Wednesday, November 25, 2020
Senate Seeks 1% VAT to Compensate Riot-ravaged States
There was an uproar on the floor of the Senate yesterday as senators debated a motion seeking to compensate states wracked by the violence associated with the recent #ENDSARS protests. The Senate, after the debate asked the federal government to reserve one percent of VAT proceeds for Lagos and other states badly hit by the violence. Read more
Accelerex Holdings Secures $20m Investment from ACA
Accelerex Holdings, Mauritius (Accelerex) has signed an investment agreement with regional private equity firm, the Africa Capital Alliance (ACA) for the Capital Alliance Private Equity IV (CAPE IV) fund to invest $20 million in Accelerex. With this investment, CAPE IV will become a strategic partner in Accelerex and will hold three seats on the company’s board. Read more
The National Pension Commission recently unlocked the long awaited pension transfer window. In this report, Ebere Nwoji looks at the expectations from the pension sector, especially the competitive challenges thrown up by the initiative. After 16 years of waiting for the commencement of the pension transfer window, Nigerian workers contributing into the Contributory Pension Scheme (CPS), can now heave a sigh of relief as the National Pension Commission (PenCom) finally, on November 16th, commenced the exercise. Read more
CBN retains lending rate at 11.5%
The Monetary Policy Committee of the Central Bank of Nigeria has retained the Monetary Policy Rate at 11.5 per cent. It also left other parameters the same. The CBN Governor, Godwin Emefiele, disclosed these after the committee’s two-day meeting in Abuja on Tuesday. “In summary, the MPC voted to retain the MPR at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the Cash Reserve Ratio at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent,” he said. Read more
Feed scarcity: Poultry investors divest, sell off birds
Hard times have hit poultry farmers in the country as many of them are in financial distress and are unable to feed their birds due to the high cost of poultry feeds. Investigations revealed that many of them are selling off their birds at ridiculously low prices in a bid to recoup some of their investments. It was gathered there had been a shortage of soybean and maize, which is a major raw material for poultry feed in the country. Read more
LDR: Total credit to economy hits N19.5tn
Total credit to the economy rose to N19.54 as of the end of November 13, according to the Central Bank of Nigeria. The CBN Governor, Godwin Emefiele, who disclosed this after the Monetary Policy Committee meeting on Tuesday, said aggregate domestic credit grew by 7.61 per cent in October 2020 compared with 7.35 per cent in the previous month. He attributed this to the bank’s policy on Loan-to-Deposit Ratio, supported by its interventions in the various sectors of the economy. Read more
Food prices increased in October, says NBS
The National Bureau of Statistics on Tuesday said the prices of some major selected food items increased in October 2020. In its just released report on Food Price Watch for October 2020, the bureau revealed that the prices of poultry products, such as eggs as well as other commodities increased during the month under review. Read more
Nigeria boosts refining capacity with new 5,000bpd refinery
Nigeria’s quest to refine its white products got a lift yesterday, as President Muhammadu Buhari, inaugurated a 5,000 barrel per day (bpd) refinery, and the groundbreaking for another 45,000 refineries expected to be completed within two years. Read more
Ex-workers issue NAHCO, BPE two-week ultimatum over N1.13b benefit
Ex-workers of the Nigerian Aviation Handling Company Plc (NAHCO), have issued the management and the Bureau of Public Enterprises (BPE), a two-week ultimatum to explain the status of their N1.13 billion or face legal action. Read more
