Wednesday May 27th, 2015
Wednesday May 27th, 2015
Latest

Another ‘Genius’ Fails Nigeria: Okonjo-Iweala (1)

  /   in Finance, News, Sobowale On Business 3:46 am   /   Comments

Okonjo-Iweala: Begs for time

In one of her last face-saving measures, Dr Ngozi Okonjo-Iweala, the Coordinationg Minister for the Economy, CME, “directed the immediate termination of the partnership between the Subsidy Reinvestment and Empowerment Programme and Forcecom Networks Limited on the Graduate Internship Scheme.”

Read More →
Latest

‘No hurry to invest N4.6trn pension funds in infrastructure’

  /   in Finance, News   /   Comments

cartoon-pension

“It is important to note that safety of the pension fund takes very high premium over and above returns. Nobody says you shouldn’t make returns but not at the risk of losing money. So the industry is not going to throw money after risky investments,” Hussain stated.

Read More →
Latest

Shareholders call for winding up of AMCON

  /   in Finance, News   /   Comments

Mustafa Chike-Obi, MD, AMCON

Shareholders of FBN Holdings Plc have called for the winding up Asset Management Corporation of Nigeria, AMCON. Also, FBN Holdings have explained to its shareholders why it declared 10 kobo dividend and one for 10 bonus for the financial year 2014, stressing that it was done to further boost its business for the benefit of all stakeholders in the nearest future.

Read More →
Latest

Value Added Tax (VAT) in Nigeria I

  /   in Finance, News   /   Comments

taxes

The idea of introducing VAT in Nigeria came from the study group set up by the Federal Government in 1991 to review the entire tax system. VAT was proposed and a committee was set up to carry out feasibility studies on its implementation. In January, 1993, the then government agreed to introduce VAT by the middle of the year.

Read More →
Latest

Lafarge Africa grows production capacity to 12 million tonnes

  /   in Finance, News   /   Comments

Lafarge

“The recent strengthening of the Rand versus the Naira will increase the value of the South African profits to the Group, and is a testament to the advantages of having added Lafarge South Africa to the Group,”

Read More →
Latest

Development Finance loans are not national cake — BoI MD

  /   in Finance, News   /   Comments

Rasheed-Olaoluw-MD-BoI

We believe that in terms of the current industrial policy, there are several good elements that will continue to resonate with the Nigerian private sector because many of them have been discussed at forums like the Nigeria Economic Summit Group, NESG, and so on and so forth. So in terms of the Nigeria Industrial Development Plan, NIRP, I believe the policy is sustainable and it is not likely to suffer policy reversal.

Read More →
Latest

Banks gain N470bn liquidity from CRR harmonisation

  /   in Finance, News   /   Comments

naira

There are indications that banks gained additional liquidity of N470 billion from the harmonisation of Cash Reserve Ratio (CRR) by the Central Bank of Nigeria (CBN). The CRR is the amount of customers deposits that banks are mandated to keep as cash. Prior to last week, the CRR for public sector deposit was 75 percent, while that of private sector deposit was 20 percent.

Read More →
Latest

SON seeks N115m to host ARSO forum in Abuja

  /   in Finance, News   /   Comments

Naira note

The Standard Organisation of Nigeria (SON) is seeking N115m to host African Organisation for Standardisation, (ARSO)’s President’s Forum for Chief Executive Officers of National Standards Bodies (NSBs) in Africa billed for Abuja next month. The Director General/Chief Executive, Standard Organisation of Nigeria (SON) and President, ARSO, Dr. Joseph Odumodu, disclosed this at the media launch of the convention logo and information manual as well as partnership drive for the ARSO President’s forum in Lagos recently.

Read More →
Latest

Micro finance Platform holds corporate governance symposium

  /   in Finance 11:46 pm   /   Comments

Naira-6

Nigerian Micro finance Platform, under the auspices of AFOS-LAPO Micro finance Bank Project in collaboration with Accion Micro finance Bank, is set to hold its inaugural corporate governance symposium. The symposium scheduled to hold on May 26, 2015 in Lagos, is themed: “The Cost/Consequences of Bad Corporate Governance”

Read More →
Latest

Heritage Bank empowers women with ‘Becoming Financially Fearless’

  /   in Finance   /   Comments

women-finance

Heritage Bank has moved boost the capacity of women entrepreneurs through a women empowerment programme titled ‘Becoming Financially Fearless’. Organised by the Genevieve Gathering, ‘Becoming Financially Fearless’ is a one day programme, sponsored by Heritage Bank as part of its commitment to women empowerment in Africa with special focus on Nigeria.

Read More →
Latest

Ecobank Nigeria receives $15m loan to boost US exports

  /   in Finance, News   /   Comments

naira money

Ecobank Nigeria has received a loan of $15 million (N300m) to support export of United States agricultural products. Announcing this in a statement on Friday, the bank said, “Ecobank Nigeria is privileged to be the first Nigerian Bank to have utilized a credit line under the U.S. Department of Agriculture (USDA) Export Credit Guarantee Program. The GSM 102 Program provides credit guarantee to encourage commercial financing of U.S. agricultural commodity exports, thereby assisting U.S. exporters in making sales that might not otherwise occur.

Read More →
Latest

Sterling Bank celebrates Children Day

  /   in Finance   /   Comments

CAPTION; INDOMIE Wife of Lagos State governor,Mrs Dame Emmanuella Fasola (middle) flanked by the MD/CEO of Dufil Prima Food PLC,Mr Deepak Singhal(5th right) PR/Event Manager Dufil Prima Food PLC,Mr Tope Asiwaju(3rd left)the Coordinator Indomie Fan Club,Mrs Faith Joshua(4th left)Mrs Mosunmola Junaid(left)Mrs Olaitan Ipaye (2nd left) Mrs Ayinde Rhoda (3rd right),Mrs Bolanle Pelumi(2nd right),Mrs Asissat Tijani and Indomie Fan Club children during the Indomie Children Day party held at National Theatre Lagos,on 21/5/2014.PHOTO BY ALABA IGBAROOLA.

Sterling Bank Plc have rolled out plans to celebrate the 2015 Children Day in Nigeria Top on the agenda is the presentation of gifts to eligible customers and the promotion of a social media campaign encouraging parents to post “selfies” taken with their children; following which followers/ fans are encouraged to vote and the top three posts are awarded prizes. A selfy is a photograph taken of oneself with a smartphone or webcam and shared via social media.

Read More →
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.

Read More →
Latest

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.

Read More →
Latest

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”.

Read More →
Latest

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.

Read More →
Latest

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.

Read More →
Latest

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.

Read More →
Latest

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.

Read More →
Latest

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.

Read More →
Latest

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.”

Read More →
Latest

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.

Read More →
Latest

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.

Read More →
Latest

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.

Read More →
Latest

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.

Read More →
Latest

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.

Read More →
Latest

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.

Read More →
Latest

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.

Read More →
Latest

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.

Read More →
Latest

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.

Read More →
Latest

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.

Read More →
Latest

‘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.

Read More →