Buhari renames communications ministry
The Federal Ministry of Communications will henceforth be known as ‘Federal Ministry of Communications and Digital Economy’. The development, which was announced on Wednesday, followed President Muhammadu Buhari’s approval of a request by the minister, Dr Isa Pantami. Click here for more.
33 states can’t survive without federal allocation – Report
Thirty-three state governments cannot finance their recurrent expenditure without allocation from the federation account, a report prepared by BudgiT has said. The federation account, according to nigerianstat.gov.ng, is the central pocket through which the three tiers of governments maintain their respective workforce and fund their developmental projects. Click here for more.
Nigeria loses N5tn annually to tax evasion – Fowler
The Executive Chairman, Federal Inland Revenue Service, Mr Tunde Fowler, has said Nigeria loses about $15bn to tax evasion annually. The $15bn, when converted based to naira on N358 to a dollar interbank market exchange rate, translates to about N5.37tn. Click here for more.
Nigeria Bid to Boost Mining Gets Help From West Africa Gold Rush
Nigeria’s efforts to persuade investors that it could become a mining destination for metals is receiving a boost from a small Canadian company joining a rush for gold in West Africa. The western tip of the continent is seen as a new frontier as gold miners face a dearth of new discoveries globally. Click here for more.
Investors Gain N15.63bn as NSEASI Inches Up by 0.12%
Equities market closed yesterday on a positive note, as NSEASI appreciated by +0.12% to close at 26,397.94 points as against -0.09% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.01%. Click here for more.
CBN, 15 DMBs inject N228.2 billion in AMCON’s sinking fund
The Central Bank of Nigeria’s (CBN) Financial Stability Report has disclosed that the apex regulator and 15 Deposit Money Banks injected N228.28 billion in the Asset Management Corporation of Nigeria (AMCON) in 12 months. Click here for more.
9M: Zenith Bank Posts N491bn Earnings, N151bn Profit
Zenith Bank Plc has announced improved performance for the nine months ended 30, 2019. In the unaudited results released to the Nigerian Stock Exchange (NSE) yesterday, Zenith Bank Plc reported an increase of four per cent in gross earnings from N474.607 billion to N491.268 billion. Click here for more.
Interswitch Raises N23bn Via Bond Sale
Interswitch Limited has raised N23 billion through the issuance of a series 1, fixed rate, senior, unsecured callable bonds. The integrated digital and e-payment company raised the fund via a special purpose vehicle, Interswitch Africa One Plc. Click here for more.
Fintech as panacea for exclusion, funding impasse in Nigeria’
The advent of Financial Technology (Fintech), a combination of technology and innovative business models in financial services, has gained considerable momentum in recent times, with global investments rising at exponential rates. It holds the potential to revolutionise the Small and Medium Enterprise (SME). Click here for more.
NigComSat at risk of losing $150 million Chinese loan over dissolution of FEC
The dissolution of the previous Federal Executive Council (FEC) by President Muhammadu Buhari might cost the Nigerian Communications Satellite Limited (NigComSat) $150 million Chinese loan. The change in the Federal Executive Council affected the negotiation process as the loan agreement hadn’t been concluded as the time of the dissolution of the council. Click here for more.
NNPC seeks Russian firms’ partnership to revamp oil refineries
As the timeline to revamp Nigeria’s four oil refineries in 2023 edges closer, the Nigerian National Petroleum Corporation (NNPC) has met with some Russian firms, which includes a state owned company and private entities to help bring the refineries back to life. Click here for more.
Putin Enters Contest for Africa After Humbling U.S. in Mideast
After restoring Russia as a key power in the Middle East, President Vladimir Putin is turning his attention to Africa to raise Moscow’s profile in the struggle for geopolitical influence. Putin hosts leaders from more than 50 African states on Wednesday in Russia’s first conference with the continent. Click here for more.