GTBank dominates CBN E-Payments awards, wins 8 of 12 banking honours
Businessam Staff
March 25, 2019
Segun Agbaje, the managing director of Guaranty Trust Bank, says the bank will continue to provide customers with superior banking experience across all digital touchpoints. Agbaje made the promise in Lagos after GTB won eight of the twelve honours available to banks in the 2019 edition of the Central Bank of Nigeria (CBN) Electronic […]
JPMorgan asks 300 staff to move if no Brexit deal
Businessam StaffMarch 25, 2019
JPMorgan is asking around 300 staff in its London office to sign new contracts that will require them to move to one of the bank’s other hubs in the European Union if there is a no-deal Brexit, according to a person familiar with the matter. This is part of JPMorgan’s plans to shift hundreds of […]
NPL: AMCON wants failed bank act reintroduced
Businessam StaffMarch 21, 2019
Worried by the resurgent huge toxic loans in the banking sector, Ahmed Kuru, managing director/chief executive officer, Asset Management Corporation of Nigeria (AMCON), has called on the Nigerian authorities to revisit the Failed Bank Act so that operatives in the banking sector would be made to account for their actions, just as he urged banks […]
Wall St. edges higher as tech boost counters losses in bank stocks
Businessam StaffMarch 21, 2019
U.S. stocks eked out gains on Thursday as declines in financial stocks after the Federal Reserve’s move to not raise interest rates this year were countered by gains in technology companies. Having downgraded their U.S. growth, unemployment and inflation forecasts, policymakers said the Fed’s benchmark overnight interest rate, or fed funds rate, was likely to […]
Civic rights group BudgIT urges Saraki, Dogara to end NASS budget secrecy
Adesola AfolabiMarch 20, 2019
BudgIT, a Nigerian civic rights group has called on the leaders of the upper and lower houses of the National Assembly to end the secrecy associated with budget allocations to their arm of the government. The group in a statement made available to business a.m Wednesday stated that, despite Nigeria’s membership in open government partnership and tons […]
Lagos pension fund hits N170bn in 12 years
Businessam StaffMarch 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 […]
SEC holds maiden awards night, receives growth commitment from finance minister
Businessam StaffMarch 20, 2019
The maiden awards night of the Securities and Exchange Commission (SEC) tagged ‘Committed Partnership’ held Tuesday night in Lagos. According to the SEC, the awards played host to some of the country’s dignitaries including finance minister, Zainab Ahmed who pledged the government’s commitment towards building a vibrant capital market that would contribute to the growth […]
Why proposed tax laws on NHF is a bad idea — PwC
Adesola AfolabiMarch 20, 2019
A new tax law passed by the national assembly, awaiting assent from the president is seeking to impose over 200 percent of personal income tax on low income earners. Provisions of the new law tagged the National Housing Fund, NHF, (Establishment) Act 2018, includes a mandatory 2.5 percent contribution of monthly income by employees earning […]
Prices of goods, services may rise as FG considers 50% increase in VAT
Chris IkosaMarch 20, 2019
The prices of goods and services may increase if plans by the Federal Inland Revenue Service (FIRS) to increase value-added taxes by 35% or 50% are approved. Speaking on Tuesday when he appeared before the senate committee on finance in Abuja to give details of the 2019-2021 medium-term expenditure framework and fiscal strategy paper, Babatunde […]
Registered workers on pension scheme hit 8.4m in Q4, 2018 -NBS
Businessam StaffMarch 20, 2019
The National Bureau of Statistics (NBS), said the number of registered workers under the pension scheme in the fourth quarter, 2018 hit 8,410,184 compared to 8,136,202 registered workers in the second quarter, 2018. NBS said this in its “Pension Asset and RSA Membership Data Q4, 2018” released on its website. The bureau said that the […]