According to Statista.com,an online statistics portal,Apple ranked 1st over Google with Microsoft coming 3rd also having International business machine (IBM) following behind as this year's most valuable brand
Monday, 30 November 2015
Apple tops the list of 2015 most valuable brand
According to Statista.com,an online statistics portal,Apple ranked 1st over Google with Microsoft coming 3rd also having International business machine (IBM) following behind as this year's most valuable brand
Chiamaka Nwajiaku emerges as Nigeria Stock Exchange essay competition winner
Chiamaka Nwajiaku, a student of Sacred Heart College in Apapa, Lagos won the first prize at this year's Nigerian Stock Exchange 2015 Essay Competition for Senior Secondary School Students.She emerged winner ahead of more than 4,000 students across the country and went away N500,000 in scholarship fund for university education, N250,000 worth of equity investment and a laptop.
The 1st and 2nd runners-up were Vivian Aneke of Government Day Secondary School, Gwagwalada, Abuja and Kindness Jehu of All Saints College Gombe.
The Chief Executive Officer of the Nigerian Stock Exchange, Oscar Onyema, at the awards ceremony said the Exchange remains committed in the nation’s financial literacy and
inclusion programme.Also in his statement,he affirmed;“We believe that the impact of this initiative is commendable as we continue to record high levels of participation, increased interest and awareness of the dynamics of the stock market”.
Petrol won't sell above N100 if subsidy is removed-Experts
Oil and Gas sector experts has advised the Federal Government to remove subsidy on Petroleum products as it won't have an adverse effect on the prices of the products.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had told journalists in Abuja recently that Buhari had allowed the fuel subsidy to continue because of his magnanimity.
Industry experts stressed that the fall in the global prices of crude oil had presented the best opportunity for the President to stop the subsidy regime.The President, Nigeria Association of Energy Economics, Prof. Adeola Adenikinju, said, “The price of crude oil has fallen to as low as $40 per barrel “The fall in price has provided the government the best opportunity to remove subsidy now.”
When told that the President had expressed concern that the removal of subsidy might result in a hike in the price of petrol and hardship for majority of Nigerians, the professor said, “The price of crude oil has fallen so low that even if subsidy is removed now, its removal will not have any considerable effect on the price of petrol. It will not cause a serious increase in petrol price and the cost may not exceed N100 per litre.
Friday, 27 November 2015
Union Bank has a new chairman
Union Bank of Nigeria Plc (Union Bank) has appointed Mr. Cyril Odu as Chairman of the Board of Directors.
Mr. Odu has nearly 45 years of professional and management experience. His 40-year distinguished career at ExxonMobil saw him rise from Trainee to Vice Chairman of the Board of Mobil Producing Nigeria and Chief Financial Officer of ExxonMobil Upstream Companies in Nigeria, making him the highest ranking Nigerian in the organisation until his retirement in 2012.
During the span of his career at ExxonMobil, he served in many technical and managerial functions including Associate Geologist, Treasurer, Controller, Project Finance Director (Europe, Middle East and Africa), Country HR Manager, and General Manager, Planning and New Business Development. He was actively involved in developing and executing ExxonMobil business strategies in Nigeria, as well in as the implementation of several innovative funding and financing solutions, including the first upstream financing deal (the 1991 Oso Condensate field development) in Nigerian history.
 |
| Mr Cyril Odu |
During the span of his career at ExxonMobil, he served in many technical and managerial functions including Associate Geologist, Treasurer, Controller, Project Finance Director (Europe, Middle East and Africa), Country HR Manager, and General Manager, Planning and New Business Development. He was actively involved in developing and executing ExxonMobil business strategies in Nigeria, as well in as the implementation of several innovative funding and financing solutions, including the first upstream financing deal (the 1991 Oso Condensate field development) in Nigerian history.
CBN approves International Mobile Phone Money transfer
Nigeria has further leveraged her foray into global financial inclusion policy with the Central Bank of Nigeria (CBN) approving mobile money as part of international money transfer services nationwide.
The CBN explained that the approval followed series of representations by financial stakeholders on the need to facilitate foreign exchange transactions through a more convenient and flexible payment window.
The Apex bank also said its approval followed widespread use of mobile telephone in Nigeria and in recognition of telephone potential as a tool for financial inclusion and efficient payment system.
According to the CBN the International Mobile Money Remittance Services would complement existing guidelines on the use of mobile telephone locally.
The guidelines cover the business rules governing the operation of the IMMRS and specify the infrastructural and risk management requirements for international mobile payments services in Nigeria.
It also identifies participants and defines their roles and responsibilities in the mobile telephone money transfers.
The policy sets the basis for the regulation of services offered by the participants.
PREMIUM TIMES recalls that the CBN had pursuant to Section 47(2) of the CBN Act, 2007, issued the guidelines on Mobile Money Services in Nigeria in 2009.
The 2009 guidelines only moderated users and operators of mobile payments services in local currency transactions in Nigeria.
The CBN 2014 guidelines on International Money Transfer Services in Nigeria did not cover money remittances via mobile applications.
The CBN explained that the approval followed series of representations by financial stakeholders on the need to facilitate foreign exchange transactions through a more convenient and flexible payment window.
The Apex bank also said its approval followed widespread use of mobile telephone in Nigeria and in recognition of telephone potential as a tool for financial inclusion and efficient payment system.
According to the CBN the International Mobile Money Remittance Services would complement existing guidelines on the use of mobile telephone locally.
The guidelines cover the business rules governing the operation of the IMMRS and specify the infrastructural and risk management requirements for international mobile payments services in Nigeria.
It also identifies participants and defines their roles and responsibilities in the mobile telephone money transfers.
The policy sets the basis for the regulation of services offered by the participants.
PREMIUM TIMES recalls that the CBN had pursuant to Section 47(2) of the CBN Act, 2007, issued the guidelines on Mobile Money Services in Nigeria in 2009.
The 2009 guidelines only moderated users and operators of mobile payments services in local currency transactions in Nigeria.
The CBN 2014 guidelines on International Money Transfer Services in Nigeria did not cover money remittances via mobile applications.
Stanbic IBTC Bank introduces personal teller machine(PTM)
Stanbic IBTC Bank, has partnered NCR to introduce the personal teller machine, an innovative product that will allow customers to perform full-banking activities 24 hours of the day.
The PTM can allow customers to perform banking operations such as account opening, cash deposit and withdrawal, and cheque deposit.
According to a statement by the lender, the machine will enable its prospective and existing customers to make general banking enquiries such as account balance, requirements for loan and card related services, without having to use their debit cards.
The PTM is a device that offers customers the benefits of both self-service video banking and branch teller experience.
“The PTM combines video banking collaboration and remote transaction processing banking technology embedded within the machine to give customers the choice of self-service or connecting with a remote teller in a highly personalized, two-way audio/video interaction,”
The PTM can allow customers to perform banking operations such as account opening, cash deposit and withdrawal, and cheque deposit.
According to a statement by the lender, the machine will enable its prospective and existing customers to make general banking enquiries such as account balance, requirements for loan and card related services, without having to use their debit cards.
The PTM is a device that offers customers the benefits of both self-service video banking and branch teller experience.
“The PTM combines video banking collaboration and remote transaction processing banking technology embedded within the machine to give customers the choice of self-service or connecting with a remote teller in a highly personalized, two-way audio/video interaction,”
Wednesday, 25 November 2015
#BlackFriday Worldwide
As the world awaits this year's blackfriday on various e-commerce platforms,the fastest finger gets the whooping price-slashing deals.
All hands decked on mobile phones,Desktop,Laptops,Ipads just to order those desired products.
Tips;
- Make sure you have access to a good internet connection.
- Set your profile on the platform you wish to carry out your order before that day(As this will save you time)
- Its a time of full concentration,no slacking so you dont miss that product.
- The gadget you will be using must also be fast for easy navigation.
- Pick up stations for various online marketplace will obviously be bombarded,so if you don't have that kind of mind for stress,I'll advice you just allow them deliver to you.
- Have a list of what you wish to order,so you don't exceed your budget by the time you see beautiful offers.
Bizblog term of the week: BONDS
Bonds are fixed income securities.
The bondholder lends money to an entity(Entity here means a multinational or government) for a period of time with a fixed interest rate.
Bonds are been issued to raise funds for a capital project, a date at which the bondholder will get their face value and the coupon(i.e the interest rate) attached to the investment must be stated.
A bond is a promise to repay the principal along with interest (coupons) on a specified date (maturity),its a form of IOU(I Owe You).There are various types of bonds which include;
- Zero Coupon bonds
- Convertible bonds
- Callable bonds
- Fixed rate bonds
- Floating rate bonds
- High yield bonds
- Exchangeable bonds
- Perpetual bonds
Investment dips further by 2.5% at Nigeria Stock Exchange
The cumulative net worth of investors on the Nigerian Stock Exchange dipped further by 2.5 per cent in the week ended November 20, 2015, as stakeholders scramble to locate the economic direction of the President Muhammadu Buhari administration.
Checks shows that while most investors continued to seek capital gains from the market for the yuletide expenses, increasing market lethargy impacted negatively on the Nigerian market indicators.
At the close of transaction late Friday, November 20, the All-Share Index dipped by 710.39 points to close at 28,131.28 points.
The market cumulative value or market capitalization also fell by N245 billion to close at N9.670 trillion.
Okomu Oil Palm Company led the losers chart with N2.57 to close at N26.33 per share.
StanbicIBTC share price depreciated by N2.46 to close at N18.43 while
GTBank lost N1.88 to close at N21.50 per share.
Oando share price dipped by N1.51 to close at N6.20 while
UACN Property Development Company fell by 70k to close at N6.55 per share.
Earlier, Ashaka Cement led the gainers table with 99k to close at N23 per share.
Cadbury share price also grew by 90k to close at N20 while
Portland Paints & Products Nigeria gained 35k to close at N3.88 per share.
E-Transact International share price also appreciated by 13k to close at N2.53 while
Livestock Feeds gained 7k to close at N1.47 per share.
Analysis of the market transactions showed that the Financial Services Industry attracted the highest investors’ attention with 662.86 million shares worth N3.13 billion traded in 7,436 deals.
The Consumer Goods Industry followed with 34.06 million shares valued at N1.25 billion in 2,565 deals while the Conglomerates Industry accounted for N266.89 million staked on 33.90 million shares in 554 deals.
A further breakdown of investors’ interest showed that FBN Holdings,
Access Bank and Continental Reinsurance accounted for 342.37 million shares worth N1.40 billion traded in 2,549 deals.
The high appetite in the shares of FBN Holding, Access and Continental Reinsurance amounts to 43.14 per cent and 19.61 per cent of the total market equity turnover in volume and value.
Overall, investors, in the week under review, staked N7.15 billion on 793.56 million shares in 12,831 deals compared with 2.06 billion shares valued at N23.40 billion in 14,992 deals.
Premiumtimes
If you ask me,this is a good time to invest on shares using market indicators as a yardstick.
Checks shows that while most investors continued to seek capital gains from the market for the yuletide expenses, increasing market lethargy impacted negatively on the Nigerian market indicators.
At the close of transaction late Friday, November 20, the All-Share Index dipped by 710.39 points to close at 28,131.28 points.
The market cumulative value or market capitalization also fell by N245 billion to close at N9.670 trillion.
Okomu Oil Palm Company led the losers chart with N2.57 to close at N26.33 per share.
StanbicIBTC share price depreciated by N2.46 to close at N18.43 while
GTBank lost N1.88 to close at N21.50 per share.
Oando share price dipped by N1.51 to close at N6.20 while
UACN Property Development Company fell by 70k to close at N6.55 per share.
Earlier, Ashaka Cement led the gainers table with 99k to close at N23 per share.
Cadbury share price also grew by 90k to close at N20 while
Portland Paints & Products Nigeria gained 35k to close at N3.88 per share.
E-Transact International share price also appreciated by 13k to close at N2.53 while
Livestock Feeds gained 7k to close at N1.47 per share.
Analysis of the market transactions showed that the Financial Services Industry attracted the highest investors’ attention with 662.86 million shares worth N3.13 billion traded in 7,436 deals.
The Consumer Goods Industry followed with 34.06 million shares valued at N1.25 billion in 2,565 deals while the Conglomerates Industry accounted for N266.89 million staked on 33.90 million shares in 554 deals.
A further breakdown of investors’ interest showed that FBN Holdings,
Access Bank and Continental Reinsurance accounted for 342.37 million shares worth N1.40 billion traded in 2,549 deals.
The high appetite in the shares of FBN Holding, Access and Continental Reinsurance amounts to 43.14 per cent and 19.61 per cent of the total market equity turnover in volume and value.
Overall, investors, in the week under review, staked N7.15 billion on 793.56 million shares in 12,831 deals compared with 2.06 billion shares valued at N23.40 billion in 14,992 deals.
Premiumtimes
If you ask me,this is a good time to invest on shares using market indicators as a yardstick.
CBN cuts Monetary policy rate to 11%
In a resolution made by Monetary policy commitee(MPC) on MPR as announced by the
CBN governor yesterday to reduce the Monetary Policy Rate from 13 per cent to 11 per cent.
The committee, according to the governor, also voted to reduce the Cash Reserve Requirement from the current 25 per cent to 20 per cent as well as changed the symmetric corridor of 200 basis points around the MPR to an asymmetric corridor of +200 basis points and -700 basis points, around the MPR.
The CBN governor noted that the MPC evaluated various options for ensuring increased credit delivery to the key growth sectors of the economy, capable of generating employment opportunities, and improving productivity and growth.
Measures are been taken by the apex bank to ensure increased lending to sectors capable of generating employment opportunities,improved productivity and the sectors include but not limited to the real sector, infrastructure, agriculture and solid minerals.
Sterling Bank Secures $40m Facility from Turkey Export-Import Bank
Sterling Bank in a statement said it has secured a $40 million facility from the Turkey EXIM Bank. the bank stated that the facility would be used to support trade businesses and projects with Turkish origin. With this development, members of the Turkish business community in Nigeria as well as Nigerian businessmen and women doing business with Turkish partners would have easy access to finance for their businesses especially in the importation of necessary raw materials and other infrastructure for production which would also serve as a catalyst for economic development in the country.
" The bank also explained that the choice of the Bank by Turkey EXIM Bank
may have been informed by its role in international finance, its reputation as a
stable and reliable financial institution and its capacity to support both local and
international institutions. The Turkey EXIM Bank is a fully state-owned bank
acting as the Turkish government’s major export incentive instrument."
Monday, 23 November 2015
Oil price crash causes a loss of N256bn on monthly basis-CBN Governor
The Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, at the annual Bankers’dinner disclosed how the nation loses N256bn monthly to oil price crash.
In his words,
“Given the sharp fall in oil prices, federation allocation to states have dropped by an average of about N2bn for each month.
“Similarly, average inflows of foreign exchange into the CBN have fallen to by about $1.3bn per month; this has led to a sharp decline in our forex reserves from as high as $37bn as at June 2014, to $30bn.
He said the nation needs to stop to importing everything. He encouraged Nigerians to patronize locally made goods.
Despite the huge drop in the nation’s Forex earnings as a result of the fall in crude oil prices, the CBN boss said Nigeria’s import rose to N917bn in September and might likely hit N1.2tn in December.
He said:
“Nigeria cannot continue on this path of importing everything and anything. Indeed, it is both unacceptable and unsustainable and that was the reason we decided at the central bank to prohibit items we can produce here from accessing forex from the central bank.
“The last time we had oil prices at $50 per barrel for an extended period of time was in 2005 and our total import bill for that year was only N148bn. Yet, in the first nine months of this year, our total import bill has already risen to N917bn, and by logical extension, it is heading towards N1.2tn by the end of the year.
“The CBN will in due course embark on a national campaign called PAVE which stands for: Produce Locally, Add Value and Export. We definitely cannot survive as a people by importing everything and anything.’’
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| CBN Governor |
In his words,
“Given the sharp fall in oil prices, federation allocation to states have dropped by an average of about N2bn for each month.
“Similarly, average inflows of foreign exchange into the CBN have fallen to by about $1.3bn per month; this has led to a sharp decline in our forex reserves from as high as $37bn as at June 2014, to $30bn.
He said the nation needs to stop to importing everything. He encouraged Nigerians to patronize locally made goods.
Despite the huge drop in the nation’s Forex earnings as a result of the fall in crude oil prices, the CBN boss said Nigeria’s import rose to N917bn in September and might likely hit N1.2tn in December.
He said:
“Nigeria cannot continue on this path of importing everything and anything. Indeed, it is both unacceptable and unsustainable and that was the reason we decided at the central bank to prohibit items we can produce here from accessing forex from the central bank.
“The last time we had oil prices at $50 per barrel for an extended period of time was in 2005 and our total import bill for that year was only N148bn. Yet, in the first nine months of this year, our total import bill has already risen to N917bn, and by logical extension, it is heading towards N1.2tn by the end of the year.
“The CBN will in due course embark on a national campaign called PAVE which stands for: Produce Locally, Add Value and Export. We definitely cannot survive as a people by importing everything and anything.’’
Excepts from ThePunch
Ecobank launches Online marketplace 'Mymall.com'
Ecobank Nigeria has unveiled an online marketplace, www.mymall.com.ng targeted at driving the growth of the small and medium enterprises sector in Nigeria.
The bank through its SME Club also offers specialised training and capacity development for its customers in conjunction with Pan-Atlantic University's Enterprise Development Center (EDC). Customers who enrol to this platform would have a dedicated manager, ability to customize their online space and also enjoy the benefit of delivery logistics by the bank.
Speaking to journalists at the sideline of the unveiling in Lagos, Head, SME Business for Ecobank Nigeria, Sunkanmi Olowo, said: “Mymall Nigeria is an online platform where our customers can open a shop online. We have developed a site where they can rent a shop and then be able to sell to the whole world.
The bank through its SME Club also offers specialised training and capacity development for its customers in conjunction with Pan-Atlantic University's Enterprise Development Center (EDC). Customers who enrol to this platform would have a dedicated manager, ability to customize their online space and also enjoy the benefit of delivery logistics by the bank.
Speaking to journalists at the sideline of the unveiling in Lagos, Head, SME Business for Ecobank Nigeria, Sunkanmi Olowo, said: “Mymall Nigeria is an online platform where our customers can open a shop online. We have developed a site where they can rent a shop and then be able to sell to the whole world.
To trade on the online mall, he said: “First, you have to belong to an Ecobank SME club. This requires the customer to have an SME account with Ecobank. If you have any of our SME accounts, you are qualified to join our SME Club online mall. But even if you do not have an Ecobank SME account, all it takes is for you to approach an Ecobank or go to the website and then apply.”
Also speaking, Deputy Managing Director, Ecobank Nigeria, Tony Okpanachi said: “Mymall Nigeria is a website where customers can post their goods and services online and sell. It is a way of giving access to our SME customers to be able to reach more of their customers across Nigeria.
Friday, 20 November 2015
Ecobank Inc announces board changes in Ecobank Nigeria
African continental financial bank group, Ecobank Transnational Incorporated, onWednesday, announced minor board changes in its largest subsidiary, Ecobank Nigeria Limited.
In the changes, Jibril Aku, the current Managing Director of Ecobank Nigeria, will be stepping down from the subsidiary by the end of December 2015, after a five-year tenure.
Ecobank transnational Incorporated said in a statement to the Nigerian Stock Exchange that Mr. Aku would take on another senior role in the group in the first quarter of 2016.
Mr. Aku spent the most part of his banking career with Citibank (Nigeria International Bank), before joining former Afribank Nigeria Plc as Executive Director, Operations & Technology from 2003 to 2005.
He joined Ecobank Nigeria in 2006 as Executive Director responsible for the Bank’s Treasury & Financial Institutions business, before he was subsequently appointed Managing Director of Ecobank Nigeria in 2010.
The Group’s Chief Executive Officer, Ade Ayeyemi, said “Aku has been instrumental in leading the Ecobank franchise to its position in the Nigeria banking industry.“With the Oceanic Bank acquisition, Aku positioned the bank from number 13 to its current position of number six .”
Mr. Aku said: “I am proud of what the team and I have achieved together, and I thank them for the good work and their unwavering commitment to Ecobank.“Our Board stood with us, and was steadfast in its support. I must therefore , extend my sincere appreciation to the Board and the team.
“Despite some of the market challenges that we faced over the years, our customers have always been loyal, and it is their patronage that led to the achievements we see today”.
John Aboh, the Chairman of Ecobank Nigeria, also congratulated Mr. Aku for the good work achieved, and said he looked forward to the bank improving on the good work the team had accomplished.
The board has activated the process of selecting Mr. Aku’s successor.
In the changes, Jibril Aku, the current Managing Director of Ecobank Nigeria, will be stepping down from the subsidiary by the end of December 2015, after a five-year tenure.
Ecobank transnational Incorporated said in a statement to the Nigerian Stock Exchange that Mr. Aku would take on another senior role in the group in the first quarter of 2016.
Mr. Aku spent the most part of his banking career with Citibank (Nigeria International Bank), before joining former Afribank Nigeria Plc as Executive Director, Operations & Technology from 2003 to 2005.
He joined Ecobank Nigeria in 2006 as Executive Director responsible for the Bank’s Treasury & Financial Institutions business, before he was subsequently appointed Managing Director of Ecobank Nigeria in 2010.
The Group’s Chief Executive Officer, Ade Ayeyemi, said “Aku has been instrumental in leading the Ecobank franchise to its position in the Nigeria banking industry.“With the Oceanic Bank acquisition, Aku positioned the bank from number 13 to its current position of number six .”
Mr. Aku said: “I am proud of what the team and I have achieved together, and I thank them for the good work and their unwavering commitment to Ecobank.“Our Board stood with us, and was steadfast in its support. I must therefore , extend my sincere appreciation to the Board and the team.
“Despite some of the market challenges that we faced over the years, our customers have always been loyal, and it is their patronage that led to the achievements we see today”.
John Aboh, the Chairman of Ecobank Nigeria, also congratulated Mr. Aku for the good work achieved, and said he looked forward to the bank improving on the good work the team had accomplished.
The board has activated the process of selecting Mr. Aku’s successor.
ACCA celebrates10years in Nigeria
The chief executive of the Association of Chartered Certified Accountants (ACCA) will be leading a delegation of senior members of staff of the professional body to celebrate the 10 year anniversary of ACCA’s operations in Nigeria.
The event would also focus on a future looking theme, in line with ACCA’s strapline of Think Ahead.
Also commenting,Head of ACCA Nigeria, Toyin Ademola, said: “This is an exciting time for ACCA and for Nigeria, so we hold great optimism for the future. I am delighted to be taking part in celebratory events that look ahead to 2025 and beyond. Over the last 10 years, we have always been keen to work with others to build on ACCA’s success. This vision will take us forward into the next 2025 years, to ensure Nigeria’s economic growth well into the next decade and beyond.
The event would also focus on a future looking theme, in line with ACCA’s strapline of Think Ahead.
Also commenting,Head of ACCA Nigeria, Toyin Ademola, said: “This is an exciting time for ACCA and for Nigeria, so we hold great optimism for the future. I am delighted to be taking part in celebratory events that look ahead to 2025 and beyond. Over the last 10 years, we have always been keen to work with others to build on ACCA’s success. This vision will take us forward into the next 2025 years, to ensure Nigeria’s economic growth well into the next decade and beyond.
Dangote resigns from board of Flour Mills
Aliko Dangote, Africa’s richest man and Chairman, Dangote Group, has resigned from the board of Tiger Branded Consumer Goods Plc, formerly known as Dangote Flour Mills.
Mr. Dangote resigned alongside three other directors – Olakunle Alake, Asue Ighodalo and Arnold Ekpe, a former group managing director of Ecobank Transnational Incorporated.
Their resignation, announced late on Monday, followed the decision of the majority share owner, South African Tiger Brands, to reduce its financial support to the Nigerian subsidiary.
The South African fast consumer goods company, Tiger Brands, said in a notice to the Nigerian division, and received also by the Nigerian Stock Exchange, that they were exploring various options with regard to their investment in Dangote Flour Mills.
“Tiger Brands has decided not to provide further financial support with respect to its investment in Tiger Branded Consumer Goods Plc of Nigeria,” it said.
Tiger Brands board also announced that they were reviewing their investment in the business which was considered part of a broader strategy to expand in sub-Saharan Africa.
Dangote Flour Mills only recently changed its corporate name to Tiger Branded Consumer Goods Plc, following the acquisition of the majority shares by the South African company.
Aliko Dangote holds 10 percent of the company’s equity through Dangote Industries.
Sources close to the South African company said Tiger Brands decision followed their inability to make money from Dangote Flour Mills after committing about 200 million dollars or 65 per cent equity in the Nigerian flour mill in 2013.
Tiger Brands also announced that the decision on the flour mill will not affect their other business interests in Nigeria. Tiger Brands had written down the value of the Nigerian flour mill twice in 2014 for 66.3 million dollars amid stiff completion and sliding naira.
Mr. Dangote resigned alongside three other directors – Olakunle Alake, Asue Ighodalo and Arnold Ekpe, a former group managing director of Ecobank Transnational Incorporated.
Their resignation, announced late on Monday, followed the decision of the majority share owner, South African Tiger Brands, to reduce its financial support to the Nigerian subsidiary.
The South African fast consumer goods company, Tiger Brands, said in a notice to the Nigerian division, and received also by the Nigerian Stock Exchange, that they were exploring various options with regard to their investment in Dangote Flour Mills.
“Tiger Brands has decided not to provide further financial support with respect to its investment in Tiger Branded Consumer Goods Plc of Nigeria,” it said.
Tiger Brands board also announced that they were reviewing their investment in the business which was considered part of a broader strategy to expand in sub-Saharan Africa.
Dangote Flour Mills only recently changed its corporate name to Tiger Branded Consumer Goods Plc, following the acquisition of the majority shares by the South African company.
Aliko Dangote holds 10 percent of the company’s equity through Dangote Industries.
Sources close to the South African company said Tiger Brands decision followed their inability to make money from Dangote Flour Mills after committing about 200 million dollars or 65 per cent equity in the Nigerian flour mill in 2013.
Tiger Brands also announced that the decision on the flour mill will not affect their other business interests in Nigeria. Tiger Brands had written down the value of the Nigerian flour mill twice in 2014 for 66.3 million dollars amid stiff completion and sliding naira.
Wednesday, 18 November 2015
More tweet chats on #TaxWiseNG
35. The tricky part is the tax base. When paying income tax on interim dividends, on what BASE should the 30% be applied? #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
40. In section 40(1), tax is payable at 30% of TOTAL PROFIT for the assessment year. to get through, some complex analysis isrqd. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
41. The public notice by @FIRSNigeria indicated 30% of “the profits from which the dividends are paid”. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
46.Total profit is not the accounting profit. There's a chapter in CITA (PART V) that deals with ascertainment of total profits. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
49. Here's how total profit is defined in Section 31(1): “The total profits of any company for any year of assessment shall be...#TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
50. ..... the amount of its total assessable profits from all sources for that year….#TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
51. …..together with any additions thereto to be made in accordance with the provisions of the Second Schedule to this Act,….. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
52. …..less any deductions to be made or allowed in accordance with the provisions to be made or allowed….#TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
#TaxWiseNG with Yomi Olugbenro on twitter
Today's topic is Interim Dividend and Income tax
2.These are interesting times for Nigeria’s economy with mounting pressure for “dividends of democracy” amidst dwindling revenue. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
7.I hold the view, and strong so, that by strengthening compliance, the government could significantly increase its revenue base. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
8. In the recent past, @FIRSNigeria has been combing through tax laws to see provisions that were previously not being enforced. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
9. For example, there was a recent directive asking non-resident companies to start filing returns based on actual results. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 18, 2015
Bizblog term of the week: Gross Domestic Product(GDP)
Gross Domestic Product (GDP) can be estimated in the following ways;
- Expenditure basis:GDP is estimated under this basis by adding up total consumption, investment, government spending and net exports.
- Output basis : GDP is estimated under this basis by getting the monetary value of how many goods and services sold in the country.
- Income basis : GDP is estimated under this basis by getting the sum of primary incomes distributed by resident producer units,how much income (profit) was earned
GDP gives the total market value of all final goods and services produced in a country in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
GDP includes all goods and services produced in a country irrespective of the nationality of the firms or citizens producing such goods. GDP growth is one of the factors economists use to determine whether an economy is in a recession or not.
GDP includes all goods and services produced in a country irrespective of the nationality of the firms or citizens producing such goods. GDP growth is one of the factors economists use to determine whether an economy is in a recession or not.
GDP is based on Value added
SON forsees a drop in rejection of non-oil products by European union
THE Standard Organisation of Nigeria, SON, has said it foresees a significant drop in the rejection of the country’s non oil exports to the European Union any moment from now.
This optimism is hinged on the ongoing training of 70 staff of the agency over the next eight months by the EU, on requirements for exporting of local honey, cocoa, millet, rice, sorghum and gum arabic to the EU markets.
The EU is the main destination for agricultural goods from Nigeria but most of these commodities are rejected because of non-conformity to EU standards.
Speaking during a meeting to herald the commencement of the training, SON Director General, Dr. Joseph Odumodu, disclosed that the project is being facilitated by lead experts, Dr. Geoffrey Visser from South Africa, and a Nigerian Dr. Yinka Jayeola, adding that “60-70 staff of the agency have been selected to undergo the training and in turn, they would train exporters in the key sectors.”
Dr. Odumodu commended the EU for playing a major role in ensuring that the quality infrastructure Nigeria needs to access international market is in place.
He noted, “Today, we are the next buyer within the international community, buying 80 percent of what we are consuming and we sell less than 20 percent of what we have the capacity. And most of what we sell, we didn’t add value to them. That is why it is gratifying to see that Federal Government’s budget from 2016 is looking at diversifying our economy.
“One thing I would like to say is that if we want to drive our economy, then we must have created the right quality infrastructure to support exporting our products to international market. That is why the SON has been in the forefront of leading the campaign for a robust quality infrastructure in Nigeria.
NAN
This optimism is hinged on the ongoing training of 70 staff of the agency over the next eight months by the EU, on requirements for exporting of local honey, cocoa, millet, rice, sorghum and gum arabic to the EU markets.
The EU is the main destination for agricultural goods from Nigeria but most of these commodities are rejected because of non-conformity to EU standards.
Speaking during a meeting to herald the commencement of the training, SON Director General, Dr. Joseph Odumodu, disclosed that the project is being facilitated by lead experts, Dr. Geoffrey Visser from South Africa, and a Nigerian Dr. Yinka Jayeola, adding that “60-70 staff of the agency have been selected to undergo the training and in turn, they would train exporters in the key sectors.”
Dr. Odumodu commended the EU for playing a major role in ensuring that the quality infrastructure Nigeria needs to access international market is in place.
He noted, “Today, we are the next buyer within the international community, buying 80 percent of what we are consuming and we sell less than 20 percent of what we have the capacity. And most of what we sell, we didn’t add value to them. That is why it is gratifying to see that Federal Government’s budget from 2016 is looking at diversifying our economy.
“One thing I would like to say is that if we want to drive our economy, then we must have created the right quality infrastructure to support exporting our products to international market. That is why the SON has been in the forefront of leading the campaign for a robust quality infrastructure in Nigeria.
NAN
| Gainers list for 18th November 2015 trading activity | |||||||||
| Stock Code | Name | Price | Price Change | High | Low | ||||
| BERGER | Berger Paints Nigeria Plc | 9.58 | 0.45 | 9.58 | 9.58 | ||||
| ETI | Ecobank Transnational Inc. | 17.60 | 0.58 | 17.60 | 17.60 | ||||
| SKYEBANK | SKYE BANK PLC | 1.80 | 0.05 | 1.80 | 1.80 | ||||
| ASHAKACEM | Ashaka Cement Plc | 22.40 | 0.39 | 22.40 | 22.40 | ||||
| SEPLAT | SEPLAT PETROLEUM | 230.00 | 4.00 | 230.00 | 230.00 | ||||
| DIAMONDBNK | DIAMOND BANK PLC | 2.55 | 0.04 | 2.62 | 2.55 | ||||
| ZENITHBANK | ZENITH INTERNATIONAL BANK. | 16.49 | 0.25 | 16.49 | 16.45 | ||||
| UBA | United Bank For Africa Plc | 3.68 | 0.05 | 3.70 | 3.65 | ||||
| UBN | Union Bank Nigeria Plc | 5.60 | 0.05 | 5.60 | 5.60 | ||||
| NSEBNK | NSEBNK | 296.71 | 1.95 | 0.00 | 0.00 | ||||
| UACN | UAC of Nigeria Plc. | 27.21 | 0.11 | 27.21 | 27.20 | ||||
| NSEPREMIUM | NSEPREMIUM | 1,556.27 | 3.21 | 0.00 | 0.00 | ||||
| NSELOTUSISLM | NSELOTUSISLM | 1,919.93 | 2.49 | 0.00 | 0.00 | ||||
| NSEINDUSTR | NSEINDUSTR | 2,046.09 | 0.28 | 0.00 | 0.00 | ||||
Tuesday, 17 November 2015
KPMG Tasks Firms on Tax Compliance
KPMG Professional Services has stressed the need for companies operating in Nigeria to always pay their tax as required by law in order to improve business performance and create shareholder value.
The professional services firm made this call at a press conference to announce the launch of its survey report on Tax Risk Management (TRM) practices by companies in Nigeria slated for this Thursday in Lagos. The event would host the present Chairman, Federal Inland Revenue Service, FIRS, Mr. Tunde Fowler and Head of Europe Middle East and Africa tax practice KPMG, Mrs. Jane McCormick.
Speaking at the conference, Partner and Head Tax, Regulatory and People Sevices of the firm, Mr. Victor Onyenkpa, explained that unexpected spike in tax costs which arise from tax audits carried out by tax authorities significantly affect cash flows and business performance. This, according to him, often threatens the sustainability of businesses.
Onyenkpa argued that organisations needed to understand and manage tax risks, just as all other aspects of enterprise and business risks facing their business so that proper budgeting and planning can be made for these costs.
With the fall in revenues, he maintained that tax had become a key subject matter, even as government struggles to meet its increasing obligations through internally generated revenue lines and review its strategies for increased revenue drive. He added that management, on the other hand, needed to consciously put in place strategies to make tax become a boardroom agenda.
He said: “KPMG conducted the TRM survey of the Nigerian market for two major reasons: getting tax right and developing ‘Fit-for-Purpose’ tax departments. Globally, tax authorities are beginning to give greater attention to how organisations manage their tax affairs and are demanding greater transparency in the tax compliance processes."
"In Nigeria, for instance, the tax authorities have implemented regulations that require greater disclosure and reporting of related-party transactions with the aim of reducing perceived profit-shifting and reduction in Nigerian tax revenues. In addition, Internally Generated Revenue (IGR) has been given greater attention by the government with the aim of ramping up tax revenues and reducing fiscal deficits. Efforts at achieving this often come with aggressive tax drive by tax authorities, which often disrupts business operations and puts organisations at disadvantage," he added.
Onyenkpa also stressed that it is important for organisations to determine whether their tax departments are fit-for-purpose and can help minimise the risk of unknowingly under-paying taxes, which has attendant consequences; and at the same time help avoid over-payment of taxes.
The Partner, Tax, Regulatory and People Services, KPMG, Nike James said: “We sought to evaluate the extent to which companies appreciate the need to design strategies for managing and controlling taxes within their businesses. We equally appraised the impact of having strategies, which align with overall business objectives and how tax department’s activities support businesses in attaining their overall objective of increasing shareholder’s value.
“We noted that only 30per cent of respondents reported Tax as being strategic enough and noteworthy of discussion at board room level. Sample size is 60 per cent, which up the length and breadth of industries and companies both conglomerates, indigenous and multinationals. The information is a representative of real findings that happens in the industry.”
Culled from ThisDay
The professional services firm made this call at a press conference to announce the launch of its survey report on Tax Risk Management (TRM) practices by companies in Nigeria slated for this Thursday in Lagos. The event would host the present Chairman, Federal Inland Revenue Service, FIRS, Mr. Tunde Fowler and Head of Europe Middle East and Africa tax practice KPMG, Mrs. Jane McCormick.
Speaking at the conference, Partner and Head Tax, Regulatory and People Sevices of the firm, Mr. Victor Onyenkpa, explained that unexpected spike in tax costs which arise from tax audits carried out by tax authorities significantly affect cash flows and business performance. This, according to him, often threatens the sustainability of businesses.
Onyenkpa argued that organisations needed to understand and manage tax risks, just as all other aspects of enterprise and business risks facing their business so that proper budgeting and planning can be made for these costs.
With the fall in revenues, he maintained that tax had become a key subject matter, even as government struggles to meet its increasing obligations through internally generated revenue lines and review its strategies for increased revenue drive. He added that management, on the other hand, needed to consciously put in place strategies to make tax become a boardroom agenda.
He said: “KPMG conducted the TRM survey of the Nigerian market for two major reasons: getting tax right and developing ‘Fit-for-Purpose’ tax departments. Globally, tax authorities are beginning to give greater attention to how organisations manage their tax affairs and are demanding greater transparency in the tax compliance processes."
"In Nigeria, for instance, the tax authorities have implemented regulations that require greater disclosure and reporting of related-party transactions with the aim of reducing perceived profit-shifting and reduction in Nigerian tax revenues. In addition, Internally Generated Revenue (IGR) has been given greater attention by the government with the aim of ramping up tax revenues and reducing fiscal deficits. Efforts at achieving this often come with aggressive tax drive by tax authorities, which often disrupts business operations and puts organisations at disadvantage," he added.
Onyenkpa also stressed that it is important for organisations to determine whether their tax departments are fit-for-purpose and can help minimise the risk of unknowingly under-paying taxes, which has attendant consequences; and at the same time help avoid over-payment of taxes.
The Partner, Tax, Regulatory and People Services, KPMG, Nike James said: “We sought to evaluate the extent to which companies appreciate the need to design strategies for managing and controlling taxes within their businesses. We equally appraised the impact of having strategies, which align with overall business objectives and how tax department’s activities support businesses in attaining their overall objective of increasing shareholder’s value.
“We noted that only 30per cent of respondents reported Tax as being strategic enough and noteworthy of discussion at board room level. Sample size is 60 per cent, which up the length and breadth of industries and companies both conglomerates, indigenous and multinationals. The information is a representative of real findings that happens in the industry.”
Culled from ThisDay
Accountant-General, CBN meet SystemSpecs
Accountant General of the Federation (OAGF) and the Central Bank of Nigeria (CBN) meets with SystemSpecs, banks and other stakeholders on the tariff of 1% transactions fees charged under the Treasury Singles Account (TSA).The meeting, which was at the instance of the OAGF and the CBN, will review the tariff for transactions under the TSA.
Presently,there is a one per cent transaction fee for every transaction through the TSA which is conducted on Remita electronic payment platform owned by SystemSpecs.
E-voting at AGM's coming up
INVESTORS across Africa will soon be saved the hassle of travelling long distances to attend Annual General Meeting (AGMs) of their companies as a platform that will enable them to attend general meetings electronically and also vote real-time will soon be launched by Africlear Global.
Africlear Global is an institution founded by Nigeria’s Central Securities Clearing System (CSCS) Plc, African Development Bank (AfDB), Central Depository and Settlement Corporation (CDSC) Kenya, and Altree Financial Group for the purpose of improving African securities market infrastructure by providing central securities depositories (CSDs) with the ability to offer a greater menu of value-added services while reducing the underlying costs associated with system acquisition and maintenance.
When operational, the device will also allow investors to appoint proxy, attend concurrent meetings, ask questions and express opinions among other numerous functions.
Africlear member institutions disclosed the plan at the end of their Board meeting in Lagos.
Africlear Chairman and Chief Executive, CDSC, Kenya, Rose Mambo, said the platform will enable issuers to make convocations, announce agendas, share documents and more effectively control the meeting process. She added that the electronic general meeting platform will improve financial inclusion for shareholders while reducing issuer costs by leveraging operating efficiencies.
“Typically, we find that companies operating in Africa have very low attendance at their general meetings as investors are reluctant to travel from far parts of the country. With the electronic general meeting solution, investors can vote, participate, or just watch the proceedings without physically being present”, said Ms. Mambo.
Speaking further on the initiatives, MD/CEO, CSCS Plc, Kyari Bukar, said Africlear will not only enhance financial inclusion, but also improve market integration through collaborative approaches designed to harmonize post-trade processes and procedures.
According to Kyari, “by aligning a central security depository’s interests with those of the underlying technology provider, Africlear is changing the way African CSDs do business.” He added that “Africlear will enable us to move up the value chain, offer new services and establish links to new markets, both domestic and international.”
Africlear also announced that it intends to facilitate connectivity between CDSC Kenya and CSCS Plc, and plans are in place to link transaction management processes between the two depositories. “By linking the clearing and settlement functions for CDSC Kenya and CSCS Nigeria, Africlear will dramatically improve the ability for investors to transact both within and across borders,” said Ms. Mambo.
She added, “With the support of the AfDB, discussions have commenced with the goal of developing a fully integrated post-trade environment for cross-border clearing and settlement of capital market transactions.”
Ms. Stella Kilonzo, Financial Markets Division Chief at the AfDB said “Africlear is at the forefront of securities market infrastructure development in Africa. The company is building links between African CSDs that will enable investors to transact in one country and settle in another.”
Excepts from Vanguard
Africlear Global is an institution founded by Nigeria’s Central Securities Clearing System (CSCS) Plc, African Development Bank (AfDB), Central Depository and Settlement Corporation (CDSC) Kenya, and Altree Financial Group for the purpose of improving African securities market infrastructure by providing central securities depositories (CSDs) with the ability to offer a greater menu of value-added services while reducing the underlying costs associated with system acquisition and maintenance.
When operational, the device will also allow investors to appoint proxy, attend concurrent meetings, ask questions and express opinions among other numerous functions.
Africlear member institutions disclosed the plan at the end of their Board meeting in Lagos.
Africlear Chairman and Chief Executive, CDSC, Kenya, Rose Mambo, said the platform will enable issuers to make convocations, announce agendas, share documents and more effectively control the meeting process. She added that the electronic general meeting platform will improve financial inclusion for shareholders while reducing issuer costs by leveraging operating efficiencies.
“Typically, we find that companies operating in Africa have very low attendance at their general meetings as investors are reluctant to travel from far parts of the country. With the electronic general meeting solution, investors can vote, participate, or just watch the proceedings without physically being present”, said Ms. Mambo.
Speaking further on the initiatives, MD/CEO, CSCS Plc, Kyari Bukar, said Africlear will not only enhance financial inclusion, but also improve market integration through collaborative approaches designed to harmonize post-trade processes and procedures.
According to Kyari, “by aligning a central security depository’s interests with those of the underlying technology provider, Africlear is changing the way African CSDs do business.” He added that “Africlear will enable us to move up the value chain, offer new services and establish links to new markets, both domestic and international.”
Africlear also announced that it intends to facilitate connectivity between CDSC Kenya and CSCS Plc, and plans are in place to link transaction management processes between the two depositories. “By linking the clearing and settlement functions for CDSC Kenya and CSCS Nigeria, Africlear will dramatically improve the ability for investors to transact both within and across borders,” said Ms. Mambo.
She added, “With the support of the AfDB, discussions have commenced with the goal of developing a fully integrated post-trade environment for cross-border clearing and settlement of capital market transactions.”
Ms. Stella Kilonzo, Financial Markets Division Chief at the AfDB said “Africlear is at the forefront of securities market infrastructure development in Africa. The company is building links between African CSDs that will enable investors to transact in one country and settle in another.”
Excepts from Vanguard
PwC to organise a stakeholders’ event on:“The burden and benefits of tax compliance in Nigeria
In view of the dwindling revenue in different sectors of the economy,tax is shifting to be a more veritable source of revenue for the country.
It is obvious that the tax landscape is changing fast as new measures are being introduced by tax authorities in Nigeria to raise revenue and unprecedented fines being imposed on corporate entities by various regulators.
PwC will organise a stakeholders’ event on: “The burden and benefits of tax compliance in Nigeria: Managing the changing tax landscape and preparing for the inevitable taxing times ahead.”
PwC will be articulating the recent tax changes in Nigeria, key areas of interest in global initiatives, impending changes and fiscal policy expectations for 2016. There will also be a presentation of the report of the latest “Paying Taxes Report” by PwC and the World Bank.
Date: Monday 23 November 2015
Venue: Four Points, Lekki, Lagos
Time: 9.00am to 12.30pm
The head of FIRS, Dr. Babatunde Fowler will be our guest along with the Head of LIRS and the Joint Tax Board.
Its free but strictly by invitation,contact PwC to request for an invitation.
It is obvious that the tax landscape is changing fast as new measures are being introduced by tax authorities in Nigeria to raise revenue and unprecedented fines being imposed on corporate entities by various regulators.
PwC will organise a stakeholders’ event on: “The burden and benefits of tax compliance in Nigeria: Managing the changing tax landscape and preparing for the inevitable taxing times ahead.”
PwC will be articulating the recent tax changes in Nigeria, key areas of interest in global initiatives, impending changes and fiscal policy expectations for 2016. There will also be a presentation of the report of the latest “Paying Taxes Report” by PwC and the World Bank.
Date: Monday 23 November 2015
Venue: Four Points, Lekki, Lagos
Time: 9.00am to 12.30pm
The head of FIRS, Dr. Babatunde Fowler will be our guest along with the Head of LIRS and the Joint Tax Board.
Its free but strictly by invitation,contact PwC to request for an invitation.
Konga to intergrates BVN into e-payment transactions
One of Nigeria's online markethub that recently launched their own e-payment service Kongapay has introduced the bank verification number, BVN as part of its authentication process for online payment.
In order to make online transaction more secure, KongaPay utilises One Time Password, OTP culled from the user’s bank verification number (BVN) to authenticate transactions.
Speaking to journalists recently in Lagos, Vice President, Payment and Digital Goods, Konga.com, J R Kanu , said after successful launch and integration of KongaPay with Access Bank, Diamond Bank, Ecobank, FCMB, First Bank, GTB, Heritage Bank, UBA and Zenith Bank, most Nigerian banks now offer access to KongaPay boosting the confidence Nigerians have on electronic payment and e-commerce.
According to him, through a partnership with Nigerian banks, KongaPay has changed the face of online shopping in Nigeria by removing the uncertainties customers associate with pre-paying for goods and services they are yet to receive. The online payment platform allows customers pay for their orders without using debit cards or having access to the internet, thereby reducing their dependence on payment on delivery and restores trust among users.
He further explained that unlike other online payment platforms, KongaPay eliminates the need for customers to enter sensitive personal information such as credit or debit card details or Internet banking passwords. Also any customer who has a bank account and a registered mobile phone can use the KongaPay without necessarily signing up for internet banking.
In order to make online transaction more secure, KongaPay utilises One Time Password, OTP culled from the user’s bank verification number (BVN) to authenticate transactions.
Speaking to journalists recently in Lagos, Vice President, Payment and Digital Goods, Konga.com, J R Kanu , said after successful launch and integration of KongaPay with Access Bank, Diamond Bank, Ecobank, FCMB, First Bank, GTB, Heritage Bank, UBA and Zenith Bank, most Nigerian banks now offer access to KongaPay boosting the confidence Nigerians have on electronic payment and e-commerce.
According to him, through a partnership with Nigerian banks, KongaPay has changed the face of online shopping in Nigeria by removing the uncertainties customers associate with pre-paying for goods and services they are yet to receive. The online payment platform allows customers pay for their orders without using debit cards or having access to the internet, thereby reducing their dependence on payment on delivery and restores trust among users.
He further explained that unlike other online payment platforms, KongaPay eliminates the need for customers to enter sensitive personal information such as credit or debit card details or Internet banking passwords. Also any customer who has a bank account and a registered mobile phone can use the KongaPay without necessarily signing up for internet banking.
Wednesday, 11 November 2015
Tax Consolidation- #TaxWiseNG
The topic for today's tweet chat with Yomi Olugbenro was Tax Consolidation.Way too interesting
Someone actually tweeted that he won't miss today's class and indeed it's an online you won't wish to carry over(lol)
And the conversation rolls..............
More after the cut;
Someone actually tweeted that he won't miss today's class and indeed it's an online you won't wish to carry over(lol)
And the conversation rolls..............
3. We'll be focusing on one of the tax regimes that I will like to see introduced into the Nigeria tax system – Tax Consolidation.#TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 11, 2015
4. Let me give a brief introduction, drawing from general accounting sphere. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 11, 2015
5. Preparing financial statements is synonymous with business. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 11, 2015
6. Financial statements can simply be seen as a formal report of the financial activities of a business or an entity. #TaxWiseNG
— Yomi Olugbenro (@YomiOlugbenro) November 11, 2015
More after the cut;
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