Friday April 17th, 2015
Friday April 17th, 2015
Latest

CBN spends $4.7bn to defend naira

  /   in Finance, News 9:34 am   /   Comments

CBN Governor, Mr Godwin Emefiele

The Central Bank of Nigeria (CBN) has spent $4.7 billion to defend the naira this year, even as the nation’s external reserve fell to $29.6 billion week.

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ICA advocates agency that guarantees access to loans by SMEs

  /   in Finance   /   Comments

Naira notes

The Institute of Credit Administration, ICA, has called on the President-elect, General Muhammadu Buhari, to set up a national agency that guarantees access to loans by SMEs, and not to disburse loan to them. In a recommendation to GMB, made available to FV, signed by Registrar/CEO, ICA, Prof. Chris Onalo, “Such agency can be called – Nigerian Credit Guarantee Corporation (NCGC). Surprisingly, up till today, Nigerian government is still not dreaming of creating this national platform that would support the development of SMEs.”

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EFInA urges MfBs to develop product for adults saving at home

  /   in Finance   /   Comments

*File Photo

Enhancing Financial Innovation & Access (EFInA) has urged Micro finance Banks (MfBs) in the country to develop innovative savings products to encourage the 25.5 million adults currently saving at home to save in a micro finance bank. In a survey report titled “The Landscape Of Financial Inclusion And Micro finance In Nigeria,”

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FG’s external debt, States’ debt profile on the rise

  /   in Finance   /   Comments

naira-Dollar

The external debt profile of states has shown that Lagos State has the highest with a profile of $1.087 billion, followed by Kaduna State with a total of $234 million. Cross River State followed closely with an external debt profile of $131.469 million. Other states with relatively large external debt are Edo $123 million, Ogun $109 million, Bauchi $87million, Enugu $62 million, Katsina $78 million, Osun $67 million and Oyo State $72 million.

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Participation of top media in Quill Awards low — Promiasidor

  /   in Finance   /   Comments

Promasidor Nigeria Limited has complained about low participation of journalists in top media houses in its Quill Awards.

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Taxation: The Swivel of the Economy (2)

  /   in Finance   /   Comments

tax-ok

The Nigerian tax system has undergone significant changes in recent times. The tax laws are being reviewed with the aim of repealing obsolete provisions and simplifying the main ones. Taxation in Nigeria is within the administrative purview of the three tiers of government, i.e. federal, state, and local governments as stated in the constitution, with each having its tax space delineated by the Taxes and Levies (Approved List for Collection) Act.

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13 African YGL to benefit from Dangote fellowship

  /   in Finance 12:20 am   /   Comments

*Alhaji Aliko Dangote

Among Seventeen Africans recognised as Young Global Leaders (YGL) in 2015 by the World Economic Forum (WEF) thirteen are to benefit from the Dangote Fellowship instituted by Dangote Foundation.

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Economy: Stakeholders list options for Buhari

  /   in Finance 10:30 am   /   Comments

President-elect Muhammadu Buhari (L) waves in Abuja on April 1, 2015. Nigeria's new president-elect Muhammadu Buhari hailed polls that will lead to the first democratic change of power in Africa's most populous nation as "historic" hours after he secured a decisive victory. AFP PHOTO

Business executives and sectoral groups in the economy have made a list of 23 recommendations to the President-elect, Major General Buhari (retd) on the management of the economy under his administration.

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Tax relief for pioneer companies

  /   in Finance   /   Comments

tax-ok

The Nigerian Government has over the years put in place many different and overlapping incentive schemes to attract both local and foreign investment. Tax exemption is generally regarded as an industrial investment device; many developing countries like Nigeria offer it as one of their major incentives. Basically, tax incentives are designed to encourage investments in certain preferred sectors of the economy and sometimes geared towards attracting inflow of foreign exchange to complement domestic supplies for rapid economic development.

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Nigeria attracted N780bn real estate investment in 2014

  /   in Finance   /   Comments

naira money

Nigeria attracted $3.96 billion (about N780.12 billion) on real estate development in 2014, which is 11 percent of the total sum of $36.4 billion expended on infrastructure construction projects in the country.

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Account submission: NSE gives quoted firms 30 days grace

  /   in Finance   /   Comments

Nigerian-Stock-Exchange-(NS

The Nigerian Stock Exchange, NSE, has granted quoted companies that are yet to submit their 2014 year end financial reports and accounts a 30 day grace period from the due date of required period submission to do so. In a notice announcing the extension, Josephine Igbinosun, Head, Listing Regulations Department, NSE, said the extension would be initially applicable to companies whose year-end is December 2014.

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Supply of Credit improved in Q1 2015 — CBN

  /   in Finance   /   Comments

CBNHQ400

The Central Bank of Nigeria (CBN) has released its report on credit conditions in the financial system. According to the report the availability of secured credit to households decreased in the first quarter of 2015. The apex bank however said this condition is expected to reverse in the second quarter. CBN also said changing liquidity positions remained a major factor behind the decrease while lenders (banks) further reported that tight wholesale funding conditions also made significant contributions.

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Businesses see higher interest rates, further fall in Naira value

  /   in Finance 8:24 pm   /   Comments

naira-Dollar

In spite of optimism of improved economic conditions, businesses across the country said that they expect the naira to further depreciate, while interest rate and inflation rate would continue to rise.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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).

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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.

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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

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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.

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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.

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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.

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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.

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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.

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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.

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