Saturday July 4th, 2015
Saturday July 4th, 2015
Latest

GES Scheme: Agro-allied contractors cry out over unpaid N52 billion

  /   in Finance 12:02 am   /   Comments

Fertilizer suppliers who participated in the Federal ministry of Agriculture’s Growth Enhancement Support Scheme (GESS) are begging the government to redeem the N52 billion (Fifty Two Billion Naira) being the subsidy portion they are being owed by both the Federal and State Governments.

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Lafarge Africa wins CAC compliance award

  /   in Finance   /   Comments

Lafarge Africa Plc has been awarded the Best Complying Company of the Year 2014 by the Corporate Affairs Commission..

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Bond market brushes aside economy policy waiting game

  /   in Finance, News   /   Comments

As most operators in the economy continue to wait for government policy pronouncements before making major business and investment moves bond market appears to be an exception in the game.

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Fidelity Bank pledges commitment to efficient trade transactions

  /   in Business, Finance 11:00 pm   /   Comments

Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo, has reiterated the bank’s commitment to efficient processing of trade transactions.

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UNIDO calls on new administration to sustain NIRP

  /   in Finance   /   Comments

The United Nations Industrial Development Organisation (UNIDO) has called on the new administration of President Muhammadu Buhari to intensify efforts at sustaining the Nigerian Industrial Revolution Plan (NIRP).

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Latest

Our exhibition’ll deepen Nigeria-Iran trade relations – Koozechi

  /   in Business, Finance   /   Comments

Saeed Koozechi

Mr. Saeed Koozechi is the Iranian Ambassador to Nigeria. In this interview with BABAJIDE KOMOLAFE & JONAH NWOPOKU, he spoke on the bilateral trade relations between Nigeria and the Islamic Republic of Iran. He also spoke on how the two countries can explore the opportunities provided by the upcoming first Iranian Solo Exhibition in Nigeria to boost trade ties

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GE still positioning for Nigeria with USD10b investment

  /   in Finance   /   Comments

General Electric (GE), a 123-year old American Conglomerate with operations in 130 countries around the world, is gearing up to further exploit the economic potentials inherent in sub-Saharan African markets, especially Nigeria and Ethiopia. At the ongoing World Economic Forum (WEF) on Africa, GE said it would increase its capital outlay to US$10 billion over the next five years.

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Latest

Two mortgage banks conclude merger deal

  /   in Finance   /   Comments

In line with ongoing reforms in the mortgage sector which pegged minimum capital requirement for state operations at N2.5 billion, Spring Mortgage Plc and United Mortgage Limited have concluded agreements to merge.

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New govt’ll restore confidence in IMC sector – Marketing professionals

  /   in Finance   /   Comments

PARLEY - From Left:  Head of Government Affairs, West Africa Area, British American Tobacco (BATN), Odiri Erewa-Maggison; Head of Legal and External Affairs, Freddy Messanvi; Area Head of Corporate Affairs, Oluwaseyi Ashade; and Head of Litigation and Regulation, Sola Dosunmu during a media parley in Lagos

The indicators that drive the integrated marketing communications industry were completely lagging in quarter one. What will determine the success of business in Q2 is the concern of this report for the 2015 financial year. Princewill Ekwujuru takes a cursory look into Q2.

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Experts harp on corporate governance for MfBs operation

  /   in Finance   /   Comments

Experts have highlighted the cost and consequences associated with bad corporate governance for Microfinance Banks (MfBs) in operations within the country.

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Kenya’s president nominates IMF adviser as central bank chief

  /   in Finance   /   Comments

Kenya’s president has picked an IMF adviser, Patrick Ngugi Njoroge, as the next central bank governor, pending approval by parliament, his spokesman said on Tuesday.

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‘Women empowerment will enhance financial literacy’

  /   in Finance, Interview   /   Comments

Ade Ashaye

If we look at the level of financial literacy and development of the financial ecosystem, particularly for consumers,’ we are still at the early stages of the electronic ecosystem, and there has been a good deal of progress, with that progress there is a need for financial literacy as part of that progress. Our commitment is to focus on financial literacy, provide and teach individuals systems that help them to learn how to spend, save and budget properly. If you have the basic understanding everyone will learn from it and that is one of the purposes of the progress. We have been doing our programmes for decades in Visa and we have had programmes localised in about 30 countries, our initial commitment was to take 20 million people through our financial literacy programmes by 2013 and we have achieved that a year early and to date we are approaching 30 million people who have done visa financial literacy programmes.

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FAAN partners Globacom to launch Wi-Fi at all irports

  /   in Finance   /   Comments

The Federal Airports Authority of Nigeria, FAAN, has partnered Nigeria’s multinational telecommunications company, Globacom Ltd, to launch a nationwide Wireless Fidelity (Wi-Fi) facility across all the airports in the country.

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ICAO commences security audit of Nigerian civil aviation

  /   in Finance   /   Comments

The International Civil Aviation Organisation, ICAO, has commenced its ICAO Universal Security Audit Programme of Nigerian civil aviation .

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Value added tax (VAT) in Nigeria (II)

  /   in Finance   /   Comments

taxes

All goods and services are ‘VATable’, except those that are exempted under schedule 1 of the Act. These are: Goods Exempted All medical and pharmaceutical products, Basic food items, Books and educational materials, Baby products, Fertilizer, locally produced agricultural and veterinary medicine, farming machinery, and farming transportation equipment All exports Plant and machinery imported for

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Latest

Unilever set to raise equity stake as offer extends to June 25

  /   in Business, Finance   /   Comments

MD, Unilever Nigeria, Mr. Yaw Nsarkoh

Unilever Overseas Holdings B.V. has indicated interest in increasing its equity stake in Unilever Nigeria Plc from 50.04 per cent up to a maximum of 75 per cent and has made a tender offer to individual shareholders of Unilever Nigeria.

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Latest

FAO Food Price Index falls to its lowest value since September 2009

  /   in Finance   /   Comments

Major food commodity prices declined again in May, hitting an almost six-year low as cereal prices fell substantially amid a favourable outlook for this year’s harvests.

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Latest

Banks shun loan proposals for vessel acquisition

  /   in Finance, News   /   Comments

THE crisis presently rocking the Nigerian Ship-owners Association, (NISA) last week, took a new dimension as banks participating in the ship acquisition scheme have shunned and stopped processing loan applications for vessel acquisition by local ship operators planning to acquire ships to boost their fleet.

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Latest

Mobile money promise in sub-Saharan Africa

  /   in Finance, News 10:18 pm   /   Comments

Mobile Money

An efficient approach to the M-commerce opportunity is simple: mobilize the billions of transactions made every day around the world, connect the closed loop and controlled environment of the financial services sector, and encourage mobile operators and other industry players to leverage their existing assets by offering compelling mobile-money services to their subscribers.

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Bitstake: New dawn of digital finance in Nigeria

  /   in Finance 6:09 am   /   Comments

New Nigerian Bitcoin exchange platform uses digital currency and offers safe, viable alternative to traditional loan markets.

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Latest

Energy firms borrow N504bn from Diamond Bank

  /   in Finance, News   /   Comments

Energy-Pix-3-gas_processing

Nigerian energy firms have borrowed about N503.674 billion from Diamond Bank Plc over the last two years between 2013 and 2014 to finance their operations. This, according to Diamond Bank’s ‘Consolidated and Separate financial statements for the year ended, 31 December 2014,’ comprises loans and advances of N264.941 billion and N238.733 billion for 2014 and 2013 respectively.

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Two worldwide reinsurers perform worse in Q1 2015

  /   in Finance, News   /   Comments

NCRIB MEMBERS EVENING: From left: Deputy President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr.  Ayodapo Shoderu; President, NCRIB, Laide Osijo and Group Managing Director, Cornerstone Insurance Plc, Mr. Ganiyu Musa at the August 2013 edition of NCRIB Members’ Evening, hosted by Cornerstone Insurance Plc, in Lagos.

Two out of 18 publicly traded worldwide reinsurers performed worse first quarter of 2015 than the overallmarket, according to A.M. Best, an international rating agency in its special report on reinsurance subsector. In the report the agency said. “In fact, the group of all followed public company’s return during 1Q15 was an average share price increase of 8.3 per cent versus the market total return of 0.4% for the same time period.”

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‘Nigerian insurance sector becoming toast of foreign investors’

  /   in Finance, News   /   Comments

Akin Ogunbiyi, GMD, Mutual Benefit Assurance

Low insurance penetration rates, good growth prospects, a relatively stable political climate and an improving regulatory landscape, is making Nigeria a country of interest to foreign investors seeking to capitalise on untapped insurance demand, A.M Best has said. In its report titled, ‘Nigeria’s Insurance Sector Faces Economic Challenges, but New Government Improves Prospects,’ A.M Best noted that new insurance licenses are no longer being issued, owing to the high number of insurers operating in the relatively small sector, hence any prospects entering the market would have to do so through the acquisition of existing insurance entities.

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Latest

Expert urges employees to prepare for retirement

  /   in Finance, News 12:14 am   /   Comments

File Photo: Aged Pensioners waiting for their entitlement

Managing Director of Premium Pension Limited, Mr. Wilson Ideva has stated that retirement that is not preceded by proper planning and preparedness could spell disaster for both the retiree and the society. Ideva made this assertion in Asaba while delivering a paper at the 2nd edition of the Delta State Bureau of State Pensions Annual Lecture Series.

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Insurance sector offers hope of significant potential — report

  /   in Finance, News   /   Comments

insurance-pix

The Nigerian insurance sector is considered to offer significant potential with foreign investors attempting to build a profile in the market despite being confronted by a difficult operating environment as fluctuating oil prices threaten the country’s economic expansion. According to a report by A.M Best, a sense of optimism is prevailing as the prospect of a new political era is instilling a greater degree of confidence in Nigeria’s future.

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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.”

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‘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.

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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.

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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.

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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,”

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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.

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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.

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