Category Archives: Finance

Sterling Bank Nigeria holds summit on $1tr agribusiness

POLICY makers, international financial institutions, value chain players and development agencies  will be part of the second Sterling Bank Agriculture Summit Africa billed for September 5 and 6 in Abuja.

The summit with the theme “Agriculture – Your Piece of The $1tr Economy,” is geared toward attainment of the $1trillion Africa agribusiness economy dream of the World Bank by 2030.

FIRS generates N312b from VAT, as income rises by 7.9%

The Federal Inland Revenue Service (FIRS) generated N311.94 billion revenue for government through the collection of Value Added Tax (VAT), between April and June, data from the National Bureau of Statistics (NBS) has shown.

The figure, according to the NBS, represents a 7.9 per cent quarter-on-quarter increase from the N269.79 billion generated in Q2 of 2018, and 16.95 per cent year-on-year.

How to make VAT collection effective

The Chairman of Federal Inland Revenue Service (FIRS), Babatunde Fowler, has said that the use of technology is pivotal to the effective monitoring of Value Added Tax (VAT) collection in Africa.

Fowler said this at the African Tax Administration Forum (ATAF) technical workshop on VAT in Abuja.

According to the tax administrator, many Africans now utilise various online platforms as their preferred means of shopping.

CBN adopts new measure to tackle loan default, rising NPLs

In a move to tackle issues of loan default and rising Non-Performing Loans (NPLs) in the banking industry, the Central Bank of Nigeria (CBN) has announced an introduction of a credit protection clause that would be attached to offer letters of banks going forward.

Besides, the CBN in collaboration with the Lagos State government plans to develop adjoining areas of the national theatre as well as provide support to the creative industry.

9mobile gets $230m from AFC to expand operations in Nigeria

Efforts by the new Board and Management of Emerging Markets Telecommunication Services Limited (EMTS), trading as 9mobile, to reposition the company may have started yielding results as the Africa Finance Corporation (AFC), has approved a $230 million loan facility to help it attain its long-term growth plans.

Convinced by the initiatives so far taken by the Alhaji Nasiru Ado Bayero-led Board and management headed by Acting Managing Director, Stephane Beuvelet, to return the company to the path of growth and profitability through cost efficiency, innovative product development, and network efficiency, the AFC announced the approval of the loan at the weekend.

236,000 artisans get N10b loan

Over 236, 000 artisans and small business owners are to get interest-free loans of N100,000 each courtesy of the Association of Skilled and Vocational Artisans of Nigerian (ASVAN), in partnership with Farmers’ Cooperative Group and Kiakia Bit Limited.

The patron of the association, Mr. Matthew Onyeabo, said the empowerment programme was the first phase of the disbursement of N10 billion  to members of the association from the 36 states of the Federation and the Federal Capital Territory (FCT).

GTbank, Resourcery partner on Tier III certification

GTBank’s data centre, built with support of its technical partner, Resourcery Plc, has achieved Uptime Institute Tier III Design Certification.

The centre, the first in the Africa to  accomplish this feat.

Banks responsible for N1.79tn non-performing loans – AMCON boss

Deposit money banks (DMBs) in the country are largely responsible for the huge portfolio of over N1.79trillion non-performing loans, the Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru has said.

He spoke at the maiden edition of the National Credit Managers Conference organised by the Institute of Credit Administration (ICA) in Lagos at the weekend.

Forex restriction: Food businesses count losses

The new policy regime placing restrictions on forex for food import has remained hotly debated with concerned stakeholders arguing very strongly that the policy should be reversed considering the unintended, albeit dire consequences its implementation may bring about. Ibrahim Apekhade Yusuf, Charles Okonji and Medinat Kanabe in this report examine the issues

To say the federal government is no longer at ease with food import is clearly stating the obvious. As to be expected President Muhammadu Buhari had last week in clear terms expressly instructed the country’s central bank to stop providing foreign currency for food imports.

Food import restriction has taken effect – CBN

Contrary to widespread speculations in some quarters that the Central Bank of Nigeria (CBN) is yet to work out modalities and timeline for the implementation of the new policy regime on food import restriction, the apex bank has revealed that the policy has since taken effect.

Giving this hint over the weekend was the Director, Corporate Communications at the CBN, Mr Isaac Okoroafor.