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Foreigners Taking Over Nigeria’s Agric Sector, Says FG

FG

Foreigners are currently taking over Nigeria’s agricultural sector as a result of the excessively high interest rates being demanded from indigenous agriculturists by Deposit Money Banks, the Federal Government has said. It also stated that the production and sale of crude oil could not salvage the country’s fragile economy, adding that revenue generation from oil was too low when compared to what some smaller countries ... Read More »

CBN Injects $498m in Forex Market in One Week

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The Central Bank of Nigeria (CBN) last week raised the tempo of its foreign exchange (forex) intervention in the interbank market to a total of $498 million. Figures obtained from the central bank showed that it commenced the week by initially injecting $210 million and thereafter sold another $288 million. The forex intervention at the beginning of the week was for the wholesale, small and ... Read More »

CBN Calls for Enhanced Collaboration against e-Fraud

CBN

The Central Bank of Nigeria (CBN) has stressed the need for increased collaboration and industry engagements in order to tackle cases of electronic fraud in the economy. Also, the central bank said there was need to strengthen training of banks’ staff, customer education and awareness as well as compliance to international standard and regulations. The Director, Banking and Payment System Department, CBN, Mr. Dipo Fatokun ... Read More »

FG Reviews Tax Profiles of Companies with Major Payments from 2012

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In a bid to give further impetus to its tax drive under the Voluntary Assets and Income Declaration Scheme (VAIDS), the federal government has begun a review of the tax profiles of companies which received major payments in the past five years. It has also compiled a list of 500 prominent Nigerians with property and trusts abroad in order to determine their tax compliance status ... Read More »

CBN releases $288m as naira weakens to 364/dollar

CBN

The Central Bank of Nigeria on Friday injected $287.89m into the currency market to meet requests in four industries for dollars, extending efforts to boost liquidity and alleviate shortages. The four industries targeted were agriculture, airlines, petroleum and raw materials, the CBN said in a statement. The central bank said it would continue to intervene in order to drive growth in the economy and guarantee ... Read More »

NSE Urges FG to Intervene, Save Discos from Failing

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The Nigerian Society of Engineers (NSE) on Friday urged the federal government to quickly step in and save the 11 electricity distribution companies (Discos) in Nigeria’s power sector from collapsing on account of the huge financial burden they currently bear. This is as the Ikeja Electric Plc has emerged as the first company in the power sector to be conferred with the ISO 9001 and ... Read More »

VAT Rises by 1.73% to N250.6bn in Third Quarter

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The National Bureau of Statistics (NBS) has said revenue generated from Value Added Tax (VAT) increased by 1.73 per cent in the third quarter of 2017. The NBS announced the figure in a sectoral distribution of value added tax report for third quarter, 2017 posted on the bureau’s website posted in Abuja. It said the figure increased from N246.30 billion in the second quarter to ... Read More »

Refineries won’t work despite govt’s spending – Marketers

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Oil marketers on Thursday declared that the country’s refineries would not work as expected despite the billions of dollars being spent by the Federal Government on rehabilitating the facilities. According to the Major Oil Marketers Association of Nigeria, a body consisting of big players in the oil and gas sector, the billions of dollars pumped into the rehabilitation of refineries by the government are just ... Read More »

ECOWAS Parliament begins review of $284.9m 2018 Budget

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The ECOWAS Parliament has begun the review of the $284.9 million 2018 draft budget of the community. This is the institution’s first time to review the community’s budget since its powers were enhanced in December 2016. The draft budget was presented to the parliamentarians by the ECOWAS Administration and Finance Committee (AFC). A member of the Administration, Finance and Budget Control Committee of the parliament, ... Read More »

Nigerian Stock Exchange Bullish on Exchange Traded Derivatives Market

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Nigeria will soon witness a robust Exchange Traded Derivatives (ETD) market that can support the growth of country’s ambitions, the Nigerian Stock Exchange (NSE) has said. An ETD is a financial instrument whose value is based on the value of another asset, and that trades on a regulated exchange. Futures and options are two of the most popular ETDs. The NSE is planning to launch ... Read More »

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