Friday May 29th, 2015
Friday May 29th, 2015
Latest

Recent developments in funding the economy inherited by Buhari

  /   in Business, News, Special Report 9:12 am   /   Comments

Idiroko-Market

As we continue to give independent review of what the administration of President Mohammadu Buhari is taking over from ex-president Goodluck Jonathan some issues in the private sector-driven economy that has defile solutions by successive governments at the centre appears worsening. They key amongst these is the funding gaps in the real sector and the associated issues are presented here.

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Nigeria to save N86bn annually from agrochemical importation

  /   in Business, News   /   Comments

Farm

The establishment of Candel Agrochemical Manufacturing Plant will save the country about N86.4 billion annually which was usually spent on the importation of agrochemical products from abroad. This was disclosed by the chairman of the company in Lagos during the commissioning ceremony of the plant at Lekki Free Zone in the state.

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Stakeholders call for review of NRC’s tax reform act

  /   in Business, News   /   Comments

tax-a

Stakeholders have called for the review of the Non-Resident Companies, (NRCs) with a view to having more time to prepare their tax returns. Disclosing this at KPMG Tax Breakfast Meeting in Lagos, the Patner, Tax, Regulator and People Services, Adewale Ajayi, of KPMG Nigeria said that the policy needs critical review for a profitable and more practical tax auditing laws.

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The real dangers of EPA to ECOWAS — Ukaoha

  /   in Business, News   /   Comments

Ken-UKAOHA, NANTS President

“The real dangers of the EPA, if implemented in its current form, are legion and cut across all facets of the economic life of Africa. Nigeria’s main grouse with EPA stems from the fact that it would lead to de-industrialisation, exposure to undue competition, loss of jobs and revenue, capital flight, increase in poverty and in some way, loss of sovereignty and disintegration of the region,”

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O3 Capital, Game Stores boost cashless policy via credit card

  /   in Business, News   /   Comments

The Central Bank of Nigeria head office  in Abuja.

As part of their support for the Central Bank of Nigeria, CBN’s Cashless initiative, O3 Capital Nigeria Limited and Game Stores have partnered to introduce the first consumer credit card in Nigeria. Mr. Abimbola Pinheiro, CEO, O3 Capital Nigeria Limited sated during the launch of Game Credit that the card is the first white label credit card in Nigeria that can be used only in Game Stores across Nigeria.

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Skye Bank to raise N30bn Tier 1 capital in third quarter

  /   in Business, News   /   Comments

Durosinmi-Etti, GMD, Skye Bank

Skye Bank Plc has concluded plan to raise additional tier one capital of N30 billion during the third quarter of 2015 to boost its capacity to explore business and maintain an efficient capital adequacy ratio. Group Managing Director/Chief Executive Officer , CEO of the bank, Mr. Timothy Oguntayo, stated this at a breakfast meeting with stockbrokers in Lagos.

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I’m highly honoured—Adesina, new AfDB President

  /   in Business   /   Comments

Agric Minister, Akinwumi-Adesina

Nigeria’s outgoing Minister of Agriculture, Dr. Akinwumi Adesina was yesterday elected as the new President of the African Development Bank (AfDB) at the bank’s Annual General Meeting in Abidjan, Cote D’Ívoire.

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Agriculture: Break the vicious poverty circle in Nigeria, stakeholders tell Buhari

  /   in Business, News, Special Report   /   Comments

*Poor northern school

Engineer Idowu Asenuga, Managing Director, Agri Supplies and a farmer, said he wants to see the new administration deepen and broaden the gains already made in the area of funding of agriculture as well as agricultural insurance. “The outgoing administration has made great effort in the area of the macroeconomic stability especially in the area of funding and agricultural insurance. Several initiatives have been put in place that allows farmers to access single digit interest facility with tenor as long as 10 years. Hence l wish to see the new administration deepen and broaden the gains already made in this area. “

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Portland Paints targets rights issue to raise additional capital

  /   in Business, News 8:49 pm   /   Comments

house-painting-2

Portland Paints and Products Nigeria Plc (PPPNP) has said it will be embarking on rights issue to raise additional capital in pursuit of its plan to improve returns and address the high leverage position of the company and other business expansion plans. The company further noted it will focus on innovation and seek opportunities to introduce new products into its array of brands as it pursues increased profitability for its stakeholders.

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The economy: Break the vicious poverty circle in Nigeria, stakeholders tell Buhari

  /   in Business, News, Special Report   /   Comments

An abode in Lagos

The Nigerian economic situation can be aptly described as an interlocking set of vicious circles that perpetuate economic stagnation and rural poverty. One of these circles involves the savings – investment gap in rural Nigeria.

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Arepo, the petroleum products pipelines and the River Owuru

  /   in Business, News 4:48 am   /   Comments

pipeline2

Arepo, Ogun State is known for one of its residential estates whose development has been sponsored by the Nigerian Union of Journalists. The petroleum products pipelines passing through Arepo start from the Lagos Ports area, several kilometers to the south and west of Arepo. The pipelines cross the Lagos to Ibadan expressway north of the long concrete bridge at Warewa adjacent to Arepo, they continue in a north-easterly direction through Arepo before crossing the River Owuru.

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Huge population a big opportunity for insurers — Hassan-Odukale

  /   in Insurance and You, News   /   Comments

Hassan-Odukale

Insurance is a business that is done with a large number of people. One of the things we have been accused of in Nigeria is not reaching large number of Nigerians. You grow penetration by selling insurance products to a larger number of people. Nigeria has a population of over 175 million people and where local insurers look at it that the Nigerian market is tough, foreign investors see opportunity in Nigeria because they look at the large population.

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Fuel crisis delays AfDB delegates from Nigeria

  /   in Business, News   /   Comments

Vehicles queuing for fuel at the central area of Abuja recently

Nigerians who were billed to travel to attend the African Development Bank Annual Meeting and Conference in Abidjan were stranded at the airport as a result of the fuel crisis that ended on Monday. Many could not travel outside of the country as delegates attending the banking conference in Ivory Coast were left stranded or forced to pay additional costs after planes were grounded.

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Fund: PENOP recovers N7.5bn from defaulters

  /   in Business, News   /   Comments

cartoon-pension

Pension Fund Operators Association of Nigeria, PENOP, and the National Pension Commission, PenCom, have recovered about N7.5 billion from employers of labour who had defaulted in remitting their workers’ contributions to the appropriate Pension Fund Administrators. The Chairman of PENOP, Mr. MisbahuYola, told journalists, in an interview, in Abuja, that the new Pension Reform Act 2014 would make it more difficult for employers to default in their pension obligations towards their employees.

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Learn Africa laments piracy activity

  /   in Business, News   /   Comments

From left, Augustine Amodu, Deputy Director, Enforcement, NCC, and Copyright Enforcement Officers at a press briefing to announce the findings of a software audit carried out at an estate firm in Lagos.

The Chairman Learn Africa Plc, a quoted company on the Nigerian Stock Exchange, NSE, Chief Emeka Iwerebon has lamented on pirate activity that has crippled the publishing industry in the country. He disclosed this at the Nigerian Bar Association (NBA)Ikeja branch annual law week 2015, saying “ impunity is one of the dangerous demons that has inflicted the greatest havoc on the national life of Nigerians.

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IEI poised for repositioning

  /   in Insurance and You, News   /   Comments

energy

International Energy Insurance (IEI) plc says it is poised for repositioning to enable the company play leading role in the insurance industry, having all the potentials to do so. IEI, the Company says has some of the most competent hands in energy and general business underwriting, and an innovative business drive, which it believes are core competences it requires to deliver value to policy holders and other stakeholders.

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Leadway Assurance Limited, others win CAC corporate awards

  /   in Insurance and You, News 10:48 pm   /   Comments

insurance-pix

Leadway Assurance Limited has received the “Above Basic Compliance” for its corporate leadership, sustainability programmes and corporate social responsibility, CSR efforts at the maiden Corporate Affairs Commission, CAC Corporate Citizens Awards in Abuja. The “Above Basic Compliance” category winners are the Leadway Assurance Limited and Nigerian Breweries Plc while the “Basic Compliance” award was won by the Yobe Investment & Securities Limited.

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UBA wins Corporate Citizens award

  /   in Business, News   /   Comments

banks

Pan-African financial services group, United Bank for Africa (UBA) Plc continues to garner national and international laurels with the latest being the Corporate Citizens Award in the ‘Extensive Compliance Category. UBA received the award at the maiden edition of the awards ceremony organised by the Corporate Affairs Commission (CAC) at the Transcorp Hilton Hotel, Abuja, Nigeria.

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Lagos metro rail transit to cost N456bn, says MD, Infrastructure Bank

  /   in Business, News   /   Comments

Lagos State Governor, Mr. Babatunde Fashola SAN (2nd left), Commissioner for Transportation, Mr. Kayode Opeifa (2nd right), and the Chairman, Lagos State Task Force on Environment and Special Offences (Enforcement) Unit, Chief Superintendent of Police, Bayo Sulaiman (right) during the Governor’s inspection tour of the abandoned Nigerian Railway Corporation Port Work Yard at Marine Beach Apapa on Sunday, August 31, 2014.

Mr Adekunle Oyinloye, Managing Director, The Infrastructure Bank Plc, has said that the proposed Lagos Metro Rail Transit (LMRT) project will cost N456 billion (2.4 billion dollars).

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What should the depositors of Savannah Bank do?

  /   in Investors Forum, News   /   Comments

*File Photo

The suffering of depositors of Savannah Bank is aptly reflected in the email received from one of our readers, Izuchukwu Emmanuel. “Please I was very optimistic to read your repor , when I saw the headline on your firm’s online page. Please I want to know if there is any hope that the bank will to re-open for business. My late dad had an account with the bank and my mum is suffering from financial burdens since the demise of my dad. Please keep me informed if there is any. Thanks.”

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Shareholders seek appointment of steering committee to address hitches

  /   in Investors Forum, News   /   Comments

Unlike the Stock market, Forex trading is Online

We therefore suggest that the incoming administration should appoint a steering committee to revisit some policies taken by Central Bank of Nigeria, CBN, Securities and Exchange Commission, SEC, and Financial Regulatory Council, FRC with a view to reversing some and strengthen the market with formidable recommendations by experts drawn from stakeholders.”

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Power supply’ll be regular with right tariff— Sahara boss

  /   in Business, News   /   Comments

Prof Nebo, Power Minister

“The electricity sector is fundamentally flooded and it needs to be dealt with squarely.The price has to be right for any investor to make it in the sector and this can only be profitable if the customers are satisfied with the supply. “Consumer satisfaction could only be possible if only the product is really available and the price is right for them to purchase. As such there is need for us to go back and get it right”

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Crisis looms at ports over freight forwarders’ practising fees

  /   in Business, News   /   Comments

Comptroller General of Nigerian Custom Service (NCS) Alhaji Abdullahi Dikko, Comptroller Gabriel Aliu, Chief Superintendent Ibrahim  Turaki and Cheff du bureau of Benin Republic Customs Seme Command, Col Kpodehou Yves at a recent function at Seme.

“For the avoidance of doubt, in the absence of a statutorily constituted Board of Council, to which power the exercise function under the Act is conferred, no staff of the Council has power to exercise any function pending re-election of the Governing Council. “Any violation of the provision of the Act will be treated with appropriate action .”

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Ford raises the bar with all-new Figo

  /   in Business, News   /   Comments

Ford Figo

The all-new Ford Figo is destined to be a compact car champion by offering unprecedented levels of style, feature-rich smart technologies and high levels of safety, while retaining the Figo’s established reputation for superb fuel efficiency and overall value. “The Ford Figo has been a remarkable success story in South Africa since it was launched in 2010,” says Tracey Delate, General Marketing Manager at Ford Motor Company of Southern Africa (FMCSA).

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Shareholders congratulate Gwarzo, call for reforms

  /   in Investors Forum, News   /   Comments

Shareholders

We commend the appointment of Gwarzo as the Director General of the SEC . We believe he is experienced and qualified for the position given his records. The incoming government has to embark on major reforms, that are based on due process in the capital market. There should be discipline among the stockbrokers and the process of recapitalisation must be carried out among the stockbrokers.

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Latest

Top 10 performing stocks

  /   in Business, News   /   Comments

Cement

Beta Glass Plc last week led the top ten gainers chart on the Nigerian Stock Exchange, NSE rising by 10.3 per cent to close at N3.40 per share from N33.00 per share it closed penultimate week. This is the second consecutive week that the company has topped the gainers chart. Beta Glass Company Plc has proposed a dividend of 62 kobo per share to its shareholders for the financial year end of 2014 as the closing date for its register has been fixed for 12th June, 2015.

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Latest

Foreign Investors still foot-dragging on Nigeria despite electoral success

  /   in Business, News 12:55 am   /   Comments

Buhari-ook

There are indications that foreign investors may be considering ‘holding-action’ on Nigerian economy contrary to wide-spread expectations and speculations that the huge success in the country’s recent general election was going to spur foreign investment inflow spontaneously.

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Dangote Sugar pays N4.8 billion dividend

  /   in Business, News   /   Comments

AGM : From left ,  Chairman, Dangote Sugar Refinery Plc, Aliko Dangote; Group Managing Director, Dangote Sugar Refinery Plc, Mr. Graham Clark; and Deputy Group Managing Director, Engr. Abdulllahi Sule at the 9th Annual General Meeting , AGM, of Dangote Sugar Refinery Plc in Lagos

Dangote Sugar Refinery has declared N4.8 billion dividend for the year ended December 31, 2014 to be paid to its shareholders. The dividend, which translates into 40 kobo per share, was approved by the shareholders at the 9th Annual General Meeting (AGM) in Lagos. In his address to shareholders, the Chairman of Dangote Sugar, Alhaji Aliko Dangote, said despite the challenging circumstance in 2014, Dangote Sugar posted a turnover of N95 billion.

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Streamline electricity tariff to reflect actual consumption, MAN urges Buhari

  /   in Energy, News   /   Comments

Buhari

The Manufacturers Association of Nigeria (MAN), yesterday, urged the incoming government to streamline electricity tariff to reflect the actual consumption by the industries instead of the current use of estimated bills. The president of MAN, Dr. Frank Jacobs, made this call at the media luncheon held at MAN’s house, adding that, if the electricity tariff is streamlined, it will drive further improvement in power supply and create a special electricity tariff lines for heavy users of electricity like steel, cement and other strategic sub-sector.

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Enforcement of group life will improve insurance penetration

  /   in Insurance and You, News   /   Comments

insurance-pix

“Though belated, insurance companies now have paid-up capital in excess of N5 billion, turn over in excess of N25 billion and asset base of over N50 billion. By continuous constructive engagements, insurer inescapable position shall be surely appreciated,” he said. Ogunbiyi added that insurers’ advertisement through bill boards, radio jingles and television programmes will accelerate insurance acceptance, deepen pension practice and the spread of insurance benefits to all.

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Iran mulls establishment of auto spare parts plant in Nigeria

  /   in Business, News   /   Comments

Islamic Republic of Iran has said it is considering establishing auto spare parts plants in Nigeria in furtherance of the Federal Government’s newly adopted automotive policy to drive indigenous manufacturing of vehicles in the country. Iranian Ambassador to Nigeria, Saeed Koozechi disclosed this while briefing newsmen at a press conference for the first Iran Solo Exhibition to be held in Lagos in June.

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Fashola to commission Candel’s agrochemical plant

  /   in Energy, News   /   Comments

Buhari

Lagos State Governor, Mr. Babatunde Fashola will tomorrow commissioned Candel Company Limited’s integrated manufacturing facility for crop protection chemicals and foliar fertilizers at the Lekki Free Zone, Lagos. Candel Company Limited, which is an agricultural inputs development and distribution company, said that the multi-billion naira project, which is in its first phase, when completed will deliver a facility with capacity for 80 million litres of formulated products per annum.

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