₦airaland Forum

Lafarge Africa’s Cost Management Skill Buoys H1 2020 Profit
https://businesspost.ng/economy/lafarge-africas-cost-management-skill-buoys-h1-2020-profit/

Total Nigeria Records N537m Loss Despite Earning N2bn Subsidy Fund
https://businesspost.ng/economy/total-nigeria-records-n537m-loss-despite-earning-n2bn-subsidy-fund/

Zenith Bank Shareholders to Get Interim Dividend for H1’20
https://businesspost.ng/banking/zenith-bank-shareholders-to-get-interim-dividend-for-h120/

Dangote Cement Declares N126bn Profit in Six Months
https://businesspost.ng/economy/dangote-cement-declares-n126bn-profit-in-six-months/

Medview Airline to Sell Two Aircraft to Pay Debt
https://businesspost.ng/travel/medview-airline-to-sell-two-aircraft-to-pay-debt/

Stanbic IBTC Seeks Approval for Life Insurance Licence
https://businesspost.ng/banking/stanbic-ibtc-seeks-approval-for-life-insurance-licence/

By Dipo Olowookere

The board of Medview Airline Plc has resolved to offload two of its aircraft so as to pay part of its debts.

This decision was reached at the meeting of the board of directors held on Thursday, July 23, 2020, via a video-conferencing application called Zoom.

Business Post had earlier reported that the vital organ of the company was planning to gather to discuss the effect of the COVID-19 on its business and the entire aviation sector.

“There will be a board of directors' emergency meeting of Medview Airline Plc to be held virtually by Zoom on Thursday, July 23, 2020, at 12:00 noon,” a notice signed by the company secretary, Abdullahi Adam Abdullahi & Co, had stated.

The scribe had further noted that the board will, at the gathering, deliberate on the “effect of the COVID-19 pandemic on the operations of airlines in the aviation sector and the financial status of the company, amongst other matters.”

Informing the investing public of the outcome of its deliberations yesterday, Medview Airline, which is one of the firms that has failed to file its financial statements to the Nigerian Stock Exchange (NSE), said it was agreed that two of its aircraft should be sold.

According to the disclosure issued on Friday, it was said that the board resolved to sell its B737-400 5NMAA aeroplane in Estonia and the B737-400 5NMAA aircraft in Lagos.

Medview explained that the reason is to “enable the company to liquidate part of its indebtedness and inject part of the funds into its operations so as to jump-start it again after the COVID-19 pandemic total lockdown.”

In addition, the board also agreed to “return the leased aircraft engine to Aeolus, the lessor, so as to obviate the payment of additional rent; Engine number CFM56-3C1 ESN 857871.”

At the meeting too, the board approved the resignation of two directors; Mr Ayodeji Ariyo Gbeleyi and Mr Olabode Kacheef Oyedele.

https://businesspost.ng/travel/medview-airline-to-sell-two-aircraft-to-pay-debt/

Data Consumption Buoys Airtel Africa's Q1 2021 Revenue as PAT Sheds 56.9%
https://businesspost.ng/economy/data-consumption-buoys-airtel-africas-q1-2021-revenue-as-pat-sheds-56-9/

MTN Expects Naira Devaluation to Reduce FY'20 Profit
https://businesspost.ng/economy/mtn-expects-naira-devaluation-to-reduce-fy20-profit/

NASD Appoints Bukar Kyari to Board
https://businesspost.ng/jobs/nasd-appoints-bukar-kyari-to-board/

Africa Prudential Reports 7% Drop in H1 2020 Earnings
https://businesspost.ng/economy/africa-prudential-reports-7-drop-in-h1-2020-earnings/

China Fights Back, Orders Closure of US Consulate
https://businesspost.ng/world/china-fights-back-orders-closure-of-us-consulate/

FY’19: African Alliance Grows Market Share as GPW Rises 41%
https://businesspost.ng/economy/fy19-african-alliance-grows-market-share-as-gpw-rises-41/

By Modupe Gbadeyanka

A report by the Centre for Affordable Housing Finance in Nigeria has revealed that the homeownership rate in the country is estimated at 25 per cent of the total population, implying that 75 per cent of the nearly 200 million people in Nigeria live in either rented apartments or are homeless.

The Head of Private Banking at Stanbic IBTC Bank Plc, Ms Ruby Onwudiwe, who cited this report during her presentation at the Stanbic IBTC Blue Talks webinar, urged Nigerians to explore the benefits of homeownership by taking advantage of untapped investment opportunities in mortgage offerings.

At the event held recently and tagged All You Need to Know About Buying A House (Mortgage), she noted that the current situation presents a massive opportunity for prospective homeowners to consider owner-occupancy for shelter, investment and also as an asset to leverage for accessing financial facilities.

She reiterated that there is a need for conscious and deliberate plans as well as policies aimed at empowering Nigerians to become homeowners, especially in choice environments.

According to her, “The COVID-19 pandemic has presented opportunities for investors and intending homeowners to explore structured and convenient mortgage offerings that fit their plans.”

Citing the Stanbic IBTC Home Loan Products, Ms Onwudiwe said the Mortgage package was designed to help Nigerians to acquire fully developed properties in any of the pre-approved locations in the country while the Equity Release allows access to over 80 per cent of an existing property.

“With a track record of responsibility towards loan repayment reflected by bank statements presented, getting a home loan is easy. It’s about character, it’s about the seeker's cash flow, having collateral and working in a reputable organisation for at least six months.

“Also, we have a fiduciary responsibility of ensuring that the loan seeker is not under duress and the loan is not a burden. If the loan seeker is not able to handle repayment, consideration of seeker’s family income is looked into as only a spouse’s income can determine loan repayment,” she added.

Speaking on the specific parameters for accessing the plans, Ms Onwudiwe said eligibility begins by having a verifiable and stable source of income or a structured business.

Other parameters for income earners are: applicant’s age, salary, confirmation at work, loan size subject to affordability, loan repayment period, and so on.

For business owners, parameters include: monthly income, assets under management with the bank and the net worth in applicant’s capacity.

According to Ms Onwudiwe, Stanbic IBTC Holdings PLC, as Nigeria’s leading financial services provider, through its different mortgage plans, remains committed to fulfilling the house ownership dreams of Nigerians.

Stanbic IBTC recently upgraded its mobile app to a one-stop Super App consisting of the entire range of end to end financial products such as My Bank, Mutual Funds, Pension, @Ease, Insurance and Stockbroking. The upgraded app is revolutionary and a first in the Nigerian market.

It can be downloaded on Google Play store for Android phones as well as App Store for iOS phones and from the Stanbic IBTC website.

https://businesspost.ng/general/75-of-nigerians-homeless-live-in-rented-houses/

Unilever Nigeria Declares Loss in H1 2020 as Revenue Drops 36%
https://businesspost.ng/economy/unilever-nigeria-declares-loss-in-h1-2020-as-revenue-drops-36/

Elumelu Buys Additional 62.6 million UBA Shares
https://businesspost.ng/economy/elumelu-buys-additional-62-6-million-uba-shares/

Onyeali-Ikpe to Replace Okonkwo as Fidelity Bank MD/CEO
https://businesspost.ng/jobs/onyeali-ikpe-to-replace-okonkwo-as-fidelity-bank-md-ceo/

EFCC Arraigns Woman for Fake N179m Investment Scheme
https://businesspost.ng/general/efcc-arraigns-woman-for-fake-n179m-investment-scheme/

FG Promises Critical Investments to Boost Economy
https://businesspost.ng/economy/fg-promises-critical-investments-to-boost-economy/

By Modupe Gbadeyanka

A new bond maturity has been introduced by Nigeria through the Debt Management Office (DMO) as part of efforts to give investors more options.

The new paper has a tenor of 25 years and would be offered for sale this week when the debt office auctions some bonds to investors.

Business Post gathered that the creation of the fresh maturity comes months after Nigeria, Africa’s largest economy, also introduced a 30-year bond, which has been embraced by subscribers.

On Wednesday, July 22, 2020, the debt office will sell some bonds to investors at the local debt market to raise funds for the revised 2020 budget.

During the exercise, the DMO will auction N130 billion worth of the FGN Bonds to subscribers across four tenors instead of the usual three maturities.

The reason for the increase in the number tenors of the notes is because of the introduction of the new 25-year bonds created by the DMO.

The debt office is offering N25 billion worth of the 10-year 12.50 per cent FGN bond, N35 billion worth of the 15-year 12.50 per cent FGN bond, N35 billion worth of the 25-year FGN bond and N35 billion worth of the 30-year 12.98 per cent FGN bond.

Business Post reports that apart from the 25-year paper, which was newly introduced, the other three notes are all reopening.

To buy the bonds, investors would be required to pay N1,000 per unit subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter, while the interest would be paid semi-annually, with the main funds for the subscription paid on the maturity date.

The DMO has asked interested investors to approach the following banks; Access Bank, First Bank of Nigeria, Standard Chartered Bank Nigeria, Citibank Nigeria, FCMB, UBA, Coronation Merchant Bank, FSDH Merchant Bank, Zenith Bank, Ecobank Nigeria, GTBank, FBNQuest Merchant Bank and Stanbic IBTC Bank.

https://businesspost.ng/economy/nigeria-introduces-25-year-bond-to-investors/

Nigeria Introduces 25-Year Bond to Investors
https://businesspost.ng/economy/nigeria-introduces-25-year-bond-to-investors/

BREAKING: CBN Retains Benchmark Interest Rate at 12.5%
https://businesspost.ng/banking/breaking-cbn-retains-benchmark-interest-rate-at-12-5/

VFD Group to List Shares on Stock Exchange Via IPO
https://businesspost.ng/economy/vfd-group-to-list-shares-on-stock-exchange-via-ipo/

Seplat to Release 2020 Half-Year Results July 29
https://businesspost.ng/economy/seplat-to-release-2020-half-year-results-july-29/

Nigeria Grows Monthly Revenue by 26% Amidst COVID-19
https://businesspost.ng/economy/nigeria-grows-monthly-revenue-by-26-amidst-covid-19/

CBN Crashes Treasury Bills Rate Further to 1.30%
https://businesspost.ng/economy/cbn-crashes-treasury-bills-rate-further-to-1-30/

By Modupe Gbadeyanka

Nigeria’s Minister of State for Education, Mr Chukwuemeka Nwajiuba, has proposed the merger of some public schools in the country in order to improve the quality of education.

He also called on key players in the education sector to support the federal government in its efforts at moving the vital industry forward.

Speaking at the maiden edition of Re-ignite Public Affairs National Dialogue Series where he was the keynote speaker, he said “we have a lot of public schools that are not doing well.

“So, instead of building new schools, why can’t we concession some of these schools to those who have the capacity to adopt and manage them very well?”

According to him, “Those are the kinds of work I want to do. I had proposed this when I was the Chairman of TETFUND.”

While responding to a submission by one of the panellists at the webinar, Uchenna Onwuamaegbu-Ugwu,

The Minister said his ministry was already working out a framework for bringing in private sector players to come in and adopt public schools that are not doing well.

At the event held in partnership with Businessday Media and themed Nigeria @ 60, Education: Navigating a New Normal, Onwuamaegbu-Ugwu, a STEM education advocate, canvassed for the government to collaborate with key players in the areas of curriculum, skills development and schools adoption.

In his response, the Minister said, “Essentially, we are going to be changing to the STEM curriculum and enhance it. We are going to be responding more to what players in the sector are going to be asking us to do.

“We are stepping up with private sector players because we have realised that we cannot do it alone. We are bringing everybody on board through Public-Private Partnership.

Speaking further, he said government “does not have all of the funding or the essence but we have regulators; National Assembly is a regulatory agency, the ministries and all of us functioning in the ecosystem will have to step up and participate a bit better and that is why I am here at Reignite Public Affairs National Dialogue Series, this opportunity is great.”

Speaking on schools resumption in the face of the COVID-19 new normal, the Minister disclosed that “government’s priority is to safeguard ourselves, our learners and teachers in navigating the new normal. Most of the things we are doing now are how to carry the leaners forward in the new system”.

The event was moderated by Dr Modupe Adefeso-Olateju, an education policy expert specialising in public-private partnerships in education.

She is the Managing Director of The Education Partnership Centre (TEP Centre) and Programme Director of the LEARNigeria Citizen-Led Assessment and Advocacy Programme.

Mr Nwajiuba was the Keynote Speaker, while an eminent faculty of discussants made up of Prof. Julius Ihonvbere, Chairman, Federal House Committee on Basic Education; Hajia Fatima Hamza, former Commissioner for Women Affairs and Social Development, Jigawa State and Founding Trustee, Al-Amanah Foundation/ School Head, Al-Amanah Academy, Kaduna; and Uchenna Onwuamaegbu-Ugwu: STEM Education Advocate, Mentor, Speaker, Girls Champion/Obama Foundation, African Leader/Mandela Washington Fellow, made the event outstanding with robust conversations on how to reposition the education sector to meet the opportunities of the 4th industrial revolution.

In the course of his submission, an erudite scholar and former Special Adviser to the President on Policy and Programmes Monitoring, Prof. Julius Ihonvbere, stated that COVID-19 has provided Nigeria with a good opportunity to develop its infrastructure.

“It has exposed the underbelly of the weaknesses of the society and the political class and now we see the relative weaknesses not just in Nigeria but the world and thus a good opportunity for us to rethink and reset,” he said.

He added that, “It is not too late, it is not impossible, but there has to be the commitment and leadership at the resources and we have to address both the content and context of education.

In his opening remarks, Franklyn Ginger-Eke, Executive Director/COO Re-ignite Public Affairs, stated that Re-ignite Public Affairs National Dialogue Series which is a knowledge-based policy analysis forum for collating refined submissions of public and private sector stakeholders.

“This will form the basis for shaping the immediate and long term future. As Nigeria marches towards her 60th Independence anniversary, there is a critical need to review her progress in key sectors that have the extreme potential to catalyse national development.

“This becomes even more strident in this era of COVID 19 pandemic which demands a fresh approach to old challenges.

“For this purpose, our focus areas are health, education, economy, agriculture, governance, infrastructure and security,” he stated.

https://businesspost.ng/education/minister-proposes-merger-of-public-schools-for-efficiency/

Waning Confidence Crashes Nigerian Stocks by 0.36%
https://businesspost.ng/economy/waning-confidence-crashes-nigerian-stocks-by-0-36/

NASD Investors Transact N14.2m Stocks in 16 Deals
https://businesspost.ng/economy/nasd-investors-transact-n14-2m-stocks-in-16-deals/

Crude Oil Gains Despite Demand, Supply Worries
https://businesspost.ng/economy/crude-oil-gains-despite-demand-supply-worries/

BDC Operators Sell Dollar for N467 in Lagos, N467.50 in Abuja
https://businesspost.ng/economy/bdc-operators-sell-dollar-for-n467-in-lagos-n467-50-in-abuja/

By Dipo Olowookere

The Lagos State government has announced a 20 per cent tax credit to those who donated cash and various items to support residents in the ongoing COVID-19 period.

The Lagos State Internal Revenue Service (LIRS) in a statement on Tuesday said this was to show appreciation to those who stood solidly behind the state government in the time of need.

“In appreciation of taxpayers that have supported the state government in the fight against the pandemic, the LIRS, through the Lagos State government, will be granting tax credit of 20 per cent of all cash and kind donations made towards COVID-19 by individuals resident in the state for the 2021 year of assessment (subject to a cap of 35 per cent of tax due),” the Executive Chairman of LIRS, Mr Ayodele Subair, was quoted as saying in the statement.

The agency noted that this was one of the additional tax incentives and reliefs it was implementing to support taxpayers in the metropolis.

According to the tax-collecting agency, the incentives are in furtherance of the commitment to mitigate the negative effect of COVID-19 pandemic on individuals and businesses starting from Thursday, July 16, 2020.

It noted that the additional measures and incentives are a sequel to the agency’s initial 3-month extension of the deadline for filing of annual returns (from March 31 to June 30, 2020).

“The following measures are to be implemented to further ease the impact of the pandemic on our esteemed taxpayers in Lagos state: LIRS shall allow on a case by case basis, payment of outstanding liabilities in instalments to ease cash flow challenges that may affect taxpayers.

“Taxpayers are to enjoy a waiver of penalty for late payment of liabilities under PAYE (Pay As You Earn) that was due during the period of March-May, 2020 when the State was under COVID-19 lockdown.

“In addition, a waiver of penalties due on late filing of 2020 annual tax returns known as ‘Form A’ will be granted.

“A remarkable waiver of interest and penalty on liabilities arising from 2009 to 2015 tax audit for taxpayers who can pay up on or before December 31, 2020, will be implemented,” the Chairman said.

He further announced that additional payment channels have been opened up to make payment of taxes easier, simpler and more convenient for all.

Mr Subair declared that video conferencing has been adopted as the default mode for conducting Tax Audit Reconciliation Committee (TARC) meetings in consonance with social distancing advisories from government and other relevant health authorities.

He encouraged taxpayers to make use of the agency’s digital communication platforms to get updates on its operations and details of all tax payment platforms.

Also, he enjoined all businesses and individuals resident in Lagos State to take advantage of these additional palliatives and reciprocate the kind gestures of the state government by discharging their civic responsibilities through prompt payment of all taxes and levies due to the State.

The LIRS urged the Lagos State residents to stay safe and obey all COVID-19 guidelines as stipulated by the relevant health authorities and Lagos State government.

https://businesspost.ng/economy/lagos-grants-20-tax-credit-to-covid-19-donors/

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has stopped the processing of Form M for the importation of maize/corn into the country.

Business Post reports that the Form M is a mandatory documentation process aimed to monitor goods brought into Nigeria.

Also, the document, which was created by the Federal Ministry of Finance (FMF) and the CBN, is to enable the collection of import duties where applicable to the imported goods.

On Monday, the apex bank directed banks and those permitted to trade foreign exchange (forex) in the country to stop processing the document for the maize/corn imports “with immediate effect.”

Explaining the rationale behind this directive, the bank, in a circular signed by its director in charge of Trade and Exchange Department, Dr O.S. Nnaji, noted that it was to boost local production of the farm product.

According to the central bank, the present global health pandemic, COVID-19, has caused many Nigerians to lose their jobs, putting a dent on the economy.

It stated that in order to begin a process of economic recovery, it was necessary to take this decision for the interest of the general populace.

“As part of efforts by the CBN to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods and increase jobs, which were lost as a result of the ongoing COVID-19 pandemic, authorised dealers are hereby directed to discontinue the processing of Forms M for the importation of maize/corn with immediate effect.

“Accordingly, all authorised dealers are hereby requested to submit the list of Forms M already registered for the importation of maize/corn using the attached format on or before the close of business on Wednesday, July 15, 2020,” the statement, which urged those involved to “ensure strict compliance,” stated.

Business Post gathered that with this directive, importers of maize/corn will not be allowed to get forex to bring the product into the country.

https://businesspost.ng/economy/cbn-places-outright-forex-ban-on-maize-importation/

CBN Places Outright Forex Ban on Maize Importation
https://businesspost.ng/economy/cbn-places-outright-forex-ban-on-maize-importation/

Deap Capital Eyes Return to Profitability, Meets AMCON on Debt
https://businesspost.ng/economy/deap-capital-eyes-return-to-profitability-meets-amcon-on-debt/

2Baba Seeks NSE Support for New Agro-Allied Business
https://businesspost.ng/economy/2baba-seeks-nse-support-for-agro-allied-business/

OPEC Basket Climbs 0.35% to $43.46 Per Barrel
https://businesspost.ng/economy/opec-basket-climbs-0-35-to-43-46-per-barrel/

Stanbic IBTC Displaces Morgan Capital as Most Active Stockbroker
https://businesspost.ng/economy/stanbic-ibtc-displaces-morgan-capital-as-most-active-stockbroker/

CBN Boosts Liquidity With N300bn CRR Refund
https://businesspost.ng/economy/cbn-boosts-liquidity-with-n300bn-crr-refund/

NSE: Financial Stocks Dominate Weekly Turnover by 69.8%
https://businesspost.ng/economy/nse-financial-stocks-dominate-weekly-turnover-by-69-8/

In-Demand Skills Reshaping the Future of Work
https://businesspost.ng/jobs/in-demand-skills-reshaping-the-future-of-work/

Easing of Oil Output Cuts to Sway Market This Week
https://businesspost.ng/economy/easing-of-oil-output-cuts-to-sway-market-this-week/

SEC Partners NITDA to Protect Investors’ Personal Data
https://businesspost.ng/economy/sec-partners-nitda-to-protect-investors-personal-data/

Mastering the Art of Collaboration as Business Strategy
https://businesspost.ng/featureoped/mastering-the-art-of-collaboration-as-business-strategy/

FSDH Lists Impact of CBN’s Naira Devaluation to N380/$1
https://businesspost.ng/economy/fsdh-lists-impact-of-cbns-naira-devaluation-to-n380-1/

Seplat Says Staff Not Involved in OML 40 Explosion
https://businesspost.ng/economy/seplat-says-staff-not-involved-in-oml-40-explosion/

Ecobank Nigeria Extends Agric Loan to 70,000 Farmers
https://businesspost.ng/banking/ecobank-nigeria-extends-agric-loan-to-70000-farmers/

By Dipo Olowookere

Nigerian lender, Access Bank Plc, is planning to acquire another financial institution as part of its aggressive expansion drive.

The company, which intends to be one of the biggest banks in Africa, is already in an advanced stage with the bank it wants to merge with.

A statement issued by the company said its subsidiary in Zambia, Access Bank Zambia Limited, wants to merge with Cavmont Bank Limited.

Business Post gathered that Cavmont Bank, located in Lusaka, the capital of Zambia, provides an array of banking services including in the areas of community banking, retail banking, investment, and corporate banking.

The bank, which was established in 2004, is believed to be worth over $100 million with Cavmont Capital Holdings Zambia Plc, a firm listed on the Lusaka Stock Exchange (LUSE), having 100 percent stake in the company.

In the notice to the Nigerian Stock Exchange (NSE) on Wednesday, Access Bank said it plans to take over the 100 percent interest of Cavmont Capital in Cavmont Bank.

“Access Bank announces today that its wholly-owned subsidiary in Zambia, Access Bank Limited has entered into exclusive discussions with Cavmont Capital Holdings Zambia Plc regarding a potential transaction between Access Bank Zambia and Cavmont Bank Limited, a wholly-owned subsidiary of Cavmont Capital.

“The potential transaction relates to the sale of 100 percent of Cavmont Capital’s interest in Cavmont Bank to Access Bank Zambia.

“There can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement. The completion of a transaction would be subject to formal regulatory approvals,” the statement said.

“Access Bank will update the market as appropriate and in accordance with its disclosure obligations,” the notice, signed by the company secretary, Sunday Ekwochi, assured.

“Accordingly, shareholders are advised to exercise caution when dealing in Access Bank’s securities until a full announcement is made,” the lender advised.

In 2019, Access Bank completed its merger with the defunct Diamond Bank Plc. The deal was to make Access Bank, one of the big players in the corporate banking world, a formidable voice in the retail banking business.

Before the deal with the former Diamond Bank, Access Bank had acquired Intercontinental Bank, one of the biggest banks in Nigeria some years ago.

https://businesspost.ng/banking/access-bank-holds-merger-talks-with-another-bank/

Access Bank Holds Merger Talks With Another Bank
https://businesspost.ng/banking/access-bank-holds-merger-talks-with-another-bank/

NSE Flags Medview Airline, 12 Others; Cautions Investors
https://businesspost.ng/economy/nse-flags-medview-airline-12-others-cautions-investors/

Fidelity Bank Stocks Attract Investors as Market Closes 0.79% Higher
https://businesspost.ng/economy/fidelity-bank-stocks-attract-investors-as-market-closes-0-75-higher/

Naira Depreciates to N460/$1 at BDC Segment
https://businesspost.ng/economy/naira-depreciates-to-n460-1-at-bdc-segment/

Investors Trade N7.4m Unlisted Shares as Index Sheds 0.50%
https://businesspost.ng/economy/investors-trade-n7-4m-unlisted-shares-as-index-sheds-0-50/

PZ Shareholders to Discuss Nutricima Sale July 28
https://businesspost.ng/economy/pz-shareholders-to-decide-nutricima-sale-july-28/

UBA Appoints Two Deputy Managing Directors
https://businesspost.ng/jobs/uba-appoints-two-deputy-managing-directors/

CBN Deducts N122bn from Banks
https://businesspost.ng/economy/cbn-deducts-n122bn-from-banks/

Nigeria's Overnight Lending Rate Closes at 21% on Monday
https://businesspost.ng/economy/nigerias-overnight-lending-rate-closes-at-21-on-monday/

Lagos BDC Operators Sell Dollar at N458.20
https://businesspost.ng/economy/lagos-bdc-operators-sell-dollar-at-n458-20/

CBN Approves Sogunle as Stanbic IBTC Holdings CEO
https://businesspost.ng/jobs/cbn-approves-sogunle-as-stanbic-ibtc-holdings-ceo/

17 Stocks Weaken Investors' Wealth by N188bn
https://businesspost.ng/economy/17-stocks-weaken-investors-wealth-by-n188bn/

Crude Oil Closes Mixed Amidst Tighter Supplies
https://businesspost.ng/economy/crude-oil-closes-mixed-amidst-tighter-supplies/

By Modupe Gbadeyanka

Fiscal authorities in Nigeria have been advised to slow down its aggressive hunger for generating huge revenue from taxes this year.

Nigeria, an oil-dependent nation, has struggled to raise funds for its 2020 budgets as a result of the crash in the prices of the commodity at the global market.

The decline in the price of crude oil was caused by the global health pandemic, Coronavirus disease (COVID-19).

The federal government, in order to increase its revenue, has raised pump price of petrol, increased the Value Added Tax (VAT) from 5 percent to 7.5 percent, while the Central Bank of Nigeria (CBN) has been aggressive with the N50 stamp duty on financial transactions.

Last week, the Federal Inland Revenue Service (FIRS) said residents of the country will start to pay stamp duty on house rent agreement, C of O and others.

But at a press briefing held recently, the International Monetary Fund (IMF) warned the Nigerian government to be careful with the way it goes about its tax drive because it might backfire.

The global lender, which projected a 5.4 percent decline in the country’s economy in 2020, said the COVID-19 crisis has put a deep hole in the pockets of citizens, noting that subjecting them to unnecessary taxes could further compound their woes.

While addressing journalists at the virtual online press conference, the Director of IMF African Department, Mr Abebe Aemro Selassie, stressed that, “This is not the time, of course, to be aggressively introducing new tax measures.”

However, he acknowledged that “there’s the long-standing challenge in Nigeria fiscal side of needing to have sufficient resources generated by the government from non-oil sources to provide investment in health and education and infrastructure.”

He said the local authorities can make this better for the people by coming up with a supportive fiscal policy, especially on the monetary exchange rate front.

The IMF has continually called for a unified foreign exchange rate regime in Nigeria, but the local authorities have been adamant, sticking with its multiple exchange rate system.

But the international financial institution said having a single exchange rate in Nigeria will help in adjusting the economy to external shocks.

“Our projection of 5.4 percent is contingent on a nimble policy response and avoiding some of the challenges that we saw when oil prices declined in 2016, causing GDP to be depressed for an extensive period of time.

“Subject to flexible and nimble policy response, we feel there will be some recovery in Nigeria, but this year will be clearly a difficult one for the country,” Mr Selassie said.

https://businesspost.ng/economy/imf-warns-nigeria-on-aggressive-tax-measures-seeks-supportive-policy/

Yuguda Resumes as SEC DG, Promises Investor Protection
https://businesspost.ng/economy/yuguda-resumes-as-sec-dg-promises-investor-protection/

CBN Okays Ex-AMCON Boss Chike-Obi as New Fidelity Bank Chairman
https://businesspost.ng/jobs/cbn-okays-chike-obi-as-new-fidelity-bank-chairman/

NSE Upgrades X-Issuer for Market Integrity
https://businesspost.ng/economy/nse-upgrades-x-issuer-for-market-integrity/

NASD Exchange Grows Market Size by 10bn in Five Days
https://businesspost.ng/economy/nasd-investors-gain-n10bn-in-five-days/

Surge in COVID-19 Cases, Inventories Build to Impact Oil Prices This Week
https://businesspost.ng/economy/surge-in-covid-19-cases-inventories-build-to-impact-oil-prices-this-week/

Price Hike: Oil Marketers to Boycott Supply of Petrol
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By Dipo Olowookere

At least, the sum of N609 billion was paid to those who bought treasury bills, savings bonds, FGN bonds and other federal government debt securities in the first three months of 2020.

This information was revealed by the Debt Management Office (DMO), the agency saddled with the responsibility of overseeing the nation’s borrowings.

In a circular released this week, the DMO said the federal government paid the sum to subscribers of the debt instruments as interest from January to March 2020.

An analysis of the debt servicing by the government by Business Post showed that the FBN Bonds gulped the highest amount paid as interest on the domestic debt in the period under consideration.

According to the DMO, FGN bond investors were paid N488.9 billion, followed by T-bills investors, who got N111.6 billion, FGN Sukuk Bonds investors, who got N8.2 billion as rentals, and FGN Savings Bond investors, who were paid N392.8 million as interest in Q1 2020.

A month-by-month breakdown of the payments showed that in January, treasury bills investors got N65.8 billion as interest, FGN bonds subscribers were paid n185.5 billion, while FGN Savings bonds investors got N140.3 million.

In February, while T-bills subscribers received N31.0 billion as interest, FGN bond investors got N127.0 billion, with FGN Savings bond investors got N124.6 million.

The next month, the Nigerian authorities paid N14.8 billion as interest to those who bought treasury bills, paid N176.5 billion to FGN Bonds investors, paid N127.9 million FGN Savings bond subscribers and paid N8.2 million to those subscribed to the FGN Sukuk bond investors.

As at the close of business of March 31, 2020, Nigeria has borrowed the sum of N28.6 trillion from the local debt market, a 4.4 percent quarter-on-quarter increase from the N27.4 trillion as at December 31, 2019.

The federal government issues these debt securities to investors to raise funds to finance some projects in its budgets. Lately, borrowing locally has been cheaper because of the single-digit interest unlike a few years ago when T-bills were at over 18 percent. As at the last exercise, the one-year bill was issued at 3.39 percent per annum.

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