Industrialists are seeking Federal Government’s interventions in ensuring availability of single-digit interest loans and tax reduction  for Small and Medium-sized Enterprises (SMEs) operators in the country.   These, they said, constituted some of the challenges confronting industrialists and job creation.   According to them, some of the challenges include high taxation, scarcity of cheap funds, obsolete technology, high electricity bill and delay in disbursement of funds to qualified SMEs.   These challenges, industrialists told the Minister of Science and Technology, Dr. Ogbonnaya Onu, who was on an industrial visit…

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Mondaq UK Business Briefing provides global coverage of all legal analysis from reputable firms, registration is…   They are more ingrained in the local communities of Nigeria when it comes to telecommunications, and have agents scattered across numerous local governments in different states of the Federation. As a direct result of the already forged relationships in these parts, Telco financial service subsidiaries are likely to find it easier to engage the locals as Super-Agents or PSB’s, than the banks have.   This gives telcos a huge advantage in terms of…

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Despite the collaboration between telecom companies (telcos) and banks, a survey by PricewaterhouseCoopers (PwC) has revealed that banks are on the losing end as a result of the mobile money platform’s success.   According to the survey, 80 per cent of 19 bank executives, who responded to the survey, confirmed that the mobile money platform had led to erosion of banks’ revenue generated from fees and fund transfers. The amount of revenue lost, though, was not stated.   What this essentially means is that monies that the banks used to…

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  As the September 17 date set by the National Insurance Commission to end review of insurance operators’ recapitalisation plans approaches, palpable tension has enveloped the industry, especially among those whose plans may not tally with their current financial position and weak public reputation.   Findings revealed that though the operators met the August 20 deadline set by the commission to forward their plans, it was, however, an easier task for companies with foreign interests as they were among the first batch to submit theirs.   This is an indication…

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    The London markets surged higher on the back of news that Hong Kong Exchanges and Clearing tabled a £31.6 billion bid for the London Stock Exchange Group.       The FTSE 100 closed 70.08 points higher at 7,338.03 at the end of trading on Wednesday.   According to Belfast Telegraph, the FTSE surpassed its, also positive, European peers after it was boosted by the takeover offer which will disrupt the UK firm’s tie-up with Refinitiv.       Connor Campbell, financial analyst at Spreadex, said: “Reports of…

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The Nigerian Stock Exchange (NSE) has said that one major reason for low retail investment appetite in the market is inadequate knowledge of investment products and benefits for retail investors.   The Chief Executive Officer, NSE, Oscar Onyema, who stated this at the fourth edition of the NSE market data workshop, said despite the evolving needs of consumers demanding for financial information globally, Nigeria still had low inclination towards investments.   He recalled a research by FSDH, which reported the savings ratio in Nigeria as one of the lowest among…

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Local  equities  rebounded  on  resumed  bargain  hunting  activities yesterday  as overall  performance  measures,  NSE  All Share Index (ASI), grew by 0.39  per cent,  halting five  days losing streak.   The stock market had tumbled for the five days as investors retreated following sell offs and low market sentiments.   The bullish activities were driven by consumer goods and financial services stocks which were highly sought after. At the close of business, 19 stocks appreciated while 13 others declined. Consequently, the All-Share Index gained 105.95 basis points or 0.39 per cent…

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    The Securities and Exchange Commission (SEC) has disclosed that the implementation of its 10-year Capital Market Master Plan is already contributing to growth and development of the Nigerian capital market, and by extension, the economy.       This was disclosed by the Acting Director General of SEC, Ms. Mary Uduk, yesterday, during the opening ceremony of a two-day international capital market conference in Lagos.       The event is organised by the commission in collaboration with University of Lagos.       Uduk described the theme…

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