RMAFC vows to revisit revenue sharing formula

The newly reconstituted board of the Revenue Mobilisation Allocation and Fiscal Commission resumed work on Monday and vowed to revisit the nation’s revenue sharing formula. Answering questions from journalists at the inaugural meeting of the 37 commissioners of the body in Abuja on Monday, Chairman of the commission. Click here for more.

Nigeria, others support nine-month oil cut extension

Nigeria, on Monday, expressed its support for a nine-month extension of oil production cuts by the Organisation of Petroleum Exporting Companies and other producers. OPEC ministers met on Monday and approved in principle a nine-month rollover of its output cut agreement at the same levels, S&P Global Platts quoted two sources as saying. Click here for more.

Oil Hits $66 On Cuts Signal

Oil surged to a five-week high on Monday after Saudi Arabia and Russia signaled an extension of the non-members of the Organisation of Petroleum Exporting Countries (OPEC+) output cuts and a United States (U.S.)-China agreement to restart trade talks improved the demand outlook. Click here for more.

Investors Lose N155.23bn As Market Opens The Week Negative; NSEASI Dips By -5.78% YTD

Equities market closed yesterday on a negative note, as NSEASI depreciated by 1.18% to close at 29,614.61 points as against 0.73% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.78%. Click here for more.

Buhari, Access Bank MD, Others Back Insurance Industry Recapitalisation

President Muhammadu Buhari, the Managing Director, Access Bank Plc, Herbert Wigwe; the Director-General of the Budget Office of the Federation, Mr Ben Akabueze, and other stakeholders in the financial services sector on Monday backed the plan to recapitalise the insurance industry. Click here for more.

Banks To Tighten Criteria On Corporate Loans – CBN

The Central Bank of Nigeria, CBN, has said banks will tighten criteria for corporate loans in the third quarter of the year. The apex bank said the criteria include more collateral, stronger loan covenants and higher fees/commissions for corporate loans. Click here for more.

FG begins July savings bond auction

The Federal Government has commenced the auction of its savings bond for July this year. A savings bond is targeted at low-income earners to encourage them to save and earn more income (interest) when compared with their savings account with banks. Click here for more.

New Tax ID: FG Directs CBN, Others To Synergise With Joint Tax Board

The Federal Government has directed the Central Bank of Nigeria, Nigeria Interbank Settlement System, the National Identity Management Commission to cooperate with the Joint Tax Board in the release of relevant individual records. Click here for more.

AFDB On Roadshow In Seoul And Tokyo To Woo Asian Investors

Representatives of the African Development Bank will meet Asian champions of industry and businesses this week in Seoul, South Korea and Tokyo, Japan to mobilize investors ahead of the Bank’s second Africa Investment Forum. Click here for more.

China’s Huawei Awaits U.S. Commerce Nod On Resuming Usage Of Google Android

China’s Huawei said on Monday it is awaiting guidance from the U.S. Department of Commerce on whether it can resume using Google’s Android mobile operating system on upcoming smartphones. Click here for more.