Annual General Meeting, AGM held in Abuja , commended the Board for declaring dividend for the 2014 financial year despite the harsh operating environment experienced during the period.

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UBA wins Social Infrastructure Deal of the Year award

  /   in Finance, News   /   Comments

UBA-winners-pix-new

“Infrastructural development is important in driving and sustaining Africa’s growth momentum. Over the years, we have built the expertise to package and support the right infrastructure deals that deliver value to the majority of Africans and support economic growth. We are happy that this award recognizes the significant efforts we have made in this direction”

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Heritage Bank, NPA, others to be inducted into ICC Nigeria

  /   in Finance, News   /   Comments

*File Photo

Heritage Bank Limited, Nigeria Ports Authority, NPA, Jaiz Bank Plc and Nigerian-American Chamber of Commerce, will be formerly inducted as new members of the International Chamber of Commerce Nigeria, ICCN during the organisation’s 16th Annual General Meeting, AGM in Lagos.

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Creation of PPF will give security to low level pension contributors — Yola

  /   in Finance, News 12:39 am   /   Comments

File Photo: Aged Pensioners waiting for their entitlement

Chairman of Pension Fund Operators Association of Nigeria, PenOp, Mr. Misbahu Yola has said that creation of the Pension Protection Fund, PPF and Minimum Pension Guarantee, MPG, is a welcome development for all stakeholders. Yola who spoke at a stakeholder conference on the Pension Reform Act 2014 in Abuja said that the creation of the PPF and MPG would give more security to low level contributors.

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‘Nigerian insurers unprepared to cover terrorism risks’

  /   in Finance, News   /   Comments

insurance-pix

Nigerian insurers remain inadequately prepared to capitalise on the underwriting of emerging risks, such as the on-going campaign of terror by Boko Haram, A.M Best has said. The rating agency in its report titled, “Nigeria’s Insurance Sector Faces Economic Challenges, but New Government Improves Prospects,” said that the situation reflects the absence of data and other capabilities to support the understanding and quantification of potential loss exposures to the sudden and severe catastrophic nature of these events.

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BoI boosts SME development with five digital applications

  /   in Finance, News   /   Comments

Rasheed-Olaoluw-MD-BoI

Bank of Industry (BOI) has released five digital applications that will enhance development of Small and Medium Enterprises (SMEs) across the nation. The five products include SME Mobile App, SME Accounting Application (SAAPP) Software, Online Loan Application Portal, Loan Application Tracking System, and SME Customer Portal.

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Tax Appeal Tribunal adjourns N1.2b suit filed against FIRS

  /   in Finance, News   /   Comments

tax-a

The Tax Appeal Tribunal, sitting in Abuja, on Tuesday adjourned till July 13, and Aug. 3, respectively hearing in the N1.2 billion suit filed against Federal Inland Revenue Service(FIRS) by 44 companies. The suit was filed by Continental Re-Insurance and 43 others, seeking refund of N1.2 billion excess stamp duties from FIRS.

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80% of online jobs in Nigeria are frauds – Niyi

  /   in Business, Finance 2:47 am   /   Comments

Tope Niyi

Tope Niyi is the Head of Marketing and Products Development of Nigeria’s online job portal, Careers24. In this exclusive interview with JONAH NWOKPOKU, he argues that most of the online jobs in Nigeria are from scammers looking to exploit desperate job seekers. He also spoke on Careers24’s growth, market strategies and how job seekers can successfully explore the online job market to boost chances of employment

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Emefiele, one year in the CBN saddle

  /   in Business, Finance, News   /   Comments

Emefiele

When Mr. Godwin Emefiele became the Governor of the Central Bank of Nigeria (CBN) on June 3, 2014, there was visible pressure on the Naira as well as a decline in the country’s foreign reserves.

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N20.9bn agric fund for farmers in Nigeria, 11 other nations

  /   in Finance, News   /   Comments

Sorghum farmers in Kaduna

Nigerian small-holder farmers and those from 11 other Africa countries are to benefit from the Global Environment Facility, an innovative N20.975 billion ($106.5 million) pilot programme for fostering sustainability and food security in Sub-Saharan Africa.

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I want to fill the gap in food processing industry — Gbonju Awojuyigbe

  /   in Business, Finance   /   Comments

Gbonju-Awojuyigbe

By Ebele Orakpo Ms. Gbonju Awojuyigbe is the Managing Director/Chief Executive Officer of Lagos-based Wandy Foods Limited, a food processing outfit. The 1992 law graduate from the Nigerian Law School, an alumnus of Fate Foundation and a 2005 Fate Foundation Alumnus Award winner, first worked with First African Trust Bank before going fully into business.

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Value of govt bonds drops by 60.2%

  /   in Finance   /   Comments

The value of government’s traded bonds at the secondary market on the Nigerian Stock Exchange, NSE declined by 60.2 per cent, indicating lower patronage when compared to the equity transactions.

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Adplus360 will benefit advert agents more – Shobajo

  /   in Finance, Interview   /   Comments

Kayode Shobajo

Mr. Kayode Shobajo is the Chief Executive Officer/Chief Technopreneur of Adplus Software Company Limited, a subsidiary of HiiT Plc. In this chat with Financial Vanguard, he talks about Adplus360, an online advert placement portal and how advert agents stand to benefit from the portal.

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GES Scheme: Agro-allied contractors cry out over unpaid N52 billion

  /   in Finance   /   Comments

Fertilizer suppliers who participated in the Federal ministry of Agriculture’s Growth Enhancement Support Scheme (GESS) are begging the government to redeem the N52 billion (Fifty Two Billion Naira) being the subsidy portion they are being owed by both the Federal and State Governments.

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Lafarge Africa wins CAC compliance award

  /   in Finance   /   Comments

Lafarge Africa Plc has been awarded the Best Complying Company of the Year 2014 by the Corporate Affairs Commission..

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Bond market brushes aside economy policy waiting game

  /   in Finance, News   /   Comments

As most operators in the economy continue to wait for government policy pronouncements before making major business and investment moves bond market appears to be an exception in the game.

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Fidelity Bank pledges commitment to efficient trade transactions

  /   in Business, Finance 11:00 pm   /   Comments

Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo, has reiterated the bank’s commitment to efficient processing of trade transactions.

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UNIDO calls on new administration to sustain NIRP

  /   in Finance   /   Comments

The United Nations Industrial Development Organisation (UNIDO) has called on the new administration of President Muhammadu Buhari to intensify efforts at sustaining the Nigerian Industrial Revolution Plan (NIRP).

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