Business

The Economic and Financial Crimes Commission (EFCC) has declared wanted the former Chairman of Nigeria Social Insurance Trust Fund, NSITF, Mrs Ngozi Juliet Olejeme and the former Managing Director of the Fund, Mr Umar Munir Abubakar, wanted in an alleged case of criminal conspiracy, abuse office, diversion of public funds and money laundering. Also on the list of persons declared …

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KPMG South Africa’s reputation is in tatters as another two major clients ditched the auditing firm over financial scandal.  Already, financial services company Sasfin and investment company Hulisani announced plans to drop KPMG because of reputational risks. Sygnia Asset Management had fired it earlier. Six companies have terminated their KPMG contracts in the past two months. David Everatt, head of …

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The Nigerian Stock Exchange (NSE) and Ciuci Consulting, a Strategy and Consumer Intelligence Company have announced the launch of the Nigeria Business Composite 10 (NiBC 10). The launching which will formerly take place on 26 September, according to a statement from the NSE, the NIBC 10 is a selection of 10 successful Nigerian Enterprises who have exhibited high potentials for …

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Two members of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC): Dr. Doyin Salami and Prof. Balami Dahiru Hassan have raised alarm that four un-named Nigerian banks are currently trading with too many non-performing loans on their books and with liquidity ratios below the minimum requirement. Their statements were part of those of eight members of the MPC …

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The Management of the Nigerian Ports Authority (NPA) has taken over the ownership of Agura Hotels, Abuja after a legal judgement was given in favour of the NPA against Fasel Services Limited, Omeire Pharmaceutical Manufacturing Industry Limited, Chief M.O. Kanu and Daniel Kanu. A statement issued on Wednesday by Asst. General Manager, Corporate & Strategic Communications, Ibahim Nasiru explained that in the …

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Oil prices settled up 2 percent on Wednesday despite a rise in U.S. crude inventories, with the market heading for its largest third-quarter gain in 13 years after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts. Brent crude futures rose $1.06, or 1.9 percent, to $56.20 a barrel, while U.S. West Texas …

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After losing some points yesterday, trading on the floor of Nigerian Stock Exchange (NSE) regained its momentum on Wednesday September 20, 2017 by 1.04 percent bringing the year to date return to 31.01 percent. The All Share Index closed at 35,207.89 against the previous close of 34,846.82 while Market Capitalization closed at N12.137 trillion against previous close of N12.012 trillion. …

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…”Five of the twelve million jobs needed in Africa soon must be created in Nigeria Business mogul, Aliko Dangote told investors “Agriculture, agriculture, agriculture. Africa will become the food basket of the world.” In a packed room at the headquarters of global law firm Shearman and Sterling LLC  high level business leaders and international diplomats invited by the Corporate Council …

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To get non-contributing Corporate Organisations to key into the National Housing Fund Scheme, the Federal Mortgage Bank of Nigeria (FMBN) has sought for partnership with the Federal Inland Revenue Service (FIRS) by accessing its database to obtain list of corporate organisations in the country. The Managing Director, FMBN, Ahmed Dangiwa, during a courtesy call on the Management of the FIRS …

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The Federal Inland Revenue Service on Tuesday said it generated a total of N2.51tr from taxes for the federation between January and August this year. The Executive Chairman, FIRS, Mr. Tunde Fowler, said this in Abuja at the 20th anniversary lecture and awards of the Finance Correspondents Association of Nigeria. Out of the amount, he said oil taxes contributed about …

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