Monday, November 16, 2020
#EndSARS Victims Benefit from Coca-Cola, Whitefield Intervention Fund
In response to the widespread violence that marred the peaceful #EndSARS protests and led to some deaths with many persons injured, CocaCola Nigeria and its bottling partners (NBC) has provided a N20 million donation to an NGO, Whitefield Foundation. Read more
Investors Stake N59bn on Shares as Market Extends Rally
Equities investors will for a long time remember the performance of the market last week as it gained N2.1 trillion following unprecedented demand that made the Nigerian Stock Exchange (NSE) All-Share Index (ASI) to spike by a record 12.9 per cent. Read more
Experts Highlight Importance of Market Data for Investment Decisions
The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has stressed the importance of reliance on market data as a fundamental tool for making sound financial decisions, noting that the Nigerian case is no different. Read more
Nigeria’s Power Industry and Value Added Tax Question
Nigeria’s Honourable Minister of State for Labour recently announced an agreement between the Federal Government and Organised Labour on the ongoing dispute around the implementation of the tariff adjustments which recently came into effect in the power sector. Read more
FG considers another tax exemption for small businesses
The exemption of small businesses from the payment of tertiary education tax has been proposed in the draft Finance Bill 2020. This was disclosed by the Fiscal Policy Reforms Committee, established by the Ministry of Finance, Budget and National Planning and chaired by the Special Adviser to the President on Economic Matters, Dr Adeyemi Dipeolu. Read more
FG inaugurates 7.5KW, 100KW solar mini-grid in Anambra, Ebonyi
The Federal Government of Nigeria, through its implementing agency, the Rural Electrification Agency, on Friday commissioned a 7.5KW solar mini grid at the Joint Hospital, Ozubulu, Ekwusigo Local Government Area, Anambra State. On Thursday, the agency also commissioned a 100KW solar hybrid mini grid power plant in Eka Awoke Community, Ikwo Local Government Area, of Ebonyi State. Read more
Our Q3 premium rose to N47.2bn – AIICO
AIICO Insurance Plc has said its gross written premium rose by 27 per cent year-on-year from N37bn in the third quarter of 2019 to N47.2bn in Q3 2020. The firm disclosed this in a statement entitled ‘AIICO Insurance announces third quarter 2020 results’ on Friday. It said its profit before tax reduced by seven per cent year-on-year, from N5.0bn in Q3 2019 to N4.7bn in Q3 2020. Read more
COVID-19: States’ IGR, allocations crash by N180.4bn
State governments may be currently grappling with varying degrees of financial concerns, following the N180.4bn crash in their internally generated revenues and the allocations they received from the Federation Accounts Allocation Committee. Read more
$500m Chinese debt sparks confusion in airport concession
Federal Government’s plan to concession airports has run into difficulties over an existing debt and pact with China to build four new terminals at the cost of $500 million. The “concession within concession”, according to the coalition of aviation workers’ unions, is untidy and not in the best interest of the country. Hence, this among other concerns regarding the airport concessioning should first be resolved. Read more
Stakeholders task insurance industry on need for Inovation
The Funmi Babington-Ashaye Foundation has joined other stakeholders to canvass ideas that would enable the insurance industry to make a smooth transition to new normal. The foundation at a virtual seminar titled ‘Insurance in the new normal’, which had industry stakeholders in attendance focused on helping the new generation of insurance professionals identify challenges posed by COVID-19 pandemic and chart a new course to remain relevant in the global ecosystem. Read more
Nigeria, Egypt, others control 50 per cent of Africa’s 700,000 developers
Fifty per cent of the about 700,000 professional developers across Africa operate from Nigeria, Egypt, Kenya, Morocco and South Africa. The e-Conomy Africa 2020 report, which revealed this, noted that African developers use both formal and informal education channels to gain skills and access high-paying jobs. Read more
