Month: July 2020

CPS: Crisis as litigation ensnares lump sum payment

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  For the first time since it was established, the Contributory Pension Scheme (CPS) appears to have run into a legal hitch over lump sum payment to retirees. Sunday Ojeme reports     Having been created to take care of the defunct government funded pension scheme, the Contributory Pension Scheme (CPS) has turned out the best option in this regard with Nigerian workers registered under it seeing a brighter retirement future. With contributions now exceeding N10 trillion, each contributor readily knows how much he is entitled to as pension if he…

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Fraud: Access Bank advises customers to be vigilant

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  Access Bank has admonished its customers to remain vigilant and beware of the common tricks used by fraudsters to rob them of their monies. Executive Director of Retail Banking, Access Bank Plc, Victor Etuokwu, expressed concern about the growing number of fraud cases being reported. He implored customers to take more responsibility in safeguarding their funds and offered reassurance of the bank’s commitment to providing information relevant to identifying and fending off fraudsters. He said: “Over the last few months, the number of reported fraud cases has spiked considerably.…

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FG pays 2020 Group Life insurance premium

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The Nigerian Council of Registered Insurance Brokers (NCRIB) said that the Federal Government had paid the 2020 Group Life Insurance for all Federal Government workers in full. The Vice President of the Council, Mr. Tunde Oguntade, made the disclosure while speaking to members of the National Association of Insurance and Pension Correspondents (NAIPCO) shortly after their 2020 Annual General Meeting (AGM) in Lagos. Oguntade, who represented the NCRIB President, Dr (Mrs) Bola Onigbogi, at the occasion also called on Federal Government to engage the services of registered insurance brokers in…

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Real estate: Experts decry imposition of multiple taxes

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  Professionals in the housing industry have decried the imposition of multiple taxes on real estate transactions by government.   The latest outburst is not unconnected with fresh directives by the Federal Inland Revenue Service (FIRS)  mandating landlords and property agents to charge six per cent on tenancy transactions as Stamp Duty and remit same to FIRS as Stamp Duty Act.   Speaking with New Telegraph on Sunday, many of the real estate practitioners stated that multiplicity of taxes without consideration was getting out of hand.   According to the…

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Nigerian firms order N254.8bn wheat from U.S, Russia

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    Importers are expected to take delivery of 2.55million tonnes of Hard Red Winter (HRW) and Soft Red Winter (SRW) wheat valued at N254.8billion ($566.1million).   Major importers of the grain are Flour Mills of Nigeria, Dangote, Honeywell, Olam and Seaboard Group.   A large portion of the grain would be imported from United States and Russia between July and December, 2020.   Out of the expected bulk cargo, three vessels will ferry 108, 210 metric tonnes of  wheat to Lagos Port complex this week with Desert Dignity leading…

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NCC: 78.9m Nigerians now connected to broadband

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Penetration hits 41.3% The number of Nigerians connected to high-speed internet rose to 78.9 million in June, statistics released by the Nigerian Communications Commission (NCC) revealed.   The data showed that telecommunications operators in the country added 2.2 million customers to their broadband database in the month to raise the figure from 76.6 million recorded in May.   This raised the country’s broadband penetration from 40.14 per cent in May to 41.27 per cent at the end of June. The steady growth in penetration has been attributed to the telecoms…

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Ecobank Nigeria unveils package for female entrepreneurs

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  Ecobank Nigeria has unveiled a special loan package for female entrepreneurs in the country, the lender announced in a statement at the weekend. The loan package, “The Ecobank Female Entrepreneurs’ Initiative (EFEI),”  is specially designed by the bank to financially empower female business owners and entrepreneurs in the country. Head, Consumer Asset Product, Ecobank Group, Daberechi Effiong, said the EFEI loan was targeted at boosting small scale businesses owned by women, adding that it was a further demonstration of the importance the bank attaches to the role of women in…

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Stanbic IBTC partners institute on technology start-ups

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  Stanbic IBTC Bank, a member of Standard Bank Group, has continued with its partnership with the Founder Institute Lagos to support entrepreneurs using technology to solve some of the continent’s most pressing challenges. Founder Institute recently held the first online graduation ceremony, tagged, “Velocity Mini” to celebrate the Cohort II graduates who have passed through a 14-week hard core, Navy-seal type curriculum programme. According to the statement, the Velocity Mini is the digital version of the Velocity Conference held at the end of every Cohort, to honour founders that…

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Coronavirus, oil threatens debt sustainability, says FBNQuest

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  The crisis occasioned by the coronavirus (Covid-19) pandemic, as well as the slump in oil prices, does not augur well for  the chances of Nigeria’s external debt  becoming sustainable,  FBNQuest Capital Research has said. The firm stated this in a note obtained by Newsfieldglobal yesterday. According to latest data released by the Debt Management Office (DMO),   Nigeria’s total public debt rose to $79.5 billion (N28.63 trillion) as of the first quarter of 2020. 34.89 per cent-$27.66 billion (N9.9 trillion)- of this amount is the total external debt,  while $51.64 billion (N18.64 trillion) is the…

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Analyst sees lower equity prices from weak quarterly results

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  Financial market analyst and Managing Director/CEO,  Cowry Asset Management Limited, Mr. Johnson Chukwu,  has said that he expects weak Q2 and Q3 results will drive equity prices lower. In his presentation at an event on “H1’20 Review; Expectations and Investment Strategies in H2’20,” Chukwu noted that investors with long term horizon may be facing the best time to take position. The virtual event had in attendance government officials, apex and self-regulatory organisations, capital market operators, investment bankers, policymakers, chief executive officers (CEOs), economists, researchers, analysts, academics, and private equity firms. According…

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