$2.9bn tax hole looms over South Africa’s finance minister as revenue gap likely to reach 40bn rand, survey reveals
Businessam Staff
October 23, 2017
Malusi Gigaba, South African finance minister faces a gaping budget hole and will have to consider cutting spending, raising taxes and selling state assets if he wants to avoid further rating downgrades. According to the report by Bloomberg, the economy he oversees is hampered by a deteriorating growth outlook, partly stemming from a battle for […]
World Bank clarifies stance on Nigerian debt, says at no time did it disagree with govt on borrowings
Businessam StaffOctober 18, 2017
The World Bank Group on Wednesday denied that the Bank disagreed with the Minister of Finance, Kemi Adeosun, over the borrowings by the Nigerian government to stimulate the economy and finance infrastructure projects in the country. In a mail to the Minister by the Senior Communications Officer of the World Bank, Rachid Benmessaoud, the Bank […]
Rio, ex-CEO face fraud charges on $3.7bn coal calamity in US
Businessam StaffOctober 18, 2017
Rio Tinto Group’s calamitous $3.7 billion coal deal in Mozambique, involving a plan to barge the fuel hundreds of kilometers down the Zambezi River, keeps coming back to haunt the world’s second-biggest miner — already grappling with another African misadventure. U.S. authorities filed fraud charges against London-based Rio, former Chief Executive Officer Tom Albanese and ex-Chief Financial Officer […]
UK’s audit watchdog fines Ernst & Young £2.75m over audit misconduct
Businessam StaffOctober 16, 2017
UK’s audit watchdog, the Financial Reporting Council (FRC), has fined Ernst & Young £2.75 million for alleged misconduct relating to the accounting group’s review of financial statements of Tech Data Limited. The FRC said in a statement Monday that it reprimanded and fined EY after the company admitted to “misconduct” in the audit of Tech […]
Flour Mill of Nigeria announces equity raising through rights issue, medium-term notes
Businessam StaffOctober 9, 2017
Flour Mills of Nigeria Plc has announced intent to raise equity through the issuance of rights and medium-term notes. In a statement to the Nigeria Stock Exchange, the company indicated that its board of directors, has given approval in principle to its plans to commence with activities to raise additional funds through a Rights Issue […]
Nigeria’s debt office offers 2,3-year savings bond for subscription at 12 – 13% interest per annum
Businessam StaffOctober 9, 2017
Nigeria’s Debt Management Office (DMO) Monday offer for public subscription two and three-year savings bonds at 12 and 13 percent interest rate respectively. The offer for the two-year FGN Savings Bond due October 18, 2019 at 12.059 percent per annum closes October 9, 2017. On the other hand the three-year bonds due October 18, 2020 at 13.059 percent per annum would close October […]
Nigeria central bank debunks media report on alleged arrest of its deputy director by EFCC
Businessam StaffOctober 5, 2017
The Central Bank of Nigeria (CBN) has faulted a media report on alleged arrest of one of its deputy directors by the Economic and Financial Crimes Commission (EFCC), stating that that there is no iota of truth in the said report. In a press statement signed by Isaac Okorafor, its acting director, corporate communications, the […]
TSA: The Untold Economic benefits
Obodo EjiroOctober 1, 2017
Treasury Single Account (TSA) is a Federal Government (FG) bank account into which all revenues collected on behalf of FG by its Ministries, Departments and Agencies (MDAs) are deposited and from which the government spends on salaries, projects, debt servicing, among other obligations. The TSA is domiciled with the Central Bank of Nigeria (CBN). Remita, […]
Nigeria’s Fidelity Bank offers to buy back $300m of debt as it plans issue of new notes to extend debt maturities
Businessam StaffSeptember 28, 2017
Nigeria’s Fidelity Bank has announced offers to buy back $300 million worth of debt and intends to issue new notes, with a goal of extending the maturity of its debt profile. According to a statement by the lender, the $300 million of debt has an interest rate of 6.875 percent, and will be due for […]
Nigeria central bank plans N130bn treasury bills auction Oct 4
Businessam StaffSeptember 28, 2017
Nigeria’s central bank Wednesday said its fortnightly treasury bills auction would resume October 4, 2017 with N130.37 billion on offer. The CBN indicated that it plans to sell N28.69 billion in three-month paper, N33.49 billion in six-month bill and N68.18 billion in one-year note, results of which would be announced same day. In the previous […]