Vitafoam, Vono merger to boost stakeholders’value

Vitafoam Nigeria Plc has disclosed that it proposed merger with Vono Products Plc will result to economies of scale and in turn benefit stakeholders in the long run. Vitafoam Nigeria Plc’s Group Managing Director, Mr. Taiwo Adeniyi, while briefing newsmen in Lagos, expressed optimism that the merger of Vono Products Nigeria Plc with Vitafoam Nogeria Plc would translate into higher earnings and enhanced shareholder value.

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File: Banking hall

CBN reintroduces CoT as current account maintenance fee

The Central Bank of Nigeria (CBN) has indirectly reintroduced Commission on Turnover (CoT) fee as Current Account Maintenance (CAM) Fee. Recall that the CBN in 2013 commenced phased reduction of CoT which terminated with zero CoT charge this year. But in a circular to banks last week signed by Director, Financial Policy & Regulation Department, Mr. Kevin Amugo, the CBN replaced the CoT with CAT but subject to maximum of N1 per N1000 (Mille).

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Invest in Nigeria – NIPC tells investors

Nigerian Investment Promotion Commission (NIPC) has said this is the time for investors to come and invest in Nigeria, saying the challenges facing the country at the moment is an ample opportunity for investors. The Executive Secretary of the Commission, Mrs. Uju Aisha Hassan-Baba who made the call in Abuja while receiving an Investment delegation from Chinese Africa Investment Limited in her office said, the Commission is ever ready to assist investors on the diversification policy of the Federal Government to promote the non-oil sectors of the economy.

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Polymer naira notes

Nigeria may miss out of digital dividend put at $100trn

Nigeria’s attempt at digitisation is said to be hampered by funding. Last year, a two-day workshop on digitisation held in Lagos to provide opportunity to appraise the process and map out strategies to ensure that the switch over is accomplished with least or no hitches. Essentially, the event gave participants the unique opportunity to update themselves on the latest policy direction and technical requirements for the digital transition in Nigeria.

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lDr. Abdul Alimi Bello, President, KADCCIMA

Economy: To survive, we must go back to things we neglected – BELLO

I want to start by thanking you for granting us audience despite your tight schedules. We are indeed very grateful. Now, as council members of Kadccima, we appreciate your organization’s contributions in the socioeconomic growth and development of our dear country. We also commend your medium for your objectivity and fairness in reporting. As you are aware, our coming here today is to thank you and your management for the support you have been giving us as a chamber and all our activities, particularly the annual international trade fair.

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Education For Enterprise Development and Revolution (1)

This admission by a captain of industry confirms the essential suspicion about the quality of education in Africa’s second largest economy. Tangentially, it’s gestures towards the problems of massive unemployment, brain-drain, and manpower shortages that continue to cripple domestic efforts to achieve rapidly sustainable growth. For qualified youth looking for a job, it also explains the prolonged and intensive pre-recruitment tests that Nigerian corporate houses insist on before jarring local talent.

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Cola war: Battle for supremacy rages

Big Cola as crafty as it is entered the market with same price for increased bottle size, which sight eluded competition, a bait that invariably attracted patronage, because ‘consumers want more for less’, a well thought out strategic plan one would say, which paid off for the product. Whether this swoop on the market will last long is a question to be answered by managers of Big cola. Mind you, brand watchers ears are on the ground.

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The wrecked car after the accident.

Concept Nova battles car vandalism with C-Protect technology

Nigeria’s technology company, Concept Nova has introduced yet another IT solution, the C-Protect, to tackle the menace of vehicle vandalism in Nigeria. C-Protect, an anti-glass break solution, is an invisible coat of film which could be installed on car window glasses and vents to prevent the glass from shattering in an event of accidental glass break, theft or vandalism. It drastically reduces the ease of break-in during robbery by over 80 per cent as it is nearly impossible to break the glass even upon multiple hits.

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Nigerian Stock Exchange

Delisted 108 brokers: NCRIB seeks re-registration for members with minor infractions

The Nigerian Council of Registered Insurance Brokers, NCRIB, said that it is still looking at opportunity to assist some of its members delisted by the National Insurance Commission, NAICOM, over compliances issues. President of the NCRIB, Mr. Kayode Okunoren, said during a press conference held at the NCRIB house in Lagos last week, which they are looking at assisting those with minor infractions by interceding for them in NAICOM.

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Turnover on fixed income market down by N2.7trn in December

Total turnover recorded in the fixed income and currency market declined by N2.66 trillion in December to settle at N7.42 trillion, reflecting the dwindling trend in the nation’s capital market. This represented 26.40 per cent decrease month-on-month and N3.14 trillion or 29.67 per cent drop year-on-year. Monthly data of transactions in the fixed income released by FMDQ OTC Securities Exchange Plc showed that bearish sentiments prevailed in the Fixed Income market within the period under review.

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John Holt posts N1.63bn operating profit

John Holt Nigeria Plc posted an operating profit of N1.63 billion for the year ended September 30 2015, an 18.50 percent reduction from N2 billion the previous year. The company with interest in businesses ranging from engineering, leasing, trade and distribution said that the devaluation of the naira was a drain on bottom lines since most of its raw materials and equipments are imported. “Because we are an import dependent company, we had N500 million wiped out because of devaluation,” said the company in a statement. Consequently, the conglomerate giant is seeking investment in businesses that are less import dependent as devaluation of the naira remains a drain on bottom lines.

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Fidelity Bank rewards more customers in Save 4 Shelter promo

The on-going Save 4 Shelter promotional campaign by Fidelity Bank Plc has produced another 18 winners, who emerged in a random draw that took place at the bank’s head office in Lagos. The winners, who were selected from the six geopolitical zones of South East, South South, North, South West, including Lagos and Abuja, carted away N5 million and 12 consolation prizes.

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Letshego acquires majority stake in FBN Microfinance Bank

Letshego Holdings Limited, weekend, announced the successful acquisition of a 100 percent stake in FBN Microfinance Bank (FBN MfB) from its parent, FBN Holdings Plc, so as to advance its diversification and financial inclusion plan for Africa . Letshego is a financial inclusion focused group with consumer, micro lending and deposit-taking subsidiaries across Southern and East Africa. FBN Holdings Plc is the oldest banking group in Nigeria, established in 1894 and listed on the Nigerian Stock Exchange, while FBN MfB was established in 2009 and has been awarded the CBN’s National microfinance banking licence.

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Gov Central Bank of Nigeria, Central Bank of Nigeria

NECA demands reversal of CBN’s directive on N50 stamp duty

NIGERIA Employers Consultative Association, NECA, has expressed serious concern over the recent directive of the Central Bank of Nigeria, CBN, to all Deposit Money Banks, DMB, to commence charging N50 per eligible transaction in accordance with the provisions of the Stamp Duties Act and Federal Government Financial Regulations (2009). The umbrella body for employers in the country in a statement while calling for immediate reversal of the directive, warned that if allowed to stay would not only worsen the poverty level in the country, it would also, increase the burden on firms in the country.

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