Business Tips

Ex-NSITF chairperson Ngozi Olejeme forfeits properties to FG

A Federal High Court, presided over by Justice Ijeoma L. Ojukwu has ordered the interim forfeiture of assets and properties traced to Ngozi Olejeme, a former chairman of Nigeria Social Insurance Trust Fund, NSITF.

Justice Ojukwu granted on 21 December the application for forfeiture made by the Economic and Financial Crimes Commission, EFCC.

He ruled that the assets and properties set out in the schedule attached to the application be forfeited to the Federal Government of Nigeria, pending the hearing and determination of the trial in Charge No. CR/365/17.

UAE seeks closer economic ties with Nigeria

The United Arab Emirates (UAE) has expressed its readiness to deepen economic ties with Nigeria toward promoting investment and trade between both countries.

Amb. Fahad Altaffag, United Arab Emirates Ambassador to Nigeria, expressed the country’s desire at the Dubai-Nigeria Export on Monday in Lagos, South-West Nigeria.

The programme was organized by the Lagos Chamber of Commerce and Industry (LCCI) and the UAE Embassy in Nigeria.

Low Awareness, Threat to Green Bond Investment in Nigeria –Experts

Some financial experts on Monday decried the low level of awareness on green bonds investment in Nigeria.

The experts, in separate interviews with news reporters in Lagos, South-West Nigeria, expressed their concerns while reacting to the launch of green bond rules by the Securities and Exchange Commission (SEC).

Green bonds were created to fund projects that have positive environmental and/or climate benefits.

Tackling Infrastructural Gap: SEC Urges Nigerians to Invest in Green Bonds

The Securities and Exchange Commission (SEC) on Tuesday said the nation’s huge infrastructure gap could be addressed with investments in sustainable finance initiatives such as Green Bonds.

The SEC Acting Director-General, Ms Mary Uduk, stated this in Lagos on the sidelines of the Green Bond issuance rules launch.

According to her, the Green bonds were created to fund projects that have positive environmental and/or climate benefits.

Tax Exemption to Tourism Investors

Nigeria has granted a three-year tax exemption and export incentives to intending tourism investors.

The Minister of Information and Culture, Lai Mohammed, said on Wednesday at the fourth edition of the Tourism Investors Forum and Exhibition (NTIFE).

Mohammed, who was represented by the Permanent Secretary, Mrs Grace Isu-Gekpe, said the incentives would ensure that the sector met the country’s development expectations in line with the National Tourism policy of Nigeria and existing fiscal incentive regime for investment.

Nigeria Raises $2.86b Eurobonds to fund 2018 Budget

The Federal Government on Wednesday said it had raised 2.86 billion dollars three-series international bond under its Global Medium Term Note Programme.

Mr Paul Abechi, Special Adviser to the Minister of Finance on Media and Communications disclosed this in a statement in Abuja.

He said that the offering attracted significant interests from leading global institutional investors with a peak combined order booking of over 9.5 billion dollars.

Afreximbank Launches Facility to Raise Viability of African Projects

The African Export-Import Bank (Afreximbank) has launched a project facility aimed at increasing the availability of viable well-prepared projects in Africa and at making such projects bankable and attractive to investors.

The Afreximbank President, Benedict Oramah Afreximbank who made this known during the launch of the Afreximbank Project Preparation Facility (APPF), in South Africa disclosed that the bank had set it up with an initial seed capital investment of up to $15 million.

SEC Partners NERDC to Enhance Capital Market Studies

The Securities and Exchange Commission (SEC) on Monday stressed the need for enhanced investment education and enlightenment to boost the participation of retail investors in the Nigerian capital market.

The Acting Director-General, SEC, Ms Mary Uduk, stated this at the planning and writing workshop for the development of Capital Market Studies Curriculum (CMSC) for Basic and Senior Secondary Schools in Lagos.

South Africa's Financial Stability threatened by MTN's $10b Nigeria Bill –Cenbank

Billions of dollars in fines owed by South African companies MTN and Standard Bank to Nigerian regulators could increase the risk to South Africa’s financial system, the central bank said on Wednesday. The Nigerian central bank in August accused telecoms firm MTN and its lender Stanbic, a Standard Bank subsidiary, of illegally sending $8.1 billion abroad.

The Nigerian government has also demanded $2 billion in related taxes from MTN. The South African mobile operator makes about a third of its annual core profit in the West African country.