Friday July 31st, 2015
Friday July 31st, 2015

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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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Stakeholders charge FG on increased revenue

  /   in Finance   /   Comments

Stakeholders, have called on the Federal Government to focus on areas of boosting government revenue as a means of meeting the country’s infrastructural deficits and financial obligations.

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ITF dismisses claim to relocate HQ

  /   in Finance   /   Comments

The Management of Industrial Training Fund, (ITF) has dismissed insinuations of relocating its Headquarter from Jos in Plateau State to Abuja, Federal Capital Territory, (FCT).

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ABCON laments over-regulation of bureaux de change

  /   in Finance, News 12:39 am   /   Comments

Association of Bureaux De Change Operators of Nigeria (ABCON) has lamented the over-regulation of bureaux de change. The Association, in a letter to the Governor, Central Bank of Nigeria (CBN), said, “We wish also to inform you of the increasing challenges arising from over regulation and complex documentation requirements that licensed BDC operators are facing in carrying out their daily legitimate operation. These also have had negative impact on their efforts toward compliance to statutory and regulatory requirements.

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Banks and Nigeria’s $14bn infrastructure challenge

  /   in Finance, News   /   Comments

Naira-dollar-1

Among other things, Nigeria’s economic development is confronted with the challenge of huge infrastructure deficit. According to the Africa Infrastructure Country Diagnostic (AICD) Report for 2011, the country requires sustained spending of $14.2 billion per annum over the next decade in order to address the infrastructure challenge. Furthermore, it is estimated that Nigeria needs N10.63 trillion ($67 billion) for road upgrades, bridge repairs, the energy sector, hospitals and schools.

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NSE creates Pension 40 Index to boost market performance

  /   in Finance, News   /   Comments

Unlike the Stock market, Forex trading is Online

The Nigerian Stock Exchange (NSE) has created NSE Pension 40 Index as part of key initiatives to drive market optimisation. The NSE Pension Index conforms with the requirements of the Pension industry as specified in the Pension Reform Act 2014 (as amended) and Regulation on Investment of Pension Fund Assets as prepared and amended by the National Pension Commission.

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Nigerians in Diaspora remit N10.35trn in 4 years

  /   in Finance, News   /   Comments

1000-naira-notes

The Nigerians in Diaspora organisation (NIDO) said its members remitted about $63.17 billion (N10.35 trillion) into the country between 2011 and June 2014. Dr George Manuwuike, the Chairman Board of Trustees of NIDO, stated this in Abuja during a news conference on the Diaspora Day 2015 scheduled to hold from July 23 to July 27 in Abuja. Manuwuike said that the Diaspora remittance was second only to oil and gas revenue as the highest foreign exchange injection to the Nigerian economy.

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OPS wants takeoff of SMEs Development Bank

  /   in Finance, News   /   Comments

Manufacturers Association of Nigeria and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture arms of the Organised Private Sector, OPS, have called for the take off of the SMEs Development Bank of Nigeria (DBN) without further delay. Vanguard learned that since the Bank with $1 billion capital base was inaugurated last year by the Federal Government to cater for the credit needs of manufacturers in the micro, Small and Medium Enterprises (MSMEs) sectors of the economy, it has neither office nor Board of directors.

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AIB investigates Emirates, Hak Air ground accident at Lagos Airport

  /   in Finance, News   /   Comments

CAUGHT—Lanseria Airport, Johannesburg, S-Africa. INSET: The Bombardier Challenger jet.  Courtesy: Flightaware.

The Accident Investigation and Prevention Bureau, AIB, has commenced investigation into the ground accident involving a Boeing 777-200LR belonging to Emirates Airline and a parked plane of Hak Air which occurred last Monday night at the Murtala Muhammed Airport, Ikeja, Lagos. The incidence which occurred around 9.30pm had the B737-400 plane owned by HAK Air badly damaged.

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FG earns N14trn from crude export – NNPC

  /   in Finance, News 12:31 am   /   Comments

nnpc

Barring other arrangements and deductions, Nigeria earned $74.512 billion, about N14.902 trillion, from crude oil export in 2014, according to data released by the Nigerian National Petroleum Corporation, NNPC. The NNPC, in its 2014 Annual Statistical Bulletin, revealed that the amount was earned by NNPC and other oil and gas companies in the country, which exported about 773.833 million barrels of crude to different regions of the world.

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Bankers, financial analysts weary over forex regime

  /   in Finance, News 12:37 am   /   Comments

CBN Governor, Mr Godwin Emefiele

Following multiple rules rolled out by the Central Bank of Nigeria (CBN) last week, financial experts have classified the monetary policy regime and environment as unstable, uncertain and therefore hostile to businesses. CBN had rolled out two circulars last week declaring some items ineligible for both its foreign exchange (forex) window and the alternative sources namely, the bureau de change (BDC) and export proceed windows, citing excessive pressure on foreign reserve and the need to stimulate local production of those items.

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e-Tax Pay the easy way to pay your tax

  /   in Finance, News   /   Comments

TAX-aa

The tax system since medieval times has undergone reforms. These reforms, focused on taxpayers, are meant to increase service delivery and customer satisfaction. The FIRS has not been left behind as, for some time, reforms are ongoing to make its operations friendlier, convenient and conform to global best practices. In order to simplify payment methods, FIRS has designed a new payment platform called e-tax Pay.

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N480bn spent annually on malaria treatment

  /   in Finance, Health, News   /   Comments

World-Malaria-Day-2

“Advocacy, communication, social mobilisation is critical in promoting the malaria strategies of government. State governments to take up full responsibility for malaria control and Public-private partnership to fight malaria critical.”

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Financial Derivatives predicts 9.1% inflation for June

  /   in Finance, News   /   Comments

naira money

“At its next Monetary Policy Committee (MPC) meeting on July 20 to 21, the Central Bank of Nigeria would have to proffer solutions to address inflation, depleting external reserves and determine an efficient exchange rate price mechanism. This is a significant development given the apex institution’s decision to restrict access to the interbank currency market on 41 select items, including staples, rice, cement, tomato products and poultry. This pushes the pressure towards the parallel market.

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BoI disburses N75.8m to off-grid solar home system providers

  /   in Finance, News 10:22 pm   /   Comments

Rasheed-Olaoluw-MD-BoI

“The solar system when installed can power 4 LED lamps, Television, radio and other appliances, with an average daily cost of N50. After the pilot phase has been proven successful, we have a long term goal to provide 100,000 homes with the solar power systems within the next five years,“he said. He said that the project would provide a long term solution to the problem of power generation, which ihe said was currently less than 4,000 megawatts.

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Neglect of solid minerals: Why Nigeria remains poor

  /   in Finance, News 8:38 am   /   Comments

Miners

Economists, geologists and surveyors have long agreed that under the Nigerian soil are wealth and riches untold. But majority of Nigerians are wallowing in poverty. The Nigerian Extractive Industries and Transparency Initiative, NEITI report suggests that there are about 40 different kinds of solid minerals and precious metals buried in Nigerian soil waiting to be exploited. The commercial value of Nigeria’s solid minerals has been estimated to run into hundreds of trillions of dollars, with 70 per cent of these buried in the bowels of Northern Nigeria.

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AGM: Shareholders caution CAC over unnecessary approvals

  /   in Finance, News   /   Comments

Nigerian-Stock-Exchange-(NS

In the letter signed by the National Coordinator, and General Secretary of PROSAN, Mr. Oderinde Taiwo and Mrs . Oluyemisi Fawunmi , it sated , I hereby write on behalf of the above named associations and the entire minority shareholders of International Energy Insurance Plc for your insensitivity and for putting our investment at risk by granting approval to one of the shareholders of the company by name Pearlchris Properties Limited t hold Extra- ordinary General Meeting, EGM last month at Le Meridian Hotel, Uyo, Akwa Ibom State.”

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Naira: Between restriction and devaluation

  /   in Finance, News   /   Comments

1000-naira-notes

In spite of economic realities, the Central Bank of Nigeria (CBN), for obvious reasons, is trying hard to avoid another devaluation of the naira. Consequently, it imposed further restrictions on the foreign exchange market by excluding 41 products and services from purchase of dollars from the nation’s foreign exchange market.

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FG receives €170 million grant to build power transmission network

  /   in Finance, News 12:26 am   /   Comments

Naira note

ABUJA: The Federal Government, disclosed weekend, that it received a grant of €170 million from the Agence Francaise Development, AFD, to build power transmission network in the Federal Capital territory, FCT, and its neighbouring Nasarawa State. The French agency also made a donation to the tune of $200million towards the expansion of electricity transmission grid in Lagos State.

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Who will represent depositors of Savannah Bank?

  /   in Finance, News   /   Comments

BANK

CBN is aware of the plight of the depositors of the bank but cannot take any action for now to ameliorate their suffering. The second revelation which is also a fall out from the above is that, the depositors of Savannah Bank can prompt a change in the situation by taking action. For example, the depositors can approach the Bank Customer Association of Nigeria (BCAN) for advice and assistance to engage with the CBN and owners of the Savannah Bank.

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