Pension Assets Increase by N23bn in 30 Days—PenCom

By Adedapo Adesanya Trading activities resumed at the official segment of the foreign exchange (FX), with the Nigerian Naira returning to familiar territory after the Eid-el-Maulud break due to forex demand pressure. The nation’s currency depreciated against the US Dollar in the Investors and Exporters (I&E) arm of the market on Thursday, September 28, by 2.68 per cent or N20.23 to finish at N775.31/$1 compared with the preceding day’s value of N755.08/$1. It was observed that the domestic currency crumbled during the session due to FX demand caused by the break, with the spot market recording trades valued at $144.55

By Adedapo Adesanya The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has cleared the air regarding recent reports on the transfer of funds to the Joint Tax Board (JTB) by the Federal Inland Revenue Service (FIRS) under the erstwhile chairman, Mr Muhammad Nami, for the tax reform committee. In a statement on Friday, he revealed that N5 billion was paid to the board to fund activities of the team set up by President Bola Tinubu, noting that “The committee’s budget includes provisions for a national Data for Tax project which the JTB had been

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.38 per cent on Friday, September 30, with N4.16 billion added to the value of the bourse, closing at N1.105 trillion compared with Thursday’s value of N1.101 trillion. The market witnessed the improvement a day after the shares of VFD Group were yanked off the trading platform, with the NASD Unlisted Securities Index (NSI) closing higher by 3.06 points to settle at 815.65 basis points versus the previous day’s 812.59 basis points. There were three gainers led by FrieslandCampina Wamco Nigeria Plc, which improved by N1.31 to close at

By Adedapo Adesanya A 0.76 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, reversing the loss reported in the preceding trading session. This improvement was buoyed by the rise in the share prices of FrieslandCampina Wamco Plc, Food Concepts Plc, and Industrial and General Insurance (IGI) Plc. FrieslandCampina Wamco Plc appreciated during the session by N2.69 to close at N76.20 per unit versus last Friday’s N73.51 per unit, Food Concepts Plc improved by 9 Kobo to quote at N1.05 per unit compared with 96 Kobo per unit, and IGI Plc boosted its value by

By Adedapo Adesanya Nigerian neobank, Kuda Bank, is expanding to the United Kingdom by offering a remittance product to Nigerians in the diaspora. Kuda, which last year raised $55m Series B funding, is entering the UK market charging a flat fee of only £3 with a transfer limit of £10,000. With over £3 billion sent from the UK to Nigeria yearly at an average fee of eight per cent per transaction, Kuda says it is set to save UK Nigerians millions of pounds. Commenting on the launch of the UK app, CEO and co-founder, Mr Babs Ogundeyi, said, “Africans in

By Modupe Gbadeyanka A total of N359.2 billion was used by the federal government to redeem treasury bills from the month of April 2018 to June 2018, the Debt Management Office (DMO) has revealed. This information was revealed in the ‘Actual Domestic Debt Service’ report released by the debt office last week for the second quarter of this year. According to the DMO, during the period under review, the sum of N656.6 billion was spent by the Nigerian government to service local debts. This is against the N923.3 billion used for servicing domestic debts from January to March this year,

By Benita Ayo As I stated earlier, contracts are an essential part of a business relationship and, if handled by highly skilled legal professionals, will save a business and its owner from liabilities emanating from lawsuits. This also applies to employment contracts which are agreements stating the terms and conditions of the employment offer. Contents of Employment Contracts An employment contract typically contains the terms and conditions of the offer, which include but are not limited to the following; The parties to the contract of employment. The date of commencement of work. Whether the contract is valid for the present

By Dipo Olowookere In the first six months of this year, May & Baker Plc increased its profit after tax by 51 per cent to N438.9 million from N290.8 million in the same period of last year. Also, the pharmaceutical firm improved its pre-tax profit to N645.4 million from N427.7 million in the corresponding period of 2019. In the period under review, the revenue generated by the company was flat at N4.1 billion, though there was a slight improvement in the turnover of the second quarter of the year and was largely boosted by its pharmaceuticals segment, which involves the

By Modupe Gbadeyanka The Debt Management Office (DMO) said the total debt profile of Nigeria rose to N24.4 trillion in December 2018 from N21.7 trillion in 2017, indicating a 12.25 percent rise in 12 months. Director General of DMO, Ms Patience Oniha, while addressing the media on Thursday in Abuja disclosed that the funds were borrowed to fund projects, to finance budget deficit and to refinance maturing obligations, adding that some foreign debts were used to refinance treasury bills because of the short tenor of the bills. The debt office chief noted that borrowing from abroad had also helped to

By Aduragbemi Omiyale The Minister of Niger Delta Affairs, Mr Godswill Akpabio, has been praised by a group known as the Citizens Quest for Truth Initiative for the completion and eventual submission of the forensic audit report on the Niger Delta Development Commission (NDDC). Last week, the Minister presented the report to President Muhammadu Buhari via the Minister of Justice and Attorney General of the Federation (AGF), Mr Abubakar Malami, in Abuja. During the presentation, Mr Akpabio said the NDDC forensic audit report discovered that trillions of Naira were allocated by the federal government for the development of the oil-rich

By Adedapo Adesanya The Naira closed stronger against the greenback at the Peer-to-Peer (P2P) window of the foreign exchange (FX) market on Tuesday, appreciating by N7 or 1.1 per cent to sell for N608/$1 compared with the previous day’s N615/$1. But at the Investors and Exporters (I&E) segment, the local currency further depreciated against the Dollar by 0.12 per cent or 50 kobo to sell at N420.75/$1 compared with Monday’s N420.25/$1. The domestic currency declined at the I&E window yesterday amid a reduction in the value of forex transactions, according to data from the FMDQ Securities Exchange. It was gathered