Abraham Nwankwo, who became DG of the DMO in 2007, will be leaving office at the end of June 2017. Addressing stockbrokers on the NSE, in Lagos, Nwankwo said, ?I want to appreciate market operators for the very successful joint enterprises we have had together. We had quite a number of initiatives and it all succeeded because of the corporation of the capital market operators. Having spent 10 years in office, the major achievements we made were due to the
Indonesian engineering firm PT Intim Perkasa has expressed an interest in building a refinery in Nigeria. Nigeria has been seeking investment in the sector to reduce reliance on imported oil products that consume a large portion of the OPEC member?s scarce foreign currency reserves. Its existing, ageing refineries produce hardly any fuel after years of neglect. A representative of PT Intim Perkasa Nigeria, a subsidiary of the Indonesian company, indicated
Sahel Capital, manager of the Fund for Agricultural Finance in Nigeria, has announced the successful closure of a $66 million debut funding process which includes the African Development Bank, CDC Group, and the Dutch Good Growth Fund, jointly committing $31 million to FAFIN and joining other existing co-sponsors of the fund to drive Nigeria’s agricultural growth. The funds will be invested over the next two years. “The successful final close of FAFIN is
2016 has registered a landmark in Nigerian banking when FBN Holding’s status as Nigeria’s largest bank was upset. Zenith became the biggest bank in Nigeria by the size of the balance sheet in 2016. Its growth accelerated from 6.7% in 2015 to 18.3% in 2016, closing the year with an asset base of ₦4.739 trillion. The bank has maintained a faster growth rate than FBN Holdings over the past three years and with a decline in asset base of FBN Holdings in 2015,
The Punch is reporting that Deposit Money Banks will soon start to raise dollar-denominated loans, especially Eurobonds. Banks are now favourably disposed to raising dollar loans following the creation of the Investor & Exporters FX window by the CBN, and the subsequent appreciation of the naira. Another reason the banks are considering Eurobonds is because some of them are looking at refinancing their dollar loans, which will soon start falling due. While
Annual inflation in Nigeria eased for the fourth straight month in May, falling to 16.25 percent from 17.24 percent in April, the National Bureau of Statistics said in a report published on Thursday. A separate food price index showed inflation at 19.27 percent, down from 19.30 percent in April. ?The rise in the (food) index was caused by increases in prices of meat, bread and cereals, fish, potatoes, milk cheese and eggs as well as vegetables such as tomatoes,?
The FG has started a move aimed at stopping major companies from evading tax. To achieve this, the Federal Executive Council has given the Ministry of Finance the go ahead to sign a multilateral convention to implement tax treaty related matters to prevent base erosion and profit shifting. Minister of Finance, Kemi Adeosun, said, “This administration is very focused on revenue generation and mobilisation and part of that work is to improve our tax collection.
The NBS says that the total revenue generated by the country through Value Added Tax dropped from ₦207.35 billion in the fourth quarter of 2016 to ₦204.77 billion in the first quarter of 2017. The manufacturing sector generated the highest amount of VAT with ₦28.73 billion, followed by professional services and commercial trading, with ₦20.82 billion and ₦12.89 billion, respectively. Mining sector recorded the least VAT collection of ₦35.07 million.
Acting President Yemi Osinbajo has signed the 2017 budget into law. The budget was due to be signed a fortnight ago, but the signing was put off for undisclosed reasons. President Buhari had presented a budget proposal of ₦7.298 trillion to the National Assembly on December 14, but the senate which passed it on May 11 jerked it up by ₦143 billion. The budget has a projected revenue of ₦5.08 trillion with a deficit of ₦2.36 trillion. A total of ₦2.98
Shareholders of Arik Air have started discussions with a major investor to partner with the airline and offset the debt it owes AMCON and other creditors. The News Agency of Nigeria reports that the airline shareholders have held series of meetings with other investors before reaching a firm commitment with the Dubai-based conglomerate. The Chairman of Arik Air, Joseph Arumemi-Ikhide, said the investor had started negotiation with the shareholders of the company