BVN Registration deadline expires today

  If you are unable to register for your BVN at the end of today,your bank account becomes inactive.( I didn't say that,CBN did).

The Central Bank of Nigeria (CBN), in collaboration with the Bankers’ Committee had introduced the BVN on February 14, 2014. The initiative was aimed at ensuring unique identity for all bank customers and other users of financial services in the country by the use of the customers’ biometrics as means of identification.

At the expiration of the initial estimated 18 months after the launch, a good number of bank customers were reluctant in registering, which led to commotion and stampede in banking halls across the country towards the end of the previous deadline. That confusion necessitated the call for the extension of the registration deadline by four months to October 31.

Data from the Nigeria Interbank Settlement System Plc (NIBSS), showed that 20,833,635 bank customers had enrolled as at October 25, 2015.The Deputy Director, Consumer Protection Department at the CBN, Mrs. Khadija Kasim, also urged those yet to be captured to do so before the deadline expires.

Stock Market Gainers list

Gainers List : Friday, October 30, 2015 Stock Code Name Price % Change High Low UBCAP UBCAP 1.32 4.76% 1.32 1.30 SKYEBANK SKYE BANK PLC 1.99 4.74% 1.99 1.97 TRANSEXPR Trans-Nationwide Express Plc 1.19 4.39% 0.00 0.00 UBA United Bank For Africa Plc 3.57 4.39% 3.59 3.48 RTBRISCOE R.T. Briscoe Plc 0.53 3.92% 0.53 0.53 OKOMUOIL Okomu Oil Palm Plc 29.02 3.64% 29.02 29.02 UBN Union Bank Nigeria Plc 5.80 3.57% 5.80 5.80 DIAMONDBNK DIAMOND BANK PLC 2.62 2.75% 2.62 2.62 ZENITHBANK ZENITH INTERNATIONAL BANK. 17.50 2.70% 17.58 16.70 FIDELITYBK Fidelity Bank Nigeria Plc 1.41 2.17% 1.42 1.38 FBNH FIRST BANK HOLDING COMPANY 5.20 1.96% 5.29 5.19 FCMB FIRST CITY MONUMENTAL BANK PLC 2.00 1.52% 2.06 2.00 GUARANTY Guaranty Trust Bank Plc 23.30 1.00% 23.35 23.00 UACN UAC of Nigeria Plc. 26.48 0.99% 26.48 26.48 ACCESS Access Bank Plc 4.78 0.63% 4.78 4.70 WAPCO West African Portland Cement Plc 96.00 0.21% 96.00 96.00

Mr President advices Accountant on prudent management of Public funds

    

 Mr President Muhammadu Buhari who was represented by the Permanent Secretary, Federal Ministry of Finance, Mrs. Anastasia Nwaobia at the just concluded annual conference of the association of national accountant(ANAN)told professional accountants that the Federal Government desires accelerated economic development and prudent management of public funds.

In a statement given at the Annual National Conference of the Association of National Accountants of Nigeria, held at the International Conference Centre, Abuja between 26th -29th of this month,Mrs. Anastasia Nwaobia representative of Mr President said it was important that accountants and holders of public office should uphold the standards and professional ethics in the prudent management of pubic funds.

He urged accountants to also design a robust model for proper accounting of resource utilisation, financial reporting and performance evaluation.

“Our statute books are replete with laws, rules and regulations for accountants and accounting practice but we have been unable to arrest the tide of unbridled corruption which is largely aided by unethical practices by those whose duty it is to uphold public trust.

“In recognition of this situation, government put in place several initiatives in the public financial management system, namely GIFMIS, IPPIS, IPSAS and more recently, the Treasury Single Account for which I demand faithful implementation,’’ The President stressed the need for the accountants “to partner the government in instituting a system which is performance-focused and sensitive to the best professional standards in revenue mapping and capturing.”He also mentioned the need to partner in expenditure profiling, financial records management and fiscal discipline.

   This year's theme for the conference was ''Value Creation and the Relevance of the Professional Accountant''

Yomi Olugbenro's Celebrity Tax talk on twitter- #TaxWiseNG

Yomi Olugbenro,a tax partner at delliote is having a conversation now on twitter #TaxWiseNG to join the convo.

Quite interesting.

Click to view some of the threads

Still trending and do retweet to join the train

I spoke with one of their representative and i was told that the bigger the amount,the bigger the profit and more funds help you stay in the market. As am doing mine,i'll advice you also do your analysis.To the risk averse & takers Happy trading!!!!

Bizblog: Online Forex trading platform-#Forexrally now tren... https://t.co/K3HiROT2Th

— Bukorla Deebodun (@dheeboordun) October 28, 2015

Enforce property tax-Estate surveyors urges FG

   Mr Livingstone Iyanda ,A real estate surveyor and valuer has urged the Federal Government to partner with the Institution of Estate Surveyors and Valuers to enforce property tax in Nigeria.He  told the News Agency of Nigeria (NAN) in Abuja on Monday that a partnership of that kind could make real estate taxation a major source of revenue for the government.

According to him, real estate surveyors have the capacity to properly assess the value of property and ensure effective management of land resource.“The estate surveyor and valuer is the only key professional in Nigeria, who can ensure the change and enhance the prosperity of our people through property taxation and effective management of land resource in the country.

“Government is to partner with the Ministry of Justice to call all the relevant justice locations in the country – from the National Assembly (to) each State House of Assembly’s Committee on Judiciary, the local governments, and those that are responsible for tax collection – (to) come together, under the auspices of the Ministry of Justice in collaboration with the Nigerian Institution of Estate Surveyors and Valuers, to fashion out a more modern way of accessing, collecting and applying proceeds from real estate taxation.’’
Iyanda advised the government to impose tax on luxury possessions in order to bridge the gap between the rich and poor.

Source : NAN

Online Forex trading platform-#Forexrally now trending on twitter

   Forex Rally is an international online broker providing highly competitive brokerage services to emerging financial economies. They infuse cutting edge technology, low transactional fees with an array of financial instruments to give an unmatched trading experience.

   Whether you are new to forex trading or a professional active trader, at ForexRally you will find the right forex trading account . Become a client and benefit from the advanced trading technology, competitive trading conditions and professional service features.
Forexrally has a simple and fast account opening process which makes trading accessible to everyone.

  All you're required to do is :

• Open a real trading account with Forex rally
• Make a deposit
• Access your platform
• Trade 
• Withdraw

You can visit Forexrally for more info.A live trading competition is presently ongoing

Happy trading!!!!!

Bizblog term of the week:Market Capitalization

    Market capitalization is the total market value of the outstanding shares of a publicly traded company.It is the total number of outstanding shares multiplied by current market share price.

  The value of a company's market capitalization is a major determinant factor of a company's size(i.e net worth) & stock valuation. Company's can fall into the Large ,Medium & Small capitalization group which all depends on the value of their market capitalisation.

 Lets take for instance,a company with an oustanding shares of 10,000,000 to which their current market share price is N5,the market capitalisation of such company stands at N50,000,000(10,000,000shares x N5)

   Market capitalization figure of a company helps individuals make investment decisions in terms of risk and return on their prospective investment.

Skye bank encourages prospective RT Briscoe car owners through Automobile financing

Are you a regular income earner, viable business owner,then this package is for you;

Skye bank provides 70% of the cost while you provide 30% at the point of acquisition..Quite mouthwatering right!!!!

Skye Bank Plc, recently went into some strategic alliances with some automobile companies to promote the acquisition of certain brands of cars with a view to ensuring that some of their customers adopt some lifestyles and habits that boost their social status.

Recently, Skye Bank went into partnership with RT Briscoe by providing financing for the Ford brand of cars for people who may not have the bulk amount needed to purchase such cars. Under the partnership, the bank will avail existing and prospective customers of the bank wishing to buy Ford cars during the six-month promo period of RT Briscoe by providing 70 per cent of the cost of such vehicles while the customer will contribute 30 per cent of the cost.

The special arrangement was to complement RT Briscoe’s attractive incentives for aspiring car owners in commemoration of its 10th year anniversary as Ford auto dealers in Nigeria.

According to the bank, the financing window would be available to Nigerians who  earn regular income, including business owners with viable and thriving businesses under its Skye Auto finance scheme.“All a prospective buyer needs do is make his or her choice from any RT Briscoe outlet and visit any Skye bank branch with the purchase invoice, 20 per cent of the purchase price and evidence of income”, the bank explained.

It further said customers who purchase Ford vehicles during the promo period through the bank will enjoy some exclusive benefits like discounted vehicle prices, two per cent interest rate discount on loans granted for vehicle acquisition, and 4-year free labour service on such cars.

Commenting on the partnership, Skye Bank’s Head of Retail Banking Group, Nkolika Okoli, explained thus: “RT Briscoe is celebrating the 10th year anniversary of the Ford brand of vehicles in Nigeria and is giving special discounts on the vehicles for customers who will purchase from when the promo started.

“Due to its desire to ensure as many Nigerians as earn a regular income (business owners inclusive) enjoy this unique opportunity, Skye Bank is providing financing for people who may not have the bulk amount needed to make a full upfront payment for their choice cars through its Skye auto finance scheme.

“All a prospective buyer need do is make his or her choice from any RT Briscoe outlet and visit any Skye bank branch with the purchase invoice, 20 per cent of the purchase prize and evidence of income. Skye Bank contributes 80 per cent of the purchase price.”

Other benefits include free car delivery on purchase, three-year warranty, eligibility to win another Ford vehicle in a raffle draw, among others.

Skye Bank has an auto loan scheme for its customers through which such customers can buy a wide range of vehicles after paying their equity contribution of 30 per cent, leaving the bank to provide the balance of 70 per cent.

ThisDay

New brand identity of Union bank plc

   Union bank plc unveiled a new brand identity at a ceremony held at Onikan stadium.The bank which was known for their catchword ''Big,Strong,Reliable'' changed it to ''Building a simpler,smarter bank''.

   Speaking at the event,the Chief Executive Officer and Managing Director of Union Bank, Mr Emeka Emuwa, said “We believe that critical milestones we have achieved in the past three years have laid a solid foundation for us as a bank. The launch of this refreshed identity signals a new phase in Union Bank’s transformation as we set our sights on attracting a new base of customers while remaining focused on providing simple and smart banking solutions to all our customers.”

Union Bank has been a trusted name for Nigerians for nearly a century and we will continue to leverage our heritage as we embrace a rapidly changing world

    The meaning of the logo as explained by The Head, Corporate Affairs & Corporate Communications, Ogochukwu Ekezie-Ekaidem:“Union Bank is one of the longest standing financial institutions in Nigeria and our new identity pays homage to our past and carries with it our proposition for the future. In developing the new identity, remaining true to our brand proposition of simplicity was foremost in our minds. Our iconic white stallion, which represents strength and passion, is now in motion, cantering forward with energy and dynamism. We have introduced a modern typeface and updated our colour to a fresher and more vibrant blue. Finally, we have included patterns to infuse a contemporary feel to the overall identity,”

  

Lafarge Africa Records N29 Billion PAT

Lafarge Africa Plc has reported a profit after tax of N29 billion for the nine months ended September 31, 2015, compared with N31 billion recorded in the corresponding of 2014.

The company said Ashaka  Cement’s numbers were affected by the unrest during the start of the year, explaining that  Ashaka has since returned to normal operations.

It added that industrial performance was strong, with stable plant operations across the board. The South African business continues to be cash generative and the Ashaka plant is now fully operational.

However, the volume slow down impacted the profit, with after tax (PAT) profit from consolidated operations declining by 67 per cent to N3.5 billion in the quarter.


Commenting on the results, the CEO, Lafarge Africa Plc, Mr. Peter Hoddinott mentioned that “in spite of the challenging business environment and competitive situation, our Company has delivered a good performance during the year. Our business expansion is remarkable and we are optimistic that our company will continue to deliver strong value to our shareholders.”According to him, Lafarge Africa Plc will continue to leverage its strong brands, technological advantage and support from the global Group. The expansion plans are on track, with the aggregate business ramping up, new ReadyMix plants being erected, the Unicem second line set to come on stream in 2016.

CSCS urges for E-share certificates

The Central Securities Clearing System Plc has called on investors to participate actively in the dematerialization process as it will promote transparency and efficiency in the capital market.

The CSCS also reiterated its commitment to the full dematerialization, which is the conversion of physical share certificates to electronic certificates.

It spoke on the issue at a stakeholders’ meeting in Lagos, a statement made available to our correspondent on Sunday said.

It quoted the Managing Director, CSCS, Mr. Kyari Bukar, as saying that there was the need for investors to embrace the exercise because the full dematerialization of share certificates would promote transparency, enhance investors’ confidence and create more visibility for the capital market.

The process of issuing physical certificates for shares has been bedeviled by problems such as delay in issuance and dispatch of certificates, delay in verification of share certificates, loss, theft and forgery of share certificates, among others.

It was to address the problem that the Securities and Exchange Commission issued a directive that all share certificates should be dematerialized.

According to the General Manager, Operations, CSCS, Mr. Joe Mekiliuwa, full dematerialisation will ensure total elimination of physical share certificates or documents of title, which represent ownership of securities and convert these share certificates into electronic book entries.

He said, “At full dematerialization of the shares of a company, all existing share certificates hitherto not dematerialized are electronically lodged into CSCS under the umbrella of the relevant registrars in the account of the investors, thereby maintaining the electronic copy in CSCS for control purposes.”

Mekiliuwa listed other benefits to include the elimination of risk arising from loss or theft of certificates, speedy processing of offers and bonuses for direct credit of shares into investors’ accounts, increase in trade volumes and elimination of bottlenecks experienced during share certificate verification.

Source..Vanguard

Zenith Bank grows PBT by 16.9%

Zenith Bank Plc made a profit after tax of N83.087bn in the nine months to September 30, 2015.The figure is 16.95 per cent higher than the N71bn PAT it made in the same period of 2014.

The group’s financial statements for the period showed that its profit before tax rose by 19.85 per cent from N86.818bn to N104.052bn in the review period.

This followed a 23.06 per cent year-on-year growth in earnings for the period. The group’s earnings rose from N273.738bn to N336.843bn.

According to analysts, the positive performance recorded by the bank is likely to lead to higher consensus estimates.

In the third quarter, the group said it earned N107.771bn and made N31.851bn and 29.907bn as PBT and PAT, respectively.

Commenting on Zenith Bank’s performance in the third quarter, analysts at FBN Capital Research said of the results showed that Q3 PBT grew by 10 per cent year-on-year.

They noted, however, that PAT growth was just 4.4 per cent year-on-year, slower than the 10 per cent on the PBT line, because the other comprehensive income was down significantly (-62 per cent y/y).

Explaining further, they said, “Although profit before provisions (and opex) of N76bn grew by almost 12 per cent y/y – thanks largely to a faster growing non-interest income (16 per cent y/y) compared with funding income (nine per cent y/y), this was matched by opex growth (12 per cent y/y).

“To a lesser extent, a 31 per cent y/y rise in loan loss provisions also contributed (the magnitude of the provisions was not significant, however).”

Compared with the analyst’s estimates, PBT was slightly behind, by 6.5 per cent. However, PAT beat the estimate by 13 per cent, thanks to a combination of lower-than-expected taxes (-62 per cent) and the OCI (they had forecasted zero on this line).

“Returning to the PBT, the slight weakness relative to our forecast was driven by funding income, similar to what we saw for the q/q trends. Non-interest income, loan loss provisions and opex all surprised positively,” they said.

According to them the full-year consensus PBT for Zenith Bank at N132bn is pessimistic.

“On the back of the Q3 results, we would expect consensus forecasts to move up slightly, towards the mid-N130bn range,” they analysts said.

“Our estimates are under review. We rate Zenith shares outperform.”

Zenith Bank had reported a 24 per cent rise in profit before tax – from N58bn to N72bn – in the first half of the year while profit after tax rose to N53bn from N47bn in the first half of 2014.

The bank also grew its gross earnings by 24 per cent from N184.4bn to N229.08bn.Based on the result, the bank had paid an interim dividend of 25 kobo per share, the first in its history.

As reported by Punchng

 

POS Transactions increases by 77%- NIBSS

     

  The volume of transactions conducted through point of sale (PoS) terminals across the country increased by 77 per cent, from 15 million in 2014, to 27 million as at June this year.The Chairman of the Nigeria Interbank Settlement System Plc (NIBSS),  Alhaji Sulaiman Barau, disclosed this in his statement at the 22nd annual general meeting of the NIBSS, for the year ended June 30, 2015,

    The NIBSS Automated Payment System (NAPS) was unveiled to the Nigerian financial system during the year. “As part of strategies to drive e-payment transaction volume and further reduce cost for banks, the company commenced NIP/NEFT transaction volume discount regime for all banks who apart from being major customers are also esteemed shareholders of the company. Consequently, a total sum of N164.89 million was paid to 21 banks as NIP/NEFT transaction volume discount during the financial year,”



To be factual,Point of sale(POS) is really a stitch in time,it has eased the stress of having to go withdraw money from the bank before you head to market or a mall to make a purchase.

Lagos generated an IGR of N1.08tn in Five Years-NBS

   According to the national bureau of statistics, Lagos state government was able to receive a sum of N1.08tr as internally generated revenue(IGR) between the period of  2010 & 2014.The commercial city of Nigeria recorded the highest IGR of N276.16 billion in 2014.

Bizblog term of the week: Interim Dividend

      An interim dividend are dividend paid to shareholders before the presentation of the company's year end financial statement(i.e a dividend paid out of the earnings acquired by a company during a particular period within the year),Interim dividend declaration & payment is always accompanied by an interim financial statement.

  
    Interim dividend is always been paid to shareholders before the company's annual general meeting(AGM).In otherwords,Interim dividend could be distributed to shareholders on a quaterly or semi-annually basis as such that its done before the release of the annual financial statements.

CBN orders BDC operators to demand BVN from customers

  The Central Bank of Nigeria (CBN) has directed all bureau de change operators (BDCs) in the country to demand bank verification number (BVN) from customers for all forex transactions effective on November 1, 2015.

  All banks and licenced BDCs operating in Nigeria as well as the general public are therefore notified that with effect from November 1, 2015, all customers desiring to purchase forex through  available channels in Nigeria must provide their BVN, which shall be validated by the CBN authorised forex dealer through the Nigerian Interbank Settlement System platform before the transactions are consummated.

GTBank Records 14% increase of Profit Before Tax(PBT) in Nine Months

  Guaranty Trust Bank Plc yesterday announced gross earnings of N229.4 billion for the nine months ended September 30, 2015, showing an increase of 15 per cent the N199.2 billion recorded in the corresponding period of 2014.

    Profit before tax stood at N92.06billion, representing a growth of 14 per cent from N80.7billion recorded in the corresponding period of September 2014.

    The MD/CEO of the bank, Mr. Segun Agbaje, attributed the performance to the continued support of its customers, the commitment and hard work of its Staff, management and board, and the prioritization of strong corporate governance standards in the Bank’s system.

  Mr Agbaje explained that the aggressive pursuit of our key objectives for the year, which are focused mainly on adding value to all stakeholders and improving customer experience were yielding positive dividends and reflecting heavily on the bank’s performance.

“Recognizing that we operate in challenging business environments, we set high goals and benchmark ourselves against global standards which influence our service culture and product offerings, thereby enabling us to remain relevant to our customers while adding value to all stakeholders. We will continue to differentiate ourselves by providing innovative solutions that create sustainable value for all our customers and stakeholders while maintaining a high standard in service delivery by prioritising innovation, integrity and excellence.

Payment of 30% tax on Interim dividend now compulsory- FIRS

    The acting Executive Chairman of the Federal Inland Revenue Service (FIRS),Mr Tunde Fowler in a press conference and meeting with stakeholders on resuming office disclosed the enforcement of 30% advance Companies’ income tax (CIT) on profits from which interim dividends are paid. Letters have now been issued to some affected companies and also a public issued to that effect.

Find the Public notice as issued by FIRS after the cut;

Oil sector contributes N1.78trn to the Gross Domestic Product of 2nd Quater

The Oil and Gas sector contributed N1.782 trillion to Nigeria’s Gross Domestic Product, GDP, in the Second Quarter, Q2 2015, according to the National Bureau of Statistics, NBS. Giving a breakdown of the oil and gas sector’s contribution, the NBS Nigerian GDP Report for Quarter Two 2015, said the Crude Petroleum and Natural Gas sub-sector in the Mining and Quarrying sector accounted for N1.746 trillion of the country’s GDP during the period.

Also, the Oil Refining sub-sector, under the manufacturing sector accounted for N35.24 billion, just as This is compared to the N1.39 trillion and N41.5 billion contributed by the crude petroleum and natural gas sub-sector, and the oil refining sub-sector, respectively, in Q1 2015.

In general, the NBS said Nigeria’s GDP grew by 2.35 per cent, year-on-year, in real terms lower by 1.61 per cent points from growth recorded in the preceding quarter, and also lower by 4.19 per cent points from growth recorded in the corresponding quarter of 2014. But quarter on quarter real GDP increased by 2.57 per cent.

Source: Vanguard

GAINERS LIST

Gainers list for 19th October 2015 trading activity
Stock Code		Name		Price	Price Change		High	Low
DANGCEM		DANGCEM		168.95	7.94		168.95	168.95
BERGER		Berger Paints Nigeria Plc		10.87	0.51		10.87	10.87
HONYFLOUR		Honeywell Flour Mills Plc		2.67	0.12		2.67	2.67
MOBIL		Mobil Oil Nigeria Plc		154.00	6.00		154.00	154.00
CHAMPION		Champion Breweries Plc		4.60	0.15		4.60	4.28
ACCESS		Access Bank Plc		4.86	0.14		4.95	4.85
UACN		UAC of Nigeria Plc.		28.85	0.80		28.85	28.85
UNITYBNK		Unity Bank Plc		1.54	0.04		1.54	1.50
AFRIPRUD		AFRIPRUD		2.65	0.05		2.65	2.65
NEM		N. E. M. Insurance Co. Plc		0.69	0.01		0.69	0.69
LEARNAFRCA		LEARNAFRCA		0.85	0.01		0.85	0.85
UBA		United Bank For Africa Plc		4.30	0.05		4.30	4.23
FLOURMILL		Flour Mills Plc		20.90	0.20		21.00	20.90
GUARANTY		Guaranty Trust Bank Plc		23.71	0.20		23.84	23.69
VITAFOAM		Vitafoam Nigeria Plc		5.39	0.04		5.39	5.15
WAPCO		West African Portland Cement Plc		99.50	0.65		99.52	99.50
ZENITHBANK		ZENITH INTERNATIONAL BANK.		17.61	0.10		17.65	17.55

Exchange rate as at 21/10/2015

Salaries of Public Office holders been reviewed by RMAFC

THE Revenue Mobilisation, Allocation and Fiscal Commission has put together a new remuneration package for President Muhammadu Buhari, Vice President Yemi Osinbajo, ministers and members of the National Assembly.As reported by The Punch

The remuneration panel, which worked on the new remuneration package, was headed by Mr. Abdullahi Inde.Also to be affected by the new remuneration regime for public office holders are governors, members of the states’ Houses of Assembly, local government chairmen and their councillors, judges, commissioners, special advisers, special assistants, chairmen of constitutional bodies and other political office holders.

Although the report of the committee is still a secret, Chairman of RMAFC, Mr. Elias Mbam, confirmed on the telephone that the commissioners would sit in plenary on the report between October 25 and 28.Each state of the federation is represented by a commissioner at the revenue mobilisation agency, which has the responsibility for determining the remuneration of political and judicial office holders across the country.


The new package is also said to include a significant reduction in the number of aides and assistants that lawmakers are entitled to as well as a few other allowances that had attracted condemnation from Nigerians.

For the President, Vice President, governors and deputy governors, the committee is said not to have made any fundamental adjustments.This is because most of the allowances of key members of the executives at the federal and state levels were not monetised but provided for by the state.

The annualised salary and allowances of the President is N14, 058,820 while that of his deputy is N12, 126,290.Apart from salary, the regular allowances that are monetised for the President are only the hardship allowance, put at N1, 757,350.50 per annum; and consistency allowance, N8, 786,762:50 per annum.

For the Vice President, the hardship allowance is N1, 515,786.25 per annum while the consistency allowance is N7, 578,931:25 per annum.The irregular allowances for the President are the severance allowance – 300 per cent of the annual salary or 10,544,115; and leave allowance, 10 per cent of the annual salary or N351, 470:50.The irregular allowances of the Vice President are the severance allowance, 300 per cent of the annual salary or N9, 094,717.50; and leave allowance, 10 per cent of the annual salary or N303, 157.25.

Other allowances that the President and the deputy are supposed to enjoy but which are not provided in monetary terms include motor vehicle fuelling and maintenance, special assistants, and personal assistants. Others are domestic staff, entertainment, utilities, security and newspapers/periodical allowances.

There are also accommodation, furniture, duty tour, estacode, medical, and severance/gratuity.

Buhari and Osinbajo had soon after assumption of office announced their decision to take only 50 per cent of the salary and allowances approved for them.For a senator, the salaries and allowances add up to N20, 669,280 per annum. Those of a member of the House of Representatives add up to N17, 271,347.75.For a minister, the salary and allowances add up to N14,705,164, while those of presidential aides add up to N14, 085,843.75.Each minister is also entitled to a furniture allowance of N6, 079,200 as well as a motor vehicle loan of N7, 830,320.

Apart from these irregular allowances, there are other regular perks of office that are paid to lawmakers on a monthly basis. These include motor vehicle maintenance and fuelling. This is pegged at 75 per cent of their monthly salary.Others are personal assistant, 25 per cent; domestic staff, 75 per cent; entertainment, 30 per cent; utilities, 30 per cent; newspapers/periodicals, 15 per cent; wardrobe, 25 per cent; house maintenance, five per cent; and constituency, 250 per cent, among other payments.

The RMAFC had in June this year set in motion the process for the downward review of the existing salaries and allowances of political, public and judicial office holders when it set up a committee chaired by Inde.

At the inaugurationof the committee, Mbam had urged the members to be conscious of the prevailing economic situation and the need to reduce cost of governance so as to free more funds for development.

After the final approval by plenary on October 28, the report would be presented to the Federal Executive Council, which has the responsibility to table it before the National Assembly for enactment as an Act of Parliament.

A review became imperative following dwindling government revenues caused by falling prices of oil in the international oil market.

Strategise for Survival- ICMR advises Capital Market Registrars

Capital market registrars have been enjoined to re-define their business models and re-strategise for survival. The President/Chairman of Council, Institute of Capital Market Registrars (ICMR), Mr. Bayo Olugbemi made the call last week during the annual general meeting (AGM)of the institute in Lagos.“There is a lot of uncertainty in the air and so registrars should start to think of re-defining their business models with a view of re-strategising for survival,” he said, urging registrars to improve on their information dissemination strategies to the investing public and to regularly engage the regulatory authorities.

According to him,  “The Council will do its best to upgrade the facilities at the institute as a way of strategically positioning it to serve the members better.”However,  Olugbemi said for ICMR to achieve its goals, it is important for the ICMR Bill to be signed into law.

According to him, the bill, which seeks to give the institute a chartered status, was ready for passage long before the last National Assembly concluded their sitting.He said: “However, the bill was among the over 60 bills that were hurriedly passed by the National Assembly just before the end of their tenure. That action attracted public outcry and some lawyers even went to court to restrain the President from giving his assent to all the bills passed.”

Olugbemi said up till date, the bills were not signed and have been returned to the National Assembly.

“In anticipation of this outcome, our consultants have represented the bill and we are now surer than ever that the ICMR Bill will be passed into law not later than the second quarter of 2016,” he noted.Olugbemi said once the bill is signed into law the ICMR will be  able to achieve its vision which is  “To deliberately create,  develop and maintain a professional institute of professional standard” and its mission statement  which is “to train and produce true professional registrars using the best certification procedures with the aim of continuously improving the theory and practice of share registration in Nigeria.”

He said it was also important for the institute to have a well manned research department so as to effectively map out a way of keying into the Nigerian Capital Market 10 Year Master Plan.He called on corporate members to make it a point of duty to support the institute by sending participants to its training programmes, workshops and to encourage their staff to write the institute’s examinations.He also tasked the individual members to popularise the profession, among other things.

Culled from THISDAY

Yields from Treasury bills declined to 8.3% in 9 months

Average yield on treasury bills fell sharply by 42 per cent in nine months from January to September, driven by influence of rising inflation in the pricing of fixed income investments. Afrinvest disclosed this in its weekly update of development in the nation’s financial market. The Company stated, “Analysis of yields in the T-bills and bond market shows that between January and October 2015, average yields have declined from 14.3 per cent and 15.3 per cent to 8.3 per cent and 14.2 per cent respectively.

Factoring the rise in inflation within the period, average real return on investment has declined significantly between January and October 2015 from 6.1 per cent to 1.7 per cent.” Last week, the National Bureau of Statistics (NBS) announced that inflation rose to 9.4 per cent in September from 9.3 per cent in August. This represents the eight consecutive monthly increases in inflation, from 8.0 per cent in December 2014.

This, according to Afrinvest is already influencing the pricing of treasury bills and bonds in the fixed income market, resulting to sharp decline in average yields on treasury bills and bonds in the first nine months of the year.

Commenting on the September inflation figure, the company stated, “We opine that investors in domestic yield markets will begin to price the rising inflation within the context of real return (interest rate discounted for inflation) which is gradually diminishing on a successive month basis given that inflation trended northward from 8.2 per cent in January to 9.4 per cent in September 2015.

“Although various macroeconomic and market circumstances have shaped the pricing of yields in the fixed income market so far in the year, it is our view that investors will begin to price rising inflation into yields for optimal returns. “Our projection for inflation for the rest of the year is still gloomy; hence, we expect investors to continue to price market securities at much more higher yields to compensate for the rising inflation.”