Wednesday, May 27, 2020
Relief for taxpayers as LIRS further extends deadline for filing annual returns to June 30
The Lagos State government has further extended the deadline for filing of annual tax returns to June 30, 2020. This is continuation of its effort to provide the much-needed relief to taxpayers and mitigate the economic impact of the COVID-19 pandemic. Read more
COVID-19 seen wiping gains of Nigeria’s $5.854bn investment inflows in Q1
The total value of capital inflows into Nigeria stood at $5.854 billion in the first quarter of 2020, representing a 53.97 percent increase compared to $3.802 billion recorded in Q4 2019. But there are fears that the impressive numbers could see a huge decline in coming quarters as the impact of the COVID-19 pandemic begin. Read more
NSE CEO highlights resilience of Nigeria’s Capital market amidst Covid-19
As corporations all over the world battle the impacts of the Coronavirus (Covid-19), the support of securities exchanges for capital market ecosystems has become even more relevant in building sustainable businesses and stimulating growth across Africa. Read more
How Nigeria can exit COVID-19-induced economic crash
The path to Nigeria’s recovery from the massive fiscal and social crises thrown up by the collapse in oil price and the health pandemic cannot be found in the domain of government, according to several economists surveyed by BusinessDay. Nigeria faces the crisis of collapsed revenues as a result of the fall in oil prices. Read more
IMF advises banks to suspend dividend payment
The International Monetary Fund has advised commercial banks to retain their earnings by suspending payment of shareholders’ dividends during the COVID-19 pandemic. The IMF Managing Director, Kristalina Georgieva, made the call in an article entitled ‘Halt bank dividends and buybacks now’, which was posted on the organisation’s website. Read more
Foreign direct investment dropped to $214.25m in Q1 – NBS
Foreign Direct Investment into the country dropped to $214.25m in the first quarter of 2020 from $257.25m in the fourth quarter of 2019. The National Bureau of Statistics disclosed this in its report on ‘Nigerian capital importation’ for the first quarter of 2020 on Tuesday. Read more
Petrol sold above N130 in 17 states, says NBS
Despite the reduction in the price of petrol to N125 per litre, the product was sold above N130 per litre in 17 states in April, according to the National Bureau of Statistics. Following the sharp drop in global crude oil prices, the pump price of petrol, which is still being regulated by the government, was reduced to N125 per litre from N145 per litre on March 18, 2020. Read more
Eid-el-Fitr: Banks online transactions hit 3.4 million
Bank customers carried out about 3.4 million transactions on Nigeria Interbank Settlement System Instant Pay platform recorded on the second day of Eid-el-Fitr, live updates provided by the NIBSS have shown. As Muslim faithful across the country celebrated the conclusion of their fasting season, funds transfer and online payment of bills via NIP hit exactly 3,414,084 transactions as of 6.16pm on Wednesday. Read more
Interest on SME loans’ll hit nine per cent — CBN
Interest rates on loans to the Small and Medium Enterprises to cushion the effects of the coronavirus on their operations introduced by the Central Bank of Nigeria will rise to nine per cent from five per cent in March 2021. The CBN disclosed this in its guidelines for the implementation of the N50bn Targeted Credit Facility. Read more
Global trade may slump by 32% amid COVID-19 shutdowns
The global economy and world trade are being battered by the widespread and comprehensive measures to limit the spread of COVID-19, with speculations that the trade might slump by 32 per cent this year. Read more
‘Why FG must rejig Nigeria-India economic relations’
The President, Abuja Chamber of Commerce and Industry (ACCI), Kayode Adetokunbo, yesterday, stressed the needs for the Federal Government to tweak bilateral relations between Nigeria and India. Read more
Experts seek review, sustainability measures as airports reopen Friday
Aviation stakeholders have urged the Federal Government to constitute a committee to review the aviation sector and its sustainability in the coronavirus era. The experts, under the aegis of the Aviation Safety Round Table Initiative (ASRTI), said the call aligns with the need to chart a path to a new financial and safety demands in the sector, especially as the international airports may reopen Friday. Read more
Despite the challenges brought by the COVID-19 pandemic, the Nigerian capital market community is gladdened by the decision of President Muhammadu Buhari to appoint a new Director-General of the Securities and Exchange Commission (SEC). Read more
CSCS Shareholders Approve N4.3bn Dividend Payout
The Central Securities Clearing System (CSCS) Plc recently held its 26th annual general meeting (AGM), where shareholders approved N0.86 dividend per share recommended by board of directors. The dividend amounted to N4.3 billion and is 22.8 per cent higher than N3.5 billion or 70 kobo per share paid in the previous year. Read more
