FIRS Gets N8.5tn Revenue Target For 2020

The Federal Government has set a tax collection target of N8.5tn for the Federal Inland Revenue Service in the 2020 fiscal period. This target is contained in the Fiscal Strategy Paper of the Federal Government which had already been approved by the National Assembly. Click here for more.

Five years after, FG fails to deliver N4.8bn aerobridges

Five years after the Federal Government bought and commissioned 28 aerobridges in China, it has failed to deliver them into the country, BusinessDay findings show. Our calculations indicate that these aerobridges may have cost the government about N4.8 billion. This is given that India, which procured and installed aerobridges in 2017. Click here for more.

Gaining few, battling for many in 2020 budget plans

The country’s pitfalls and controversy over its year appropriation is indeed, unending. If it scales through the usual test of frivolous items, the hurdle of bloated provisions come up. When it appears that the total budget package is huge, then recurrent expenditure plans assumes the posture of elephant in the house. Click here for more.

Investors Lose N48.62bn WoW As NSEASI Dips By -0.38% To Close The Week Negative

Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.03% to close at 26,348.73 points as against -0.15% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.17%. Click here for more.

Nigeria’s fixed income market freezes up on CBN OMO ban

Not a single trade was done in the Treasury bills (T-bills) market last Friday as investors sought clarity over a directive from the Central Bank of Nigeria (CBN) banning individuals and local non-financial firms from buying short-dated government securities. The directive is part of efforts by the CBN to boost lending to the real sector. Click here for more.

CBN’s OMO Gimmickry explained 

On Wednesday, October 23rd, 2019, the Central Bank issued a new circular that once again spooked the financial markets to its core. In one of several circulars released during the week, the Apex bank restricted purchase for its much-coveted Open Market Operations (OMO) to only foreign investors and local Nigerian Banks. Click here for more.

AMCON Amendment Act Requires Enforcement, Says CJN

The Chief Justice of Nigeria (CJN), Hon. Justice Ibrahim Tanko Muhammad, has called for the enforcement of the Asset Management Corporation of Nigeria (AMCON) Amendment Act 2019. He stated that a law cannot be effective if not enforced. Click here for more.

Banks’ credit to private sector hits record N25.47tn

Banking sector’s credit to private sector rose to N25.47tn in September, setting a new record for the year, a new report by the Central Bank of Nigeria has revealed. Analysts have said the 65 per cent Loan-to-Deposit policy of the CBN has continued to increase banks’ credit to the private sector. Click here for more.

Nigeria’s Access Bank to Buy Kenyan Lender in Yet Another Tie-Up

The Competition Authority of Kenya gave Nigeria’s biggest lender the go-ahead to acquire 93.57% of Transnational Bank Ltd., as consolidation in the East African nation’s banking industry gathers pace. Access Bank Plc’s purchase follows the merger of NIC Group Plc and Commercial Bank of Africa Ltd. Click here for more.

Shareholders seek extension of June 2020 insurers’ recapitalisation deadline

Insurance sector shareholders are calling on the National Insurance Commission (NAICOM) to review its recapitalisation directive, particularly the June 2020 deadline, as it no longer appear feasible with the way things are in the market. Click here for more.

BRT operator, Primero lists N16.5 billion bond on the NSE

The Nigerian Stock Exchange has approved the Listing of Primero BRT Securitization SPV Plc’s N16,500,000,000 Series 1, 17% Fixed Rate Bonds Due 2026. The bond is listed under the N100,000,000,000 Medium Term Bond Program via Offer for Subscription. Click here for more.