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| Nigeria's Minister of Finance |
“We are very conscious of the need that people are paid in time for the festive season,” she said. Adeosun added that some workers have already started receiving alerts for their December salary.
Wednesday, 23 December 2015
Federal Government starts payment of December Salaries to Civil servants
President Buhari has ordered the immediate payment of December salaries to all Federal civil servants. His directive made known by the Minister of Finance, Kemi Adeosun, who spoke at the end of the monthly Federation Account Allocation Committee (FAAC) meeting in Abuja yesterday Dec. 22nd. She said salaries were already being paid in response to the Presidential directive.
“We are very conscious of the need that people are paid in time for the festive season,” she said. Adeosun added that some workers have already started receiving alerts for their December salary.
“We are very conscious of the need that people are paid in time for the festive season,” she said. Adeosun added that some workers have already started receiving alerts for their December salary.
Bizblog term of the week : Per Capital Income(PCI)
Per Capital Income is an amount of money earned by an average individual at a geographical area in a given year.For a country,it can be calculated by dividing the country's national income by its total population.
Per Capital Income serves as one of the Key indicators to a country's standard of living
Breakdown of N6.07trillion 2016 budget
Nigeria 2016 budget was presented to the house yesterday by Mr President,the proposed budget was prepared based on crude oil price of $38 per barrel which as been speculated to drop further.
| GDP Growth Rate Projection | 4.37% |
| Revenue Projection | 3.86 Naira |
| Deficit | 2.22 trillion Naira (equivalent to 2.16% of Nigeria’s GDP) |
| Oil Related Revenues | 820 billion Naira |
| Non-oil Revenues | 1.45 trillion Naira |
| Projected Independent Revenues | 1.51 trillion Naira |
| Capital Expenditure | 1.8 trillion Naira (30% of total budget) |
| Works, Power and Housing | 433.4 billion Naira |
| Transport | 202.0 billion Naira |
| Interior | 53.1 billion Naira |
| Special Intervention Programs | 300 billion Naira |
| Education | 369.6 billion Naira |
| Defence | 294.5 billion Naira |
| Health | 221.7 billion Naira |
| Ministry of Interior | 145.3 billion Naira |
| Foreign and Domestic Debt Service | 1.36 trillion Naira |
| Sinking Fund towards the retirement of maturing loans | 113 billion Naira |
| Non-debt Recurrent Expenditure | 2.65 trillion Naira |
Skye Bank Trains 20 Female Entrepreneurs
Twenty female entrepreneurs were recently trained by Skye Bank Plc under the aegis of the Skye Pearl programme to assist them run their businesses efficiently, profitably and professionally.
The beneficiaries were the first set of entrepreneurs to be trained under the advisory and training support services for female entrepreneurs, a component package of the Skye Pearl programme, which was specifically developed to cater to the funding and capacity building needs of female entrepreneurs, stay-at-home mothers, among others.
Some of the beneficiaries who spoke after the training programme lauded Skye Bank for its strategic partnership with female entrepreneurs in the areas of financial and advisory services.
Managing Director of Jemsiks Nigeria Limited, Mrs. Adetutu Akoni, expressed delight at the training which covered financial planning, account preparation, forecasting and book keeping.Akoni said the knowledge gained from the programme would help her manage her business better and more profitably by plucking waste and loopholes.
Also speaking, Mrs Funmi Akinbobola, Managing Director of Blissfull Limited, thanked Skye Bank for the programme, saying “I now know the things I have been doing wrong and how to improve.
The beneficiaries were the first set of entrepreneurs to be trained under the advisory and training support services for female entrepreneurs, a component package of the Skye Pearl programme, which was specifically developed to cater to the funding and capacity building needs of female entrepreneurs, stay-at-home mothers, among others.
Some of the beneficiaries who spoke after the training programme lauded Skye Bank for its strategic partnership with female entrepreneurs in the areas of financial and advisory services.
Managing Director of Jemsiks Nigeria Limited, Mrs. Adetutu Akoni, expressed delight at the training which covered financial planning, account preparation, forecasting and book keeping.Akoni said the knowledge gained from the programme would help her manage her business better and more profitably by plucking waste and loopholes.
Also speaking, Mrs Funmi Akinbobola, Managing Director of Blissfull Limited, thanked Skye Bank for the programme, saying “I now know the things I have been doing wrong and how to improve.
Forte Oil Targets N11bn in 2016
Shareholders of Forte Oil Plc should expect better returns in 2016 as the company has projected a profit after tax of N11.1 billion. The company is hinging its projection and confidence of impressive performance in 2016 on strategies to exploit opportunities in downstream, upstream and power sectors.
Speaking at the maiden Investors Conference in Lagos last week, the Group Chief Executive Officer of Forte Oil Plc, Mr. Akin Akinfemiwa said the company’s involvement in crude oil lifting, completion of the major overhaul and increase in the capacity of Geregu power plant to 435 megawatts would impact positively on its operating margin and enhance profitability.
The CEO said the company's diversifications from downstream player to an integrated energy solution provider underpins the firm's medium and long term strategy to drive future profitability.
According to him, the company would deepen its focus on high margin products and introduce new product lines such as bitumen, LPFO and LPG and acquire 30 new retail sites.
"We are involved in the lifting of the Nigerian crude oil, though not being reflected yet but we have just being informed and this would be one of the business major drivers in 2016. With activities in the Nigerian power sector, the firm is strategically positioned to benefit from government reforms, boosting future profitability through diversification, utilisation and cost efficiency," he said.
Akinfemiwa noted that the company, has also concluded plans with four reputable partners to roll out 70 brand new redesigned lube bays nationwide in the coming year.
Also speaking at the conference, the Chairman of Forte Oil, Femi Otedola told the shareholders that the improved performance recorded by the company over the years resulted from sound corporate governance, a development he said had enabled the firm to deliver long-term value for shareholders.
“It is about is about ensuring that shareholders get returns not about acquiring assets. We have the best corporate governance and now is time to reap the investment made wisely couple of years ago, ” Otedola said.
Vanguard
Speaking at the maiden Investors Conference in Lagos last week, the Group Chief Executive Officer of Forte Oil Plc, Mr. Akin Akinfemiwa said the company’s involvement in crude oil lifting, completion of the major overhaul and increase in the capacity of Geregu power plant to 435 megawatts would impact positively on its operating margin and enhance profitability.
The CEO said the company's diversifications from downstream player to an integrated energy solution provider underpins the firm's medium and long term strategy to drive future profitability.
According to him, the company would deepen its focus on high margin products and introduce new product lines such as bitumen, LPFO and LPG and acquire 30 new retail sites.
"We are involved in the lifting of the Nigerian crude oil, though not being reflected yet but we have just being informed and this would be one of the business major drivers in 2016. With activities in the Nigerian power sector, the firm is strategically positioned to benefit from government reforms, boosting future profitability through diversification, utilisation and cost efficiency," he said.
Akinfemiwa noted that the company, has also concluded plans with four reputable partners to roll out 70 brand new redesigned lube bays nationwide in the coming year.
Also speaking at the conference, the Chairman of Forte Oil, Femi Otedola told the shareholders that the improved performance recorded by the company over the years resulted from sound corporate governance, a development he said had enabled the firm to deliver long-term value for shareholders.
“It is about is about ensuring that shareholders get returns not about acquiring assets. We have the best corporate governance and now is time to reap the investment made wisely couple of years ago, ” Otedola said.
Vanguard
Agbaje,Dangote named Most influential CEOs amongst others by Ventures Africa
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| Mr Segun Agbaje |
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| Alhaji Aliko Dangote |
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| Mr Femi Otedola |
President of Dangote Group, Alhaji Aliko Dangote was named as one of the top 10 most
influential CEOs having been chosen for his doggedness in grooming one of the continent’s leading diversified business empires with interests in cement, sugar, flour, salt, pasta, beverages and real estate as well as new projects in the oil and natural gas sector, telecommunications, fertilizers and steel production.
Dupe Olusola CEO of Teragro Commodities Limited, the agribusiness subsidiary of Transcorp Plc has been named as one of the top 10 most influential chief executive officers (CEOs) in 2015 by Ventures Africa.
Mr. Segun Agbaje was also chosen in his capacity as the Managing Director of Guaranty Trust Bank Plc. In 2007 for instance, he was instrumental in organising the bank’s $350million Eurobond offering, which led the bank to become the first Nigerian company and first bank in Sub-Saharan Africa to be listed on the Main Market of the London Stock Exchange.
Mr. Femi Otedola, who is chairman of Forte Oil Plc, is among the top CEOs. Otedola has made a significant mark as one of the key players in the business industry. A philanthropist and a pioneer in terms of humanitarian gestures, he has awarded multi-million Naira scholarships to some students in Lagos State.
Some other CEOs who were also named include: the CEO, EbonyLife TV, Mosunmola Abudu; Founder of BellaNaija, Uchenna Pedro; CEO of Arik Air, Michael Arumemi-Ikhide; CEO, Jobberman, Ayodeji Adewunmi; and CEO of Zinox Group, Leo Stan Ekeh and CEO Irokotv, Jason Njoku.
ARM Urges Pensioners, Contributors to Embrace Healthy Living
Pension contributors and pensioners in the country have been encouraged to embrace healthy living so as to enjoy what they have worked for.
Managing Director, ARM Pension, Wale Odutola made this known while speaking to journalists at the annual 5km run/walk tagged, ‘Run for the Future ’ organised by the company.
He said the event, which is part of its Corporate Social Responsibility (CSR) seeks to promote health leaving among its clients and the Nigerian public.
He said beginning from this year the event will be holding in three major cities, Lagos, Abuja and Port Harcourt.
This year’s event in Lagos saw participants who were adorned in the PFA’s T-shirts ‘Run for the Future’ slogan walking/running from Ikoyi office of the firm to Lekki.
Odutola explained that the 5km run/walk aimed at creating awareness amongst the general public on the importance of exercise and healthy living.
“When we started the ‘Run for the Future’ three years, the objective was very simple: we wanted to create an avenue to engage with our clients but most importantly to promote healthy living. The run allows us to do both simultaneously. It also provides a fun way for our clients to engage with us and each other and interact.
“The feedback has been good, and that encouraged us to include it in our calendar of events and expand it now to other cities including Abuja and Port Harcourt. The run in Lagos starts from our head office in Ikoyi as it has always been and go all the way to Lekki and ends here in our office. For us, our joy is that we are able to promote healthy living,” he said.
ThisDay
Managing Director, ARM Pension, Wale Odutola made this known while speaking to journalists at the annual 5km run/walk tagged, ‘Run for the Future ’ organised by the company.
He said the event, which is part of its Corporate Social Responsibility (CSR) seeks to promote health leaving among its clients and the Nigerian public.
He said beginning from this year the event will be holding in three major cities, Lagos, Abuja and Port Harcourt.
This year’s event in Lagos saw participants who were adorned in the PFA’s T-shirts ‘Run for the Future’ slogan walking/running from Ikoyi office of the firm to Lekki.
Odutola explained that the 5km run/walk aimed at creating awareness amongst the general public on the importance of exercise and healthy living.
“When we started the ‘Run for the Future’ three years, the objective was very simple: we wanted to create an avenue to engage with our clients but most importantly to promote healthy living. The run allows us to do both simultaneously. It also provides a fun way for our clients to engage with us and each other and interact.
“The feedback has been good, and that encouraged us to include it in our calendar of events and expand it now to other cities including Abuja and Port Harcourt. The run in Lagos starts from our head office in Ikoyi as it has always been and go all the way to Lekki and ends here in our office. For us, our joy is that we are able to promote healthy living,” he said.
ThisDay
Fuel scarcity might run through February 2016
Report have it that the ongoing scarcity of petroleum products across the country is one that would linger till February 2016. Marketers were reported to have suspended fresh importation of petroleum products despite receiving N413 billion in subsidy claims from the government.
Disclosing that they are in full support of the deregulation of the downstream sector in view of the alleged plan by the Federal Government to remove subsidy on petrol next year and commence full deregulation by January 1, is already unsettling them.
According to an importer, “Marketers are not against deregulation. But deregulation must be planned for. It must not be a hasty decision. We are entities that invest a lot in importation of petroleum products. If a decision that is to affect us must be taken, then, we must be taken into consideration. For now, uncertainty pervades the sector.”
A source said “Nigerians are not considering the vagaries involved in deregulation. There are speculations that with deregulation, a litre of petrol would sell for N97, which is a possibility on one hand. But considering the current price of crude oil which sells for about $38 per barrel, what if this price slides further in the weeks to come and the permutation declines to less than N87 for a litre, who bears the loss?”
Friday, 18 December 2015
Stanbic IBTC boosts capital market with new product
The drive to deepen the Nigerian capital market through introduction of more asset classes has received a boost with the launch of Securities Lending product by Stanbic IBTC Bank Plc.
Securities lending involves temporary transfer of securities from one party (the lender) to another (the borrower) for a fee. These transactions are facilitated through an intermediary acting as an agent or principal intermediary between the lender and borrower. The borrower is obliged to return the securities, either on demand or at the end of a term.
The launch, according to the bank, is in line with its tradition of highlighting opportunities that would help investors derive optimal value from their investment.
In his opening remarks at the launch in Lagos, Chief Executive, Stanbic IBTC Bank, Mr. Yinka Sanni, said as a member of a global banking group, Stanbic IBTC has a responsibility to help grow the capital market through products and initiatives that could help investors harness investment opportunities that exist in Nigeria.
Excerpts from Vanguard
Securities lending involves temporary transfer of securities from one party (the lender) to another (the borrower) for a fee. These transactions are facilitated through an intermediary acting as an agent or principal intermediary between the lender and borrower. The borrower is obliged to return the securities, either on demand or at the end of a term.
The launch, according to the bank, is in line with its tradition of highlighting opportunities that would help investors derive optimal value from their investment.
In his opening remarks at the launch in Lagos, Chief Executive, Stanbic IBTC Bank, Mr. Yinka Sanni, said as a member of a global banking group, Stanbic IBTC has a responsibility to help grow the capital market through products and initiatives that could help investors harness investment opportunities that exist in Nigeria.
Excerpts from Vanguard
Beware of fraudsters-CBN to Bank Customers
Central bank has advised citizens against disclosing their bank details. In recent complaints from bank customers over unsolicited mails and text messages, alerting them of deactivation or suspension of their bank accounts due to uncompleted Bank Verification Number (BVN) registration, the Central Bank of Nigeria (CBN) has cautioned customers to beware of fraudsters.
The Central bank of Nigeria has urged bank customers to approach their respective banks on any issue bordering on the disclosure of personal bank details.
Sterling bank to raise capital through the 2nd-tier market
Sterling Bank Plc on Thursday disclosed its plan to raise fresh tier-2 capital to fund its expansion before the end of February 2016.
Chief Executive Officer, Sterling Bank, Mr. Yemi Adeola, said this during an interactive session with journalists in Lagos. Sterling Bank put the amount of tier-2 funds to be raised at between $100 million and $150 millon.
“On the issue of additional capital, we are adequately capitalised, but we are raising tier-2 capital and we are at the tail end of it and hopefully by February, we would have additional debt capital. But in terms of equity capital, I think we are good with a capital adequacy ratio of 19 per cent when what is required is 10 per cent; we are not under capital pressure at all,” Adeola said.
He described the regulatory environment as tough, saying that the banking industry is the most regulated in Nigeria. Sterling Bank would continue to face the challenges that come it way, he added.
Speaking on the developments in the forex market, he said: “It is a tough one. You can only spend what you have and if our reserves are at $29.4 billion as at December 16, they would barely fund four to five months of import.
“There is no regulator that would not be worried at that level. The options are usually either to adopt capital control as a strategy and focus on key sectors, in other words, you determine where the forex to go to if you want to curb waste or wastages.
“You don’t want a situation where people use the forex market for speculative purposes and you want to control it. And that is what is happening now. But it is a double-edged sword because when you adopt capital controls, investors are reluctant to come in.”
Adeola said the expanded its branch network by 135 from 50 in 2006 to 185 in 2015, saying plans were on to ensure that the bank is ranked among the top six banks in the country by year 2020.
Adeola who was supported by the Executive Director, Corporate & Investment Banking, Mr. Kayode Lawal and the Executive Director/Chief Operating Officer, Mr. Yemi Odubiyi, also explained that the Bank, within ten years had deployed 801 ATMs nationwide when it had none in 2006.
He also assured that in the coming year, the bank will sustain its drive to become the leading consumer banking franchise, diversify its retail funding base, diversify its income streams with a view to achieving a top quartile position in all “our operating areas and enjoy a double digit revenue growth year on year”
ThisDay
Chief Executive Officer, Sterling Bank, Mr. Yemi Adeola, said this during an interactive session with journalists in Lagos. Sterling Bank put the amount of tier-2 funds to be raised at between $100 million and $150 millon.
“On the issue of additional capital, we are adequately capitalised, but we are raising tier-2 capital and we are at the tail end of it and hopefully by February, we would have additional debt capital. But in terms of equity capital, I think we are good with a capital adequacy ratio of 19 per cent when what is required is 10 per cent; we are not under capital pressure at all,” Adeola said.
He described the regulatory environment as tough, saying that the banking industry is the most regulated in Nigeria. Sterling Bank would continue to face the challenges that come it way, he added.
Speaking on the developments in the forex market, he said: “It is a tough one. You can only spend what you have and if our reserves are at $29.4 billion as at December 16, they would barely fund four to five months of import.
“There is no regulator that would not be worried at that level. The options are usually either to adopt capital control as a strategy and focus on key sectors, in other words, you determine where the forex to go to if you want to curb waste or wastages.
“You don’t want a situation where people use the forex market for speculative purposes and you want to control it. And that is what is happening now. But it is a double-edged sword because when you adopt capital controls, investors are reluctant to come in.”
Adeola said the expanded its branch network by 135 from 50 in 2006 to 185 in 2015, saying plans were on to ensure that the bank is ranked among the top six banks in the country by year 2020.
Adeola who was supported by the Executive Director, Corporate & Investment Banking, Mr. Kayode Lawal and the Executive Director/Chief Operating Officer, Mr. Yemi Odubiyi, also explained that the Bank, within ten years had deployed 801 ATMs nationwide when it had none in 2006.
He also assured that in the coming year, the bank will sustain its drive to become the leading consumer banking franchise, diversify its retail funding base, diversify its income streams with a view to achieving a top quartile position in all “our operating areas and enjoy a double digit revenue growth year on year”
ThisDay
Federal high court has clarified rules surrounding taxation of foreign companies
According to Nigeria tax law, a resident person (individual or corporate) is accessible on the global income. This means that the taxpayer is liable to tax on the income or profits “accruing in, derived from, brought into, or received in Nigeria.”
Recently,the Federal High Court clarified the rules on taxation of foreign companies operating through a fixed base or permanent establishment in Nigeria. In the past, the Nigerian tax authorities had taken the position in some instances that the business profits of foreign companies are derived from (and therefore taxable in) Nigeria regardless of whether the foreign company had a fixed base in Nigeria. Also in other instances where the FIRS established the existence of a fixed base, it imposed tax on the entire profits from the contract executed by the foreign company rather than only the profits attributable to the fixed base.
In this judgment the Court held that payments sourced from Nigeria without a tax presence in-country is not subject to Nigerian income tax. To be liable to tax, the foreign company must have a fixed base in Nigeria and the profits to be taxed are those attributable to the fixed base.
The judgment as given by the federal high court in a ruling between JGC corporation and FIRS here
Source: PWC
Recently,the Federal High Court clarified the rules on taxation of foreign companies operating through a fixed base or permanent establishment in Nigeria. In the past, the Nigerian tax authorities had taken the position in some instances that the business profits of foreign companies are derived from (and therefore taxable in) Nigeria regardless of whether the foreign company had a fixed base in Nigeria. Also in other instances where the FIRS established the existence of a fixed base, it imposed tax on the entire profits from the contract executed by the foreign company rather than only the profits attributable to the fixed base.
In this judgment the Court held that payments sourced from Nigeria without a tax presence in-country is not subject to Nigerian income tax. To be liable to tax, the foreign company must have a fixed base in Nigeria and the profits to be taxed are those attributable to the fixed base.
The judgment as given by the federal high court in a ruling between JGC corporation and FIRS here
Source: PWC
Wednesday, 16 December 2015
Gainers list for 16th December 2015 trading activity
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Bizblog term of the week: Bonus Issue
For example, if Investor A holds 400 shares of a company and such company declares 3:1 bonus,(i.e for every one share, he gets 3 shares for free). That is total of 1200 shares for free and his total holding will increase to 1600 shares.
Bonus issue increases the total number of shares issued and owned, it does not change the value of the company but changes the structure of the company's shareholders' equity
Fuel Subsidy withdrawal to begin in 2016
The Federal government on Monday said it would begin a gradual withdrawal of fuel subsidy next year.
The Minister of State for Petroleum, Dr. Ibe Kachikwu, who disclosed the government’s decision while appearing before the Joint National Assembly Committee on Finance, Appropriation and National Planning on the consideration of Medium Term Expenditure Framework (MTEF), said the subsidy put at over N1 trillion in 2015 was no longer sustainable.
The federal government’s decision to shave off fuel subsidy coincided with reports that tumbling crude oil prices might adversely affect the nation’s 2016 budget.
At the Senate, the minister of state said the gradual removal strategy would begin with the nation's return to the pump price of N97 per litre from the current N87 because the government has no money to sustain the current price.
He added that if the strategy was not effective, the government would be compelled to consider total withdrawal of fuel subsidy.
"The total subsidy figure for 2015 when taken along with the NNPC will be in excess of N1 trillion. We can get this specifics but the point is largely that it does not involve NNPC because the agency takes its off-cuff. We will work towards taking those figures off our budget in 2016,” he said.
He said with the federal government’s current pricing work, it was clear that subsidy was no longer sustainable. “The government doesn't need to fund subsidy. There is energy around the removal of subsidy. Most Nigerians we talk to today would say, that's where to go,”he stated.
The minster said: "I have since left the dictionary of subsidy by going to price modulation, which is a bit more technical. Price of refined products today is N87. It was N97 before it was removed and we really have to go back to that because we don't really have the finance to remove it. There are lots of safety barometer between the N87 and N97 per litre regime between which government does not have to fund subsidy.
"Yet the prices would be fairly close to what it used to be today. That is the first mechanism we are going to work on. It is when that mechanism fails that we will begin to look at a total subsidy exit. We believe we could achieve that."
Kachikwu, who further explained the mechanism being put in place to increase oil production volume in 2016, said with the projection by OPEC, the government expects an increase in oil price from $38 per barrel in early January to between $45 and $50 per barrel. "We expect it to hit $70 per barrel in 2017," he added.Meanwhile, Kachikwu, has unveiled his plans to drive down the high cost of production in the country.
He stated that major operators in Nigeria’s oil and gas sector are considering setting up an integrated security model to help cut their costs of production in the country.He said that this was what oil majors in Nigeria were already thinking about to mitigate the hardship brought about by the price instability.According to him, the industry in Nigeria would embark on prudent restructuring processes that could include an integrated security model for all to benefit from.
Already, security issues, sabotage and crude oil theft have continued to present significant challenges to Nigeria’s oil industry. These continue to adversely impact on onshore oil and gas production as well as delivery to the market, thus leading to huge revenue loss to both government and operators.
Kachikwu, however, said: “Pricing has nothing to do with cutting your cost. Cutting of cost is an efficiency issue. Ideally even when you have high prices cutting your cost increases your margins. But what has tended to happen is when you have a lot of windows in pricing, you take a lot of things for granted.”
He said his ministry is strategically restructuring processes that would enable the country to cut down cost.
“For the majors, we are engaging with them at being very astute in terms of assets management to trim down costs. We are becoming a bit more preferential in terms of cost driving the investments that we make,” the minister said.
Kachikwu said the nation’s regulator’s operational network and how it manages the industry would change, explaining that an integrated security model would be introduced to drive the cost of security.
He said next year would be interesting and challenging for oil operators, calling on African producers to adopt innovative approaches to stay up in the market.
“I think the 2015/2016 timeframe is going to be full of a lot of actions for the oil industry: actions bordering on restructuring; integrity; new dynamics in terms of oil exploration and it is a very tasking as well as interesting time and I think a lot of country’s would be benefitting from this," he said.
The minster said the greatest challenge for a lot of countries, especially African producers was to go back to the strategic status of being the least cost producers in the market. “In an era of tumbling oil prices, we need to go back to what is our base advantages as a least cost producer,” he said.
Kachikwu said to safe cost, only viable projects would be done.
He also stated that OPEC might convene an emergency meeting earlier than its June 2016 scheduled meeting to assess the measures it had put in place to check further slide in crude oil prices.
According to him, “The strategy was to allow the market forces to determine the prices for a while in the expectation, obviously, that a lot of the higher cost producers would step aside for the lower cost producers.”
He said the strategy had led to the exit of over two million barrels of non-OPEC oil from the market, adding that it was expected that the trend would continue.
NSE advises CBN to allow telecom firms take deposits
The President, Nigerian Stock Exchange, Mr. Aigboje Aig-Imoukhuede, says the Central Bank of Nigeria needs to allow telecommunications companies to hold deposit-taking licences in order to boost the payment space.He also said the country needed to use technology to solve most of its problems.
“We should not be scared of giving one or two telcos deposit-taking licences,” he said.
The former Group Managing Director of Access Bank Plc said innovation had changed the face of banking in Nigeria, adding that technology was important to the modern world.
The Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe, said the question about leadership and innovation had become more pertinent in the country than ever before.
He, however, said that despite the economic challenges across the world, there were more significant opportunities in Africa, especially Nigeria.
Other panelists were the Co-founder, Yudala Nigeria, Nnamdi Okei; a professor Economics at the University of Sussex, Mariana Mazzucato; Founder, Infosys Technologies, India, Narayana Murthy; and the Head of Industry and Retail, Google Inc, USA, Ted Sounder
They advised that to increase innovation in the county, universities should focus on broad education of students.They spoke on the essential attributes of innovation.
They revealed the strategies, organisational and behavioural factors that separate successful innovators from the rest and challenged the government to give tax incentives to young entrepreneurs, especially in the area of research and development.
ThePunch
Monday, 14 December 2015
CBN plans to Sell N1.2trn Treasury Bills in 1st quarter of 2016
The Central Bank of Nigeria (CBN) plans to raise a total of N1.22 trillion from treasury bills sale in the first quarter of 2016.
The central bank said it would auction N245.77 billion worth of 91-day bills and N238.51 billion worth of 182-day paper between December 17 this year and March 3, 2016. In addition, it would sell N735.54 billion worth of 364-day treasury bills in the same first quarter of next year.
The apex bank issues treasury bills regularly as part of monetary control measures to help manage the volume of liquidity in the system and also to checkmate inflation.
The Monetary Policy Committee had noted at its last meeting the continued moderation in month-on-month inflation and reaffirmed its commitment to price stability, stressing the need for complementary supply side policies as part of an overall strategy to lock-in inflation expectations.
Broad money supply (M2) in the country contracted by 3.75 per cent in October, 2015, over the level at end-December, 2014. Also, annualized, M2 declined by 4.5 per cent, which was significantly below the growth benchmark of 15.24 per cent for 2015.
ThisDay
The central bank said it would auction N245.77 billion worth of 91-day bills and N238.51 billion worth of 182-day paper between December 17 this year and March 3, 2016. In addition, it would sell N735.54 billion worth of 364-day treasury bills in the same first quarter of next year.
The apex bank issues treasury bills regularly as part of monetary control measures to help manage the volume of liquidity in the system and also to checkmate inflation.
The Monetary Policy Committee had noted at its last meeting the continued moderation in month-on-month inflation and reaffirmed its commitment to price stability, stressing the need for complementary supply side policies as part of an overall strategy to lock-in inflation expectations.
Broad money supply (M2) in the country contracted by 3.75 per cent in October, 2015, over the level at end-December, 2014. Also, annualized, M2 declined by 4.5 per cent, which was significantly below the growth benchmark of 15.24 per cent for 2015.
ThisDay
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