Business News

Thursday, 19 November 2020 05:33

FG to package finance bill to slash import duties on tractors, buses, others

Federal government is working on reducing the import duties and levies on buses, tractors and other motor vehicles with the 2020 finance bill. The federal executive council approved the bill at its meeting on Wednesday. Addressing state house correspondents after the meeting, Zainab Ahmed, minister of finance, budget and national planning, said the bill will now be transmitted to the national assembly for consideration and passage into law. Ahmed also said the bill will improve the country’s tax laws while also reducing some taxes especially for small businesses in addition to those already reduced in the 2019 finance bill. “In…

Thursday, 19 November 2020 05:31

Pressure has mounted on CBN to relax its Third Party Forex Purchase policy. The apex bank lists conditions for the demanded relaxation

Central Bank of Nigeria (CBN) has given conditions to allow the opening of Forms ‘M’ by companies whose forex payments are routed through a buying company, agent, or other third parties. CBN outlined the terms in a circular titled: “Re: Destination Payment for All Forms M, Letters Of Credit and Other Forms of Payment,” signed by its Director, Trade and Exchange Department, Ozoemena Nnaji, obtained by THISDAY yesterday. According to CBN, since the release of its August 24, 2020, circular on the subject, there have been different interpretations of the term ‘ultimate supplier of products,’ which it stated also required…

Thursday, 19 November 2020 05:29

Oil companies tighten security as protests, job losses stoke tension in N’Delta

Oil companies have asked security services to tighten surveillance as violent anti-police brutality protests and the expected sacking of hundreds of workers worsen desperation in the region, industry sources told Reuters. Already unemployment is above 40% in Nigeria’s energy regions and observers say further job losses could aggravate problems of pipeline tapping, illegal oil refining and pirate attacks. Three sources close to the companies, speaking on condition of anonymity, told Reuters the majors had asked for tougher surveillance, and non-government organisations said crime was a risk. “It’s going to increase the desperation in the region, which leads to criminality,” said…

Thursday, 19 November 2020 05:27

Jimoh Ibrahim forfeits assets, bank accounts over N69.4bn debt

Asset Management Corporation of Nigeria has taken over 12 assets belonging to Chairman of Global Fleet Group, Jimoh Ibrahim, and frozen all his accounts over his debt which amounts to N69.4bn. The seizure of the assets is pursuant to an order by R.M. Aikawa of a Federal High Court, in Lagos. AMCON on Wednesday took effective possession of all 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners, which include the following: the building of NICON Investment Limited at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited building at Plot 557, Port-Harcourt Crescent, off…

Thursday, 19 November 2020 05:20

JPMorgan CEO Jamie Dimon: People with these traits succeed–‘not the smartest or hardest-working in the room’

Taylor Locke According to Jamie Dimon, chairman and CEO of JPMorgan Chase, the most successful leaders have certain key traits. ″[H]umility, openness, fairness [and] being authentic” are most important – “not [being] the smartest person in the room or the hardest working person in the room,” Dimon, who runs the nation’s largest bank and oversees more than 250,000 employees globally, told LinkedIn editor in chief Daniel Roth in a recent video. “Management is: Get it done, follow-up, discipline, planning, analysis, facts, facts, facts. It’s [getting] the right people in the room, kill the bureaucracy, all of these various things,” Dimon…

Wednesday, 18 November 2020 05:55

Nigerian Stock market continues losing streak with N278bn decline

Transactions in the Nigerian equity market on Tuesday closed on a negative note as losing streak extended to the third consecutive trading day, following sustained profit-taking. However, the market breadth closed negative, recording 17 gainers and 30 losers. The All-Share Index dipped 531.25 basis points or 1.53 per cent to close at 34,242.83 index points as against 34,774 on Monday while the market capitalisation of equities depreciated by N278bn from N18.17tn the previous day to N17.89tn as market sentiment remained in the negative territory. Meanwhile, a turnover of 9.36 billion shares exchanged in 8,712 deals was recorded in the day’s…

Tuesday, 17 November 2020 04:37

The Banks and Other Financial Institutions Act 2020 signed by Buhari is meant to prevent bank failure. This is how it’ll work

Nigeria has passed a law that will create a new resolution fund to support failing or distressed lenders and will get commercial banks to help pay for it. The Banks and Other Financial Institutions Act 2020 was signed by President Muhammadu Buhari on Friday, and is in response to developments in the financial sector over the past 20 years. Under the new law, the central bank will invest 10 billion naira ($26.3 million) while the Nigerian deposit insurer NDIC will contribute 4 billion naira. Commercial banks and other lenders will pay annually 10 basis points of their total assets into…

Tuesday, 17 November 2020 04:35

Naira goes further down as dollar demand rises at parallel market

Naira weakened further on Monday, trading at 475 to the United States dollar in the parallel market amid a rise in demand for the greenback. The local currency, which has come under pressure in recent days, fell to 470 per dollar on Friday from 468 on Thursday. The naira was trading at 462-463 at the unofficial market at the start of this month. In the Investors’ and Exporters’ forex window, the naira closed at 386 to a dollar on Monday, compared to 385.50 at which it opened, according to data from FMDQ Group. CBN has kept the official exchange rate…

Tuesday, 17 November 2020 04:27

Why smart leaders like Mark Cuban and Jeff Bezos Embrace the 'No Regrets' rule, and so should you

Because there's one thing you can always control. I've been fortunate to interview a lot of extremely successful -- and more importantly, interesting -- people. One of my favorite conversations was with Guns N' Roses bass player Duff McKagan. I spent a fair amount of time preparing. I even asked a question he said he had never been asked, and that made him stop and think (in a good way.) So yeah: I was proud of how it turned out. And even a little proud of myself. Then I stumbled across a recent interview where McKagan talked about the band's…

Monday, 16 November 2020 05:39

Foodstuff prices rise 100 percent in Lagos, Ondo, other markets - Survey

Prices of some major foodstuffs have gone up by 100 per cent in Southwest markets. Most of the respondents attributed the astronomical increase in the prices of foodstuffs to effects of the Covid-19 pandemic. Others, however, blamed the trend on increase in transport fares, caused by the recent increase in petrol price and the inability of farmers to produce enough food for domestic consumption, while the nation’s borders remain shut. The stakeholders expressed concern over the relentless increment and also called on government to urgently address the situation before things get out of hand. Some of the major foodstuffs particularly…

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Monday, 16 November 2020 05:38

Nigeria spent N2.3trn on wheat importation in 4 years - FG

Minister of Agriculture and Rural Development, Sabo Nanono, has said from 2016 to June 2020, Nigeria spent over $6 billion (about N2.283 trillion) to import wheat. The minister disclosed this at the weekend while delivering the keynote address at the wheat stakeholders’ workshop held in Kano. Nanono, represented by Director, Federal Department of Agriculture, Karima Babangida, said the Central Bank of Nigeria (CBN) data showed that the wheat import bill from 2016 to June 2020 is about $6 billion, which he described as unsustainable. “The huge bill is unsustainable and underscores the need to develop the value chain in order…

Monday, 16 November 2020 05:36

Call for boycott of bank accused of hastily freezing accounts of #EndSARS protesters trends on Twitter

Nigerians are calling for a boycott of Access Bank as a punishment against it for freezing the accounts of people linked to the recent #EndSARS protests across the country. Central Bank of Nigeria (CBN) recently obtained a court order to freeze 20 of such accounts in Access Bank, Fidelity Bank, First Bank Nigeria, Guaranty Trust Bank, United Bank of Africa, and Zenith Bank. Some people are accusing Access Bank of freezing the accounts before the order which is being challenged in court. Some Nigerians on Twitter said Stanbic IBTC rejected a similar order from CBN. PREMIUM TIMES could not verify…

Monday, 16 November 2020 05:32

Asia forms world's biggest trade bloc, a China-backed group

Fifteen Asia-Pacific economies formed the world’s largest free trade bloc on Sunday, a China-backed deal that excludes the United States, which had left a rival Asia-Pacific grouping under President Donald Trump. The signing of the Regional Comprehensive Economic Partnership (RCEP) at a regional summit in Hanoi, is a further blow to the group pushed by former U.S. president Barack Obama, which his successor Trump exited in 2017. Amid questions over Washington’s engagement in Asia, RCEP may cement China’s position more firmly as an economic partner with Southeast Asia, Japan and Korea, putting the world’s second-biggest economy in a better position…

Monday, 16 November 2020 05:30

Job creation is the new game in town - Gordon Brown & Robert Skidelsky

Even if a successful rollout of a new Covid-19 vaccine causes the current health crisis to recede by next spring, the unemployment crisis will remain. That is especially true in the United Kingdom, where fiscal stimulus is urgently needed to avert a lost decade – if not a lost generation – of growth. In the wake of the Covid-19 pandemic, both the US and European economies are gearing up for large-scale job creation. US President-elect Joe Biden has pledged to invest $700 billion in manufacturing and innovation, plus $2 trillion in a “Biden Green Deal” to combat climate change and…

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