Monday March 30th, 2015
Monday March 30th, 2015
Latest

Nigerian domestic Airlines lose N1.3 billion to elections

  /   in Finance 12:59 am   /   Comments

The cancellation of all Domestic flights on Saturday and the subsequent cancellations of all domestic flights on election days will cost Nigerian domestic airlines daily revenue loss of about N1.3 Billion. Though, according to the Acting General Manager, Public Affairs, Nigerian Airspace Management Agency, NAMA, Mrs. Olajumoke Adetona, the airspace will not be closed.

Read More →
Latest

CBN, IFC to establish NCR to stabilize MSME financing

  /   in Finance   /   Comments

CBN Governor, Mr Godwin Emefiele

The Central Bank of Nigeria, CBN, in collaboration with the International Finance Corporation, IFC will in June 2015 establish a national collateral Registry, NCR to stabilize Micro Small and Medium Enterprise, MSME financing in Nigeria. The establishment of NCR is to boost the confidence of Nigerian banks in playing active role in financing the MSME sector in Nigeria.

Read More →
Latest

Financial institution tasked to develop products to maintain competitive edge

  /   in Finance   /   Comments

money1

A professor of Accountancy, Ben Osisioma has charged the financial services sector to develop products and show financial leadership in order to maintain competitive edge in the industry as well as drive productivity and sustainable growth. He gave the charge while delivering a lecture at the induction of United Bank for Africa, UBA top management into the Nigeria Institute of Management, NIM, in Lagos.

Read More →
Latest

How to save more through electronic payment

  /   in Finance   /   Comments

Mobile Money

Electronic payment solutions provider, Remita has offered new ways to improve efficiency, and save more money through electronic payment. At a breakfast meeting titled: ‘Declining revenues – time for new ideas’ Remita said given the declining revenues confronting the nation and disrupting operations and targets of some businesses, it has become imperative for businesses to begin to think of new ways of improving efficiency by curtailing wastes through electronic payments.

Read More →
Latest

FG projects N14 trillion for Nigeria aviation sector

  /   in Finance   /   Comments

FG-&-Money

The Federal Government has projected about N14 trillion investment plan to develop the country’s aviation industry in the short, medium and long term as part of measures to develop the sector to compete with other countries in passenger growth and also contribute to the Gross Domestic Product (GDP). The investment portfolio of USD 62 billion, (about N15 trillion), the Minister of Aviation, Mr. Osita Chidoka said is attainable because Nigeria was strategically located from where airlines can easily connect with other African countries, Europe and the Middle East as its population size and demography is a huge asset.

Read More →
Latest

E-Taxpay Payment…Promoting Transparency in tax payment system

  /   in Finance   /   Comments

tax 1

Electronic-Taxpay is an online self-service tax payment system which gives taxpayers the opportunity to pay their taxes through their banks’ online payment portals. It is an initiative of FIRS in collaboration with Nigerian Interbank Settlement System (NIBSS). It is meant to facilitate payments of taxes from the comfort of taxpayers’ offices or homes. Taxpayers can pay using the electronic channels provided by their banks such as the banks’ internet banking platform, branches and mobile banking platforms.

Read More →
Latest

FG commences screening of youths for entrepreneurship training

  /   in Finance   /   Comments

Some of the participants posing for a picture after the event

The Federal Government has commenced screening of Nigerian youths for entrepreneurship training with the launch at the weekend of the Youths Entrepreneurship Strategy in Oil and Gas Industry. Besides, part of the #220 billion set aside for Micro Small Medium Enterprises (MSME) through the Central Bank of Nigeria (CBN) would be utilized to fund the Youth Entrepreneurship Strategy.

Read More →
Latest

NeFF mulls banking risk information centre to tackle financial crime

  /   in Finance   /   Comments

The Nigeria electronic Fraud Forum, NeFF has said it plans to set up banking risk information centre to tackle all forms of fraud in the financial services sector.

Read More →
Latest

NCC to issue 14 licences, scoop $224m in 2.6GHz auction

  /   in Finance 12:18 am   /   Comments

NCC-law

The Nigerian Communications Commission, NCC, has said that it is issuing about 14 new licenses in the ongoing auctioning process of the 2.6GHz spectrum band to avoid monopoly and engender competition in the market. The Executive Vice Chairman of the Commission, Dr. Eugene Juwah, disclosed this while speaking on the resumption of the licensing process of the spectrum in Abuja.

Read More →
Latest

Parties spend N4.9bn on political adverts

  /   in Finance 9:14 am   /   Comments

Campaign-posters

With just five days to the March 28 elections, advertising spend on political campaigns has been estimated to have cost political parties, friends and well wishers of those seeking elective offices a princely N4.9 billion so far. However, federal and state advert regulatory agencies have expressed displeasure over publications of unapproved advert materials.

Read More →
Latest

E-TAXPAY PAYMENT… Promoting Transparency in Tax Payment System

  /   in Finance   /   Comments

tax 1

tax 1Electronic-Taxpay is an onlineself-service tax payment system which gives taxpayers the opportunity to pay their taxes through their banks’ online payment portals. It is an initiative of FIRS in collaboration with Nigerian Interbank Settlement System (NIBSS).

Read More →
Latest

Deloitte survey reports surge in Africa’s mega projects to $326bn in 2014

  /   in Finance   /   Comments

Mobile Money

Investment in African mega projects surged 46% to US$326 billion last year led by heavy investment in transport, energy and power, according to the third annual Deloitte African Construction Trends report, which monitors progress on capital intensive infrastructure on the continent. To qualify for inclusion in the Deloitte African Construction Trends report, projects must be valued at more than US$50 million and had to have broken ground by at least 1 June 2014.

Read More →
Latest

Transition to e-payment of taxes will be gradual — Obaro

  /   in Finance   /   Comments

John-Obaro

In order to make tax payment more convenient for tax payers, the Federal Inland Revenue Service (FIRS) last month introduce electronic filling and payment of taxes. The initiative was in partnership with SystemSpecs, owners of the Remita electronic payment platform, which can be used for electronic filling and payment of taxes. In this interview, John Obaro, speaks on the objectives and benefits of e-filling and payment of taxes and the role of Remita in the initiatives. Excerpts

Read More →
Latest

SMEs can access finance with appropriate strategies — BoI

  /   in Finance   /   Comments

Mangoes flood Zuba Fruit Market in Abuja on Friday (13/4/12). There Is Need to Preserve Our Seasonal Fruits. NAN Photo

The Bank of Industry, (BoI), has said that Small and Medium Enterprises (SMEs) in Nigeria can overcome the challenge of lack of access to finance by employing appropriate strategies suitable to their peculiar characteristics. Disclosing this at the 2015 Annual General Meeting of the Nigerian Association of Small and Medium Enterprises (NASME), Executive Director, Small and Medium Enterprises, BOI, Mr. Waheed Olagunju, said SMEs are recognised as playing key roles in the economy of any society and Nigeria is not an exception.

Read More →
Latest

Quoted firms research reports: Related brokerage firms should not be involved —Analyst

  /   in Finance   /   Comments

Nigerian-Stock-Exchange-(NS

The Senior Africa Investment Analyst, Mr. Jude Fejokwu has said that Board members of listed companies on the Nigerian Stock Exchange , NSE that own or partly own stakes in brokerage firms and/or investment banks should be prevented from publicly disseminating equity research reports and related materials on the companies they are board members of using their in-house analysts.

Read More →
Latest

State ad agencies abandon regulatory brief for revenue generation

  /   in Finance   /   Comments

naira sign

The investigation conducted by Vanguard on the activities of the agencies like the Lagos State Signage and Advertising Agency, LASAA, Ogun State Signage and Advertising Agency, OGSAA, Oyo State Signage and Advertising Agency, OYSAA, Ekiti State Signage and Advertising Agencies, EKSAA and the Kwara State Signage and Advertising Agency, KWSAA, showed a drastic reduction in their primary objective of environmental beautification.

Read More →
Latest

Debt Office recommends $12.4bn borrowing ceiling for FG in 2015

  /   in Finance   /   Comments

naira money

The Debt Management Office (DMO) has recommended a maximum of USD12.4 billion total borrowing (domestic and external) for Federal Government in 2015. This would amount to N2.5 trillion addition to the existing N7.9 trillion outstanding debt as at end 2014, bringing the total indebtedness to about N10.4 trillion.

Read More →
Latest

Regulation not enough in granting credit — ICA

  /   in Finance 12:10 am   /   Comments

credit-card

The Institute of Credit Administrators (ICA) Nigeria has called parties involved in credit transactions to be guided by a sense of values and ethics, stating that regulation alone is not enough for effective credit administration. ICA was set up in 1992 in response to a lax credit system characterized by a number of unethical business practices which were negatively affecting business cash flows.

Read More →
Latest

NBCC blames failed, abandoned projects on policy somersault

  /   in Finance   /   Comments

market-2

The Nigerian British Chamber of Commerce, NBCC, has blamed failed and abandoned projects littering every nook and cranny of the country on government’s policy somersaults. The President of NBCC, Prince Adeyemi Adefulu, made this assertion during a breakfast meeting organised by the chamber in Lagos.

Read More →
Latest

Financial literacy: FMDQ trains Covenant varsity students

  /   in Finance   /   Comments

Covenant University, Ota

FMDQ played host to the Banking & Finance Students’ Association of Covenant University, Ota, Ogun State, on March 16 & 17, 2015. This study tour provided an opportunity for the 400 level students to gain thorough insight into the scope and operations of FMDQ, and financial the market activities in general.

Read More →
Latest

How about non-financial investment? (3)

  /   in Finance 12:26 am   /   Comments

Nigerian-Stock-Exchange-(NS

I don’t want to invest in shares, bonds, bank deposits. What can I invest in? This is the question posed by some readers. The last two editions highlighted the reality of risk in every type of investment, and the fact that to invest your money, you either invest the money yourself in a business activity of your own, or you give (lend) the money to somebody who must use it to generate income, from where he can derive profit and return your money with interest.

Read More →
Latest

Bank customers use payment cards to bypass forex laws

  /   in Finance 8:47 am   /   Comments

naira-Dollar

Bank customers have resorted to using electronic payment cards such as MasterCard and Visa card to circumvent foreign exchange regulations.

Read More →
Latest

NDIC: An amendment in the interest of bank depositors

  /   in Finance   /   Comments

1000-naira-notes

John Bull had to wait for six years before he could get N50, 000 of his money trapped in the defunct Fortune International Bank. He had over N300, 000 in his current account with the bank before the Central Bank of Nigeria (CBN) revoked its operating license, with that of 13 other banks that could not meet the December 31st 2005 recapitalisation deadline.

Read More →
Latest

Contributory pension fund hits N4.7 trillion

  /   in Finance   /   Comments

Pix: A Protest by Nigeria Union of Pensioners, Lagos state, on non payment of Pensioners arrears and gratuities by Lagos state Government, at Lagos House, Alausa, Ikeja. Photo: Bunmi Azeez

The nation’s Contributory Pension fund has hit a N4.7 trillion mark which have now provided Money Deposit banks with stable deposits with which they can to lend on long-term basis.

Read More →
Latest

How banks lost N199bn to e-fraud in 13yrs

  /   in Finance   /   Comments

atm2

Nigerian banks lost a total of N199 billion to electronic related fraud between 2000 and 2014, mostly due to inappropriate and reckless management of customers’ data.

Read More →
Latest

Quoted companies pay N1trn in taxes —Aig-Imoukhuede

  /   in Finance   /   Comments

Agboje-Aig-Imoukhuede

The President of Nigerian Stock Exchange, NSE , Mr. Aigboje Aig-Imoukhuede, has disclosed that quoted companies on the Exchange pay not less than N1 trillion as taxes to the government.

Read More →
Latest

Sterling Bank rewards customers with UK trip

  /   in Finance   /   Comments

The six winners of the Sterling Bank Gunners Promo who emerged at the fourth Gunners Promo held at the weekend will have the opportunity of an all-expense paid trip to watch the home match involving Arsenal Football Club and Chelsea on April 26, 2015. Disclosing this to newsmen after the fourth draw of the promo held over the weekend at the Bank’s corporate head office, Sterling Towers, the Bank’s Group Head, Strategy & Communications, Mr. Shina Atilola said this was in line with the promise made by the Bank at the commencement of the Promo last year.

Read More →
Latest

“Only mortgages can bridge housing deficit” – Fashola

  /   in Finance   /   Comments

mortgage-fashola

Lagos State Governor, Mr. Babatunde Fashola, said home ownership through mortgage was the only effective way to bridge housing deficit in the country. Fashola spoke at the inauguration of Chois Estate, a housing estate in Lekki area of the state. The 420-unit estate of bungalows and duplexes was delivered by the state government in partnership with a property development company, First Communities Limited.

Read More →
Latest

Penalties for late filers, ABC of tax returns (2)

  /   in Finance   /   Comments

tax-police

As a follow up to last week’s publication, below is a continuation of the article that highlights the requirements for filing returns, due dates and penalties for late filing of returns as it pertains to various tax types. Last week’s edition focused on Company Income Tax (CIT), Education Tax (EDT), National Information and Technology Development Levy (NITDL), Estimated Petroleum Profit Tax (PPT), Final PPT, Personal Income Tax (PIT).

Read More →
Latest

What to do when dealing with estate agents

  /   in Finance   /   Comments

A Housing Estates in Lagos

Avoid upfront payment – You are advised not to deposit, transfer or pay any money upfront to an agent before confirming that the agent is genuine and before seeing the property that you are interested in. Top agents do not usually request for an inspection fees before viewing a property.

Read More →
Latest

Government is punishing employers with taxes – Euriel Chukwudum

  /   in Finance   /   Comments

Euriel-Chukwudum

“I don’t know if it is a crime for some entrepreneurs to create jobs. Government is punishing employers of labour with lots of taxes, rent charges and fees. A lot of exploitation is going on in the system. We are not saying we will not pay tax as good citizens but government should provide us with the services the taxes are meant for.

Read More →
Latest

FG reiterates commitment to affordable housing

  /   in Finance   /   Comments

FG-Housing

Minister of Lands, Housing and Urban Development, Mrs. Akon Eyakenyi, has reiterated the commitment of the federal government to the provision of affordable housing in the country. She gave the commendation at the commissioning of the 102 units ministerial pilot housing scheme in Suleja Niger State, which was fully funded by the Federal Mortgage Bank of Nigeria (FMBN).

Read More →