3rd Nigeria CFO Awards Holds Today in Lagos

By Aduragbemi Omiyale The value of unsold finished products in the inventory of Nigerian manufacturers in the first half of 2023 increased by 44/9 per cent on a year-to-date basis to N272 billion from N187 billion in the same period of 2022. This information was contained in the report released by the Manufacturers Association of Nigeria (MAN) on Tuesday. According to Punch, the document also revealed that in the period under review, the manufacturing sector laid off 3,567 workers due to the harsh business environment triggered by high inflation, the foreign exchange (FX) crisis, and fuel subsidy removal. “This increase

By Adedapo Adesanya Crude oil prices settled gained almost one per cent higher on Tuesday as expectations of tighter supply outweighed worries that an uncertain economic outlook would hurt demand. Brent crude futures rose by 67 cents or 0.7 per cent to $93.96 per barrel and the US West Texas Intermediate (WTI) crude futures increased by 71 cents or 0.8 per cent to $90.39 per barrel. Oil supply remains tight as Russia and Saudi Arabia have extended production cuts to the end of the year. Market analysts noted that oil supply is expected to underwhelm demand in the foreseeable future

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Aduragbemi Omiyale A new Code of Conduct for Approved Persons of Trading License Holders, otherwise known as stockbrokers, has been introduced by the Nigerian Exchange (NGX) Regulation Limited (NGX RegCo). It was disclosed that the ethical guideline was designed to ensure professionals dealing with the trading of shares at NGX Limited follow high standards. Furthermore, it highlights the expected standards and values that Approved Persons must display at all times when conducting their businesses at all times. The idea of the code of conduct for stockbrokers, according to the regulator, is to deepen the market and foster professionalism, integrity,

By Modupe Gbadeyanka Out of the 36 states of the federation, 14 of them are insolvent as their Internally Generated Revenues (IGR) in 2016 were far below 10 percent of their Federation Account Allocations (FAA) in the same year, a new report has disclosed. The report, released by the Economic Confidential, the award winning Economic Intelligence Magazine, noted that without the monthly disbursement from the Federation Account Allocation Committee (FAAC), many states in the country would find it very difficult to survive. Economic Confidential, in its Annual States Viability Index (ASVI), pointed out that the index was carefully and painstakingly

By Dipo Olowookere Four years after he was compulsorily retired from the public service, Justice David Isele of the National Industrial Court (NIC) has ordered the Federal Government to immediately reinstate former spokesman of the National Emergency Management Agency (NEMA), Mr Yushau Shuaib. Giving his judgement, the judge also directed government to pay salaries and allowances accrued to Mr Shuaib for the four years within one month. Mr Shuaib was in 2013 forcefully retired after he wrote an opinion article on the former Minister of Finance, Mrs Ngozi Okonjo-Iweala. Through Barrister James Ode Abah of Bamidele Aturu Legal Chamber, Mr

By Ebitonye Akpodigha The Asset Management Corporation of Nigeria (AMCON) has been directed by a Federal High Court sitting in Abuja to pay Capital Oil and Gas Industry Limited the sum of N26.5 billion as contained in a consent judgment delivered in 2013. The ruling was given on Thursday. Justice Abdul Kafarati, in his judgment, held that the court has powers to enforce its judgment or that of any lower courts in the country. “An order is granted for AMCON to provide Trade Finance Facility in the sum of N16 billion for revamping of the plaintiff’s business and to pay

By Modupe Gbadeyanka The Super Rewards Scheme of Ecobank Nigeria Limited has produced four new millionaires spread across the key regions of the country. Each of the Ecobank customers won N1 million in the campaign which lasted for four months, with 800 customers also winning N25,000 weekly in batches of 50 per week. The four grand prize winners were Tsoo Alaye with an Ecobank Microfinance Special Account, representing FCT/Northern Region; Badero Modupe Olufunmilayo with a Personal Flexi Account, representing Lagos Region; Omiwole Damilare Daniel with an Ecobank Microfinance Special Account, representing Midwest and South West Region; and Hayford Gogo Lawson

By Lerisha Naidu and Zareenah Rasool The COMESA Competition Commission published draft guidelines to the COMESA Competition Regulations, 2004 (Regulations) for public comment on October 19, 2021. The guidelines aim to provide clarity on the commission’s policies and procedures and to foster transparency and certainty in the administration and enforcement of the Regulations. These draft guidelines are based on international best practices and policy approaches of key regulators, including the European Commission. They address three fundamental areas of regulatory enforcement – the determination of fines and administrative penalties, settlement procedures and hearing procedures. The determination of fines and administrative penalties

By Adedapo Adesanya Mr Taiwo Oyedele, fiscal policy partner and Africa tax leader at PriceWaterhouseCoopers (PwC), has been named chairman of the presidential committee on fiscal policy and tax reforms. According to Mr Dele Alake, the Special Adviser to the President on Special Duties, Communications, and Strategy, President Bola Tinubu approved the establishment of the reforms team on Friday. He named the PwC tax maverick as the chairman of the group, which will be mandated to look at tax administration and policies amid current economic realities in the country. Also speaking on behalf of the President, Mr Adelabu Zacch Adedeji,

By Modupe Gbadeyanka Nigeria’s Vice President, Prof Yemi Osinbajo, on Monday, September 19, 2016, chaired the Presidential Quarterly Business Forum held in Abuja. The occasion was attended by some members of President Muhammadu Buhari’s cabinet, including Mr Rotimi Ameachi, Minister of Transportation; Mr Lai Mohammed, Minister of Information; Mrs Kemi Adeosun, Minister of Finance; Mr Udo Udo Udoma, Minister of Budget & National Planning and others. The meeting precisely took place at the Banquet Hall of The Presidential Villa. The Forum was part of the Federal Government’s efforts to regularly engage different segments of the Nigerian public on its economic

By Sodeinde Temidayo David A new package aimed to allow new and existing subscribers to enjoy endless talking and browsing time has been introduced by Globacom, popularly known as Glo. The new offer is called the Berekete Plus Plus and it gives customers an opportunity for quality browsing time, massive downloads, and the opportunity to watch movies on Glo TV, thus satisfying their browsing and talking needs from the same recharge. A statement from the service provider said every new customer on Glo network will be entitled to a welcome bonus of N1,000 after registering the SIM, recharging with a