Wednesday, December 02, 2020
FG Urged to Develop Robust Retirement Plan
The federal government has been advised to develop a robust retirement plan that will cater for the welfare of hardworking Nigerians who spent their youthful years contributing to the development of the society. Government was also advised to consider the institutionalisation of retirement planning and management either as an independent academic discipline or component of graduate programs in Nigerian universities, in order to make retirement interesting for Nigerian workers and retirees. Read more
Expert Advises FG to Cede 50% of Oil Royalties to Host Communities
An Emeritus Professor of Petroleum Economist and Policy Research, Prof. Wumi Iledare, has advised the federal government to surrender 50 per cent of the oil royalties to the host communities. Iledare said this would help accelerate development in the oil producing communities that are currently suffering development challenges despite some special funds that were created and being released for the development of the communities. Read more
Stanbic IBTC Pension Welcomes Transfer Window
Stanbic IBTC Pension Managers said it is well prepared to accommodate new contributors that want to migrate to the company on account of the newly introduced pension transfer window. The Pension Fund Administrator (PFA) said prior to the take-off of the transfer window, recently launched by the National Pension Commission (PenCom) which has left contributors into the Contributory Pension Scheme with the choice of once in a year changing their fund managers, it has embarked on capacity enhancement process that will enable it welcome new contributors. Read more
Forex liquidity presents risks to Nigerian banks’ ratings – Fitch
Fitch Ratings has said foreign currency liquidity presents a significant risk to Nigerian banks’ ratings. The international rating organisation said this in its report on Tuesday entitled ‘Fitch Ratings sees gradual recovery for African banks in 2021’. Part of the report read, “Foreign-currency liquidity risks have not materialised, particularly in Nigeria but present a significant risk to banks’ ratings.” Read more
Buhari writes National Assembly, seeks approval for Finance Bill
The President, Major General Muhammadu Buhari (retd.), has transmitted Finance Bill 2020 to the National Assembly for consideration and passage along with the 2021 Appropriation Bill presently before the parliament. Both President of the Senate, Ahmad Lawan; and Speaker of the House of Representatives, Femi Gbajabiamila, read Buhari’s letter at the opening of Tuesday’s plenary. Read more
Stock market extends gains by N55bn
Nigerian stock market sustained its positive outlook on Tuesday to begin the month of December on a positive note as the All-Share Index and the market capitalisation rose further by 0.30 per cent each. Market watchers attributed the development to renewed confidence as bargain hunters continue to leverage undervalued stocks. The market breadth, however, closed negative as the number of gainers at the close of trading session was 16 while decliners were 21. Read more
World airlines rally governments to financial, regulatory support
World airlines have again hinged the industry’s rebound from the effects of the COVID-19 pandemic on governments’ financial and regulatory support. The airlines, rising from the 76th Annual General Meeting (AGM) of the International Air Transport Association (IATA), unanimously approved a resolution re-confirming the airlines’ unwavering commitment to safely and sustainably re-connect the planet. Read more
FG begins disbursement of transport support scheme
The Federal Government has announced the commencement of its Micro Small and Medium Enterprise (MSME) survival fund for the transport sector. The Managing Director, Bank of Industry (BOI) Kayode Pitan, at the launch of the transport sector track of the survival scheme, said MSMEs are vital to the growth of the Nigerian economy, emphasising the need to be supported at a trying time such as this occasioned with the pandemic. Read more
FCCPC unveils new merger review regulations, ancillary instruments
The Federal Competition and Consumer Protection Commission (the Commission) has issued the Merger Review Regulations (MRR) 2020 with ancillary instruments. The Merger Review Regulations 2020 establishes a composite framework for the application of rules with respect to notification and review of mergers under Part XII of the Federal Competition and Consumer Protection Act 2018. Read more
