Banking and Finance

Corporate Affairs Commission set to delist companies over annual returns

Corporate Affairs Commission (CAC) on Monday urged companies operating in the country to file in their annual returns as provided by the law or risk being de-listed from its register.

Mr Moses Adaguusu, Head Public Affairs of CAC, told the News Agency of Nigeria in Abuja that the call became necessary in view of the need to keep the commission abreast of such companies that were still in operation or otherwise.

Lagos presents ₦1.168tr 2020 Budget

Lagos State Governor Babajide Sanwo-Olu on Friday presented a budget of N1.168 trillion to the Lagos State House of Assembly for approval for the 2020 fiscal year.

The proposal represents 11.3 per cent of the proposed 2020 budget of the entire country which is put at 10.22 trillion.

The proposed budget is to be funded by a projected Total Revenue of N1.071 trillion and a deficit amounting to N97.53 billion.

AfDB shareholders approve $115b capital increase

African Development Bank Shareholders have approved 115 billion dollars capital increase to stimulate Africa’s development and growth.

A statement issued by the bank said that the approval was given at an extraordinary shareholders’ meeting on Thursday in Abidjan.

It said that the capital increase was the largest in the history of the bank since it was established in 1964.

“With the approved increase, the capital of the bank would more than double from 93 billion dollars to 208 billion dollars.

Buhari Full 2020 Budget Speech

2020 BUDGET SPEECH: Budget of Sustaining Growth and Job Creation

Delivered By:
His Excellency, Muhammadu Buhari
President, Federal Republic of Nigeria
At the Joint Session of the National Assembly, Abuja
Tuesday, October 8, 2019

1. I will start by asking you to pardon my voice. As you can hear, I have a cold as a result of working hard to meet your deadline!

CBN levies $1.3b charge on banks for failing to meet loan target

Nigeria’s central bank has levied a charge on 12 banks for a total of more than 400 billion naira ($1.3 billion) for failing to increase loans to meet a regulatory target, three banking sources and one of the lenders told Reuters on Thursday.

The central bank asked lenders in July to maintain a ratio of lending out at least 60% of deposits by September or face a higher cash reserve levy, part of measures aimed at getting credit flowing in Africa’s biggest economy.

Forex Intervention: Central Bank injects more funds into retail market

The Central Bank of Nigeria (CBN) made an intervention of $311.5million in the retail Secondary Market Intervention Sales (SMIS) and CNY 15million in the spot and short-tenored forwards segment of the inter-bank foreign market.

The intervention was made on Friday October 4, 2019 with the Director, Corporate Communications Department at the CBN, Mr. Isaac Okorafor, confirming the latest injection.

FIRS to capture 45m Nigerian taxpayers before December

The Federal Inland Revenue Service (FIRS) will capture about 45 million Nigerians as taxpayers before the end of the year.

The Chairman of the Joint Tax Board (JTB), Mr Babatunde Fowler, said this on Thursday in Ilorin, the Kwara state capital while speaking at the flag-off of the new TIN registration system and consolidated National Taxpayers’ Database for North Central Geopolitical zone.

Monetary Policy Committee retains MPR at 13.5%

The Monetary Policy Committee (MPC) has retained the Monetary Policy Rate (MPR) at 13.5 percent.

Mr Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), made the fact known after the MPC meeting in Abuja on Friday.

Emefiele disclosed that nine out of 11 members of the committee attended the meeting.

The committee also retained Cash Reserve Ratio (CRR) at 22.5 percent and the Liquidity Ratio at 30 percent.

Federal Government, States, LGCs receive ₦740.88b

The Federal Government, States and Local Government Councils have received a sum of N740.880 billion as federal allocation for the month of August 2019.

It was shared by the Federal Account Allocation Committee (FAAC) in Abuja, Nigeria’s capital.

From the allocated amount, the Federal Government received N301.804 billion, representing 52.68 percent, the states received N188.925 billion representing 26.72 percent, while Local government councils got N142.654 billion, representing 20.60 percent.

Q2 2019 GDP: Broad-based Moderation in the Non-Oil Sector Pulls Economic Growth Lower at 1.9%

The recently released Q2:2019 GDP report revealed that the Nigerian economy expanded at a slower pace of 1.9% Y-o-Y (vs 2.1% in Q1:2019), weaker than Bloomberg’s consensus forecast of 2.5%, due to slow growth in the non-oil sector. The oil sector recovered from its year-long recession, expanding 5.2% Y-o-Y in Q2:2019 (vs -1.5% in Q1:2019). This recovery can be attributed to a weak base as oil production increased 7.6% Y-o-Y to 1.98mbpd but contracted 0.5% Q-o-Q.