Nigeria inches towards IMF bailout on mounting debts

Nigeria’s worsening financial crisis means it is inching closer towards opening talks with the International Monetary Fund (IMF) to pave the way for the rescheduling of the country’s huge foreign debt and avert a calamitous default, according to leading economists closely…

How government can boost tax revenues

Tax experts and industry stakeholders have advised the federal and state governments to increase the tax net, regulate illegal mining, improve tax collection in the informal sector and enhance personal income tax collection, if they are desirous of improving Nigeria’s..

Airlines, travellers adjust as trapped funds up 364%

Foreign airlines are taking measures to cushion the effects of their trapped funds in Nigeria, even as those travelling out of the country are adjusting to high costs of tickets. Airlines have since blocked low ticket inventories, leaving highest inventories to be sold in naira…

Limited tax base cramps Nigeria’s revenue Nigeria

Nigeria does not collect as much tax as it should. The federal government and the states together collect taxes worth a mere 6 percent of GDP, which is one of the lowest in Africa and in the world. The country’s tax collection is neither wholly automated nor…

Europe shuns Nigeria for Mozambique on attractive gas law

The European Union (EU) has moved to financially support an African military mission in Mozambique to secure gas projects in the country, shunning vast reserves in Nigeria, an indication of how risky they consider Africa’s largest economy.

ASUU strike: Osodeke laments lecturers’ mass resignation

Emmanuel Osodeke, the national president of the Academic Staff Union of Universities (ASUU) has raised alarm over the mass resignation of lecturers from the nation’s universities for greener pastures abroad as the strike lingers. Osodeke bewailed the new reality of lecturers being forced to venture into…

The Saudi route to diversification

The record profits reported last week by Saudi Aramco raise hopes that we may yet see a substantial oil producer in the emerging markets (EM) universe achieve genuine economic diversification. Our statement excludes microstates endowed with sizable oil reserves because the challenge is much less daunting for them…

NGX Group, ETI top laggards as stock market sheds N14bn

Nigeria’s equities market opened the new week in negative, losing N14billion at the close of trading session on Monday August 22. The market’s 0.05percent decline was caused mostly by sell pressure in NGX Group, ETI, Lasaco, and others. The stock market has decreased by 2.03percent since this month. “This week…

Sterling Bank Plc Reports N8.01bn PAT in Q2’22 Unaudited Results, (Share Price: N1.51k

Sterling Bank Plc released its Q2 2022 Unaudited results for the period ended June 30th, 2022.

 

Key Highlights

• Gross Earnings grew by 16.5% from N67.26bn to N78.38bn.
• Profit before tax stood at N8.62bn
• Profit after tax stood at N8.01bn
• Share Price Currently Stands at N1.51k

 

 

 

 

Who will Love This Country?

– On Wednesday, May 21, 2003, Dr Olu Agunloye, then minister of power and steel, presented a memo to the federal executive council (FEC). He sought its approval to award a build, operate and transfer (BOT) contract for the Mambilla Hydropower Project to Sunrise Power and Transmission Ltd, a company promoted by Chief Leno Adesanya. Source TheCable Read More

LASG Earmarks N1.65tn for 2023 Budget Expenditure, 5% Revenue to GDP Growth

– The Lagos State Government has earmarked N1.65 trillion for next year budget spend, noting that the target is feasible going by the brilliant performance the current budget has recorded in the first half of the year at 80 per cent. Source THISDAYLIVE Read More

FG Concludes Takeover of Four DisCos

– The Federal Government has completed the takeover of four electricity distribution companies and constituted the board of the Nigeria Electricity Liability Management Company. Source Punch Read More

FG Records N643.09bn Fiscal Deficit in One Month

– The Federal Government’s fiscal deficit rose from N491.28bn in March to N643.09bn in April, according to figures obtained from the Central Bank of Nigeria. Source Punch Read More

SEC Sustains Pressure on FG to Remove Corporate Bonds Tax

 – The Securities and Exchange Commission (SEC) has said that it is engaging with the federal government to reconsider the exemption of tax on corporate bonds and short-term securities. Source THISDAYLIVE Read More

We’ve Admitted Over 100 Securities Worth N3.36trn in 2022 – FMDQ

– The FMDQ Securities Exchange Limited said it has admitted one hundred and two (102) securities, valued at N3.36 trillion, on its platform so far in the year 2022. Source The SUN Read More

N1tn Spent on Steel Imports, Ajaokuta Takes N21bn

– Nigeria has spent $1.038 trillion on iron and steel imports in the last nine months, according to The Punch’s calculation of the National Bureau of Statistics’ Foreign Trade Statistics. Source Punch Read More

ASRTI Flays FG Over Foreign Carriers $464m Trapped Funds

– AVIATION industry safety watchdog and think tank group – Aviation Round Table Safety Initiative (ASRTI), has expressed its dismay over the appalling handling of accumulated foreign airline funds trapped in the Central Bank of Nigeria (CBN), describing as unacceptable the non- allocation of foreign exchange to the affected carriers. Source The Nation Read More

NCC Granted Us a Five-Month Extension On 5G Rollout, Says Mafab

– Mafab Communications Limited, a telecommunication company, says it has been issued a five-month extension for its 5G network rollout by the Nigerian Communications Commission (NCC). Source TheCable Read More

ESET Continues to Power and Protect Women’s Progress in Tech

– ESET is at the forefront of powering South African women’s progress in tech, one success story at a time. As champions of digital progress, ESET is proud to have women in leading roles throughout its operations – both in MSP and enterprise specialist positions, as well as marketing, sales, and more. Source TechEconomy Read More

NIFIAN Explores New Products to Increase Liquidity for Non-Interest Banks

– The Non-Interest Financial Institutions Association of Nigeria is collaborating to develop new products approved by the Central Bank of Nigeria (CBN) that would improve the liquidity of non-interest banks. Source Bukola Akinyele-Yisau Read More

 

PFAs to Simplify Micro Pension Awareness

 – The National Pension Commission (PenCom) and Pension Fund Operators of Nigeria (PenOP) have revealed plans to achieve the government’s target of enrolling 8,000,000 Nigerians in a micro pension scheme in the country. Source Guardian Nigeria Read More