Tuesday March 3rd, 2015
Tuesday March 3rd, 2015
Latest

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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Okonjo-Iweala advocates blocking illicit funds transfer from Africa

  /   in Finance   /   Comments

Okonjo-Iweala

The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, who represented President Goodluck Jonathan at the forum called for a halt in illicit funds transfer from Africa.

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PTF: Afri-Projects Consortium denies involvement in wrong doing

  /   in Finance   /   Comments

*Fani

Afri-Projects Consortium has denied allegations of wrong-doing against it and the defunct Petroleum Trust Fund, PTF. The company described the statement credited to Chief Femi Fani-Kayode, as a smear campaign intended to rubbish the accomplishments of the Petroleum (Special) Trust Fund (PTF) which operated between 1995 and 1999, under which the firm served as Management Consultants.

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How to file your tax returns on the FIRS electronic Platform

  /   in Finance   /   Comments

TAX

The access creation takes cognisance of the type of access rights given to User by the Chief Executive Officer [CEO] or Managing Director [MD] or Principal Officer of the Company. The User’s credentials/profile in this case would have been spelt out on the access form that was completed by the CEO/MD or Principal Officer of the Company. The User may include an employee and or a Tax Consultant.

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NEPC, NIPC synergize to stimulate investment in export trade

  /   in Finance   /   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.

Effort to attract Foreign Direct Investment (FDI) into the non-oil export sector got a boost as the Nigerian Export Promotion Council (NEPC) and the Nigerian Investment Promotion Council (NIPC) agreed to deepen their collaboration to promote trade and investments in the sector. The partnership is sequel to the signing of a Memorandum of Understanding (MoU) between both agencies of government. The event was held in the conference room of NIPC Head office, Abuja.

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Postponement of election has led to investor paralysis —Rewane

  /   in Business, Finance 9:42 am   /   Comments

MD/CEO Financial Derivatives Company Limited.

I don’t think the CBN is trying to avoid devaluation. I think what they are trying to do is to time it and do it appropriately but we don’t have the luxury of timing anymore. We have to do the right thing now. And the right thing to do is to actually reduce the amount of uncertainty, and therefore the nervousness, the jittery and the panic. We have moved from a situation where we had the luxury to pick our choices to where our choices are now picking us.

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Transparency Int’l seeks crackdown on money launderers

  /   in Finance   /   Comments

The recovered stolen money.

Transparency International, TI, has advocated a crackdown on money launderers and the banks that aid them in the illicit funds transfers across the globe. A statement by TI yesterday challenged national authorities and their security agencies to halt money laundering which deny citizens the much-needed resources for national development. According to the global anti-graft body, national judicial processes are often inadequate in tackling money laundering as those indicted are often given light sentences.

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Indigenous consortium plans two 1,000 MW plants in Nigeria

  /   in Finance   /   Comments

Minister-of-Power-Prof.-Chinedu-Nebo-

A consortium led by FirstGate Group has signed a Memorandum of Understanding, MoU, with the Federal Government to build two separate 1,000MW gas-fired and solar plants in Nigeria. The Minister of Power, Prof. Chinedu Nebo, signed the MoU on the project with a timeline of four to five years on behalf of the government Chief Executive, FirstGate Business Intermediaries Ltd, Kelvin Asogwa who signed the dotted lines at the Ministry’s headquarters in Abuja, promised that the project will assist in the realization of Mr. President’s Power Sector Transformation which is cruising at a high speed.

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NB declares N37.2bn dividend

  /   in Finance   /   Comments

money1

The Board of Directors of Nigerian Breweries, NB Plc has declared a total dividend of N37.2 billion for the 2014 financial year. The amount represents a pay out of N4.75 (four naira seventy five kobo) per ordinary share of fifty kobo each. According to the company, the total dividend of N37.2billion has been recommended by the board for shareholders’ approval at the 2015 Annual General Meeting, AGM.

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ChamsMobile, Skye Bank to launch virtual Visa card in Nigeria

  /   in Finance   /   Comments

Mobile Money

ChamsMobile in collaboration with Skye Bank Plc has entered into agreement to launch a Virtual Visa Card in Nigeria an entirely digital payment card for online and mobile use. In a statement, Deputy Managing Director, ChamsMobile, Mr. Gavin Young, expressed excitement in partnering with Skye Bank on the new virtual payment solution, developed with the company’s international joint venture partners Bancore and Global Technology Partners (GTP).

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Market conditions not favourable to IPOs this year — Experts

  /   in Business, Finance   /   Comments

A market in Ghana

The present market sentiment which is expected to be sustained in the first half of the year does not support any market listing or an Initial Public Offer, IPO, in 2015, experts at United Capital Plc have said. This is contained in their end of year review titled, “Nigerian Economy and Financial Markets, 2014 Review and 2015 Outlook: ‘Tales of Two Halves’.

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Stockbrokers seek close ties with CBN to resolve market downturn

  /   in Finance   /   Comments

File photo: The  floor of Stock exchange

Stockbrokers in the nation’s capital market have called for a closer cooperation with the Central Bank of Nigerian, CBN, to tackle the dwindling fortune in the market. Speaking on behalf of other stockbrokers during the visit of the CBN governor, Mr. Godwin Emefiele, and his team to the Nigerian Stock Exchange, NSE, Mr. Sam Ndata, who is the doyen of the stockbrokers, said that the cooperation became necessary in view of the negative impact some monetary policies of the CBN have on operation of the market.

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Uncertainty, as 32 mortgage banks scale recapitalisation hurdle

  /   in Finance 2:10 am   /   Comments

1000-naira-notes

The dust is yet to settle on the recapitalisation exercise in the mortgage sector even as the Central Bank of Nigeria (CBN) confirmed that 32 primary mortgage banks (PMBs) have met the required criteria and licensed to operate in the country, out of 89 that were in existence before the exercise. 15 PMBs were also said to have converted to either microfinance banks or finance companies.

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First Bank drives epayment with non cash ATM transactions

  /   in Finance   /   Comments

atm2

Bank customers are increasing patronizing automated teller (ATM) machines for non-cash transactions like bills payment, airtime purchase and money transfer. This is reflected by the value of bills payment and airtime purchase transactions recorded by FirstBank Nigeria Limited in 2014.

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First Bank leading banking brand in Nigeria

  /   in Finance   /   Comments

BANK

For the fourth consecutive year, First Bank of Nigeria has been ranked number one banking brand in Nigeria by The Banker magazine of Financial Times and Brand Finance, London, United Kingdom in their annual 2015 The Top 500 Banking Brands.

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Agent Banking: Banking services not for few people — Sekibo

  /   in Finance   /   Comments

Heritage-pix

The singular most attention-grabbing event in the nation’s banking sector in 2014 came in the last quarter of the year. The announcement by the Assets Management Corporation of Nigeria (AMCON) of Heritage Bank as the winner of the bid for the acquisition of Enterprise Bank jolted the entire banking industry, as many operators did not give them the chance to be the one that will win the bid.

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NSE, UK strategise to build, expand capital flows to Nigeria

  /   in Finance   /   Comments

naira-Dollar

The Nigerian Stock Exchange, NSE and United Kingdom, UK are strategizing on how to build and expand capital flows into Nigeria.

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