Sunday April 19th, 2015
Sunday April 19th, 2015
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Financial literacy: FMDQ trains Covenant varsity students

  /   in Finance 12:00 am   /   Comments

Covenant University, Ota

FMDQ played host to the Banking & Finance Students’ Association of Covenant University, Ota, Ogun State, on March 16 & 17, 2015. This study tour provided an opportunity for the 400 level students to gain thorough insight into the scope and operations of FMDQ, and financial the market activities in general.

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How about non-financial investment? (3)

  /   in Finance 12:26 am   /   Comments

Nigerian-Stock-Exchange-(NS

I don’t want to invest in shares, bonds, bank deposits. What can I invest in? This is the question posed by some readers. The last two editions highlighted the reality of risk in every type of investment, and the fact that to invest your money, you either invest the money yourself in a business activity of your own, or you give (lend) the money to somebody who must use it to generate income, from where he can derive profit and return your money with interest.

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Bank customers use payment cards to bypass forex laws

  /   in Finance 8:47 am   /   Comments

naira-Dollar

Bank customers have resorted to using electronic payment cards such as MasterCard and Visa card to circumvent foreign exchange regulations.

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NDIC: An amendment in the interest of bank depositors

  /   in Finance   /   Comments

1000-naira-notes

John Bull had to wait for six years before he could get N50, 000 of his money trapped in the defunct Fortune International Bank. He had over N300, 000 in his current account with the bank before the Central Bank of Nigeria (CBN) revoked its operating license, with that of 13 other banks that could not meet the December 31st 2005 recapitalisation deadline.

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Contributory pension fund hits N4.7 trillion

  /   in Finance   /   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

The nation’s Contributory Pension fund has hit a N4.7 trillion mark which have now provided Money Deposit banks with stable deposits with which they can to lend on long-term basis.

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How banks lost N199bn to e-fraud in 13yrs

  /   in Finance   /   Comments

atm2

Nigerian banks lost a total of N199 billion to electronic related fraud between 2000 and 2014, mostly due to inappropriate and reckless management of customers’ data.

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Quoted companies pay N1trn in taxes —Aig-Imoukhuede

  /   in Finance   /   Comments

Agboje-Aig-Imoukhuede

The President of Nigerian Stock Exchange, NSE , Mr. Aigboje Aig-Imoukhuede, has disclosed that quoted companies on the Exchange pay not less than N1 trillion as taxes to the government.

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Sterling Bank rewards customers with UK trip

  /   in Finance   /   Comments

The six winners of the Sterling Bank Gunners Promo who emerged at the fourth Gunners Promo held at the weekend will have the opportunity of an all-expense paid trip to watch the home match involving Arsenal Football Club and Chelsea on April 26, 2015. Disclosing this to newsmen after the fourth draw of the promo held over the weekend at the Bank’s corporate head office, Sterling Towers, the Bank’s Group Head, Strategy & Communications, Mr. Shina Atilola said this was in line with the promise made by the Bank at the commencement of the Promo last year.

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“Only mortgages can bridge housing deficit” – Fashola

  /   in Finance   /   Comments

mortgage-fashola

Lagos State Governor, Mr. Babatunde Fashola, said home ownership through mortgage was the only effective way to bridge housing deficit in the country. Fashola spoke at the inauguration of Chois Estate, a housing estate in Lekki area of the state. The 420-unit estate of bungalows and duplexes was delivered by the state government in partnership with a property development company, First Communities Limited.

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Penalties for late filers, ABC of tax returns (2)

  /   in Finance   /   Comments

tax-police

As a follow up to last week’s publication, below is a continuation of the article that highlights the requirements for filing returns, due dates and penalties for late filing of returns as it pertains to various tax types. Last week’s edition focused on Company Income Tax (CIT), Education Tax (EDT), National Information and Technology Development Levy (NITDL), Estimated Petroleum Profit Tax (PPT), Final PPT, Personal Income Tax (PIT).

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What to do when dealing with estate agents

  /   in Finance   /   Comments

A Housing Estates in Lagos

Avoid upfront payment – You are advised not to deposit, transfer or pay any money upfront to an agent before confirming that the agent is genuine and before seeing the property that you are interested in. Top agents do not usually request for an inspection fees before viewing a property.

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Government is punishing employers with taxes – Euriel Chukwudum

  /   in Finance   /   Comments

Euriel-Chukwudum

“I don’t know if it is a crime for some entrepreneurs to create jobs. Government is punishing employers of labour with lots of taxes, rent charges and fees. A lot of exploitation is going on in the system. We are not saying we will not pay tax as good citizens but government should provide us with the services the taxes are meant for.

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FG reiterates commitment to affordable housing

  /   in Finance   /   Comments

FG-Housing

Minister of Lands, Housing and Urban Development, Mrs. Akon Eyakenyi, has reiterated the commitment of the federal government to the provision of affordable housing in the country. She gave the commendation at the commissioning of the 102 units ministerial pilot housing scheme in Suleja Niger State, which was fully funded by the Federal Mortgage Bank of Nigeria (FMBN).

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How NEXIM is helping to diversify Nigerian economy from oil

  /   in Finance   /   Comments

oil2

The perennial crash of crude oil prices and the exposure of the Nigerian economy to financial crisis has pushed stakeholders and policy makers attention to non oil revenue generation. One sustainable source of foreign exchange generation is export of manufactures, solid minerals, and agricultural output with value addition. The Nigerian Export Import Bank is fast becoming the center of attraction to government and exporters to push the non oil foreign exchange earning drive through trade financing and productive efforts of exportable products from Nigeria

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Shoptomydoor brings free international shipping to Nigeria

  /   in Finance   /   Comments

ship

Nigeria’s online shopping mall, Shotpomydoor has announced free ingternational shipping services for customers shopping from the United States of America. The free shipping promo, according to Shoptomydoor, will apply to customers who purchase virtually anything from the USA with the exclusion of cars, heavy industrial machineries and a few other items, and will run for purchases made from the 12th to 30th of March, 2015.

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Economic cost of flooding could hit $500b by 2030

  /   in Finance   /   Comments

flood-and-money

Research suggests that flooding poses a threat to roughly 21 million people across the world every year, costing the global economy roughly $90.65 billion, with the potential for an estimated six-fold increase over the next 15 years. Data provided in connection with the launch of a new flood mitigation platform, the Aqueduct Global Flood Analyzer tool, co-developed by the World Resource Institute (WRI), Deltares, the Institute for Environmental Studies of the VU University Amsterdam, Utrecht University and PBL Netherlands Environmental Assessment Agency, highlights the economic severity of global flooding and its potential rise.

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How Nigeria lost 10m tonnes of transit cargo

  /   in Finance 12:54 am   /   Comments

A fully loaded truck in one of the inland dry ports in the sub-region, will be delayed, harassed for bribes by the numerous security agents along the region’s transport corridor before it gets to its destination.

As Nigeria makes move to reclaim over 10 million metric tonnes of lost transit cargoes, the factors that initially led to the loss of this category of the country’s trade to neighbouring countries are still very much present in the Nigerian ports.

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Investors’ confidence in economy nosedives

  /   in Finance 1:58 am   /   Comments

economy

The recent devaluation of the Naira and mounting uncertainty surrounding the elections is already taking its toll on the economy as investors’ confidence in the economy’s performance has ebbed.

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Nigeria is in a foreign exchange quagmire

  /   in Broken Links, Finance   /   Comments

naira-Dollar

The recent devaluation of the Naira has again brought the vulnerability of the average Nigerian to the fore. Almost every housewife today tells the husband that the exchange rate of the Naira to the dollar has gone up. This is because in the market place, traders adjust prices along the day’s exchange rate swing. Many are wondering why this should be so. In finance, an exchange rate between two currencies is the rate at which one currency will be exchanged for another.

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Integration of West African capital market’ll tackle regional challenges – Ndanusa

  /   in Finance   /   Comments

Nigerian Stock Exchange

The Chairman, Securities and Exchange Commission (SEC), Dr Suleiman Ndanusa, said capital market integration would help to tackle regional challenges and create a larger market for local and international businesses. Ndanusa said this at the meeting of the West African Capital Markets Integration Council (WACMIC) in Abuja.

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Stockbrokers, Anabel initiate new employment option for youths

  /   in Finance   /   Comments

Nigerian-Stock-Exchange-(NS

The Chartered Institute of Stockbrokers (CIS) in collaboration with Anabel Leadership Academy has commenced a new initiative to support the federal government’s drive for youth empowerment in Nigeria. Under the new initiative, plan is underway to put in place an arrangement whereby the beneficiaries of the institute’s Professional Diploma in Securities and Investments would be employed as agents in the diverse areas of the financial market.

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Investment opportunities will emerge despite stock market volatility —Sotubo

  /   in Finance   /   Comments

Oladele Sotubo

Dele Sotubo is the Chief Executive Officer of Stanbic IBTC Stockbrokers, Nigeria’s largest stockbroking firm in value and volume of transactions handled at the Nigerian Stock Exchange. In this interview Sotubo talks about the capital market and efforts to deepen it, the bond market, corporate governance issues, listing of oil and gas companies, among other issues. Excerpts:

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Microfinance, a realistic approach to affordable housing — LAPO MD

  /   in Finance   /   Comments

naira sign

The project has economic, social and environmental impact angle. We are also aware that houses for low-income earners are not just shelters, but are equally locations for their economic activities, to this end, we are putting in place a system that will enable impact assessment not only in terms of number of houses but with equal attention to social indicators. The success recorded so far is due to a number of factors which include commitment of the partners in the project who have all delivered on their obligations.

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NMRC, US firm seal N200bn mortgage investment deal

  /   in Finance   /   Comments

*Finance Minister, Ngozi Okonjo-Iweala

The Nigerian Mortgage Refinancing Company (NMRC) has signed a Memorandum of Understanding (MoU) with a US-based investment firm, Cantor Fitzgerald, for the investment of $1bn (about N200 billion) in the Nigerian mortgage sector. Cantor Fitzgerald is a global private investment firm with strong expertise in asset-backed mortgage securities. The firm has also made arrangements to build 10,000 houses in Kaduna, Lagos, Enugu and Abuja within the next one year.

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Adeyeye tasks Aerospace centre on standards

  /   in Finance   /   Comments

Dayo Adeyeye

The Minister of State for Works, Prince Adedayo Adeyeye has tasked the Regional Centre for Training in Aerospace Surveys (RECTAS) to improve its standard in order to compete favourably among institutions like it in the world. Adeyeye threw the challenge to the Executive Director of RECTAS, Mr Adewale Akingbade when the new ED paid a courtesy call on the Ministry of Works in Abuja on Tuesday.

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Leadway, AIICO emerge lead insurers of deep water vessel

  /   in Finance   /   Comments

insurance-pix

Leadway Assurance Company Limited and AIICO Insurance plc are the lead underwriters on the newly acquired deep water vessel owned by Petrolog Limited. The acquisition which was financed by First Bank of Nigeria Limited and brokered by FBN Insurance Limited boosted the capability of Petrolog Limitied, a corporate customer of the bank by funding the acquisition of a brand new ABS classed Dynamic Positioning Dive support Vessel, ‘DSV Vinnice’.

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Nigeria’s trade to hit N27.6trn by December — NBS

  /   in Finance   /   Comments

economy

The country’s total produced trade is expected to hit N27.6trillion by December this year from N25.17trillion recorded in December 2014 by the end of this year, according to National Bureau of Statistics. NBS in its economic review and outlook for the next three years showed an increase of N2.43trn which represents 9.66 per cent rise.

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OYSAA frowns at unapproved political ad materials

  /   in Finance   /   Comments

Advertising-pix

“We wish to inform the general public that OYSAA, the statutory Agency of Oyo State Government vested with mandate to regulate outdoor advertisement of any nature including political campaign materials will not tolerate any violation of its guidelines and procedures,” the Director General of the agency Mr. Yinka Adepoju, said.

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Oando shareholders to get more value for investment

  /   in Finance   /   Comments

Oando Plc has reaffirmed its commitment to creating value for its shareholders as it continues to adopt proactive measures that would enhance profitability and returns for stakeholders. Despite the fall in oil prices which threatened to wipe out more than $1.6 trillion in earnings for oil producing companies and countries, Oando Energy Resources (OER), has realized a cash windfall in the sum of $234 million due to the proactive fiscal measures put in place prior to the slump in oil prices.

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Labour, Lagos at war over planned privatization of water supply

  /   in Finance 1:12 am   /   Comments

Nigerian Labour  pix

“We condemn in strong terms the intention of Lagos State Government to go ahead with the planned privatization or commercialization of Lagos Water which in turn will further pauperize the down trodden people of Lagos. The union wishes to call on all well meaning Lagosians, in particular and Nigerians in general to join and support the union in this noble struggle.”

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World Economic Forum recipe for infrastructure development will help Nigeria

  /   in Finance   /   Comments

express-way

Nigeria has made several futile attempts to use Public Private Partnership to build infrastructure that it so badly needs. But each of the attempts has failed to achieve the desired goal. The Lagos-Ibadan Expressway, the Local Wing of the Murtala Mohammed Airport and Lagos-Epe Expressway are a few of such attempts.

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NAC, WesBank meet over national vehicle finance scheme

  /   in Finance   /   Comments

1000-naira-notes

The officials of the National Automotive Council (NAC) and WesBank of South Africa have met in Abuja on the proposed roll-out of made-in-Nigeria vehicle finance scheme later in the year. A statement by the NAC said its Director-General, Mr Aminu Jalal, led the Director, Policy and Planning, Mr Luqman Mamudu and Director, Industrial Infrastructure, Mr Waheed Odetoro to discuss the scheme.

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