NSE records midweek gain of N20bn

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  Trading activities on the floor of the Nigerian Stock Exchange today closed on the positive route to maintain uptrend as bulls sustained grip on the local bourse for the fourth trading session following gains recorded by blue chip firms.   The local bourse recorded18 gainers against 12 losers as market sentiments remained green. Consequently, the All-Share Index appreciated by 140.53 basis points or 0.16 per cent to close at 24,882.04 index points as against 24841.92 recorded the previous trading session while market capitalisation of equities grew by N20 billion from…

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Stanbic IBTC female employees reach out to less privileged

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  Stanbic IBTC Blue Women Network (BWN), a network of female employees of the Stanbic IBTC Group, has donated food items and provisions to orphanage homes in locations across Nigeria through its Blue Women, “Giving Back Initiative.” In a statement, the lender said that the BWN, inaugurated five years ago, has consistently taken steps towards helping the society at large, adding that part of the body’s mandate is to provide support to the disadvantaged, hence, the creation of its Giving Back Initiative. According to the statement, BWN members made voluntary cash donations…

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Heirs Holdings appoints Okeke Group Executive Director

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  Pan-African investment company, Heirs Holdings (HH), has announced the appointment of Dan Okeke as Group Executive Director.  In a statement, the company said the appointment took effect from August 1, 2020. According to the statement, “Mr. Okeke joins HH following a distinguished three-decade career at the United Bank for Africa Plc (UBA), where he most recently served as an Executive Director, responsible for leading consumer, commercial and public-sector businesses. “At HH, he will be responsible for business coordination and growth across Heirs Holdings’ portfolio of pan-African investments in the…

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Analysts: Lockdown ease to boost VAT inflow in H2’20

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  Citing the relaxation of COVID-19 restrictions, analysts at Cowry Asset Management Limited have said that the Federal Government will likely rake in more revenue from Value Added Tax (VAT) in the second half of this year compared with the amount it generated in H1’20. The analysts made the prediction in the latest edition of the firm’s “Cowry Weekly Financial Markets Review and Outlook” report. According to data released by the National Bureau of Statistics (NBS) last week,  total VAT  collected in H1’20 rose by 8.45 per cent to N651.77 billion, from…

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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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