Stop stamp duty charges now, NECA urges FG

April 11, 2019

The Nigeria Employers’ Consultative Association (NECA) Wednesday appealed to the federal government to stop deducting stamp duty charges from bank customers in the country. Timothy Olawale, director general of NECA, made this request while fielding questions from reporters in Lagos. According to Olawale, the Central Bank of Nigeria (CBN) and the Nigerian Postal Service (NIPOST) […]

CBN disbursed N25.4bn to facilitate non-oil products in 2018 – Director

April 8, 2019

A total of N25.4 billion was disbursed in 2018 to facilitate the exportation of non-oil products including cashew and sesame seeds among other,Isaac Okoroafor, tthe director, corporate communicationsd Department, Central Bank of Nigeria (CBN),, has said. He disclosed that 509 beneficiaries have accessed credits from the N60.8 billion provided under the Agric-Business/Small and Medium Enterprises […]

Conventional savings becoming unattractive as risk free short term loans mop up liquid cash

Afolabi OluwaseunApril 3, 2019

The Nigerian banking industry continues to find it extremely difficult to mobilise deposits from institutional investors such as pension fund administrators (PFA), insurance companies, and individuals. Indeed,  deposit money banks (DMBs) cannot resist the charms of treasury bills yield, thus causing a fundamental breakdown in financing chain in the country. Bank lending is statistically and […]

Buhari to launch micro pension scheme

March 27, 2019

President Muhammadu Buhari will tomorrow launch the micro pension scheme in Abuja. The micro pension plan, which is an initiative of the National Pension Commission (PenCom) is aimed at the provision of pension services to self-employed persons in the informal sector and employees of organisations with less than three staff.  PenCom, the regulatory body for […]

Nigeria’s VAIDS may not stop capital flight, says foreign expert

Adesola AfolabiMarch 27, 2019

Alex Booth, an associate managing director with Kroll, a corporate investigations and risk consulting firm, has advised the Nigerian government and other governments in African countries to improve on policies aimed at curbing illicit financial flows as well as capital flight. According to him, initiatives such as Nigeria’s Voluntary Assets and Income Declaration Scheme (VAIDS) […]

Lagos pension fund hits N170bn in 12 years

March 20, 2019

Lagos State Government yesterday said that it has funded its employees’ Retirement Savings Accounts (RSAs) under the Contributory Pension Scheme (CPS) with N170 billion in the last 12 years. This was even as governor Akinwunmi Ambode and Oluwatoyin Ogundipe, the vice chancellor, University of Lagos, called on workers to design a plan for the life-after-retirement […]

Dollar dented by bets on dovish Fed

March 19, 2019

The U.S. dollar slipped against a basket of major currencies on Tuesday, as concerns over the U.S. economy and expectations that the Federal Reserve will prove accommodative at a meeting this week weighed on the greenback. The dollar index, which measures the greenback against six major currencies, fell 0.21 percent to 96.322, hovering close to […]

S&P, Nasdaq futures extend gains after inflation data

March 12, 2019

S&P and Nasdaq futures moved higher on Monday after a Labor Department report showed U.S. consumer prices rose for the first time in four months in February, but Boeing’s drop for the second day weighed on the Dow futures. Consumer Price Index (CPI) rose 0.2 percent, in line with estimates from economists polled by Reuters. […]

NOVA Merchant Bank maintains profit trajectory with N1.15bn in second year

Adesola AfolabiMarch 11, 2019

NOVA Merchant Bank, Nigeria’s wholesale financial institutions now in its second year of full financial operations has maintained maintained its profit growth trajectory with the announcement of N1.15 billion in post tax profit for the year ended 31st of December 2018. The profit was about 120 percentage rise over the amount recorded in the wholesale […]