Japan’s public pension fund, the biggest of its kind in the world, said on Friday it lost more than $ 135 billion in a record quarterly loss caused by a global stocks rout.

The Government Pension Investment Fund said its losses in the month of October-December totalled 9.1 per cent, or 14.8 trillion yen ($135.8 billion).

Global shares plunged toward the end of last year, as US politicians moved toward an eventual government shutdown and Washington’s trade war with Beijing intensified, worrying investors.

“During the October-December quarter, due to concerns over uncertain global economic and corporate outlook, global investors’ risk aversion heightened and domestic and international stocks fell sharply, ”fund president Norihiro Takahashi said in a statement.

He added, however, that the fund was a long-term investor and makes on average 2.73 -percent profit a year. The Japanese fund is worth more than 150 trillion yen.

SOURCE: https://www.trendingaccounting.com/2019/02/japan-pension-fund-records-worlds.html

No Plans To Leave Nigeria, Says PZ https://www.trendingaccounting.com/2019/02/no-plans-to-leave-nigeria-says-pz.html?m=1

The Katsina state Governor, Alhaji Aminu Bello Masari has attended a special prayer session organized by Funtua zone branch of Christian Association of Nigeria -CAN in Kafur.

Addressing the gathering of Christian faithfuls drawn from the eleven local governments in the zone,Governor Aminu Masari assured that the present APC administration would continue to ensure that justice is done to indigenous Christians in the state.

Alhaji Aminu Masari particularly requested the leaders of the faith to ensure that their followers actively participate in politics to be represented in the art of governance of the state. Masari said even before the advent of Christianity in Northern Nigeria, when the present set of Christians of Hausa are idolaters, there was no history of violence in the southern part of Katsina state.

He also spoke at length on the achievements of the present APC administration at both national and state, adding that there was need to re-elect both president Muhammad Buhari and himself for the sustenance of democratic gains.

The Governor revealed that the office of special Assistant on Christian pilgrimage was initiated by him as speaker through lobbying of Governor Umar Yar’adua to create the office. He applauded the Christians in Funtua zone for organising the special prayer session for peace and hitch free 2019 general elections.

Also speaking, the state chairman of campaign conuncil and secretary to katsina state government, Dr Mustapha Muhammad Inuwa expressed gratitude to the Christian community for the support to the present administration since its inception in 2015.

Dr Mustapha Muhammad Inuwa assured that a vote for Buhari and Masari would consolidate on the achievements so far recorded in the state and nation at large.

He said Governor Masari has been just and fair since assuming office in 2015.

Dr Mustapha Muhammad Inuwa assured that the prayer session would help in addressing security challenges, especially kidnappings, armed banditry and other crimes. The state chairman of CAN, Very Reverend Nelson Nwachukwu thanked Governor Masari for the sponsorship of Christians to visit Jerusalem.

Similarly, the Funtua Zone CAN chairman, Reverend Ishaya Garba Jurau showered encomiums on Governor Masari for granting several rights, which were hitherto not granted to indigenous Christians in the state. He requested Governor Masari to be granting them rights to be constructing churches in areas inhibited by Christians and allow for the teaching of CRK in schools.

Earlier, the transition committee chairman of Kafur local government, Alhaji Garba Abdullah Kanya said both Muslims and Christians have been enjoying harmonious coexistence for decades.

He appealed for support and understanding to achieve a hitch free polls this year. Highlights of the prayer session was prayers and choir songs offered by Mata Zumunta and prayers by Reverend Audu Yaro, Reverend Mato Rataya, Reverend Yunana Suleiman and Reverend father Steven Ojapha who represented Reverend Miss Maiyaki.

SOURCE: http://katsinapost.com.ng/2019/01/31/governor-masari-graces-special-prayer-session-organized-by-katsina-christians/

Conglomerate giant PZ Cussons Nigeria Plc says it is not planning on leaving Nigeria and that claims of its departure from the country is totally false and baseless and should be disregarded.

The Chief Executive Officer (CEO) of PZ Cussons Mr. Christos Giannopoulos disclosed this in a statement issued on Friday. He said “the trading statement issued to the London Stock Exchange was clear on our continued operations in Nigeria ‘Whilst these conditions prevail, we will maintain our strong market shares in key product categories in Nigeria until growth returns to the market.”

Christos Giannopoulos said that “this year 2019, we are celebrating 120 years anniversary of PZ Cussons making life better and adding value to Nigerians. We have faced different conditions and come out stronger at the end in our 120 years of doing business in Nigeria.”

He confirmed to company’s consumers, employees, business partners and stakeholders that “Nigeria still remains a market of interest for us and have made no plans to leave Nigeria. Our factories in Ikorodu, Aba and all our distribution centres around the country are operational and will continue to be.”

Different social media platforms went abuzz on Thursday with news that PZ Cussons had concluded plans “to leave Nigeria as a result of the tough condition”. The PZ boss described this media buzz as “totally false and misleading and creates the impression that PZ has decided to leave Nigeria.

The Bank of Industry (BoI) has debunked claims in some quarters that possession of a Permanent Voters Card (PVC) is one of the requirements for benefitting from the TraderMoni loan scheme.

TraderMoni is a micro credit loan scheme for petty traders managed by BoI under the Government Enterprise and Empowerment Programme (GEEP), one the social intervention programmes (SIPs) of the federal government. Others are MarketMoni and FarmerMoni.
The Executive Director of Micro Enterprise, BoI, Mrs Toyin Adeniji, said that Tradermoni is not a free handout, stressing that it is not a gift or a vote buying scheme as many have wrongly alleged but a loan that beneficiaries have to pay back. She said that PVC was excluded from the loan requirement as a result of this wrong notion.

“Under no circumstances is a PVC or any political indication requested when applying for these loans,” she stated.

Adeniji also said that the minimum criteria for accessing GEEP include being a verified trader with a verified place of trade and possession of a Bank Verification Number (BVN) for MarketMoni and FarmerMoni. In addition to this, the beneficiary must be a member of a certified market association or cooperative society and having a bank account or mobile wallet. “Beneficiaries then go through a verification process at the bank of Industry before the disbursement,” she noted.

Adeniji said that GEEP leverages on a private sector-driven agent network that is spread across the 36 states of the federation to enumerate beneficiaries. According to her, agents were prohibited from requesting for any information not listed in the criteria for each facility.
She said that every single candidate for the GEEP is enumerated at their point of trade by one of the over 4,000 agents bearing tablet devices or smartphones. Of the approximately 5 million candidates enumerated till date 1.5 million have qualified and received the loans across all GEEP products.

“The entire operation of GEEP is technology driven; BVN are validated against the NIBSS database, background checks are done against third party data sources, all enumeration is done on the agent’s tablet devices that feed the information into a central BoI database, extensive KYC is done on our agents, and we carry out independent verification and regular system audits to protect the integrity of the programme and its operation,” she stated.

The BoI official said the scheme has had a multiplying effect by increasing the productivity of Nigerians who ordinarily could not access bank loan. The scheme has also expanded the financial inclusion being pursued by Central Bank of Nigeria (CBN) by enrolling 1.5 million who would not have had access to banking facility into the system.

Things are reportedly taking a turn for the worst in terms of the level of insecurity bedeviling Katsina State. A reporter with an online vernacular Newspaper, Jaridar Taskar Labarai, has confirmed that Bandits have hoisted their Flags at five villages in Faskari local government area of Katsina State.

The villages are, Unguwar Tsamiya, Birnin Kogo, Raba, Zuru and Unguwar Doka.

The bandits told the people of the area that they are in control and in charge. The reporter who was in three of the areas was advised to leave immediately because the bandits said they don’t want to see new faces coming to the town.

SOURCE: http://katsinapost.com.ng/2019/01/30/armed-bandits-reportedly-hoisted-their-flags-in-5-katsina-community/

Alhaji Hamza Rafindadi Zayyad (1937–2002) was the former head of the Technical Committee on Privatization and Commercialization in Nigeria. The Committee was saddled with the responsibilities of strengthening the government’s control of the direction of the country’s then-nascent privatization exercise. Alhaji Rafindadi was one of the few individuals who had a visible and important presence in the early socio-economic institutions of Northern Nigeria and Nigeria.

FAMILY
Hamza Zayyad was born on September 14, 1937, in Rafindadi, Katsina State. His grandfather was once the Waziri of Katsina (an advisory role), a position the grandson later held.

EARLY LIFE
At the age of 4, Hamza started Quranic school, then proceeded to Rafindadi Elementary School in 1945. After elementary education, he went to Katsina Middle School and then studied at Barewa College, Zaria from 1951 to 1956, which was then an elite college in Northern Nigeria. He joined Barclays bank from Barewa College in 1957.

Alhaji Hamza Rafindadi Zayyad continued his academic pursuit after few years at the bank, between 1958 and 1960 studying accounting in Kumasi. He later left Africa and went to Leeds College and the University at Birmingham to earn a degree in Accounting. He is one of the the mentors of the former Nigerian Minister of FCT and the current Kaduna State Governor, Nasir EL-Rufai.

PROFESSIONAL CAREER
As one of the few Nigerians with a post-graduate degree in accounting as at that time and the potential for positive influence in the post-colonial period, Rafindadi’s post-graduate career was promising. In 1963, he started work at the Ministry of Finance, Northern Nigeria as an accountant.

He rose through the ranks from accountant to senior accountant in 1965. He was appointed chief accountant of the Nigeria Produce Marketing Company, a central marketing agency for agricultural export produce in June 1966. Later that year, he was transferred from the position to Ahmadu Bello University.
He became the bursar of Ahmadu Bello University in 1968. From 1976 to 1981, he was the managing director of the New Nigeria Development Company (NNDC), an investment holding company.

The position made him become friends with leaders from Northern Nigeria such as Adamu Ciroma and to lead or be a board member in NNDC subsidiaries such as Arewa Textiles, Bank of the North and Bacita Sugar.

Furthermore, as the leader of one of the largest companies in Northern Nigeria, he was in the position to drive meaningful socio-economic impact within the region. General Ibrahim Babangida, a former head of state offered him ministerial position but he declined the offer. After his retirement from NNDC, he formed Phoenix Investments, a financial consulting firm.

In 1986, after a downward turn in oil prices from its peak during the aftermath of the Iran crisis, Nigeria’s government revenue began to dwindle, and it began selling some government assets. The Technical Committee on Privatization and Commercialization was created as a medium for setting the government’s privatization agenda.

Hamza Rafindadi Zayyad was then appointed the first director of the committee. Today, the agency has evolved to become the Bureau of Public enterprises. Though, there may be questions about his captaincy of the privatization program and his relationship with potentially corrupt elites in Nigeria including the sale of assets to potential crooks.

However, the agency was partly created to set the government’s agenda and the rise of money bags in Nigeria was a result of the oil boom and subsequent administrations courting elites in the country.

SOURCE: https://www.trendingaccounting.com/2019/01/meet-hamza-zayyad-first-accountant-in.html

The Central Bank of Nigeria (CBN) on Friday 26th day of January, 2016 injected 289.76 million dollars in the retail Secondary Market Intervention Sales (SMIS).

The CBN also intervened to the tune of 38.70 million Chinese Yuan in the Spot and Short tenored forwards of the foreign exchange market. The Spokesman of the Apex bank, Mr Isaac Okorafor, in a statement in Abuja explained that the move was in furtherance of the bank’s commitment to ensuring adequate liquidity and stability in the market.

Mr Okorafor noted that the dollar-denominated interventions were mainly for transactions in the agricultural and raw materials sectors.
He also said that the sales in Chinese Yuan were similarly for payment of renminbi denominated Letters of Credit for agriculture and raw materials based on bids received from authorised dealers.

Okorafor said the apex bank was pleased with the level of stability at both the Bureau-de-Change and the Investors’ and Exporters’ window of the foreign exchange market.

According to him, the CBN is also satisfied with the current implementation of the Bilateral Currency Swap Agreement with the Peoples Bank of China.

Okorafor expressed confidence that the foreign exchange market in Nigeria would continue to enjoy stability in the coming months and beyond, given the marginal increase in the country’s external reserves.

The CBN on Tuesday intervened in the wholesale, Small and Medium Enterprises (SMEs) and invisibles windows of the inter-bank foreign exchange market to the tune of 210 million dollars. Meanwhile, one dollar exchanged for N361 at the Bureau de Change (BDC) segment of the foreign exchange market, while one Chinese Yuan exchanged for N53.

SOURCE: https://www.trendingaccounting.com/2019/01/cbn-injects-289m-cny3870m-into-retail.html

There's just less than a month to go until Nigerians go to the polls to vote for their preferred candidates in the presidency, governorship, National Assembly and State House of Assembly elections.

At least 91 political parties have registered and more than 70 have put forward presidential candidates, but the most popular among them are President Muhammadu Buhari of the All Progressive Congress (APC) and Former Vice President, Atiku Abubakar of the Peoples Democratic party (PDP).

Elections in Nigeria have always been big business. Political parties spend hundreds of millions of dollars in publicity, logistics and even vote buying.

But reduced spending has affected campaigning. Some say this is good news for democracy, but bad news for business.
Al Jazeera's Ahmed Idris reports from Sokoto State.


https://www.youtube.com/watch?v=1EPEP1kZZeQ

https://www.aljazeera.com/news/2019/01/nigerias-era-big-spending-election-disappearing-190117083404340.html

A leading Nigerian bank, Access Bank Plc, which plans to buy Diamond Bank Plc, has revealed that it will conclude the transaction about two months earlier than initially expected.

The deal, which was originally set to concluded in June, will be completed in the second quarter, the lender told Bloomberg yesterday. Access Bank also canceled a planned N75 billion ($207 million) rights issue as it’s no longer needed to meet the central bank’s minimum capital thresholds, Chief Executive Officer of the bank, Herbert Wigwe said on an investor call.

Access Bank agreed last year to take over Carlyle-backed Diamond Bank in a deal worth about $200 million. It said last week it obtained “approval-in-principle” from Nigeria’s Securities and Exchange Commission and the Central Bank of Nigeria to proceed with the merger. By the conclusion of the deal, Access’s assets could increase to about $17 billion from $12.5 billion, according to Bloomberg calculations. Which will see them overtake Zenith bank as the largest Nigerian lender. Zenith Bank Plc is currently the largest Nigerian lender, with $15.4 billion of assets.

The Boston-based private-equity firm is sweeping in on Johannesburg-based Teraco as technology plays a more integral part in the life of consumers and businesses. Teraco was expected to fetch between $600 million and $1 billion, including debt, people familiar with the matter said in November.

“Berkshire Partners is a committed long-term partner that will assist us with future growth plans and additional investment,” Teraco Managing Director Jan Hnizdo in an email. The value of the transaction wasn’t disclosed.

The purchase comes after London-based Permira Holdings LLP, which backed a management buyout of the company in 2015, sought a buyer for part of its stake in the company, which also operates data centers in Cape Town and Durban. Permira will stay on as a shareholder in Teraco, Michail Zekkos, a partner in the firm, said.

Nigeria's Apex bank, the Central Bank of Nigeria (CBN) said that members of the public should return unfit naira notes to banks or any of its branches in exchange for fit notes.
It also warned the commercial banks against recirculation of unfit bank notes, saying that it would impose penalties on any bank that re-circulates unfit bank notes.

The CBN revealed this in the Banknotes guidelines issued yesterday alongside Clean Notes Policy. The documents were signed by the Deputy Governor Operations, CBN, Folashodun Shonubi and Director Currency Operations Department Mrs. Priscilla E. Eleje. The guidelines also describe fit and unfit bank notes as well as stipulate Quality Standard for Nigerian bank notes.

The guidelines described a fit note as “A banknote that is suitable for continued circulation and is sufficiently clean to allow its authenticity and value to be readily ascertained. It also described unfit notes as “A banknote that is unsuitable for further circulation because of its physical condition, which may be soiled, dirty, limp, worn out, defaced or has a hole that is larger than 10 mm.

Explaining the purpose of the guidelines, the Apex bank stated: “These guidelines provide the general public with clear, acceptable criteria and standards for determining the quality of banknotes in circulation.

“Fitness standards are developed for all denominations of the banknote. These standards establish the desired fitness criteria and parameters for the Banknotes which provide a benchmark and reference for evaluating banknotes in circulation. The criteria for fitness include: The durability and functionality of security features on the notes; Banknotes structure and durability; and Banknote quality i.e. printing and appearance of the banknotes (soiling/ink wear) etc.”

The guidelines highlight the criteria for re-circulating a bank note, saying, “A banknote is considered fit for recirculation if it meets the following criteria:-Genuine, not counterfeited; Has a defined and acceptable area dimension; Free from holes, tear, tape or missing part, folded portion, etc; Has uniform brightness and is not heavily soiled; Free from excessive ink wear, particularly in the portrait area; Free from defacing; Correct denomination, serial number details, etc; The series that has been approved for redistribution by the Bank.

A note can be classified as unfit and unsuitable for recirculation if one or more of these criteria are not met. ”To ensure that the banknotes in circulation are clean and of good quality, DMBs shall ensure that they process their banknotes using registered processing companies and classify them into fit and unfit.

“Any counterfeit notes discovered are to be returned to the Central Bank of Nigeria. Only the banknotes which have been authenticated (i.e. verified for counterfeit and free from unfit notes according to CBN standard) will be issued over the counter by banks or through their cash dispensing machines.

“Unfit banknotes shall not be re-circulated by DMBs and CPCs. However, a penal charge of N12,000 per box, or any amount determined by the Management of the Bank, shall apply for the deposit of unsorted banknotes. In addition, penalties as may be determined by the Bank, shall apply for the re-circulation of unfit banknotes.

The Central Bank of Nigeria (CBN) has revealed that it will introduce new capital requirements for banks in the second quarter of 2019, a move that threatens to add more pressure on lenders already weighed down by bad loans.

According to the Apex bank, the rule seeks to protect the nation’s banks “against shocks emanating locally and from abroad” by increasing the level of regulatory capital and the quality of the assets.

With the introduction of the new rule, the regulator seems to be aligning itself with a global accord known as Basel III, three years after a contraction in Nigeria’s economy spurred delay of implementation of tougher capital rules. It also comes After policy makers in 2013 spurned some requirements drawn up by the Basel Committee on Banking Supervision.

Last year, banks were forced to move to a new accounting standard known as IFRS 9 to improve disclosure by compelling lenders to provide for current losses as well as those that might occur in the future. While the average capital-adequacy ratio for the industry rose to 12.1 percent in June from 10.2 percent at the end of 2017, some banks said the transition shaved as much as 200 basis points off their capital bases.

Nigerian banks are struggling to contend with non-performing loans equal to 12.5 percent of total credit. While these have improved from almost 15 percent in 2017, many small- to medium-sized banks are battling to raise capital, leading to acquisition of Diamond Bank Plc by Access Bank Plc.

The Central Bank of Nigeria said it plans to “apply a leverage ratio to supplement existing capital ratios” for lenders as well as “additional loss-absorbency requirements for domestic-systemically important banks”.

Furthermore, The apex bank noted: “Country and cross-border risk guidelines are being developed for the assessment of risks arising from across border operations of Nigerian banks.”

A report from a prestigious Accounting body, the Association of Chartered Certified Accountants (ACCA) and Institute of Management Accountants (IMA) has revealed that Nigerians’ confidence in the economy fell by 3.0 percent in 12 months ending December 2018.

Meanwhile, the ACCA also projected that the country’s economy would grow by 2.0 to 2.5 percent in the year 2019. The survey report titled: “Global Economic Conditions (GECS)” stated: “The poor near-term outlook for Nigeria is reflected in our GECS score, which shows confidence fell in the final quarter of 2018 and is now at its lowest level in a year.

The recent fall in oil prices will weigh on exports and government revenues. While the non-oil economy has been improving, consumer demand is soft, restrained by a 23 percent unemployment rate. Overall GDP growth this year is likely to be very modest at between 2 percent to 2.5 percent.” Foreign Investment Inflow Into Oil Industry Dips To $118m.

But Nigeria is not the only country in the low ratings, they also imagined that major economies would suffer some setbacks. It therefore stated: “The global poll of 3,800 accountants shows that all key regions recorded a negative confidence score with signs of growth weakening in the world’s three biggest economies – the US, China and the Eurozone. Global economic confidence fell for the third consecutive quarter in the fourth quarter of 2018 (Q4’18), ending the year at an all-time low.”

The report revealed: “rising cost was the biggest concern for respondents, with 55 percent citing this as an issue, 47 percent of respondents globally are considering laying off staff, with just 18 percent considering taking on new workers, 39 percent of respondents are considering scaling back investment in new capital projects, compared with just 16 percent who are looking to increase investment in new projects and the possibility of suppliers going out of business being a concern for just 12 percent of respondents, unchanged from Q3”.

While Commenting on the development, the Head ACCA, Nigeria, Mr Thomas Isibor, said: “The report discovers that despite an improvement in the non-oil sector of economy, consumer demand is soft, restrained by a 23 percent unemployment rate. Overall GDP growth in 2019 is likely to be very modest at between 2 percent to 2.5 percent.

The Head of Business Insights, ACCA, Narayanan Vaidyanathan, noted that “Economic confidence over 2018 has been turbulent, with end of calendar year results downbeat compared to the start of 2018. It’s been interesting to look back at the GECS from the start of 2018, when we recorded economic confidence at its highest since the first survey was issued assessing Q1’ 2009. Last year was clearly a roller-coaster ride and the outlook for 2019 is also uncertain.”

The Q4’18 survey took place between 23 November and 7 December 2018 and attracted 3773 responses from ACCA and IMA members around the world, including 302 Chief Financial Officers (CFOs).

SOURCE: https://www.trendingaccounting.com/2019/01/nigerian-economic-confidence-falls-by-3.html

So many entrepreneurs and startups are set to flood the country with innovative technologies, products and solutions that will make a positive impact on communities. They are:

TRADEBUZA
This is an easy-to-use cloud-based web and mobile platform for outgrowers, commodities aggregators, exporters and agricultural processors. It is a susbsidiary of Passion Incubator that was selected to take part in Lagos-based Itanna Accelerator, led by Honeywell Group.

Tradebuza monitors and tracks outgrower schemes and aggregators from pre-production to harvest and trade. This allows them to plan, monitor and track sourcing and outgrowers in real-time. The web helps commodities’ aggregators and outgrower schemes improve efficiency as well as provide visibility and transparency in commodities sourcing from smallholder farmers.

GROWSEL
Growsel is an agricultural crowdfunding platform. It connects underserved smallholder farmers with lenders across the globe. Since its debut in 2017, Growsel has connected more than 200 smallholder farmers with over 1,300 lenders, profiling and verifying about 1.2 million smallholder farmers available for crowdfunding through its field partners in remote communities, particularly in West Africa.

In pursuit of its mission of changing lives, creating opportunities, connecting smallholder farmers with lenders to alleviate poverty, growsel also empowers smallholder farmers through agricultural crowdfunding in developing economies using local field partners and trustees.

KOLOPAY
KoloPay is a mobile and web application. Co-Founded by Ayoola Ogunlowo and Ifeoluwa Popoola, it helps individuals save over time and helps users achieve their targets at amazing discounts. It targets users who want to buy cars, home appliances, go on vacations, pay tuition fees, buy home furniture, among others.

They get discounts on these items as soon as they meet their savings targets. People could also save on kolopay for targets like house and office rents, and business capital. Individuals enjoy up to six per cent interest on every saving package. A user signs in using his a mobile phone number and a password. Users create their targets and save towards them. Kolopay allows users save from multiple bank accounts using details on their ATM cards. According to Ayoola, KoloPay is safe and secure and transactions encrypted.

PAYSTACK
Paystack was Founded in 2015 by Shola Akinlade and Ezra Olubi, it was built to solve online payments in Africa. It developed multi-channel payment options for merchants across countries to enable them accept credit and debit card payments from customers around the world. The startup has raised $8 million in Series A funding from global financial leaders.

Last year, Paystack, reached a major milestone when it processed over N10 billion ($27.5 million) worth of transactions monthly. It took just a year and three months to hit this landmark. The startup hit over N1 billion monthly deals in July 2017, with the number of merchants using its platform increasing, rising from 3,742 live merchants last year to 23,523 live merchants.

FLUTTERWAVE
Flutterwave makes it possible for businesses to make and accept payments in Africa. Based in San Francisco with offices in Lagos, Nairobi, Accra, and Johannesburg, the firm has raised over $10 million in a series A funding.

Flutterwave was co-founded by Iyin Aboyeji, the same person who formed developer training company, Andela. It has processed $1.2 billion payments across 10 million transactions.

The Asset Management Corporation of Nigeria (AMCON) is seeking new investors to take over Polaris Bank after the general elections next month. It is also taking stock of the bank’s assets ahead of the sale, its spokesman, Jude Nwauzor, revealed this yesterday. “The election season has slowed down the process,” Mr Nwauzor, said.

Nigerians will going to the polls february 16 in a presidential election where incumbent Muhammadu Buhari is seeking a second term against Atiku Abubakar of the PDP. “We would advertise for Expressions of Interest from investors after elections and commence the sale process,” Nwauzor said.

Some of Nigeria’s banks have faced tough times since low oil prices put pressure on their business of lending to the oil and gas industry. The country emerged from a recession in 2017 but economic growth remains sluggish and this has weighed on credit growth.

Polaris Bank was established last year to take over the assets of Skye Bank which collapsed and had its operating licence revoked by Nigeria’s central bank.

Polaris was then transferred to the state-owned bad bank for sale to investors. AMCON has previously sold three other nationalised banks. The AMCON spokesman said the bad bank was seeking to recover debts owed to Polaris that were non-performing and had asked for proposals on repayment.

AMCON was set up in 2010 to take on non-performing loans from banks as part of the part of efforts to resolve a financial crisis at that time.

CBN Cautions FG On External Borrowing https://www.trendingaccounting.com/2019/01/cbn-cautions-fg-on-external-borrowing.html?m=1

The Monetary Policy Committee (MPC), an arm of the Central Bank of Nigeria (CBN) yesterday cautioned the federal government on the sharp increase in the size of the nation’s external debt which rose by 109 percent to $21.6 billion as at September 30th 2018, from $11.28 billion on June 30th, 2015.

The Governor of CBN, Mr. Godwin Emefiele, disclosed this while briefing the press after yesterday’s meeting of the MPC in Abuja.

He said, “On external borrowings, committee noted the increase in the debt level advising for caution, noting that it could fast be approaching the pre-2005 Paris Club exit level.” Speaking further on the committee’s position, the Emefiele said the committee was not in any way neither condemning nor saying external borrowing was wrong but that adequate care must be taken to avoid a debt trap.

Nigeria sealed a $18 billion debt relief deal with the Paris Club on October 20, 2005 after tortuous negotiations lasting two days and two nights in Paris to conclude many months of debt relief campaigns and negotiations.

The then Minister of Finance Mrs. Ngozi Okonjo-Iweala who led the Nigerian delegation signed on behalf of the federal government while the Chairman of the Paris Club, Mr. Xavier Muscat of France led representatives of the fifteen-member club to sign on behalf of their respective countries.

Under the agreement, Nigeria was to pay the balance of $12. 4 billion, of the over $30 billion debt stock, in three tranches commencing at the end of that October and to be concluded in March 2006 to enable the country exit the club completely.

In the first tranche, Nigeria cleared arrears by paying about $6.4. billion. The second tranche was the payment of about $1.3 billion, while the last tranche was payment of the balance of about $4.4 billion.

SOURCE: https://www.trendingaccounting.com/2019/01/cbn-cautions-fg-on-external-borrowing.html

You have been saving money for quite a while now but anytime you check your account balance it seems you are not serious. Growth seems very far out of reach, it seems like you’ll be stuck in your present financial state. The following could be the reasons?

YOU ARE DIPPING INTO YOUR SAVINGS
All those times that you are dipping into your savings are probably catching up with you. There might have been some financial constraint that warranted extra cash and without hesitation you dipped into your savings account. This is one of the major problem with people who have neither budget nor emergency fund. Set aside some amount of money for emergency, the money you can take from when an important need arises. Don't go dipping into your savings to avoid stagnant savings.

YOU ARE NOT SAVING ENOUGH MONEY
In a case where you spend first then save later: The leftovers for savings might actually be too small for savings. The ideal saving situation is to save first and spend later. You can also prepare a budget, know the amount of money to be saved, the amount for partying and clubbing, the amount to give your parents and girlfriend. Don't touch the money meant for saving.

YOU’RE STUCK ON THE SAME AMOUNT
Yes you have been advised to set aside a stipulated amount for savings but no one says you should remain at that same spot even when there is an increase in income. Learn to always increase the amount you save from time to time as your income increases or when you have a small budget for the month have a large amount of money as leftover. Don't forget that you can’t keep doing the same things the same way and expect different results.

YOU DON’T HAVE GOALS
A lot of people just save for saving sake or because saving is a thing in the business world. They don't have actual plan or goals they want to meet. Nothing motivates a person better than vision. For instance: you are saying to buy land, you are saving to build a house, you are saving to pay your school fee, etc. You will surely be motivated to save more. If you set yourself goals (either short term and long term); you’ll find yourself doing so much more enthusiastically. What are your money goals before June 2019? How much do you need to save monthly in order to meet those goals? Your savings will definitely grow with such directives.

YOU DON’T MAKE ENOUGH MONEY
The problem most times is not with the willingness and zeal to save but in the availability of cash. Most people want to save but simply can't save because don’t earn enough. If that’s the case for you, the ball is in your court. You have to look out for ways to earn more; take an extra job, start a side hustle, take an online gig; anyway you want it, just ensure that you’re earning enough money.

SOURCE: https://www.trendingaccounting.com/2019/01/reasons-why-your-savings-are-not-growing.html

Keystone Bank Limited has denied allegations that President Muhammadu Buhari has a stake in the bank.

The bank, on Tuesday, stated, “ The fact of the ownership of Keystone Bank by the Asset Management Corporation of Nigeria was never in doubt. On March 23, 2017, AMCON divested its ownership of Keystone Bank after successful bidding that followed due process.

“We confirm that the Sigma Golf -Riverbank Consortium owns 100 per cent of Keystone Bank. From the records available to us which are verifiable at the Corporate Affairs Commission, the core investors (Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited) have no relationship with either President Muhammadu Buhari or Alhaji Abubakar Atiku, as may be widely speculated.

The presidential candidate of the Peoples Democratic Party, Atiku Abubakar, recently called on the appropriate authorities to urgently institute a probe to unravel those he said might be the hidden faces behind the new ownership structure of multibillion-naira telecoms giant, Etisalat (now 9mobile) Nigeria as well as Keystone Bank.

In a statement issued in Abuja and signed by his Special Assistant on Public Communication, Phrank Shaibu, the former Vice -President said such a probe was necessary in view of the reports that members of Buhari' s family now owned substantial shares in Etisalat (9 mobile) Nigeria which had an estimated $2 bn (about N727bn at 360 per dollar) of its estimated $20 bn global net worth.

Atiku also expressed shock at reports from what he described as unimpeachable sources that the first family now played big in the nation's financial sector after acquiring mouth-watering shares in Keystone Bank with total assets of $1.916bn (equivalent to N 307.5 bn) as well as purchasing about N 3bn worth of shares in the new Pakistani Islamic Bank.

I dey find work and this woman dey resign from her own work. Issokay

IbrahimDamola:
Apart from number 5, I agree with other points. Hoarding my hard-earned dough made me rich.

I once had 8 million sitting in the bank but preferred to enter molue and danfo N50, Sometimes I no dey even pay. I no gree buy car. Chei those days.

Is poverty your roommate? ����

Even if you have the best plans, you can still get into trouble with your money. Especially if you’ve developed some of these dangerous money habits.

If you have been contending with your finances, take a look at this list so as to be sure you’re not sabotaging your efforts with these bad habits.

NOT HAVING BUDGET
You will never stay afloat financially if you don’t have a budget in place and know how to stick to it. A budget will allow you to see how much money you are making and where it is all going. It enables you to implement changes that help you save more money and avoid going broke each month.

Budgeting is not supposed to be a big task. Sign up with a program like Mint that automatically tracks your spending for you. All you have to do is pop into your dashboard each day to make sure you’re staying on track and make adjustments as needed.

IMPULSE PURCHASING
Impulse purchases deals with emotion. You see a particular product you don’t want to miss or an item you have been longing to have, immediately and you jump to buy it before thinking whether you really need it.
To control impulse spending, force yourself to wait for a certain period (it could be a day or 30) before deciding on a purchase. It will give you enough time to think about your decision, and chances are you will realize you don’t need it after all.

SPENDING MORE THAN YOU EARN
Spending more than you earn is probably the worst financial habit people have. It will mean you either touch your savings or go into debt. If you have problem with spendy, you have to look at ways to try to earn more money or cut down your spending.

You can earn more money by finding a side hustle, which will occupy your time and you will have less time to spend money. Alternatively, the best option is to reduce your spending.

NOT PREPARED FOR AN EMERGENCY
If there’s one thing that is inevitable, it’s that at some point or another something will go wrong. An accident will occur, a job will be lost, an appointment will be terminated or an appliance will damage. It is very important to be prepared for an emergency when it comes to your finances. You don’t want to be caught off guard, financially anyway. Save some money for emergencies.

HOARDING MONEY AND NEVER HAVING FUN
On the opposite end of going into debt and spending too much is being afraid to spend anything! If you’ve been hoarding money to the point of great unhappiness it’s time to stop that habit. Lighten up on yourself a bit and enjoy the money you haveve worked very hard for.

BUYING UNNECESSARY THINGS
Do you have a hobby? Do you like to buy things? Have you accumulated many items that you rarely or don’t even use? If the answer to the above questions is yes, then you should consider stopping buying things that you don’t really need. If you have accumulated a collection of items like trading cards, books, etc, try and sell some of them and make some extra cash on the side while you are at it.

NOT BARGAINING
Make bargain-hunting a habit. Some of the wealthiest people in my study shopped at Goodwill stores. They look for the best deals, clipping coupons, watching movies during the early discount showings and shopping around for the lowest price. Put the cost difference after you have bargained into your savings account.

RELYING ON CREDIT TO PAY THE BILLS
Credit is very expensive and if not utilized properly, it becomes a trap! If you’re covering basic things like food or rent on credit or using it for meaningless purchases (like a vacation or new clothes) you need to redress the situation.
While at some point you might need to rely on debt – say, for education expenses, a mortgage, or an investment property it should be done with planning and extreme care. Do not cover your bills with credit cards or any other form of debt.

SOURCE: https://www.trendingaccounting.com/2018/12/8-bad-financial-habits-you-need-to-stop.html

With many people struggling to pay debts, the need to watch their bank accounts closely for unnecessary charges arise. Even some bank charges could push a person deeper into debt, making it difficult or almost impossible to recover financially.

Follow these seven important tips to avoid unnecessary bank charges and keep your money.

UNDERSTAND WHAT YOUR BANK CAN CHARGE
The government sets regulations that prevent banks from charging outlandish fees. Despite some regulations, banks still get to charge relatively high fees for simple mistakes and services. Always read the fine print before opening an account. If your bank updates its policies, read the new fee structures so you understand exactly what your bank can charge.

SEARCH FOR BANKS WITHOUT UNNECESSARY CHARGES
Not all banks try to make Profit out of every financial transaction. If you are fed up of paying fees for things like Talking to a teller and Automated Teller Machine (ATM) withdrawals, then you have to search for banks that don’t charge for those services. Credit unions and online banks are some of the options.

BUNDLE SERVICES TO AVOID BANK FEES
Commercial banks want you to use as many services as possible, so as to eliminate certain fees for customers who make use bundled services. For example: A customer with a current account might have to pay a small amount of money in monthly fee. Adding a savings account could lower or completely eliminate that fee.

Tell your bank about how bundled services could aid in avoiding unnecessary fees. Start exploring alternatives with better, cheaper services if you are not satisfied with the response from the bank.

AVOID OVERDRAFT FEES BY KEEPING ENOUGH MONEY IN YOUR ACCOUNTS
When you spend more money than you have in your account, banks usually charge overdraft fee. Keeping track of your current and saving balances will help you avoid overdraft charges.
Banks often charge fees for continuous money transfers, in other to avoid these charges, you may want to consider using a money transfer service. This can help you avoid numerous fees which can overdraft your bank account.

USE ONLINE BANKING TO AVOID PAPER STATEMENT FEES
As most banks offer online services, customers may have to pay extra for paper statements. As long as you have a computer or phone and Internet connection, then you can avoid those paper statement fees.

Most banks give you the option to choose whether you want paper or electronic statements. If you have to pay for paper statements, consider opting out of that service because you would spend less amount of money printing your online statements than having the bank send you paper versions via mail.

CHOOSE AN ACCOUNT WITH FEWER CHARGES
Even at the same bank, customers may pay different amounts for the same services. By choosing an option that matches the way you prefer using your account, you can save a lot of money. For example, unless your account covers the service, if you prefer going inside the bank to talk to a teller, you may have to pay a fee. Other accounts may charge for using ATMs. Always find an account that will charge you less for the bank services you plan to use.

ASK THE BANK TO WAIVE FEES
Banks want to make extra Profit by charging fees, but they don’t want to lose customers over insignificant amounts of money. If you receive a charge that is unfair to you, contact the bank to ask about waiving the fee. Many banks will eliminate the charge from your account to keep your business.

SOURCE: https://www.trendingaccounting.com/2019/01/7-ways-to-avoid-unnecessary-bank-charges.html

Angelparadise:
So citizens was invited to grace the lunching of road by governor this hungry op decide to claim that they are all PDP members that decamped . Hmmmmm zombie with their mentality .

Looooooool. 2023 is still far my dear, don't waste all your energy now because you still have a long way to wail.

Thousands of the Peoples Democratic Party (PDP) members in Katsina State have defected to the governing All Progressives Congress (APC).

APC leaders put the number of the defectors at 13,000 from the PDP in Musawa local government area of Katsina State. The decampees were received into the APC at the start of the party’s statewide campaign tour of Musawa.

Addressing the defectors and other supporters of the APC at the Musawa rally, after he commissioned the 24km Mararrabar Sayaya-Sayaya–Mazoji Road at the weekend, governor Aminu Bello Masari expressed gratitude to God for giving him the opportunity to serve humanity through the project and others in the state.

Masari, who is seeking a second term in office in the forthcoming general elections, said that the APC-led government at the state and federal levels had impacted positively on the people in several ways.

He maintained that most of the promises made by the party to Katsina electorate in 2015 had been redeemed and urged the people to renew party’s mandate to consolidate on the achievements.

Receiving the defectors, the state APC chairman, Shittu S. Shittu, assured them of fair treatment, adding that the party is out to better the lots of ordinary Nigerians.

Shittu and other chieftains of the party at the rally urged the electorate to return APC to power in February and March elections to enjoy more dividends of democracy.

SOURCE: http://katsinapost.com.ng/2019/01/08/just-in-masari-reportedly-received-13000-pdp-members-to-apc/

The United Nations (UN) disclosed that Nigeria lost an estimated 2.8 billion dollars in revenues in 2018, as a result of oil-related crimes.

This report was made available by the Secretary-General on the activities of the United Nations Office for West Africa and the Sahel (UNOWAS)’ on Monday in New York. The report, which covered from July 1, 2018 to Dec. 31, 2018, said “Maritime crime and piracy off the coast of West Africa continued to pose a threat to security, peace and development in the region.

“According to government figures, Oil-related crimes resulted in the loss of nearly 2.8 billion dollars in revenues last year in Nigeria.
“Not fewer than 82 reported incidents of maritime crime and piracy in the Gulf of Guinea Between January 1 and November 23.

The report also stated that compared to the situation reflected in the previous report, there was an increase in drug trafficking throughout West Africa and the Sahel. More than 50 kilogrammes of cocaine were seized between July and October by joint airport interdiction task forces in Benin, the Gambia and Nigeria.

“During the same period in view, more than six kilogrammes of methamphetamines, eight kilogramme of heroin (double the amount in the first half of 2018) and 2.6 tonnes of cannabis were seized joint airport interdiction task forces.
During the reporting period, it noted that conflicts between herders and farmers resulted in destruction of livelihoods, and property, loss of lives, population displacements and human rights violations and abuses.

Outbreaks of violence were recorded in many states across the country, although with more frequency in the Middle Belt region, Adamawa and Taraba. The increase in conflict between farmers and herders was linked with demographic pressures, desertification and the attendant loss of grazing reserves and transhumance routes, which had been exacerbated by climate change.

Others causes of the clashes between herders and farmers were challenges in the implementation of effective land management and climate change adaptation policies, and limited enforcement of existing pastoral laws.

Furthermore, Political and economic interests, the erosion of traditional conflict resolution mechanisms, and weapons proliferation, were other factors attributed to the increased cases between herders and farmers conflict.

SOURCE: https://www.trendingaccounting.com/2019/01/how-nigeria-lost-28-billion-in-revenue.html

KO

This is a KNOCKOUT PUNCH from Big Show (Tinubu) to CM Punk (Atiku).

ALSO READ: How to register For ACCA in Nigeria https://www.trendingaccounting.com/2018/08/how-to-register-for-acca-in-nigeria.html?m=1

ALSO READ: Entry Requirements For ACCA Qualification And Exemptions In Nigeria https://www.trendingaccounting.com/2019/01/entry-requirements-for-acca.html?m=1

THIS EXAMINATION TIME-TABLE IS FOR MARCH 2019 EXAMS

ACCA Exam entry
 Standard exam entry deadline is 28 January 2019
 Late exam entry deadline 4 February 2019

EXAM ATTENDANCE DOCKETS
You can download the Exam attendance dockets from the official website of the examination body approximately 2 weeks after standard entry closes.

This will include:
 a timetable of all the exams that you are entered for
 details of the desk that has been assigned to you for each paper
 the address of your exam centre

AMENDING AN EXISTING EXAM ENTRY
The deadline date to amend an existing exam entry is 28 January 2019

ACCA EXAMS
Exams will take place between 4-8 Mach 2019
Checkout the ACCA Timetable below:

Monday 4th March 2019
 Audit and Assurance (AA)
 Advanced Audit and Assurance (AAA)

Tuesday 5th March 2019
 Taxation (TX)
 Advanced Taxation (ATX)
 Strategic Business Leader (SBL)

Wednesday 6th March 2019
 Performance Management (PM)
 Advanced Performance Management (APM)

Thursday 7th March 2019
 Financial Reporting (FR)
 Strategic Business Reporting (SBR)

Friday 8th March 2019
 Financial Management (FM)
 Advanced Financial Management (AFM)

Please note that AB, MA, FA and LW (variants English and Global) are available as on-demand CBE only.

SOURCE: https://www.trendingaccounting.com/2019/01/acca-examination-timetable-and.html

The Nigerian Naira, yesterday, appreciated to N359 per dollar in the parallel market.

According to naijabdcs.com, the official live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria (ABCON), the parallel market exchange dropped to N359 per dollar from N359.5 per dollar last week Friday, indicating 50 kobo appreciation of the naira.

However, the naira, yesterday, depreciated by N1.68 kobo in the Investors and Exporters (I&E) window which is as a result of a 20 percent decline in the volume of dollars traded.

Data from FMDQ showed that the indicative exchange rate for the window rose to N365.68 per dollar yesterday from N364 per dollar last week Friday, translating to N1.68 kobo depreciation of the naira.

The volume of dollars traded on the window yesterday dropped by 20 percent to $113.23 million from $140.91 million traded last week Friday.

SOURCE: https://www.trendingaccounting.com/2019/01/naira-up-at-n359-in-parallel-market.html