Category Archives: Finance

Business Pros and Cons of Adding Naira on Britain Trade List

The acceptance of the Britain’s export finance agency last week to add the naira to its list of “pre-approved currencies”, has no daubt has its pros and cons on trade between the two countries. Below are key of them:

1. It will provide financing for transactions with Nigerian businesses denominated in the local currency.

2. It will provide a firm foundation for a significant increase in trade and investment between both countries.

Britain To Add Naira To List Of Accepted Trade Currencies

Britain’s Export Finance Agency will add the Naira to its list of “pre-approved currencies”, allowing it to provide financing for transactions with Nigerian businesses denominated in the local currency.

The Naira will become one of three West African currencies that UK Export Finance has pre-approved for its programme of funding transactions that promote trade with Britain, it said.

MTN Plans $500 Million Share Sale In Nigeria

The MTN Group plans to raise about $500 million from the sale of shares in its Nigerian business during the first half of the year, fulfilling the terms of a deal struck with the West African nation to settle a record fine, according to people familiar with the matter.

Standard Bank Group Limited and Citigroup have been advising Africa’s largest mobile-phone company on the disposal of as much as 30 percent of the Lagos-based unit on the Nigerian Stock Exchange, Bloomberg quoted people who asked not to be identified as the details aren’t public.

Cryptocurrencies are Ponzi Schemes, says Kim

The President of the World Bank Group, Jim Yong Kim, has compared cryptocurrencies to “Ponzi schemes,” and thus, becoming the latest financial voice to raise questions about the legitimacy of digital currencies such as Bitcoin.

Kim’s expression of doubt about legitimacy of digital coins came amid slump in market for cryptocurrencies across the globe.

Bank Customers Continue To Pay More on Loans, Earn Less on Deposits

‘Invisibles’ dollar sales dominate forex utilisation by 48%
Except the seven-day and one-month maturity deposit rates, all other forms of deposits in the banking industry lost values in the fourth quarter of 2017, when compared with the third quarter records.

The development showed a continuation of the long-standing wide gap between interest rates that customers receive for keeping their money in the bank and what they pay to banks to borrow the same money.

Reasons Why we Invested $220m in Nigeria in 9yrs – StarTimes

The StarTimes a Chinese firm which offers a direct-to-home pay-TV service said it has invested over $220 million in Nigeria in the last nine years to boost entertainment and enrich the country’s television viewers’ experiences.

The Vice President of StarTimes, Ms Guo Zi Qi, said this in Abuja at the formal launch of the Chinese Animation season.

$2.5bn External Loan won’t Increase Nigeria’s Debt Profile – DMO

The planned external financing of $2.50 billion is for the refinancing of maturing domestic debt obligations of the Federal Government, and therefore it will not lead to additional debt profile of the country, the Debt Management Office has said.

In a statement yesterday, DMO explained that the external loan is not a new or incremental debt because it will not lead to an increase in the public debt stock.

“The purpose is to rebalance the Federal Government’s debt portfolio by increasing the external component while reducing the domestic component in line with Nigeria’s Debt Management Strategy, which has a target of a 40:60 ratio for external to domestic debt from the current position of about 25:75, respectively.”

We’ll Expose Tax Debtors through Bank Accounts, Shares – Finance Minister

The Minister of Finance, Mrs Kemi Adeosun, yesterday advised wealthy Nigerians to take advantage of the Voluntary Assets and Income Declaration Scheme (VAIDS) to regularise their tax status and escape unsavoury consequences.

A statement from the VAIDS office quoted Mrs Adeosun as saying in her speech in Enugu during the hosting of VAIDS by the Enugu State governor, Mr Ifeanyi Ugwuanyi, that the federal government had compiled data on property, bank accounts, shareholdings and other income sources of individuals and corporate entities.