Finance Bill to use banks as agents to tax Nigerians 

Businesses in Nigeria are now more than ever exposed to payment of taxes, according to provisions of the Finance Bill currently being debated by the National Assembly. In October 2019, President Muhammadu Buhari submitted the Finance Bill 2019 to the National Assembly, seeking a sweeping change to Nigeria’s outdated corporate tax laws. Click here for more.

Private Sector Funding Critical for Infrastructure Development

The Director General/Chief Executive, Infrastructure Concession Regulatory Commission (ICRC), Mr. Chidi Izuwah, has said the country will have to compete for available private sector funds if it intends to bridge current infrastructure deficit. Click here for more.

Nigeria to Allow More Payment Providers to Boost Banking Access

Nigeria’s central bank plans to license more payment providers in an effort to improve the country’s financial-inclusion rate to 80% by the end of next year from about 60%. The provision of licenses to several players will help support innovation and competition as all parties work to increase their customer base. Click here for more.

African Development Bank Approves $210 Million for Nigeria Grid

Transmission Co. of Nigeria has secured $210 million funding from the African Development Bank to upgrade the nation’s dilapidated power lines and distribution infrastructure, the Abidjan-based bank said in a statement. Click here for more.

Investors Gain N5.18bn WoW As NSEASI Inches Up By 0.04% To Close The Week Positive

Equities market closed Friday on a positive note, as NSEASI appreciated by +0.66% to close at 27,002.15 points as against +0.13% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -14.09%. Click here for more.

FX reserve unlikely to fall to $30bn, no devaluation on the horizon – CBN

Nigeria does not see its foreign exchange reserve level falling to $30 billion and so is not contemplating a currency devaluation anytime soon, a senior Central Bank (CBN) official told BusinessDay last night. It had been reported last week that CBN Governor Godwin Emefiele had told investors in London. Click here for more.

CBN Loan: How Banks Created N1.16trn Credit In 6 Months

In July 2019, the banking regulator, the Central Bank of Nigeria (CBN) set at least 60 percent minimum loan-to-deposit ratio (LDR) to encourage lending to small businesses and consumers and more mortgages. Click here for more.

$60b Forex Cash Kept Naira Stable For 29 Months – Emefiele

The $60 billion inflow from the Investors’ and Exporters’ Foreign Exchange (I&E Forex) Window has been identified by Central Bank of Nigeria (CBN) Governor Godwin Emefiele as one of the policies that sustained the stability of the naira. Click here for more.

Insurers restate plans for industry’s recapitalization

As insurers show commitment to the ongoing recapitalisation exercise in the industry, they explain that a process is a form of a corporate reorganisation, which involves making substantial changes to a company’s capital structure. Click here for more.

PFAs Invest N6.8tn Pension Assets In Govt Securities

Pension Fund Administrators have invested about N6.84tn in the Federal Government securities, representing 71.43 per cent of N9.58tn total pension assets as of September 30, 2019. The figures are contained in a report, which was obtained by our correspondent on Friday from the National Bureau of Statistics. Click here for more.

Dangote oil refinery key equipment arrives from China

Dangote Petroleum Refinery and Petrochemicals Company on Sunday announced the arrival of the key equipment that would process crude oil in its refinery being built in Lagos. The firm, in a statement, described the crude distillation column equipment as the largest in the world with a distilling capacity of 650,000 barrels per stream day. Click here for more.