Tuesday March 31st, 2015
Tuesday March 31st, 2015
Latest

How NEXIM is helping to diversify Nigerian economy from oil

  /   in Finance 12:01 am   /   Comments

oil2

The perennial crash of crude oil prices and the exposure of the Nigerian economy to financial crisis has pushed stakeholders and policy makers attention to non oil revenue generation. One sustainable source of foreign exchange generation is export of manufactures, solid minerals, and agricultural output with value addition. The Nigerian Export Import Bank is fast becoming the center of attraction to government and exporters to push the non oil foreign exchange earning drive through trade financing and productive efforts of exportable products from Nigeria

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Shoptomydoor brings free international shipping to Nigeria

  /   in Finance   /   Comments

ship

Nigeria’s online shopping mall, Shotpomydoor has announced free ingternational shipping services for customers shopping from the United States of America. The free shipping promo, according to Shoptomydoor, will apply to customers who purchase virtually anything from the USA with the exclusion of cars, heavy industrial machineries and a few other items, and will run for purchases made from the 12th to 30th of March, 2015.

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Economic cost of flooding could hit $500b by 2030

  /   in Finance   /   Comments

flood-and-money

Research suggests that flooding poses a threat to roughly 21 million people across the world every year, costing the global economy roughly $90.65 billion, with the potential for an estimated six-fold increase over the next 15 years. Data provided in connection with the launch of a new flood mitigation platform, the Aqueduct Global Flood Analyzer tool, co-developed by the World Resource Institute (WRI), Deltares, the Institute for Environmental Studies of the VU University Amsterdam, Utrecht University and PBL Netherlands Environmental Assessment Agency, highlights the economic severity of global flooding and its potential rise.

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How Nigeria lost 10m tonnes of transit cargo

  /   in Finance 12:54 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.

As Nigeria makes move to reclaim over 10 million metric tonnes of lost transit cargoes, the factors that initially led to the loss of this category of the country’s trade to neighbouring countries are still very much present in the Nigerian ports.

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Investors’ confidence in economy nosedives

  /   in Finance 1:58 am   /   Comments

economy

The recent devaluation of the Naira and mounting uncertainty surrounding the elections is already taking its toll on the economy as investors’ confidence in the economy’s performance has ebbed.

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Nigeria is in a foreign exchange quagmire

  /   in Broken Links, Finance   /   Comments

naira-Dollar

The recent devaluation of the Naira has again brought the vulnerability of the average Nigerian to the fore. Almost every housewife today tells the husband that the exchange rate of the Naira to the dollar has gone up. This is because in the market place, traders adjust prices along the day’s exchange rate swing. Many are wondering why this should be so. In finance, an exchange rate between two currencies is the rate at which one currency will be exchanged for another.

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Integration of West African capital market’ll tackle regional challenges – Ndanusa

  /   in Finance   /   Comments

Nigerian Stock Exchange

The Chairman, Securities and Exchange Commission (SEC), Dr Suleiman Ndanusa, said capital market integration would help to tackle regional challenges and create a larger market for local and international businesses. Ndanusa said this at the meeting of the West African Capital Markets Integration Council (WACMIC) in Abuja.

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Stockbrokers, Anabel initiate new employment option for youths

  /   in Finance   /   Comments

Nigerian-Stock-Exchange-(NS

The Chartered Institute of Stockbrokers (CIS) in collaboration with Anabel Leadership Academy has commenced a new initiative to support the federal government’s drive for youth empowerment in Nigeria. Under the new initiative, plan is underway to put in place an arrangement whereby the beneficiaries of the institute’s Professional Diploma in Securities and Investments would be employed as agents in the diverse areas of the financial market.

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Investment opportunities will emerge despite stock market volatility —Sotubo

  /   in Finance   /   Comments

Oladele Sotubo

Dele Sotubo is the Chief Executive Officer of Stanbic IBTC Stockbrokers, Nigeria’s largest stockbroking firm in value and volume of transactions handled at the Nigerian Stock Exchange. In this interview Sotubo talks about the capital market and efforts to deepen it, the bond market, corporate governance issues, listing of oil and gas companies, among other issues. Excerpts:

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Microfinance, a realistic approach to affordable housing — LAPO MD

  /   in Finance   /   Comments

naira sign

The project has economic, social and environmental impact angle. We are also aware that houses for low-income earners are not just shelters, but are equally locations for their economic activities, to this end, we are putting in place a system that will enable impact assessment not only in terms of number of houses but with equal attention to social indicators. The success recorded so far is due to a number of factors which include commitment of the partners in the project who have all delivered on their obligations.

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NMRC, US firm seal N200bn mortgage investment deal

  /   in Finance   /   Comments

*Finance Minister, Ngozi Okonjo-Iweala

The Nigerian Mortgage Refinancing Company (NMRC) has signed a Memorandum of Understanding (MoU) with a US-based investment firm, Cantor Fitzgerald, for the investment of $1bn (about N200 billion) in the Nigerian mortgage sector. Cantor Fitzgerald is a global private investment firm with strong expertise in asset-backed mortgage securities. The firm has also made arrangements to build 10,000 houses in Kaduna, Lagos, Enugu and Abuja within the next one year.

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Adeyeye tasks Aerospace centre on standards

  /   in Finance   /   Comments

Dayo Adeyeye

The Minister of State for Works, Prince Adedayo Adeyeye has tasked the Regional Centre for Training in Aerospace Surveys (RECTAS) to improve its standard in order to compete favourably among institutions like it in the world. Adeyeye threw the challenge to the Executive Director of RECTAS, Mr Adewale Akingbade when the new ED paid a courtesy call on the Ministry of Works in Abuja on Tuesday.

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Leadway, AIICO emerge lead insurers of deep water vessel

  /   in Finance   /   Comments

insurance-pix

Leadway Assurance Company Limited and AIICO Insurance plc are the lead underwriters on the newly acquired deep water vessel owned by Petrolog Limited. The acquisition which was financed by First Bank of Nigeria Limited and brokered by FBN Insurance Limited boosted the capability of Petrolog Limitied, a corporate customer of the bank by funding the acquisition of a brand new ABS classed Dynamic Positioning Dive support Vessel, ‘DSV Vinnice’.

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Nigeria’s trade to hit N27.6trn by December — NBS

  /   in Finance   /   Comments

economy

The country’s total produced trade is expected to hit N27.6trillion by December this year from N25.17trillion recorded in December 2014 by the end of this year, according to National Bureau of Statistics. NBS in its economic review and outlook for the next three years showed an increase of N2.43trn which represents 9.66 per cent rise.

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OYSAA frowns at unapproved political ad materials

  /   in Finance   /   Comments

Advertising-pix

“We wish to inform the general public that OYSAA, the statutory Agency of Oyo State Government vested with mandate to regulate outdoor advertisement of any nature including political campaign materials will not tolerate any violation of its guidelines and procedures,” the Director General of the agency Mr. Yinka Adepoju, said.

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Oando shareholders to get more value for investment

  /   in Finance   /   Comments

Oando Plc has reaffirmed its commitment to creating value for its shareholders as it continues to adopt proactive measures that would enhance profitability and returns for stakeholders. Despite the fall in oil prices which threatened to wipe out more than $1.6 trillion in earnings for oil producing companies and countries, Oando Energy Resources (OER), has realized a cash windfall in the sum of $234 million due to the proactive fiscal measures put in place prior to the slump in oil prices.

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Labour, Lagos at war over planned privatization of water supply

  /   in Finance 1:12 am   /   Comments

Nigerian Labour  pix

“We condemn in strong terms the intention of Lagos State Government to go ahead with the planned privatization or commercialization of Lagos Water which in turn will further pauperize the down trodden people of Lagos. The union wishes to call on all well meaning Lagosians, in particular and Nigerians in general to join and support the union in this noble struggle.”

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World Economic Forum recipe for infrastructure development will help Nigeria

  /   in Finance   /   Comments

express-way

Nigeria has made several futile attempts to use Public Private Partnership to build infrastructure that it so badly needs. But each of the attempts has failed to achieve the desired goal. The Lagos-Ibadan Expressway, the Local Wing of the Murtala Mohammed Airport and Lagos-Epe Expressway are a few of such attempts.

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NAC, WesBank meet over national vehicle finance scheme

  /   in Finance   /   Comments

1000-naira-notes

The officials of the National Automotive Council (NAC) and WesBank of South Africa have met in Abuja on the proposed roll-out of made-in-Nigeria vehicle finance scheme later in the year. A statement by the NAC said its Director-General, Mr Aminu Jalal, led the Director, Policy and Planning, Mr Luqman Mamudu and Director, Industrial Infrastructure, Mr Waheed Odetoro to discuss the scheme.

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Pension funds hit N4.5trn with 6 million contributors

  /   in Finance   /   Comments

money1

Crusader Pension Limited, a pension fund administrator has lamented the low number of people in the pension scheme in the country, as pension funds hit N4.5 trillion. The Managing Director, Crusader Pension Limited, Mr. Adeniyi Falade, who disclosed this at the NASD OTC Private Equity Conference held in Lagos said “ N4.5 trillion of Pension Fund is available at the moment and this money needs to be invested.

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MasterCard, Grooming Centre to extend electronic payments to SMEs

  /   in Finance   /   Comments

Mobile Money

MasterCard and Grooming Centre have signed a Memorandum of Understanding (MoU) that will see electronic payment solutions extended to 500,000 Small and Medium Enterprises (SMEs) in suburbs and rural parts of Nigeria.

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Penalties for late filers, ABC of tax returns (1)

  /   in Finance   /   Comments

tax

Often times taxpayers have little or no knowledge of the basic requirements for filing their tax returns as well as the consequences for late filing on these returns. Below is a breakdown of the requirements for filing your tax returns, their due dates and penalties for late filing as it applies to various tax types.

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FCMB funds acquisition of 100 tractors to boost agriculture

  /   in Finance   /   Comments

Akinwumi Adesina

First City Monument Bank Limited is set to provide funding to the Tractor Owners & Hiring Facilities Association of Nigeria (TOHFAN) for the acquisition of 100 tractors to boost agricultural production this year.

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AfDB backs Nexim Bank’s Sealink project with $.3m grant

  /   in Finance   /   Comments

Africa

The efforts of the Nigerian Export-Import Bank (NEXIM) to facilitate the establishment of a regional maritime company, The Sealink Project, has received a fresh boost with the signing of a financial grant with the African Development Bank (AfDB) for $302,000 under the aegis of the Nigerian Technical Cooperation Fund (NTCF).

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FG restructures FHA due to under-performance —Minister

  /   in Finance   /   Comments

HousingaPOS

The Federal Government approved the restructuring and commercialisation of the Federal Housing Authority (FHA) due to the underwhelming performance of the agency over the past 40 years. Minister of Lands, Housing and Urban Development, Mrs. Akon Eyakenyi, disclosed this at a one-day management retreat on ‘Strategizing for Effective Restructuring and Commercialisation of the FHA’ in Abuja.

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Standard Chartered Bank makes board changes

  /   in Finance   /   Comments

Naira note

As part of an orderly succession plan balancing stability with fresh perspective, the Board of Standard Chartered Plc has announced a comprehensive package of changes to its Board. Current Group Chief Executive Peter Sands is to stand down from the Board, giving way to William Thomas Winters (“Bill”) as the new Group Chief Executive with his appointment to the Board taking effect in June 2015.

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Indigenous metre manufacturers laud NERC over power sector local content law

  /   in Finance 12:21 am   /   Comments

electricity-NIGERIA

The Electricity Meter Manufacturers Association of Nigeria (EMMAN) has commended the Nigerian Electricity Regulatory Commission (NERC) for enacting a law that would encourage local players in the power sector. The commendation is contained in a statement in Lagos by the Executive Secretary of the association, Mr Muyideen Ibrahim.

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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

  /   in Finance   /   Comments

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

  /   in Finance   /   Comments

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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