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Banking/Investments

NCA: How Etisalat’s operating licence can be transferred to banks’ on further default

Etisalat banks

Barring further collapse of Etisalat’s $1.2bn syndicated loan repayment negotiations this week, legal experts have smoked out a possibility from the extant Nigerian Communications Act (NCA), showing that even though issuance of a mobile telephone license is personal to the licensee and not transferable to a third party, it can be transferred to the third party on the written approval ...

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Why release of N350bn for 2017 budget implementation may be delayed

Kemi Adeosun

Contrary to earlier announcement by the federal government that it will release the first tranche of N350bn for the effective take off of 2017 budget, limited inflow of revenue into the Federation Account and the competing need to complete the refund of Paris Club fund to states who are at dagger-points with the federal government are now serious issues. It ...

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FIRS: Comparative analysis shows ups, downs in different taxes in Q1 2016, ‘17

FIRS

Just as the Federal Inland Revenue Service (FIRS), has disclosed that it generated N778.19 billion revenue in the first quarter (Q1) of 2017, deeper review of the earnings indicates no straight flow of increments amongst different kinds of taxes collected by the federal government, an indication of more work to do by the agency. However, this may have informed the ...

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Continued injection of forex by CBN stressing oil earnings, foreign reserves—Don

CBN Godwin-Emefiele

A senior lecturer at the Pubic Administration Department, of Nassarawa State University, Lafia, Professor Charles Nwaekeaku has raised fresh alarm on the continued intervention in the foreign exchange by the Central Bank of Nigeria (CBN), saying even though it is a temporary relief, it is stressing the rising capacity of foreign reserve on rising oil price. He said “That means ...

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China rounding up sub-Saharan Africa with ‘sweet’ funds for developments, but…

Nig China Rel

Starting with Nigeria, China has been giving strategic financial assistance in several infrastructural projects. Apart from working with Lagos State Government to provide loan and engineering assistance in the ongoing development of Lagos-Badagry Expressway, the Nigerian government recently ran into the financing ‘trap’ of China in the ongoing reconstruction of Lagos-Ibadan Expressway and so many other projects. Only recently in ...

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Stakeholders’ seek demurrage waiver on grounds of bad port access roads

Port Access Road

Considering the intractable haulage challenges passed through by shippers, clearing agents, and truck drivers, leading stakeholders in the nation’s maritime sub sector has made case for waiver on demurrage arising from delays in moving imported materials out of Lagos ports. Research has revealed that due to bad port access roads; both the flagship port of Apapa and Tincan, stakeholders had ...

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‘Who Wants To Be A Millionaire’ crashes as MTN dumps sponsorship

Who wants to

Popular TV Quiz game show, anchored by resonating voiced TV presenter, Frank Edoho, ‘Who Wants To Be A Millionaire’ was on Sunday evening rested. Findings by Business Hilights indicated that the scheme had been facing paucity of fund and serial loss of viewership in the last few years since its airing was moved from Friday evening to other days and ...

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Zenith Bank’s exposure in Etisalat’s $1.2bn loan caused 3.5% jump in total loan book

ZENITH-BANK-PLC

More negative effects of the trending crisis trailing the Etisalat’s syndicated loan default among 13 Nigerian banks are still emerging. New report published by a London based independent investment banking services specialist firm, Exotix Capital Limited, showed that Zenith Bank accounted for about N80 billion of the total loan, which is the largest among the top eight banks that participated ...

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Banks up weekly trading on 2.311bn shares worth N24.577bn traded in 27,836 deals

NSE House

Last week ended in a smooth note as a total turnover of 2.311 billion shares worth N24.577 billion in 27,836 deals were traded by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 2.737 billion shares valued at N32.042 billion that exchanged hands previous week in 32,217 deals. The Financial Services Industry (measured ...

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FG sending conflicting signals on tax as agencies evade in states

FIRS

Whereas the federal government has stepped up campaigns for Nigerians to pay taxes as and when due, there seems to be no corresponding compliance in paying taxes by several agencies of the federal government. Only recently, the Ministry of Finance, Mrs. Kemi Adeosun set up what she called Community Tax Liaison Officers (CTLOs) to recruit 7,500 graduates as tax advocates ...

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