Saturday May 30th, 2015
Saturday May 30th, 2015
Latest

Administration of withholding Tax (11)

  /   in Finance, News 12:20 am   /   Comments

TAX-aa

The organizations making the payments are required to withhold tax from such payments and pay over the withheld amounts to their respective relevant Tax Authorities within 30days of receipt of payment or credit by the person or entity suffering the Tax. The relevant tax authorities to receive the WHT tax transactions made by companies is FIRS and for individuals and unincorporated bodies subject to Rules of Residence is SIRS or FIRS.

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‘External reserves can’t pay for more than 3 months of imports’

  /   in Finance 7:10 pm   /   Comments

naira-Dollar

The nation’s foreign exchange reserves fell one per cent month-on-month to $29.5 billion by April 28, from $29.8 billion a month earlier, the central bank said weekend. This implies that the reserves at the current rate of importation can support just three months of import.

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Latest

Is the abolition of fuel subsidy imminent?

  /   in Finance, Rational Perspectives   /   Comments

subsidy-cartoon

Regrettably, delayed payments of verified subsidy claims, may inadvertently also further bloat the already oppressive service charges on loans obtained to finance the 2015 budget deficit and other earlier government debts. Curiously, the imminent federal and state elections, may have forced government to accede to pressure from marketers to pay the demanded balance of N256.2bn, which they claimed included core subsidy as well as interest on delayed payments and exchange rate differentials.

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Forex limit on naira debit card: CBN to set BVN trap for multiple card holders

  /   in Business, Finance   /   Comments

Very soon, bank customers that have multiple naira debit cards linked to different banks accounts would not be able to spend more than $50,000 for overseas transaction through their cards.

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Tax on the go, anywhere, anytime

  /   in Finance   /   Comments

tax-a

E-tax Pay is an online self-service tax payment system whereby the taxpayers are given an opportunity to pay their taxes through their banks’ online payment portal. It is an initiative put in place by FIRS in collaboration with Nigerian Interbank Settlement System (NIBSS) and approved collecting banks.

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National Assembly’s biggest joke in four years

  /   in Finance, Sobowale On Business   /   Comments

naira money

It is just as well that over seventy per cent of the current representatives in the National Assembly will not be returning. This is probably the least productive legislative branch in the world today. Unproductive, that is, in anything which could be beneficial to the people of Nigeria. It might however be the front runner for mischief and idleness.

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Latest

FG engages consultants to reconcile airlines’ debts

  /   in Finance   /   Comments

Nigerian Airways grounded

Managing Director, Nigerian Airspace Management Agency ,NAMA, Engr Ibrahim Abdulsalam weekend disclosed that the Federal government has engaged the services of financial consultant to reconcile the indebtedness of domestic airlines operating in Nigeria to the aviation agencies , namely, Nigerian Airspace Management Agency ,NAMA, Federal Airports Authority of Nigeria, FAAN, and the Nigerian Civil Aviation Authority, NCAA.

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Plastic subsector to grow by 7% by 2025

  /   in Finance   /   Comments

Cans of life by Lessoe

Also, imports of food processing and packaging machinery witnessed an increase of €331 million in 2013, compared to €198 million in 2010, Managing Director, Fairtrade, Mr. Martin Marz, said this at the just concluded Agrofood & Plastprintpack Nigeria 2015 exhibition in Lagos, saying that the figure represents 67 percent increase in the period under review.

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UPMFB to disburse N1.5bn in 2015

  /   in Finance   /   Comments

Naira-6

Umuchinemere Pro-credit Micro Finance Bank (UPMFB) is set to disburse about N1.5 billion as loan facility to the active poor in its 2015 financial year. Meanwhile, the bank disbursed a total loan facility of N1.13 billion as micro loan to about 5, 395 low income earners in 2014.

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Nigeria spends N612bn on JV operators —NEITI report

  /   in Finance 12:43 am   /   Comments

naira sign

The Federal Government, through the Nigerian National Petroleum Corporation, NNPC and the National Petroleum Investment and Management Services, NAPIMS, spent N612 billion, while it paid $3.1 billion as cash calls for its joint venture operations, according to the 2012 audit report of the nation’s oil and gas industry just released by the Nigeria Extractive Industries Transparency Initiative, NEITI.

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Mixed reactions trail limit on debit cards

  /   in Finance 3:59 am   /   Comments

naira-Dollar

Bank customers are divided over the reduction in the amount of foreign exchange that can be accessed for overseas transactions through Naira debit/credit cards.

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302 capital market operators meet new capital base requirements

  /   in Finance   /   Comments

Nigerian-Stock-Exchange-(NS

About 302 capital market operators have so far complied with the new capital base as directed by the apex capital market regulator, Securities and Exchange Commission, SEC .

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Africa CEO Forum: What does the election of Muhammadu Buhari mean for doing business in Nigeria?

  /   in Finance   /   Comments

economy

Africa CEO Forum: What does the election of Muhammadu Buhari mean for doing business in Nigeria?

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SEC set to revive corporate bonds market, Commodities Exchange

  /   in Finance   /   Comments

Nigerian-Stock-Exchange-(NS

The Securities and Exchange Commission, SEC, has said that it is taking steps to address the perceived dormancy in the corporate bonds market. The Acting Director General of SEC, Mr. Mounir Gwarzo, disclosed this while briefing of capital market correspondents at the end of the first quarter of 2015 Capital Market Committee, CMC meeting in Lagos.

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2015 Federal Budget: Matters Arising — Afrinvest

  /   in Finance   /   Comments

Budget

The Nigerian Federal House of Representative on Thursday passed the sum of N4.5tn budget for the 2015 fiscal year with an increase of N135.4bn over initial proposal submitted in November 2014. In addition, the House has adopted an oil benchmark of US$53.0, daily oil production of 2.3mbpd, exchange rate of N190.00/US$1.00 and fiscal deficit/GDP ratio of 1.1%.

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MAY: Nigeria’s month with history as Adesina seeks to lead AfDB

  /   in Finance   /   Comments

Buhari

The month of May is going to be a special year in the annals of Nigerian history as General Muhammadu Buhari will be sworn in as the President of the country having defeated the incumbent, President Goodluck Ebele Jonathan. In the same month of May another Nigerian, Dr. Akinwunmi Adesina, the current Minister of Agriculture and Rural Development, might be elected the President of the African Development Bank as the financing institution is electing a new president to replace the incumbent President Donald Kaberuka.

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NCRIB gains wider acceptability with Limra’s recognition

  /   in Finance   /   Comments

insurance-pix

The Nigerian Council of Registered Insurance Brokers (NCRIB) can now access the database of LIMRA, a world acclaimed financial services research consultancy body, following its admission. Conveying the NCRIB admission during the 2015 International Business trip of the Council’s delegates to Malta, Europe, the Operation Head of LIMRA Europe, Middle East and Africa, Carla Baldivia said with the admission, NCRIB would now have access to the database of the association and be able to access yearly global financial reports by the body.

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LAPO awards scholarship to 700 students

  /   in Finance   /   Comments

bank

LAPO Micro finance Bank (MfB) has awarded scholarship to about 750 students who are children of it’s clients who meet the requirements set by the scholarship board, targeting 100, 000 scholarship by 2022. The bank conducted a scholarship ballot exercise across all the zones of its operation in the country and 1000 students qualified for the scholarship but 750 who meet the requirement would benefit the scheme.

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Publication of bank-debtors: Shareholders react, back CBN

  /   in Finance 12:59 am   /   Comments

The Central Bank of Nigeria head office  in Abuja.

During the last banks’ crash, the then CBN Governor, Lamido Sanusi, published the names of banks’-debtors,which made him the enemy of the powerful-blocs; while many of the then debtors threatened to go to court. Surprisingly, none of them did, instead they resorted to repaying some of their debts to the banks,while many were yet to settle their indebtedness fully till today.

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The realities of fighting poverty – World Bank President

  /   in Finance 2:41 am   /   Comments

Jim-Yong-Kim-World-bank-president

We really believe that there are many, many win-win-win situations out there. The bottom line is that unless we create bankable projects, projects in which there will be returns, we’re not going to get the infrastructure built. So we focus so much on doing this, we’ve created something called the global infrastructure facility.

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Nigeria shuns World Bank-backed zero gas flaring summit

  /   in Finance   /   Comments

*Gas flare

Chief executives from major oil companies joined senior government officials from several oil-producing countries in Washington to commit, for the first time, to ending the practice of routine gas flaring at oil production sites by 2030 at the latest. The commitment was made on the sideline of the IMF/World Group Spring Meetings in Washington.

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Shareholders should use advocacy power to influence policies —Osunkeye

  /   in Finance   /   Comments

File photo: The  floor of Stock exchange

The chairman of Lafarge Africa, Mr. Olusegun Osunkeye, has urged shareholder associations to use their power of advocacy to change policies of government that will be inimical to the growth and success of their companies.

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Planning to file your returns? Do it before the due dates!

  /   in Finance   /   Comments

tax-police

It takes more than just paying your taxes to be a good taxpayer, you must ensure you pay on or before your tax liability is due; if every taxpayer decides to pay their taxes only when they feel like, or when it is convenient for them, then they probably may not pay at all since there may never be such a time that is ‘convenient’ to pay.

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Make loans available through MfBs, Lagos NAMB urges Ambode

  /   in Finance   /   Comments

Akinwunmi Ambode

Lagos State wing of National Association of Micro finance Banks (NAMB) has called on the Governor elect, Akinwunmi Ambode to ensure loans are made available for entrepreneurs through the sub sector. The association made the call through its Chairperson, Mrs. Clara Oloniniyi, in a congratulatory statement, where she said that adequate loans be made available for the growth of entrepreneurs, especially Micro, Small and Medium Enterprises (MEMEs’) operators in the state.

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State Govts intensify internally generated revenue drive

  /   in Finance   /   Comments

money

There are indications that State Governments are intensifying their revenue generating ability, probably to reduce over reliance on the federal allocation which began a downward trend, month-on-month in the past six months. Early reports from five states of the federation for the fiscal year ended December 31, 2014 also shows some of the states posting over 100 per cent rise in their internally generated revenue (IGR) profile over the five year period (2010-2014) under review.

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CBN reminds banks of consequence of dollarisation of economy

  /   in Finance   /   Comments

CBN Governor, Mr Godwin Emefiele

The Central Bank of Nigeria (CBN) on Friday reminded all banks of the consequences of the rising trend of currency substitution and dollarisation of the economy. The CBN, in a circular issued by its Banking Supervision Department, warned all banks to desist from collecting and using dollars for transactions. It reiterated that the Naira currency remained the only legal tender in the country.

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Navy foils pirates’ attempt to hijack ship in Lagos

  /   in Finance   /   Comments

File Photo: Nigerian Navy

About ten suspected pirates who attempted to hijack a foreign vessel, MT IMAS was at the weekend foiled by the Nigerian Navy (NN) on Lagos waterways.

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AfricInvest acquires minority interest in Elephant Group

  /   in Finance   /   Comments

AfricInvest Capital Partners is in the process of acquiring a minority equity interest in Elephant Group as it has entered a deal with Elephant Group Limited for an equity investment.

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Transcorp assures improved financial performance in 2015

  /   in Finance   /   Comments

Transnational Corporation of Nigeria, Transcorp Plc, has assured its stakeholders of improved financial performance in 2015 given the results achieved by the company in the 2014 financial year.

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Germanwings crash: Aviation insurance to rise globally

  /   in Finance   /   Comments

The cost of insurance for aviation companies globally may rise if the directorate general of civil aviation goes ahead with its plans to make it mandatory for pilots to undergo psychiatric test before takeoff as any failure to clear the test could lead to flight cancellations and claims.

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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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