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Banking/Investments

FG on trail of ghost workers to MFBs, asks CBN to extend BVN to the sector

Kemi Adeosun

Having smoked out over 50,000 ghost workers following the introduction of Bank Verification Number (BVN) in the commercial banking sector, the Minister of Finance, Mrs. Kemi Adeosun, has written the Central Bank of Nigeria (CBN), to extend BVN policy to account holders in Microfinance Banks (MFBs). MFBs were not part of the BVN exercise introduced by the CBN since 2015. ...

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Only autonomy to states’ revenue boards can guarantee optimum delivery—Fowler

FIRS

The Chairman of the Joint Tax Board, Mr. Babatunde Fowler, has made it clear to Governors’ that the best option to deepen revenue generation by states’ revenue boards is to grant them autonomy. Fowler, who doubles as the Executive Chairman, Federal Inland Revenue Service (FIRS), stated this at the opening ceremony of the 137th Meeting of the JTB held in ...

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IWD: Ecobank staff donates gift items to heart of Gold Hospice

Ecobank Hqs

Staff of Ecobank Nigeria, weekend donated various items to Hearts of Gold Children’s Hospice, Lagos as part of activities to mark this year’s International Women’s Day (IWD). Omoboye Odu, a member of the Organising Committee at the bank said the kind gesture was borne out of a desire to touch the lives of children by assisting to shape their future, ...

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Naira not as weak, unstable as speculated at parallel market, Emefiele insists

CBn Emefiele

The Governor of the Central Bank of Nigeria (CBN), Dr. Godwin Emefiele has revealed that contrary to the permutations of currency speculators at the parallel market, the Nigerian naira is never as weak as they place it, rather the only logical explanation to the high rates in that market therefore is that a lot of illegal and criminal activities are ...

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DMO opens first FGN savings bond today at Nigeria Stock Exchange

DMO

The Federal Government of Nigeria Savings Bond (FGNSB) will open today, Monday, March 13, 2017 at the floor of the Nigerian Stock Exchange The opening will serve as window of opportunity for Nigerians to harness the huge benefits derivable from retail bonds will unlock from today when subscription will takeoff. Details gathered weekend from the Debt Management Office (DMO) showed ...

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Poor accountability, weak capacity spurred use of tax consultants by govts—NTP report

FIRS

Startling revelations have emerged on why three tiers of governments have been making use of consultants in the collection of taxes. The new report of the National Tax Policy (NTP), which was approved by the Federal Executive Council last month, has linked issues of poor accountability, weak capacity and corruption as the major factors compelling governments to avoid using recruited ...

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Expert raises issues on Senate, Customs positions on VDT/VEP dichotomy

NAGAFF

More stakeholders have continued to join in the trending differences on Vehicles Duty Tariff (VDT)/Valuation ex-factory Price (VEP). This time, former chairman of NAGAFF, Dr. Eugene Nweke has given thought-provoking explanations and questions arising from the controversy. In an addendum format, NAGAFF’s Nweke said in parts: “Having listened to Senator Dino submissions, I want to make the following addendum: I ...

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Customs hands over seized 661 pump action rifles to DSS

Customs impounds arms

The Nigeria Customs Service has handed over the 661 pump action rifles seized on Sunday 22rd January 2017 by the Roving Team of the Federal Operations Unit Zone A Ikeja to the Department of State Security for further investigation. Business Hilights recalls that the rifles were laden in a Mack truck with registration number BDG 265 XG conveying a 1x40ft ...

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Buhari’s return deepens naira gains, trades at 455/dollar

Buhari arrives

Indication emerged Friday that the positive impacts of President Muhammadu Buhari’s return from London extended to the performance of naira same day as naira firmed at 455 to a dollar amid liquidity boost in the Bureau De Change and parallel market segments of the forex market. Naira maintained steady appreciation on both the official and black markets since Friday morning ...

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What happens if CBN stops to momentarily inject dollars to the economy?

CBn Emefiele

Considering the observed momentary ups and downs of naira value at the parallel and interbank markets any time the Central Bank of Nigeria (CBN) injects dollars, finance analysts have continued to raise concerns, saying the idea has shown inability to be sustainable in the long term. As at the last count by Business Hilights, late Tuesday, the apex bank released ...

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