Monday April 27th, 2015
Monday April 27th, 2015
Latest

302 capital market operators meet new capital base requirements

  /   in Finance 1:16 am   /   Comments

Nigerian-Stock-Exchange-(NS

About 302 capital market operators have so far complied with the new capital base as directed by the apex capital market regulator, Securities and Exchange Commission, SEC .

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Africa CEO Forum: What does the election of Muhammadu Buhari mean for doing business in Nigeria?

  /   in Finance   /   Comments

economy

Africa CEO Forum: What does the election of Muhammadu Buhari mean for doing business in Nigeria?

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SEC set to revive corporate bonds market, Commodities Exchange

  /   in Finance   /   Comments

Nigerian-Stock-Exchange-(NS

The Securities and Exchange Commission, SEC, has said that it is taking steps to address the perceived dormancy in the corporate bonds market. The Acting Director General of SEC, Mr. Mounir Gwarzo, disclosed this while briefing of capital market correspondents at the end of the first quarter of 2015 Capital Market Committee, CMC meeting in Lagos.

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2015 Federal Budget: Matters Arising — Afrinvest

  /   in Finance   /   Comments

Budget

The Nigerian Federal House of Representative on Thursday passed the sum of N4.5tn budget for the 2015 fiscal year with an increase of N135.4bn over initial proposal submitted in November 2014. In addition, the House has adopted an oil benchmark of US$53.0, daily oil production of 2.3mbpd, exchange rate of N190.00/US$1.00 and fiscal deficit/GDP ratio of 1.1%.

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MAY: Nigeria’s month with history as Adesina seeks to lead AfDB

  /   in Finance   /   Comments

Buhari

The month of May is going to be a special year in the annals of Nigerian history as General Muhammadu Buhari will be sworn in as the President of the country having defeated the incumbent, President Goodluck Ebele Jonathan. In the same month of May another Nigerian, Dr. Akinwunmi Adesina, the current Minister of Agriculture and Rural Development, might be elected the President of the African Development Bank as the financing institution is electing a new president to replace the incumbent President Donald Kaberuka.

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NCRIB gains wider acceptability with Limra’s recognition

  /   in Finance   /   Comments

insurance-pix

The Nigerian Council of Registered Insurance Brokers (NCRIB) can now access the database of LIMRA, a world acclaimed financial services research consultancy body, following its admission. Conveying the NCRIB admission during the 2015 International Business trip of the Council’s delegates to Malta, Europe, the Operation Head of LIMRA Europe, Middle East and Africa, Carla Baldivia said with the admission, NCRIB would now have access to the database of the association and be able to access yearly global financial reports by the body.

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LAPO awards scholarship to 700 students

  /   in Finance   /   Comments

bank

LAPO Micro finance Bank (MfB) has awarded scholarship to about 750 students who are children of it’s clients who meet the requirements set by the scholarship board, targeting 100, 000 scholarship by 2022. The bank conducted a scholarship ballot exercise across all the zones of its operation in the country and 1000 students qualified for the scholarship but 750 who meet the requirement would benefit the scheme.

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Publication of bank-debtors: Shareholders react, back CBN

  /   in Finance 12:59 am   /   Comments

The Central Bank of Nigeria head office  in Abuja.

During the last banks’ crash, the then CBN Governor, Lamido Sanusi, published the names of banks’-debtors,which made him the enemy of the powerful-blocs; while many of the then debtors threatened to go to court. Surprisingly, none of them did, instead they resorted to repaying some of their debts to the banks,while many were yet to settle their indebtedness fully till today.

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The realities of fighting poverty – World Bank President

  /   in Finance 2:41 am   /   Comments

Jim-Yong-Kim-World-bank-president

We really believe that there are many, many win-win-win situations out there. The bottom line is that unless we create bankable projects, projects in which there will be returns, we’re not going to get the infrastructure built. So we focus so much on doing this, we’ve created something called the global infrastructure facility.

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Nigeria shuns World Bank-backed zero gas flaring summit

  /   in Finance   /   Comments

*Gas flare

Chief executives from major oil companies joined senior government officials from several oil-producing countries in Washington to commit, for the first time, to ending the practice of routine gas flaring at oil production sites by 2030 at the latest. The commitment was made on the sideline of the IMF/World Group Spring Meetings in Washington.

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Shareholders should use advocacy power to influence policies —Osunkeye

  /   in Finance   /   Comments

File photo: The  floor of Stock exchange

The chairman of Lafarge Africa, Mr. Olusegun Osunkeye, has urged shareholder associations to use their power of advocacy to change policies of government that will be inimical to the growth and success of their companies.

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Planning to file your returns? Do it before the due dates!

  /   in Finance   /   Comments

tax-police

It takes more than just paying your taxes to be a good taxpayer, you must ensure you pay on or before your tax liability is due; if every taxpayer decides to pay their taxes only when they feel like, or when it is convenient for them, then they probably may not pay at all since there may never be such a time that is ‘convenient’ to pay.

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Make loans available through MfBs, Lagos NAMB urges Ambode

  /   in Finance   /   Comments

Akinwunmi Ambode

Lagos State wing of National Association of Micro finance Banks (NAMB) has called on the Governor elect, Akinwunmi Ambode to ensure loans are made available for entrepreneurs through the sub sector. The association made the call through its Chairperson, Mrs. Clara Oloniniyi, in a congratulatory statement, where she said that adequate loans be made available for the growth of entrepreneurs, especially Micro, Small and Medium Enterprises (MEMEs’) operators in the state.

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State Govts intensify internally generated revenue drive

  /   in Finance   /   Comments

money

There are indications that State Governments are intensifying their revenue generating ability, probably to reduce over reliance on the federal allocation which began a downward trend, month-on-month in the past six months. Early reports from five states of the federation for the fiscal year ended December 31, 2014 also shows some of the states posting over 100 per cent rise in their internally generated revenue (IGR) profile over the five year period (2010-2014) under review.

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CBN reminds banks of consequence of dollarisation of economy

  /   in Finance   /   Comments

CBN Governor, Mr Godwin Emefiele

The Central Bank of Nigeria (CBN) on Friday reminded all banks of the consequences of the rising trend of currency substitution and dollarisation of the economy. The CBN, in a circular issued by its Banking Supervision Department, warned all banks to desist from collecting and using dollars for transactions. It reiterated that the Naira currency remained the only legal tender in the country.

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Navy foils pirates’ attempt to hijack ship in Lagos

  /   in Finance   /   Comments

File Photo: Nigerian Navy

About ten suspected pirates who attempted to hijack a foreign vessel, MT IMAS was at the weekend foiled by the Nigerian Navy (NN) on Lagos waterways.

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AfricInvest acquires minority interest in Elephant Group

  /   in Finance   /   Comments

AfricInvest Capital Partners is in the process of acquiring a minority equity interest in Elephant Group as it has entered a deal with Elephant Group Limited for an equity investment.

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Transcorp assures improved financial performance in 2015

  /   in Finance   /   Comments

Transnational Corporation of Nigeria, Transcorp Plc, has assured its stakeholders of improved financial performance in 2015 given the results achieved by the company in the 2014 financial year.

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Germanwings crash: Aviation insurance to rise globally

  /   in Finance   /   Comments

The cost of insurance for aviation companies globally may rise if the directorate general of civil aviation goes ahead with its plans to make it mandatory for pilots to undergo psychiatric test before takeoff as any failure to clear the test could lead to flight cancellations and claims.

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CBN spends $4.7bn to defend naira

  /   in Finance, News 9:34 am   /   Comments

CBN Governor, Mr Godwin Emefiele

The Central Bank of Nigeria (CBN) has spent $4.7 billion to defend the naira this year, even as the nation’s external reserve fell to $29.6 billion week.

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ICA advocates agency that guarantees access to loans by SMEs

  /   in Finance   /   Comments

Naira notes

The Institute of Credit Administration, ICA, has called on the President-elect, General Muhammadu Buhari, to set up a national agency that guarantees access to loans by SMEs, and not to disburse loan to them. In a recommendation to GMB, made available to FV, signed by Registrar/CEO, ICA, Prof. Chris Onalo, “Such agency can be called – Nigerian Credit Guarantee Corporation (NCGC). Surprisingly, up till today, Nigerian government is still not dreaming of creating this national platform that would support the development of SMEs.”

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EFInA urges MfBs to develop product for adults saving at home

  /   in Finance   /   Comments

*File Photo

Enhancing Financial Innovation & Access (EFInA) has urged Micro finance Banks (MfBs) in the country to develop innovative savings products to encourage the 25.5 million adults currently saving at home to save in a micro finance bank. In a survey report titled “The Landscape Of Financial Inclusion And Micro finance In Nigeria,”

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FG’s external debt, States’ debt profile on the rise

  /   in Finance   /   Comments

naira-Dollar

The external debt profile of states has shown that Lagos State has the highest with a profile of $1.087 billion, followed by Kaduna State with a total of $234 million. Cross River State followed closely with an external debt profile of $131.469 million. Other states with relatively large external debt are Edo $123 million, Ogun $109 million, Bauchi $87million, Enugu $62 million, Katsina $78 million, Osun $67 million and Oyo State $72 million.

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Participation of top media in Quill Awards low — Promiasidor

  /   in Finance   /   Comments

Promasidor Nigeria Limited has complained about low participation of journalists in top media houses in its Quill Awards.

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Taxation: The Swivel of the Economy (2)

  /   in Finance   /   Comments

tax-ok

The Nigerian tax system has undergone significant changes in recent times. The tax laws are being reviewed with the aim of repealing obsolete provisions and simplifying the main ones. Taxation in Nigeria is within the administrative purview of the three tiers of government, i.e. federal, state, and local governments as stated in the constitution, with each having its tax space delineated by the Taxes and Levies (Approved List for Collection) Act.

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13 African YGL to benefit from Dangote fellowship

  /   in Finance 12:20 am   /   Comments

*Alhaji Aliko Dangote

Among Seventeen Africans recognised as Young Global Leaders (YGL) in 2015 by the World Economic Forum (WEF) thirteen are to benefit from the Dangote Fellowship instituted by Dangote Foundation.

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Economy: Stakeholders list options for Buhari

  /   in Finance 10:30 am   /   Comments

President-elect Muhammadu Buhari (L) waves in Abuja on April 1, 2015. Nigeria's new president-elect Muhammadu Buhari hailed polls that will lead to the first democratic change of power in Africa's most populous nation as "historic" hours after he secured a decisive victory. AFP PHOTO

Business executives and sectoral groups in the economy have made a list of 23 recommendations to the President-elect, Major General Buhari (retd) on the management of the economy under his administration.

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Tax relief for pioneer companies

  /   in Finance   /   Comments

tax-ok

The Nigerian Government has over the years put in place many different and overlapping incentive schemes to attract both local and foreign investment. Tax exemption is generally regarded as an industrial investment device; many developing countries like Nigeria offer it as one of their major incentives. Basically, tax incentives are designed to encourage investments in certain preferred sectors of the economy and sometimes geared towards attracting inflow of foreign exchange to complement domestic supplies for rapid economic development.

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Nigeria attracted N780bn real estate investment in 2014

  /   in Finance   /   Comments

naira money

Nigeria attracted $3.96 billion (about N780.12 billion) on real estate development in 2014, which is 11 percent of the total sum of $36.4 billion expended on infrastructure construction projects in the country.

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Account submission: NSE gives quoted firms 30 days grace

  /   in Finance   /   Comments

Nigerian-Stock-Exchange-(NS

The Nigerian Stock Exchange, NSE, has granted quoted companies that are yet to submit their 2014 year end financial reports and accounts a 30 day grace period from the due date of required period submission to do so. In a notice announcing the extension, Josephine Igbinosun, Head, Listing Regulations Department, NSE, said the extension would be initially applicable to companies whose year-end is December 2014.

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Supply of Credit improved in Q1 2015 — CBN

  /   in Finance   /   Comments

CBNHQ400

The Central Bank of Nigeria (CBN) has released its report on credit conditions in the financial system. According to the report the availability of secured credit to households decreased in the first quarter of 2015. The apex bank however said this condition is expected to reverse in the second quarter. CBN also said changing liquidity positions remained a major factor behind the decrease while lenders (banks) further reported that tight wholesale funding conditions also made significant contributions.

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Businesses see higher interest rates, further fall in Naira value

  /   in Finance 8:24 pm   /   Comments

naira-Dollar

In spite of optimism of improved economic conditions, businesses across the country said that they expect the naira to further depreciate, while interest rate and inflation rate would continue to rise.

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