Saturday May 23rd, 2015
Saturday May 23rd, 2015
Latest

Mutual Benefits pays death benefit to family of deceased journalist

  /   in Finance, News 12:15 am   /   Comments

1000 naira notes

Mutual Benefits Assurance plc recently presented a cheque of N1.2 million to the family of a deceased journalist who was a member of Finance Correspondents Association of Nigeria (FICAN) Mr. Nat Amogu. Amogu was a staff of Nigerian Pilot Newspapers and died after a brief illness. The cheque which was received on behalf of the deceased family by the Chairman of FICAN Mr. Babajide Komolafe with other executive members of the association was a fulfillment of a recent life insurance contract between Mutual Benefits Assurance and FICAN members.

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Distinguishing withholding tax from value added tax

  /   in Finance, News 12:28 am   /   Comments

tax-two

There is a need to draw attention to the fundamental difference between Withholding Tax (WHT) and Value Added Tax (VAT) so as to facilitate clear understanding of the mechanics of the tax concepts. WHT is an advance payment of income tax and the purpose is to bring the prospective taxpayer into the tax-net, thereby widening the income tax base. In other words, the WHT system is aimed at tracking down taxpayers and the incomes which may otherwise not be reported by them.

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Stagflation: CBN’s inflation target unrealistic-FDC analysts

  /   in Finance, News   /   Comments

Naira-dollar-1

“Buhari is obsessed with development and long-term competitiveness of the Nigerian economy, aimed at improving the welfare of Nigerians. He will have to deal with some trade-offs especially allowing for some inflation whilst investing significantly i.e. 10% of GDP in infrastructure to jump start the economy. There are no easy options, there are only hard choices”.

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BoI disburses N127bn loans to MSMEs in 2014

  /   in Finance, News 12:25 am   /   Comments

BOI-MD,-Rasheed-Olaoluwa

The Bank of Industry (BoI) disbursed N127 billion loans in support of Medium and Small Scale Enterprises in (MSMEs) in 2014 financial year at N127billion Chairman, Board of Directors, BoI, Alhaji Abdulsamad Rabiu, said at the bank’s 55th Annual General Meeting, held in Abuja, that the bank was able to wade through the nation’s challenging business environment to achieve loans and advances of N544.3 billion in 2014.

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Revenue woes heighten as traders shun Nigeria’s crude

  /   in Finance, News 12:22 am   /   Comments

1000 naira notes

Nigeria’s dwindling revenue is set to worsen, as international crude oil traders have shunned the country’s export of Bonga crude oil grade for the months of May and June 2015, making it difficult for the country to find buyers for the product and putting the price of the commodity under pressure. According to a report by Platts, the differentials for Nigerian crude grade, Bonga, are sliding due to the accumulated oversupply from the May and June program ahead of the release of the new July program this week.

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Shareholders approve Fidelity Bank’s 18 kobo dividend payout

  /   in Finance, News   /   Comments

Fidelity-shot

Shareholders of Fidelity Bank Plc. unanimously approved the 18 kobo per ordinary share of 50 kobo dividend payable to shareholders whose names appeared on the bank’s Register of Members as at the close of business on April 17, 2015 as earlier proposed by the directors of the bank for the financial year ended December 31, 2014. With this, Fidelity Bank has, for 10 years, consistently paid out dividends to its shareholders.

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High requirement of CRR’ll lead to constriction in credit market —Shareholders

  /   in Finance, News   /   Comments

Naira-dollar-1

CBN as a regulator should regulate to favour all the stakeholders. CBN role is not limited to protecting depositors alone, but should protect investments as many FDI in the last three years are overwhelming. Shareholders will no longer tolerate a situation where CBN in the name of CRR keep substantial funds of investment to control liquidity in the system. Investors want appreciable returns on their investments. CRR is depriving the banks of huge working capital that would make them to lend to make profit and declare dividend for sharehiolders.

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Lekoil posts N6bn loss in two years

  /   in Finance, News 8:14 pm   /   Comments

naira money

LEKOIL Limited, yesterday, announced a loss of $11.9 million, about N2.38 billion for its 2014 financial year. With this performance, Lekoil, an oil and gas exploration and development company with a focus on Nigeria and West Africa, has posted a total loss of $30 million (N6.01 billion) for two consecutive years, 2013 and 2014. In its 2013 financial year, the company posted a loss of $18.1 million, an equivalent of N3.62 billion.

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PwC’s audit report or cover up?

  /   in Finance, News   /   Comments

market-a

The report written by Nduka Chiejina revealed the following. “The forensic audit report on the Nigerian National Petroleum Corporation, NNPC, compiled by PricewaterHouse Coopers (Pwc) was done without bank statements, the report said. The Central Bank of Nigeria (CBN), according to the report, shunned the auditors’ request for the bank statements.”

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MSME: Heritage Bank building network of entrepreneurial leadership

  /   in Finance, News   /   Comments

naira money

Heritage Bank Limited is committed to building a network of Entrepreneurial Leaders necessary to drive the growth of Micro Small and Medium Enterprises (MSMEs) in Nigeria Managing Director/Chief Executive of Heritage Bank, Mr. Ifie Sekibo stated this adding that the bank has developed and introduced wide range of services which address the capacity and financing needs of MSME businesses.

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Citibank announces winner of the 2015 journalistic awards

  /   in Finance, News   /   Comments

(L) Managing Director and CEO, Citibank Nigeria Limited, Mr. Omar Hafeez and the Deputy Editor Business Day ,Mr. Agomuo Zebulon (R) presenting a plaque to the winner of the 2015 Citi Journalistic Excellence Awards Competition, Mr. Peter Dele Olowa of Business Day at the recently concluded competition in Lagos.

Citibank Nigeria concluded the 7th edition of its prestigious Citi Journalistic Excellence Awards on May 6th 2015. The program culminated with an awards ceremony to honour this year’s finalists. The competition was open to business journalists in all forms of media including the internet, print, radio, television and wire services. Mr. Peter Dele Olowa of BusinessDay has been named winner of the 2015 competition in Nigeria.

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Study recommends floating exchange rate for Naira

  /   in Finance, News   /   Comments

naira-Dollar

A study on the impact of exchange rate on domestic prices has recommended a floating exchange rate for the naira. This, according to the study is because the impact of exchange rate on domestic prices is low, incomplete, and it takes about two years. “. In other words, the fear of floating that the authorities exhibit in Nigeria may be unfounded”, the study asserted.

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Sterling Bank’s expansion plans on track, says CFO

  /   in Finance, News   /   Comments

bank

Chief Financial Officer (CFO) Executive Director , Sterling Bank, Mr. Abubakar Suleiman said that it the bank’s expansion plans unveiled in 2013 is on course and it would soon proceed with the next phase of its growth strategy. Suleiman disclosed this at an interactive session with Business Editors in Lagos recently. According to him, the bank currently has 1.5 million customers and has been able to achieve over three per cent market share from 1 per cent a few years ago.

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Fidelity Bank raises N30bn to boost lending to SME

  /   in Finance, News   /   Comments

Fidelity-shot

Fidelity Bank Plc has commenced measures to raise N30 billion for the purpose of increasing lending to small and medium enterprises (SMEs). This week the bank will offer to the investing public a N30 billion, seven years bond at interest rate of 16.48 percent. The application for the bond, which would mature in 2022, will open and close on Thursday May 13th 2015.

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Strong corporate governance critical to current low-price environment – FBN capital

  /   in Finance, News   /   Comments

mobile-video-conferencing

FBN Capital Limited has said that strong corporate governance structures are critical to attracting funding for Oil and Gas development in the prevailing low-price environment. Rolake Akinkugbe, Head of Energy and Natural Resources at FBN Capital, disclosed this at the eighth edition of the annual sub-Saharan African Oil and Gas Conference 2015 themed, ‘Optimising innovation and investment opportunities in the upstream, downstream and service sectors’organized by Energy and Corporate Africa which took place in Houston Texas.

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Key facts about the Pension Reform Act 2014

  /   in Finance, News   /   Comments

cartoon-pension

Pension funds can be invested and this includes specialist investment funds and other financial instruments as approved by the Commission. There are penalties for offences of misappropriation of funds, reimbursement or payment by a Pension Fund Administrator (PFA) or Pension Fund Custodian (PFC) to a staff, officer or director. In situations where the PFC fails to hold funds to the exclusive preserve of the PFA and PenCom or where it applies the funds to meet its own financial obligations, the Act will sanction such appropriately.

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Appeal court sets aside order winding up Afribank

  /   in Finance, News   /   Comments

*Court

The Court of Appeal sitting in Lagos, has set aside the winding-up of Afribank Nigeria Plc by an order of a Federal High Court, Lagos. The lower court had following a petition by the Nigeria Deposit Insurance Corporation, NDIC, wind-up the bank. The appellate court, set aside the winding up of Afribank following the appeal by shareholders of the bank, who had appealed against the judgment of the lower court.

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Access Bank shareholders okay N5.7bn dividend, laud cost reduction

  /   in Finance, News   /   Comments

Aigboje Aig-Imoukhude, MD Access Bank

Access Bank Plc shareholders have unanimously approved the N5.7billion dividend proposed by its Board of Directors for the financial year ended December 31, 2014, just as they commended the management of the bank for its prudent management of cost of operations. The shareholders at the bank’s Annual General Meeting, AGM held in Lagos appreciated the Board of Directors for the proposed dividend which translates to 60 kobo per share, including the 25 kobo interim dividend.

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NB shareholders to approve N27.7 bn dividend

  /   in Finance, News   /   Comments

Unlike the Stock market, Forex trading is Online

Shareholders of Nigerian Breweries, NB Plc are expected to approve N27.7 billion dividend that would be proposed by the Board of Directors of the company at the forth coming 69th Annual General Meeting, AGM of the company. The Managing Director/CEO, Nigerian Breweries Plc, Mr. Nicolaas Vervelde at a pre AGM Press briefing in Lagos disclosed that the Board of Directors of the company would propose N27 billion dividend ( (translating to N3.50 per share ) to the shareholder at the company’s 69th AGM that would hold next week Wednesday in Lagos.

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‘Nigeria’ll borrow by mid-year to meet obligations’

  /   in Finance, News   /   Comments

*File Photo

Standard Chartered Bank has forecast that Nigeria is likely to raise capital from the international debt market by the second half of the year, 2015 to meet some of its obligations. It also stated that Nigeria’s weakening fiscal buffers as a result of the sustained low oil price may result to a current account deficit in the country’s balance of payments this year.

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Administration of withholding Tax (11)

  /   in Finance, News   /   Comments

TAX-aa

The organizations making the payments are required to withhold tax from such payments and pay over the withheld amounts to their respective relevant Tax Authorities within 30days of receipt of payment or credit by the person or entity suffering the Tax. The relevant tax authorities to receive the WHT tax transactions made by companies is FIRS and for individuals and unincorporated bodies subject to Rules of Residence is SIRS or FIRS.

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‘External reserves can’t pay for more than 3 months of imports’

  /   in Finance 7:10 pm   /   Comments

naira-Dollar

The nation’s foreign exchange reserves fell one per cent month-on-month to $29.5 billion by April 28, from $29.8 billion a month earlier, the central bank said weekend. This implies that the reserves at the current rate of importation can support just three months of import.

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Is the abolition of fuel subsidy imminent?

  /   in Finance, Rational Perspectives   /   Comments

subsidy-cartoon

Regrettably, delayed payments of verified subsidy claims, may inadvertently also further bloat the already oppressive service charges on loans obtained to finance the 2015 budget deficit and other earlier government debts. Curiously, the imminent federal and state elections, may have forced government to accede to pressure from marketers to pay the demanded balance of N256.2bn, which they claimed included core subsidy as well as interest on delayed payments and exchange rate differentials.

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Forex limit on naira debit card: CBN to set BVN trap for multiple card holders

  /   in Business, Finance   /   Comments

Very soon, bank customers that have multiple naira debit cards linked to different banks accounts would not be able to spend more than $50,000 for overseas transaction through their cards.

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Tax on the go, anywhere, anytime

  /   in Finance   /   Comments

tax-a

E-tax Pay is an online self-service tax payment system whereby the taxpayers are given an opportunity to pay their taxes through their banks’ online payment portal. It is an initiative put in place by FIRS in collaboration with Nigerian Interbank Settlement System (NIBSS) and approved collecting banks.

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National Assembly’s biggest joke in four years

  /   in Finance, Sobowale On Business   /   Comments

naira money

It is just as well that over seventy per cent of the current representatives in the National Assembly will not be returning. This is probably the least productive legislative branch in the world today. Unproductive, that is, in anything which could be beneficial to the people of Nigeria. It might however be the front runner for mischief and idleness.

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FG engages consultants to reconcile airlines’ debts

  /   in Finance   /   Comments

Nigerian Airways grounded

Managing Director, Nigerian Airspace Management Agency ,NAMA, Engr Ibrahim Abdulsalam weekend disclosed that the Federal government has engaged the services of financial consultant to reconcile the indebtedness of domestic airlines operating in Nigeria to the aviation agencies , namely, Nigerian Airspace Management Agency ,NAMA, Federal Airports Authority of Nigeria, FAAN, and the Nigerian Civil Aviation Authority, NCAA.

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Plastic subsector to grow by 7% by 2025

  /   in Finance   /   Comments

Cans of life by Lessoe

Also, imports of food processing and packaging machinery witnessed an increase of €331 million in 2013, compared to €198 million in 2010, Managing Director, Fairtrade, Mr. Martin Marz, said this at the just concluded Agrofood & Plastprintpack Nigeria 2015 exhibition in Lagos, saying that the figure represents 67 percent increase in the period under review.

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UPMFB to disburse N1.5bn in 2015

  /   in Finance   /   Comments

Naira-6

Umuchinemere Pro-credit Micro Finance Bank (UPMFB) is set to disburse about N1.5 billion as loan facility to the active poor in its 2015 financial year. Meanwhile, the bank disbursed a total loan facility of N1.13 billion as micro loan to about 5, 395 low income earners in 2014.

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Nigeria spends N612bn on JV operators —NEITI report

  /   in Finance 12:43 am   /   Comments

naira sign

The Federal Government, through the Nigerian National Petroleum Corporation, NNPC and the National Petroleum Investment and Management Services, NAPIMS, spent N612 billion, while it paid $3.1 billion as cash calls for its joint venture operations, according to the 2012 audit report of the nation’s oil and gas industry just released by the Nigeria Extractive Industries Transparency Initiative, NEITI.

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Mixed reactions trail limit on debit cards

  /   in Finance 3:59 am   /   Comments

naira-Dollar

Bank customers are divided over the reduction in the amount of foreign exchange that can be accessed for overseas transactions through Naira debit/credit cards.

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302 capital market operators meet new capital base requirements

  /   in Finance   /   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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