Top three sectors that boosted Nigeria’s VAT collection in 2018
Adesola Afolabi
January 15, 2019
Nigerians applauded a historical feat achieved by the apex tax collecting agency of the federal government of Nigeria when it boasted of its highest collection amounting to N5.3 trillion last week. While VAT charges constitute a significant portion of revenue generated in the country, a perusal of major contributors to this income boost revealed that […]
Onyema, NSE CEO to review 2018 market performance, provide 2019 prognosis
Adesola AfolabiJanuary 8, 2019
Oscar Onyema, the chief executive officer of the Nigerian Stock Exchange (NSE) will next week Monday address the capital market community in a forum to review the performance of the market in the preceding year and give prognosis for the market for the New Year, 2019. The forum scheduled for January 14, 2019, at the […]
JPMorgan says payments to Libya oil-fund fixer weren’t bribes
Businessam StaffJanuary 7, 2019
JPMorgan Chase & Co. acknowledged that Bear Stearns made millions of dollars of payments to a friend of the son of Libyan dictator Moammar Al Qaddafi around the time it raised $200 million for the country’s wealth fund. But the bank is refuting the Libyan Investment Authority’s central allegation in a London lawsuit that the […]
Trading resumes on bearish note
Businessam StaffJanuary 2, 2019
Trading activities resumed for the year on the Nigerian Stock Exchange (NSE) on a bearish note with the All-Share Index dropping by 1.15 per cent. Reports have it that the index which opened at 31,430.50 shed 360.44 points or 1.15 per cent to close at 31,070.06 due to losses by some highly capitalised stocks. Also, […]
Dollar Exposed to Dysfunction and Paralysis in Washington
Businessam StaffDecember 25, 2018
Mounting political risks from Washington are adding to reasons for traders to be bearish about the dollar as the market hurtles toward the end of 2018. Most forecasters were already predicting that the greenback, which this month touched its strongest level in a year and a half, would be in for a rougher time in […]
276,852 PoS transactions failed on Christmas Eve —NIBSS
Chris IkosaDecember 25, 2018
About 25 per cent of Point of Sale transactions conducted by customers on Christmas Eve were not successful according to records from the Nigeria Inter-Bank Settlement System Plc. As of 8.13pm on Monday, the NIBSS revealed that a total volume of 1,107,229 transactions were conducted with an average processing time of 15 minutes, 49 seconds. […]
$8.1b remittance: MTN no longer to reverse historical dividend payments – CBN
Nse Anthony-UkoDecember 25, 2018
The Central Bank of Nigeria has announced the resolution of its dispute with MTN Communications Limited, saying the company will now atone only for the illegal remittances on preference shares issued in 2008. Isaac Okorafor, CBN’s spokesman and director of corporate communications, announced the breakthrough in a statement published on the bank’s website on Monday. […]
Nigeria’s stock market records highest growth in 44 months with 4% gain
Adesola AfolabiDecember 25, 2018
The Nigerian Stock market closed Monday 4 percent higher with 36 advancing stocks and 5 decliners. The growth according to analysts at GTI capital is the local bourse’s highest daily growth in 44 months or in 3years and 8months. The All Share Index (ASI) was up by 1193.37 absolute points, to close at 31,967.01 points. […]
Government revenues drop by N32.5bn, as national, sub-nationals share N812.7bn for November
Nse Anthony-UkoDecember 20, 2018
Nigeria recorded N32.533 billion shortfalls in gross statutory distributable revenues for the month of November 2018, the Federation Accounts Allocation Committee (FAAC) has said. FAAC confirmed in its communiqué at the end of its last monthly meeting for the year 2018 on Wednesday that the gross statutory distributable revenue was N649.629 billion in November, lower […]
Access Bank’s acquisition of Diamond Bank win-win for shareholder- Analysts
Adesola AfolabiDecember 17, 2018
As months of speculations on the state of affairs for Diamond Bank were laid to rest earlier today, the terms of “acquisition” by Access Bank or “merger” as the banks are preferring to call it has been dubbed a “win-win” situation by most financial analysts. Access Bank and Diamond Bank Monday filed regulatory notices on […]