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FG Targets N762.5bn Earnings From $2.5bn Eurobond To Finance Treasury Bills


The federal government wednesday in Abuja said its proposed $2.5 billion Eurobond already approved by the National Assembly would yield N762.5 billion proceeds for the refinancing of treasury bills. According to the government, the deal would result in annual savings of N64 billion. The Minister of Finance, Mrs. Kemi Adeosun, who made this disclosure while briefing journalists at the end of yesterday’s weekly Federal Executive ... Read More »

Contractors Handling Federal Roads Have Been Paid – FG


All contractors involved in the construction of federal road projects across the country have been paid, the Federal Government has said. According to the Minister of Power, Works and Housing, Babatunde Fashola, no contractor is being owed by the government and as a result none of them should delay construction and rehabilitation works on any federal road that is assigned to them. About two years ... Read More »

Forex: Banks Cancel Commissions On PTA, Tuition, Medical Bills


Members of the Bankers’ Committee have agreed that banks in the country should stop charging commission on the sale of foreign exchange to customers, particularly those meant for Personal Travel Allowance, Business Travel Allowance, tuition and medical bills payment. The Bankers’ Committee comprises the CBN governor, the chief executive officers of all commercial banks and merchant banks in the country, and the CEOs of other ... Read More »

Naira May Depreciate To 386/Dollar In H2 —PwC


The naira may depreciate against the United States dollar at the Investors and Exporters Window to 386 from the current average of 360, PricewaterhouseCoopers has said. In its economic outlook for 2018, which was released on Tuesday, the professional services firm said increased foreign exchange demand ahead of the 2019 general election might make the local unit to weaken. The report read in part, “With ... Read More »

Naira Records Marginal Gain As CBN Sells $210m


The naira recorded a marginal gain at the parallel market on Monday, closing at 363 per United States dollar, up from 364/dollar on Friday. The local currency has been trading between 362/dollar and 365/dollar in recent weeks. Analysts have said that the naira is likely to remain stable against the greenback this week as demand for the US currency weakens whenever the unit trades below ... Read More »

NSE Capitalisation Sheds N72bn as Market Opens on Bearish Note


The equities market opened on a bearish note yesterday with the market capitalisation declining by N72.1 billion to close at N15.88 trillion, while Nigerian Stock Exchange (NSE) All-Share Index fell by 0.85 per cent to close at 44,261.72. The market had last week added value as investors increased demand for stocks to take position ahead of earnings season announcement. However, considering the significant capital gains ... Read More »

Sigma Pensions Urges SMEs to Key into Voluntary Contributions Scheme

MSMEs (micro, small & medium enterprises

One of the leading Pensions Fund Administrators (PFAs) in the country, Sigma Pensions in its bid to encourage small and medium scale enterprises (SMEs) towards having a retirement savings, has urged operators of SMEs to key into voluntary contributory scheme. The Vice President Business Development, (West) Sigma Pensions, Mrs. Mabel George made this call recently, at the ConnectNigeria SMEs E-business fair 2018. Speaking at the ... Read More »

Adeosun takes tax amnesty campaign to Enugu


The Minister of Finance, Mrs. Kemi Adeosun, will lead a team of tax officials to Enugu State on Thursday as the Federal Government steps up the Voluntary Assets and Income Declaration Scheme campaign across the country. Adeosun and her team are expected to be received by the Enugu State Governor, Mr. Ifeanyi Ugwuanyi, and members of the state’s executive council. The event, which will have ... Read More »

A’Ibom, NNPC, Dangote, Others to Establish New Power Plant


A new electricity generating company, Qua Iboe Power Plant, expected to gulp more than $1 billion is to be set up at the Qua Iboe Onshore Terminal in Ibeno Local Government Area of Akwa Ibom State. The Akwa Ibom State Governor, Mr. Udom Emmanuel, disclosed this at the weekend while fielding questions from journalists shortly after a meeting in his office with the investors, said ... Read More »

FG to Tighten Noose Around Tax Defaulters by Obtaining Bank Details


The federal government is currently working on modalities to implement the common reporting standards (CRS) in the country, which would enable it to obtain every taxpayers’ information directly from the commercial banks. The CRS is a standard for automatic exchange of bank accounts information on individuals and certain types of entities. All countries that have implemented the standard will be required to automatically exchange this ... Read More »

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