Wednesday April 23rd, 2014
Wednesday April 23rd, 2014
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Breaking the Nigerian Poverty Cycle through Entrepreneurial Revolution. Part 3

  /   in Finance 12:48 am   /   Comments

povertypix1

The difference lies in the presence of a critical mass of entrepreneurs that triggers an entrepreneurial revolution with all its multiplier effect. It is this entrepreneurial spirit that is empowering China, India, along with Russia and the former Soviet satellite countries in Eastern Europe and the Baltic States, to rise above the gravity of years of underemployment.

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Laws and processes for payment of taxes collectible by the Federal Inland Revenue Service (2)

  /   in Business, Finance   /   Comments

Applicable tax law : Withholding Tax (WHT) is not a distinct tax type and therefore has no legislation of its own. It is only a mechanism for the collection of other taxes. Consequently, its application is provided for in the enabling law of other tax types i.e. Section 81 of Company Income Tax Act, Section 54 of Petroleum Profit Tax Act, Section 73 of Personal Income Tax Act and Section 13 of Value Added Tax Act

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We are worried about growth without impact on lives of Nigerians

  /   in Business, Finance   /   Comments

*Finance Minister, Ngozi Okonjo-Iweala

At the just-concluded IMF/World Bank Spring Meetings, the Minister of Finance and the Coordinating Minister of the Economy, Dr. Okonjo-Iweala and the Acting Governor of the CBN, Dr. Sarah Alade took time off their back-to-back meetings with global financial leaders and officials of the IMF/World Bank to brief the press on what transpired at the various sessions of the global financial caucus meetings. In fact, Okonjo-Iweala spent just about 30 minutes with the media before rushing to attend a session she co-chaired with the World Bank President saying it would be rude for her to stay back while the World Bank President waits for her to come in.

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Rebased economy and Jonathan’s burden

  /   in Business, Finance   /   Comments

Jonathan-worried

The base year for computing Nigeria’s GDP has now been officially shifted from 1990 to 2010. By 2016 government says the base year would shift to 2015 and every five years thereafter. In a country devoid of good news there was palpable excitement on the part of Nigerians and the federal government. Something positive is coming out of ‘Bethlehem’. With the excitement over, the time for sober reflection and introspection is here.

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CBN releases N19.9bn GESS fund to boost agric

  /   in Finance 12:00 am   /   Comments

The Central Bank of Nigeria (CBN) has so far released about N19.9 billion under the Growth Enhancement Scheme (GES)’s Credit Risk Guarantee (CRG) meant to boost agriculture financing in the country.

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Property title critical to mortgage creation – FMBN

  /   in Business, Finance 12:20 am   /   Comments

*Oba Elegushi Housing Estate

Chairman of Federal Mortgage Bank of Nigeria (FMBN), Mr. Bisi Ogunjobi, has reiterated the importance of possession of property titles to mortgage creation and refinancing.

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Manufacturers face too many cost challenges – Odunayo

  /   in Business, Finance   /   Comments

*Odunayo

The immediate past Executive Vice Chairman/CEO,Honeywell Flour Mills Plc, Mr. Folaranmi Babatunde Odunayo, retired on April 1st, 2014. Mr. Odunayo retired after 17 years of meritorious service. Odunayo, Honeywell’s pioneer CEO is a graduate of the then University of Ife, Ile-Ife (now ObafemiAwolowo University).

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How online retailers can leverage Omni-Channel to deepen market

  /   in Finance   /   Comments

As consumer behaviour evolves and new technologies emerge, the term “omnichannel” will be used increasingly within the retail environment.

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20% cassava flour in bread: Stakeholders seek legal backing

  /   in Finance   /   Comments

Don’t tell me it is not possible, if you don’t include 10% of cassava flour in your wheat flour, wait and see what we will do.”

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Nigeria must invest in aircraft maintenance facility – AON

  /   in Finance   /   Comments

Chairman of Airline Operators of Nigeria, AON , Captain Nogie Meggison has cautioned that until Nigeria establishes an aircraft Maintenance, Repair and Overhaul , MRO, facility in the country the aviation sector will not optimize the inherent potential and benefits of the sector.

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Becoming Tax Certified

  /   in Business, Finance   /   Comments

TAX

Before the advent of the Europeans, Nigerians willingly paid their taxes in kind by rendering free services such as clearing of bush and fallow farmlands, digging pit toilets, wells, etc. for the benefit of the community as a whole. Properties were usually seized whenever there was a default and such properties might be reclaimed on payment of money.

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Illegal fees: NAICOM to wield big stick on perpetrators

  /   in Business, Finance   /   Comments

As part of ongoing efforts to sanitise the insurance industry of unethical practices, the National Insurance Commission, NAICOM, has said that henceforth, it is a punishable offence for insurance companies to pay fees on any insurance business transaction except as provided by insurance law.

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Dangote explains ‘X’ in cement grade

  /   in Finance   /   Comments

The Management of Dangote Cement said the newly introduced cement, 3X, represents, “Xtra strength; ‘Xtra life and Xtra yield which is for the safety of human lives rather than profits.

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ICAN awards forensic, IFRS certification to members

  /   in Finance   /   Comments

The Institute of Chartered Accountants of Nigeria (ICAN) has awarded the Forensic Accounting and International Financial Reporting Standards (IFRS) certificates to some of it members who qualified in the various examinations.

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Affordable housing: From dream to reality

  /   in Finance   /   Comments

Exactly fourteen months after convening the Housing Retreat in November 2012, President Goodluck Ebele Jonathan is launching the Nigeria Mortgage Finance Company (NMRC), signaling the beginning of a process that would finally increase opportunities for Nigerians to own their homes at an affordable price. Today’s event will also involve the reinvigoration of mass housing initiatives which will, along with the NMRC, give the housing sector the necessary fillip to start realising its great potential for the good of the country.

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CBN introduces e-Referencing to quicken account opening process

  /   in Business, Finance 12:47 am   /   Comments

CbnLogo

The Central Bank of Nigeria (CBN) has introduced electronic referencing to quicken process of opening bank accounts.

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Investors lose N960bn in 3 months as NSE market value drops by 7.3%

  /   in Business, Finance   /   Comments

Unlike the Stock market, Forex trading is Online

Investors in the Nigerian capital market lost N960 billion between January and March this year. The Nigerian Stock Exchange, NSE, market capitalisation dropped by 7.3 per cent to close at N12.27 trillion last Thursday from N13.23 trillion opening at the beginning of trading on 2nd of January, 2014.

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Stakeholders parley on consumers’ rights abuse

  /   in Finance   /   Comments

Small-Business222

As part of activities to celebrate the 2014 World Consumers Day, Brand Journalists’ Association of Nigeria, BJAN held a one day symposium in Lagos to draw attention to issues affecting the Nigerian Consumers. The theme of the event, “Corporate Nigeria and The Helpless Consumer,” had the speaker in the person of Oyeyemi, General Manager, Consumer Marketing, MTN, provided an inciting discourse.

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‘Banks’ earnings to drop over CRR increase for private sector deposit’

  /   in Business, Finance   /   Comments

*File Photo

Commercial banks operating in the country will likely report weak earnings at the end of 2014 financial year following continuous tightening of banking system liquidity by the Monetary Policy Committee.

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Protect your business against money laundering – NFIU charges BDCs

  /   in Business, Finance   /   Comments

naira-Dollar

Nigeria Financial Intelligence Unit has charged the management of bureaux de change (BDC) to put in place measures that will protect their businesses from money laundering activities.

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How African govts can attract youths to agriculture – FAO

  /   in Business, Finance   /   Comments

Cassava

The Food and Agriculture Organisation (FAO) says the best way to attract youths to agriculture is for African governments to evolve fiscal policies that will allow them to have access to finance.

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Breaking the Nigerian poverty cycle through entrepreneurial revolution Part 1

  /   in Finance   /   Comments

Nigeria is a country of absurd economic realities. The 13th largest crude oil producer in the world and the second largest economy in Africa earn an estimated $2.2 million a day in oil revenue. Yet, its GDP per capita, at just over $1,400, is among the lowest for the continent and 54 per cent of its 148 million people live on less than $1 per day. The figures are especially shocking because of the abundance of natural resources primarily oil and natural gas, and massive agricultural potential based on its climate and significant rural population.

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Fire: Lagos to begin enforcement of building law

  /   in Finance 9:03 pm   /   Comments

The Lagos State Government has threatened severe sanctions against any individual or organisation that fails to abide by its Urban and Regional Planning Development Law.

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NMRC: FG plans N50bn bond, IFC to invest N40.8bn

  /   in Finance   /   Comments

The Federal Government has disclosed plans to raise a N50 billion bond to augment the initial take off fund of the recently launched Nigeria Mortgage Refinancing Company (NMRC) in a bid to boost housing finance in the country. This is even as the International Finance Corporation (IFC) is set to invest $255 million (about N40.8 billion) in the NMRC.

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Experts split on using reserves to defend Naira

  /   in Business, Finance 12:58 am   /   Comments

NAIRaa

With the nation’s external reserves falling below its lowest level in eighteen months, economic experts are divided over the policy of using the reserves to defend the naira.

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Naira: Critical moment for currency on life support

  /   in Business, Finance   /   Comments

1000-naira-notes

Today is a critical moment for the Naira. Its fate, at least for the next two months, will be decided by eleven economic experts who meet regularly to review and take decisions on policies that influence money supply in the Nigerian economy. For the past three years or so, members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) have consistently decided to defend the naira.

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Insurers responsive to victims of security incidents – NAICOM

  /   in Business, Finance   /   Comments

motor insurance

Families of police victims of the security situation in the country, particularly in the North, have not really felt the impact of loss of loved ones because insurance have been responsive to their plight.

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Nigeria’s manufacturing real content capacity still 18% – NCDMB boss

  /   in Finance   /   Comments

cement

Real local content in Nigeria industries is alarmingly low at about 18 percent, Executive Secretary, Nigeria Content Development Board (NCDMB), Mr. Ernest Nwapa, has disclosed.

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SEC won’t permit wrong-doing in our market – Oteh

  /   in Finance   /   Comments

Ms Oteh, SEC's DG

The Director General, Securities and Exchange Commission, SEC, Ms. Arunma Oteh, who was a guest speaker at the recently concluded annual lecture of Women in Business in Lagos spoke on a lot of issues affecting the Nigerian capital market as well as issues affecting women’s investment in the capital market.

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Nine airports now have wind shear alerts — Anuforom

  /   in Finance   /   Comments

Murtala Mohammed Airpot, Lagos

The Director General of the Nigerian Meteorological Agency , NIMET, Dr. Anthony Anuforom has said that no single Nigeria airport had wind shear alert system by 2006. The DG made this revelation while speaking with aviation reporters.

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Insurers responsive to victims of security incidents — NAICOM

  /   in Finance   /   Comments

Families of police victims of the security situation in the country, particularly in the North, have not really felt the impact of loss of loved ones because insurance have been responsive to their plight.

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Tax System in Nigeria: Issues and Challenges

  /   in Finance   /   Comments

The Nigerian tax system has undergone several reforms geared at enhancing tax collection and administration with minimal enforcement cost. The recent reforms include the introduction of TIN, (unique Taxpayer’s Identification Number which became effective since February 2008), automated tax system that facilities tracking of tax positions and issues by individual taxpayers, e-payment system which enhances smooth payment procedure and reduces the incidence of tax touts, enforcement scheme (Special Purpose Tax officers), these are special tax officers in collaboration with other security agencies to ensure strict compliance in payment of taxes.

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