It was all smiles on Tuesday, 2nd of June, 2020 as Mrs Onome Joy Adewuyi BSc, MSc, FCIB, FCA was sworn in as the 56th President of the Institute of Chartered Accountants of Nigeria (ICAN) at the Institute’s secretariat, Victoria Island, Lagos.

Prior to her emergence as the new President, Onome Joy Adewuyi was the 2nd Deputy Vice President of ICAN. She has been a member of the Governing Council of the Institute of Chartered Accountants of Nigeria (ICAN) since 2007 and sits on the Council. She is also currently the Chair of the Membership Affairs, Staff and Organizing, and Investigation Panel Committees. Previous service with ICAN includes three terms as ICAN’s Treasurer, chairing the ICAN Professional Examinations in 2017 and chairing the IT and Image and Publicity Committees.

Mrs. Adewuyi, an indigene of Emevor in Isoko North Local Council of Delta State is also a member of the board of the Financial Reporting Council of Nigeria (FRCN) and was the president of Society of Women Accountants Nigeria, 2013-2015 (SWAN), a member of the Institute of Directors.

Mrs. Adewuyi’s career spans 35 years and includes a variety of sectors, such as manufacturing, oil and gas, and banking.

She began her career with Texaco Nigeria Plc. as the Treasury and Investment Accountant. She later joined the Nigerian Intercontinental Merchant Bank Limited where she started her banking career. She worked at Fidelity Bank Plc from 1997 to 2015, where she rose to the position of Executive Director Risk Management from 2009-2015. After retiring from that position, she co-founded a new business, Cynergy Platforms Limited in 2015. She is currently the Executive Director Finance and Administration.

Mrs. Adewuyi also sits on the boards of Law Union and Rock Insurance Plc, Dominion Trust Co limited, and Dominion Finance Limited as non-executive directors.

Mrs. Adewuyi holds a B.Sc Second Class Honours Degree in Accounting from the University of Benin and an M.Sc Degree in Banking and Finance from the University of Lagos. She is an alumnus of the Havard Business School, Boston Massachusetts USA; the Wharton Business School of Pennsylvania, USA and the Kellogg Business School, Chicago USA. She is also an alumnus of the International Banking Summer School, USA and the Lagos Business School.

She qualified as a Chartered Accountant (ACA) in 1986, Conferred FCA of ICAN in 1997. She qualified as a Chartered Banker (ACIB) 1993 and conferred a fellow of the Chartered Institute of Bankers in 2007. She is also a fellow of the Risk Managers Association of Nigeria and was the Vice President of the Association in 2007. She is the Technical Advisor to General (rtd) Sebastian Owuama, a Board member of the International Federation of Accountants (IFAC).

She has a strong passion for charity and humanitarian works and development of the indigent girl child and she runs a scholarship scheme for Anglican priests and indigent children attending Nigerian universities.

She is married and blessed with children and will succeed MAZI Nnamdi Okwuadigbo who was the 55th ICAN President

SOURCE: https://www.trendingaccounting.com/2020/06/meet-onome-joy-adewuyi-new-56th-ican.html

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Building a successful business is much easier when you have help. That’s why some of the most accomplished entrepreneurs in history started out by working with business partners. You’re more likely to stay motivated when you have someone to hold you accountable, handle essential tasks you don’t have the bandwidth for, and compensate for any qualities you may be lacking (and vice versa).

That’s not to say business partnerships remain beneficial forever. You may reach a time when you’re better off ending the partnership and moving on to other projects.

Not sure if you’re at that stage? Keep these warning signs in mind:

DISHONESTY

You obviously don’t want to work with a business partner who lies to you. However, direct lies aren’t the only form of deceit. A business partner who doesn’t share useful information is also dishonest.

Maintaining such a partnership could land you in trouble if you’re not careful. For instance, perhaps your business partner is using the funding for your small business for unauthorized personal purchases. As one of the business owners, you may be considered somewhat responsible for their actions, even if you didn’t know about them.

IRRESPONSIBLE BEHAVIOR

Taking calculated risks is important in business. However, there’s taking risks, and there’s behaving irresponsibly.

For instance, a calculated risk might involve evaluating your capacity and deciding to accept an ambitious project. While completing it successfully may be difficult, if a business partner carefully analyzes relevant factors with your cooperation, this may be a risk worth taking.

Irresponsibility, however, would involve a partner accepting a project you don’t have the capacity for without consulting you first. If they’re making too many major, potentially risky decisions without your help, it’s time to reconsider your partnership.

APATHY

Businesses are more likely to succeed when the people behind them are passionate about what they do. Although it can be difficult to maintain enthusiasm when you face challenges, remaining passionate is key to overcoming those hurdles.

That means both you and your partner have to stay enthusiastic. If they are apathetic, and no longer seem committed to growing the business, you might have to go your separate ways.

Apathy can take many forms. Maybe your partner used to arrive to work energized, but now they seem indifferent. Perhaps they no longer put in anything more than the bare minimum effort. Maybe they used to actively pursue clients, but now they wait for clients to contact you.

Don’t assume these are definitely signs of apathy. This is something you need to discuss with your partner before deciding not to work with them any longer. It’s possible they are struggling with a personal issue that is making it difficult for them to care about the business to the same degree they once did. In these instances, you may be able to help.

However, if they remain apathetic for a long period of time, they might have simply lost interest in the company’s goals. Don’t let their presence drag you down. Both of you will likely be happier if you end the partnership.

STUBBORNNESS

It’s very important that a business partner be willing to challenge you. For instance, consider this example: one co-founder has great ideas but doesn’t consider executing them, while another’s ideas are lacking, but they are more willing to take action on them.

Alone, both may struggle to succeed. Working as a team, they can challenge one another to grow and consider ideas they hadn’t thought of, which is obviously valuable in a business relationship.

However, challenging you isn’t the same as refusing to listen. You need to work with someone who can accept outside opinions and compromise when necessary.

Sticking with a stubborn business partner prevents you from realizing your own potential. While it is important to listen to a reasonable partner, if they are never willing to listen to you, they aren’t being reasonable, and they certainly aren’t letting you bring your own ideas to life. This can discourage you in the long run. Avoid this by putting a stop to a business relationship in which one partner is no longer willing to compromise.

DIFFERENT VALUES
A business should be built on a vision. You need to have goals and values to reach your full potential. Additionally, your partner needs to share your goals, otherwise you’ll pull the business in different directions.

Perhaps you want to eventually reach a stage where you can only serve clients who you behave represent your principles. On the other hand, your partner’s goal may be simply to serve the highest-paying clients, even if their values don’t match yours. As your business grows, you’ll pursue one direction for it, with your partner moving in another, preventing your business from growing in general.

Pay attention to this aspect of your relationship. It’s okay to move on to other projects if your partnership is no longer allowing either one of you to embody your values. Calling off the partnership doesn’t mean you’re abandoning your goals completely. It just means you’re breaking free of something that was preventing you from attaining them.

SOURCE: https://www.trendingaccounting.com/2020/02/dissolving-partnership-how-to-tell-it.html

With the application of logical reasoning, we must understand some basic trade movements and the instant implications of same on all Africa nations big or small.

First of all, Nigeria is a small country on a global GDP scale as the top 10 world economies i.e United States of America, China, Japan, Germany, United Kingdom, France, India, Italy, Brazil and Canada holding over 67% of the entire world’s Gross Domestic Products (GDP) and with the US Dollar remaining the world's reserve currency, Nigeria is only a tiny part of the remaining 32.2% slice distributed amongst about 185 countries. Note that the global wealth situation is grossly skewed and a lot can happen if those 10 guys decide to go rogue.

However, this does not necessarily mean that Nigeria is doing badly as it remains number 1 in Africa with a GDP size of about $420Billion but its currency is heavily influenced by the strings that are pulled in the foreign scene especially those that affect oil prices as about 90% of Nigeria’s foreign revenue come from crude oil sales and that automatically means that both the look and feel of it’s foreign reserve is mostly dependent on the movement of global oil prices. Take note that, the Nigeria foreign reserve currently sits at around $33Billion and positioned to settles most of the country's offshore transactions and so, situations such as this crude oil price dive will do a lot more harm than good to the Naira due to inevitable pressure driven by normal economic activities.

The Saudi vs Russia price war (even though it is now being settled) coupled with the current Covid19 pandemic could not have happen at a worst time for Nigeria as this continue to drag oil price from excess of $70pb to downwards its production cost of $22pb. There already existed indications of economic downturns for Nigeria which had led many analysts from around the world to bet against the Naira and then COVID19 just aggravated the situation by stopping almost all business activities including core oil consuming ones.

The world right now is seeing new levels of negative economic figures with the most alarming WTI crude trading at $-37 (minus $37) never recorded in world history.

Propositions to savage the Nigerian economy as well as the Naira:

1. Cut down crude production costs and all other associated costs as well as transactions costs to cushion the fall

2. Massive cut down of importation of budgetary capital expenditure items and strive for many to be sourced within the shores of Nigeria

3. Urgent cut down cost of governance: Nigeria currently has about 43 Ministers including Ministers of states, THIS IS ABSOLUTELY UNNECESSARY! We really do not need more than 6 Ministers for the 6 geopolitical zones of this nation. Also, if FCT Abuja has only one Senatorial District why should states like Ekiti, Osun, Imo, Gombe, Katsina, Abia, Ebonyi and other bankrupt states contributing little or nothing to the federal government have 3 senatorial districts?? We can go on and on listing areas of our unnecessary spendings but summarily, Nigeria must live beyond its means.

3. Heavy restriction of all dollar denominated investments in Nigeria and more restrictions on the transferability of government securities to control capital erosion

4. A temporal ban on foreign currency loans by Banks: Nigerian Banks with a total asset size of about N45Trillion i.e $106Billion looks good but it is just about 50% of Google's which is just one company in the US. Foreign loans only creates unnecessary pressure and even restrains hedging business activities which forms a good part of the capital market

5. Increase lending rate: high lending rate is a key driver for capital retention within the economy due to its ability to discourage proceeds repatriation as well capital flight.

6. A low interest would see investor trooping towards another economy with higher interest rates.

7. Inclusion of Central Bank Licensed Bureau De Change Operators in the money transfer ecosystem through granting them agency status to the likes of money-gram, western union, RIA etc This will help improve and encourage fund remittance "into" Nigeria as the World Bank already projected 

8. Deepen trade trade with fellow African nations. This would reduce pressure on the Naira

9. Extend the current frontiers of education to standardized vocational institutions. Like no time in history, Nigeria needs artisans and then restrict influx of artisans into Nigeria from neighboring African countries so that our own can hold onto jobs

10. Improve communication and citizens engagements

SOURCE: https://www.trendingaccounting.com/2020/04/what-is-fate-of-nigerian-naira-amidst.html

Human Right And Advocate Of Nigeria (CORONA VIRUS)
Chapter One
Appeal has gone to first lady of federal republic of Nigeria Hajia Aisha Buhari and Vice President Yemi Osinbajo to kindly persuade President Muhammadu Buhari to urgently help us, make importation of Rice, flour, Semovita and some other food stuffs for this CORONA VIRUS purpose with drugs that can cure CORONA VIRUS into Nigeria from other neighboring country (Cotonue) or the government should also buy rice and yams from Nigeria farmers or Nigeria food producer to avoid people been starved to death after long hunger especially children and sick people in the hospital and at home from the money been donated by some notable philanthropist and firms and also on our phone bills (calling and internet data) it’s not easy to go out and make money to get airtime while the calling rate has increased they should tell the telecommunication company to consider us. The money donated neither belong to President Buhari nor the federal government but for the poor masses.

They should use the money for food stuff and share it to all state government then local government headquarters will dispatch it to the poor masses. Please do not use the money for any other purpose except food items. We strongly advice that Buhari should stop sending money to any state government without proper monitoring because most of our governors are not sincere, if any money should be sent out it should be monitor effectively, otherwise, the money will be diverted to another thing. Right now in Nigeria we have two major sicknesses, “hunger and coronavirus” there is a lot of jobless people who cannot afford feeding themselves. The poor masses cannot provide food for themselves during this 14days locked down because this locked down is the only remedy that can stop the spreading of coronavirus.

This huge amount has been locked down before, but God miracle brought them out through coronavirus for the masses of Nigeria but if somebody tries to lock down this money for his personal use its only God that can judge.

The federal government has announced that the commencement of the implementation of Value Added Tax (VAT) is to take effect from February 1, 2020, after all the necessary administrative procedures.

The VAT increase which is meant to help government achieve its revenue projections for the 2020 Budget (N8.155trillion) is a part of the tax reforms included in the 2019 Finance Act.

“With the Act, there will be more revenue to finance key government projects especially in the areas of health, education and critical infrastructure”.

The minister explained that among the Finance Act strategic objectives is to provide support for micro, small and medium Enterprises (MSMEs) in line with the ease of doing business reforms such as VAT threshold.

“We planned that, going forward, the annual budget will always be accompanied by Finance Bills to enable the realisation of revenue projections”.

“Future Finance Bills will therefore also provide us with additional opportunities to incrementally improve the fiscal policy and regulatory/legal environment in order to further strengthen our domestic capital market, and ultimately ensure sustained and inclusive growth and development"

SOURCE: https://www.trendingaccounting.com/2020/01/new-vat-implementation-to-take-effect.html

The Managing Director and CEO of Arit of Africa, a leading information communications and technology (ICT) firm in Nigeria, Ronke Okeremi, has given reasons why financial data of banks is the most prone to cyber-attacks in the world.

She noted that financial data is the most attractive and hence financial institutions like banks are more likely to be attacked. She therefore urged business owners to carry out regular vulnerability assessment to determine areas of threat in their database.

Okeremi advised managers of financial and non-financial organisations to improve the levels of cyber security awareness as any organisation can be attacked at any point in time.

While describing cyberattack as any risk of financial loss, disruption or damage to the reputation of an organisation that may arise from some failures of its information technology systems, she said that identity theft has become rampant, as such, she warned financial institutions and banks to be watchful.
“There are solutions that offer early warning threat signals which aims to provide alerts on incoming threats, shutdown and remediate for prevention. These solutions come at a cost to implement but would however prevent firms to a large extent from cyber-attacks.”

She added that one of the importance of information security is to protect the companies’ ability to function, enable the safe operation of applications implemented on the organisation’s IT systems, protect the data that establishments’ collect and use, and to safeguard the technology assets in the organisation.

“Information security is crucial to all organizations as it will protect their information and assist them to adequately conduct their businesses. Information security is defined as the protection of information and the system as well as hardware that use, store and transmit that information.

“It is important for businesses to safeguard sensitive financial information, services and products. This further protects their internal and third-party customers from theft, email-borne viruses, worms, trojans, spyware, malware and phishing attacks”, she advised.

SOURCE: https://www.trendingaccounting.com/2019/01/reason-cyber-hackers-pursue-financial.html

The Association of Licenced Telecommunication Operators of Nigeria (ALTON), has urged the Federal Government of Nigeria to review the Amended Tax Order of 2015 to reduce multiple taxation which has become a burden to telcom operators.

The Secretary of the association, Mr Gbolahan Awonuga, made the call in an interview with newsmen on Tuesday in Abuja.

The administration of former President Goodluck Jonathan, acting through the then Minister of Finance and Coordinating Minister of the Economy, Dr Ngozi Okonjo-Iweala, had on May 26, 2015, amended the Taxes and Levies (Approved List for Collection) Act, Cap. T2, Laws of the Federation of Nigeria, 2004.

The ALTON scribe, however, said that there was need to review the order, adding that “the tax order which was amended and signed by the former Minister of Finance, Mrs Ngozi Okonjo-Iweala has created more problems and confusion.

“The ALTON is seeking another review and we are planning to send it to the National Economic Council for consideration and we hope it is approved.”

Mr Awonuga said that the Nigerian Communications Commission (NCC) had taken steps to address the issue of multiple taxation and had been having stakeholders’ meetings and discussing with states on how to put a stop to the issue. He added that “ALTON had been relating with states to end the problem of multiple taxation. The association was also relating with necessary agencies of government to move the telecom sector forward in 2019.

“We are also collaborating with players in the telecom and financial sector by way of financial inclusion so as to take financial institutions to the grassroots. “Those are part of what we are going to do and also try to ensure that online fraud is drastically reduced. We are looking forward to do all these this year.”

SOURCE: https://www.trendingaccounting.com/2019/01/multiple-taxation-telecom-association.html

Nigerian business mogul, Dr. Mike Adenuga Jr. has been declared the Businessman of the Year by a team of respectable judges at the third Daar Awards which held at the International Conference Centre, Abuja.

The event which was attended by top government officials, socialites, politicians, captains of industry and entertainers over the weekend, Dr. Adenuga was singled out for honour for his keen ability to spot juicy business ventures miles away and for his record of succeeding where others failed. His citation stated that his oil prospecting firm, Conoil Producing, has the enviable record of being the first indigenous venture to strike oil in shallow waters while his telecoms business, Globacom, was a network to be reckoned with across the continent.

Globacom was found to be growing very fast as a result of several attractive and user-friendly packages which offer a lot of appeal to pre-paid and post-paid phone users, thus making its services the most accessible and most accessible, thereby qualifying it for the Customer Service Award.

The citation said Globacom was the first to launch the 4G LTE network nationwide, offering instant efficient broadband internet to millions of Nigerians at speeds that are several times faster.

Receiving the awards on his behalf is Globacom’s Regional Manager, Northcentral, Mr. Kemi Kaka said the awards were a call to greater services. He noted that he was not surprised that the company was chosen as the best firm in Customer Service and the Globacom’s founder, Dr. Adenuga Jr., who is already a multiple award winner, as the Businessman of the Year.

SOURCE: https://www.trendingaccounting.com/2019/01/mike-adenuga-wins-businessman-of-year.html

Ecobank Nigeria, one of the leading banks in the country has disclosed plans to bring banking operations closer to Nigerian neighborhoods by expanding its agent banking locations to 50,000 before the end of 2019.

The Managing director of the bank, Mr. Patrick Akinwuntan, made this known during a media chat with some journalists in Lagos, explained that the move is in line with the vision of the Pan-African Bank to ensure the financial inclusion of all Nigerians.

According to Mr Akinwuntan, the bank has 400 branches in Nigeria, and the aim is to let every household have access to Ecobank services “We have presence in every state in Nigeria and we also have a customer base of 9 million in Nigeria, with 400 branches and over 4000 ATMs. More interestingly, more than 4,000 agency locations known as Ecobank Xpress point which is our approach to bringing banking to every neighborhood.

“Our goal is to have 50,000 of such locations this year such that in every neighbourhood in Nigeria, you can access Ecobank Xpress point to do cash deposit, withdrawal and actually make it more convenient for customers to open an account, get an instant card and participate in financial economy.

Speaking on Ecobank's contribution to Nigerian and African economy, Akinwuntan noted that the bank has recorded many firsts in the banking industry revolution and introduction of EcobankPay is one of them. We have introduced EcobankPay which has brought together all three QR codes available in the country on one platform, he said.

EcobankPay accepts and make payment with Masterpass, Mvisa and Mcash. You can have 100 QR codes at no additional cost. You don’t require different number, just one number and you are able to transactions. We bringing this digital solution into the economy will enable small businesses to participate more effectively, enables faster savings, reduces risk of insecurity.”

Akinwuntan also added that Ecobank will be bringing message of the combination of its POS, EcobankPay, Express Point, ATMs, Ecobank Omni, and Ecobank Omni light to markets and households to enable people interact with the products.

https://www.trendingaccounting.com/2019/01/ecobank-nigeria-to-establish-50000.html

A Telecommunications company in Nigeria, 9mobile has announced the appointment of Mr Phillips Oki as its new Chief Financial Officer.

The Acting Managing Director of the company, Stephanie Beuvelet, who revealed this in a statement issued on Monday in Lagos, stated that Oki has resumed duty. Beuvelet noted that Oki emerged as the best person for the job after a rigorous search process.

“The new CFO brings to 9mobile over twenty years of cognate work experience in functional areas across financial accounting and management, audit, business and project management, financial reporting, and budgeting.

“With vast experience cutting across private and public sectors, including the academia, Mr Oki possesses a rare blend of invaluable insights and working knowledge in the vast field of finance.

“Before joining 9mobile, Oki’s career progressed steadily over time across businesses where he played strategic roles resolving challenges innovatively and creating commendable solutions,” Beuvelet noted.

He said that Oki had worked in several companies which include KPMG Nigeria, Price Water Coopers (PWC), Royal Merchant Bank, Pepsico International, TBIC Nigeria Ltd and in the educational sector with Babcock University. Oki was an economist and a Fellow of the Institute of Chartered Accountant of Nigeria (FCA), he is also a project manager, who has delivered projects across multi-disciplinary organisations like Adam Smith International, United Kingdom, among others.

He also said that members of the senior management team were excited to have Oki on board and are positive that his experience would count in providing strategic financial leadership for the organisation. “We are excited to have Oki as a part of our team. Finance is a huge part of any business, especially one like ours in a competitive Telecommunications space where it continues to be imperative to have operational costs within healthy bounds.

“We are very confident that Oki will leverage his wealth of experience to inspire the finance team to deliver on their mandate,” Beuvelet said.

https://www.trendingaccounting.com/2019/01/9mobile-appoints-new-chief-financial.html

The Central Bank of Nigeria (CBN), said any failed instant payment transaction not reversed into the customer’s account within 24 hours after complaint by the sender or beneficiary should be reported to CBN.

The Director, Consumer Protection Department, CBN, Mr Kofo Salam-Alada made this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

Mr Kofo Salam-Alada recalled that the CBN had in September 2018 published a circular on the guidelines for instant electronic payments, which also include sanctions for banks and other financial institutions that abuse the system. He said that the CBN had mandated banks to pay a fine of N10,000 to customers for each failed transaction not resolved within 24 hours.

“When you do instant payment, you want it to be instant and when it is not achieved then there should be sanctions to such providers. “However, we want to use this medium to inform the public that the first point of call is actually your service provider not CBN and it is only when your bank cannot resolve it and there’s no promise of resolution that you come to CBN.

“After that, the CBN can step in and look at the issues and see whether the customer is entitled to what he’s claiming against the bank. “It is not all the time that customers come to the bank that they will get what they want. “We will examine the issues and see whether there was any failure on the part of the bank before the decision is made,” he noted.

NAN recalls that the Circular was issued on the regulation of instant inter-bank electronic funds transfer services in Nigeria to all Deposit Money Banks, microfinance banks, mobile money operators, development finance institutions and payment service providers. The CBN in the circular announced that any failed instant payment transaction not reversed into the customer’s account within 24 hours will attract a fine of N10,000.

It also said that delayed application of inward NIP into beneficiary’s accounts beyond four minutes would attract a penalty fee of N10,000 per item.

According to the Apex bank, all instant electronic funds transfer disputes should be resolved within three working days. Also, where a customer and the bank fail to agree, the aggrieved entity should report to the Director, Consumer Protection Department, CBN within five working days of the failure to resolve the dispute so as to minimise customer pain.
Meanwhile, some customers who spoke to NAN urged the CBN to do all it could to ensure the banks complied with its directive.

https://www.trendingaccounting.com/2019/01/failed-e-transactions-report-defaulting.html

See full list here https://www.trendingaccounting.com/2019/01/negative-perception-leaves-nigerian.html

The Nigerian passport has been ranked 91st strongest passport in a world ranking of passports which was dominated by Countries in Asia. According to the ranking named the Henley Passport Index, it stated that holders of Nigerian passports have visa-free access to 47 destinations.

The report ranked Nigeria’s passport as low as the 42nd most powerful passport in Africa, ahead of Burundi, Djibouti, DRC, Ethiopia, Libya and South Sudan, Sudan, Eritrea and Somalia. “As the world economy has become increasingly globalised, the need for greater visa-free access has grown steadily,” the report stated.

Henley & Partners published its 2019 passport index and, once again, Japan dominated the world's top while there is no African country in the world’s top 10.

The ranking revealed that in Africa, the top 5 is dominated by Seychelles (27th global rank), Mauritius (51st global rank), South Africa (53rd global rank), Botswana (82nd global rank) and Namibia (68th global rank). The bottom 5 is made of Ethiopia (96th global rank), Libya and South Sudan (97th global ranks), Sudan (99th global rank), Eritrea (100th global rank) and Somalia (103rd global rank).

It should be noted that Equatorial Guinea progressed the most with three places gained in this ranking. Countries linked to terror networks like Pakistan, Somalia, Syria, Afghanistan and Iraq were bottom of the pile, with their citizens requiring visas to access the majority of countries.

Henley Passport Index is an index of all the passports ranked according to the countries that welcome them without a visa. The data used in the ranking are compiled from the International Air Transport Association (IATA).

https://www.trendingaccounting.com/2019/01/negative-perception-leaves-nigerian.html

E-commerce giant, Konga, has partnered with digital payment firm, Visa, to revolutionise the e-commerce sector in Nigeria. The CEO of Konga Group, Nick Imudia, disclosed this in a statement in Lagos on Thursday.

He noted that that the collaboration would ensure a digitally-driven and rewarding payment experience for consumers by leveraging the delivery of digital and secured payments solutions across key segments of the Konga Group’s business portfolio, the strategic partnership was positioned to drive greater efficiency in the sector.

He also said that the partnership would offer shoppers and merchants on Konga’s online platform, walk-in customers, to its offline stores, a seamless digital payment experience when they pay exclusively with Visa.

According to Mr Nick Imudia, a digital card will be issued to shoppers who use the KongaPay app, which will enable them to make payments everywhere Visa is accepted. He said that by simply scanning the Quick Response (QR) code provided by Kxpress delivery agents, users of the KongaPay app would be able to pay digitally at the time of delivery of their items.

Mr Imudia revealed that the development would lend further ease and convenience to the payment process and elevate standards in the e-commerce sector. “The partnership with Visa holds immense potential for e-commerce in Nigeria, owing to the numerous opportunities it offers to revolutionise the payment process and optimise offerings in the sector.

“With this partnership, we are going to witness a digitally-driven and effortless payment experience for all classes of customers on the Konga platforms. “This development is not only momentous in view of its far-reaching implications for the growth of e-commerce in Nigeria but one that will go a long way to boost customer experience and confidence in the sector.

“We are very excited, especially in view of the many benefits this partnership will bring to our customers and millions of Nigerians in the days and weeks ahead,’’ Imudia noted.

Visa West Africa's General manager, Kemi Okusanya, also said that the collaboration was key for Visa, as it constantly looked for new opportunities to ensure that more people had access to unique payment experiences that were seamless, fast and secure.

“When it comes to making e-commerce transactions, people are continuously looking for the most convenient and secure ways to pay for products and also use several payment platforms when they travel to other parts of the world.

https://www.trendingaccounting.com/2019/01/konga-visa-partner-to-revolutionise-e.html

A professional body in Nigeria, The Chartered Institute of Forensic and Investigative Auditors of Nigeria (CIFIAN) has denied the allegations of being established to duplicate accounting body, insisting that their work was purely within the investigative process from the scene of fraud to court.

They maintained that their mandate covers providing information and evidence for administration of justice and to ensure that the courts are presented with the best evidence and reliable witnesses.

The President of CIFIAN, Mrs Victoria Enape during a press conference at the commencement of a free training program for forensic Auditors in Abuja the capital of Nigeria, said that CIFIAN bill was necessary to provide the legal framework for the registration, regulation, training and certification of practitioners in the field of forensic and investigative auditing which is in line with global best practices.

Mrs Enape who expressed worry over the delay of the proposed CIFIAN bill by the House of Representative which was already passed by the Nigerian Senate said, “It is important to clarify that CIFIAN is not an accountancy body and it is not coming as duplicate or triplicate of existing accountancy bodies in Nigeria”.

She noted that the core practice areas of CIFIAN are forensic analysis of financial statement to eliminate financial misstatement, which can be caused by either error or fraud, thereby preventing misappropriation of assets, scams, cyber crimes, global anti-fraud and corruption compliance and enforcement.

Enape stated that it was wrong for financial accountants to regulate the preparation of corporate financial accounts, audit the account as well as conduct forensic and investigative audit of corruption and fraudulent accounting practice. She said that Nigerian laws have been helpless in the area of liquidated banks in Nigeria which were audited by some accounting firms because no acts empowered them to carry out fraud investigation.

The President disclosed that the body has the responsibility of using digital technology to fight corruption in place of analogue, in line with global best practice pointing out that fraudsters are using digital technologies to perpetrate fraud. She noted that the Institute is flagging off the free training for all relevant professionals on the use of science and technology for prevention of fraud, corruption and cyber crime in Nigeria.

SOURCE: https://www.trendingaccounting.com/2019/01/forensic-auditors-deny-duplication-of.html

The Central Bank of Nigeria (CBN) said on Thursday that it would establish a national micro-finance bank to promote access to credit finance for small, medium enterprises (SMEs) and other unbanked groups in the country.

Mr Godwin Emefiele, The CBN governor who disclosed this in Abuja, said the bank will be established in collaboration with the Bankers Committee, the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) and the Nigerian Postal Service (NIPOST).

Mr Emefiele who was represented by the deputy governor, Financial Systems Stability of the CBN, Hajia Aishah Ahmad, at the maiden two-day National Financial Literacy Stakeholders’ conference organised by the bank in Abuja. The CBN governor said the new national Micro Finance Bank which shall be technology driven will leverage on the NIPOST’s presence in 774 LGAs of the country to reach its target beneficiaries.

“He also said that the bank will also serve as an efficient channel for the disbursement and monitoring of key intervention funds by the CBN, which include the Anchor Borrowers fund, SME fund, etc, to farmers and SMEs at the grassroots level.

The conference themed “Implementing Financial Literacy and Consumer Protection to advance Financial Inclusion in Nigeria” will provide the platform for participants to deliberate on key imperatives for achieving the country’s financial inclusion targets, promoting financial stability and entrenching sustainable and inclusive economic growth.

Building an inclusive financial system has positively impacted efforts towards poverty reduction and enhancement of economic prosperity. Following the launch of a National Financial Inclusion Strategy in 2012, the CBN governor said the federal government set a target to achieve 20 per cent financial exclusion rate in the country by 2020.

He said the latest access to financial services survey showed about 36.8 per cent of eligible Nigerian adults do not have access to financial services, down from 41.6 per cent in 2016. Mr Emefiele started that more effort was necessary to achieve the overall 20 per cent target exclusion rate by 2020.

The revised National Financial Inclusion Strategy, which was launched at the opening session of the conference, he said, identified consumer protection and consumer education as critical to the attainment of financial inclusion. He said adequate consumer protection will help sustain the long term viability of the financial sector, while consumer education will thrive on the foundation of financial literacy.

“The benefits of a financially literate population are immense. Consumers are better equipped to make optimal choices in the use of financial products, pose lower credit and default risk, constitute a market for sustainable financial services and products, reinforce competitive pressure on financial institutions for better products and services, and promote financial system stability by increasing market demand and responsible use of financial services,” he said.

On the impact of technological advancement on the financial system, he said new digital products and services have emerged, with the internet greatly influencing consumers’ purchasing decisions on e-commerce.

In 2017, he said the banking industry processed about 1.4 billion electronic transactions valued at N97.4 trillion, against 869 million transactions valued at N69.1 trillion in 2016. Regardless, he said these positive developments in aid of financial inclusion are associated with challenges, namely privacy and security concerns; exposure to new and more inventive fraudulent practices, and multiplicity of information leading to information processing errors.

To provide the framework for financial inclusion in the country, the CBN governor launched four policy documents, namely the Revised National Financial Inclusion Strategy; Consumer Protection Framework as well as National Financial Literacy Framework and National Financial Education Strategy.

SOURCE: https://www.trendingaccounting.com/2019/01/nigeria-to-establish-national-micro.html

The push by Nigeria to grow her non-oil export suffered a big setback when her 37,000 tonnes of cashew exported to Vietnam were rejected due to high price of the commodity.

This was revealed by the Deputy Executive Secretary, Federation of Agricultural Commodity Associations of Nigeria (FACAN), Mr. Peter Bakare. He said the price volatility was due to lack of conducive business environment.
He said this made the price of raw cashew from Nigeria to be higher than the price of finished product in the international markets.

“The banks in Vietnam that usually provide the loans to their buyers for purchase complained that the prices of the finished products are less than the price of raw materials.

“The Vietnam financial institutions, therefore, backed out of the business, stressing that it is not a profitable venture for its farmers, so the produce are stuck in Vietnam now,’’ he said.

Mr Bakare noted that over 67,000 tonnes of cashew were also still lying in the warehouse in Nigeria. However, he said the Nigerian hibiscus flower, popularly called ‘Zobo,’ adjudged to be one of the best in the world, was in high demand internationally.

Some countries are using it as base for their wine production or as drinks, he said, noting that measures were being put in place to safeguard the export of the flower to ensure that exporters were complying with the sanitary and phytosanitary requirements of ‘Zobo’ in the international markets.

He also said that the demand for Nigeria’s Shea butter is high in the international market. “It is estimated that it could generate more than two billion dollars annually if well harnessed for large scale production, Bakare said.

He said FECAN as the apex body for over 45 commodity associations in Nigeria, was doing its best to serve as a one-stop shop to link farmers and the private sector operators.

SOURCE: https://www.trendingaccounting.com/2019/01/vietnam-rejects-37-000-tonnes-of-cashew.html

The Independent National Electoral Commission (INEC) has opened a recruitment portal for adhoc staff ahead of the upcoming 2019 general elections.

The nation’s electoral umpire announced this in a post on its verified Twitter handle on Tuesday.
Some of the positions it is looking to fill include: Supervisory Presiding Officer (SPO), Registration Area Center (RAC) Manager, Presiding Officer (PO), Assistant Presiding Officer (APO) and Registration Area Technical Support (RATECH).

The applicant must be either student, civil servant, corp member or former corp member.
Other items needed during the registration include: Bank details, valid identity card and recent passport.

Interested persons are advised to go to http://pres.inecnigeria.org and apply

SOURCE: http://katsinapost.com.ng/2019/01/17/how-to-apply-for-2019-election-inec-adhoc-staff/

The majority shareholder of Forte Oil Plc, Femi Otedola, is planning to buy out the upstream services and power distribution firm of the company to be ratified by the shareholders on February 7.

The firm’s Company Secretary, Mr Akinleye Olagbende disclosed this in a letter to the Nigerian Stock Exchange, NSE, yesterday.
Mr Olagbende said the move followed shareholders’ approval, on May 23, 2018, of the divestment of Forte Oil from its Ghana unit, AP Oil and Gas and Amperion Power Distribution Company, which holds the group’s interest in Geregu Power Plc.

He stated that the company’s efforts to sell the assets were hit by low interest in the bidding process as well as low price expectations. “A public tender sale process was commenced to attract interested potential investors to participate in the divestment opportunity.

Upon review of the outcome of the sale process, the management of the company is of the view that there was an unexpectedly low interest in the bidding process. The pricing proposal does not meet its expectation, based on an independent valuation of Amperion, thus, may not be in the best interest of its shareholders,” Mr Olagbende said.

The proposal, according to him would be subject to a rigorous review by the company’s management and if successful must be in line with relevant extant regulatory requirements.
He said the process would ensure adequate funding for the company’s downstream operations if successfully completed. He further noted that the proceeds of this restructuring exercise would enable the company to compete more favourably and achieve its planned expansion objectives within the downstream subsector.

“This will also reduce our finance cost significantly and increase distributable earnings for the benefit of our shareholders,” he added.

Mr Otedola had earlier signalled his intention to sell-off his 75 percent direct and indirect holdings in Forte Oil downstream business.

SOURCE: https://www.trendingaccounting.com/2019/01/femi-otedola-to-acquire-forte-oil.html

The Institute For Chartered Accountant Of Nigeria (ICAN) has released the results for November 2018 diet Examinations.

The results of exams which was written in the month of November 2018 was released on the 15th of January, 2018. Congratulations to everyone who passed their exams. Don't give up if you didn't pass.

Click on the link below to check your ICAN professional result https://www.trendingaccounting.com/2018/08/how-to-check-ican-professional.html

SOURCE: https://www.trendingaccounting.com/2019/01/ican-releases-result-for-november-2018.html

Whenever a professional who tenders Services leaves a company job to start their own business, they realize that they need to wear a lot more hats in their own new business — Sales and Marketing are two of the most important hats they need.

You may bring in 10 to 15 years of accounting experience from a great firm and be very good at Accounting, but that doesn’t mean you’ll have a lot of clients on day one.

Getting new clients is not an impossible task, and it doesn’t require you to be a natural born salesperson. There are so many ways to use social media marketing and traditional face-to-face strategies to find potential clients and start building a strong accounting business:

1. SPREAD THE WORD
Don’t keep your new business Enterprise to yourself; let everyone be aware that you’ve started a new business and currently have openings for new clients and customers. Word-of-mouth is always effective:And chances are, your neighbor, someone in your church or mosque, or a fellow parent from your ward’s school will know someone who needs your accounting Services.

So, tell your friends, colleagues, email your existing network — spread the word about your new business and always keep plenty of business cards on hand to give out to your potential clients.

2. ARTICULATE WHAT YOU DO — AND WHAT YOU CAN DO FOR YOUR CLIENT
To earn someone’s business, you first need to be able to write a clear detail of what you do and how you can help them. Just say “I’m an accountant” alone is not enough. You need to be more specific — what’s your area of specialization? What makes you different from your competitors and how will your clients benefit from your services?

Any promotional marketing or networking activity will always be more effective when you can do the following things: 1) clearly express what you do, and 2) explain everything in terms of the benefits and impact on the client.

3. FOCUS ON YOUR NICHE
I am sure youou are not an expert in all aspects of accounting, so you should target your clients based on your specialized field. It can be: small business, specific industry, a particular demographic, etc. This way you can distinguish yourself from other accountants and target the opportunities where your services will be needed most.

Consider demographic trends in your community if you don’t already have a particular niche. Young families moving into the neighborhood may probably want help navigating college funds for their children. If your local population is aging, they could use help with retirement or succession planning. After you’ve figured out your niche, investigate all the different ways that you can help your target client.

4. VOLUNTEER YOUR SERVICES
Giving potential clients the value first is one of the best ways to get people referring your services. Ideally, you’re always getting paid for the services and expertise you provide, but sometimes, you need to kick things off with some free (discounted) work.

If you are active with a local group, association or club, offer to handle their accounting tasks. Or volunteer your services for a few hours each week or month at the local Small Business Development Center. As more people get to know you and your services, the easier it will be to find paying clients. Don’t be shy to ask for referrals — even if it’s just for volunteer work.

5. BE AN ONLINE AND IN-PERSON RESOURCE
Attracting potential clients is better than cold calling and chasing prospects down. A great way to build your visibility and reputation is to get yourself out there as a solid resource in your specific area of expertise.

How do you do that? Write helpful articles for your local paper or relevant niche websites. While you might not be able to promote yourself in the article, you can usually include a link to your website or contact information.
Participate in Facebook, WhatsApp and LinkedIn groups and provide helpful (not self-promotional) answers to questions about your niche when you can. Or, you can also teach classes for your target client (i.e., small business owners).

6. USE YOUR ADVERTISING MONEY WISELY
Many new small business owners think they can create a new website, place few ads, and wait for the calls to roll in. The reality is different. In most cases, Google Ads will be too expensive for a new accounting business. You can also advertise your business on Vconnect, Google map, work on SEO. But there are a lot of other options out there beyond Google. For example, you can purchase a few Yelp ads.

This way local prospects will see your name when they’re looking for accounting services (and this is a great way to have a presence on Yelp before you build a robust client base and have lots of reviews). Also think about advertising in a local newsletter or sponsoring a school or local sports team not just social media alone.

Finally, once you land your first few clients, do all that is in your reach to provide them with great service and build a friendly relationship.

SOURCE: https://www.trendingaccounting.com/2019/01/six-useful-tips-for-finding-your-first.html

If you are searching for hot and profitable business ideas in Nigeria, Then you are at the right place. Capital is not the greatest challenge of a business set-up; the greatest challenge is having a very good business idea.

If you have capital and have no good business idea, then you would end up wasting your resources by investing in a business that wouldn’t bring you attractive returns.

Every potential business owner must set out the time to research profitable business ideas before they invest their money in them.

In other to make things easier for you, we have analyzed 100 great small scale businesses guaranteed to bring you huge profit in Nigeria.

1. Quail Bird Farming
2. Catering Services(Indoor and Outdoor)
3. Mobile food Vending
4. Computer Training Centre
5. Computer Repair and Accessories Sales.
6. Mobile Phone Sales and Repairs
7. Rental Services
8. Food Processing
9. Cement Sales and Distribution
10. Frozen food Sales
11. Pure and Bottled Water Production
12. Livestock Farming
13. Poultry Farming
14. Used Car Sales
15. Social Media Marketing
16. Blogging
17. Freelance Writing
18. Mini-Importation
19. Exportation
20. Cooking Gas Sales
21. Recruitment Agency
22. Uniform Making factory
23. Ready-to-wear cloths making
24. Haulage and Logistics
25. Transportation
26. Online Marketing
27. Bulk SMS Services
28. Daycare Centre/Crèche
29. Small Scale Manufacturing
30. Scrap metal sales
31. Waste Management Services
32. Pet Breeding
33. Animal feed production
34. Ethanol Production
35. Software and games development
36. Security gadget sales
37. Cleaning Services
38. Recharge Card Printing and Sales
39. Sports Viewing Centers
40. Sports Betting Agency
41. Building Blocks Production.
42. Art Gallery
43. Ice Cream Production
44. Jewelry making
45. Travel agency
46. Natural Fruit Juice Production
47. Photography and Videography
48. Magazine Publication
49. Monogramming and Branding Services
50. Weight Loss Consultancy
51. Biscuit Production
52. Printing and Book Production
53. Private Library Services
54. Hairdressing Salon
55. Day Spa
56. Nail Studio( Manicure and Pedicure)
57. Selling Fruits
58. Selling honey
59. Affiliate marketing
60. Personal Fitness Instructor
61. Business broker
62. Car Wash and Detailing Services
63. Dating Service
64. Make-up Artist
65. Video game Center
66. Pharmaceutical company
67. Stock Photography
68. Art brokerage
69. Resume writing
70. Online Vitamin/Health Food Store
71. Virtual assistant
72. Pest control
73. Car Rentals
74. Nanny agency
75. Mail-order business
76. Ice block production
77. Night Clubs and Restaurants
78. Solar energy installation and equipment sales
79. Antique Furniture Sales
80. Laundry Service
81. Virtual Call Center
82. SEO Consultant
83. Gift Baskets
84. Disc Jockey (DJ)
85. Personal Shopper & Errand Service
86. Wine Production
87. Sports Collectible Shop
88. Funeral Arrangement Company
89. Oil Palm Plantation
90. Internet Radio Station
91. Online Clothing Store
92. Modeling and Event Ushering
93. Marketer/PR Agent
94. Fashion Stylist
95. Automobile Repairs and Fleet Management Services
96. Facility Management Services
97. Appliance Repair Service
98. House Painting
99. Alternative Power Supply
100. Security Gadget Sales and Installations.

SOURCE: https://www.trendingaccounting.com/2019/01/100-profitable-small-scale-business.html

A set of conjoined twins were born into a poor family in Mairuwa village of Faskari Local government Area of Katsina.

According to our sources, the mother of the twins delivered safely at home and both the mother and the twins are in apparent good health. However, the twins have a separate head, hands, legs and abdominal region but share the lower abdominal region of the anus and private parts (sic).

One of the relations to the twins who spoke to Katsina Post said that they are currently seeking support from the public to take them to a hospital for surgery.

SOURCE: http://katsinapost.com.ng/2019/01/12/conjoined-twins-born-in-katsina-photos/

The Katsina State government under the leadership of Governor Aminu Bello Masari has reportedly provided land for the construction of Daura Transportation University.

The land according to our sources is located in a forest between Daura and Sandamu Local Government.

Recall that the construction of the $50 million (N18bn) Transportation University to be located in Daura, will start this year, according to the Minister of Transportation, Mr Rotimi Amaechi.
The university is to be built by China Civil and Construction Company (CCECC) and is part of the Federal Government’s efforts to develop qualified manpower that will manage the many railways’ facilities across the country and other transportation facilities, Amaechi added.

He said the contract has already been awarded to CCECC and the construction would have commenced if the governor of Katsina State had provided land for it, adding that once the state government provided the land, CCECC will mobilize to site and fence the land for construction to start.

He said the young Nigerians being trained on scholarship in China on Railway Engineering upon completion of their studies would be deployed to teach in those universities for a period of time before they are allowed to do other endeavours.

SOURCE: http://katsinapost.com.ng/2019/01/12/katsina-govt-reportedly-provide-land-for-daura-transportation-university/

A 29-year-old man, Yusuf Adamu, on Friday, revy he makes an average sale of N200,000 monthly from this charcoal business which is higher when compared to most salary earners.

Mr Adamu, who is a father to three children and a resident of Rigasa, Kaduna state told newsmen that he started the business with three sacks of charcoal valued N4,500.

“I started the business three years ago with no capital; I collected three sacks of charcoal from the dealers and pay them after sale in which I deduct and save the profit”, he explained. Mr Adamu noted that he began the business by the road side, but now owns a big shop and buys 10 to 15 bags of coal for retailing.

He added that he usually packaged the charcoal according to kilogram in a nylon bag and sell them at the rate of N100 to N200 to customers.
When asked about his educational level, Yusuf stated that he had no privilege of going to school but was doing all he can to make sure his children got quality education.

Adamu further disclosed that his target is to become a major distributor of the charcoal, adding that over the years, the business had paid his bills. He also urged youths not to belittle any business, as most people started from small businesses to grow into successful people in life. (NAN)

SOURCE: https://www.trendingaccounting.com/2019/01/how-father-of-3-makes-n200000-monthly.html

THE Manufacturers Association of Nigeria (MAN) disclosed that the inventory of unsold manufactured goods stood at N149.23 billion at the end of 2018, down by N10.36 billion (6.9 percent) from N159.59 billion in the corresponding period of 2017.

The Association blamed the problem of huge unsold goods on “low real consumption due to inflationary pressure; smuggling, counterfeiting and cloning of Nigerian manufactured products as well as high cost operating environment.”

It further noted that “Greater part of inventory of unsold manufactured goods in the period under review was observed in the Basic Metal, Iron & Steel Fabricated Metal group (N28.41 billion or 19.03 percent); Chemical and Pharmaceutical sector (N24.36 billion or 16.2 percent): Food, Beverage and Tobacco (N19.5 billion or 13.1 percent); and Domestic/Industrial Plastic, Rubber & Foam (N18.96 billion or 13.4 percent).

“Inventory of unsold finished goods in Basic Metal, Iron & Steel Fabricated Metal stood at N28.41 billion in the first half of 2018, representing N18.71 billion increased over N9.7 billion recorded in the corresponding half of 2017 and N2.98 billion (9.4 percent) of N31.39 billion of the preceding half.

“The recorded inventory in the sector is largely as a result of the sluggishness of global steel market following the US protectionist stance for its steel sector.

The report also stated that: in the first half of 2018, Ogun zone recorded the highest inventory of unsold manufactured goods with the value of N57.30 billion (38.4 percent); Ikeja zone recorded N36.76 billion (or 24.6 percent): while Apapa zone recorded N35.76 billion, representing 24.0 percent of the total inventory In the period.

Inventory of unsold goods in Ogun zone was N57.30 billion in the first half of 2018 down by N9.06 billion (13.7 percent) and N3.28 billion (5.4 percent) from N66.36 billion recorded in the corresponding half of 2017 and N60.58 billion of the corresponding half respectively.

The report further revealed that: “Although inventory in the zone is gradually slowing, it was as a result of poor road network as heavy industries in Nigeria such as iron and steel, cement as well as plastics are located in the zone. Likewise, these industries exhibit high inventory of unsold manufactured goods.”

SOURCE: https://www.trendingaccounting.com/2019/01/manufacturers-start-2019-with-n149bn.html

The World Bank has estimated the growth rate for Nigeria’s economy in 2019 at 2.2 percent although its forecast oil price at average $67 per barrel for the current year and next year is down by $2 from its projections last June.

Through its Global Economic Prospects report, the Bank said, growth in Sub-Saharan Africa is expected to pick up to 3.4 percent in 2019 which will rise to an average of 3.7 percent in 2020-21.
According to the report, the projection is predicated on diminished policy uncertainty and improved investment in large economies, together with continued robust growth in non-resource intensive countries. It however noted that external headwinds have intensified as growth among main trading partners moderates, global financial conditions tighten, and trade policy uncertainty persists.

The report further revealed that: “ Economic growth in Nigeria is projected to rebound to 2.2 percent in 2019 and 2.4 percent in 2020-21.

These predictions are unchanged from June and assume that oil production will recover, but peak below government targets, while a slow improvement in private demand will limit growth in the non-oil industrial sector.”

The World Bank also said that global economic growth will slow down to 2.9 percent in 2019 from 3.0 per cent in 2018, as international trade and investment weaken.

Global financing conditions have tightened, industrial production has moderated, trade tensions have intensified, and some large emerging market and developing economies have experienced significant financial market stress.” Last year, the average prices of oil is $68 per barrel, slightly lower compared to what the bank forecasted from June 2018, but 30 percent higher than the average price of oil in the year 2017.

“In 2019 and 2020, oil prices are expected to average $67/bbl, $2/bbl lower than June projections; however, the uncertainty around the forecast is very high,” the World Bank said in its January 2019 Global Economic Prospects report.

This year, oil demand growth is expected to stay robust, but expected slowdown in emerging market and developing economies (EMDEs) “could have a greater impact on oil demand than expected,” the World Bank said.

SOURCE: https://www.trendingaccounting.com/2019/01/world-bank-forecasts-22-growth-for.html

The federal government of Nigeria is set to borrow N823 billion from the domestic economy in the first quarter of the year 2019 (Q1’19) through treasury bills which will be issued by the Central Bank of Nigeria (CBN).

The Apex bank disclosed this in its treasury bills (TB) issuance programme for Q1’19 which was released yesterday. The fresh TBs to be issued during the quarter comprise of N51.5 billion worth of 91-Days TBs, N164.9 billion worth of 182-Days TBs and N607.1 billion worth of 364-Days TBs.

The analysis of media giant Vanguard showed that from January 3rd to January 31st the CBN will issue N555.02 billion worth of TBs comprising N23.8 billion worth of 91-Days bills, N116.16 billion worth of 182-Days bills and N415.06 billion worth of 364-Days bills.

In February 2019, CBN will issue N268.7 billion worth of TBs comprising N27.8 billion worth of 91-Days bills, N48.8 billion worth of 182-Days bills and N192.1 billion worth of 364-Days bills.

But the amount of fresh TBs to be issued is N84.87 billion less than the N907.87 billion worth of TBs that will mature and also be repaid during the period, reflecting the FG’s decision to reduce domestic borrowing in favour of foreign borrowing.

The maturing TBs is made up of N59 billion worth of 91-Days TBs, N248.8 billion worth of 182-Days TBs and N678.1 billion worth of 364-Days TBs.

SOURCE: https://www.trendingaccounting.com/2019/01/fg-of-nigeria-to-borrow-n823b-through.html