There are hidden economic opportunities in taxation which government should explore by brining more people into the tax net, Alpha African Advisory Executive Vice Chairman,  Mustafa Chike-Obi, has said. Speaking to financial journalists in Lagos on the theme: “Repositioning Nigerian Economy for Sustainable Growth”, he said Nigeria’s tax rate at 30 per cent is one […]

Nigeria is operating a fragmented financial sector which is working against the accurate record of its growth on the financial inclusion goal of the Federal Government. The Commissioner for Insurance, Nigeria, Alhaji Mohammed Kari, made this known at the just-concluded 46th African Insurers Organisation(AIO) held in Johannesburg, South Africa. He further disclosed that the fragmentation […]

The Nigerian Stock Exchange (NSE) has placed cautionary red alerts on 34 companies  for their inability to meet listing requirements, implying underlying corporate governance weaknesses that investors need to consider about the companies. The latest tracker on compliance with basic listing requirements at the stock market obtained by The Nation at the weekend indicated that the companies […]

The Federal Government at the weekend listed five tranches of Eurobonds totaling $5.37 billion on the Nigerian Stock Exchange (NSE) and the FMDQ OTC Securities Exchange, paving the way for trading on the dollar-denominated bonds. The Debt Management Office (DMO), which oversees government bond issues, listed the five tranches of new debt issues, including $750 […]

Nigeria’s most capitalised quoted company and Africa’s largest cement producer, Dangote Cement Plc, at the weekend issued new commercial papers to raise N50billion in new short-term capital. This is the eighth to 10th series of its N150 billion CP programme. The leading cement company will use the net proceeds to support its short-term funding. Dangote […]

Sixty-Two debtors are owing the Asset Management Corporation of Nigeria (AMCON) N10 billion and above each, the agency has said. The corporation was established on July 19, 2010, when AMCON Act was signed into law by former President Goodluck Jonathan, with a mandate to acquire bad loans from banks, pay the banks and recover the […]

The African Development Bank (AfDB) has expressed optimism that Nigeria, the largest country on the continent will soon ratify the Continental Free Trade Area (CFTA) agreement. The Director, Industrial and Trade Development of AfDB, Dr Abdu Mukhtar, said this in an interview with newsmen on Sunday. The CFTA was adopted on March 21, 2018 and […]

The indebtedness of power distribution companies to the Transmission Company of Nigeria has risen to N231bn as of March 2019. Nigeria has 11 Discos. The electricity generated by power generation companies is transmitted by the TCN to power distributors, who then distribute the product to final consumers. Discos collect funds from power consumers on behalf […]

Shareholders of Union Bank of Nigeria (UBN) Plc have approved a proposal to cancel N54.46 billion accumulated permanent losses in the books of the commercial bank. At the extra-ordinary general meeting in Lagos, shareholders authorised the board of directors to reduce the bank’s share premium account by N54.46 billion to net off the legacy deficit, […]

The Debt Management Office (DMO) has listed its first Eurobonds on FMDQ Securities Exchange platform to fund the budget deficit and other financing needs of the Federal Government. FMDQ OTC Securities Exchange is Nigeria’s foremost debt capital, foreign exchange and derivatives over-the-counter securities exchange, strategically driven to transform the Nigerian financial markets through its “GOLD” (Global Competitiveness, Operational Excellence, Liquidity and Diversity) […]