Monday July 28th, 2014
Monday July 28th, 2014
Latest

Naira: Critical moment for currency on life support

  /   in Business, Finance 12:32 am   /   Comments

1000-naira-notes

Today is a critical moment for the Naira. Its fate, at least for the next two months, will be decided by eleven economic experts who meet regularly to review and take decisions on policies that influence money supply in the Nigerian economy. For the past three years or so, members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) have consistently decided to defend the naira.

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Insurers responsive to victims of security incidents – NAICOM

  /   in Business, Finance   /   Comments

motor insurance

Families of police victims of the security situation in the country, particularly in the North, have not really felt the impact of loss of loved ones because insurance have been responsive to their plight.

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Nigeria’s manufacturing real content capacity still 18% – NCDMB boss

  /   in Finance   /   Comments

cement

Real local content in Nigeria industries is alarmingly low at about 18 percent, Executive Secretary, Nigeria Content Development Board (NCDMB), Mr. Ernest Nwapa, has disclosed.

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SEC won’t permit wrong-doing in our market – Oteh

  /   in Finance   /   Comments

Ms Oteh, SEC's DG

The Director General, Securities and Exchange Commission, SEC, Ms. Arunma Oteh, who was a guest speaker at the recently concluded annual lecture of Women in Business in Lagos spoke on a lot of issues affecting the Nigerian capital market as well as issues affecting women’s investment in the capital market.

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Nine airports now have wind shear alerts — Anuforom

  /   in Finance   /   Comments

Murtala Mohammed Airpot, Lagos

The Director General of the Nigerian Meteorological Agency , NIMET, Dr. Anthony Anuforom has said that no single Nigeria airport had wind shear alert system by 2006. The DG made this revelation while speaking with aviation reporters.

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Insurers responsive to victims of security incidents — NAICOM

  /   in Finance   /   Comments

Families of police victims of the security situation in the country, particularly in the North, have not really felt the impact of loss of loved ones because insurance have been responsive to their plight.

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Latest

Tax System in Nigeria: Issues and Challenges

  /   in Finance   /   Comments

The Nigerian tax system has undergone several reforms geared at enhancing tax collection and administration with minimal enforcement cost. The recent reforms include the introduction of TIN, (unique Taxpayer’s Identification Number which became effective since February 2008), automated tax system that facilities tracking of tax positions and issues by individual taxpayers, e-payment system which enhances smooth payment procedure and reduces the incidence of tax touts, enforcement scheme (Special Purpose Tax officers), these are special tax officers in collaboration with other security agencies to ensure strict compliance in payment of taxes.

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Vocation and technical education – A Key To Improving Nigeria’s Development (3)

  /   in Finance   /   Comments

An entrepreneur is a person who makes plans for a business or a piece of work and gets it going. Anyanwuocha (2001) observes that the entrepreneur is the chief co-ordinator, controller and organizer of the production process. The entrepreneur combines other factors of production (land, capital and others) in such a way as to obtain maximum production of goods and services at minimum costs.

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Customer First: Competing for Talent the Wrong Way

  /   in Finance   /   Comments

Today, I write with pains in my heart. As result of the tragedy that the recent Nigeria Immigration
Service (NIS) recruitment exercise became, I have decided to suspend the write-up planned for this week.
First, I wish to express my heartfelt condolences to the families that lost their loved ones and sympathies to the injured. Sincerely, no job opportunity – no matter how juicy – is worth dying or being injured for.

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MTN Afrinolly breaks barriers in indigenous movie production

  /   in Finance   /   Comments

African movie industry has over the years received world recognition for its growth and development. With its arrays of stars ranging from producers, directors to actors, actress, screen writers and other elements that complete the production process, many people now see prospect in the African movie industry.

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Building collapse: Lagos to make professionals accountable

  /   in Finance 7:06 pm   /   Comments

Lagos State government is set to introduce new building regulations that will ensure that engineers and architects put their seal on their drawings and give letters of indemnity on buildings they handle.

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Sanusi and the missing $20bn

  /   in Finance, Viewpoint   /   Comments

Mallam Sanusi Lamido Sanusi

The embattled CBN Governor, Mr Lamido Sanusi has never cut a popular figure in the socio-economic/political environment of the nation’s polity. He has in the past pitted himself against unnecessary narcissist indulgences ranging from meddling in issues of national security regarding Boko Haram, to attacks on high profile and respectable Nigerian Christian leaders like Pastor Enoch Adeboye. As enraged as I was with his attack against Adeboye, I must put away sentiments and personal loyalty and my dislike for the CBN governor in considering a burning national issue of great international dimensions to our nation and its citizens. This is not about Sanusi, this is about an alleged missing $20b (twenty billion US dollars) from the nation’s account.

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We need a policy framework that channels public sector deposit to real sector — Heritage Bank CEO

  /   in Finance 1:24 am   /   Comments

Heritage-Sekibo

One year ago, Heritage Bank commenced operations as an offshoot of the defunct Societe Generale Bank, inheriting its liabilities. In this interview, Managing Director/Chief Executive of the Bank, Mr Ifie Sekibo, spoke on the impact the bank has made on the industry, how it has coped with the challenges of intense competition, and the tight monetary policy of the CBN. Excerpts

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CBN: A transition in trial and error

  /   in Finance 12:42 am   /   Comments

CbnLogo

Central banks play critical roles in the society. They control money supply and manage the economy to ensure stable prices, macroeconomic growth and stability of the nation’s currency.

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Union Assurance records 12% growth in GPI

  /   in Finance 12:12 am   /   Comments

Union Assurance Company Limited has posted Gross Premium Income, GPI, of N4.303 billion for the 2012 financial year.

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Mass housing: Lagos adopts alternative building method

  /   in Finance   /   Comments

*Don Jazzy never bought this mansion

Lagos State government has adopted the use of dry construction technology for the building of the proposed 1008 units Ijora Badia housing project. The system is being used as a test-run in a bid to promote efficiency and cost effectiveness in the state’s quest for mass housing delivery.

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CBN moves to address N15 exchange rate difference

  /   in Finance 1:20 am   /   Comments

CENTRAL Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi

The Central Bank of Nigeria (CBN) has removed the limit of $250,000 that banks can sell to each Bureaus De Change per week.

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The inheritors: Why nigerian one-man companies never last (2) Chief MKO Abiola

  /   in Finance   /   Comments

Late Chief MKO Abiola

When he finally died in military detention in 1998, the curtains fell on one of the characters on the Nigerian stage whose life story will remain part of the national legend for as long as there is a nation called Nigeria. M.K.O.

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Access Bank Conference: Stakeholders react on sustainable economic leadership

  /   in Finance   /   Comments

Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala

In a bid to address sustainable leadership issues in the various sectors of the economy, be it in capital market, banking, insurance etc, the Access Bank conference has provided insightful commentaries from investors and other stakeholders from both local and international community.

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Difference in exchange rates caused by restrictions in forex supply—ABCON President

  /   in Finance   /   Comments

The difference (margin) between the official exchange rate and the parallel market exchange rate has always been a challenge in the foreign exchange market. In 2006, and for the first time, the Central Bank of Nigeria, CBN, succeeded in eliminating this gap, by incorporating bureaux de change to access the official foreign exchange, which is sold to end-users with regulated margin.

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NCAT acquires  360 degree Visual Tower Simulator for ATC training

  /   in Finance   /   Comments

The Nigerian College of Aviation Technology, NCAT, Zaria has acquired a 360 degree Visual Tower Simulator for Air Traffic Controllers training. This was disclosed by the Spokesman of Aviation Parastatals, Mr Yakubu Dati, as one of the milestones recorded by the college in the outgoing year.

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UAE overtakes Nigeria as biggest equities investment destination

  /   in Finance 12:16 am   /   Comments

The United Arab Emirates ( UAE), the second-biggest Arab economy has overtaken Nigeria as equities biggest investment destination, according to data compiled by Bloomberg.

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Understanding electricity tariffs paid by consumers

  /   in Finance 12:12 am   /   Comments

electricity-NIGERIA

The Nigerian Electricity Regulatory Commission, NERC, has put into operation a Multi-Year Tariff Order, MYTO, for the determination of the cost of electricity sold by distribution/retail companies for the period June1, 2012 to May 31, 2017.

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Europe is making progress but not all is well- Lagarde

  /   in Finance 1:35 am   /   Comments

Largarde

Europe seems to be turning the corner. Progress in tackling big challenges has been made. Signs of growth have begun to emerge after several years of declining activity, and question marks about the viability of the monetary union have dissipated.

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MFBs asset increases by 25% in 2013

  /   in Finance   /   Comments

Total assets of Microfinance Banks (MfBs) in the country increased by 25.2 per cent, said Central Bank of Nigeria (CBN) in its Stability Report for the financial year ended June 2013.

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Investible funds: We are promoting knowledge of mutual funds — Oyebola

  /   in Finance 1:53 am   /   Comments

michealoyebola

Mr. Michael Oyebola, is the Managing Director and Head of FBN Capital Asset. He is also the President of the Fund Managers’ Association of Nigeria (FMAN).

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Expert faults NIMASA on abandonment of core function …Agency restates commitment to seafarers’ welfare

  /   in Finance   /   Comments

*Maritime

National Secretary of Nigeria Ship-owners Association, (NISA), Captain Niyi Labinjo, has accused the management of the Maritime Administration and Safety Agency, NIMASA, of abandoning its core function .

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Poor services cripple intercity rail line

  /   in Business, Finance 12:17 am   /   Comments

A prototype light rail  ... proposed for Lagos

One year after its re-introduction, poor services have crippled the Lagos-Kano intercity rail line, with travel time worsening by 13 hours.

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Regulation necessary for secure mobile service delivery —Aderinlola

  /   in Finance   /   Comments

File photo: refurbished phones

Chief Executive Officer of Beyondbrances Nigeria Limited, Simon Aderinlola has said that some of the regulatory frameworks put in place by telecommunication companies in Nigeria are necessary measures that would ensure a more secure service delivery in the sector.

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Trading on Unity Bank, Transcorp shares buoy activities on NSE

  /   in Business, Finance   /   Comments

By NKIRUKA NNOROM Heavy transaction recorded on the shares of Unity Bank Plc, Transnational Corporation of Nigeria, Transcorp, and Mass Telecommunication Innovation Nigeria plc last week boosted the transaction on the floor of the Nigerian Stock Exchange, NSE. Specifically, trading on the shares of the three companies accounted for 601.665 million shares worth N775.880 million

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Forex restrictions, hike in CRR, financial inclusion dominate banking in 2013

  /   in Business, Finance   /   Comments

CBN Governor, Sanusi Lamido Sanusi

As usual, 2013 was another eventful year for the banking industry. While many factors influenced activities in the industry during the year, additional restrictions on foreign exchange, increase in Cash Reserve Ratio on public sector deposit, and financial inclusion were the dominant factors of the year.

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Latest

NCRIB to lobby states on compulsory insurance

  /   in Business, Finance   /   Comments

Poised to ensure effective implementation of the compulsory insurance in the country, the Nigerian Council of Registered insurance Brokers, NCRIB, said it intends to embark on lobby of states’ Houses of Assembly to promulgate edicts that will drive public compliance with some provisions of the law on compulsory insurance.

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