₦airaland Forum

As audited accounts start to trickle in companies will propose dividend payments to their shareholders as recommended by their respective board of directors. It is also important to track these announcements to know who is eligible to collect dividend, when it will be approved and when it will be paid. Dividend payment also affect share prices

Legend

Closure of Register – Only shareholders who own shares before this date will be paid dividend. If you sell before this date you won’t get dividend. If you sell after you will still get dividend but the new owner will not get.

Payment date – This is when dividend will be paid to you either via post (dividend warrants) or direct credit to your bank accounts (e-dividend).
Full List on... http://nairametrics.com/list-of-dividends-declared-so-far-in-2015/

◾It’s not the economy, stupid. At least it isn’t where hearts are warmed by the fiercer flame of nationalism, rather than rising living standards.
◾Oil prices as low as $40 a barrel are separating the oil haves from the oil have-nots. The oil producers happily rode a wave of high oil prices for years, buying popularity with increased state spending while excusing themselves from the hard pounding of legitimate economic reform. The oil-buyers — like India and Egypt — now enjoy prices as low as a third of those they paid as recently as two years ago and can cut fuel subsidies, saving spending or redirecting it to broader social uses.
◾As a result, most of the oil-producers are now in a troubling position. Venezuela’s President Nicolas Maduro faces parliamentary elections in December with falling popularity and a poll showing Venezuelans will vote for the opposition rather than his Socialist Party by a factor of two to one. Maduro lacks the charismatic populism of his predecessor, Hugo Chavez — a popularity based on the former president’s insistence that the high oil revenues were benefitting the poor (they did) and making the nation great, while sticking it to the Americans.
◾In Canada, now a major oil producer from Alberta’s tar sands, polls are jumping about nervously, as Conservative Prime Minister Stephen Harper seemed up in April, then down in July. Harper has been in power since 2006, so “regime fatigue” is judged to be a large factor in the public’s ambivalence toward him. The fall in the price of the commodity that accounts for a quarter of the country’s export revenue and nearly 10 percent of its GDP is not his fault — but it’s happened on his watch. This will only aggravate the fatigue. Elections are in October; a credible critique of Harper’s economic policy at a time of falling revenues could tip it for the opposition.
◾Nigerian President Muhammadu Buhari doesn’t have to face an election soon — he just won one. But like other leaders from oil-producing nations, he does have to cope with a price slump in the commodity, which comprises 80 percent of the government’s revenue. It has meant civil servants in most states are owed months of pay; capital projects have been frozen; and an already restive and divided country shows more signs of revolt.
◾The turmoil is felt by countries throughout the Middle East — by those desperately reliant on oil revenue (Iraq, Syria and Libya) and those with vast riches (Saudi Arabia).
◾And yet the Russian Federation, and Scotland buck this trend. Their leaders are the Teflon Kids of the oil slump: Hit by sliding prices but not public scorn.
◾The ruling party in the state’s’s regional parliament, the Scottish National Party, presented an economic program to the Scottish people before last year’s independence referendum (independence was voted down 55-45) promising higher social, infrastructural and education spending. And, perhaps most critically, better infrastructure based on an oil price above (as it had been) $100 a barrel. This should have doomed them in today’s court of public opinion, in a landscape dominated by cheap oil.
◾Yet the falling price hasn’t affected the result of either the Scottish or the UK parliamentary elections one whit. An independent Scotland would now be in an economic crisis. But the fall in the oil price has had less effect on the economy of the UK as a whole than the benefits from cheap oil — a fact that should make Scots relieved they live in the larger state. Yet since the election, and as the price has gone down further, the popularity of the SNP and its leader Nicola Sturgeon has gone up.
◾A similar phenomenon has occurred in Russia. Rising prices, falling employment, stagnant or reduced wages have had one political result above all others: an outpouring of support, amounting to veneration or even love, for President Vladimir Putin.
◾What unites Sturgeon and Putin? What makes them exempt from public scorn as oil prices slip and slide? They are ardent nationalists. Neither loses an opportunity to glorify their country.
more on...http://nairametrics.com/why-40-oil-is-killing-iraq-nigeria-and-others-but-not-russia/

ResourceDat Business Solutions Plc is Nigeria’s best Indigenous Research Based Company.

ResourceDat Business Solutions Plc hereby provides opportunities for young graduates that are passionate about Writing and Research to join its team in the position below:

Title: Writer

Job Location: Lagos

Job Type: Internship

Job Specifications:
Your main responsibility is to:
• Responsible for Writing Articles on Business and the Economy.
• Responsible for conducting research on companies, businesses and the economy.
• We will also provide Training and Mentoring to help you make the best of this opportunity.

Qualifications/Requirements:
• NYSC Youth Corpers.
• Must be fluent in Speaking and Writing English Language.
• Must be committed to achieving results.

Closing Date: September 11, 2015

Method of Application:
Interested and qualified candidates should Send their CV to info@resourcedat.com

mmafhew:
Everybody wanna archive sumtin.. Op if u ve w@ it takes wont u also own 1?

Yes oo

◾If information reaching us is true, Nigerian investors in Dubai’s real estate market may have the worst times as the UAE’s property market prices have fallen by the most in the world, according to Knight Frank’s Global House Price Index for the second quarter of 2015.
◾60 percent of real estate property in Dubai is owned by Nigerians, with most of them politicians and businessmen.
◾Knight Frank’s Global House Price Index of 2015 index ranked Dubai’s property sector 56th out of 56 markets covered around the world with an annual price slump of 12.2 percent.
◾Months ago, the once sizzling Dubai property market slumped to as low as 51.8 percent drop in the volume of transaction and 37.1 percent drop in the value of transaction.
◾In the last ten years, individuals and institutional investors from different countries around the world have been investing in the country’s booming real estate market.
◾Prior to the global recession of 2008-2010 that affected many of the investments in many asset classes, many people flocked and invested in the market, reaping high yields.
more on...http://nairametrics.com/nigerian-investors-panic-as-worlds-biggest-annual-property-price-drop-hits-dubai/

1. What are the Priorities for the job position?
This question helps you know what to focus on if you get the job and how to make a good first impression.

2. What are the challenges of this position?
This question lets you know what you’ll be facing. If they don’t list any challenges, be very suspicious.

3. What have past employees done to succeed in this position?
This question gives you a good sense of how the company measures success.

4. Do you have any hesitations about my qualifications?
This question shows you are secure enough to discuss your weaknesses.

5. Can you give me examples of how I would collaborate with my manager?
Their response will tell you how staff members are used and if you can showcase your skills.
more on...http://nairametrics.com/5-intelligent-questions-to-ask-at-the-end-of-a-job-interview/

1. What are the Priorities for the job position?
This question helps you know what to focus on if you get the job and how to make a good first impression.

2. What are the challenges of this position?
This question lets you know what you’ll be facing. If they don’t list any challenges, be very suspicious.

3. What have past employees done to succeed in this position?
This question gives you a good sense of how the company measures success.

4. Do you have any hesitations about my qualifications?
This question shows you are secure enough to discuss your weaknesses.

5. Can you give me examples of how I would collaborate with my manager?
Their response will tell you how staff members are used and if you can showcase your skills.
more on...http://nairametrics.com/5-intelligent-questions-to-ask-at-the-end-of-a-job-interview/

A survey of prices of international grade hotels in selected major African cities, produced by hospitality research firm STR Global (https://www.strglobal.com), ahead of the Africa Hotel Investment Forum (AHIF) (http://www.Africa-Conference.com), taking place at the end of September, has revealed that Addis Ababa is the most expensive place for a good night’s sleep.

The average rate in US$ (constant currency) for a hotel room in the first six months of this year in Addis Ababa was $231.78/ night. This compares with $215.75 for a room in Lagos, $144.76 in Nairobi, $122.30 in Cape Town, $105.73 in Casablanca, $103.54 in Cairo, $72.90 in Johannesburg and $70.70 in Sharm El Sheikh.



When one notes that the price of a hotel room in Nairobi is almost double that in Jo’berg and the room rate in Addis is 60% more expensive than Nairobi, one is tempted to ask how prices can be so different.

Thomas Emanuel, Director of Business Development, STR Global, says: “A great deal of the reason for the difference in rates across major African cities is simply supply and demand.” Addis Ababa has a shortage of top quality hotels. However, with the Ethiopian economy growing at a rapid rate of more than 10% per annum for the whole of the last decade, with more conferences coming to the city by virtue of its status as the seat of the African Union and with Ethiopian Airways on a similar growth trajectory to the country, thanks to new routes and increased passenger numbers, there is a high demand for premium hotel rooms. By comparison, Johannesburg is a long-established, sophisticated international city, with a large number of 5* hotels and a competitive market for accommodation.


The increases in Sharm El Sheikh and Cairo can be explained as a recovery in tourism to Egypt, following several years of political unrest. Cape Town’s improvement is due predominantly to increased demand and no recent increases in supply since the 2010 World Cup. In the face of the recent terrorism incidents in Kenya, Nairobi’s hoteliers have chosen to maintain rates but they have suffered with lower occupancy. The rise in room rates in Lagos cannot be explained simply by supply and demand because there has been a combination of factors that would normally be expected to exert a downward pressure on price. First, there is a hotel development boom in Lagos with 3,611 new hotel rooms in the pipeline, according to W Hospitality Group, second, there has been a collapse in the oil price, which is damaging Nigeria’s heavily oil-dependent economy and third, occupancy has fallen below 50%. The rate decline in Casablanca is due in part to economic weakness in France, its major source market and in part to currency fluctuations.

At AHIF, Thomas will be reporting on year-on-year hotel performance in some of Africa’s key markets and adding further interpretation and analysis of the main trends. Matthew Weihs, Managing Director, Bench Events, which organises AHIF, which attracts all the major international hotel investors in Africa, where this information will be discussed in detail, concluded: “The wide disparity in room rates with exceptional prices being achieved in places where there is a shortage of supply, make it clear that there are parts of Africa that offer very attractive prospects for hotel investors. The best way to gain a deeper understanding of this industry is to come to Addis and meet the people who are driving it forward.”

Looking at how hotel prices have changed over the past year (year to date June ’14-’15), there have been substantial rate rises in Sharm El Sheikh, up 42.5%, Addis Ababa, up 14.9%, Johannesburg, up 11.0% Cape Town, up 10.8% and Cairo, up 10.6%. Whereas, there has been a recovery in Lagos up 5.8% whilst Nairobi is broadly the same and Casablanca has suffered a 4.0% decline
more on...http://nairametrics.com/this-city-has-the-most-epensive-hotels-in-africa/

seedgreen:
R u learning how to write

Are you learning how to write?

◾The immediate past Minister for Petroleum Resources, Mrs. Diezani K. Alison-Madueke, has dismissed the allegations made by the Indian High Commissioner to Nigeria to the effect that as former minister, she “sat” on a $15 billion oil deal, describing it as spurious, unfounded and libelous.
◾Alison-Madueke, who spoke through her lawyers, Messers Chike Amobi and Co., said the High Commissioner Mr. Ajjampur R. Ghanashyam’s acrimony towards her was due to the refusal of the Federal Government of Nigeria to allow the Indian company, Oil and Gas Commission Videsh Limited (OVL), default on its contractual obligation to provide a $ 6 billion investment, (around RS 36, 600 crore) in an 180,000 barrels (bpd) Greenfield refinery and 2,000 megawatt power plant or railway line from East to West of Nigeria.
◾In a release made available to journalists in Abuja, the former minister said the publication by Ghanashyam to the effect that she delayed the approval of oil concession to twin Indian companies, Oil and Gas Commission Videsh Limited (OVL) and Mittal Energy International JV, OMEL (MITTAL) in 2006, after receiving a $25,000,000 signature bonus, was spurious, false and lacking in substance.
◾Madueke clarified that she was not the Minister of Petroleum Resources in 2006 when the said Indian companies entered into contractual agreement with the federal government and as such, wouldn’t have received any signature bonus either as a citizen or minister of the federal republic.
◾She also said she had no personal reason to sit on the contract and wondered why the high commissioner would choose to malign and attack her rather than commend her acting dispassionately in recommending for refund of the said signature bonus to the Indians when the matter was brought to her attention at the twilight of her tenure as minister.
more on...[urlhttp://nairametrics.com/15bn-oil-deal-see-allison-maduekwes-reply-to-the-indian-envoys-allegation/][/url]

◾The Financial Reporting Council of Nigeria (FRCN) has said it is investigating Stanbic IBTC Bank Plc for allegedly engaging in unapproved transactions with its foreign technical partners in the last four years.
◾FRCN Executive Secretary/CEO, Jim Obazee, who spoke yesterday in Abuja during a meeting with the Director-General, National Office for Technology Acquisition and Promotion (NOTAP), Dan-Azumi Ibrahim, said the Council was responding to a petition written by shareholders of the bank “drawing the attention of regulatory authorities to some unapproved transactions conducted by the bank with its foreign technical partners. The petition from stakeholders, is on issues relating to the way they have been accruing some monies in their account.”
◾The bone of contention however is whether Stanbic IBTC properly disclosed these accruals into its account which is what the FRCN is investigating.
◾The accruals he said, “must be disclosed properly and they (Stanbic IBTC) require NOTAP approvals before they can make those payments. Now the person petitioning is saying that there is no need making those accruals because IBTC has not being able to secure NOTAP approval.”
◾Obazee maintained that “the petition kept coming and then we invited Stanbic IBTC to hear their side of the matter. And having listened to their side of the story, we believe that the petitioners have a good case.”
more on....http://nairametrics.com/frcn-investigates-stanbic-ibtc-over-unapproved-transaction/

◾The Financial Reporting Council of Nigeria (FRCN) has said it is investigating Stanbic IBTC Bank Plc for allegedly engaging in unapproved transactions with its foreign technical partners in the last four years.
◾FRCN Executive Secretary/CEO, Jim Obazee, who spoke yesterday in Abuja during a meeting with the Director-General, National Office for Technology Acquisition and Promotion (NOTAP), Dan-Azumi Ibrahim, said the Council was responding to a petition written by shareholders of the bank “drawing the attention of regulatory authorities to some unapproved transactions conducted by the bank with its foreign technical partners. The petition from stakeholders, is on issues relating to the way they have been accruing some monies in their account.”
◾The bone of contention however is whether Stanbic IBTC properly disclosed these accruals into its account which is what the FRCN is investigating.
◾The accruals he said, “must be disclosed properly and they (Stanbic IBTC) require NOTAP approvals before they can make those payments. Now the person petitioning is saying that there is no need making those accruals because IBTC has not being able to secure NOTAP approval.”
◾Obazee maintained that “the petition kept coming and then we invited Stanbic IBTC to hear their side of the matter. And having listened to their side of the story, we believe that the petitioners have a good case.”

According to a research done by Sporting Intelligence, English Premier League Clubs have spent a total of £897million for the summer transfer window. The window closed 6pm September 1st. A lot of business was done all through the summer, in addition clubs rushed to make last minute deals so as to strengthen their squad.

Manchester City led the pack spending total of £154.2million. Manchester United came 2nd, spending a total of £115.3m, Chelsea £73.3m Arsenal £10.7m.
more on....http://nairametrics.com/transfer-business-english-premier-league-clubs-spent-a-total-of-897m/

numisedo:
this is really tough and tasky

Lol

1) Travel

Travel a lot as it has exposes you to new cultures,

You have very little responsibility so go and travel. When you get to 30, you’re going to want to travel slightly differently, spend a little more, do slightly more expensive things, eat at slightly better restaurants. So work for a year and save enough money to experience the world on the cheap.

How do you know what you want to do if you don’t know what’s out there to do?

Don’t just travel to the obvious places.


Travel to the tough places.

Travel to learn.

Travel to discover.

Travel to the places that will challenge who you think you want to be.

2. Start a business

Start a business, no matter how small. Survey your neighborhood and think of what can be beneficial for the people and what they will need. Examples of small businesses include dry-cleaning services, Car washing, Home tutorship. This helps raise small money to offset some expenses while learning and gaining exposure in the process.

3. Focus on your Education

Try reading every day, even for an hour. Read everything in sight, from newspapers, books, articles, journals, etc. Don’t just read about things you know about. Read about people. Read people. Reading opens up the mind, increases vocabulary, improves analytical thinking, improves memory and to some reduce stress.

4. Reduce TV Time and Video Games

Reduce TV and video games time. Except for News and informative programmes watching TV is generally a waste of time.

5. Career Path

Follow your passion, do what you love doing even if it pays little at first. What matters is to be exceptional at whatever you do, be unique, be yourself.

6. Trust issues

At this stage of your life, you are bound to trust and receive lots of advice from people, some good some bad. Even if it destroys your ideas or you lose your friends. Trust people until they give you a reason not to. But don’t dull yourself. Some people are out to mess you up.

7. People

The calibre of People you surround yourself with matter a lot. People have ways of influencing your decisions, thoughts and sometimes actions. Like the saying goes, “Birds of a feather fly together”. A few people will change your life forever. Find them. Be around great people, so you too can have great aspirations.

8. Perseverance

Learn to persevere in all you do and never give up. You would face a lot of challenges in life, put keep pushing on.

9. Fail

Fail a lot. Fail often. Fail at love. Fail at sex. Fail at socialising. Fail at making friends. Fail at work. Fail at business. Fail with family. Fail with existing friends.

If you don’t learn something every time you fail then all you’ve done is failed. If you learn something, then you’ve grown. Every time you grow and learn and fail, you get better at figuring out how to succeed.
more on...http://nairametrics.com/9-things-to-do-before-you-turn-30-in-nigeria/

1) Travel

Travel a lot as it has exposes you to new cultures,

You have very little responsibility so go and travel. When you get to 30, you’re going to want to travel slightly differently, spend a little more, do slightly more expensive things, eat at slightly better restaurants. So work for a year and save enough money to experience the world on the cheap.

How do you know what you want to do if you don’t know what’s out there to do?

Don’t just travel to the obvious places.


Travel to the tough places.

Travel to learn.

Travel to discover.

Travel to the places that will challenge who you think you want to be.

2. Start a business

Start a business, no matter how small. Survey your neighborhood and think of what can be beneficial for the people and what they will need. Examples of small businesses include dry-cleaning services, Car washing, Home tutorship. This helps raise small money to offset some expenses while learning and gaining exposure in the process.

3. Focus on your Education

Try reading every day, even for an hour. Read everything in sight, from newspapers, books, articles, journals, etc. Don’t just read about things you know about. Read about people. Read people. Reading opens up the mind, increases vocabulary, improves analytical thinking, improves memory and to some reduce stress.

4. Reduce TV Time and Video Games

Reduce TV and video games time. Except for News and informative programmes watching TV is generally a waste of time.

5. Career Path

Follow your passion, do what you love doing even if it pays little at first. What matters is to be exceptional at whatever you do, be unique, be yourself.

6. Trust issues

At this stage of your life, you are bound to trust and receive lots of advice from people, some good some bad. Even if it destroys your ideas or you lose your friends. Trust people until they give you a reason not to. But don’t dull yourself. Some people are out to mess you up.

7. People

The calibre of People you surround yourself with matter a lot. People have ways of influencing your decisions, thoughts and sometimes actions. Like the saying goes, “Birds of a feather fly together”. A few people will change your life forever. Find them. Be around great people, so you too can have great aspirations.

8. Perseverance

Learn to persevere in all you do and never give up. You would face a lot of challenges in life, put keep pushing on.

9. Fail

Fail a lot. Fail often. Fail at love. Fail at sex. Fail at socialising. Fail at making friends. Fail at work. Fail at business. Fail with family. Fail with existing friends.

If you don’t learn something every time you fail then all you’ve done is failed. If you learn something, then you’ve grown. Every time you grow and learn and fail, you get better at figuring out how to succeed.
more on...http://nairametrics.com/9-things-to-do-before-you-turn-30-in-nigeria/

◾Public officials travelling abroad for medical care in 2014 cost Nigeria N198.95 billion ($1 billion), the federal ministry of health has said.
◾The figure comes from public officials requesting the health ministry’s approval for foreign medical trips in 2014.
◾The revelation comes as the ministry and stakeholders met in Kaduna in efforts to implement the National Health Act whose implementation has stalled since it was signed into law last December.
◾A Director of planning research and statistics at the ministry, Dr Ngozi Azodoh said implementing the Act will “restore confidence of those seeking health care in Nigeria and will in turn end medical tourism.”
◾Available estimates indicate up to 40 medical trips to India alone, many of them by public officials at government expense.


“The issue of medical tourism in Nigeria is a great challenge going by what is going on right now. It is not what we want,” said Dr Francis Ukwuije, health economist at the ministry and head Healthcare Financing and Equity aspect of the Act’s core secretariat. “Nigerians are often not satisfied with the quality of care they receive at home due to the quality of personnel and available equipment at health facilities and quality of drug they get. This creates higher fidelity on drugs they get out there even when it is more expensive.

more on...http://nairametrics.com/see-how-much-public-officials-spent-on-medical-trips-in-2014/

◾Nigeria plans to export a total of at least 2.04 million barrels per day (bpd) of crude oil in October, the highest level this year, according to provisional loading programmes, Reuters reports.
◾The amount compares with planned September exports of just under 2 million barrels per day, and is the highest total since January, when the country issued an initial programme of 62.97 million bpd, or 2.03 million bpd.
◾The record however, comes at an unfortunate time for Nigeria, as European refinery maintenance typically peaks in October, limiting the amount of crude oil they consume while Asian demand has also started to wane, with Chinese refineries cutting runs and its shaky economic growth beginning to impact on international commodity markets.
◾The outlook sees more pressured differentials to dated Brent for West African crude grades as the Brent benchmark on which Nigerian export prices are based are still close to 6-1/2 year lows.
more on....[urlhttp://nairametrics.com/nigerias-oil-exports-to-hit-annual-high-in-october-amidst-global-glut/][/url]

There are at least two important things to consider when examining the developmental trajectory of states when it comes to corruption. The first is that there are different types of corruption. The second is that the international community—at least through its media—looks on some types of corruption less favourably than others. But, this is sometimes misplaced.

When it comes to countries like Nigeria, the media assumes that corruption is the only reason for the country’s failure to break past itslower middle income status. The assumption appears to be that if the billions stolen by corrupt leaders were recovered and invested properly in public services, Nigeria would prosper.

There are several problems with this notion. Economic development is not an event occurring at a single point in time. It is an ongoing and dynamic process. If corruption does in fact affect systemic economic performance, we need nuanced analysis to figure out how that happens.



The Cost of Corruption

If corruption affects a country’s economy, one possible avenue is through transaction costs. We understand from the work of the American economic historian Douglass North that legal and regulatory stability, or a lack of it, affects a country’s economic performance. It affects the ability of business to efficiently and effectively calculate the cost of transactions.

North argued that the development of rule of law institutions, for example, is what enabled economic development in the UK. Business innovators could work in an environment where the cost of business can be reliably calculated and legally maintained. But this has not meant that countries such as the UK are free of corruption. They are merely corrupt in a way that does not overtly hamper economic productivity.

The specific type of erratic but institutionalised corruption that affects Nigeria is reflected in the country’s position at 170 on the World Bank’s Ease of Doing Business Rankings. In 2014, the Bank assessed that 78.3% of firms would likely have had to engage in making informal paymentsto public officials.


Indices such as these are questionable given the possibly dubious measurements involved in producing them. Nevertheless, this type of hard-to calculate corruption practised in countries like Nigeria likely affects economic growth. The fact that both domestic and international businesses cannot accurately calculate the cost of doing business in Nigeria makes them jittery at the best of times. Investors and business people put a premium on stability, credibility and predictability.


But that is not the same as saying that Nigeria is any more corrupt than any other country and that such corruption is the cause of its poor economic development.

To further draw a distinction between different types of corruption, it is worth looking at the case of the Asian tigers. Their remarkable economic growth up until the early 1990s is still being lauded. In countries like Japan, Singapore, South Korea and Taiwan, corruption was rife throughout their political and economic systems, as well as between big business and government.

The difference between corruption in Asian economies and that found in Nigeria is the former was a more organized form of corruption. It is possible that the only difference between the kind of corruption in these Asian economies and that found in Nigeria is that the former was a more organised form of corruption. Investors could credibly predict when, at what stage, and to whom, bribes were to be paid. In other words, corruption could be calculated, thus stabilising the transaction costs of doing business.

The kind of corruption that takes place in countries like Nigeria is perhaps comparable to the patrimonial corrupt practices that were prevalent in feudal Europe and the wars that built its states. Historical examination tells of a people not significantly different in behaviour from their modern day Nigerian counterparts. As Charles Tilly, the American sociologist and political scientist notes, the European experience represents “one of our largest examples of organised crime”.

While corruption in itself may not be the sole and simplistic cause of poor economic development, there is value in the moral repugnance that it elicits among the masses. It is their livelihoods that are being pocketed by those who neither care for, nor respect, the public from whom they steal.

But that is not the same as saying that Nigeria is any more corrupt than any other country and that such corruption is the cause of its poor economic development.

◾Diaspora Nigerians remitted home about $20b last year, the Federal Government said yesterday.
◾Vice President Yemi Osinbajo said the government will tap into the experience the Nigerians abroad to deepen the economy.
◾Those in the Diaspora will however wait for some time before they can start voting in elections.
◾Osinbajo, who represented President Muhammadu Buhari, spoke at the 2015 Diaspora Day held at the Old Banquet Hall of the Presidential Villa, Abuja.
◾He said: “Besides, the financial remittances from Nigerians abroad have well reached an estimate of over $20 billion in 2014.“With the potential of such huge populations abroad and attendant financial muscle, no government can actually totally ignore such persons.”
more on...http://nairametrics.com/nigerians-abroad-remitted-20b-in-2014-vp-oshinbajo/

https://i2.wp.com/nairametrics.com/wp-content/uploads/2015/08/Dangote-ovia-Source-Leadership-Newspaper.jpg?resize=300%2C174

◾Dangote Cement, FBN Holdings, and Zenith Bank have now been listed on the Nigerian Stock Exchange’s (NSE) new premium Board.
◾The NSE has launched a new listing platform, the Premium Board and the associated Premium Board Index in keeping with its commitment to promoting Africa’s biggest companies as well as influencing the economic growth and development of Nigeria.
◾The Board will feature companies that meet the exchange’s most stringent listing criteria capitalization, governance and liquidity.
◾It aims to provide a platform for greater global visibility for eligible African corporates to make it easier for them to attract global capital flows and reduce cost of funding.
◾CEO of NSE, Mr. Oscar Onyema, said, “The Premium Board is one result of our commitment to place corporate governance at the front and Centre as a way to improve the climate of doing business in Africa.’’
◾According to Onyema, the Premium Board Index would serve as a benchmark for investors looking to track the performance of large firms with excellent corporate governance and sustainable business models.
◾Also speaking on this development, the executive director, Business Development, NSE, Mr. Haruna Jalo-Waziri, stated that the Premium Board is for issuers with a minimum market capitalization of N200 billion and the highest corporate governance standards.
Get more on....http://nairametrics.com/nse-launches-premium-board-as-dangote-fbn-zenith-bank-make-list/

https://i2.wp.com/nairametrics.com/wp-content/uploads/2015/08/Dangote-ovia-Source-Leadership-Newspaper.jpg?resize=300%2C174

◾Dangote Cement, FBN Holdings, and Zenith Bank have now been listed on the Nigerian Stock Exchange’s (NSE) new premium Board.
◾The NSE has launched a new listing platform, the Premium Board and the associated Premium Board Index in keeping with its commitment to promoting Africa’s biggest companies as well as influencing the economic growth and development of Nigeria.
◾The Board will feature companies that meet the exchange’s most stringent listing criteria capitalization, governance and liquidity.
◾It aims to provide a platform for greater global visibility for eligible African corporates to make it easier for them to attract global capital flows and reduce cost of funding.
◾CEO of NSE, Mr. Oscar Onyema, said, “The Premium Board is one result of our commitment to place corporate governance at the front and Centre as a way to improve the climate of doing business in Africa.’’
◾According to Onyema, the Premium Board Index would serve as a benchmark for investors looking to track the performance of large firms with excellent corporate governance and sustainable business models.
◾Also speaking on this development, the executive director, Business Development, NSE, Mr. Haruna Jalo-Waziri, stated that the Premium Board is for issuers with a minimum market capitalization of N200 billion and the highest corporate governance standards.
Get more on....http://nairametrics.com/nse-launches-premium-board-as-dangote-fbn-zenith-bank-make-list/

The Nigerian Bureau of Statistics in conjunction with the National Drug Law Enforcement Agency released the Drug related crime statistics from year 2010 – 2014.

NUMBER OF ARRESTS BY STATES

The report showed a total of 8,805 arrests were made. The states that had the highest number of arrests in 2014 are..
◾Katsina – 609
◾Kano – 503
◾Bauchi – 471
◾Lagos – 434
◾Akwa Ibom- 401
TOTAL NUMBER OF DRUG CASES BY GEOPOLITICAL ZONE



North East – 1,017

North Central – 1,416

North West – 2,261

South East – 1,136

South South – 1,314

South West – 1,682

NUMBER OFCONVICTIONS SECURED BY STATE

Kano secured the highest with a total of 182 convictions, followed by Kaduna with 151, while Lagos secured 125 convictions. Borno State secured the least with 2 convictions.
more on...http://nairametrics.com/katsina-state-records-highest-number-of-drug-arrests-nbs/

Nigeria needs to appease India as soon as possible and maintain our trade ties

we cant compare the 1970s and now, our population was less than now, we have more people now to cater for and more infrastructure is needed to accommodate the rising population, so a falling oil price is a disaster for a country like Nigeria.

Global oil prices have been falling steadily for more than 6 months now, and different scenarios, analysis have been postulated recently as to why oil prices might fall to $30 a barrel or even lower.

These predictions generate mixed reactions from different countries depending on whether they are net importers or exporters of oil. Consumers in many oil importing countries might be more relaxed because these countries will have to pay less to fuel their cars, but it’s the countries that depend on oil as a major revenue earner for their nations that will be scared and could pay dearly for this volatility in oil prices.

World oil prices have been steadily rising over the past 5 years, Brent crude rose to as high as $111.26 a barrel in 2012, up from $61 in 2009. However from mid-late 2014, prices began to slump and it fell to as low as $50 a barrel in April 2015, for the first time since May 2009. As at today oil sells for around $47 per barrel.
https://i2.wp.com/nairametrics.com/wp-content/uploads/2015/08/historical-brent-crude-oil-prices-2005-2015.png
Reasons for the Price Fall:
◾Weak demand in many countries (such as china), due to slowing economic growth.
◾Surging US shale Oil production.
◾Over Supply of oil forcing prices to drop.
◾OPEC not cutting production as a way to prop up oil prices.
WHAT ARE THE IMPLICATIONS FOR NIGERIA?

Russia loses about $2bn in revenue for every dollar fall in oil price, the World Bank has already warned that Russia’s economy will shrink by at least 0.7% in 2015 if oil prices do not recover.

Nigeria like Russia is a net oil exporter, and will face severe consequences if the oil price keeps falling. Below are the implications…


◾Infrastructure will be hampered:

According to the Nigerian Bureau of Statistics, as at Q2 2015, Nigeria earned N2.8trillion from exports out of which oil accounted for N2.5 trillion or 87.3% of that value. If oil prices keep falling Nigeria will earn less than this which will mean less funds for infrastructural development to cater for projects in all 36 states of the country. Capital projects like roads, bridges, rail, and electricity require massive amounts of money.
◾The Naira will take a severe beating:

A continuous fall in oil prices will have the naira value depreciate, this is because falling oil prices will cut export revenues hence driving down the value of the Naira.
◾Oil companies will Sack/Lay off workers:

Oil companies are likely to be hampered by cheaper oil. The reduction in profits of these companies like shell, chevron etc. will have severe consequences. Some of which will include job cuts, layoffs, and lower spending.
◾Uncertainty for 2016 Budget:

The fall in price will create uncertainty for the benchmark for the 2016 budget. The 2016 budget will be critical for this new administration, as it will be the first budget to be passed by them. The budget will be critical to kickstart the economy along the lines of which this administration led by President Buhari will like to go. Lower oil prices will be a painful sore for the budget.
◾More Debt:

If oil prices keep falling, given the weak level of foreign reserves, economic pressures will remain, which might lead to government spending cuts. The government may also be forced to go to the capital market to issue bonds and borrow more money hence increasing domestic debt.
more on....http://nairametrics.com/the-nasty-economic-implications-for-nigeria-if-oil-price-drops-to-30/

◾The former Minister of Petroleum Resources, Mrs Diezani Allison Madueke, failed to sign a long-term agreement with New Delhi, Nigeria’s Number One oil buyer, but rather used intermediaries in the annual $15 billion deal, the Indian High Commissioner to Nigeria, Ajjampur R. Ghanashyam, has revealed.


Speaking in an interview with Daily Trust on Sunday at the weekend, the High Commissioner stated that Nigeria is the only country who uses intermediaries in its oil deals with India, saying, “From other countries, when we buy oil, whatever we want to pay, we pay to the Ministry of Finance of that country.In Nigeria, we pay to intermediaries. We would like to be dealing directly with the Nigeria National Petroleum Corporation (NNPC). It’s not a good thing. Why should we go through intermediaries? Secondly, we would also like to have long term agreement, which we have with many countries: Iran, Iraq, Saudi Arabia, and other countries from where we buy oil. Nigeria is the only country with whom we don’t have an agreement. .. When we write a letter to NNPC, we don’t get a response.”

◾The NNPC 2014 Annual Statistical Bulletin indicated that India bought 136,419,844 barrels of crude oil, at a time when the United States’ own purchases from Nigeria was 24,047,758. China’s oil purchases from Nigeria also went as low as 11,412,275, despite the fact that it is one of Nigeria’s major trading partners.
◾Next to India in oil purchases from Nigeria is the Netherlands, which imported 101,953,572 barrels of crude oil in 2014. Spain is next with 79,647,587 barrels, then South Africa comes fifth with the purchase of 51,148,821 barrels of crude oil from Nigeria.

more on....http://nairametrics.com/the-indian-deal-can-deziani-defend-this/

PZ Cussons released the following dividend information for the period ended May 2015.
◾Proposed Final Dividend : 61k.
◾Closure Date : 14 – 18 Sept. 2015.
◾Date of Payment : 30 September, 2015.
◾AGM Date : 29 September, 2015.
◾AGM Venue : Transcorp Metropolitan Hotel Calabar.
more on... http://nairametrics.com/pz-cussons-will-pay-61k-as-dividend-for-2015-fy/

◾The former Minister of Petroleum Resources, Mrs Diezani Allison Madueke, failed to sign a long-term agreement with New Delhi, Nigeria’s Number One oil buyer, but rather used intermediaries in the annual $15 billion deal, the Indian High Commissioner to Nigeria, Ajjampur R. Ghanashyam, has revealed.


Speaking in an interview with Daily Trust on Sunday at the weekend, the High Commissioner stated that Nigeria is the only country who uses intermediaries in its oil deals with India, saying, “From other countries, when we buy oil, whatever we want to pay, we pay to the Ministry of Finance of that country.In Nigeria, we pay to intermediaries. We would like to be dealing directly with the Nigeria National Petroleum Corporation (NNPC). It’s not a good thing. Why should we go through intermediaries? Secondly, we would also like to have long term agreement, which we have with many countries: Iran, Iraq, Saudi Arabia, and other countries from where we buy oil. Nigeria is the only country with whom we don’t have an agreement. .. When we write a letter to NNPC, we don’t get a response.”

◾The NNPC 2014 Annual Statistical Bulletin indicated that India bought 136,419,844 barrels of crude oil, at a time when the United States’ own purchases from Nigeria was 24,047,758. China’s oil purchases from Nigeria also went as low as 11,412,275, despite the fact that it is one of Nigeria’s major trading partners.
◾Next to India in oil purchases from Nigeria is the Netherlands, which imported 101,953,572 barrels of crude oil in 2014. Spain is next with 79,647,587 barrels, then South Africa comes fifth with the purchase of 51,148,821 barrels of crude oil from Nigeria.
more on...http://nairametrics.com/the-indian-deal-can-deziani-defend-this/

I just thought of them as logical situations based on the past, and how oil is critical to our budget

Global oil prices have been falling steadily for more than 6 months now, and different scenarios, analysis have been postulated recently as to why oil prices might fall to $30 a barrel or even lower.

These predictions generate mixed reactions from different countries depending on whether they are net importers or exporters of oil. Consumers in many oil importing countries might be more relaxed because these countries will have to pay less to fuel their cars, but it’s the countries that depend on oil as a major revenue earner for their nations that will be married and could pay dearly for this volatility in oil prices.

World oil prices have been steadily rising over the past 5 years, Brent crude rose to as high as $111.26 a barrel in 2012, up from $61 in 2009. However from mid-late 2014, prices began to slump and it fell to as low as $50 a barrel in April 2015, for the first time since May 2009. As at today oil sells for around $47 per barrel.



historical-brent-crude-oil-prices-2005-2015
https://i2.wp.com/nairametrics.com/wp-content/uploads/2015/08/historical-brent-crude-oil-prices-2005-2015.png























Reasons for the Price Fall:
◾Weak demand in many countries (such as china), due to slowing economic growth.
◾Surging US shale Oil production.
◾Over Supply of oil forcing prices to drop.
◾OPEC not cutting production as a way to prop up oil prices.

us shale oil
https://i0.wp.com/nairametrics.com/wp-content/uploads/2015/08/us-shale-oil.png


























WHAT ARE THE IMPLICATIONS FOR NIGERIA?

Russia loses about $2bn in revenue for every dollar fall in oil price, the World Bank has already warned that Russia’s economy will shrink by at least 0.7% in 2015 if oil prices do not recover.

Nigeria like Russia is a net oil exporter, and will face severe consequences if the oil price keeps falling. Below are the implications…


◾Infrastructure will be hampered:

According to the Nigerian Bureau of Statistics, as at Q2 2015, Nigeria earned N2.8trillion from exports out of which oil accounted for N2.5 trillion or 87.3% of that value. If oil prices keep falling Nigeria will earn less than this which will mean less funds for infrastructural development to cater for projects in all 36 states of the country. Capital projects like roads, bridges, rail, and electricity require massive amounts of money.
◾The Naira will take a severe beating:

A continuous fall in oil prices will have the naira value depreciate, this is because falling oil prices will cut export revenues hence driving down the value of the Naira.
◾Oil companies will Sack/Lay off workers:

Oil companies are likely to be hampered by cheaper oil. The reduction in profits of these companies like shell, chevron etc. will have severe consequences. Some of which will include job cuts, layoffs, and lower spending.
◾Uncertainty for 2016 Budget:

The fall in price will create uncertainty for the benchmark for the 2016 budget. The 2016 budget will be critical for this new administration, as it will be the first budget to be passed by them. The budget will be critical to kickstart the economy along the lines of which this administration led by President Buhari will like to go. Lower oil prices will be a painful sore for the budget.
◾More Debt:

If oil prices keep falling, given the weak level of foreign reserves, economic pressures will remain, which might lead to government spending cuts. The government may also be forced to go to the capital market to issue bonds and borrow more money hence increasing domestic debt.

The Nigerian tax system has faced several challenges in recent times. Under current Nigerian law, taxation is enforced by the 3 tiers of government, i.e. federal, state, and local governments, with each having its sphere clearly spelt out in the Taxes and Levies (approved list for Collection) Decree, 1998.

Several contentious issues have plagued taxation in Nigeria in recent years, among them is the issue of the appropriate tax authority to administer several taxes, also there is the issue of multiple taxes administered by all the three tiers of government which sometimes imposes welfare cost.

Furthermore, the issue of the paucity of a data base, which contributes to tax avoidance in the country. The issue of corruption is still a perennial issue in the country; this reduces the confidence and trust of the taxpayers in discharging their civic duty. The issue of infrastructural development is also a crucial issue, in Nigeria, the level of infrastructural facilities is in a deplorable state, most of the facilities are often privately sourced, thus a number of people wonder what the taxes collected are used for, hence the tendency to evade tax payment. Furthermore, the problem of the tax language that is legally codified makes it difficult for an average Nigerian to understand.

The Tax Collector

A tax collector is a person who collects unpaid taxes from other people or corporations. Tax collectors are often portrayed in fiction as being fierce and cruel people who collect taxes by all means, but in the real sense, most people do not like to pay taxes, others need a fierce and cruel tax collector who will compel them to do their civic responsibility.

For many people living in Lagos, the name Tunde Fowler sends jitters through the spines of individuals and corporate concerns in the State.

But a closer look reveals that Mr Fowler is disarmingly harmless, unassuming and charming. A sharp contrast to the fiercesome look, usually the trademark of tax collectors by the way.

However, you will let down your guard at your own peril if you underrate him.

Mr. William Babatunde Fowler who was the Tax Collector- in- Chief for Lagos State Government was on on Thursday, August 20, 2015, appointed by President Buhari as the Executive Chairman of the Federal Inland Revenue Service (FIRS).

Mr. Fowler was the Chief Executive Officer/Executive Chairman of the Lagos State Board of Internal Revenue from 2005 to 2014.

Fowler is taking over as chairman with an enviable Resume. Under his leadership, the Lagos State Board of Internal Revenue reportedly achieved a sharp increase in internally generated revenue from an average of N3.6. billion per month in January 2006, to an average of about N20.5 billion per month in 2013.


How Fowler Changed The Game

An average Nigerians does not believe in taxation, he/she thinks the government will not put their money to good use, so they find it difficult to part with their money in the name of taxes.

But with the Lagos example, Fowler changed the game, Lagosians have since seen what their taxes have delivered in terms of development and are more encouraged to pay taxes.

Lagos State have also gotten to the point whereby even the pepper seller or bus conductor paying taxes understand and see what the taxes are doing for them, through the several infrastructural developments under the Fashola administration.

Lagos State currently receives an average of N8billion from the Federation Account on a monthly basis. Out of this, N6billion is spent on the payment of salaries, After salaries are paid, Lagos State will be left with only N2billion, but through Fowler Lagos state was able to generate an average of N20.5 billion per month, just imagine what Lagos will be without these taxes.

Imagine the recent Ebola outbreak in Lagos and the way the Lagos State Government sucessfully dealt with it. Imagine a Lagos State without the financial might to curtail the virus?

Imagine a Lagos state being listed among the states that owed salaries of workers?

Imagine the effect it will have on the socio-economic development of Lagos.

Lagos State’s Internally Generated Revenue (IGR) of N384.25 billion in 2013 exceeded the total sum generated by 19 states put together, analysis of data released by the National Bureau of Statistics (NBS) has shown.

A recent updated data released by the NBS on IGR at State level showed that a total of 20 states generated about N671.32 billion in 2013 out of which Lagos State had the lion’s share.

The analysis showed that the total IGRs of Akwa Ibom, Anambra, Bauchi, Bayelsa, Benue, Delta, Edo, Enugu, Katsina, Kebbi, Kogi, Kwara, Niger, Ondo, Plateau, Rivers, Taraba, Yobe and Zamfara states was N287.07 billion. Lagos is about N97.18 billion ahead of the total IGRs of the19 States combined, followed at a distance by Rivers States with a total of N87.91 billion.


Further analysis showed that Lagos generated a total of N722.62 billion from 2008 to 2011. Comparatively, Kano generated a total of N23.11 billion over the same period.

So, every government needs funds through taxes, the fall of oil prices is affecting the economy of Nigeria, so, the only way to sustain development is to depend on taxation, which the government can plan with.

Fowler was able to serve Lagos state by generating revenue for the state and empowering the government as the Chief Executive Officer/Executive Chairman of the Lagos State Board of Internal Revenue from 2005 to 2014.

Considering the fact that many people don’t want to pay taxes, Fowler developed a tough skin and no friends and tormented the ‘Big Men’ in Lagos by making sure they paid their taxes.

He was despised by many, just like many tax collectors, but it was indeed very rare to see a tax man being liked by so many people.

Infact, if a tax man is well liked then it means there is something wrong somewhere.

Today, Lagos is held up as a model in tax administration, Fowler indeed changed the game.



What Should We Expect From Fowler?

In these trying times for Nigeria, when the fall in world oil prices has reduced Nigeria to a broke nation, we therefore need to look inwards and generate revenue.

With the success from The Lagos Internal Revenue Service, Babatunde Fowler is no doubt the most experienced man for the job.

Fowler will also ensure mutual cooperation among different government agencies and parastatals, this collaboration should enhance exchange of information, and reduce the incidence of tax evasion as well as fraudulent tax practices.

To elicit voluntary compliance, the government should be more responsive to the welfare needs of the citizens. The Nigerian tax system can effectively generate more revenue when the citizens have trust and confidence in the authority. Lagos state under Fowler generated huge revenue due to the fact that many corporate bodies and individuals feel that they can visibly feel the development impact of their contributions.

In most developed countries, tax payment is considered a moral and civic responsibility, thus tax avoidance is frowned upon. This implies that once the new government starts to give citizens dividends of democracy, they will in-turn demonstrate patriotism through timely payment of their taxes and discharging other civic duties.

In Nigeria, most of the citizens are religious and faithful people. Thus, with religious provisions that explicitly support fulfilling religious obligations, tax payment could be enhanced. For instance, the Biblical saying of “Give unto Caesar, what is for Caesar and to God what is for God” is apt and relevant to the Christians while the Qur’an calls on the Muslims thus: “O you who believe, fulfil all obligations” (Q5:1).

Not many people know that there is much more to the new Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler‘s life or daily activities beyond tax or revenue collection.

Fowler divulges the secret that stands him out amongst others as a unique being in a recent interview to a Christian-based magazine, Harp Applause.

Fowler spent 21 years in the banking profession, holding various managerial post before leaving the banking hall as a general manager to take up the challenge being thrust at his feet by former Lagos State Governor, Asiwaju Bola Ahmed Tinubu to drive the tax revenue of the state, having being a specialist in revenue generation.

The silent philanthropist does not embark on any mission or accept any challenges without consulting and hearing from God. It is his believe according to his words “The truth is that when God changes your direction, he changes it for a purpose. I have found myself in the position where I could directly impact positively into the lives of people, because when you collect revenue for government, you are empowering the government to do more for the people. Today, I can tell you that I am fulfilled in what I am doing. I can feel and see the impact of what I am doing in the lives of the people than when I was a banker.

Fowler did it for Lagos, can he do it for Nigeria??