Sunday August 30th, 2015
Sunday August 30th, 2015

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Stakeholders charge FG on increased revenue

  /   in Finance 12:00 am   /   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

CBN & Exchange rate: Naira & Dollar

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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Naira depreciates against major currencies

  /   in Finance, News 7:36 am   /   Comments

naira

The Naira on Friday at the parallel market depreciated against three international currencies at the close of trading for the week. A on Friday in Lagos showed that the Naira depreciated by N1 or 0.45 per cent against the dollar due to high demand. It sold for N221 against the dollar from the N220 it sold on Monday, June 15.

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Naira devaluation hits industries hard

  /   in Finance, News   /   Comments

naira-Dollar

At the interbank foreign exchange market, the exchange rate of the naira to a dollar is N196.9 while in the black market it hovers between N210 to N214 to a dollar. Similarly, British Pound Sterling exchanges between N303 to N304 to the Naira, while thed Euro exchanges for N222.

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Tax holidays require sanitisation — FIRS boss

  /   in Finance, News   /   Comments

tax-police

It is all about our common interest because we are all affected. If Nigeria does not have enough revenue, it would not be able to execute government programmes. But you know that the life line of the revenue source of this country is oil. If it does well, you would not know there is problem in all the other sectors. But how do you do effective tax administration in the face of the present tax system? A good tax system is based on the law, the policy and the administration.

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Currency scam: Court grants bail to 5 accused persons

  /   in Finance, News   /   Comments

EFCC operatives leading fresh suspects in the N8 billion CBN staff fraud to the court premises in Ibadan, Oyo State, yesterday

“The amount of money found in their different bank accounts and the worth of property disclosed by them, which is above their proven income, suggest that there is a strong case against them. “Although they complied with the EFCC when they were granted administrative bail, the same may not be said of them now that they know the gravity of what lies ahead,” he said.

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Vat on services of banks and other financial institutions

  /   in Finance, News   /   Comments

VAT

The Value Added Tax Act Cap V1 LFN 2004 (as amended) imposes a tax known as Value Added Tax (VAT) on taxable goods and services. Part 2 of the First Schedule to the Act only exempts services rendered by Community banks, Peoples bank and Mortgage institutions from VAT.

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18 states bankrupt, can’t pay workers’ salaries

  /   in Finance, News 6:20 am   /   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

This is not the first time states owe workers. In 2003, then Economic Adviser to President Olusegun Obasanjo, Professor Charles Soludo, said that most state governments have signed away their future statutory allocations to contractors whom they owe. Explaining many states are bankrupt and cannot fund developmental projects, Soludo said that most states were technically bankrupt as huge deductions are made from their allocations to pay such creditors.

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BVN’ll enable banks blacklist dubious customers

  /   in Finance, News   /   Comments

Folashodun Adebisi Shonubi

With the BVN, we are creating something for Banking customers. The purpose is not just to identify but also ultimately to use it to authorise financial transactions. This cannot be done using the National ID which would identify but it is not meant for authorising Financial transactions. So, the question then is: how do they work together?

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Nigeria generates over $100bn annually from outsourcing — Akindeju

  /   in Finance, News   /   Comments

Peter Akindeju

There was a time in the history of doing business globally that people wanted to own everything that was required, in terms of all the resources, logistics. If you remember many decades ago, even in Nigeria when the oil exploration began, we had companies that had oil wells, filling stations, petrol tankers and what have you. But over time, businesses have realised that that was not an effective of running business.

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Presumptive tax: Equalizing the distribution of tax burden (11)

  /   in Finance, News   /   Comments

tax-burden

It is generally accepted that wages and salaries paid by corporations and governments are taxed more effectively than income earned by the self-employed due to the introduction of withholding taxes at source. Simplified presumptive taxation schemes increase the probability that the self-employed are also taxed effectively.

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CBN strengthens sustainable banking

  /   in Finance, News   /   Comments

CBN Headquarters

“At the CBN, we are doing a lot of things to promote resource efficiency, energy efficiency. We thing I can proudly tell you is that we have connected to the national grid. Before we were running on generators but now we have connected to the National Grid, so our generators are no longer running 24/7. Secondly, we are also in terms of energy efficiency, we shut down systems at certain periods rather than leaving the system running 24/7- apart from essential systems. We are also using energy efficient bulbs.

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Too many issues with N220bn MSMEDF

  /   in Finance, News   /   Comments

CBN Governor, Mr Godwin Emefiele

Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele pointed out that while the micro-loans would be administered through private or state-owned microfinance institutions, finance houses and cooperative finance agencies, the SME loans will be disbursed through the DMBs. Also that the State governments will be able to access up to N2 billion each for lending to eligible beneficiaries through participating financial institutions in their states.

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Sanusi joins Blackstone Africa Fund

  /   in Finance, News   /   Comments

Sanusi

Sanusi was considered an astute and charismatic central-bank governor for Africa’s biggest economy and oil producer, but he was suspended early last year after he raised concerns that the national petroleum company was either losing or stealing billions in oil revenue that should be ending up in state coffers. He remained suspended until his term ran out and the current central banker, Godwin Emefiele, replaced him in June 2014.

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Mobile money transactions in Nigeria hit N985bn yearly

  /   in Finance, News   /   Comments

Mobile Money

It is not right to say that we have not made progress but it is right to say that our expectations of mobile money have not been met. And this may be because we are a little bit ambitious in setting the target. But even at that, each year, transactions in mobile money still run into more than $5 billion. But what we have noticed is that most of the transactions in mobile money are either payment for subscription or remittances.

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