₦airaland Forum

With over 12 per cent loss suffered so far by equities’ investors as a result of unprecedented fall in prices, stakeholders have urged government to fast track specific growth-inducing policies that would reverse the sluggish trend.

The losses were calculated on start up All-Share Index at the beginning of the year from January 4, 2016 to Wednesday, November 29, 2016.... read more http://www.bookspen.com/investors-lose-n1-trillion-11-months/

Investments in the production of fertiliser in Nigeria by foreign and indigenous investors in the last two years have grown to about $4.5bn (N1.373tn) despite the constraint in accessing the United States dollars, the African Fertiliser and Agribusiness Partnerships has said.

The AFAP, an independent non-profit organisation created by a partnership of African development agencies, disclosed this at the Nigeria Fertiliser Roadmap Stakeholders’ Consultation in Abuja on Monday.... red more http://www.bookspen.com/investors-commit-4-5bn-fertiliser-production/

While announcing the establishment of the Debt Capital Market Development (DCMD) project would transform the nation’s DCM into a world-class functioning market by 2020, the FMDQ OTC Securities Exchange (FMDQ) has unveiled strategies to achieve the set objectives.

The DCM, with focus on identifying and implementing ‘quick-win’ strategies, according to FMDQ, is sequel to extensive consultations with stakeholders in the Nigerian financial market space. They include the apex capital market regulator, the Securities and Exchange Commission (SEC) which set up the DCMD Project to ensure the effective implementation of the recommendations drawn from a recent DCM Workshop... read more http://www.bookspen.com/stakeholders-strategise-make-debt-capital-market-attain-world-class-position-2020/

Despite the harsh economic conditions, PricewaterhouseCoopers (PwC), a multinational professional services network has expressed optimism over Nigeria’s economy, saying it’s going to recuperate within two years.

Speaking at the cocktail event organised for its alumni to showcase the firm’s new office in Lagos on Monday, the Chief Operating Partner, PwC Nigeria, Pedro Omontuemhen, said the firm is not surprised at the latest report released by the National Bureau Statistics (NBS)... read more http://www.bookspen.com/pwc-expresses-optimism-economy/

Over a year after the Federal Government promised to review the 41 restricted items from accessing foreign exchange (forex) from the interbank rate, the interest charged on short-term funds among banks, indications have emerged that a revised list may not be released anytime soon.

This emerged despite assurances by the government to reduce pressure on the parallel market, an unofficial market for trading currencies, to encourage local production... read more http://www.bookspen.com/government-stalls-revision-41-restricted-items-list/

Nigerian Exchange Rate Today 23/11/2016 http://www.bookspen.com/16554-2/

Theresa May has tried to reassure businesses fearing a sudden change in rules once the UK leaves the EU.

Speaking at the CBI conference, Mrs May promised early agreement on the status of UK nationals in Europe and EU nationals in the UK.

“People don’t want a cliff-edge; they want to know with some certainty how things are going to go,” she said... read more http://www.bookspen.com/16263-2/

Only 13.75% of demand met in September defends forex policy decision, high lending rates $66b spent on lifestyles, importing goods that can be locally produced in 11yrs

The Central Bank of Nigeria (CBN) has said it cannot meet the country’s monthly demand for $4.8 billion foreign exchange.

In september, only 13.75 per cent of the demand for foreign exchange was met... read more http://www.bookspen.com/cbn-cannot-meet-forex-needs-monthly-demand-hits-4-8b/

MTN, Airtel, Others May Face Sanctions Over Unsolicited Telemarketing For failing to comply with the Nigerian Communications Commission (NCC) directive on the Do Not Disturb (DND) directives, issued to them on April 20,2016, 13 network operators risk severe Sanctions by the Commission.

They are however given another one-week ultimatum being from Monday, November 14, 2016 to remedy the situation or face the Sanctions enshrined in the directive.

Worried by the non-compliance by the operators occasioned by a deluge of complaints by subscribers across Nigeria, the NCC inaugurated an eight – member committee to look into the matter... read more http://www.bookspen.com/ncc-disturb-mtn-airtel-others-violation-not-disturb-directives/

The Bank of Industry and Oduduwa Foundation have sealed a N1bn financing scheme for the benefit of small businesses in Osun State as part of measures to address youth unemployment and poverty in the state.

Under the MoU, the bank will provide loans to youths and businesses in Ile-Ife, as well as other beneficiaries outside the community.

According to the bank, the fund will be made available for on-lending to entrepreneurs within the agric, agro-allied, solid minerals and services sectors at an interest rate of 7.5 per cent.... read more http://www.bookspen.com/boi-oduduwa-foundation-unveil-n1bn-msme-fund/

The naira is expected to trade in a tight range at the official and parallel markets next week as the Central Bank of Nigeria struggles to curb speculation on the local currency and reduce pressure on the dwindling external reserves.

The naira was quoted at 465 against the dollar at the parallel market on Friday, lower than 460/dollar recorded last week... read more http://www.bookspen.com/naira-trade-tight-cbns-measures/

Though at a high rate, the Naira has continued to hold out against other foreign currencies at a relatively stable rates officially while the parallel market rate continue to fluctuate at +/- N2 around the official rate.

Official Rate:... http://www.bookspen.com/exchange-rates-2/

Organisers of a four-in-one international fair, Elan Expo, have stated that its ongoing fair is expected to attract over $50 billion worth of investment into Nigeria by 1st quarter 2017.

The Project Coordinator, Nigeria 4-in-one, Elan Expo, Jude Chime, explained that the fair which is first of its kind, has attracted over 60 companies from 12 countries all over the world to showcase investment opportunities in the nation’s food and agro, cosmetics, furniture and construction industry.

Speaking during the opening ceremony of the fair, he said Nigeria has the competitive and comparative advantage to drive economic growth deploying effective use of the nation’s non-oil sector, maintaining that the fair is coming on the heels of the federal government’s quest to achieve economic diversification.... read more http://www.bookspen.com/fair-attract-50b-investment-nigeria-q1-2017/

West Africa’s premier connectivity and data center solutions provider, MainOne, has announced a service partnership agreement between its Tier III Data Center, MDXi and SAP, leader in enterprise applications for software and software-related service.

The agreement is expected to deliver high-quality cloud and infrastructure operations services for customers running SAP solutions in West Africa... read more http://www.bookspen.com/mainone-sap-partner-provide-enterprise-solutions-west-africa/

Preparatory to the Monetary Policy Committee meeting later this month, the Lagos Chamber of Commerce and Industry (LCCI), has charged the Central Bank of Nigeria (CBN) to review the Monetary Policy Rate (MPR) as well as empower Development Finance Institutions (DFIs) to fulfil their mandates.

According to the president of LCCI, Dr. Nike Akande, diversification agenda can only be implemented with the appropriate financial assistance...
read more http://www.bookspen.com/government-review-lending-rates/

Lloyds Banking Group is cutting 665 jobs and closing 49 branches as it continues to cut costs in an attempt to complete its return to the private sector.

To cushion the blow of further branch closures, the bank – bailed out in 2008 – is launching a fleet of mobile vans intended to visit communities knocked by the disappearance of high street outlets.

But unions said the ongoing cuts to the 75,000-strong workforce risked having an impact on customers. The reductions are part of a three-year cost-cutting programme being implemented by the chief executive, António Horta-Osório, to cut 12,000 jobs and close 400 branches by the end of 2017... read more http://www.bookspen.com/lloyds-banking-group-close-49-branches-cut-665-jobs/

Silicon Valley is bent on disrupting the world. Its products affect how millions upon millions of people live and work. But when it comes to the physical space that many technologists call home, there are increasing demands to leave things alone.

The heart of Silicon Valley is a 75-mile strip of land anchored by San Francisco at one end and San Jose at the other. In between is a suburbia strewn with corporate campuses and the estates of those who run them. Congested and forbiddingly expensive, it is a region choking on its own success.

“Silicon Valley has been flashing a ‘vacancy’ sign for decades — come here and build a company,” said Larry A. Rosenthal, a specialist in land use and urban policy at the University of California, Berkeley. “Now some people are saying, ‘We’ve hit our limit.’ They may be reaching their threshold tolerance for pain.”

On Tuesday, voters across Silicon Valley will vote on a slew of initiatives intended to rein in that growth. In one community, they can keep houses off the surrounding hills for 20 years; in another, they will have the option to reduce an already low annual cap on housing construction; in a third, there is a measure to restrict sprawl... read more http://www.bookspen.com/11346-2/

Uber Nigeria on Thursday announced that from November 3 to 13, all riders in Lagos will get 50 per cent off the costs of their trips.



The campaign, initiated and covered by Uber Nigeria, is aimed at rewarding loyal riders in Lagos who have made Uber their preferred choice of transportation.

Ebi Atawodi, General Manager Uber West Africa, said ‘’Lagos has always been a key city in Nigeria and Africa. We are always looking at innovative ways to celebrate riders, drivers and cities and we thought it was only fitting, as we come closer to the end of the year celebrations, that we reward our loyal riders with a 50% discount promotion... read more http://www.bookspen.com/uber-announces-50-per-cent-discount-lagos-ride/

Wilson Ekeledirichukwu, a graduate of animal science from Federal University of Technology, Owerri, Imo state has opted for fufu processing to quit joblessness.

The young graduate, in an interview with the News Agency of Nigeria disclosed that he set up the Fufu processing plant to create job opportunities for unemployed youths... read more http://www.bookspen.com/10861-2/

Ten global oil and gas companies on Friday announced they will invest £1 billion in low-carbon-emission technologies to help combat climate change.

BG Group, BP, Eni, Pemex, Repsol, Saudi Aramco, Reliance Industries, Royal Dutch Shell, Statoil and Total — who account for almost a fifth of the world’s oil production — will fund the project through the Oil and Gas Climate Initiative, they said in a statement... read more http://www.bookspen.com/ten-oil-majors-invest-1bn-low-emission-technologies/

The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah yesterday in Abuja signed a landmark investment guarantee pact, on behalf of the federal government with the government of Singapore.

It also emerged yesterday that the total banking sector credit to the private sector rose to N16.18 billion in the third quarter (Q3) of the year compared to N15.53 billion in Q2 and N13.08 billion in Q1

The Investment Promotion and Protection Agreement (IPPA), which was endorsed by the Singaporean Minister of Trade and Industry Shabir Iswara essentially aims to among other things... read more http://www.bookspen.com/fg-singapore-sign-historic-investment-pact/

The Lagos Chamber of Commerce and Industry has stated that the major obstacles to the diversification of the Nigerian economy are the challenges being faced by industries and the productive sectors of the economy.

The chamber said in view of the fall in the prices of crude oil and the devastating effect it has had on the economy, it was important for the country to aggressively pursue... read more http://www.bookspen.com/lcci-bemoans-industrial-challenges-trade-fair-begins/

Shareholders listed on the insurance companies may likely have to wait for longer time before they can get their dividends as insurers battle with negative reserves.

Following the capital market crash that occurred in the country in 2008, most underwriters who had invested heavily in equities are now full of regrets, while the share value of insurance stocks... read more http://www.bookspen.com/10665-2/

The European Union (EU) wednesday disclosed that it had committed a total of €700 million grant to support Nigeria’s power sector between 2014 and 2020.

The Ambassador/Head of Delegation of the EU to Nigeria and the Economic Community of West African States (ECOWAS), Mr. Michel Arrion, disclosed this at a media briefing in Lagos, ahead of the fifth EU-Nigeria Business Forum (EUNBF) schedule to hold in Lagos next week.

Arrion said between 2008 and 2013, under a programme he termed the 10th European Development Fund, the global envelop...read more http://www.bookspen.com/eu-commits-e712m-grant-to-nigerias-power-sector/

Open enrollment for individuals and families wanting to apply for health insurance through Obamacare starts today. Depending on where you live, you can either go to Healthcare.gov or your state’s healthcare exchange website. Self-employed businesses and solopreneurs with no employees should also use this option. (Companies with... READ MORE http://www.bookspen.com/10530-2/

The European Union (EU) wednesday disclosed that it had committed a total of €700 million grant to support Nigeria’s power sector between 2014 and 2020.

The Ambassador/Head of Delegation of the EU to Nigeria and the Economic Community of West African States (ECOWAS), Mr. Michel Arrion, disclosed this at a media briefing in Lagos, ahead of the fifth EU-Nigeria Business Forum (EUNBF) schedule to hold in... read more http://www.bookspen.com/eu-commits-e712m-grant-to-nigerias-power-sector/

Formerly known as Towergate London Market, Bishopsgate aims to give “regional brokers better access to market, better service and better deals,” the company said in a statement.

A central pillar of its strategy is to provide regional UK brokers with quotes within a guaranteed timeframe and be innovative at working to set up new facilities for specialist products, Towergate said.

Bishopsgate is headed by Managing Director Neil Pearce, who joined in August and was previously managing director at Windsor Insurance Brokers. Pearce is supported by broking and distribution director Paul Longhurst who ran the London Market broking team at Bluefin for 25 years... read more http://www.bookspen.com/towergate-renames-london-market-broking-business-bishopsgate/

Check what the forex market is saying at BooksPen.com http://www.bookspen.com/exchange-rates/

Kellogg’s has suffered its seventh successive drop in quarterly sales in the third quarter of 2016.

The cereal manufacturer blamed the figures on poor demand for its products in the US and a challenging UK market.

The company also cited “portfolio transformations that have taken longer than anticipated to execute”.

However, Kellogg’s operating profits were up thanks mainly to lower one-off costs and its earnings per share were up 41% from...
read more http://www.bookspen.com/kelloggs-cereal-sales-continue-slump/

The government’s multiple taxes have directly and indirectly stunted business development in Nigeria, just as the Companies’ Income Tax (CITA) Act 2007, is further crippling performance in the insurance sector.

CITA imposes minimum tax on companies where they have no taxable profits or taxable profits resulting in lower than minimum tax

This minimum tax also applies in different forms to some specific sectors such as insurance, which effectively means that companies would have to pay taxes out of their capital.

This has become a major concern in the sector, as operators are fighting for reduction of unfair and overburdening tax liabilities. The Senior Adviser at KPMG Nigeria, Adebayo-Begun Oluwatomisin, highlighted the issues and what ought to be done to address these challenges in the country...
Read more: http://www.bookspen.com/multiple-taxation-cripples-growth-insurance-says-expert/