Saturday August 29th, 2015
Saturday August 29th, 2015

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Our initial capital was the idea in my head — Ahmed Atere

  /   in Finance 1:15 am   /   Comments

People in Business pix

Engineer Ahmed Atere is the Chief Operating Officer of Meed Networks, an ICT consultancy and training outfit that is into Integrated Network, LAN, Fibre Optic and Telecom Infrastructure solutions, Cabling and Wiring systems, Biometrics, Test and Security Network solutions.

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Afren’s insolvency: How shareholders frustrated board’s refinancing, restructuring plan

  /   in Finance, News   /   Comments

cover-graph

But the Nigeria-focused oil company’s woes started towards the middle of last year when prices started sliding. Having dipped as low as $45 per barrel in January 2015, they are currently hovering around the $50 mark. Afren’s struggles were compounded by the suspension and subsequent firing of chief executive, Osman Shahenshah, and chief operating officer, Shahid Ullah over the receipt of unauthorised payments last year.

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Using foreign auditing firms to the detriment of locals is killing

  /   in Finance, News   /   Comments

Buhari

I am not speaking for the President but I think what might have informed the decision is his lack of confidence in the Nigerian firms. We have firms that can deliver like their counterparts anywhere in the world. Before we start putting the blame on the President, if there is going to be a blame on him, I think his decision or recommendation which was accepted was made by the committee of governors headed by Edo State Governor, Adams Oshiomhole, under the auspices of Nigerian Economic Council, NEC. I do not think it is the President that fixes it.

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How online marketplace drives e-commerce growth in Nigeria

  /   in Finance   /   Comments

ecommerce pix

Nigeria’s Information and Communications Technology, ICT sector contributes about 8.4 per cent to the gross domestic product, GDP. This sector in turn contributes significantly in driving the trade sector which has grown to about 16.4 per cent according to the 2014 data from the Nigerian Bureau of Statistics.

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Buhari to canvass for foreign investment at Commonwealth Forum

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Buhari

To further boost his regimes international economic exposure President Muhammadu Buhari is expected to lead Nigeria to the first forum of the Commonwealth Enterprise and Investment Council (CWEIC) holding alongside the meeting of the Commonwealth Heads of Government, CHOGM in Malta, November 2015.

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Mergers, Acquisitions loom in oil industry as price crash continues

  /   in Finance, News   /   Comments

Buhari-oil

There are indications that sustained decline in global oil prices and glut in the supply end is now pushing both multinationals and Nigerian companies to consider mergers and acquisitions (M&A).

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IDL spends N313m on distributors

  /   in Finance   /   Comments

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Intercontinental Distillers, IDL Limited has spent the sum of N313 million in cash and gift items to boost businesses of its distributors in the 2015 fiscal year. Of the N313 million, N55 million and Mrs. Dorothy Anegbe of Ogbohu Enterprise winning a Platinum Award of N9.25 million and a 4.5 tonne truck.

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Zenith Bank posts N72bn half-year gross profits

  /   in Finance 6:28 am   /   Comments

Zenith Bank Plc has announced a profit before tax of N72 billion for the half year period ending June 30, 2015, representing 24 per cent increase over N58 billion posted in the same period in 2014.

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Our focus is to promote insurance awareness – CIIN President

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Lady

New President of the Chartered Insurance Institute of Nigeria, CIIN, Lady Isioma Chukwuma has said that her administration will focus on promoting insurance awareness by increasing the visibility of insurance in national consciousness.

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NAICOM boss charges operators on repositioning insurance industry

  /   in Finance   /   Comments

Commissioner for Insurance/Chief Executive of the National Insurance Commission, Mr. Mohammed Kari has said that current developments in the country obviously call for collaborative effort to reposition the profession and the insurance industry.

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Fidelity Bank’s listing of N30bn bonds to boost liquidity

  /   in Finance   /   Comments

The listing of Fidelity Bank’s N30 billion corporate bonds on the Nigerian Stock Exchange, NSE, is expected to boost liquidity in the Nigerian capital market.

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NSE All Share Index, capitalisation drop by 2.34%

  /   in Finance   /   Comments

Nigerian Stock Exchange

The Nigerian Stock Exchange, NSE All-Share Index and market capitalization depreciated last week by 2.34 per cent to close on Friday at 30,705.62 and N10.524 trillion respectively. Similarly, all the indices finished lower during the week under review with the exception of the NSE Industrial Goods index that chalked up 0.11 per cent higher.

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SEC restructures, trims down workforce

  /   in Finance   /   Comments

The Securities and Exchange Commission, SEC, has commenced restructuring of its organisational structure with major focus on trimming down its workforce and reducing the number of its zonal offices.

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Value Added Tax (VAT), Voluntary Compliance

  /   in Finance, News   /   Comments

Tax(VAT)

Section 8(q) of the Federal Inland Revenue Service Establishment Act, 2007, directs the Service to issue a taxpayer identification number to every taxable person in Nigeria in collaboration with State Boards of Internal Revenue and the Local Government Revenue Boards. Section 8(1) of the Value Added Tax Act (VATA) Cap V1 LFN, 2004 as amended in 2007 also requires taxpayers (individuals, enterprises or corporates) to register for VAT.

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FG, FMBN deliver 524 housing units in Katsina

  /   in Finance   /   Comments

The Federal Ministry of Lands, Housing and Urban Development in conjunction with Federal Mortgage Bank of Nigeria, FMBN, has delivered 524 housing units in Katsina State.

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NMRC to raise N29bn in fresh capital

  /   in Finance   /   Comments

Nigeria Mortgage Refinance Company (NMRC) has concluded arrangement to seek approval from members to raise additional equity capital of N28.5 billion via a shelf registration programme by the end of the month.

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Electronic-Taxpay: Tax payment made easy

  /   in Finance, News 12:25 am   /   Comments

tax-a

Once inside the NIBSS E-Bills payments, select “New Request” to start a new payment. This will take you to the NIBSS platform; then select “FIRS e-Taxpay” from the displayed list services that the NIBSS platform provides, in order to start the tax payment in particular; you then enter your TIN (FIRS/JTB-TIN) or the TIN of the taxpayer you want to pay for;

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What constitutes ‘trade’ for tax purposes

  /   in Finance, News 12:49 am   /   Comments

taxes

A definition of the word ‘trade’ cannot be found in Nigerian tax legislation although an attempt was made in PITA. The interpretation Section of the Fifth Schedule of PITA defines “trade or business” to mean “trade or business or that part of a trade or business the profits of which are assessable under this Act”.

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The naira case against fuel subsidy

  /   in Finance, News   /   Comments

SUBSIDY-EXPRESS

The 2015 annual seminar for finance correspondents and business editors organised by the Central Bank of Nigeria (CBN) provided another opportunities for journalists and economic experts to assess developments in the nation’s foreign exchange market in the last 12 months. The theme for the seminar, “The Impact of Crude Oil Prices on External Reserves and Exchange Management in Nigeria” was informed by the declining crude oil prices from over $100 to $56 per barrel in the last 12 months, leading to decline in the nation’s external reserves and over 20 percent devaluation of the naira as well as the various policy measures introduced by the CBN to manage the situation.

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No age limit for accessing micro finance loans

  /   in Finance, News 12:17 am   /   Comments

naira-Dollar

Speaking on the N50 million Micro Small and Medium Enterprises Development Fund (MSMEDF) intervention fund received by the bank, he noted that the fund has been fully disbursed, saying, “We have fully disbursed the entire N50 million and we disbursed it to the education sector to support micro entrepreneurs in the sector and we will be approaching the Central Bank of Nigeria for the next tranch and so we will continue to add value. The education sector is absolutely critical just as the agric sector and other sector that we play actively in,” he said.

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Requirements and Steps for Electronic-Filing of Tax Returns

  /   in Finance, News   /   Comments

tax-burden

Keep your information secure and confidential. The e-filing environment is secured and safe with your User ID and password, ITAS/SIGTAS platform will ensure that your tax information will be safe and confidential. The system takes all submissions by taxpayers as self assessment. The system does the calculation at back-end for you.

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Finance experts laud FG over World Bank’s $2.1bn pledge

  /   in Finance, News   /   Comments

world-bank

Some finance experts have commended the Federal Government for securing $2.1 billion (N393.9 billion) pledge from the World Bank toward the rehabilitation of areas ravaged by insurgence. They said, in Lagos that the credit pledge was a clear indication of government’s commitment to restoring the socio-economic potential of the area. Dr Osi Itsede said the federal government’s effort was not only commendable but a proactive step toward the rebuilding of North-East from the degradation by insurgents.

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MPC decision aggravates policy uncertainty – Khan

  /   in Finance, News   /   Comments

Emefiele CBN Governor

“In consideration of the underlying fundamentals of the economy, the evolving international economic environment, developments in oil prices as well as the need to allow for the unveiling of the economic agenda of the Federal Government, the Committee decided by a vote of 8 to 4 to retain the Monetary Policy Rate at its current level of 13 per cent, by a unanimous vote to retain the CRR at 31 per cent while 4 members voted to remunerate the CRR”, said the CBN Governor, Mr. Godwin Emefiele, in a communiqué issued at the end of the meeting.

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NMRC: How mortgage refinancing works

  /   in Finance, News   /   Comments

Mortgage

Initial step is for a borrower to take out a mortgage loan from a participating mortgage lender based on the uniform underwriting criteria set by NMRC. In return the borrower will provide regular repayments of the loan principal plus interest. The borrower will also provide collateral in the form of a mortgage over the property to be purchased.

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Stock market investors lose N1.032trn in 2 months

  /   in Finance 6:35 am   /   Comments

President Muhammadu Buhari

Nearly two months after President Muhammadu Buhari took over the administration of Nigeria, investors in the nation’s stock market have lost over N1.032 trillion. Stakeholders have attributed the development to slow pace of governance, lack of policy direction, high political risk, feud in the federal legislature, no ministerial appointment, amongst others.

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Entrepreneurs recount experience at TEEP boot camp

  /   in Finance   /   Comments

Tony Elumelu (New)

As a fallout of a two day intensive boot camp session, the 1, 000 Tony Elumelu Entrepreneurs, representing 51 African countries from the Tony Elumelu Entrepreneurship Programme (TEEP) Class of 2015, emerging African entrepreneurs recount experience:

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We want to support youths run mini capital market operations – Okoye

  /   in Finance   /   Comments

okoye

Dr. Nicholas Okoye is the President and Chief Executive Officer of Anabel Group. Anabel Leadership Academy is a catalyst for youth empowerment. He spoke on how the Chartered Institute of Stockbrokers, CIS can create employment for teeming youths and how government can create jobs through entrepreneurship amongst other things.

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150 stock broking firms to meet recapitalisation deadline

  /   in Finance   /   Comments

Nigerian-Stock-Exchange-(NS

There is the likelihood that between 100 and 150 stock broking firms are likely to meet the recapitalisation requirement in the Nigerian capital market, a capital market operator , who preferred to remain anonymous has said.

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Google stock in record one-day windfall of $66.9bn

  /   in Finance   /   Comments

Google-Logo

Google Inc.’s stock closed at a record $699.62 on Friday, delivering $66.9 billion to investors in one day – a record for Wall Street.

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51 mortgage banks fail to meet recapitalisation requirements

  /   in Finance   /   Comments

naira

Atotal of 51 primary mortgage banks (PMBs) failed to meet up with the recapitalisation stipulated by the Central Bank of Nigeria (CBN) as at December 31, 2014.

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China reveals gold holdings amid investors’doubts

  /   in Finance   /   Comments

China released data on its gold holdings for the first time in about six years, but investors say the guessing game about the country’s actual inventory continues.

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‘Foreign exchange risk impacting negatively on FDI’

  /   in Finance   /   Comments

naira-Dollar

Investors in capital market appears to be facing more headwinds in the weeks ahead as key factors that led to recent market declines are stiffening. The key factors are foreign portfolio investor’s (FPI) apathy and weak corporate earnings.

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