PenCom cautions Pension Contributors, Pensioners against kickbacks

By Aliyu DANLADI The National Pension Commission (PenCom) on Saturday urged pensioners and pension contributors not to give any inducement to facilitate the payment of their retirement benefits and issuance of Compliance Certificates. A statement signed by the Acting Director-General of PenCom, Mrs Aisha Dahir-Umar, in Abuja said the warning was to prevent pensioners and pension contributors from being duped. The commission said pensioners and pension contributors should hint it about anyone who demands bribe or any form of inducement in whatever form from them PenCom said it was dedicated…

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Naira gains 40k against dollar at parallel market

By Aliyu DANLADI The Naira gained 40k against the dollar at the end of Friday trading, exchanging at N359.6 stronger than N360 traded on Thursday. The Pound Sterling and the Euro closed at N469 and N413 respectively. At the Bureau De Change (BDC) window, the Naira exchanged at N360 to the dollar, while the Pound Sterling and the Euro closed at N469 and N413 respectively. Trading at the investors’ window showed that the naira gained 30k to close at N362.50 from N362.53 traded on Wednesday, posting a turnover of 606.21…

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NSE market capitalisation inches N236bn

By Giwa SHILE The Nigerian Stock Exchange (NSE) recorded the first gain for the week with the market capitalisation increasing by N236 billion on Friday. There market capitalisation inched N236 billions of 1.87 per cent to close at N12.874 trillion against N12.638 trillion achieved on Thursday. Also, the All-Share Index rose by 649.57 points or 1.88 per cent to close at 35,266.69 compared to 34,617.12 posted on Thursday. The market growth was due to price appreciation recorded by Dangote Cement which led the gainers’ chart with N14 to close at…

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Foreign exchange inflow hit $91b in 2017 – CBN annual report

By Giwa SHILE The Central Bank of Nigeria (CBN), has said the aggregate foreign exchange inflow into the country stood at $91 billion in 2017. The bank disclosed in its 2017 annual report released on Thursday that the figure was an increase of 45 per cent from $62.75 billion in 2016. The bank also said the figure surpassed the total outflow by $57.32 billion in the period. According to the bank, inflow through the CBN  was $42.17 billion, while inflow through  autonomous sources amounted to  $48.33 billion. In percentage terms,…

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CBN/ABP to disburse loan to 1,500 farmers in Kogi, says Foundation

By Giwa SHILE Doyin and Susan Foundation, an NGO, has facilitated loan of between N300,000 and N900,000 for 1,500 farmers in Kogi West Senatorial District under Anchor Borrowers Programme (ABP). Chairperson, Board of Trustees (BoT) of the foundation, Mrs Adedoyin Ibikunle, made this known during the verification of beneficiaries at Central Bank of Nigeria (CBN) in Lokoja on Friday. Ibikunle said the target beneficiaries under the Federal Government intervention programme were selected from the seven local government areas in Kogi west. “The loan facility ranges from N300, 000 to N900,…

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Freezing customers’ bank accounts over tax payment default, threat to economy – LCCI

By Giwa SHILE The Lagos Chamber of Commerce and Industry (LCCI) on Thursday decried freezing of customers’ bank accounts based on “disputed tax assessments’’ by Federal Internal Revenue Service. The Director-General of LCCI, Mr. Muda Yusuf, also described the new tax revenue recovery strategy adopted by FIRS as damaging to the economy. “The attention of LCCI has been drawn to the recent decision of FIRS to appoint banks as collecting agents and subsequent freezing of the accounts of taxpayers considered to be in default of tax payment. “Such an account…

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Economy: Bankers’ Committee attributes positive outlook to stable exchange rate

By Aliyu DANLADI The Bankers’ Committee on Thursday attributed the 2018 positive economic outlook to stability in exchange rate. The Director of Banking Supervision, Central Bank of Nigeria (CBN), Mr. Ahmad Abdullahi, told the newsmen after a Bankers’ Committee meeting in Lagos. Abdullahi said stability in the exchange rate had been sustained while Gross Domestic Product (GDP) growth was higher than 2017 record. He said, although there were capital reversals in the nation’s capital market, the capital outflow in the economy was far less, compared to many emerging economies. According…

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Sell pressure persists on NSE, index drops to 34,000 mark

By Olamilekan FAWAS The bears continued to dominate trading activities on the Nigerian Stock Exchange (NSE) with the All-Share Index dropping to 34,000 mark, barely five days it moved to 35,000 mark. TBI Africa reports that the index shed 457.70 points or 1.30 per cent on Thursday to close at 34,617.12 against 35,074.82 on Wednesday. The market has maintained downward trend for seventh consecutive weeks with losers’ out weighing the gainers’. Market operators were of the opinion that the downward trend would persist until after the primary elections of the…

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DMO trains journalists on fixed income securities and markets

By Giwa SHILE Financial and business reporters and editors of various media organisations in Abuja, were on Thursday taken through a day training on the activities of the fixed income and securities market. The Director-General, Debt Management Office (DMO), Ms Patience Oniha, in her opening remarks said the training was organised to give the journalists a better understanding of the financial markets and its products. She advised the participants to take to heart the knowledge acquired and put it to proper use. “Whatever knowledge and skill you acquire helps you…

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Ex-banker arrested on wedding day faces N1m theft charge

By Meletus EZE A 37-year-old ex-marketing officer of Addosser Micro-Finance Bank Plc, Aliu Mustapha, on Thursday appeared before an Igbosere Magistrates’ Court in Lagos over alleged N1million theft. The defendant of No. 8, Oremeji St., Lagos, arrested on his wedding day, is facing trial on a charge of stealing preferred against him by the police. However, the defendant pleaded not guilty to the charge. The prosecutor, Sgt. Samuel Mishozunnu, told the court that the defendant committed the alleged offence between May and June 2017, during working hours, at No. 32,…

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