Friday February 27th, 2015
Friday February 27th, 2015
Latest

‘Nigeria has no business importing tooth picks’

  /   in Finance 12:45 am   /   Comments

Godwin Emefiele, Zenith MD

We need to begin to look at the structure of our economy and tell ourselves that as we stopped importation of cement and today we are exporting cement, we can do the same and encourage those who are ready to produce to support the economy and help conserve our reserves and ultimately keep our exchange rate strong.

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We’ve diversified economy, says Okonjo-Iweala

  /   in Finance   /   Comments

Okonjo-Iweala

Finance Minister and Coordinating Minister of the Economy, Dr Ngozi Okojo- Iweala has said that the country’s economy has to a greater extent experienced development in other sectors of the economy.

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Insurance commissioners and efforts to revamp the sector

  /   in Finance   /   Comments

insurance-pix

The insurance industry in Nigeria is working hard to take its rightful place in the economy; as a result, all efforts are geared towards making the industry contribute meaningfully to the Gross Domestic Product (GDP) of the country. Nigeria’s gross premium per capita of $8.9 is low when compared to $1,072, $29.9 and $49.3 for South Africa, Kenya and Ghana, respectively. Insurance penetration as a percentage of GDP is 0.43 per cent; and only an estimated 6 per cent of the population has any form of insurance.

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Latest

NDIC begins liquidation of 21 mortgage banks

  /   in Finance   /   Comments

HousingaPOS

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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Devaluation heralds tough times for businesses this year —Kapoor

  /   in Finance   /   Comments

1000-naira-notes

The Vice Chairman, Vital Products Plc, Mr. Sanjeeve Kapoor, penultimate week, said that 2015 is going to be tough for businesses as a result of naira devaluation, as this may result to market contraction of about 35 percent.

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Vocation and Technical Education – Key to improving Nigeria’s development (4)

  /   in Finance   /   Comments

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

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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Latest

Electronic payments hit N35 trillion in 2014

  /   in Finance   /   Comments

man-with-phone

The value of electronic payment rose by 150 percent in two years to N35 trillion in 2014, reflecting the impact of the cashless policy. Deputy Governor, Economic Policy, Central Bank of Nigeria (CBN) Dr. Mrs Sarah Alade disclosed this in Lagos at the inauguration of the Payment System Strategy Board, Payment Scheme Boards and Initiatives Working Groups.

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Naira devaluation: ‘No significant impact on e-commerce yet’

  /   in Finance   /   Comments

Naira sign

The Managing Director of Nigeria’s premier online marketplace, Kaymu.com, Evangline Wile has said that the current depreciation of the Nation’s currency, the Naira has not had any significant impact on e-commerce.

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Courier firms must reposition to key into e-commerce — Johnson

  /   in Finance   /   Comments

The Minister of Communications Technology, Mrs. Omobola Johnson has said that courier companies in Nigeria must reposition and re-strategise to meet the growing demands of parcel delivery being driven by the boom in e-commerce in Nigeria.

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Latest

Filing returns based on self assessment regime

  /   in Finance   /   Comments

metro-market

Where a taxpayer, agent or employer fails to file the tax returns for an accounting period after the time extended by the Service, the taxpayer, agent or employer shall be liable to pay prescribed penalties for late filing of returns from the due date of filing.

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E-collection to curb revenue related corrupt practices—CBN

  /   in Finance   /   Comments

The Central Bank of Nigeria, CBN, headquaters, Abuja

The Central Bank of Nigeria (CBN) has said that the introduction of electronic collection of revenue (e-Collection) by the federal government will help to curb revenue related corrupt practices in the country.

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Latest

Naira devaluation: ‘No significant impact on e-commerce yet’

  /   in Finance   /   Comments

The Managing Director of Nigeria’s premier online marketplace, Kaymu.com, Evangline Wile has said that the current depreciation of the Nation’s currency, the Naira has not had any significant impact on e-commerce.

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Latest

NHF monthly collections up by 250% to N2.4bn

  /   in Finance 12:58 am   /   Comments

1000-naira-notes

The National Housing Fund (NHF) collections from over four million subscribers nationwide has increased by about 250 percent to N2.4 billion monthly from N700 million.

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FG to begin piping of products to ease Apapa traffic

  /   in Finance   /   Comments

Standstill at Mile-2 to Tincan, along Oshodi-Apapa expressway yesterday. Photo: Joe Akintola, Photo editor.

Federal Government has said that it will commence piping of petroleum products from the Lagos port to major depots across the country as part of efforts to decongest the perennial traffic situation in the port city of Apapa in Lagos.

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Vocation and Technical Education – A key to improving Nigeria’s development. Part 4

  /   in Finance   /   Comments

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

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. The world has become globalized and the future prosperity depends on comparative advantage.

Read More →
Latest

NDIC grants further reduction in insurance premium for banks

  /   in Finance   /   Comments

insurance-pix

The Nigeria Deposit Insurance Corporation (NDIC) has further reduced the deposit insurance premium rate to all Deposit Money Banks (DMBs) in Nigeria as part of efforts toward contributing to financial system stability and promoting public confidence in the banking industry.

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CBN introduces measures to curtail international card frauds

  /   in Finance   /   Comments

CBN Headquarters

The Central Bank of Nigeria (CBN) has introduced measures to curb the rising incidence of international overseas card fraud against Nigerians.

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Latest

Tax Clearance Certificate (TCC), Due Dates for Filing Returns…

  /   in Finance   /   Comments

market-2

Over the years, questions have been raised on issues regarding Tax Clearance Certificates (TCC), due dates for filing returns, accounting year, accounting period and other tax related issues. The following questions and answers seek to shed some light on these matters.

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AfDB, MasterCard broaden financial inclusion in Africa

  /   in Finance   /   Comments

Africa

African Development Bank (AfDB) and MasterCard have announced a broad collaboration that aims to expand financial inclusion across the African continent. The collaboration seeks to develop solutions that drive inclusive growth in Africa by broadening access and usage of digital financial services.

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Latest

Electricity metre manufacturers urge DISCOs to source pre-paid metres locally

  /   in Finance   /   Comments

prepaid-meters

Two indigenous pre paid meter manufacturers have appealed to the Federal Government to prevail on Electricity Distribution Companies (DISCOs) to promote locally manufactured pre-paid meters. They made the appeal in Lagos against the backdrop of approval of funds for the procurement of one million electricity meters by the Federal Government.

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Latest

Carmudi mulls partnership with FRSC, others to combat online fraud ….Unveils Android App

  /   in Finance   /   Comments

*FRSC-boss, Ositadinma-Chido

Online car marketplace, Carmudi.com has said it is considering a partnership with the Federal Road Safety Commission, FRSC and security agencies to prevent any form of fraud especially as related to the auto marketplace in Nigeria.

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Capital market operators task govt to fund infrastructure via capital market

  /   in Finance   /   Comments

market-2

The Chartered Institute of Stockbrokers, CIS has charged government in the various tiers to use the Nigerian capital market to fix infrastructural deficit in the country.

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Latest

PCI DSS recertifies FirstBank

  /   in Finance   /   Comments

FirstBank has achieved the recertification of the Payment Card Industry Data Security Standard (PCI DSS) in 2014, having been one of the first top-tier banks in Nigeria to obtain the certification in 2013. The certification is renewable annually as demanded by the standard and regulators following a rigorous audit of the Bank’s payment card security processes environment.

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OTC Market: Stanbic IBTC, BGL, 14 others account for 93.6% of trade

  /   in Finance   /   Comments

naira sign

As the NASD Over the Counter, OTC Market activity continues to rise, about 15 participating institutions in the market have accounted for 93.8 per cent of the trade done in the year 2014 Of the 86 participating institutions, 37 had traded on the NASD OTC market by the end of 2014. The top 5 traders accounted for 62.9 per cent of total market activity.

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Latest

Naira hits N208 to dollar at BDCs, black market

  /   in Finance   /   Comments

naira-Dollar

The Naira on Friday depreciated against the dollar as it traded at N208 from the N191.50 it sold for on Monday, Jan. 19. The new rate has made the naira to lose N16.50 within five days. The CBN’s website, however, put the Naira against the dollar at N167.50, while the Pound sold for N253.20 and the Euro stood at N193.89S

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Latest

CBN introduces measures to curtail international card frauds

  /   in Finance   /   Comments

Emefiele

The Central Bank of Nigeria (CBN) has introduced measures to curb the rising incidence of international overseas card fraud against Nigerians.

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Latest

Duty waivers threaten local production

  /   in Finance 2:01 am   /   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.

Operators in the rice and palm oil sectors of the economy have cried out that their investments and the Transformation Agenda of the Federal Government on palm revitalisation in the Agricultural sector are being threatened by imports allocation and duty waivers granted to some companies in the sectors.

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Latest

Rents crash by 50% as businesses, individuals relocate

  /   in Business, Finance 2:04 am   /   Comments

market-2

The persistent traffic gridlock along the Apapa – Oshodi Expressway has forced mass relocation of businesses and individuals out of Apapa, causing property rents to crash by 50 percent.

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Latest

Vocation and Technical Education – A Key to improving Nigeria’s Development PART 4

  /   in Finance   /   Comments

The Caring Heart Market initiated as part of Mimiko's community development programme

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. The world has become globalized and the future prosperity depends on comparative advantage.

Read More →
Latest

Turkish firms seek more investments in Nigeria

  /   in Finance   /   Comments

Lagosmarket

Turkish companies are seeking to expand their investments in Nigeria and other African countries through franchising.

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Latest

FG must give greater incentives for local production — Agbakoba

  /   in Finance   /   Comments

*Some varieties of the yellow cassava and their products being displayed.

Senior Advocate of Nigeria, SAN and former President of the Nigerian Bar Association, Olisa Agbakoba has said that the federal government must give greater incentives to local industries to ensure growth in the production.

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E-commerce: Nigerians decry dearth of legislations

  /   in Finance   /   Comments

Unlike the Stock market, Forex trading is Online

Nigerians have expressed concerns over the lack of enabling laws for the protection of personal information provided for online businesses.

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