Business Tips

FCMB Pensions Plans to acquire AIICO Pensions

The management of FCMB Group has notified the Nigerian Stock Exchange (NSE) that its pensions arm, FCMB Pensions Limited, has entered into an agreement to acquire 96% of Aiico Pensions Limited.

This is part of a deliberate strategy to grow the Group’s investment management portfolio and build on the inherent synergies between pension management and banking.

In 2019, FCMB Group had in a similar strategic move increased its stake in Legacy Pensions (now FCMB Pensions) to 91.6 percent and currently has full control of the business.

COVID-19: Airports Authority to implement flight spacing

The Managing Director of the Federal Airports Authority of Nigeria (FAAN), Capt. Rabiu Yadudu has said that the agency would implement flight spacing at all its airports in order to ensure total safety once the airspace is reopened for flight services.

Captain Yadudu added that about 85 to 90 percent of the agency’s staff had been trained by World Health Organisation (W.H.O) on operational and response time on Covid-19 pandemic, including 100 percent of its staff at Owerri Airport.

West African ministers propose phased re-opening of borders

West African government ministers have proposed re-opening borders between their countries in the first half of July and allowing in travellers from other countries with low or controlled levels of coronavirus spread by the end of July, Reuters reports.

Countries across the 15-country ECOWAS trade bloc have imposed varying levels of travel restrictions in response to the COVID-19 pandemic, with many shutting their borders entirely.

Nigeria must spend 18% GDP to achieve sustainable development – IMF

The International Monetary Fund (IMF) has said that for Nigeria to achieve Sustainable Development goals, additional spending of 18 percentage points of Gross Domestic Product will be needed by 2030.

This was stated in a report released on Monday.

“Concomitant with the reform priorities identified by the United Nations, World Bank, European Union, and other international development institutions, the mission estimates additional spending of 18 percentage points of Gross Domestic Product by 2030—a level higher than the average low-income and developing countries.

Stakeholders seek government’s collaboration to boost telecoms industry

Stakeholders in the Telecommunications sector have called for more collaboration with government, urging it to ensure right policy, protection for telecommunications infrastructure and access to funding for players.

This is in recognition of the huge role the telecommunication sector is playing especially during this Covid-19 pandemic.

IMF advises banks to suspend dividend payment

The International Monetary Fund has advised commercial banks to retain their earnings by suspending payment of shareholders’ dividends during the COVID-19 pandemic.

The IMF Managing Director, Kristalina Georgieva, made the call in an article entitled ‘Halt bank dividends and buybacks now’, which was posted on the organisation’s website.

Georgieva said retaining earnings through suspension of dividend payments would provide banks with enough capital to serve as a buffer against the adverse effects of the pandemic.

Lagos extends tax returns deadline

The Lagos State government has further extended the deadline for filing Annual Tax Returns to June 30.

Yearly returns for individuals (employees and self-employed persons) that were initially due for May 31, can now be filed on or before June 30.

The extension, the Executive Chairman, Lagos State Internal Revenue Service (LIRS), Ayodele Subair, said is in the government’s continuous effort to provide the much needed relief to taxpayers and mitigate the economic impact of Covid-19 pandemic.

Airlines, tourism operators seek $10b relief to save industry

The survival of the travel and tourism industry in Nigeria and other African countries has been hinged on foreign relief package in excess of $10 billion.

The estimate, released by a coalition of international travel and tourism bodies, would save the businesses from collapse and keep millions of jobs, news agency reports.

In a related development, Virgin Atlantic has announced plan to reduce 3,150 jobs across all functions as part of efforts to emerge from the crisis.

Businesses want 50% cut in interest rates –LCCI

The Lagos Chamber of Commerce and Industry, LCCI, has said 54 per cent of business owners in the country want commercial banks to reduce their interest rates by at least 50 per cent.

The LCCI said the business owners demanded this, among other incentives, in order to keep their business afloat in the wake of the coronavirus pandemic, which had disrupted many businesses and supply chains.

COVID-19: Experts advises Nigerians to adhere to safety measures

A medical expert, Dr Paul Okubor, has advised people to adhere strictly to the preventive measures against the spread of COVID-19, as the pandemic enters community transmission level.

Okubor, also the Chief Medical Director, Central Hospital, Warri, gave the advice on Tuesday in Warri.

He spoke while receiving the executive members of the Association of Professional Bodies of Nigeria (APBN), Delta chapter, who were on a fact finding visit to the hospital.